{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "gfrd": "http://www.gallifordtry.co.uk/20250630", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.gallifordtry.co.uk/xbrl/2025/213800MR6DRHCJIV8113-2025-06-30.xsd" ] }, "facts": { "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00265": { "value": "Annual report on remuneration
This part of the Directors\u2019
Remuneration report sets out how the
Remuneration Policy was implemented
over the year ended 30 June 2025.
It will be put to an advisory vote at the
2025 AGM. Certain sections of this
annual report on remuneration have
been subject to audit.
The Directors\u2019 Remuneration report has been
prepared in accordance with The Companies
(Directors\u2019 Remuneration Policy and Directors\u2019
Remuneration Report) Regulations 2019
(applying to \ufb01nancial years starting on or after
10 June 2019), the Large and Medium-sized
Companies and Groups (Accounts and Reports)
(Amendment) Regulations 2013 and the
Financial Conduct Authority\u2019s Listing Rules.
The auditor is required to report on
the remuneration data disclosed in the
Directors\u2019 Remuneration report section
and state whether, in its opinion, that part
of the report has been properly prepared in
accordance with relevant provisions of the
Companies Act 2006 (as amended).
Directors\u2019 remuneration and single-\ufb01gure annual remuneration (audited)
The remuneration of the directors serving during the \ufb01nancial year, together with 2024 comparative \ufb01gures, was as follows:
\n \n
Salary
Taxable
Total \ufb01xed
Annual
Total variable
Total
and fees
bene\ufb01ts
1
Pensions
2
remuneration
bonus
9
LTIP
Sharesave
remuneration
remuneration
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Buyout
11
\u00a3000
\u00a3000
\u00a3000
2025
3
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
4
2025
2024
2025
2024
2025
2024
2025
2024
Executive directors
Bill Hocking
524
502
7
6
42
40
573
548
605
558
1,666
845
\u2013
\u2013
\u2013
\u2013
2,271
1,403
2,844
1,951
Kris Hampson
10
320
\u2013
0
\u2013
21
\u2013
341
\u2013
305
\u2013
\u2013
\u2013
36
\u2013
\u2013
\u2013
341
\u2013
682
\u2013
Non-executive directors
Alison Wood
192
183
\u2013
\u2013
\u2013
\u2013
192
183
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
192
183
Sally Boyle
56
53
\u2013
\u2013
\u2013
\u2013
56
53
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
56
53
Michael Topham
51
49
\u2013
\u2013
\u2013
\u2013
51
49
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
51
49
Kevin Boyd
5
63
16
\u2013
\u2013
\u2013
\u2013
63
16
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
63
16
Former directors
Andrew Duxbury
6
\u2013
370
\u2013
3
\u2013
21
\u2013
394
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
394
Marisa Cassoni
7
27
63
\u2013
\u2013
\u2013
\u2013
27
63
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
27
63
Terry Miller
8
\u2013
21
\u2013
\u2013
\u2013
\u2013
\u2013
21
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
21
1
Includes the value of bene\ufb01ts such as car allowance and medical insurance.
2
This is a salary supplement paid to the directors in lieu of direct pension contributions.
3
On 1 April 2025 salaries for the non-executive directors increased by 3%. The salary for Bill Hocking increased by 2.88% and for Kris Hampson increased by 3.16%.
This is below the average salary budgeted increase across the workforce of 3.25%.
4
The 2021 LTIP awards vested on 7 October 2024. The LTIP \ufb01gures reported in 2024 and the corresponding single \ufb01gure for that year were based on an estimated share
price, being the average share price over the three months to 30 June 2024. These have now been updated with the actual value at vesting of \u00a31,110,587 for Bill Hocking
using the share price as at the date of vesting of \u00a33.27.
5
The fee paid to Kevin Boyd in 2024 is the annual fee pro-rated to re\ufb02ect that he joined on 1 March 2024.
6
Andrew Duxbury resigned from the Board on 31 May 2024. The payment above re\ufb02ects his time in the role of Finance Director and Andrew did not receive a salary
increase during the year 2023/24. Details of his leaving arrangements are set out on page 120 of the 2024 Annual Report. His outstanding LTIP and deferred bonus awards
lapsed with immediate effect and no bonus was payable for 2023/24.
7
Marisa Cassoni resigned from the Board on 28 November 2024.
8
Terry Miller resigned from the Board on 31 October 2023.
9
The annual bonus \ufb01gure quoted is the total bonus including the deferred share element associated with the performance conditions in that year. See page 109 for further
explanation of the rules relating to the Annual Bonus Plan.
10 The salary, bene\ufb01ts, pension and bonus paid to Kris Hampson are pro-rated annual amounts to re\ufb02ect that he joined on 2 September 2024.
11 The buyout \ufb01gure is the value paid to Kris Hampson as compensation for the forfeited bene\ufb01ts from his previous employer. See page 118 for further information.
2025 Annual bonus outcome (audited)
\n
For the \ufb01nancial year ended 30 June 2025, the annual bonus measures, targets, weightings and performance are set out in the table below.
\n
Senior management were subject to similar targets, which were applied to their respective business performance.
\n\n \n
Performance target
Threshold (% of
On-target (% of
Maximum (% of
Actual
Payout % of bonus
Measure
Weighting
maximum bonus)
maximum bonus)
maximum bonus)
performance
maximum
Pre-exceptional full-year
45%
\u00a333.3m
\u00a335.0m
\u00a340.3m
\u00a343.6m
45%
Group pro\ufb01t before tax
1
(0%)
(22.5%)
(45%)
1
Pre-exceptional half-year
15%
\u00a314.4m
\u00a316.0m
\u00a318.4m
\u00a320.0m
15%
Group pro\ufb01t before tax
(0%)
(7.5%)
(15%)
Group cash management
20%
95% of budget
100% of budget
110% of budget
110%
20%
(10%)
(10%)
(20%)
Construction order book
8%
83.0% secured
85.0% secured
87.0% secured
92% secured
8%
(0%)
(4%)
(8%)
ESG
2
:
Employee: based on employee
3%
<80%
>80%
>80%
87%
3%
advocacy
(0%)
(3%)
(3%)
Carbon emissions: based on
3%
5% reduction
7.5% reduction
10% reduction
41.2% increase
0%
annual reduction of Scope 1 and 2
(0%)
(1.5%)
(3%)
emissions (marked based)
Community: based on CCS score
3%
<38
>38
>38
43.9
3%
(0%)
(3%)
(3%)
Supply chain: payment of supply
3%
<95%
>95%
>95%
96.9%
3%
chain invoices within 60 days
(0%)
(3%)
(3%)
Health and safety: based on
Underpin
Discretional
discretionary assessment of
adjustment
H&S performance
Total payout (% of maximum bonus)
100.0%
10%
54.5%
100%
97%
\n
1
The full-year Group pro\ufb01t before tax was calculated on a pre-exceptional basis when the bonus measures for this scheme were put in place, although there were no
\n
exceptional items to take into account this year. See Note 32 for further information.
\n
2
The ESG metrics are aligned to the Group\u2019s published strategy with the targets based on industry guidelines, averages or the Group\u2019s stated ambition. The 2021 carbon
\n
comparative metric was reinstated in 2023 onwards to incorporate the operation of nmcn (acquired October 2021).
\n
The Group achieved a strong performance against targets set at the start of the \ufb01nancial year. Taking into account the Group\u2019s pro\ufb01tability and
\n
enhanced dividends to shareholders, the Committee determined that the bonus level produced by the scorecard of 97% is an appropriate reward given
\n
the Group\u2019s operational and \ufb01nancial performance. This treatment is consistent with that applied for all participants of the ABP. The ABP 2024/25
\n
bonus target in 2024 onwards incorporated a 12% target for ESG factors, which include people, carbon emission, community and supply chain metrics.
\n
Under the approved Policy, the Committee may, at its discretion, acting fairly and reasonably, adjust bonus outcomes if it considers the payout is
\n
inconsistent with the Group\u2019s performance during the year, taking into account factors including safety and ESG. In considering bonus awards the
\n
Committee took the Group\u2019s health and safety performance and ESG initiatives into consideration. The Group achieved an overall Accident Frequency
\n
Rate (AFR) of 0.03 for 2024/25, (AFR for 2023/24: 0.04) with 13 of the 21 business units achieving an AFR of zero during the year.
\n
The Committee determined that, in respect of the year to 30 June 2025, the resulting annual bonus awards were as follows:
\n\n \n
Actual bonus
payable for
On-target bonus
Maximum bonus
2024/25
Cash
Shares
(% of salary)
(% of salary)
(\u00a3000)
(\u00a3000)
(\u00a3000)
Bill Hocking
65.4%
120%
605
375
230
Kris Hampson
1
54.5%
100%
305
206
99
\n
1
The bonus \ufb01gure for Kris Hampson is pro-rated from his joining the company on 2 September 2024 to 30 June 2025.
\n
Two-thirds of the bonus earned in excess of the 50% of salary threshold is required to be deferred into restricted shares. Although bene\ufb01cially held
\n
by the participants, the allocated restricted shares are legally retained by the Employee Share Trust and are subject to forfeiture provisions, unless
\n
otherwise agreed by the Committee. Subject to continued employment, the restricted shares are legally transferred to participants on the third
\n
anniversary of allocation. Recovery provisions apply at any time within the three-year period post-vesting or payment of cash bonuses in circumstances
\n
or error, material misstatement, misconduct, reputational damage or corporate failure as a result of poor risk management.
LTIP awards vesting in September 2025 (audited)
\n
The LTIP awards granted to Bill Hocking on 23 September 2022 were based on 75% underlying EPS performance and 25% on average month-end
\n
cash as a percentage of annual turnover over the three years to 30 June 2025. In total, 95.3% of the maximum award was vested as a result of the
\n
performance achieved. The Committee was satis\ufb01ed that this outcome re\ufb02ected the true performance of the Group and no discretion was applied.
\n
The awards will be subject to a two-year post vesting holding period in accordance with the existing Remuneration Policy. More details on each of the
\n
performance conditions are set out below.
\n\n \n
Stretch
Threshold
average
Element
average
month-
of value
Threshold
Stretch EPS
month-
end cash
1
Value of
attributable
EPS
condition
end cash
1
condition
% of overall
award
to share
condition
(100%
Actual
condition
(100%
Actual
award
vesting
2
growth
2
(25% vesting)
vesting)
performance
(25% vesting)
vesting)
performance
1
vesting
(\u00a3000)
(\u00a3000)
Bill Hocking
23.2p
28.4p
33.3p
8%
10%
9.5%
95.3%
1,666
987
\n
1
As a percentage of annual turnover.
\n
2
Estimated based on the average share price over the three months to 30 June 2025.
\n
Directors\u2019 share plan interests (audited)
\n
Outstanding awards held by Bill Hocking and Kris Hampson during the year are detailed in the table below.
\n\n \n
Number
Number
of awards
of awards
Value of
outstanding
outstanding
awards
Actual or
Share price
at 1 July
at 30 June
vested during
anticipated
Director
Plan
Grant date
at grant
2024
Granted
Vested
Lapsed
2025
\ufb01nancial year
vesting date
Bill Hocking
LTIP
1
23.09.21
\u00a31.788
385,067
\u2013
339,629
45,438
\u2013
\u00a31,110,587
07.10.24
ABP
2
23.09.21
\u00a31.7694
118,684
\u2013
118,684
\u2013
\u2013
\u00a3388,097
07.10.24
LTIP
23.09.22
\u00a31.61
442,546
\u2013
\u2013
\u2013
442,546
\u2013
23.09.25
ABP
3
28.09.22
\u00a31.60
133,875
\u2013
\u2013
\u2013
133,875
\u2013
28.09.25
LTIP
25.09.23
\u00a32.36
315,572
\u2013
\u2013
315,572
\u2013
25.09.26
ABP
4
27.09.23
\u00a32.349
46,462
\u2013
\u2013
46,462
\u2013
27.09.26
LTIP
5
08.10.24
\u00a33.23
\u2013
241,486
\u2013
\u2013
241,486
\u2013
08.10.27
ABP
5,6
10.10.24
\u00a33.228
\u2013
63,982
\u2013
\u2013
63,982
\u2013
10.10.27
Kris
LTIP
5
08.10.24
\u00a33.23
\u2013
176,470
\u2013
\u2013
176,470
\u2013
08.10.27
Hampson
\n
1
Awards are based on a maximum percentage of salary. The number of shares shown in the table represents the maximum number of shares, ie 150% of salary.
\n
2
In accordance with the rules of the Annual Bonus Plan, the average of the company\u2019s closing share price for the \ufb01ve business days following (and including)
\n
the announcement of the annual results on 16 September 2021 was 176.94 pence.
\n
3
In accordance with the rules of the Annual Bonus Plan, the average of the company\u2019s closing share price for the \ufb01ve business days following (and including)
\n
the announcement of the annual results on 21 September 2022 was 160 pence.
\n
4
In accordance with the rules of the Annual Bonus Plan, the average of the company\u2019s closing share price for the \ufb01ve business days following (and including)
\n
the announcement of the annual results on 27 September 2023 was 234.90 pence.
\n
5
The 2021\u20132024 Long Term Incentive Plan award and the 2021\u20132023 Annual Bonus Plan grant were due to vest on 23 September 2024, however, vesting was
\n
postponed following the delay in announcing the 2024 full-year \ufb01nancial results (originally planned to be announced on 19 September 2024). These results were
\n
announced on 3 October 2024, enabling these awards to be calculated and vest on 8 October 2024.
\n
6
In accordance with the rules of the Annual Bonus Plan, the average of the company\u2019s closing share price for the \ufb01ve business days following (and including)
\n
the announcement of the annual results on 3 October 2024 was \u00a33.228.
\n
Payments to former directors
\n
Marisa Cassoni resigned from the Board during the year and, in line with the Policy, received her fee up to 28 November 2024.
Remuneration arrangements for new Chief Financial Of\ufb01cer, including compensation for forfeited awards
\n
On 2 September 2024 Kris Hampson was appointed Chief Financial Of\ufb01cer. On appointment his remuneration consisted of
\n
salary of \u00a3380,000;
\n
a pension contribution in line with the company\u2019s workforce policy of 8% of salary;
\n
maximum bonus opportunity of 100%; and
\n
maximum LTIP grant of 150%.
\n
In line with the Remuneration Policy, the Committee also approved a buyout to compensate Kris Hampson for awards forfeited on resignation from
\n
his previous position. Under the terms of this buyout he will receive the value forfeited based on the performance conditions of his previous employer,
\n
which will be determined at the time of the normal vesting of the forfeited awards. Two LTIP awards were forfeited and the buyout will be aligned to the
\n
vesting schedule of his former employer and replaced with Galliford Try shares in October 2025 and October 2026.
\n
The \ufb01rst of these has been assessed to be worth \u00a335,857 based on the vesting percentage, dividend equivalents and share price of the former
\n
employer. This amount will be delivered in Galliford Try shares in October 2025. Full details of the second forfeited award will be provided in the
\n
2026 Annual Report.
\n
Awards granted during the year (audited)
\n
On 10 October 2024, the following conditional LTIP awards were made to Bill Hocking and Kris Hampson.
\n\n \n
Share price used to
Number of shares
determine level
Director
Date of grant
awarded
Basis of award
of award \u00a3
Face value \u00a3
Bill Hocking
8 October 2024
241,486
150% of base salary
\u00a33.23
780,000
Kris Hampson
8 October 2024
176,470
150% of base salary
\u00a33.23
570,000
\n
The performance conditions attached to these awards made in October 2024 are as follows:
\n\n \n
Date of grant
Performance conditions
October 2024
Vesting of up to 75% of the award is based on underlying EPS. 25% of the element will vest for 33.9p, increasing
to 100% vesting on a straight-line basis if 41.5p underlying EPS is achieved during the \ufb01nal year of the three-year
performance period (1 July 2026 to 30 June 2027).
Vesting of up to 25% of the award is based on average month-end cash as a percentage of annual turnover in
the year ending 30 June 2025. 8% would generate 25% of the element vesting and 10% would generate 100%
vesting on a straight-line basis.
Any shares that vest will be subject to a two-year post-vesting holding period, in accordance with the
Remuneration Policy.
Malus and clawback apply at any time within a three-year period post-vesting, in the case of material misstatement,
misconduct, reputational damage or corporate failure as a result of poor risk management.
\n
Directors\u2019 share interests (audited)
\n
As at 30 June 2025, the Directors held the following bene\ufb01cial, legal and unvested ABP interests in the Group\u2019s ordinary share capital.
\n\n \n
Legally owned
1
Total
% of salary held
Deferred
under share
bonus awards
ownership
Measure
30.6.25
30.6.24
LTIP (unvested)
(unvested)
30.6.25
guidelines
2
Executive directors
Bill Hocking
1,069,126
826,221
999,604
244,319
2,313,049
1,030%
Kris Hampson
4
6,250
6,250
176,470
\u2013
182,720
7%
Non-executive directors
Alison Wood
3
\u2013
\u2013
\u2013
\u2013
\u2013
n/a
Sally Boyle
3
\u2013
\u2013
\u2013
\u2013
\u2013
n/a
Michael Topham
3
\u2013
\u2013
\u2013
\u2013
\u2013
n/a
Kevin Boyd
3
8,000
8,000
\u2013
\u2013
8,000
n/a
\n
1
Either held by the individual or connected persons.
\n
2
Under the current Remuneration Policy, the share ownership guideline for executive directors is 200% of base salary.
\n
3
Alison Wood and Sally Boyle joined the Board on 1 April and 1 May 2022. Michael Topham joined the Board on 1 June 2023 and Kevin Boyd joined 1 March 2024.
\n
4
Kris Hampson joined the Board on 2 September 2024 and held 6,250 shares in the company on appointment.
Total Shareholder Return (TSR) graph
Value (\u00a3) (rebased)
500
400
300
200
100
0
Jun
Jun
Jun
Jun
Jun
Jun
Jun
Jun
Jun
Jun
Jun
15
16
17
18
19
20
21
22
23
24
25
Galliford Try
FTSE All Share
Source: Datastream from Re\ufb01nitiv.
The graph shows the TSR for Galliford Try shares over the last 10 \ufb01nancial years. It shows the value to 30 June 2025 of \u00a3100 invested in Galliford Try
on 30 June 2015 compared with the value of \u00a3100 invested in the FTSE All-Share Index, this being a broad-market index of which the company has been
a constituent over the full period shown.
The closing mid-market quotation for the company\u2019s shares on Monday 30 June 2025, was 419.50p. The high and low during the year were 425.0p
and 244.0p.
The total gross remuneration of the Chief Executive and the percentage achieved of the maximum ABP and LTIP awards are shown in the table below
for the past 10 \ufb01nancial years.
\n \n
2016
1
2017
2018
2019
2
2020
3
2021
2022
2023
2024
2025
Total remuneration (\u00a3000)
1,461
1,043
1,448
824
660
1,027
1,937
2,429
1,951
2,844
Annual bonus (% of maximum)
74%
46.3%
86.5%
57.0%
36.7%
100.0%
100.0%
70.4%
93.4%
97%
LTIP (% of maximum)
\u2013
16.5%
36.6%
16.5%
\u2013
\u2013
89%
97.2%
88.2%
95.3%
1
Peter Truscott was appointed Chief Executive on 1 October 2015 and stepped down as Chief Executive and from the Board on 26 March 2019.
2
Graham Prothero was appointed Chief Executive on 26 March 2019, succeeding Peter Truscott. He stepped down from the Board and as Chief Executive following
the successful completion of the sale of the housebuilding divisions to Vistry Group plc on 3 January 2020.
3
Bill Hocking was appointed Chief Executive on 3 January 2020. A full-year remuneration \ufb01gure based on the aggregate paid to Bill and Graham is shown here to
aid comparison.
CEO pay ratios
\n
Under Option B (gender pay data), three employees have been identi\ufb01ed as the best equivalents to represent the lower, median and upper quartiles.
\n
Option B provides a clear methodology involving fewer adjustments to calculate full-time equivalent earnings.
\n\n \n
All UK
Year
Method
CEO single \ufb01gure
employees
Lower quartile
Median
Upper quartile
2019/20
Option B
\u00a3660,587
Ratio
24:1
15:1
9:1
Total pay
\u00a327,407
\u00a343,165
\u00a374,351
Salary
\u00a325,500
\u00a335,249
\u00a361,057
2020/21
Option B
\u00a31,026,671
Ratio
27:1
19:1
14:1
Total pay
\u00a337,399
\u00a354,374
\u00a373,385
Salary
\u00a336,134
\u00a343,781
\u00a366,927
2021/22
Option B
\u00a31,936,788
Ratio
62:1
36:1
26:1
Total pay
\u00a331,128
\u00a353,976
\u00a373,920
Salary
\u00a327,875
\u00a344,720
\u00a362,275
2022/23
Option B
\u00a32,428,970
Ratio
66:1
45:1
31:1
Total pay
\u00a336,562
\u00a354,444
\u00a379,638
Salary
\u00a329,411
\u00a348,003
\u00a365,950
2023/24
Option B
\u00a31,950,670
Ratio
44:1
35:1
27:1
Total pay
\u00a344,125
\u00a355,120
\u00a372,918
Salary
\u00a342,272
\u00a349,554
\u00a366,725
2024/25
Option B
\u00a32,844,086
Ratio
73:1
50:1
35:1
Total Pay
\u00a338,913
\u00a357,037
\u00a380,968
Salary
\u00a336,223
\u00a353,608
\u00a373,550
\n
The Chief Executive \ufb01gure includes earnings from the Long-Term Incentive Plan. Long-term incentives are operated for the most senior Group
\n
employees only, namely those responsible for strategy development and execution. The payouts from such plans are expected to be volatile from
\n
cycle to cycle.
\n
The Committee is comfortable that the resulting calculations are representative of pay levels at the respective quartiles and that the applicable
\n
relativities are appropriate given the pro\ufb01le of the workforce.
\n
Relative importance of spend on pay
\n\n \n
2023/24
2024/25
Change
Total overall spend on pay (\u00a3m)
284.2
311.6
27.4m
Dividends (\u00a3m)
24.2
17.5
(6.7)m
Share buyback (\u00a3m)
4.4
10.0
5.6m
Group corporation tax charge (\u00a3m)
1
5.4
10.7
5.3m
Effective tax rate (%)
1
15.4
23.9
8.5pts
\n
1 Adjusted tax.
\n
The equivalent total overall spend on pay in 2024/25 is disclosed in note 5 to the \ufb01nancial statements. The total overall spend on pay equates to average
\n
remuneration per staff member of \u00a372,533 per annum as at 30 June 2025 (2024: \u00a368,947).
Composition of the Remuneration
\n
Committee and attendance
\n
In addition to the Chair, Sally Boyle, the other
\n
Committee members were Alison Wood,
\n
Michael Topham and Kevin Boyd. Marisa
\n
Cassoni was a Committee member until
\n
24 November 2024 when she stepped down
\n
from the Board. The General Counsel &
\n
Company Secretary acts as Secretary to the
\n
Committee. The Chief Executive has a standing
\n
invitation to attend all Committee meetings.
\n
The HR Director attends certain meetings at
\n
the invitation of the Committee. No director,
\n
the General Counsel & Company Secretary
\n
or HR Director is present when their own
\n
remuneration is being considered. Attendance
\n
at Committee meetings is shown in the table
\n
on page 87.
\n
The Committee is governed by formal terms of
\n
reference agreed by the Board and is composed
\n
solely of non-executive directors. The terms
\n
of reference were reviewed during the year
\n
and are available on the Group\u2019s website
\n
(www.gallifordtry.co.uk).
\n
Remuneration advice and advisers
\n
The Committee is informed of key
\n
developments and best practice in the \ufb01eld
\n
of remuneration and obtains advice from
\n
independent external consultants, when
\n
required. Mercer Limited (Mercer) was
\n
the Committee\u2019s remuneration consultant
\n
throughout the year. Fees paid to Mercer
\n
during the \ufb01nancial year were \u00a319,233
\n
(2024: \u00a313,300).
\n
Mercer does not provide any other services to
\n
the Group, although Mercer is part of Marsh &
\n
McLennan Companies, a subsidiary of which,
\n
Marsh JLT Specialty Limited, provides insurance
\n
broking services to the Group. The Committee
\n
is satis\ufb01ed that these services do not impinge on
\n
Mercer\u2019s independence. Furthermore, Mercer
\n
is a signatory to the Remuneration Consultants
\n
Group Code of Conduct, which requires that its
\n
advice be objective and impartial.
\n
The General Counsel & Company Secretary
\n
also advises the Committee as necessary and,
\n
where appropriate, makes arrangements for
\n
the Committee to receive independent legal
\n
advice at the request of the Chair.
\n
Employee Share Trust and dilution
\n
The Employee Share Trust (EST) is the primary
\n
mechanism by which shares required to satisfy
\n
the Executive incentive plans are provided.
\n
Following the announcement of the 2024
\n
full-year results in October 2024 the annual
\n
review of the number of shares held by the
\n
EST was carried out and it was agreed there
\n
were currently suf\ufb01cient shares in place.
\n
As at 30 June 2025, the EST held 3,066,609
\n
ordinary shares in the capital of the company
\n
(3.00%) (2024: 3,824,949 shares). Under the
\n
terms of the Trust Deed, the Trust may only
\n
hold up to a maximum of 5% of the issued
\n
shares in the company.
\n
During the \ufb01nancial year, 951,335 new shares
\n
were issued arising from share scheme-related
\n
activities under the SAYE share option scheme.
\n
As at 30 June 2025, the total number of shares
\n
outstanding under the SAYE share option
\n
scheme was 2,703,109. The Group has complied
\n
with the dilution guidelines of the Investment
\n
Association (Guidelines).
\n
Applying the Guidelines, the Group has
\n
used 4.78% of the 10% headroom in 10
\n
years\u2019 rule and, on the basis that the Group\u2019s
\n
practice is that all awards granted pursuant to
\n
discretionary plans are satis\ufb01ed using shares
\n
purchased in the market, the Group has not
\n
used any of the headroom against the \u20185% in
\n
10 years\u2019 rule for discretionary plans.
\n
Shareholder voting on the
\n
Directors\u2019 Remuneration report
\n
The Committee takes account of annual
\n
shareholder voting trends in connection with
\n
the Directors\u2019 Remuneration report. Votes cast
\n
in support of the annual advisory resolution to
\n
approve the Directors\u2019 Remuneration report
\n
during the past \ufb01ve AGMs are included in the
\n
chart below.
\n
Votes cast
\n
(%)
\n
2020
2021
2022
2023
2024
\n
64.43%
\n
35.57%
0.11%
0.14%
5.12%
0.08%
\n
99.89%
99.86%
94.88%
99.92%
\n
Votes for
Votes against
\n
The Board will continue to engage with
\n
shareholders to ensure their views are fully
\n
understood and considered and can be taken
\n
into account by the Committee in the future.
\n
The Committee and Board are grateful to
\n
shareholders for the strong support provided.
\n
The current Policy was approved by 99.3% of
\n
shareholders who voted at the 2023 AGM and
\n
the advisory vote on the Annual Report on
\n
Remuneration was supported by 94.88%.
\n
Forward-looking implementation
\n
of policy
\n
Base salaries
\n
The 2025/26 salary review was completed
\n
in April 2025. The Committee carefully
\n
scrutinised pay and conditions across the
\n
Group. Taking into account market conditions,
\n
peer group comparisons and the Group\u2019s overall
\n
performance, the overall pay budget increased
\n
by 3.25%. With effect from 1 April 2025,
\n
Bill Hocking\u2019s annual salary increased from
\n
\u00a3520,000 to \u00a3535,000, an increase of 2.88%,
\n
the increase being below the average pay
\n
increase across the workforce. Kris Hampson
\n
was appointed on a salary of \u00a3380,000 on
\n
2 September 2024 and received an annual
\n
salary increase of 3.16% to \u00a3392,000 on
\n
1 April 2025.
\n
ABP
\n
For the \ufb01nancial year to 30 June 2026, the
\n
Committee has determined that the existing
\n
bonus structure remains appropriately aligned
\n
to corporate strategy. It will therefore remain in
\n
its current form, with an opportunity of 120%
\n
of salary for the Chief Executive, and 100% for
\n
other executive directors.
\n
Bonus outcomes will be subject to overall
\n
Committee discretion, taking into account
\n
factors including health and safety and the
\n
underlying performance of the Group. The
\n
Committee intends to continue to include ESG
\n
annual bonus measures in 2025/26 aligned to
\n
the Group\u2019s strategy on ESG, with an ESG target
\n
in total of 12%. The ESG measures will include
\n
metrics on the order book, employees, carbon,
\n
community and the supply chain.
LTIP
Any award granted to the executive directors in 2025 will be within the approved Remuneration Policy and based on performance metrics,
with 75% based on earnings per share and 25% on average month-end cash as a percentage of revenue.
Performance measures applied over a three-year performance period to 30 June 2028 are:
25% of the EPS element will vest if underlying EPS is 41.4 pence, increasing to 100% vesting on a straight-line basis if 50.6 pence is achieved.
25% of the cash element will vest if average month-end cash is 8% of revenue, increasing to 100% vesting on a straight-line basis if 10% is achieved.
Chair and non-executive directors\u2019 fees
The Committee determined that the Chair\u2019s fee for 2025/26 would be increased by 3%. In addition, and following a review of the non-executive
directors\u2019 fees by the Board, it was agreed that the non-executive directors\u2019 fees would increase by 3%.
Accordingly, the annual fees effective from 1 April 2025 are as follows:
\n \n
Increase/
2025
2024
Change %
Chair
\u00a3195,896
\u00a3190,190
3.0%
Non-executive directors
Base fee
\u00a352,275
\u00a350,752
3.0%
Additional fees:
Senior Independent Director
1
\u00a39,831
\u00a35,065
94.1%
Chairs of Board Committees
\u00a39,831
\u00a39,545
3.0%
Chair of Employee Forum
\u00a34,931
\u00a34,787
3.0%
1
On 14 November 2024 Kevin Boyd became the Senior Independent Director, following the resignation of Marisa Cassoni, and it was agreed that the Senior Independent
Director fee be increased from \u00a35,065 to \u00a39,545 from November 2024, to align with the Chairs of Board Committees fee. This increased by 3% to \u00a39,831 on 1 April 2025.
For and on behalf of the Board
Sally Boyle
Remuneration Committee Chair
17 September 2025 Remuneration of key management personnel
The key management personnel comprise the Executive Board and non-executive directors. The remuneration of the key management personnel
of the Group is set out below in aggregate for each of the categories speci\ufb01ed in IAS 24, Related Party Disclosures. Further information about
the remuneration of individual directors, including any interests in the Company\u2019s shares, is provided in the audited part of the Directors\u2019
remuneration report.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Salaries and short-term employee bene\ufb01ts
4.7
3.5
Retirement bene\ufb01t costs
0.3
0.3
Share-based payments
2.1
1.1
Total
7.1
4.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00266": { "value": "Annual report on remuneration
This part of the Directors\u2019
Remuneration report sets out how the
Remuneration Policy was implemented
over the year ended 30 June 2025.
It will be put to an advisory vote at the
2025 AGM. Certain sections of this
annual report on remuneration have
been subject to audit.
The Directors\u2019 Remuneration report has been
prepared in accordance with The Companies
(Directors\u2019 Remuneration Policy and Directors\u2019
Remuneration Report) Regulations 2019
(applying to \ufb01nancial years starting on or after
10 June 2019), the Large and Medium-sized
Companies and Groups (Accounts and Reports)
(Amendment) Regulations 2013 and the
Financial Conduct Authority\u2019s Listing Rules.
The auditor is required to report on
the remuneration data disclosed in the
Directors\u2019 Remuneration report section
and state whether, in its opinion, that part
of the report has been properly prepared in
accordance with relevant provisions of the
Companies Act 2006 (as amended).
Directors\u2019 remuneration and single-\ufb01gure annual remuneration (audited)
The remuneration of the directors serving during the \ufb01nancial year, together with 2024 comparative \ufb01gures, was as follows:
\n \n
Salary
Taxable
Total \ufb01xed
Annual
Total variable
Total
and fees
bene\ufb01ts
1
Pensions
2
remuneration
bonus
9
LTIP
Sharesave
remuneration
remuneration
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Buyout
11
\u00a3000
\u00a3000
\u00a3000
2025
3
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
4
2025
2024
2025
2024
2025
2024
2025
2024
Executive directors
Bill Hocking
524
502
7
6
42
40
573
548
605
558
1,666
845
\u2013
\u2013
\u2013
\u2013
2,271
1,403
2,844
1,951
Kris Hampson
10
320
\u2013
0
\u2013
21
\u2013
341
\u2013
305
\u2013
\u2013
\u2013
36
\u2013
\u2013
\u2013
341
\u2013
682
\u2013
Non-executive directors
Alison Wood
192
183
\u2013
\u2013
\u2013
\u2013
192
183
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
192
183
Sally Boyle
56
53
\u2013
\u2013
\u2013
\u2013
56
53
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
56
53
Michael Topham
51
49
\u2013
\u2013
\u2013
\u2013
51
49
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
51
49
Kevin Boyd
5
63
16
\u2013
\u2013
\u2013
\u2013
63
16
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
63
16
Former directors
Andrew Duxbury
6
\u2013
370
\u2013
3
\u2013
21
\u2013
394
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
394
Marisa Cassoni
7
27
63
\u2013
\u2013
\u2013
\u2013
27
63
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
27
63
Terry Miller
8
\u2013
21
\u2013
\u2013
\u2013
\u2013
\u2013
21
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
21
1
Includes the value of bene\ufb01ts such as car allowance and medical insurance.
2
This is a salary supplement paid to the directors in lieu of direct pension contributions.
3
On 1 April 2025 salaries for the non-executive directors increased by 3%. The salary for Bill Hocking increased by 2.88% and for Kris Hampson increased by 3.16%.
This is below the average salary budgeted increase across the workforce of 3.25%.
4
The 2021 LTIP awards vested on 7 October 2024. The LTIP \ufb01gures reported in 2024 and the corresponding single \ufb01gure for that year were based on an estimated share
price, being the average share price over the three months to 30 June 2024. These have now been updated with the actual value at vesting of \u00a31,110,587 for Bill Hocking
using the share price as at the date of vesting of \u00a33.27.
5
The fee paid to Kevin Boyd in 2024 is the annual fee pro-rated to re\ufb02ect that he joined on 1 March 2024.
6
Andrew Duxbury resigned from the Board on 31 May 2024. The payment above re\ufb02ects his time in the role of Finance Director and Andrew did not receive a salary
increase during the year 2023/24. Details of his leaving arrangements are set out on page 120 of the 2024 Annual Report. His outstanding LTIP and deferred bonus awards
lapsed with immediate effect and no bonus was payable for 2023/24.
7
Marisa Cassoni resigned from the Board on 28 November 2024.
8
Terry Miller resigned from the Board on 31 October 2023.
9
The annual bonus \ufb01gure quoted is the total bonus including the deferred share element associated with the performance conditions in that year. See page 109 for further
explanation of the rules relating to the Annual Bonus Plan.
10 The salary, bene\ufb01ts, pension and bonus paid to Kris Hampson are pro-rated annual amounts to re\ufb02ect that he joined on 2 September 2024.
11 The buyout \ufb01gure is the value paid to Kris Hampson as compensation for the forfeited bene\ufb01ts from his previous employer. See page 118 for further information.
\n\n\n
2025 Annual bonus outcome (audited)
\n
For the \ufb01nancial year ended 30 June 2025, the annual bonus measures, targets, weightings and performance are set out in the table below.
\n
Senior management were subject to similar targets, which were applied to their respective business performance.
\n\n \n
Performance target
Threshold (% of
On-target (% of
Maximum (% of
Actual
Payout % of bonus
Measure
Weighting
maximum bonus)
maximum bonus)
maximum bonus)
performance
maximum
Pre-exceptional full-year
45%
\u00a333.3m
\u00a335.0m
\u00a340.3m
\u00a343.6m
45%
Group pro\ufb01t before tax
1
(0%)
(22.5%)
(45%)
1
Pre-exceptional half-year
15%
\u00a314.4m
\u00a316.0m
\u00a318.4m
\u00a320.0m
15%
Group pro\ufb01t before tax
(0%)
(7.5%)
(15%)
Group cash management
20%
95% of budget
100% of budget
110% of budget
110%
20%
(10%)
(10%)
(20%)
Construction order book
8%
83.0% secured
85.0% secured
87.0% secured
92% secured
8%
(0%)
(4%)
(8%)
ESG
2
:
Employee: based on employee
3%
<80%
>80%
>80%
87%
3%
advocacy
(0%)
(3%)
(3%)
Carbon emissions: based on
3%
5% reduction
7.5% reduction
10% reduction
41.2% increase
0%
annual reduction of Scope 1 and 2
(0%)
(1.5%)
(3%)
emissions (marked based)
Community: based on CCS score
3%
<38
>38
>38
43.9
3%
(0%)
(3%)
(3%)
Supply chain: payment of supply
3%
<95%
>95%
>95%
96.9%
3%
chain invoices within 60 days
(0%)
(3%)
(3%)
Health and safety: based on
Underpin
Discretional
discretionary assessment of
adjustment
H&S performance
Total payout (% of maximum bonus)
100.0%
10%
54.5%
100%
97%
\n
1
The full-year Group pro\ufb01t before tax was calculated on a pre-exceptional basis when the bonus measures for this scheme were put in place, although there were no
\n
exceptional items to take into account this year. See Note 32 for further information.
\n
2
The ESG metrics are aligned to the Group\u2019s published strategy with the targets based on industry guidelines, averages or the Group\u2019s stated ambition. The 2021 carbon
\n
comparative metric was reinstated in 2023 onwards to incorporate the operation of nmcn (acquired October 2021).
\n
The Group achieved a strong performance against targets set at the start of the \ufb01nancial year. Taking into account the Group\u2019s pro\ufb01tability and
\n
enhanced dividends to shareholders, the Committee determined that the bonus level produced by the scorecard of 97% is an appropriate reward given
\n
the Group\u2019s operational and \ufb01nancial performance. This treatment is consistent with that applied for all participants of the ABP. The ABP 2024/25
\n
bonus target in 2024 onwards incorporated a 12% target for ESG factors, which include people, carbon emission, community and supply chain metrics.
\n
Under the approved Policy, the Committee may, at its discretion, acting fairly and reasonably, adjust bonus outcomes if it considers the payout is
\n
inconsistent with the Group\u2019s performance during the year, taking into account factors including safety and ESG. In considering bonus awards the
\n
Committee took the Group\u2019s health and safety performance and ESG initiatives into consideration. The Group achieved an overall Accident Frequency
\n
Rate (AFR) of 0.03 for 2024/25, (AFR for 2023/24: 0.04) with 13 of the 21 business units achieving an AFR of zero during the year.
\n
The Committee determined that, in respect of the year to 30 June 2025, the resulting annual bonus awards were as follows:
\n\n \n
Actual bonus
payable for
On-target bonus
Maximum bonus
2024/25
Cash
Shares
(% of salary)
(% of salary)
(\u00a3000)
(\u00a3000)
(\u00a3000)
Bill Hocking
65.4%
120%
605
375
230
Kris Hampson
1
54.5%
100%
305
206
99
\n
1
The bonus \ufb01gure for Kris Hampson is pro-rated from his joining the company on 2 September 2024 to 30 June 2025.
\n
Two-thirds of the bonus earned in excess of the 50% of salary threshold is required to be deferred into restricted shares. Although bene\ufb01cially held
\n
by the participants, the allocated restricted shares are legally retained by the Employee Share Trust and are subject to forfeiture provisions, unless
\n
otherwise agreed by the Committee. Subject to continued employment, the restricted shares are legally transferred to participants on the third
\n
anniversary of allocation. Recovery provisions apply at any time within the three-year period post-vesting or payment of cash bonuses in circumstances
\n
or error, material misstatement, misconduct, reputational damage or corporate failure as a result of poor risk management.
\n\n
LTIP awards vesting in September 2025 (audited)
\n
The LTIP awards granted to Bill Hocking on 23 September 2022 were based on 75% underlying EPS performance and 25% on average month-end
\n
cash as a percentage of annual turnover over the three years to 30 June 2025. In total, 95.3% of the maximum award was vested as a result of the
\n
performance achieved. The Committee was satis\ufb01ed that this outcome re\ufb02ected the true performance of the Group and no discretion was applied.
\n
The awards will be subject to a two-year post vesting holding period in accordance with the existing Remuneration Policy. More details on each of the
\n
performance conditions are set out below.
\n\n \n
Stretch
Threshold
average
Element
average
month-
of value
Threshold
Stretch EPS
month-
end cash
1
Value of
attributable
EPS
condition
end cash
1
condition
% of overall
award
to share
condition
(100%
Actual
condition
(100%
Actual
award
vesting
2
growth
2
(25% vesting)
vesting)
performance
(25% vesting)
vesting)
performance
1
vesting
(\u00a3000)
(\u00a3000)
Bill Hocking
23.2p
28.4p
33.3p
8%
10%
9.5%
95.3%
1,666
987
\n
1
As a percentage of annual turnover.
\n
2
Estimated based on the average share price over the three months to 30 June 2025.
\n
Directors\u2019 share plan interests (audited)
\n
Outstanding awards held by Bill Hocking and Kris Hampson during the year are detailed in the table below.
\n\n \n
Number
Number
of awards
of awards
Value of
outstanding
outstanding
awards
Actual or
Share price
at 1 July
at 30 June
vested during
anticipated
Director
Plan
Grant date
at grant
2024
Granted
Vested
Lapsed
2025
\ufb01nancial year
vesting date
Bill Hocking
LTIP
1
23.09.21
\u00a31.788
385,067
\u2013
339,629
45,438
\u2013
\u00a31,110,587
07.10.24
ABP
2
23.09.21
\u00a31.7694
118,684
\u2013
118,684
\u2013
\u2013
\u00a3388,097
07.10.24
LTIP
23.09.22
\u00a31.61
442,546
\u2013
\u2013
\u2013
442,546
\u2013
23.09.25
ABP
3
28.09.22
\u00a31.60
133,875
\u2013
\u2013
\u2013
133,875
\u2013
28.09.25
LTIP
25.09.23
\u00a32.36
315,572
\u2013
\u2013
315,572
\u2013
25.09.26
ABP
4
27.09.23
\u00a32.349
46,462
\u2013
\u2013
46,462
\u2013
27.09.26
LTIP
5
08.10.24
\u00a33.23
\u2013
241,486
\u2013
\u2013
241,486
\u2013
08.10.27
ABP
5,6
10.10.24
\u00a33.228
\u2013
63,982
\u2013
\u2013
63,982
\u2013
10.10.27
Kris
LTIP
5
08.10.24
\u00a33.23
\u2013
176,470
\u2013
\u2013
176,470
\u2013
08.10.27
Hampson
\n
1
Awards are based on a maximum percentage of salary. The number of shares shown in the table represents the maximum number of shares, ie 150% of salary.
\n
2
In accordance with the rules of the Annual Bonus Plan, the average of the company\u2019s closing share price for the \ufb01ve business days following (and including)
\n
the announcement of the annual results on 16 September 2021 was 176.94 pence.
\n
3
In accordance with the rules of the Annual Bonus Plan, the average of the company\u2019s closing share price for the \ufb01ve business days following (and including)
\n
the announcement of the annual results on 21 September 2022 was 160 pence.
\n
4
In accordance with the rules of the Annual Bonus Plan, the average of the company\u2019s closing share price for the \ufb01ve business days following (and including)
\n
the announcement of the annual results on 27 September 2023 was 234.90 pence.
\n
5
The 2021\u20132024 Long Term Incentive Plan award and the 2021\u20132023 Annual Bonus Plan grant were due to vest on 23 September 2024, however, vesting was
\n
postponed following the delay in announcing the 2024 full-year \ufb01nancial results (originally planned to be announced on 19 September 2024). These results were
\n
announced on 3 October 2024, enabling these awards to be calculated and vest on 8 October 2024.
\n
6
In accordance with the rules of the Annual Bonus Plan, the average of the company\u2019s closing share price for the \ufb01ve business days following (and including)
\n
the announcement of the annual results on 3 October 2024 was \u00a33.228.
\n
Payments to former directors
\n
Marisa Cassoni resigned from the Board during the year and, in line with the Policy, received her fee up to 28 November 2024.
\n\n\n
Remuneration arrangements for new Chief Financial Of\ufb01cer, including compensation for forfeited awards
\n
On 2 September 2024 Kris Hampson was appointed Chief Financial Of\ufb01cer. On appointment his remuneration consisted of
\n
salary of \u00a3380,000;
\n
a pension contribution in line with the company\u2019s workforce policy of 8% of salary;
\n
maximum bonus opportunity of 100%; and
\n
maximum LTIP grant of 150%.
\n
In line with the Remuneration Policy, the Committee also approved a buyout to compensate Kris Hampson for awards forfeited on resignation from
\n
his previous position. Under the terms of this buyout he will receive the value forfeited based on the performance conditions of his previous employer,
\n
which will be determined at the time of the normal vesting of the forfeited awards. Two LTIP awards were forfeited and the buyout will be aligned to the
\n
vesting schedule of his former employer and replaced with Galliford Try shares in October 2025 and October 2026.
\n
The \ufb01rst of these has been assessed to be worth \u00a335,857 based on the vesting percentage, dividend equivalents and share price of the former
\n
employer. This amount will be delivered in Galliford Try shares in October 2025. Full details of the second forfeited award will be provided in the
\n
2026 Annual Report.
\n
Awards granted during the year (audited)
\n
On 10 October 2024, the following conditional LTIP awards were made to Bill Hocking and Kris Hampson.
\n\n \n
Share price used to
Number of shares
determine level
Director
Date of grant
awarded
Basis of award
of award \u00a3
Face value \u00a3
Bill Hocking
8 October 2024
241,486
150% of base salary
\u00a33.23
780,000
Kris Hampson
8 October 2024
176,470
150% of base salary
\u00a33.23
570,000
\n
The performance conditions attached to these awards made in October 2024 are as follows:
\n\n \n
Date of grant
Performance conditions
October 2024
Vesting of up to 75% of the award is based on underlying EPS. 25% of the element will vest for 33.9p, increasing
to 100% vesting on a straight-line basis if 41.5p underlying EPS is achieved during the \ufb01nal year of the three-year
performance period (1 July 2026 to 30 June 2027).
Vesting of up to 25% of the award is based on average month-end cash as a percentage of annual turnover in
the year ending 30 June 2025. 8% would generate 25% of the element vesting and 10% would generate 100%
vesting on a straight-line basis.
Any shares that vest will be subject to a two-year post-vesting holding period, in accordance with the
Remuneration Policy.
Malus and clawback apply at any time within a three-year period post-vesting, in the case of material misstatement,
misconduct, reputational damage or corporate failure as a result of poor risk management.
\n
Directors\u2019 share interests (audited)
\n
As at 30 June 2025, the Directors held the following bene\ufb01cial, legal and unvested ABP interests in the Group\u2019s ordinary share capital.
\n\n \n
Legally owned
1
Total
% of salary held
Deferred
under share
bonus awards
ownership
Measure
30.6.25
30.6.24
LTIP (unvested)
(unvested)
30.6.25
guidelines
2
Executive directors
Bill Hocking
1,069,126
826,221
999,604
244,319
2,313,049
1,030%
Kris Hampson
4
6,250
6,250
176,470
\u2013
182,720
7%
Non-executive directors
Alison Wood
3
\u2013
\u2013
\u2013
\u2013
\u2013
n/a
Sally Boyle
3
\u2013
\u2013
\u2013
\u2013
\u2013
n/a
Michael Topham
3
\u2013
\u2013
\u2013
\u2013
\u2013
n/a
Kevin Boyd
3
8,000
8,000
\u2013
\u2013
8,000
n/a
\n
1
Either held by the individual or connected persons.
\n
2
Under the current Remuneration Policy, the share ownership guideline for executive directors is 200% of base salary.
\n
3
Alison Wood and Sally Boyle joined the Board on 1 April and 1 May 2022. Michael Topham joined the Board on 1 June 2023 and Kevin Boyd joined 1 March 2024.
\n
4
Kris Hampson joined the Board on 2 September 2024 and held 6,250 shares in the company on appointment.
Total Shareholder Return (TSR) graph
Value (\u00a3) (rebased)
500
400
300
200
100
0
Jun
Jun
Jun
Jun
Jun
Jun
Jun
Jun
Jun
Jun
Jun
15
16
17
18
19
20
21
22
23
24
25
Galliford Try
FTSE All Share
Source: Datastream from Re\ufb01nitiv.
The graph shows the TSR for Galliford Try shares over the last 10 \ufb01nancial years. It shows the value to 30 June 2025 of \u00a3100 invested in Galliford Try
on 30 June 2015 compared with the value of \u00a3100 invested in the FTSE All-Share Index, this being a broad-market index of which the company has been
a constituent over the full period shown.
The closing mid-market quotation for the company\u2019s shares on Monday 30 June 2025, was 419.50p. The high and low during the year were 425.0p
and 244.0p.
The total gross remuneration of the Chief Executive and the percentage achieved of the maximum ABP and LTIP awards are shown in the table below
for the past 10 \ufb01nancial years.
\n \n
2016
1
2017
2018
2019
2
2020
3
2021
2022
2023
2024
2025
Total remuneration (\u00a3000)
1,461
1,043
1,448
824
660
1,027
1,937
2,429
1,951
2,844
Annual bonus (% of maximum)
74%
46.3%
86.5%
57.0%
36.7%
100.0%
100.0%
70.4%
93.4%
97%
LTIP (% of maximum)
\u2013
16.5%
36.6%
16.5%
\u2013
\u2013
89%
97.2%
88.2%
95.3%
1
Peter Truscott was appointed Chief Executive on 1 October 2015 and stepped down as Chief Executive and from the Board on 26 March 2019.
2
Graham Prothero was appointed Chief Executive on 26 March 2019, succeeding Peter Truscott. He stepped down from the Board and as Chief Executive following
the successful completion of the sale of the housebuilding divisions to Vistry Group plc on 3 January 2020.
3
Bill Hocking was appointed Chief Executive on 3 January 2020. A full-year remuneration \ufb01gure based on the aggregate paid to Bill and Graham is shown here to
aid comparison.
\n\n\n
CEO pay ratios
\n
Under Option B (gender pay data), three employees have been identi\ufb01ed as the best equivalents to represent the lower, median and upper quartiles.
\n
Option B provides a clear methodology involving fewer adjustments to calculate full-time equivalent earnings.
\n\n \n
All UK
Year
Method
CEO single \ufb01gure
employees
Lower quartile
Median
Upper quartile
2019/20
Option B
\u00a3660,587
Ratio
24:1
15:1
9:1
Total pay
\u00a327,407
\u00a343,165
\u00a374,351
Salary
\u00a325,500
\u00a335,249
\u00a361,057
2020/21
Option B
\u00a31,026,671
Ratio
27:1
19:1
14:1
Total pay
\u00a337,399
\u00a354,374
\u00a373,385
Salary
\u00a336,134
\u00a343,781
\u00a366,927
2021/22
Option B
\u00a31,936,788
Ratio
62:1
36:1
26:1
Total pay
\u00a331,128
\u00a353,976
\u00a373,920
Salary
\u00a327,875
\u00a344,720
\u00a362,275
2022/23
Option B
\u00a32,428,970
Ratio
66:1
45:1
31:1
Total pay
\u00a336,562
\u00a354,444
\u00a379,638
Salary
\u00a329,411
\u00a348,003
\u00a365,950
2023/24
Option B
\u00a31,950,670
Ratio
44:1
35:1
27:1
Total pay
\u00a344,125
\u00a355,120
\u00a372,918
Salary
\u00a342,272
\u00a349,554
\u00a366,725
2024/25
Option B
\u00a32,844,086
Ratio
73:1
50:1
35:1
Total Pay
\u00a338,913
\u00a357,037
\u00a380,968
Salary
\u00a336,223
\u00a353,608
\u00a373,550
\n
The Chief Executive \ufb01gure includes earnings from the Long-Term Incentive Plan. Long-term incentives are operated for the most senior Group
\n
employees only, namely those responsible for strategy development and execution. The payouts from such plans are expected to be volatile from
\n
cycle to cycle.
\n
The Committee is comfortable that the resulting calculations are representative of pay levels at the respective quartiles and that the applicable
\n
relativities are appropriate given the pro\ufb01le of the workforce.
\n
Relative importance of spend on pay
\n\n \n
2023/24
2024/25
Change
Total overall spend on pay (\u00a3m)
284.2
311.6
27.4m
Dividends (\u00a3m)
24.2
17.5
(6.7)m
Share buyback (\u00a3m)
4.4
10.0
5.6m
Group corporation tax charge (\u00a3m)
1
5.4
10.7
5.3m
Effective tax rate (%)
1
15.4
23.9
8.5pts
\n
1 Adjusted tax.
\n
The equivalent total overall spend on pay in 2024/25 is disclosed in note 5 to the \ufb01nancial statements. The total overall spend on pay equates to average
\n
remuneration per staff member of \u00a372,533 per annum as at 30 June 2025 (2024: \u00a368,947).
\n\n
Composition of the Remuneration
\n
Committee and attendance
\n
In addition to the Chair, Sally Boyle, the other
\n
Committee members were Alison Wood,
\n
Michael Topham and Kevin Boyd. Marisa
\n
Cassoni was a Committee member until
\n
24 November 2024 when she stepped down
\n
from the Board. The General Counsel &
\n
Company Secretary acts as Secretary to the
\n
Committee. The Chief Executive has a standing
\n
invitation to attend all Committee meetings.
\n
The HR Director attends certain meetings at
\n
the invitation of the Committee. No director,
\n
the General Counsel & Company Secretary
\n
or HR Director is present when their own
\n
remuneration is being considered. Attendance
\n
at Committee meetings is shown in the table
\n
on page 87.
\n
The Committee is governed by formal terms of
\n
reference agreed by the Board and is composed
\n
solely of non-executive directors. The terms
\n
of reference were reviewed during the year
\n
and are available on the Group\u2019s website
\n
(www.gallifordtry.co.uk).
\n
Remuneration advice and advisers
\n
The Committee is informed of key
\n
developments and best practice in the \ufb01eld
\n
of remuneration and obtains advice from
\n
independent external consultants, when
\n
required. Mercer Limited (Mercer) was
\n
the Committee\u2019s remuneration consultant
\n
throughout the year. Fees paid to Mercer
\n
during the \ufb01nancial year were \u00a319,233
\n
(2024: \u00a313,300).
\n
Mercer does not provide any other services to
\n
the Group, although Mercer is part of Marsh &
\n
McLennan Companies, a subsidiary of which,
\n
Marsh JLT Specialty Limited, provides insurance
\n
broking services to the Group. The Committee
\n
is satis\ufb01ed that these services do not impinge on
\n
Mercer\u2019s independence. Furthermore, Mercer
\n
is a signatory to the Remuneration Consultants
\n
Group Code of Conduct, which requires that its
\n
advice be objective and impartial.
\n
The General Counsel & Company Secretary
\n
also advises the Committee as necessary and,
\n
where appropriate, makes arrangements for
\n
the Committee to receive independent legal
\n
advice at the request of the Chair.
\n
Employee Share Trust and dilution
\n
The Employee Share Trust (EST) is the primary
\n
mechanism by which shares required to satisfy
\n
the Executive incentive plans are provided.
\n
Following the announcement of the 2024
\n
full-year results in October 2024 the annual
\n
review of the number of shares held by the
\n
EST was carried out and it was agreed there
\n
were currently suf\ufb01cient shares in place.
\n
As at 30 June 2025, the EST held 3,066,609
\n
ordinary shares in the capital of the company
\n
(3.00%) (2024: 3,824,949 shares). Under the
\n
terms of the Trust Deed, the Trust may only
\n
hold up to a maximum of 5% of the issued
\n
shares in the company.
\n
During the \ufb01nancial year, 951,335 new shares
\n
were issued arising from share scheme-related
\n
activities under the SAYE share option scheme.
\n
As at 30 June 2025, the total number of shares
\n
outstanding under the SAYE share option
\n
scheme was 2,703,109. The Group has complied
\n
with the dilution guidelines of the Investment
\n
Association (Guidelines).
\n
Applying the Guidelines, the Group has
\n
used 4.78% of the 10% headroom in 10
\n
years\u2019 rule and, on the basis that the Group\u2019s
\n
practice is that all awards granted pursuant to
\n
discretionary plans are satis\ufb01ed using shares
\n
purchased in the market, the Group has not
\n
used any of the headroom against the \u20185% in
\n
10 years\u2019 rule for discretionary plans.
\n
Shareholder voting on the
\n
Directors\u2019 Remuneration report
\n
The Committee takes account of annual
\n
shareholder voting trends in connection with
\n
the Directors\u2019 Remuneration report. Votes cast
\n
in support of the annual advisory resolution to
\n
approve the Directors\u2019 Remuneration report
\n
during the past \ufb01ve AGMs are included in the
\n
chart below.
\n
Votes cast
\n
(%)
\n
2020
2021
2022
2023
2024
\n
64.43%
\n
35.57%
0.11%
0.14%
5.12%
0.08%
\n
99.89%
99.86%
94.88%
99.92%
\n
Votes for
Votes against
\n
The Board will continue to engage with
\n
shareholders to ensure their views are fully
\n
understood and considered and can be taken
\n
into account by the Committee in the future.
\n
The Committee and Board are grateful to
\n
shareholders for the strong support provided.
\n
The current Policy was approved by 99.3% of
\n
shareholders who voted at the 2023 AGM and
\n
the advisory vote on the Annual Report on
\n
Remuneration was supported by 94.88%.
\n
Forward-looking implementation
\n
of policy
\n
Base salaries
\n
The 2025/26 salary review was completed
\n
in April 2025. The Committee carefully
\n
scrutinised pay and conditions across the
\n
Group. Taking into account market conditions,
\n
peer group comparisons and the Group\u2019s overall
\n
performance, the overall pay budget increased
\n
by 3.25%. With effect from 1 April 2025,
\n
Bill Hocking\u2019s annual salary increased from
\n
\u00a3520,000 to \u00a3535,000, an increase of 2.88%,
\n
the increase being below the average pay
\n
increase across the workforce. Kris Hampson
\n
was appointed on a salary of \u00a3380,000 on
\n
2 September 2024 and received an annual
\n
salary increase of 3.16% to \u00a3392,000 on
\n
1 April 2025.
\n
ABP
\n
For the \ufb01nancial year to 30 June 2026, the
\n
Committee has determined that the existing
\n
bonus structure remains appropriately aligned
\n
to corporate strategy. It will therefore remain in
\n
its current form, with an opportunity of 120%
\n
of salary for the Chief Executive, and 100% for
\n
other executive directors.
\n
Bonus outcomes will be subject to overall
\n
Committee discretion, taking into account
\n
factors including health and safety and the
\n
underlying performance of the Group. The
\n
Committee intends to continue to include ESG
\n
annual bonus measures in 2025/26 aligned to
\n
the Group\u2019s strategy on ESG, with an ESG target
\n
in total of 12%. The ESG measures will include
\n
metrics on the order book, employees, carbon,
\n
community and the supply chain.
LTIP
Any award granted to the executive directors in 2025 will be within the approved Remuneration Policy and based on performance metrics,
with 75% based on earnings per share and 25% on average month-end cash as a percentage of revenue.
Performance measures applied over a three-year performance period to 30 June 2028 are:
25% of the EPS element will vest if underlying EPS is 41.4 pence, increasing to 100% vesting on a straight-line basis if 50.6 pence is achieved.
25% of the cash element will vest if average month-end cash is 8% of revenue, increasing to 100% vesting on a straight-line basis if 10% is achieved.
Chair and non-executive directors\u2019 fees
The Committee determined that the Chair\u2019s fee for 2025/26 would be increased by 3%. In addition, and following a review of the non-executive
directors\u2019 fees by the Board, it was agreed that the non-executive directors\u2019 fees would increase by 3%.
Accordingly, the annual fees effective from 1 April 2025 are as follows:
\n \n
Increase/
2025
2024
Change %
Chair
\u00a3195,896
\u00a3190,190
3.0%
Non-executive directors
Base fee
\u00a352,275
\u00a350,752
3.0%
Additional fees:
Senior Independent Director
1
\u00a39,831
\u00a35,065
94.1%
Chairs of Board Committees
\u00a39,831
\u00a39,545
3.0%
Chair of Employee Forum
\u00a34,931
\u00a34,787
3.0%
1
On 14 November 2024 Kevin Boyd became the Senior Independent Director, following the resignation of Marisa Cassoni, and it was agreed that the Senior Independent
Director fee be increased from \u00a35,065 to \u00a39,545 from November 2024, to align with the Chairs of Board Committees fee. This increased by 3% to \u00a39,831 on 1 April 2025.
For and on behalf of the Board
Sally Boyle
Remuneration Committee Chair
17 September 2025 5 Employees and directors
Employee bene\ufb01t expense during the year
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Group
Company
\u00a0 \u00a0
2025
2024
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Wages and salaries
\u00a0
250.3
229.2
\u2013
\u2013
Social security costs
\u00a0
28.9
27.8
\u2013
\u2013
Other pension costs
\u00a0
29.0
25.4
\u2013
\u2013
Share-based payments
25
3.4
1.8
\u2013
\u2013
Total
\u00a0
311.6
284.2
\u2013
\u2013
\n
All employees are entitled to join the Galliford Try Pension Scheme, a de\ufb01ned contribution scheme established as a stakeholder plan, with a Company
contribution based on a scale dependent on the employee\u2019s age and the amount they choose to contribute. Since 1 July 2013, all non-participating
and newly-employed staff have been auto-enrolled into the separate stakeholder plan and are entitled to increase their contribution rates in line with
existing members. Since 1 April 2009, the Group has operated a pension salary sacri\ufb01ce scheme, which means that all employee pension contributions
are paid as employer contributions on their behalf.
All pension costs in the current and prior years were in respect of the Group\u2019s de\ufb01ned contribution schemes. Of the total charge, \u00a316.0m (2024: \u00a314.1m)
and \u00a313.0m (2024: \u00a311.3m) were included, respectively, within cost of sales and administrative expenses.
Average monthly number of people (including Executive and non-executive directors) employed
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
2025
2024
2025
2024
\u00a0
Number
Number
Number
Number
By business:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 Building
1,358
1,296
\u2013
\u2013
\u2013 Infrastructure
2,680
2,575
\u2013
\u2013
Construction
4,038
3,871
\u2013
\u2013
Investments
58
58
\u2013
\u2013
Central
200
193
6
6
Total
4,296
4,122
6
6
\n
Remuneration of key management personnel
The key management personnel comprise the Executive Board and non-executive directors. The remuneration of the key management personnel
of the Group is set out below in aggregate for each of the categories speci\ufb01ed in IAS 24, Related Party Disclosures. Further information about
the remuneration of individual directors, including any interests in the Company\u2019s shares, is provided in the audited part of the Directors\u2019
remuneration report.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Salaries and short-term employee bene\ufb01ts
4.7
3.5
Retirement bene\ufb01t costs
0.3
0.3
Share-based payments
2.1
1.1
Total
7.1
4.9
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"TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00268": { "value": "1 Accounting policies
General information
Galliford Try Holdings plc (the Company) is a public limited company
incorporated, listed and domiciled in the UK, and registered under
the laws of England and Wales. The address of the registered of\ufb01ce is
3 Frayswater Place, Cowley, Uxbridge, UB8 2AD. The Company has
its listing on the London Stock Exchange.
The \ufb01nancial statements are presented in pounds sterling because that
is the currency of the primary economic environment in which the
Group operates. The amounts stated are denominated in millions (\u00a3m).
Going concern
The consolidated and Company \ufb01nancial statements have been prepared
on a going concern basis. The Group\u2019s business activities, together
with the factors likely to affect its future development, performance
and position are set out in the Viability Statement (on page 75 and the
Strategic Report.
As at 30 June 2025, the Group had substantial cash balances, no loan
payable, and a strong forward secured order book. The directors regularly
review the working capital requirements of the Group while considering
downside sensitivities.
The Group\u2019s forecasts have been prepared in the context of the current
economic conditions and additionally, the directors have considered
a range of downside sensitivities (as discussed in detail in the Viability
Statement on page 75). Even in the severe but plausible downside
scenario, the Group is forecast to continue to meet its obligations and
remain cash positive for a period of at least 12 months from the date
the \ufb01nancial statements are authorised for issue.
After making enquiries and considering the factors and sensitivities
outlined above for a range of scenarios, the directors have a reasonable
expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future being a period of at least
12 months from the date the \ufb01nancial statements are authorised for issue.
Thus, they continue to adopt the going concern basis of accounting in
preparing the annual \ufb01nancial statements.
Basis of accounting
For the year to 30 June 2025, the Group consolidated \ufb01nancial
statements and the Company \ufb01nancial statements have been prepared
in accordance with UK-adopted International Accounting Standards and
with the requirements of the Companies Act 2006, under the historical
cost convention, as modi\ufb01ed by the revaluation of PPP and other
investments at fair value through other comprehensive income.
New standards impacting the Group that have been adopted for the
\ufb01rst time in this set of \ufb01nancial statements are listed below:
Amendments to IAS 1, Presentation of \ufb01nancial statements on
Non-current liabilities with covenants
Amendment to IAS 7 and IFRS 7 \u2013 Supplier \ufb01nance arrangements
Amendment to IFRS 16 Leases \u2013 Leases on sale and leaseback
These standards have been assessed to have no signi\ufb01cant impact
on the Group as they are either not relevant to the Group\u2019s activities
or require accounting which is consistent with the Group\u2019s previous
accounting policies.
The following are new standards, interpretations and amendments, that
are not yet effective or have not been endorsed. The Group has chosen
not to adopt these early. These may however have an effect on the
Group\u2019s future \ufb01nancial statements:
IFRS 18 Presentation and Disclosure in Financial Statements
Amendments to IAS 21 to clarify the accounting when there is a lack
of exchangeability
Amendment to IFRS 9 and IFRS 7 \u2013 Classi\ufb01cation and Measurement
of Financial Instruments
Annual improvements to IFRS \u2013 Volume 11
Other than IFRS 18 which will change the presentation of the primary
statements, it is not expected that these will have a signi\ufb01cant net impact.
Basis of preparation
The Group \ufb01nancial statements incorporate the results of Galliford Try
Holdings plc, its subsidiary undertakings and the Group\u2019s share of the
results of joint arrangements. Subsidiaries are all entities over which
the Group has control. The exposure or right to variable returns from its
involvement with an investee, and the ability to in\ufb02uence those returns,
are considered when assessing whether the Group controls another
entity. Subsidiaries are fully consolidated from the date on which control
is transferred to the Group, until the date that control ceases.
The acquisition method of accounting is used to account for the
acquisition of a business by the Group. The cost of an acquisition is
measured at the fair value of the assets transferred, equity instruments
issued and liabilities incurred or assumed at the date of exchange. Costs
directly attributable to the acquisition are expensed to the income
statement. The identi\ufb01able assets acquired and liabilities and contingent
liabilities assumed in the business combination are measured initially at
their fair values at the acquisition date, irrespective of any non-controlling
interest. The excess of cost of acquisition over the fair value of the Group\u2019s
share of the identi\ufb01able net assets acquired is recorded as goodwill. If the
fair value of the Group\u2019s share of the identi\ufb01able net assets is in excess of
the cost of the acquisition, the gain on bargain purchase is recognised as
a credit through the income statement.
Inter-company transactions, balances and unrealised gains on
transactions between Group companies are eliminated. Unrealised
losses are also eliminated but considered an impairment indicator of
the asset transferred. Accounting policies of acquired subsidiaries are
changed where necessary, to ensure consistency with policies adopted
by the Group.
In addition to total performance measures, the Group discloses additional
information including adjusted performance and adjusted earnings
per share. The Group believes that this additional information provides
useful information on underlying trends. This additional information is
not de\ufb01ned under international accounting standards and may therefore
not be comparable with similarly titled pro\ufb01t measures reported by
other companies. It is not intended to be a substitute for, or superior to,
international accounting standards measures of pro\ufb01t.
The Company has elected to take the exemption under section 408 of
the Companies Act 2006 to not present the Parent Company income
statement and statement of comprehensive income.
Impact of climate change on the \ufb01nancial statements
As reported in the TCFD disclosures on page 63, and the principal risks
starting on page 59, the directors, in preparing the \ufb01nancial statements,
have considered the risks and potential impact of climate change to the
Group. It is unlikely that these risks will have a material \ufb01nancial impact
in the short (between one and two years) and medium term (between
three to ten years), particularly given the nature of the contractual
arrangements in place.
There has been no material impact identi\ufb01ed on the \ufb01nancial reporting
judgements and estimates. The Directors considered the impact of
climate change in respect of the following principal areas:
contract judgements made on the Group\u2019s construction contracts;
going concern and viability of the Group over the next three years;
cash \ufb02ow forecasts used in the impairment assessments of non-
current assets including the intangible assets and goodwill; and
carrying value and useful economic lives of property, plant
and equipment.
As current legislation stands, there is no material impact expected
from climate change. The Directors are however aware of the
ever-changing risks attached to climate change and will continue to
monitor this, particularly regarding any judgements on construction
contracts, impairment reviews and going concern in preparation of
the Group\u2019s \ufb01nancial statements.
Critical accounting estimates and judgements
The preparation of the consolidated \ufb01nancial statements requires
management to make judgements, estimates and assumptions that affect
the application of policies and reported amounts of assets, liabilities,
income and expenses. Critical judgements are those management has
made when applying its material accounting policies, whereas critical
estimates are assumptions and estimates made at the end of the reporting
period that have a signi\ufb01cant risk of resulting in a material adjustment to
the carrying amounts of assets and liabilities within the next \ufb01nancial year.
The estimates, judgements and associated assumptions are based on
historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis
of making estimates and judgements about the carrying value of assets
and liabilities which are not readily apparent from other sources. Actual
results may differ from these estimates and judgements. The estimates,
judgements and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates and judgements are recognised
in the period in which the estimate or judgement is revised if the revision
affects only that period, or in the period of revision and future periods if
the revision affects both current and future periods.
Material estimates and judgements are made in particular with regards
to establishing the following policies:
(i) Revenue and pro\ufb01t recognition for long-term contract accounting
(judgement and estimate)
In order to determine the pro\ufb01t and loss that the Group is able to
recognise on its construction contracts in a speci\ufb01c period, the Group has
to estimate the outcome of both the total costs to complete the contract
as well as the \ufb01nal contract value. The Group has to allocate total costs
of the construction contracts between the amount incurred on the
contract to the end of the reporting period and the proportion to
complete in a future period. The assessment of the total costs to be
incurred and \ufb01nal contract value requires a degree of estimation.
Contract modi\ufb01cations are recognised when the Group considers they
have been approved (which also includes consideration of whether
enforceable rights exist in the contract). The estimation of \ufb01nal contract
value includes the assessment of the recovery of variations, claims and
compensation events (contract modi\ufb01cations). The estimate made is
constrained in accordance with IFRS 15 so that it is highly probable not to
result in a signi\ufb01cant reversal of revenue in the future. Where the change
in scope results in an increase to the work to be performed that is distinct
and re\ufb02ects the stand-alone selling price of the distinct good/service, it is
treated as a separate contract. This is assessed on a contract speci\ufb01c basis.
The Group recognises recoveries of claims from clients as revenue where
clear entitlement has been established which can require judgement, such
as through dispute-resolution processes. This includes the recovery of
costs (such as delays to the contract programme) to the extent it is highly
probable not to result in a signi\ufb01cant reversal of revenue in the future.
The estimation of costs to complete is based on all available relevant
information such as procured packages and management experience
and includes estimation of \ufb01nal accounts and any potential maintenance
and defect liabilities. Recoveries resulting from actual or potential claims
against subcontractors are accounted for in accordance with IAS 37 and
are recognised only when they meet the virtually certain threshold.
Group management has established internal controls to review and
ensure the appropriateness of estimates made on an individual contract
basis, including any necessary contract provisions. As with most large,
complex construction projects, there is an element of estimation
uncertainty over costs to complete and \ufb01nal account settlements.
This is, however, reduced by the experience of the management team
and the controls that we have in place. The settlement of these \ufb01nal
accounts may give rise to an over or under-recognition of pro\ufb01t or loss
and associated cash \ufb02ows, which could be material.
As at 30 June 2025, the Group\u2019s contract assets, contract liabilities
and contract provisions amounted to \u00a3295.9m, \u00a3124.7m, and \u00a348.6m
(2024 restated: \u00a3290.5m, \u00a3131.3m and \u00a336.2m) respectively as set
out in Notes 17, 19 and 20. The Group has considered the nature of
the estimates involved in deriving these balances and concluded that
it is possible, on the basis of existing knowledge, that outcomes within
the next \ufb01nancial year may be different from the Group\u2019s assumptions
applied as at 30 June 2025 and could require a material adjustment to the
carrying amounts of these assets and liabilities in the next \ufb01nancial year.
However, due to the level of uncertainty, combination of cost and income
variables and timing across the Group\u2019s large portfolio of contracts at
different stages of their contract life, it is impracticable to provide a
quantitative analysis of the aggregated judgements that are applied
at a portfolio level.
The Group\u2019s \ufb01ve largest unagreed variations and claims positions at the
year-end are summarised in aggregate below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Overall contract value (including total
\u00a0 \u00a0
estimated end of contract variations
\u00a0 \u00a0
and claims)
506.0
689.5
Revenue in the year
170.9
149.2
Total estimated end of contract
\u00a0 \u00a0
variations and claims
90.2
72.8
These \ufb01ve positions represent the most signi\ufb01cant estimates of
revenue. The total estimated end of contract variations and claims of
the subsequent \ufb01ve largest positions is \u00a326.9m (2024: \u00a317.4m).
These items include estimation uncertainty, with a range of reasonably
possible outcomes of \u00a390.2m to \u00a3121.3m (2024: \u00a372.8m to \u00a3130.2m).
In respect of contract assets of \u00a3295.9m (30 June 2024 restated:
\u00a3290.5m) and in assessing receivable provisions calculated on an
expected loss basis, the Group has recorded a provision of \u00a3nil
(2024: \u00a3nil).
It is unclear whether the outstanding uncertainties will be resolved
within the next 12 months.
(ii) Recti\ufb01cation provision \u2013 Infrastructure contract (judgement
and estimate)
The Group regularly engages in contracts with general or defect warranty
recti\ufb01cation requirements, typically less than 3 years. Within the pool of
open warranty period contracts, the Group built, as part of joint operation
with two other partners, a single infrastructure scheme under a contract
that included various defect warranty obligations, with the longest
obligation lasting up to 12 years. At 30 June 2025, there remained 6 years
(2024: 7 years) of the longest warranty liability period remaining.
This is the only contract the Group has that has a general defect warranty
period of this length. The contractual nature of the defect warranty
liability and the completion of the scheme are the obligating events and
the Group, as part of the joint operation, has remediated items since
completion and has other known issues ongoing that will likely result in
future cash out\ufb02ows, though the timing and quantum remain uncertain.
The Group also believes that there will be further unknown but probable
cash out\ufb02ows relating to as yet unknown items as scheduled inspections
of various structural elements of the scheme are completed that have
a potentially material range of outcomes. Management has applied
judgement in assessing whether the criteria for recognising a provision
under IAS 37 has been met.
The Group has provided \u00a313.1m (2024: \u00a314.6m) against future defect
costs and this represents management\u2019s best estimate of potential future
payments associated with the warranty recti\ufb01cation responsibilities.
The provision requires a limited number of signi\ufb01cant estimates and
assumptions by management, with a signi\ufb01cant level of estimation risk
as a result arising from the level of defects and associated cost that
may arise. Management estimates the reasonable range of estimates
to be between \u00a37.3m and \u00a319.2m (2024: \u00a37.3m and \u00a317.5m) at 30 June
2025. During the year \u00a30.1m and \u00a31.3m (2024: \u00a30.1m and \u00a32.3m) of the
opening provision of \u00a314.6m (2024: \u00a316.9m) was utilised and released
respectively, with additions of \u00a30.0m (2024: \u00a30.1m) made in the year.
Management has sought input from external experienced industry \ufb01gures
and industry bodies to support the provision it has made but the outcome
will depend on actual experience and defects arising.
(iii) Exceptional items (judgement)
Exceptional items are items of \ufb01nancial performance which the
Group believes should be presented separately on the face of the
income statement, to assist in understanding the underlying \ufb01nancial
performance achieved by the Group. Determining whether an item is
exceptional requires judgement. Details of exceptional items included
in the \ufb01nancial statements are included in note 4. The exceptional items
meet the Group\u2019s de\ufb01nition of exceptional, being signi\ufb01cant irregular
income and/or expense, that the Group believes assists the users of
the accounts by disclosing separately. There were no exceptional items
during the year ended 30 June 2025.
Other accounting estimates
The Consolidated Financial Statements include other areas of accounting
estimates that do not meet the de\ufb01nition of signi\ufb01cant accounting
estimates or accounting judgements under IAS 1. The recognition and
measurement of certain material assets and liabilities are based on
assumptions and/or are subject to longer-term uncertainties as follows:
(i) PPP and other investments measured at fair value through other
comprehensive income (estimate)
At 30 June 2025, \u00a338.6m (2024: \u00a341.8m) of PPP and other investments
were classi\ufb01ed as \ufb01nancial assets measured at fair value through other
comprehensive income. In the operational phase, the fair value of these
\ufb01nancial assets is measured at each reporting date by discounting the
future value of the cash \ufb02ows allocated to the \ufb01nancial asset. Individual
discount rates have been used which equate to an overall blended
discount rate of 7.9% (2024: 7.6%), which re\ufb02ects the rates typically
experienced in the marketplace. A 0.5% increase/reduction in the
discount rate would result in a corresponding decrease/increase in the
value of the investments recorded in the balance sheet of approximately
\u00a31.3m (2024: \u00a31.5m) (note 16).
Material accounting policies
Exceptional items
Exceptional items are signi\ufb01cant irregular items of income and/or expense
including taxation which the Group believes should be separately
disclosed in the income statement, to assist in understanding the
underlying \ufb01nancial performance achieved by the Group, by virtue of
their nature or size. Examples of items which may give rise to disclosure as
exceptional items include gains and losses on the disposal of businesses
and property, plant and equipment, signi\ufb01cant unanticipated losses on
contracts, cost of restructuring and reorganisation of businesses, cost of
ERP system implementations, acquisition costs and asset impairments.
Segmental reporting
The Group\u2019s reporting segments are based on the types of services
provided. Operating segments with similar economic characteristics have
been aggregated into reportable segments which re\ufb02ect the nature of
the services provided by the Group. The business segmental reporting
re\ufb02ects the Group\u2019s management and internal reporting structure.
Segmental results include items directly attributable to the segment,
as well as those that can be allocated on a reasonable basis.
Revenue and pro\ufb01t
Revenue is recognised when the Group transfers control of goods
or services to customers. Revenue comprises the fair value of the
consideration received or receivable net of rebates, discounts and
value-added tax. Where consideration is subject to variability, the Group
estimates the amount receivable based on the most likely amount.
Typically, the main factor that impacts the revenue constraint is the
Group\u2019s experience with similar modi\ufb01cations and previous negotiations/
historical success with the same client. Where there is a limited history
of success, the constraint applied is typically greater. This assessment is
carried out on a contract speci\ufb01c basis. Revenue recognised is constrained
to the amount which is highly probable not to result in a signi\ufb01cant
reversal in future periods. The Group also assesses whether the costs
incurred on a project depict an appropriate measure of progress, and
constrain revenue accordingly.
Intercompany revenue is eliminated. Revenue also includes the Group\u2019s
proportion of work carried out under joint operations.
Where a modi\ufb01cation to an existing contract occurs, the Group assesses
the nature of the modi\ufb01cation and whether it represents a separate
performance obligation required to be satis\ufb01ed or whether it is a
modi\ufb01cation to the existing performance obligation.
Revenue for the Group\u2019s continuing operations is recognised as follows:
Construction services
Revenue comprises the value of construction services transferred
to a customer during the period. The results for the period include
adjustments for the outcome of contracts, including jointly controlled
operations, executed in both the current and preceding years.
Fixed price contracts \u2013 the amount of revenue recognised is calculated
based on total costs incurred as a proportion of total estimated costs
to complete (input method), applied to the estimated \ufb01nal value and
is recognised over time. The estimated \ufb01nal value includes variations,
compensation events and certain claims (contract modi\ufb01cations) where
it is highly probable that there will not be a signi\ufb01cant reversal. Provision
will be made against any expected loss as soon as it is identi\ufb01ed. The
Group also recognises revenue over time on the output method based
on payments from customers on a contractual schedule of value that
re\ufb02ects the timing and performance of service delivery (reference to
milestone reached, units delivered or work certi\ufb01ed).
Cost-reimbursable contracts \u2013 revenue is recognised based upon costs
incurred to date plus any agreed fee and is recognised over time. Where
contracts include a target price, consideration is given to the impact on
revenue of the mechanism for distributing any savings or additional
costs compared to the target price. Any revenue over and above the
target price, which could include variations and compensation events,
is recognised once it is highly probable that there will not be a signi\ufb01cant
reversal in the future.
Facilities management \u2013 management services and facilities management
contracts typically represent a single performance obligation. Revenue
is recognised over time as control passes to the customer and is typically
measured on a straight-line basis as this is considered to be a reliable
estimate of the pattern of transfer to the customer.
Recoveries from claims against third parties
The recognition of expected reimbursements resulting from certain
third-party claims such as against the supply chain or through insurance
recoveries is accounted for in accordance with IAS 37 Provisions,
Contingent Liabilities and Contingent Assets. This requires recovery
to be \u2018virtually certain\u2019 before an asset can be recognised.
Government funding
Grants (including research and development expenditure credits) are
recognised when there is reasonable assurance that the Group will
comply with the conditions attaching to them and the grants will be
received. The grants are recognised in the income statement over the
periods necessary to match them with the related costs which they are
intended to compensate, on a systematic basis.
Finance income and cost
Finance income and cost is recognised on a time proportion basis,
using the effective interest method. Finance cost also includes the
unwinding of lease liabilities.
Income tax
Current income tax is based on the taxable pro\ufb01t for the year. Taxable
pro\ufb01t differs from pro\ufb01t before taxation recorded in the income
statement because it excludes items of income or expense that are
taxable or deductible in other years or that are never taxable or
deductible. The liability for current tax is calculated using rates that have
been enacted, or substantively enacted, by the balance sheet date.
Deferred income tax is provided using the balance sheet liability
method, providing for all temporary differences between the carrying
amount of assets and liabilities for \ufb01nancial reporting purposes and the
amounts used for taxation purposes, with the exception of the initial
recognition of goodwill arising on an acquisition. Deferred tax is measured
at the tax rates that are expected to apply in the periods in which the
timing differences are expected to reverse, based on rates and laws that
have been enacted or substantively enacted by the balance sheet date.
A deferred tax asset is only recognised when it is more likely than not
that the asset will be recoverable in the foreseeable future out of
taxable pro\ufb01ts from which the underlying temporary differences can
be deducted.
Deferred income tax is provided on temporary differences arising on
investments in subsidiaries and associates, except where the timing of the
reversal of the temporary difference is controlled by the Group and it is
probable that the temporary difference will not reverse in the foreseeable
future. Deferred income tax assets and liabilities are offset when there
is a legally enforceable right to offset current tax assets against current
tax liabilities and when there is an intention to settle the balances on
a net basis.
Deferred income tax is charged or credited through the income
statement, except when it relates to items charged or credited through
the statement of comprehensive income or to equity, when it is charged
or credited there.
The Group has applied the mandatory exception to recognising and
disclosing information about deferred tax assets and liabilities related to
Pillar Two income taxes.
Goodwill
Goodwill arising on consolidation represents the excess of the fair value
of the consideration given over the fair value of the net assets acquired.
It is recognised as an asset and reviewed for impairment at least annually
or when there is a triggering event, by considering the net present
value of future cash \ufb02ows. For purposes of testing for impairment,
the carrying value of goodwill is compared to its recoverable amount,
which is the higher of the value in use and the fair value less costs to sell.
Any impairment is charged immediately to the income statement.
Goodwill is allocated to Cash Generating Units (CGUs) for the purpose
of impairment testing. The allocation is made to those CGUs or groups
of CGUs that are expected to bene\ufb01t from the business combination in
which the goodwill arose.
Intangible assets
Intangible assets can include brands, customer contracts and customer
relationships acquired on acquisition of subsidiary companies, and
computer software developed by the Group. The intangible assets are
reviewed for impairment when there is a triggering event. Intangible
assets are stated at cost less accumulated amortisation and impairment.
Cost is determined at the time of acquisition as being directly attributable
costs or, where relevant, by using an appropriate valuation methodology.
Intangible assets are amortised over the following periods:
(a) Customer contracts and relationships \u2013 on a straight-line basis over up
to 10 years.
(b) Computer software \u2013 once the software is fully operational,
amortisation is on a straight-line basis over up to 10 years.
Property, plant and equipment
All property, plant and equipment are stated at cost less accumulated
depreciation and impairment. Cost includes expenditure that is directly
attributable to the acquisition of the items. Land and buildings comprise
mainly of\ufb01ces.
Depreciation is calculated to write off the cost of each asset to its
estimated residual value over its expected useful life. Freehold land is
not depreciated. The annual rates of depreciation on cost, applied on
a straight-line basis, are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings
2%
Plant and machinery
15% to 33%
Fixtures and \ufb01ttings
10% to 33%
In addition to systematic depreciation, the book value of property, plant
and equipment is written down to estimated recoverable amounts should
any impairment in the respective carrying values be identi\ufb01ed. The asset
residual values, carrying values and useful lives are reviewed on an annual
basis and adjusted if appropriate at each balance sheet date.
Repairs and maintenance expenditure is expensed as incurred, on an
accruals basis.
Joint arrangements
The Group applies IFRS 11 to all joint arrangements. Investments in joint
arrangements are classi\ufb01ed as either joint ventures or joint operations,
depending on the contractual rights and obligations of each investor.
A joint venture is an entity over which the Group has joint control and
rights to the net assets of the entity. The Group\u2019s interest in joint ventures
is accounted for using the equity method. Under this method the Group\u2019s
share of pro\ufb01ts or losses after taxation of joint ventures is included in
the consolidated income statement and its interest in their net assets is
included in investments in the consolidated balance sheet.
A joint operation is a joint arrangement that the Group undertakes
with third parties, whereby those parties have rights to the assets and
obligations of the arrangement. The Group accounts for joint operations
by recognising its share of pro\ufb01ts and losses in the consolidated income
statement. The Group recognises its share of associated assets and
liabilities in the consolidated balance sheet.
PPP and other investments
PPP and other investments are non-derivatives that are either designated
in this category or not classi\ufb01ed in any of the other categories. They are
included in non-current assets unless management intends to dispose
of the assets within 12 months of the balance sheet date. On initial
recognition, the asset is recognised at cost.
The Group applies equity accounting for its investments in PPP/PFI
entities. These investments are treated as associates as the Group has
signi\ufb01cant in\ufb02uence over them. On initial recognition, the investments
in these entities are recognised at cost, and the carrying amounts are
increased or decreased to recognise the Group\u2019s share of the pro\ufb01t or loss
of the PPP/PFI entities after the date of acquisition. The Group\u2019s share
of the investments\u2019 pro\ufb01ts or losses is recognised in the pro\ufb01t or loss net
of any impairment losses. Distributions received reduce the carrying
amount of the investments.
The debt element of the Group\u2019s PPP/PFI entities is accounted for under
IFRS 9 \u2018Financial Instruments\u2019 with fair value movements recorded in
other comprehensive income and with recycling of gains and losses
through the income statement. Tax is recognised on the movements in
other comprehensive income, where we expect the recycling to attract
a tax charge/credit to the income statement. This re\ufb02ects the fact that
the Group has a demonstrable track record of investing in PFI assets
as part of an overall construction procurement strategy, with a view to
churning these investments on a regular basis. Management has reviewed
the classi\ufb01cation of PPP investments and considers that the business
model continues to be hold to collect and sell. The investments therefore
continue to be held at fair value through other comprehensive income.
Any provision for impairment of PPP is established based on an expected
credit loss model (general approach, as detailed under impairment
of \ufb01nancial assets). The amount of any loss is recognised in other
comprehensive income.
Leases
In accordance with IFRS 16, leases are recognised as a right-of-use asset
and a corresponding liability at the date at which the leased asset is
available for use by the Group, except for short-term leases (de\ufb01ned as
leases with a lease term of 12 months or less) and leases for low value
assets. Each lease payment is allocated between the liability and \ufb01nance
cost. The \ufb01nance cost is charged to pro\ufb01t or loss over the lease term at a
constant periodic rate of interest on the remaining balance of the liability.
The right-of-use asset is depreciated over the lease term on a straight-line
basis, unless the useful life of the asset is shorter than the lease term.
Trade and other receivables
Trade receivables are recognised initially at fair value and subsequently
measured at amortised cost, using the effective interest method, less
provision for impairment. A provision for impairment of trade receivables
is established based on an expected credit loss model (simpli\ufb01ed
approach, as detailed under impairment of \ufb01nancial assets). The amount
of the loss is recognised in the income statement through administrative
expenses unless presented separately.
When a trade receivable is uncollectible, it is written off against the
impairment provision for trade receivables. Subsequent recoveries of
amounts previously written off are credited against costs in the income
statement. Short-term trade receivables do not carry any interest and are
stated at their amortised cost, as reduced by appropriate allowances for
estimated irrecoverable amounts.
Impairment of \ufb01nancial assets
IFRS 9 establishes a model for recognition and measurement of
impairment in \ufb01nancial assets. Loans and receivables and contract assets
apply the \u2018Expected Credit Losses\u2019 (ECL) model. All other assets are
classi\ufb01ed and measured at fair value, with movements going through
the income statement or other comprehensive income. Expected credit
losses are recognised and measured according to one of three approaches
\u2013 a general approach (12 months ECL), a simpli\ufb01ed approach (lifetime
ECL) or the \u2018credit adjusted approach\u2019. The Group has taken the practical
expedient to apply a simpli\ufb01ed \u2018provision matrix\u2019 for calculating expected
losses. The provision matrix is based on an entity\u2019s historical default rates
over the expected life of the trade receivables and is adjusted, where
relevant, for forward-looking estimates. For large one-off balances
where there is no historic experience, analysis is completed in respect
of a number of reasonably possible scenarios.
Cash and cash equivalents
Cash and cash equivalents are carried in the balance sheet at nominal
value. For the purposes of the cash \ufb02ow statement, cash and cash
equivalents comprise cash at bank and in hand, including bank deposits
with original maturities of three months or less. Bank overdrafts met the
requirement for offsetting in the balance sheet and have been off-set
with cash and cash equivalents.
Trade and other payables
Trade payables and other payables are recognised initially at fair value
and subsequently measured at amortised cost, using the effective
interest method.
Provisions for liabilities and charges
Provisions for liabilities and charges are recognised when, as a result of
past events, the Group has a present legal or constructive obligation,
it is probable that an out\ufb02ow of resources will be required to settle the
obligation and the amount has been reliably estimated. Provisions are not
recognised for future operating losses.
Provisions are measured at the present value of the expenditures
expected to be required to settle the obligation, using the pre-tax rate
that re\ufb02ects current market assessments of the time value of money and
the risks speci\ufb01c to the obligation. The increase in the provision due to the
passage of time is recognised as an interest expense.
Retirement bene\ufb01t obligations
For de\ufb01ned contribution schemes operated by the Group, amounts
payable are charged to the income statement as they accrue.
Accounting for Employee Share Ownership Plan
Own shares held by the Galliford Try Employee Share Trust (the
\u2018Trust\u2019) are included in the Group \ufb01nancial statements as a deduction
from retained earnings. The charge made to the income statement for
employee share awards and options is based on the fair value of the
award at the date of grant, spread over the performance period. Where
such shares subsequently vest to the employees under the terms of the
Group\u2019s share option schemes or are sold, any consideration received is
included in equity.
Share-based payments
The Group operates a number of equity-settled, share-based
compensation plans. The fair value of the employee services received in
exchange for the grant of the options is recognised as an expense over
the vesting period. The total amount to be expensed over the vesting
period is determined by reference to the fair value of the options granted,
excluding the impact of any non-market vesting conditions such as growth
in earnings per share. Non-market vesting conditions are included in
assumptions about the number of options that are expected to vest.
At each balance sheet date, the Group revises its estimates of the
number of options that are expected to vest. It recognises the impact
of the revision to original estimates, if any, in the income statement,
with a corresponding adjustment to equity.
The proceeds received net of any directly attributable transaction costs
are credited to share capital (nominal value) and share premium when
the options are exercised. The grant by the Company of options over
its equity instruments to the employees of subsidiary undertakings in
the Group is treated as an increase in the cost of the investment
in subsidiaries.
Dividend
Final dividend distribution to the Company\u2019s shareholders is recognised
as a liability in the Group\u2019s \ufb01nancial statements in the period in which
the dividends are approved by the Company\u2019s shareholders. Interim
dividends are recognised when paid.
Equity instruments
Equity instruments, such as ordinary share capital, issued by the Company
are recorded at the proceeds received net of directly attributable
incremental issue costs. Consideration paid for shares in the Company
held by the Trust are deducted from total equity.
Investments in subsidiaries
The Company\u2019s investments in subsidiaries are recorded in the
Company\u2019s balance sheet at cost less any impairment. The directors
review the investments for impairment annually. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00269": { "value": "General information
Galliford Try Holdings plc (the Company) is a public limited company
incorporated, listed and domiciled in the UK, and registered under
the laws of England and Wales. The address of the registered of\ufb01ce is
3 Frayswater Place, Cowley, Uxbridge, UB8 2AD. The Company has
its listing on the London Stock Exchange.
The \ufb01nancial statements are presented in pounds sterling because that
is the currency of the primary economic environment in which the
Group operates. The amounts stated are denominated in millions (\u00a3m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00259": { "value": "Galliford Try Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00256": { "value": "Galliford Try Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00264": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00260": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00258": { "value": "3 Frayswater Place, Cowley, Uxbridge, UB8 2AD. ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00270": { "value": "The \ufb01nancial statements are presented in pounds sterling because that
is the currency of the primary economic environment in which the
Group operates. The amounts stated are denominated in millions (\u00a3m). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00271": { "value": "Going concern
The consolidated and Company \ufb01nancial statements have been prepared
on a going concern basis. The Group\u2019s business activities, together
with the factors likely to affect its future development, performance
and position are set out in the Viability Statement (on page 75 and the
Strategic Report.
As at 30 June 2025, the Group had substantial cash balances, no loan
payable, and a strong forward secured order book. The directors regularly
review the working capital requirements of the Group while considering
downside sensitivities.
The Group\u2019s forecasts have been prepared in the context of the current
economic conditions and additionally, the directors have considered
a range of downside sensitivities (as discussed in detail in the Viability
Statement on page 75). Even in the severe but plausible downside
scenario, the Group is forecast to continue to meet its obligations and
remain cash positive for a period of at least 12 months from the date
the \ufb01nancial statements are authorised for issue.
After making enquiries and considering the factors and sensitivities
outlined above for a range of scenarios, the directors have a reasonable
expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future being a period of at least
12 months from the date the \ufb01nancial statements are authorised for issue.
Thus, they continue to adopt the going concern basis of accounting in
preparing the annual \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00272": { "value": "Basis of accounting
For the year to 30 June 2025, the Group consolidated \ufb01nancial
statements and the Company \ufb01nancial statements have been prepared
in accordance with UK-adopted International Accounting Standards and
with the requirements of the Companies Act 2006, under the historical
cost convention, as modi\ufb01ed by the revaluation of PPP and other
investments at fair value through other comprehensive income.
New standards impacting the Group that have been adopted for the
\ufb01rst time in this set of \ufb01nancial statements are listed below:
Amendments to IAS 1, Presentation of \ufb01nancial statements on
Non-current liabilities with covenants
Amendment to IAS 7 and IFRS 7 \u2013 Supplier \ufb01nance arrangements
Amendment to IFRS 16 Leases \u2013 Leases on sale and leaseback
These standards have been assessed to have no signi\ufb01cant impact
on the Group as they are either not relevant to the Group\u2019s activities
or require accounting which is consistent with the Group\u2019s previous
accounting policies.
The following are new standards, interpretations and amendments, that
are not yet effective or have not been endorsed. The Group has chosen
not to adopt these early. These may however have an effect on the
Group\u2019s future \ufb01nancial statements:
IFRS 18 Presentation and Disclosure in Financial Statements
Amendments to IAS 21 to clarify the accounting when there is a lack
of exchangeability
Amendment to IFRS 9 and IFRS 7 \u2013 Classi\ufb01cation and Measurement
of Financial Instruments
Annual improvements to IFRS \u2013 Volume 11
Other than IFRS 18 which will change the presentation of the primary
statements, it is not expected that these will have a signi\ufb01cant net impact.
Basis of preparation
The Group \ufb01nancial statements incorporate the results of Galliford Try
Holdings plc, its subsidiary undertakings and the Group\u2019s share of the
results of joint arrangements. Subsidiaries are all entities over which
the Group has control. The exposure or right to variable returns from its
involvement with an investee, and the ability to in\ufb02uence those returns,
are considered when assessing whether the Group controls another
entity. Subsidiaries are fully consolidated from the date on which control
is transferred to the Group, until the date that control ceases.
The acquisition method of accounting is used to account for the
acquisition of a business by the Group. The cost of an acquisition is
measured at the fair value of the assets transferred, equity instruments
issued and liabilities incurred or assumed at the date of exchange. Costs
directly attributable to the acquisition are expensed to the income
statement. The identi\ufb01able assets acquired and liabilities and contingent
liabilities assumed in the business combination are measured initially at
their fair values at the acquisition date, irrespective of any non-controlling
interest. The excess of cost of acquisition over the fair value of the Group\u2019s
share of the identi\ufb01able net assets acquired is recorded as goodwill. If the
fair value of the Group\u2019s share of the identi\ufb01able net assets is in excess of
the cost of the acquisition, the gain on bargain purchase is recognised as
a credit through the income statement.
Inter-company transactions, balances and unrealised gains on
transactions between Group companies are eliminated. Unrealised
losses are also eliminated but considered an impairment indicator of
the asset transferred. Accounting policies of acquired subsidiaries are
changed where necessary, to ensure consistency with policies adopted
by the Group.
In addition to total performance measures, the Group discloses additional
information including adjusted performance and adjusted earnings
per share. The Group believes that this additional information provides
useful information on underlying trends. This additional information is
not de\ufb01ned under international accounting standards and may therefore
not be comparable with similarly titled pro\ufb01t measures reported by
other companies. It is not intended to be a substitute for, or superior to,
international accounting standards measures of pro\ufb01t.
The Company has elected to take the exemption under section 408 of
the Companies Act 2006 to not present the Parent Company income
statement and statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00273": { "value": "For the year to 30 June 2025, the Group consolidated \ufb01nancial
statements and the Company \ufb01nancial statements have been prepared
in accordance with UK-adopted International Accounting Standards and
with the requirements of the Companies Act 2006, under the historical
cost convention, as modi\ufb01ed by the revaluation of PPP and other
investments at fair value through other comprehensive income. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00274": { "value": "New standards impacting the Group that have been adopted for the
\ufb01rst time in this set of \ufb01nancial statements are listed below:
Amendments to IAS 1, Presentation of \ufb01nancial statements on
Non-current liabilities with covenants
Amendment to IAS 7 and IFRS 7 \u2013 Supplier \ufb01nance arrangements
Amendment to IFRS 16 Leases \u2013 Leases on sale and leaseback
These standards have been assessed to have no signi\ufb01cant impact
on the Group as they are either not relevant to the Group\u2019s activities
or require accounting which is consistent with the Group\u2019s previous
accounting policies. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "value": "New standards impacting the Group that have been adopted for the
\ufb01rst time in this set of \ufb01nancial statements are listed below:
Amendments to IAS 1, Presentation of \ufb01nancial statements on
Non-current liabilities with covenants
Amendment to IAS 7 and IFRS 7 \u2013 Supplier \ufb01nance arrangements
Amendment to IFRS 16 Leases \u2013 Leases on sale and leaseback
These standards have been assessed to have no signi\ufb01cant impact
on the Group as they are either not relevant to the Group\u2019s activities
or require accounting which is consistent with the Group\u2019s previous
accounting policies.
The following are new standards, interpretations and amendments, that
are not yet effective or have not been endorsed. The Group has chosen
not to adopt these early. These may however have an effect on the
Group\u2019s future \ufb01nancial statements:
IFRS 18 Presentation and Disclosure in Financial Statements
Amendments to IAS 21 to clarify the accounting when there is a lack
of exchangeability
Amendment to IFRS 9 and IFRS 7 \u2013 Classi\ufb01cation and Measurement
of Financial Instruments
Annual improvements to IFRS \u2013 Volume 11
Other than IFRS 18 which will change the presentation of the primary
statements, it is not expected that these will have a signi\ufb01cant net impact.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "value": "New standards impacting the Group that have been adopted for the
\ufb01rst time in this set of \ufb01nancial statements are listed below:
Amendments to IAS 1, Presentation of \ufb01nancial statements on
Non-current liabilities with covenants
Amendment to IAS 7 and IFRS 7 \u2013 Supplier \ufb01nance arrangements
Amendment to IFRS 16 Leases \u2013 Leases on sale and leaseback
These standards have been assessed to have no signi\ufb01cant impact
on the Group as they are either not relevant to the Group\u2019s activities
or require accounting which is consistent with the Group\u2019s previous
accounting policies.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "value": "The following are new standards, interpretations and amendments, that
are not yet effective or have not been endorsed. The Group has chosen
not to adopt these early. These may however have an effect on the
Group\u2019s future \ufb01nancial statements:
IFRS 18 Presentation and Disclosure in Financial Statements
Amendments to IAS 21 to clarify the accounting when there is a lack
of exchangeability
Amendment to IFRS 9 and IFRS 7 \u2013 Classi\ufb01cation and Measurement
of Financial Instruments
Annual improvements to IFRS \u2013 Volume 11
Other than IFRS 18 which will change the presentation of the primary
statements, it is not expected that these will have a signi\ufb01cant net impact.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "Basis of preparation
The Group \ufb01nancial statements incorporate the results of Galliford Try
Holdings plc, its subsidiary undertakings and the Group\u2019s share of the
results of joint arrangements. Subsidiaries are all entities over which
the Group has control. The exposure or right to variable returns from its
involvement with an investee, and the ability to in\ufb02uence those returns,
are considered when assessing whether the Group controls another
entity. Subsidiaries are fully consolidated from the date on which control
is transferred to the Group, until the date that control ceases.
The acquisition method of accounting is used to account for the
acquisition of a business by the Group. The cost of an acquisition is
measured at the fair value of the assets transferred, equity instruments
issued and liabilities incurred or assumed at the date of exchange. Costs
directly attributable to the acquisition are expensed to the income
statement. The identi\ufb01able assets acquired and liabilities and contingent
liabilities assumed in the business combination are measured initially at
their fair values at the acquisition date, irrespective of any non-controlling
interest. The excess of cost of acquisition over the fair value of the Group\u2019s
share of the identi\ufb01able net assets acquired is recorded as goodwill. If the
fair value of the Group\u2019s share of the identi\ufb01able net assets is in excess of
the cost of the acquisition, the gain on bargain purchase is recognised as
a credit through the income statement.
Inter-company transactions, balances and unrealised gains on
transactions between Group companies are eliminated. Unrealised
losses are also eliminated but considered an impairment indicator of
the asset transferred. Accounting policies of acquired subsidiaries are
changed where necessary, to ensure consistency with policies adopted
by the Group.
In addition to total performance measures, the Group discloses additional
information including adjusted performance and adjusted earnings
per share. The Group believes that this additional information provides
useful information on underlying trends. This additional information is
not de\ufb01ned under international accounting standards and may therefore
not be comparable with similarly titled pro\ufb01t measures reported by
other companies. It is not intended to be a substitute for, or superior to,
international accounting standards measures of pro\ufb01t.
The Company has elected to take the exemption under section 408 of
the Companies Act 2006 to not present the Parent Company income
statement and statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "Impact of climate change on the \ufb01nancial statements
As reported in the TCFD disclosures on page 63, and the principal risks
starting on page 59, the directors, in preparing the \ufb01nancial statements,
have considered the risks and potential impact of climate change to the
Group. It is unlikely that these risks will have a material \ufb01nancial impact
in the short (between one and two years) and medium term (between
three to ten years), particularly given the nature of the contractual
arrangements in place.
There has been no material impact identi\ufb01ed on the \ufb01nancial reporting
judgements and estimates. The Directors considered the impact of
climate change in respect of the following principal areas:
contract judgements made on the Group\u2019s construction contracts;
going concern and viability of the Group over the next three years;
cash \ufb02ow forecasts used in the impairment assessments of non-
current assets including the intangible assets and goodwill; and
carrying value and useful economic lives of property, plant
and equipment.
As current legislation stands, there is no material impact expected
from climate change. The Directors are however aware of the
ever-changing risks attached to climate change and will continue to
monitor this, particularly regarding any judgements on construction
contracts, impairment reviews and going concern in preparation of
the Group\u2019s \ufb01nancial statements. ", "dimensions": { "concept": "gfrd:DescriptionOfAccountingPolicyForImpactOfClimateChangeOnTheFinancialStatementsPolicyTextBlock", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "value": "Critical accounting estimates and judgements
The preparation of the consolidated \ufb01nancial statements requires
management to make judgements, estimates and assumptions that affect
the application of policies and reported amounts of assets, liabilities,
income and expenses. Critical judgements are those management has
made when applying its material accounting policies, whereas critical
estimates are assumptions and estimates made at the end of the reporting
period that have a signi\ufb01cant risk of resulting in a material adjustment to
the carrying amounts of assets and liabilities within the next \ufb01nancial year.
The estimates, judgements and associated assumptions are based on
historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis
of making estimates and judgements about the carrying value of assets
and liabilities which are not readily apparent from other sources. Actual
results may differ from these estimates and judgements. The estimates,
judgements and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates and judgements are recognised
in the period in which the estimate or judgement is revised if the revision
affects only that period, or in the period of revision and future periods if
the revision affects both current and future periods.
Material estimates and judgements are made in particular with regards
to establishing the following policies:
(i) Revenue and pro\ufb01t recognition for long-term contract accounting
(judgement and estimate)
In order to determine the pro\ufb01t and loss that the Group is able to
recognise on its construction contracts in a speci\ufb01c period, the Group has
to estimate the outcome of both the total costs to complete the contract
as well as the \ufb01nal contract value. The Group has to allocate total costs
of the construction contracts between the amount incurred on the
contract to the end of the reporting period and the proportion to
complete in a future period. The assessment of the total costs to be
incurred and \ufb01nal contract value requires a degree of estimation.
Contract modi\ufb01cations are recognised when the Group considers they
have been approved (which also includes consideration of whether
enforceable rights exist in the contract). The estimation of \ufb01nal contract
value includes the assessment of the recovery of variations, claims and
compensation events (contract modi\ufb01cations). The estimate made is
constrained in accordance with IFRS 15 so that it is highly probable not to
result in a signi\ufb01cant reversal of revenue in the future. Where the change
in scope results in an increase to the work to be performed that is distinct
and re\ufb02ects the stand-alone selling price of the distinct good/service, it is
treated as a separate contract. This is assessed on a contract speci\ufb01c basis.
The Group recognises recoveries of claims from clients as revenue where
clear entitlement has been established which can require judgement, such
as through dispute-resolution processes. This includes the recovery of
costs (such as delays to the contract programme) to the extent it is highly
probable not to result in a signi\ufb01cant reversal of revenue in the future.
The estimation of costs to complete is based on all available relevant
information such as procured packages and management experience
and includes estimation of \ufb01nal accounts and any potential maintenance
and defect liabilities. Recoveries resulting from actual or potential claims
against subcontractors are accounted for in accordance with IAS 37 and
are recognised only when they meet the virtually certain threshold.
Group management has established internal controls to review and
ensure the appropriateness of estimates made on an individual contract
basis, including any necessary contract provisions. As with most large,
complex construction projects, there is an element of estimation
uncertainty over costs to complete and \ufb01nal account settlements.
This is, however, reduced by the experience of the management team
and the controls that we have in place. The settlement of these \ufb01nal
accounts may give rise to an over or under-recognition of pro\ufb01t or loss
and associated cash \ufb02ows, which could be material.
As at 30 June 2025, the Group\u2019s contract assets, contract liabilities
and contract provisions amounted to \u00a3295.9m, \u00a3124.7m, and \u00a348.6m
(2024 restated: \u00a3290.5m, \u00a3131.3m and \u00a336.2m) respectively as set
out in Notes 17, 19 and 20. The Group has considered the nature of
the estimates involved in deriving these balances and concluded that
it is possible, on the basis of existing knowledge, that outcomes within
the next \ufb01nancial year may be different from the Group\u2019s assumptions
applied as at 30 June 2025 and could require a material adjustment to the
carrying amounts of these assets and liabilities in the next \ufb01nancial year.
However, due to the level of uncertainty, combination of cost and income
variables and timing across the Group\u2019s large portfolio of contracts at
different stages of their contract life, it is impracticable to provide a
quantitative analysis of the aggregated judgements that are applied
at a portfolio level.
The Group\u2019s \ufb01ve largest unagreed variations and claims positions at the
year-end are summarised in aggregate below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Overall contract value (including total
\u00a0 \u00a0
estimated end of contract variations
\u00a0 \u00a0
and claims)
506.0
689.5
Revenue in the year
170.9
149.2
Total estimated end of contract
\u00a0 \u00a0
variations and claims
90.2
72.8
These \ufb01ve positions represent the most signi\ufb01cant estimates of
revenue. The total estimated end of contract variations and claims of
the subsequent \ufb01ve largest positions is \u00a326.9m (2024: \u00a317.4m).
These items include estimation uncertainty, with a range of reasonably
possible outcomes of \u00a390.2m to \u00a3121.3m (2024: \u00a372.8m to \u00a3130.2m).
In respect of contract assets of \u00a3295.9m (30 June 2024 restated:
\u00a3290.5m) and in assessing receivable provisions calculated on an
expected loss basis, the Group has recorded a provision of \u00a3nil
(2024: \u00a3nil).
It is unclear whether the outstanding uncertainties will be resolved
within the next 12 months.
(ii) Recti\ufb01cation provision \u2013 Infrastructure contract (judgement
and estimate)
The Group regularly engages in contracts with general or defect warranty
recti\ufb01cation requirements, typically less than 3 years. Within the pool of
open warranty period contracts, the Group built, as part of joint operation
with two other partners, a single infrastructure scheme under a contract
that included various defect warranty obligations, with the longest
obligation lasting up to 12 years. At 30 June 2025, there remained 6 years
(2024: 7 years) of the longest warranty liability period remaining.
This is the only contract the Group has that has a general defect warranty
period of this length. The contractual nature of the defect warranty
liability and the completion of the scheme are the obligating events and
the Group, as part of the joint operation, has remediated items since
completion and has other known issues ongoing that will likely result in
future cash out\ufb02ows, though the timing and quantum remain uncertain.
The Group also believes that there will be further unknown but probable
cash out\ufb02ows relating to as yet unknown items as scheduled inspections
of various structural elements of the scheme are completed that have
a potentially material range of outcomes. Management has applied
judgement in assessing whether the criteria for recognising a provision
under IAS 37 has been met.
The Group has provided \u00a313.1m (2024: \u00a314.6m) against future defect
costs and this represents management\u2019s best estimate of potential future
payments associated with the warranty recti\ufb01cation responsibilities.
The provision requires a limited number of signi\ufb01cant estimates and
assumptions by management, with a signi\ufb01cant level of estimation risk
as a result arising from the level of defects and associated cost that
may arise. Management estimates the reasonable range of estimates
to be between \u00a37.3m and \u00a319.2m (2024: \u00a37.3m and \u00a317.5m) at 30 June
2025. During the year \u00a30.1m and \u00a31.3m (2024: \u00a30.1m and \u00a32.3m) of the
opening provision of \u00a314.6m (2024: \u00a316.9m) was utilised and released
respectively, with additions of \u00a30.0m (2024: \u00a30.1m) made in the year.
Management has sought input from external experienced industry \ufb01gures
and industry bodies to support the provision it has made but the outcome
will depend on actual experience and defects arising.
(iii) Exceptional items (judgement)
Exceptional items are items of \ufb01nancial performance which the
Group believes should be presented separately on the face of the
income statement, to assist in understanding the underlying \ufb01nancial
performance achieved by the Group. Determining whether an item is
exceptional requires judgement. Details of exceptional items included
in the \ufb01nancial statements are included in note 4. The exceptional items
meet the Group\u2019s de\ufb01nition of exceptional, being signi\ufb01cant irregular
income and/or expense, that the Group believes assists the users of
the accounts by disclosing separately. There were no exceptional items
during the year ended 30 June 2025.
Other accounting estimates
The Consolidated Financial Statements include other areas of accounting
estimates that do not meet the de\ufb01nition of signi\ufb01cant accounting
estimates or accounting judgements under IAS 1. The recognition and
measurement of certain material assets and liabilities are based on
assumptions and/or are subject to longer-term uncertainties as follows:
(i) PPP and other investments measured at fair value through other
comprehensive income (estimate)
At 30 June 2025, \u00a338.6m (2024: \u00a341.8m) of PPP and other investments
were classi\ufb01ed as \ufb01nancial assets measured at fair value through other
comprehensive income. In the operational phase, the fair value of these
\ufb01nancial assets is measured at each reporting date by discounting the
future value of the cash \ufb02ows allocated to the \ufb01nancial asset. Individual
discount rates have been used which equate to an overall blended
discount rate of 7.9% (2024: 7.6%), which re\ufb02ects the rates typically
experienced in the marketplace. A 0.5% increase/reduction in the
discount rate would result in a corresponding decrease/increase in the
value of the investments recorded in the balance sheet of approximately
\u00a31.3m (2024: \u00a31.5m) (note 16).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "Exceptional items
Exceptional items are signi\ufb01cant irregular items of income and/or expense
including taxation which the Group believes should be separately
disclosed in the income statement, to assist in understanding the
underlying \ufb01nancial performance achieved by the Group, by virtue of
their nature or size. Examples of items which may give rise to disclosure as
exceptional items include gains and losses on the disposal of businesses
and property, plant and equipment, signi\ufb01cant unanticipated losses on
contracts, cost of restructuring and reorganisation of businesses, cost of
ERP system implementations, acquisition costs and asset impairments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "value": "Segmental reporting
The Group\u2019s reporting segments are based on the types of services
provided. Operating segments with similar economic characteristics have
been aggregated into reportable segments which re\ufb02ect the nature of
the services provided by the Group. The business segmental reporting
re\ufb02ects the Group\u2019s management and internal reporting structure.
Segmental results include items directly attributable to the segment,
as well as those that can be allocated on a reasonable basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "value": "Revenue and pro\ufb01t
Revenue is recognised when the Group transfers control of goods
or services to customers. Revenue comprises the fair value of the
consideration received or receivable net of rebates, discounts and
value-added tax. Where consideration is subject to variability, the Group
estimates the amount receivable based on the most likely amount.
Typically, the main factor that impacts the revenue constraint is the
Group\u2019s experience with similar modi\ufb01cations and previous negotiations/
historical success with the same client. Where there is a limited history
of success, the constraint applied is typically greater. This assessment is
carried out on a contract speci\ufb01c basis. Revenue recognised is constrained
to the amount which is highly probable not to result in a signi\ufb01cant
reversal in future periods. The Group also assesses whether the costs
incurred on a project depict an appropriate measure of progress, and
constrain revenue accordingly.
Intercompany revenue is eliminated. Revenue also includes the Group\u2019s
proportion of work carried out under joint operations.
Where a modi\ufb01cation to an existing contract occurs, the Group assesses
the nature of the modi\ufb01cation and whether it represents a separate
performance obligation required to be satis\ufb01ed or whether it is a
modi\ufb01cation to the existing performance obligation.
Revenue for the Group\u2019s continuing operations is recognised as follows:
Construction services
Revenue comprises the value of construction services transferred
to a customer during the period. The results for the period include
adjustments for the outcome of contracts, including jointly controlled
operations, executed in both the current and preceding years.
Fixed price contracts \u2013 the amount of revenue recognised is calculated
based on total costs incurred as a proportion of total estimated costs
to complete (input method), applied to the estimated \ufb01nal value and
is recognised over time. The estimated \ufb01nal value includes variations,
compensation events and certain claims (contract modi\ufb01cations) where
it is highly probable that there will not be a signi\ufb01cant reversal. Provision
will be made against any expected loss as soon as it is identi\ufb01ed. The
Group also recognises revenue over time on the output method based
on payments from customers on a contractual schedule of value that
re\ufb02ects the timing and performance of service delivery (reference to
milestone reached, units delivered or work certi\ufb01ed).
Cost-reimbursable contracts \u2013 revenue is recognised based upon costs
incurred to date plus any agreed fee and is recognised over time. Where
contracts include a target price, consideration is given to the impact on
revenue of the mechanism for distributing any savings or additional
costs compared to the target price. Any revenue over and above the
target price, which could include variations and compensation events,
is recognised once it is highly probable that there will not be a signi\ufb01cant
reversal in the future.
Facilities management \u2013 management services and facilities management
contracts typically represent a single performance obligation. Revenue
is recognised over time as control passes to the customer and is typically
measured on a straight-line basis as this is considered to be a reliable
estimate of the pattern of transfer to the customer.
Recoveries from claims against third parties
The recognition of expected reimbursements resulting from certain
third-party claims such as against the supply chain or through insurance
recoveries is accounted for in accordance with IAS 37 Provisions,
Contingent Liabilities and Contingent Assets. This requires recovery
to be \u2018virtually certain\u2019 before an asset can be recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "Government funding
Grants (including research and development expenditure credits) are
recognised when there is reasonable assurance that the Group will
comply with the conditions attaching to them and the grants will be
received. The grants are recognised in the income statement over the
periods necessary to match them with the related costs which they are
intended to compensate, on a systematic basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "Finance income and cost
Finance income and cost is recognised on a time proportion basis,
using the effective interest method. Finance cost also includes the
unwinding of lease liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "Finance income and cost
Finance income and cost is recognised on a time proportion basis,
using the effective interest method. Finance cost also includes the
unwinding of lease liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "Finance income and cost
Finance income and cost is recognised on a time proportion basis,
using the effective interest method. Finance cost also includes the
unwinding of lease liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "Income tax
Current income tax is based on the taxable pro\ufb01t for the year. Taxable
pro\ufb01t differs from pro\ufb01t before taxation recorded in the income
statement because it excludes items of income or expense that are
taxable or deductible in other years or that are never taxable or
deductible. The liability for current tax is calculated using rates that have
been enacted, or substantively enacted, by the balance sheet date.
Deferred income tax is provided using the balance sheet liability
method, providing for all temporary differences between the carrying
amount of assets and liabilities for \ufb01nancial reporting purposes and the
amounts used for taxation purposes, with the exception of the initial
recognition of goodwill arising on an acquisition. Deferred tax is measured
at the tax rates that are expected to apply in the periods in which the
timing differences are expected to reverse, based on rates and laws that
have been enacted or substantively enacted by the balance sheet date.
A deferred tax asset is only recognised when it is more likely than not
that the asset will be recoverable in the foreseeable future out of
taxable pro\ufb01ts from which the underlying temporary differences can
be deducted.
Deferred income tax is provided on temporary differences arising on
investments in subsidiaries and associates, except where the timing of the
reversal of the temporary difference is controlled by the Group and it is
probable that the temporary difference will not reverse in the foreseeable
future. Deferred income tax assets and liabilities are offset when there
is a legally enforceable right to offset current tax assets against current
tax liabilities and when there is an intention to settle the balances on
a net basis.
Deferred income tax is charged or credited through the income
statement, except when it relates to items charged or credited through
the statement of comprehensive income or to equity, when it is charged
or credited there.
The Group has applied the mandatory exception to recognising and
disclosing information about deferred tax assets and liabilities related to
Pillar Two income taxes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "Income tax
Current income tax is based on the taxable pro\ufb01t for the year. Taxable
pro\ufb01t differs from pro\ufb01t before taxation recorded in the income
statement because it excludes items of income or expense that are
taxable or deductible in other years or that are never taxable or
deductible. The liability for current tax is calculated using rates that have
been enacted, or substantively enacted, by the balance sheet date.
Deferred income tax is provided using the balance sheet liability
method, providing for all temporary differences between the carrying
amount of assets and liabilities for \ufb01nancial reporting purposes and the
amounts used for taxation purposes, with the exception of the initial
recognition of goodwill arising on an acquisition. Deferred tax is measured
at the tax rates that are expected to apply in the periods in which the
timing differences are expected to reverse, based on rates and laws that
have been enacted or substantively enacted by the balance sheet date.
A deferred tax asset is only recognised when it is more likely than not
that the asset will be recoverable in the foreseeable future out of
taxable pro\ufb01ts from which the underlying temporary differences can
be deducted.
Deferred income tax is provided on temporary differences arising on
investments in subsidiaries and associates, except where the timing of the
reversal of the temporary difference is controlled by the Group and it is
probable that the temporary difference will not reverse in the foreseeable
future. Deferred income tax assets and liabilities are offset when there
is a legally enforceable right to offset current tax assets against current
tax liabilities and when there is an intention to settle the balances on
a net basis.
Deferred income tax is charged or credited through the income
statement, except when it relates to items charged or credited through
the statement of comprehensive income or to equity, when it is charged
or credited there.
The Group has applied the mandatory exception to recognising and
disclosing information about deferred tax assets and liabilities related to
Pillar Two income taxes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "Goodwill
Goodwill arising on consolidation represents the excess of the fair value
of the consideration given over the fair value of the net assets acquired.
It is recognised as an asset and reviewed for impairment at least annually
or when there is a triggering event, by considering the net present
value of future cash \ufb02ows. For purposes of testing for impairment,
the carrying value of goodwill is compared to its recoverable amount,
which is the higher of the value in use and the fair value less costs to sell.
Any impairment is charged immediately to the income statement.
Goodwill is allocated to Cash Generating Units (CGUs) for the purpose
of impairment testing. The allocation is made to those CGUs or groups
of CGUs that are expected to bene\ufb01t from the business combination in
which the goodwill arose.
Intangible assets
Intangible assets can include brands, customer contracts and customer
relationships acquired on acquisition of subsidiary companies, and
computer software developed by the Group. The intangible assets are
reviewed for impairment when there is a triggering event. Intangible
assets are stated at cost less accumulated amortisation and impairment.
Cost is determined at the time of acquisition as being directly attributable
costs or, where relevant, by using an appropriate valuation methodology.
Intangible assets are amortised over the following periods:
(a) Customer contracts and relationships \u2013 on a straight-line basis over up
to 10 years.
(b) Computer software \u2013 once the software is fully operational,
amortisation is on a straight-line basis over up to 10 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "Goodwill
Goodwill arising on consolidation represents the excess of the fair value
of the consideration given over the fair value of the net assets acquired.
It is recognised as an asset and reviewed for impairment at least annually
or when there is a triggering event, by considering the net present
value of future cash \ufb02ows. For purposes of testing for impairment,
the carrying value of goodwill is compared to its recoverable amount,
which is the higher of the value in use and the fair value less costs to sell.
Any impairment is charged immediately to the income statement.
Goodwill is allocated to Cash Generating Units (CGUs) for the purpose
of impairment testing. The allocation is made to those CGUs or groups
of CGUs that are expected to bene\ufb01t from the business combination in
which the goodwill arose. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "value": "Goodwill
Goodwill arising on consolidation represents the excess of the fair value
of the consideration given over the fair value of the net assets acquired.
It is recognised as an asset and reviewed for impairment at least annually
or when there is a triggering event, by considering the net present
value of future cash \ufb02ows. For purposes of testing for impairment,
the carrying value of goodwill is compared to its recoverable amount,
which is the higher of the value in use and the fair value less costs to sell.
Any impairment is charged immediately to the income statement.
Goodwill is allocated to Cash Generating Units (CGUs) for the purpose
of impairment testing. The allocation is made to those CGUs or groups
of CGUs that are expected to bene\ufb01t from the business combination in
which the goodwill arose. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "Intangible assets
Intangible assets can include brands, customer contracts and customer
relationships acquired on acquisition of subsidiary companies, and
computer software developed by the Group. The intangible assets are
reviewed for impairment when there is a triggering event. Intangible
assets are stated at cost less accumulated amortisation and impairment.
Cost is determined at the time of acquisition as being directly attributable
costs or, where relevant, by using an appropriate valuation methodology.
Intangible assets are amortised over the following periods:
(a) Customer contracts and relationships \u2013 on a straight-line basis over up
to 10 years.
(b) Computer software \u2013 once the software is fully operational,
amortisation is on a straight-line basis over up to 10 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "value": "Property, plant and equipment
All property, plant and equipment are stated at cost less accumulated
depreciation and impairment. Cost includes expenditure that is directly
attributable to the acquisition of the items. Land and buildings comprise
mainly of\ufb01ces.
Depreciation is calculated to write off the cost of each asset to its
estimated residual value over its expected useful life. Freehold land is
not depreciated. The annual rates of depreciation on cost, applied on
a straight-line basis, are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings
2%
Plant and machinery
15% to 33%
Fixtures and \ufb01ttings
10% to 33%
In addition to systematic depreciation, the book value of property, plant
and equipment is written down to estimated recoverable amounts should
any impairment in the respective carrying values be identi\ufb01ed. The asset
residual values, carrying values and useful lives are reviewed on an annual
basis and adjusted if appropriate at each balance sheet date.
Repairs and maintenance expenditure is expensed as incurred, on an
accruals basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "Property, plant and equipment
All property, plant and equipment are stated at cost less accumulated
depreciation and impairment. Cost includes expenditure that is directly
attributable to the acquisition of the items. Land and buildings comprise
mainly of\ufb01ces.
Depreciation is calculated to write off the cost of each asset to its
estimated residual value over its expected useful life. Freehold land is
not depreciated. The annual rates of depreciation on cost, applied on
a straight-line basis, are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings
2%
Plant and machinery
15% to 33%
Fixtures and \ufb01ttings
10% to 33%
In addition to systematic depreciation, the book value of property, plant
and equipment is written down to estimated recoverable amounts should
any impairment in the respective carrying values be identi\ufb01ed. The asset
residual values, carrying values and useful lives are reviewed on an annual
basis and adjusted if appropriate at each balance sheet date.
Repairs and maintenance expenditure is expensed as incurred, on an
accruals basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "Joint arrangements
The Group applies IFRS 11 to all joint arrangements. Investments in joint
arrangements are classi\ufb01ed as either joint ventures or joint operations,
depending on the contractual rights and obligations of each investor.
A joint venture is an entity over which the Group has joint control and
rights to the net assets of the entity. The Group\u2019s interest in joint ventures
is accounted for using the equity method. Under this method the Group\u2019s
share of pro\ufb01ts or losses after taxation of joint ventures is included in
the consolidated income statement and its interest in their net assets is
included in investments in the consolidated balance sheet.
A joint operation is a joint arrangement that the Group undertakes
with third parties, whereby those parties have rights to the assets and
obligations of the arrangement. The Group accounts for joint operations
by recognising its share of pro\ufb01ts and losses in the consolidated income
statement. The Group recognises its share of associated assets and
liabilities in the consolidated balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "value": "Joint arrangements
The Group applies IFRS 11 to all joint arrangements. Investments in joint
arrangements are classi\ufb01ed as either joint ventures or joint operations,
depending on the contractual rights and obligations of each investor.
A joint venture is an entity over which the Group has joint control and
rights to the net assets of the entity. The Group\u2019s interest in joint ventures
is accounted for using the equity method. Under this method the Group\u2019s
share of pro\ufb01ts or losses after taxation of joint ventures is included in
the consolidated income statement and its interest in their net assets is
included in investments in the consolidated balance sheet.
A joint operation is a joint arrangement that the Group undertakes
with third parties, whereby those parties have rights to the assets and
obligations of the arrangement. The Group accounts for joint operations
by recognising its share of pro\ufb01ts and losses in the consolidated income
statement. The Group recognises its share of associated assets and
liabilities in the consolidated balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "PPP and other investments
PPP and other investments are non-derivatives that are either designated
in this category or not classi\ufb01ed in any of the other categories. They are
included in non-current assets unless management intends to dispose
of the assets within 12 months of the balance sheet date. On initial
recognition, the asset is recognised at cost.
The Group applies equity accounting for its investments in PPP/PFI
entities. These investments are treated as associates as the Group has
signi\ufb01cant in\ufb02uence over them. On initial recognition, the investments
in these entities are recognised at cost, and the carrying amounts are
increased or decreased to recognise the Group\u2019s share of the pro\ufb01t or loss
of the PPP/PFI entities after the date of acquisition. The Group\u2019s share
of the investments\u2019 pro\ufb01ts or losses is recognised in the pro\ufb01t or loss net
of any impairment losses. Distributions received reduce the carrying
amount of the investments.
The debt element of the Group\u2019s PPP/PFI entities is accounted for under
IFRS 9 \u2018Financial Instruments\u2019 with fair value movements recorded in
other comprehensive income and with recycling of gains and losses
through the income statement. Tax is recognised on the movements in
other comprehensive income, where we expect the recycling to attract
a tax charge/credit to the income statement. This re\ufb02ects the fact that
the Group has a demonstrable track record of investing in PFI assets
as part of an overall construction procurement strategy, with a view to
churning these investments on a regular basis. Management has reviewed
the classi\ufb01cation of PPP investments and considers that the business
model continues to be hold to collect and sell. The investments therefore
continue to be held at fair value through other comprehensive income.
Any provision for impairment of PPP is established based on an expected
credit loss model (general approach, as detailed under impairment
of \ufb01nancial assets). The amount of any loss is recognised in other
comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "Leases
In accordance with IFRS 16, leases are recognised as a right-of-use asset
and a corresponding liability at the date at which the leased asset is
available for use by the Group, except for short-term leases (de\ufb01ned as
leases with a lease term of 12 months or less) and leases for low value
assets. Each lease payment is allocated between the liability and \ufb01nance
cost. The \ufb01nance cost is charged to pro\ufb01t or loss over the lease term at a
constant periodic rate of interest on the remaining balance of the liability.
The right-of-use asset is depreciated over the lease term on a straight-line
basis, unless the useful life of the asset is shorter than the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "value": "Trade and other receivables
Trade receivables are recognised initially at fair value and subsequently
measured at amortised cost, using the effective interest method, less
provision for impairment. A provision for impairment of trade receivables
is established based on an expected credit loss model (simpli\ufb01ed
approach, as detailed under impairment of \ufb01nancial assets). The amount
of the loss is recognised in the income statement through administrative
expenses unless presented separately.
When a trade receivable is uncollectible, it is written off against the
impairment provision for trade receivables. Subsequent recoveries of
amounts previously written off are credited against costs in the income
statement. Short-term trade receivables do not carry any interest and are
stated at their amortised cost, as reduced by appropriate allowances for
estimated irrecoverable amounts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "value": "Impairment of \ufb01nancial assets
IFRS 9 establishes a model for recognition and measurement of
impairment in \ufb01nancial assets. Loans and receivables and contract assets
apply the \u2018Expected Credit Losses\u2019 (ECL) model. All other assets are
classi\ufb01ed and measured at fair value, with movements going through
the income statement or other comprehensive income. Expected credit
losses are recognised and measured according to one of three approaches
\u2013 a general approach (12 months ECL), a simpli\ufb01ed approach (lifetime
ECL) or the \u2018credit adjusted approach\u2019. The Group has taken the practical
expedient to apply a simpli\ufb01ed \u2018provision matrix\u2019 for calculating expected
losses. The provision matrix is based on an entity\u2019s historical default rates
over the expected life of the trade receivables and is adjusted, where
relevant, for forward-looking estimates. For large one-off balances
where there is no historic experience, analysis is completed in respect
of a number of reasonably possible scenarios. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "Impairment of \ufb01nancial assets
IFRS 9 establishes a model for recognition and measurement of
impairment in \ufb01nancial assets. Loans and receivables and contract assets
apply the \u2018Expected Credit Losses\u2019 (ECL) model. All other assets are
classi\ufb01ed and measured at fair value, with movements going through
the income statement or other comprehensive income. Expected credit
losses are recognised and measured according to one of three approaches
\u2013 a general approach (12 months ECL), a simpli\ufb01ed approach (lifetime
ECL) or the \u2018credit adjusted approach\u2019. The Group has taken the practical
expedient to apply a simpli\ufb01ed \u2018provision matrix\u2019 for calculating expected
losses. The provision matrix is based on an entity\u2019s historical default rates
over the expected life of the trade receivables and is adjusted, where
relevant, for forward-looking estimates. For large one-off balances
where there is no historic experience, analysis is completed in respect
of a number of reasonably possible scenarios. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "value": "Impairment of \ufb01nancial assets
IFRS 9 establishes a model for recognition and measurement of
impairment in \ufb01nancial assets. Loans and receivables and contract assets
apply the \u2018Expected Credit Losses\u2019 (ECL) model. All other assets are
classi\ufb01ed and measured at fair value, with movements going through
the income statement or other comprehensive income. Expected credit
losses are recognised and measured according to one of three approaches
\u2013 a general approach (12 months ECL), a simpli\ufb01ed approach (lifetime
ECL) or the \u2018credit adjusted approach\u2019. The Group has taken the practical
expedient to apply a simpli\ufb01ed \u2018provision matrix\u2019 for calculating expected
losses. The provision matrix is based on an entity\u2019s historical default rates
over the expected life of the trade receivables and is adjusted, where
relevant, for forward-looking estimates. For large one-off balances
where there is no historic experience, analysis is completed in respect
of a number of reasonably possible scenarios. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "value": "Impairment of \ufb01nancial assets
IFRS 9 establishes a model for recognition and measurement of
impairment in \ufb01nancial assets. Loans and receivables and contract assets
apply the \u2018Expected Credit Losses\u2019 (ECL) model. All other assets are
classi\ufb01ed and measured at fair value, with movements going through
the income statement or other comprehensive income. Expected credit
losses are recognised and measured according to one of three approaches
\u2013 a general approach (12 months ECL), a simpli\ufb01ed approach (lifetime
ECL) or the \u2018credit adjusted approach\u2019. The Group has taken the practical
expedient to apply a simpli\ufb01ed \u2018provision matrix\u2019 for calculating expected
losses. The provision matrix is based on an entity\u2019s historical default rates
over the expected life of the trade receivables and is adjusted, where
relevant, for forward-looking estimates. For large one-off balances
where there is no historic experience, analysis is completed in respect
of a number of reasonably possible scenarios. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "value": "Cash and cash equivalents
Cash and cash equivalents are carried in the balance sheet at nominal
value. For the purposes of the cash \ufb02ow statement, cash and cash
equivalents comprise cash at bank and in hand, including bank deposits
with original maturities of three months or less. Bank overdrafts met the
requirement for offsetting in the balance sheet and have been off-set
with cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": "Trade and other payables
Trade payables and other payables are recognised initially at fair value
and subsequently measured at amortised cost, using the effective
interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "value": "Provisions for liabilities and charges
Provisions for liabilities and charges are recognised when, as a result of
past events, the Group has a present legal or constructive obligation,
it is probable that an out\ufb02ow of resources will be required to settle the
obligation and the amount has been reliably estimated. Provisions are not
recognised for future operating losses.
Provisions are measured at the present value of the expenditures
expected to be required to settle the obligation, using the pre-tax rate
that re\ufb02ects current market assessments of the time value of money and
the risks speci\ufb01c to the obligation. The increase in the provision due to the
passage of time is recognised as an interest expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "value": "Retirement bene\ufb01t obligations
For de\ufb01ned contribution schemes operated by the Group, amounts
payable are charged to the income statement as they accrue.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "value": "Accounting for Employee Share Ownership Plan
Own shares held by the Galliford Try Employee Share Trust (the
\u2018Trust\u2019) are included in the Group \ufb01nancial statements as a deduction
from retained earnings. The charge made to the income statement for
employee share awards and options is based on the fair value of the
award at the date of grant, spread over the performance period. Where
such shares subsequently vest to the employees under the terms of the
Group\u2019s share option schemes or are sold, any consideration received is
included in equity. ", "dimensions": { "concept": "gfrd:DescriptionOfAccountingPolicyForAccountingForEmployeeShareOwnershipPlanPolicyTextBlock", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "value": "Share-based payments
The Group operates a number of equity-settled, share-based
compensation plans. The fair value of the employee services received in
exchange for the grant of the options is recognised as an expense over
the vesting period. The total amount to be expensed over the vesting
period is determined by reference to the fair value of the options granted,
excluding the impact of any non-market vesting conditions such as growth
in earnings per share. Non-market vesting conditions are included in
assumptions about the number of options that are expected to vest.
At each balance sheet date, the Group revises its estimates of the
number of options that are expected to vest. It recognises the impact
of the revision to original estimates, if any, in the income statement,
with a corresponding adjustment to equity.
The proceeds received net of any directly attributable transaction costs
are credited to share capital (nominal value) and share premium when
the options are exercised. The grant by the Company of options over
its equity instruments to the employees of subsidiary undertakings in
the Group is treated as an increase in the cost of the investment
in subsidiaries. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00381": { "value": "Dividend
Final dividend distribution to the Company\u2019s shareholders is recognised
as a liability in the Group\u2019s \ufb01nancial statements in the period in which
the dividends are approved by the Company\u2019s shareholders. Interim
dividends are recognised when paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "value": "Equity instruments
Equity instruments, such as ordinary share capital, issued by the Company
are recorded at the proceeds received net of directly attributable
incremental issue costs. Consideration paid for shares in the Company
held by the Trust are deducted from total equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00383": { "value": "Investments in subsidiaries
The Company\u2019s investments in subsidiaries are recorded in the
Company\u2019s balance sheet at cost less any impairment. The directors
review the investments for impairment annually. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "2 Segmental reporting
Segmental reporting is presented in the consolidated \ufb01nancial statements
in respect of the Group\u2019s business segments, which are the primary basis
of segmental reporting. The business segmental reporting re\ufb02ects the
Group\u2019s management and internal reporting structure. Segmental results
include items directly attributable to the segment, as well as those that
can be allocated on a reasonable basis. As the Group has no activities
outside the UK, segment reporting is not required by geographical region.
The Chief Operating Decision-Makers (CODM) have been identi\ufb01ed
as the Group\u2019s Chief Executive and Chief Financial Of\ufb01cer. The CODM
review the Group\u2019s internal reporting in order to assess performance and
allocate resources. Management has determined the operating segments
of the Group to be Building, Infrastructure, Investments and Central
(primarily representing central overheads).
The CODM assess the performance of the operating segments based
on a measure of adjusted earnings before \ufb01nance costs, amortisation,
exceptional items and taxation. This measurement basis excludes the
effects of non-recurring expenditure from the operating segments, such
as restructuring costs and impairments when the impairment is the result
of an isolated, non-recurring event. Interest income and expenditure are
included in the result for each operating segment that is reviewed by the
CODM. Other information provided to them is measured in a manner
consistent with that in the \ufb01nancial statements.
Income statement
\n\n \n
Building
Infrastructure
Investments
Central
Total
Year-ended 30 June 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
964.7
902.5
8.0
\u2013
1,875.2
Adjusted operating pro\ufb01t/(loss) (note 32)
28.1
27.4
(0.4)
(14.5)
40.6
Finance income
\u2013
0.2
3.6
5.1
8.9
Finance costs
(1.4)
(2.0)
(0.1)
(1.0)
(4.5)
Adjusted pro\ufb01t/(loss) before taxation (note 32)
26.7
25.6
3.1
(10.4)
45.0
Amortisation of intangible assets
\u2013
(0.9)
\u2013
\u2013
(0.9)
Exceptional items (note 4)
\u2013
\u2013
\u2013
\u2013
\u2013
Pro\ufb01t before tax
26.7
24.7
3.1
(10.4)
44.1
Income tax charge
(10.5)
Pro\ufb01t for the year
33.6
\n\n \n
Infrastructure
Total
Restated
Restated
Building
(note 34)
Investments
Central
(note 34)
Year ended 30 June 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
938.3
810.7
14.7
\u2013
1,763.7
Adjusted operating pro\ufb01t/(loss) (note 32)
24.0
20.1
(1.0)
(13.5)
29.6
Finance income
0.1
0.3
3.8
4.6
8.8
Finance costs
(1.2)
(1.6)
\u2013
(0.6)
(3.4)
Adjusted pro\ufb01t/(loss) before taxation (note 32)
22.9
18.8
2.8
(9.5)
35.0
Amortisation of intangible assets
(1.0)
(1.1)
\u2013
(0.2)
(2.3)
Exceptional items (note 4)
\u2013
(10.9)
\u2013
(2.6)
(13.5)
Pro\ufb01t before tax
21.9
6.8
2.8
(12.3)
19.2
Income tax credit
8.2
Pro\ufb01t for the year
27.4
\n
Inter-segment revenue is eliminated from revenue above. In the year to 30 June 2025, this amounted to \u00a3121.1m (2024: \u00a391.8m) for continuing
\n
operations, of which \u00a31.6m (2024: \u00a30.6m) was in Building, \u00a373.6m (2024: \u00a357.8m) was in Infrastructure, \u00a324.5m (2024: \u00a313.8m) was in Investments
\n
and \u00a321.4m (2024: \u00a319.6m) was in central costs.
Balance sheet
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Building
Infrastructure
Investments
Central
Total
30 June 2025
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Goodwill and intangible assets
\u00a0
40.0
57.0
\u2013
\u2013
97.0
Net cash
18
143.1
115.0
(7.0)
(13.5)
237.6
Non reported segmental net liabilities
\u00a0
\u2013
\u2013
\u2013
\u2013
(212.5)
Net assets/(liabilities)
\u00a0
\u2013
\u2013
\u2013
\u2013
122.1
Total Group liabilities
\u00a0
\u2013
\u2013
\u2013
\u2013
(711.5)
Total Group assets
\u00a0
\u2013
\u2013
\u2013
\u2013
833.6
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Restated
\u00a0 \u00a0
Building
Infrastructure
Investments
Central
(note 34)
30 June 2024
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Goodwill and intangible assets
\u00a0
40.0
57.9
\u2013
\u2013
97.9
Net cash
18
158.3
50.4
(7.0)
25.3
227.0
Non reported segmental net liabilities
\u00a0
\u2013
\u2013
\u2013
\u2013
(211.3)
Net assets/(liabilities)
\u00a0
\u2013
\u2013
\u2013
\u2013
113.6
Total Group liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(710.5)
Total Group assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
824.1
\n
Other segmental information
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Building
Infrastructure
Investments
Central
Total
Year ended 30 June 2025
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Contracting revenue
\u00a0
964.7
902.5
\u2013
\u2013
1,867.2
Total depreciation
13 & 14
9.0
13.3
0.3
0.9
23.5
Share-based payments
25
0.8
0.6
0.4
1.6
3.4
Amortisation of intangible assets
11
\u2013
0.9
\u2013
\u2013
0.9
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Infrastructure
\u00a0 \u00a0
Total
\u00a0 \u00a0 \u00a0
restated
\u00a0 \u00a0
restated
\u00a0 \u00a0
Building
(note 34)
Investments
Central
(note 34)
Year ended 30 June 2024
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Contracting revenue
\u00a0
938.3
810.7
\u2013
\u2013
1,749.0
Total depreciation
13 & 14
7.5
9.9
0.4
0.6
18.4
Share-based payments
25
0.2
0.6
0.2
0.8
1.8
Acquisition of intangible assets
1
30
\u2013
1.0
\u2013
\u2013
1.0
Amortisation of intangible assets
11
1.0
1.1
\u2013
0.2
2.3
\n
1
Acquired as part of a business combination. See note 30.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "3 Revenue
Nature of revenue streams
(i) Building and Infrastructure segments
Our Construction business operates nationwide, working with clients predominantly in the public and regulated sectors. Projects include the
construction of assets (with services including design and build, construction only and refurbishment) in addition to the maintenance, renewal,
upgrading and managing of services across utility and infrastructure assets.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Revenue stream
Nature, timing of satisfaction of performance obligations and signi\ufb01cant payment terms
Fixed price
A number of projects within these segments are undertaken using \ufb01xed-price contracts.
\u00a0
Contracts are typically accounted for as a single performance obligation; even when a contract (or multiple combined
\u00a0
contracts) includes both design and build elements, they are considered to form a single performance obligation as the
\u00a0
two elements are not distinct in the context of the contract given that each is highly interdependent on the other.
\u00a0
The Group typically receives payments from the customer based on a contractual schedule of value that re\ufb02ects the
\u00a0
timing and performance of service delivery. Revenue is therefore recognised over time (the period of construction)
\u00a0
based on an input model (reference to costs incurred to date). The Group also recognises revenue over time on the
\u00a0
output method based on payments from customers on a contractual schedule of value that re\ufb02ects the timing and
\u00a0
performance of service delivery (reference to milestone reached, units delivered or work certi\ufb01ed). Un-invoiced
\u00a0
amounts are presented as contract assets.
\u00a0
No signi\ufb01cant \ufb01nancing component typically exists in these contracts.
Cost-reimbursable
A number of projects within these segments are undertaken using cost reimbursable/target-price (possibly with
\u00a0
a pain/gain share mechanism) contracts.
\u00a0
These projects are often delivered under frameworks. Individual performance obligations under the framework
\u00a0
are normally determined at a project level, however, projects are combined where appropriate. Where projects are
\u00a0
combined, the Group constrains revenue and calculates any pain/gain mechanism at the combined level.
\u00a0
The Group typically receives payments from the customer based on actual costs incurred. Revenue is therefore
\u00a0
recognised over time (the period of construction) based on an input model (reference to costs incurred to date).
\u00a0
Un-invoiced amounts are presented as contract assets.
\u00a0
No signi\ufb01cant \ufb01nancing component typically exists in these contracts.
Facilities management
*
Contracts undertaken within the Building segment that provide full life-cycle solutions to clients, are accounted for
\u00a0
as a single performance obligation, with revenue recognised over time and typically on a straight-line basis.
\n
*
Facilities management represents around 5% of the total Building segment turnover.
(ii) Investments segment
Our Investments business specialises in managing construction through to operations for major building projects through public private partnerships
and co-development opportunities. The business leads bid consortia and arranges \ufb01nance, as well as making debt and equity investments (which
are recycled).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Revenue stream
Nature, timing of satisfaction of performance obligations and signi\ufb01cant payment terms
Investments
The Group has investments in a number of Public-Private Partnerships (PPP) Special Purpose Vehicles (SPVs), delivering
\u00a0
major building and infrastructure projects.
\u00a0
Development fees and land sales on co-development private rental schemes represent a performance obligation that is
\u00a0
recognised at a point in time when control is deemed to pass to the customer (on \ufb01nancial close).
\u00a0
The business additionally provides management services and project manages developments under Management
\u00a0
Service Agreements (MSA) or separate development arrangements. Revenue for these services is typically recognised
\u00a0
over time as and when the service is delivered to the customer.
\u00a0
The business additionally provides management services to the SPVs under Management Service Agreements (MSA).
\u00a0
Revenue for these services is typically recognised over time as and when the service is delivered to the customer.
Disaggregation of revenue
The Group considers the split of revenue by operating segment to be the most appropriate disaggregation. All revenue in the year has been derived
from performance obligations settled over time (2024: all revenue over time except for \u00a37.3m that was recognised at a point in time within the
investments segment).
Revenue on existing contracts, where performance obligations are unsatis\ufb01ed or partially unsatis\ufb01ed at the balance sheet date, is expected to be
recognised as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2028
\u00a0
\u00a0
2026
2027
onwards
Total
Revenue \u2013 year ended 30 June 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Building
736.6
180.1
56.4
973.1
Infrastructure
500.3
176.3
52.4
729.0
Total Construction
1,236.9
356.4
108.8
1,702.1
Investments
3.1
2.7
24.4
30.2
Total transaction price allocated to performance obligations yet to be satis\ufb01ed
1,240.0
359.1
133.2
1,732.3
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2027
\u00a0
\u00a0
2025
2026
onwards
Total
Revenue \u2013 year ended 30 June 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Building
660.1
177.0
1.9
839.0
Infrastructure
572.3
157.9
16.6
746.8
Total Construction
1,232.4
334.9
18.5
1,585.8
Investments
2.8
2.5
25.3
30.6
Total transaction price allocated to performance obligations yet to be satis\ufb01ed
1,235.2
337.4
43.8
1,616.4
\nAny element of variable consideration is estimated at a value that is highly probable not to result in a signi\ufb01cant reversal in the cumulative revenue recognised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "3 Revenue
Nature of revenue streams
(i) Building and Infrastructure segments
Our Construction business operates nationwide, working with clients predominantly in the public and regulated sectors. Projects include the
construction of assets (with services including design and build, construction only and refurbishment) in addition to the maintenance, renewal,
upgrading and managing of services across utility and infrastructure assets.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Revenue stream
Nature, timing of satisfaction of performance obligations and signi\ufb01cant payment terms
Fixed price
A number of projects within these segments are undertaken using \ufb01xed-price contracts.
\u00a0
Contracts are typically accounted for as a single performance obligation; even when a contract (or multiple combined
\u00a0
contracts) includes both design and build elements, they are considered to form a single performance obligation as the
\u00a0
two elements are not distinct in the context of the contract given that each is highly interdependent on the other.
\u00a0
The Group typically receives payments from the customer based on a contractual schedule of value that re\ufb02ects the
\u00a0
timing and performance of service delivery. Revenue is therefore recognised over time (the period of construction)
\u00a0
based on an input model (reference to costs incurred to date). The Group also recognises revenue over time on the
\u00a0
output method based on payments from customers on a contractual schedule of value that re\ufb02ects the timing and
\u00a0
performance of service delivery (reference to milestone reached, units delivered or work certi\ufb01ed). Un-invoiced
\u00a0
amounts are presented as contract assets.
\u00a0
No signi\ufb01cant \ufb01nancing component typically exists in these contracts.
Cost-reimbursable
A number of projects within these segments are undertaken using cost reimbursable/target-price (possibly with
\u00a0
a pain/gain share mechanism) contracts.
\u00a0
These projects are often delivered under frameworks. Individual performance obligations under the framework
\u00a0
are normally determined at a project level, however, projects are combined where appropriate. Where projects are
\u00a0
combined, the Group constrains revenue and calculates any pain/gain mechanism at the combined level.
\u00a0
The Group typically receives payments from the customer based on actual costs incurred. Revenue is therefore
\u00a0
recognised over time (the period of construction) based on an input model (reference to costs incurred to date).
\u00a0
Un-invoiced amounts are presented as contract assets.
\u00a0
No signi\ufb01cant \ufb01nancing component typically exists in these contracts.
Facilities management
*
Contracts undertaken within the Building segment that provide full life-cycle solutions to clients, are accounted for
\u00a0
as a single performance obligation, with revenue recognised over time and typically on a straight-line basis.
\n
*
Facilities management represents around 5% of the total Building segment turnover.
(ii) Investments segment
Our Investments business specialises in managing construction through to operations for major building projects through public private partnerships
and co-development opportunities. The business leads bid consortia and arranges \ufb01nance, as well as making debt and equity investments (which
are recycled).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Revenue stream
Nature, timing of satisfaction of performance obligations and signi\ufb01cant payment terms
Investments
The Group has investments in a number of Public-Private Partnerships (PPP) Special Purpose Vehicles (SPVs), delivering
\u00a0
major building and infrastructure projects.
\u00a0
Development fees and land sales on co-development private rental schemes represent a performance obligation that is
\u00a0
recognised at a point in time when control is deemed to pass to the customer (on \ufb01nancial close).
\u00a0
The business additionally provides management services and project manages developments under Management
\u00a0
Service Agreements (MSA) or separate development arrangements. Revenue for these services is typically recognised
\u00a0
over time as and when the service is delivered to the customer.
\u00a0
The business additionally provides management services to the SPVs under Management Service Agreements (MSA).
\u00a0
Revenue for these services is typically recognised over time as and when the service is delivered to the customer.
Disaggregation of revenue
The Group considers the split of revenue by operating segment to be the most appropriate disaggregation. All revenue in the year has been derived
from performance obligations settled over time (2024: all revenue over time except for \u00a37.3m that was recognised at a point in time within the
investments segment).
Revenue on existing contracts, where performance obligations are unsatis\ufb01ed or partially unsatis\ufb01ed at the balance sheet date, is expected to be
recognised as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2028
\u00a0
\u00a0
2026
2027
onwards
Total
Revenue \u2013 year ended 30 June 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Building
736.6
180.1
56.4
973.1
Infrastructure
500.3
176.3
52.4
729.0
Total Construction
1,236.9
356.4
108.8
1,702.1
Investments
3.1
2.7
24.4
30.2
Total transaction price allocated to performance obligations yet to be satis\ufb01ed
1,240.0
359.1
133.2
1,732.3
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2027
\u00a0
\u00a0
2025
2026
onwards
Total
Revenue \u2013 year ended 30 June 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Building
660.1
177.0
1.9
839.0
Infrastructure
572.3
157.9
16.6
746.8
Total Construction
1,232.4
334.9
18.5
1,585.8
Investments
2.8
2.5
25.3
30.6
Total transaction price allocated to performance obligations yet to be satis\ufb01ed
1,235.2
337.4
43.8
1,616.4
\nAny element of variable consideration is estimated at a value that is highly probable not to result in a signi\ufb01cant reversal in the cumulative revenue recognised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "4 Exceptional items \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2024
\u00a0 \u00a0
Restated
\u00a0
2025
(note 34)
\u00a0
\u00a3m
\u00a3m
Contract losses
1
\u2013
(11.7)
Implementation costs of cloud based arrangements
2
\u2013
(2.6)
Finance income
3
\u2013
0.8
Loss before tax
\u2013
(13.5)
Associated tax credit on items above (note 8)
\u2013
3.4
Exceptional income tax credit (note 8)
3
\u2013
9.6
Total
\u2013
(0.5)
\n
1
Management have classi\ufb01ed material losses of \u00a311.7m arising on speci\ufb01c batches of contracts under one framework agreement, acquired in the nmcn water division
acquisition in FY2022, as an exceptional item in the 2024 results. The Group considers the impact to be exceptional given its nature (relating to acquired contracts) and
quantum (being material), and therefore should be separately disclosed.
2
The Group incurred \u00a32.6m of customisation and con\ufb01guration costs associated with the move to Oracle Fusion during the year to 30 June 2024, a cloud-based computing
arrangement. Taking into account the IFRIC Agenda Decision issued by the IFRS IC in March 2021, the Group has analysed the costs and concluded that these costs should
be expensed in the period. In accordance with the Group\u2019s existing accounting policy, management considers that the costs should be separately disclosed as exceptional
because they are signi\ufb01cant and irregular. The move to Oracle Fusion was completed in the year ended 30 June 2024 with no further exceptional costs expected.
3
The Group previously disclosed that it had not recognised an asset in respect of historic trading losses due to the losses being subject to agreement with HMRC. This led to
an uncertain tax position where no asset was recognised as, based on the advice of tax advisors, the Group concluded it was not probable HMRC would accept the claims
to utilise the losses. During the year to 30 June 2024 HMRC agreed a quantum of historic trading losses available and that they could be utilised against historical trading
pro\ufb01ts, resulting in a cash tax refund of \u00a39.6m with associated interest of \u00a30.8m, which was received after 30 June 2024. Management considered that the refund should
be disclosed separately as exceptional given it is material in quantum and one off in nature.
In the year to 30 June 2024, an associated net tax credit of \u00a33.4m has been recognised in respect of the exceptional items (excluding the exceptional tax
credit noted in footnote 3 above). No exceptional items have been recognised during the year to 30 June 2025.
The Company has no exceptional items.", "dimensions": { "concept": "gfrd:DisclosureOfExceptionalItemsTextBlock", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "5 Employees and directors
Employee bene\ufb01t expense during the year
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Group
Company
\u00a0 \u00a0
2025
2024
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Wages and salaries
\u00a0
250.3
229.2
\u2013
\u2013
Social security costs
\u00a0
28.9
27.8
\u2013
\u2013
Other pension costs
\u00a0
29.0
25.4
\u2013
\u2013
Share-based payments
25
3.4
1.8
\u2013
\u2013
Total
\u00a0
311.6
284.2
\u2013
\u2013
\n
All employees are entitled to join the Galliford Try Pension Scheme, a de\ufb01ned contribution scheme established as a stakeholder plan, with a Company
contribution based on a scale dependent on the employee\u2019s age and the amount they choose to contribute. Since 1 July 2013, all non-participating
and newly-employed staff have been auto-enrolled into the separate stakeholder plan and are entitled to increase their contribution rates in line with
existing members. Since 1 April 2009, the Group has operated a pension salary sacri\ufb01ce scheme, which means that all employee pension contributions
are paid as employer contributions on their behalf.
All pension costs in the current and prior years were in respect of the Group\u2019s de\ufb01ned contribution schemes. Of the total charge, \u00a316.0m (2024: \u00a314.1m)
and \u00a313.0m (2024: \u00a311.3m) were included, respectively, within cost of sales and administrative expenses.
Average monthly number of people (including Executive and non-executive directors) employed
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
2025
2024
2025
2024
\u00a0
Number
Number
Number
Number
By business:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 Building
1,358
1,296
\u2013
\u2013
\u2013 Infrastructure
2,680
2,575
\u2013
\u2013
Construction
4,038
3,871
\u2013
\u2013
Investments
58
58
\u2013
\u2013
Central
200
193
6
6
Total
4,296
4,122
6
6
\n
Remuneration of key management personnel
The key management personnel comprise the Executive Board and non-executive directors. The remuneration of the key management personnel
of the Group is set out below in aggregate for each of the categories speci\ufb01ed in IAS 24, Related Party Disclosures. Further information about
the remuneration of individual directors, including any interests in the Company\u2019s shares, is provided in the audited part of the Directors\u2019
remuneration report.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Salaries and short-term employee bene\ufb01ts
4.7
3.5
Retirement bene\ufb01t costs
0.3
0.3
Share-based payments
2.1
1.1
Total
7.1
4.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "6 Net \ufb01nance income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Group
\u00a3m
\u00a3m
Finance income on bank deposits
5.2
4.6
Finance income from PPP Investments and joint ventures
3.7
4.2
Finance income before exceptional items
8.9
8.8
Finance costs on lease liabilities
(3.5)
(2.9)
Other \ufb01nance costs
(1.0)
(0.5)
Finance costs before exceptional items
(4.5)
(3.4)
Exceptional items
\u2013
0.8
Net \ufb01nance income
4.4
6.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "6 Net \ufb01nance income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Group
\u00a3m
\u00a3m
Finance income on bank deposits
5.2
4.6
Finance income from PPP Investments and joint ventures
3.7
4.2
Finance income before exceptional items
8.9
8.8
Finance costs on lease liabilities
(3.5)
(2.9)
Other \ufb01nance costs
(1.0)
(0.5)
Finance costs before exceptional items
(4.5)
(3.4)
Exceptional items
\u2013
0.8
Net \ufb01nance income
4.4
6.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "6 Net \ufb01nance income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Group
\u00a3m
\u00a3m
Finance income on bank deposits
5.2
4.6
Finance income from PPP Investments and joint ventures
3.7
4.2
Finance income before exceptional items
8.9
8.8
Finance costs on lease liabilities
(3.5)
(2.9)
Other \ufb01nance costs
(1.0)
(0.5)
Finance costs before exceptional items
(4.5)
(3.4)
Exceptional items
\u2013
0.8
Net \ufb01nance income
4.4
6.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "6 Net \ufb01nance income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Group
\u00a3m
\u00a3m
Finance income on bank deposits
5.2
4.6
Finance income from PPP Investments and joint ventures
3.7
4.2
Finance income before exceptional items
8.9
8.8
Finance costs on lease liabilities
(3.5)
(2.9)
Other \ufb01nance costs
(1.0)
(0.5)
Finance costs before exceptional items
(4.5)
(3.4)
Exceptional items
\u2013
0.8
Net \ufb01nance income
4.4
6.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "6 Net \ufb01nance income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Group
\u00a3m
\u00a3m
Finance income on bank deposits
5.2
4.6
Finance income from PPP Investments and joint ventures
3.7
4.2
Finance income before exceptional items
8.9
8.8
Finance costs on lease liabilities
(3.5)
(2.9)
Other \ufb01nance costs
(1.0)
(0.5)
Finance costs before exceptional items
(4.5)
(3.4)
Exceptional items
\u2013
0.8
Net \ufb01nance income
4.4
6.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "6 Net \ufb01nance income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Group
\u00a3m
\u00a3m
Finance income on bank deposits
5.2
4.6
Finance income from PPP Investments and joint ventures
3.7
4.2
Finance income before exceptional items
8.9
8.8
Finance costs on lease liabilities
(3.5)
(2.9)
Other \ufb01nance costs
(1.0)
(0.5)
Finance costs before exceptional items
(4.5)
(3.4)
Exceptional items
\u2013
0.8
Net \ufb01nance income
4.4
6.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "7 Pro\ufb01t before income tax
The following items have been included in arriving at pro\ufb01t before income tax:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2024
\u00a0 \u00a0 \u00a0
Restated
\u00a0 \u00a0
2025
(note 34)
\u00a0
Notes
\u00a3m
\u00a3m
Employee bene\ufb01t expense
5
311.6
284.2
Total depreciation
13 & 14
23.5
18.4
Amortisation and impairment of intangible assets
11
0.9
2.3
Repairs and maintenance expenditure on property, plant and equipment
\u00a0
1.5
1.6
Exceptional items
4
\u2013
13.5
\n
In addition to the above, the Group incurs other costs classi\ufb01ed as cost of sales relating to labour, materials and subcontractors\u2019 costs.
Services provided by the Group\u2019s auditor and network \ufb01rms
During the year, the Group obtained the following services from the Group\u2019s auditor at costs as detailed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of Parent Company and consolidated \ufb01nancial statements
0.2
0.2
Fees payable to the Company\u2019s auditor for other services:
\u00a0 \u00a0
The audit of \ufb01nancial statements of the Company\u2019s subsidiaries
2.2
2.0
Audit-related assurance services
0.1
0.1
Total other services
2.3
2.1
Total
2.5
2.3
\n
The audit of \ufb01nancial statements of the Company\u2019s subsidiaries for 2025 and 2024 includes an amount in respect of additional costs related to the
2024 and 2023 audit respectively. A description of the work of the Audit Committee in respect of the auditor\u2019s independence is set out in the
Governance report.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "7 Pro\ufb01t before income tax
The following items have been included in arriving at pro\ufb01t before income tax:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2024
\u00a0 \u00a0 \u00a0
Restated
\u00a0 \u00a0
2025
(note 34)
\u00a0
Notes
\u00a3m
\u00a3m
Employee bene\ufb01t expense
5
311.6
284.2
Total depreciation
13 & 14
23.5
18.4
Amortisation and impairment of intangible assets
11
0.9
2.3
Repairs and maintenance expenditure on property, plant and equipment
\u00a0
1.5
1.6
Exceptional items
4
\u2013
13.5
\n
In addition to the above, the Group incurs other costs classi\ufb01ed as cost of sales relating to labour, materials and subcontractors\u2019 costs.
Services provided by the Group\u2019s auditor and network \ufb01rms
During the year, the Group obtained the following services from the Group\u2019s auditor at costs as detailed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of Parent Company and consolidated \ufb01nancial statements
0.2
0.2
Fees payable to the Company\u2019s auditor for other services:
\u00a0 \u00a0
The audit of \ufb01nancial statements of the Company\u2019s subsidiaries
2.2
2.0
Audit-related assurance services
0.1
0.1
Total other services
2.3
2.1
Total
2.5
2.3
\n
The audit of \ufb01nancial statements of the Company\u2019s subsidiaries for 2025 and 2024 includes an amount in respect of additional costs related to the
2024 and 2023 audit respectively. A description of the work of the Audit Committee in respect of the auditor\u2019s independence is set out in the
Governance report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "Services provided by the Group\u2019s auditor and network \ufb01rms
During the year, the Group obtained the following services from the Group\u2019s auditor at costs as detailed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of Parent Company and consolidated \ufb01nancial statements
0.2
0.2
Fees payable to the Company\u2019s auditor for other services:
\u00a0 \u00a0
The audit of \ufb01nancial statements of the Company\u2019s subsidiaries
2.2
2.0
Audit-related assurance services
0.1
0.1
Total other services
2.3
2.1
Total
2.5
2.3
\n
The audit of \ufb01nancial statements of the Company\u2019s subsidiaries for 2025 and 2024 includes an amount in respect of additional costs related to the
2024 and 2023 audit respectively. A description of the work of the Audit Committee in respect of the auditor\u2019s independence is set out in the
Governance report.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "8 Income tax charge/(credit) \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2024
1
\u00a0 \u00a0 \u00a0
Restated
\u00a0 \u00a0
2025
(note 34)
Group
Notes
\u00a3m
\u00a3m
Analysis of expense in year
\u00a0 \u00a0 \u00a0
Current year\u2019s income tax
\u00a0 \u00a0 \u00a0
Current tax
4
4.6
1.8
Deferred tax
22
6.2
3.2
Adjustments in respect of prior years
\u00a0 \u00a0 \u00a0
Current tax
4
\u2013
(9.7)
Deferred tax
22
(0.3)
(3.5)
Income tax expense/(credit)
\u00a0
10.5
(8.2)
Tax on items recognised in other comprehensive income
\u00a0 \u00a0 \u00a0
Tax recognised in other comprehensive income
\u00a0
\u2013
\u2013
Total tax expense/(credit)
\u00a0
10.5
(8.2)
\n
1
The year ended 30 June 2024 tax reconciliation includes \u00a39.6m within the current tax adjustment in respect of prior year years relating to historic trading losses as
explained in note 4, in addition to the tax impact of the other exceptional items as shown in note 4.
The total income tax charge for the year of \u00a310.5m (2024 restated: credit of \u00a38.2m) is lower (2024: lower) than the expected charge based on the
standard rate of corporation tax in the UK of 25.0% (2024: 25.0%). The differences are explained below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2024
\u00a0 \u00a0
Restated
\u00a0
2025
(note 34)
\u00a0
\u00a3m
\u00a3m
Pro\ufb01t before income tax
44.1
19.2
Pro\ufb01t before income tax multiplied by the standard corporation tax rate in the UK of 25.0% (2024: 25.0%)
11.0
4.8
Effects of:
\u00a0 \u00a0
Expenses not deductible for tax purposes
\u2013
0.2
Non-taxable income
(0.2)
(0.2)
Adjustments in respect of prior years
(0.3)
(13.1)
Other
\u2013
0.1
Income tax expense/(credit)
10.5
(8.2)
\n
For the year ended 30 June 2024, the adjustments in respect of prior years include \u00a39.6m tax credit for exceptional items, as explained in note 4.
The Group is within the scope of OECD Pillar Two rules. The rules are designed to ensure a minimum effective tax rate of 15% across each country
of operation.
The rules were enacted into UK law in July 2023 and are effective from 1 July 2024 to the Group. Due to the Group trading only in the UK, it is
not expected there will be a signi\ufb01cant impact as a result of the implementation of the rules, however the Group continues to review any potential
implications with advisors.22 Deferred income tax
Deferred income tax is calculated in full on temporary differences under the liability method and is measured at the average tax rates that are expected
to apply in the periods in which the timing differences are expected to reverse.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income
tax liabilities. The net deferred tax position at 30 June was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0 \u00a0
2024
\u00a0 \u00a0
Restated
\u00a0
2025
(note 34)
\u00a0
\u00a3m
\u00a3m
Deferred income tax assets
11.6
18.5
Deferred income tax liabilities
(0.6)
(0.6)
Net deferred income tax
11.0
17.9
\n
The movement for the year in the net deferred income tax account is as shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0 \u00a0
2024
\u00a0 \u00a0
Restated
\u00a0
2025
(note 34)
\u00a0
\u00a3m
\u00a3m
At 1 July
17.9
15.5
Current year\u2019s deferred income tax \u2013 expense taken to income statement
(6.2)
(3.2)
Current year\u2019s deferred income tax \u2013 credit/(expense) taken to equity
1.2
(0.7)
Adjustment in respect of prior years
0.4
4.5
Transfer (to)/from current tax assets
(2.3)
1.4
Acquisition of subsidiaries
\u2013
(0.2)
Disposal of subsidiaries
\u2013
0.6
At 30 June
11.0
17.9
\n
All remaining material tax losses have now been recognised. The Group previously disclosed that it had not recognised \u00a353.0m of trading losses due to
them being subject to agreement with HMRC. During the year to 30 June 2024 HMRC con\ufb01rmed the quantum of the trading losses available and that
they could be utilised against historical trading pro\ufb01ts, resulting in a cash refund of \u00a39.6m and associated interest of \u00a30.8m. This was recorded as an
income tax receivable at 30 June 2024 and disclosed as exceptional as explained in note 4.
Movements in deferred income tax assets and liabilities during the year are shown below:
The Company has a deferred tax asset of \u00a30.7m relating to timing differences on share based payments (2024: \u00a30.4m).
Deferred income tax assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Tax
\u00a0 \u00a0
\u00a0 \u00a0
losses
\u00a0
Total
\u00a0
Share-based
restated
\u00a0
restated
\u00a0
payments
(note 34)
Other
1
(note 34)
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 July 2023
0.3
13.2
3.1
16.6
Expense taken to income statement
(0.3)
(2.5)
(0.5)
(3.3)
Credit in respect of prior years taken to income statement
0.8
2.7
\u2013
3.5
Expense taken to equity
(0.7)
\u2013
\u2013
(0.7)
Net transfer from current tax income tax asset
\u2013
1.4
\u2013
1.4
Credit in respect of prior years taken to equity
1.0
\u2013
\u2013
1.0
At 30 June 2024 \u2013 restated
1.1
14.8
2.6
18.5
Credit/(expense) taken to income statement
0.1
(5.9)
(0.4)
(6.2)
Credit/(expense) in respect of prior years taken to income statement
\u2013
0.5
(0.2)
0.3
Net transfer (from)/to current tax income tax asset
\u2013
(2.3)
0.1
(2.2)
Credit in respect of prior years taken to equity
1.2
\u2013
\u2013
1.2
At 30 June 2025
2.4
7.1
2.1
11.6
\n
1
Deferred tax assets included in the \u2018Other\u2019 category relate predominantly to future income tax deductions available from IFRS transition adjustments in respect of
IFRS 15 and IFRS 9 which are expected to be utilised over the next 3 years in line with the requirements of tax legislation.
The Company has a deferred tax asset of \u00a30.7m (2024: \u00a30.4m) relating to share based payments.
Deferred income tax liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Accelerated
Intangible
\u00a0
\u00a0
tax
assets
\u00a0
\u00a0
depreciation
acquired
Total
Group
\u00a3m
\u00a3m
\u00a3m
At 30 June 2023
(0.4)
(0.7)
(1.1)
(Expense)/credit taken to income statement
(0.1)
0.2
0.1
(Expense)/credit in respect of prior years
(0.1)
0.1
\u2013
Acquisition of subsidiary
\u2013
(0.2)
(0.2)
Disposal of subsidiary
0.6
\u2013
0.6
At 30 June 2024
\u2013
(0.6)
(0.6)
At 30 June 2025
\u2013
(0.6)
(0.6)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "9 Dividends
\u00a0
2025
2024
\u00a0 \u00a0
pence per
\u00a0
pence per
Group and Company
\u00a3m
share
\u00a3m
share
Previous year \ufb01nal
11.9
11.5
7.7
7.5
Special
\u2013
\u2013
12.5
12.0
Current year interim
5.6
5.5
4.0
4.0
Dividend recognised in the year
17.5
17.0
24.2
23.5
\n
The following dividends were declared by the Company in respect of each accounting period presented:
\u00a0
2025
2024
\u00a0 \u00a0
pence per
\u00a0
pence per
\u00a0
\u00a3m
share
\u00a3m
share
Interim
5.6
5.5
4.0
4.0
Final
13.8
13.5
11.9
11.5
Dividend relating to the year
19.4
19.0
15.9
15.5
\n
The directors are proposing a \ufb01nal dividend in respect of the \ufb01nancial year ended 30 June 2025 of 13.5 pence per share (2024: 11.5 pence per share),
bringing the total dividend in respect of 2025 to 19.0 pence per share (2024: 15.5p excluding the special dividend). The \ufb01nal dividend will absorb
approximately \u00a33.8m (2024: \u00a311.9m) of equity. Subject to shareholders\u2019 approval at the AGM to be held on 13 November 2025, the dividend
will be paid on 5 December 2025 to shareholders who are on the register of members at the close of business on 7 November 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "0.17", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "0.235", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "0.135", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "0.115", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "10 Earnings per share
Basic and diluted earnings per share (EPS)
Basic EPS is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding
during the year, excluding those held by the Trust, which are treated as cancelled.
Under normal circumstances, the average number of shares is diluted by reference to the average number of potential ordinary shares held under
option in the year. The dilutive effect amounts to the number of ordinary shares which would be purchased using the aggregate difference in value
between the market value of shares and the share option price. Only shares that have met their cumulative performance criteria are included in the
dilution calculation. The Group has two classes of potentially dilutive ordinary shares: those share options granted to employees where the exercise
price is less than the average market price of the Company\u2019s ordinary shares during the year and the contingently issuable shares under the Group\u2019s
long-term incentive plans. A loss per share cannot be reduced through dilution, hence this dilution is only applied where the Group has reported a pro\ufb01t.
The earnings and weighted average number of shares used in the calculations are set out below.
\u00a0
2025
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Per share
\u00a0 \u00a0
Weighted
\u00a0
Earnings
Weighted
amount
\u00a0 \u00a0
average
Per share
restated
average
restated
\u00a0
Earnings
number of
amount
(note 34)
number of
(note 34)
\u00a0
\u00a3m
shares
pence
\u00a3m
shares
pence
Basic EPS
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Earnings attributable to ordinary shareholders
33.6
99,627,362
33.7
27.4
100,051,095
27.3
Basic EPS \u2013 Adjusted (note 32)
1
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Adjusted earnings attributable to ordinary shareholders
34.3
99,627,362
34.4
29.6
100,051,095
29.6
Effect of dilutive securities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Options
n/a
4,668,120
n/a
n/a
4,315,217
n/a
Diluted EPS
33.6
104,295,482
32.2
27.4
104,366,312
26.2
Diluted EPS \u2013 Adjusted (note 32)
1
34.3
104,295,482
32.9
29.6
104,366,312
28.4
\n
1
Adjusted EPS \u2013 basic and diluted, were previously reported on a pre-exceptional basis which excluded exceptional items only. The adjusted measure excludes the
amortisation of acquired intangible assets. Refer to note 32 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "11 Intangible asset \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0 \u00a0
\u00a0 \u00a0
contracts and
Computer
\u00a0
\u00a0 \u00a0
relationships
software
Total
Group
Notes
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 July 2023
\u00a0
17.7
11.5
29.2
Additions
30
1.0
\u2013
1.0
At 30 June 2024
\u00a0
18.7
11.5
30.2
Disposals
\u00a0
\u2013
(10.9)
(10.9)
At 30 June 2025
\u00a0
18.7
0.6
19.3
Accumulated amortisation and impairment loss
\u00a0 \u00a0 \u00a0 \u00a0
At 1 July 2023
\u00a0
(12.5)
(11.1)
(23.6)
Amortisation in year
\u00a0
(1.9)
(0.4)
(2.3)
At 1 July 2024
\u00a0
(14.4)
(11.5)
(25.9)
Amortisation in year
\u00a0
(0.9)
\u2013
(0.9)
Disposals
\u00a0
\u2013
10.9
10.9
At 30 June 2025
\u00a0
(15.3)
(0.6)
(15.9)
Net book amount
\u00a0 \u00a0 \u00a0 \u00a0
At 30 June 2025
\u00a0
3.4
\u2013
3.4
At 30 June 2024
\u00a0
4.3
\u2013
4.3
At 30 June 2023
\u00a0
5.2
0.4
5.6
\n
All amortisation charges in the year have been included in administrative expenses. Computer software relates to the Group\u2019s reporting systems.
The remaining period of amortisation on customer contracts and relationships ranges between two and nine years. 13 Property, plant and equipment \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Land and
Plant and
Fixtures and
\u00a0
\u00a0
buildings
machinery
\ufb01ttings
Total
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 July 2023
3.3
4.2
4.3
11.8
Additions
0.2
0.6
0.8
1.6
Disposals
(0.2)
(3.4)
(0.3)
(3.9)
At 1 July 2024
3.3
1.4
4.8
9.5
Additions
1.4
0.1
0.9
2.4
Disposals
\u2013
\u2013
(1.1)
(1.1)
At 30 June 2025
4.7
1.5
4.6
10.8
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 July 2023
(0.9)
(0.9)
(2.8)
(4.6)
Charge for the year
(0.3)
(0.2)
(0.5)
(1.0)
Disposals
0.2
0.9
0.3
1.4
At 1 July 2024
(1.0)
(0.2)
(3.0)
(4.2)
Charge for the year
(0.4)
(0.5)
(0.8)
(1.7)
Disposals
\u2013
\u2013
1.1
1.1
At 30 June 2025
(1.4)
(0.7)
(2.7)
(4.8)
Net book amount
\u00a0 \u00a0 \u00a0 \u00a0
At 30 June 2025
3.3
0.8
1.9
6.0
At 30 June 2024
2.3
1.2
1.8
5.3
At 30 June 2023
2.4
3.3
1.5
7.2
\n
There has been no impairment of property, plant and equipment during the year (2024: \u00a3nil).
The Company has no property, plant or equipment.
14 Leases
This note provides information for leases where the Group is a lessee.
The Company holds no leases.
Right-of-use assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Land and
Plant and
Motor
\u00a0
\u00a0
buildings
machinery
vehicles
Total
Cost
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 30 June 2024
18.8
13.0
48.5
80.3
At 30 June 2025
19.1
16.0
56.6
91.7
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0
At 30 June 2024
(6.2)
(4.8)
(17.9)
(28.9)
At 30 June 2025
(6.7)
(8.4)
(25.5)
(40.6)
Net book amount
\u00a0 \u00a0 \u00a0 \u00a0
At 30 June 2025
12.4
7.6
31.1
51.1
At 30 June 2024
12.6
8.2
30.6
51.4
\n
Additions to the right-of-use assets during the 2025 \ufb01nancial year were \u00a323.9m (2024: 30.8m).
Lease liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current
22.7
20.5
Non-current
31.1
32.5
Total lease liabilities
53.8
53.0
\n
Movement in Lease Liabilities from \ufb01nancing activities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
payments
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(presented as
\u00a0
\u00a0
Opening
Financing
\u00a0
Interest
operating
Closing
\u00a0
balance
cash \ufb02ows
New leases
expense
cash \ufb02ows)
balance
2024
39.1
(16.7)
30.6
2.9
(2.9)
53.0
2025
53.0
(21.2)
22.0
3.5
(3.5)
53.8
\n
The consolidated income statement shows the following amounts relating to leases for continuing operations:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Depreciation of right-of-use assets:
\u00a0 \u00a0
\u2013 Land and buildings
2.5
2.5
\u2013 Plant and machinery
5.7
4.2
\u2013 Motor vehicles
13.6
10.7
Interest expense (included in \ufb01nance cost)
3.5
2.9
Expense relating to short-term leases (included in cost of sales and administrative expenses)
16.8
13.2
Expense relating to leases of low-value assets that are not shown above as short-term leases
\u00a0 \u00a0
(included in administrative expenses)
1.2
0.7
Total expenses
43.3
34.2
\n
The total cash out\ufb02ow for leases in the year to 30 June 2025 was \u00a324.7m, of which \u00a33.5m was included in net interest expense \u2013 note 6 (2024: \u00a319.6m
and \u00a32.9m respectively).
Maturity of contractual undiscounted future lease payments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Land and
Plant and
Motor
\u00a0
\u00a0
buildings
machinery
vehicles
Total
As at 30 June 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Less than 1 year
3.1
4.6
15.0
22.7
Between 1 and 5 years
8.1
3.6
21.2
32.9
More than 5 years
6.9
0.1
\u2013
7.0
Total
18.1
8.3
36.2
62.6
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Land and
Plant and
Motor
\u00a0
\u00a0
buildings
machinery
vehicles
Total
As at 30 June 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Less than 1 year
3.0
4.1
13.4
20.5
Between 1 and 5 years
8.9
1.8
24.1
34.8
More than 5 years
8.8
\u2013
\u2013
8.8
Total
20.7
5.9
37.5
64.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "11 Intangible asset \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0 \u00a0
\u00a0 \u00a0
contracts and
Computer
\u00a0
\u00a0 \u00a0
relationships
software
Total
Group
Notes
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 July 2023
\u00a0
17.7
11.5
29.2
Additions
30
1.0
\u2013
1.0
At 30 June 2024
\u00a0
18.7
11.5
30.2
Disposals
\u00a0
\u2013
(10.9)
(10.9)
At 30 June 2025
\u00a0
18.7
0.6
19.3
Accumulated amortisation and impairment loss
\u00a0 \u00a0 \u00a0 \u00a0
At 1 July 2023
\u00a0
(12.5)
(11.1)
(23.6)
Amortisation in year
\u00a0
(1.9)
(0.4)
(2.3)
At 1 July 2024
\u00a0
(14.4)
(11.5)
(25.9)
Amortisation in year
\u00a0
(0.9)
\u2013
(0.9)
Disposals
\u00a0
\u2013
10.9
10.9
At 30 June 2025
\u00a0
(15.3)
(0.6)
(15.9)
Net book amount
\u00a0 \u00a0 \u00a0 \u00a0
At 30 June 2025
\u00a0
3.4
\u2013
3.4
At 30 June 2024
\u00a0
4.3
\u2013
4.3
At 30 June 2023
\u00a0
5.2
0.4
5.6
\n
All amortisation charges in the year have been included in administrative expenses. Computer software relates to the Group\u2019s reporting systems.
The remaining period of amortisation on customer contracts and relationships ranges between two and nine years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "11 Intangible asset \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0 \u00a0
\u00a0 \u00a0
contracts and
Computer
\u00a0
\u00a0 \u00a0
relationships
software
Total
Group
Notes
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 July 2023
\u00a0
17.7
11.5
29.2
Additions
30
1.0
\u2013
1.0
At 30 June 2024
\u00a0
18.7
11.5
30.2
Disposals
\u00a0
\u2013
(10.9)
(10.9)
At 30 June 2025
\u00a0
18.7
0.6
19.3
Accumulated amortisation and impairment loss
\u00a0 \u00a0 \u00a0 \u00a0
At 1 July 2023
\u00a0
(12.5)
(11.1)
(23.6)
Amortisation in year
\u00a0
(1.9)
(0.4)
(2.3)
At 1 July 2024
\u00a0
(14.4)
(11.5)
(25.9)
Amortisation in year
\u00a0
(0.9)
\u2013
(0.9)
Disposals
\u00a0
\u2013
10.9
10.9
At 30 June 2025
\u00a0
(15.3)
(0.6)
(15.9)
Net book amount
\u00a0 \u00a0 \u00a0 \u00a0
At 30 June 2025
\u00a0
3.4
\u2013
3.4
At 30 June 2024
\u00a0
4.3
\u2013
4.3
At 30 June 2023
\u00a0
5.2
0.4
5.6
\n
All amortisation charges in the year have been included in administrative expenses. Computer software relates to the Group\u2019s reporting systems.
The remaining period of amortisation on customer contracts and relationships ranges between two and nine years.
12 Goodwill
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Group
Notes
\u00a3m
Cost
\u00a0 \u00a0
At 30 June 2023
\u00a0
92.7
Additions
30
0.9
At 30 June 2024
\u00a0
93.6
Additions
\u00a0
\u2013
At 30 June 2025
\u00a0
93.6
Aggregate impairment at 30 June 2023, 2024 and 2025
\u00a0
\u2013
At 30 June 2023, 2024 and 30 June 2025
\u00a0
\u2013
Net book amount
\u00a0 \u00a0
At 30 June 2025
\u00a0
93.6
At 30 June 2024
\u00a0
93.6
At 30 June 2023
\u00a0
92.7
Goodwill is allocated to the Group\u2019s CGUs identi\ufb01ed according to business segment. The goodwill is attributable to the following business segments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Building
40.0
40.0
Infrastructure
53.6
53.6
\u00a0
93.6
93.6
\n
Impairment review of goodwill and key assumptions
Goodwill is tested for impairment at least annually. The recoverable amount of a CGU is determined based on value in use calculations. These
calculations use pre-tax cash \ufb02ow projections based on future \ufb01nancial budgets approved by the Board, based on past performance and its expectation
of market developments. The key assumptions within these budgets relate to revenue and the future pro\ufb01t margin achievable, in line with our strategy
and targets as set out in the Strategic report. Future budgeted revenue is based on management\u2019s knowledge of actual results from prior years and
latest forecasts for the current year, along with the existing secured works and management\u2019s expectation of the future level of work available within
the market sector. In establishing future pro\ufb01t margins, the margins currently being achieved are considered in conjunction with expected in\ufb02ation rates
in each revenue and cost category. In Building and Infrastructure, the margins currently being achieved are expected to increase in line with the strategy
set out in the Strategic report.
Cash is monitored on a daily, weekly and monthly basis for the purposes of managing both treasury and the business as a whole. Details of the Group\u2019s
treasury management are included within the Financial review in the Strategic report of the Annual Report. The assumptions used are reviewed
regularly and differences between forecast and actual results are closely monitored, with variances being investigated fully. The knowledge gained from
this past experience is used to ensure that the future assumptions used are consistent with past actual outcomes and are management\u2019s best estimate
of the future cash \ufb02ows of each business unit.
Cash \ufb02ows beyond the budgeted three-year period are extrapolated using an estimated growth rate within each segment. The growth rate used is the
Group\u2019s estimate of the average long-term growth rate for the market sectors in which the CGU operates. Furthermore, sensitivity analysis has been
undertaken on each goodwill impairment review, by changing the discount rates, pro\ufb01t margins, growth rates and other variables applicable to each
CGU, and the results are noted below.
The pre-tax discount rates for each CGU are noted below.
Building CGU
A pre-tax discount rate of 13.2% (2024: 12.9%) in Building has been applied to the future cash \ufb02ows, based on an estimate of the weighted average cost
of capital (WACC) of that division.
A long-term growth rate of 2.0% per annum has been applied to the budgeted cash \ufb02ows (re\ufb02ecting the Board-approved budget operating margins and
working capital cash \ufb02ows) into perpetuity and these assumptions result in the recoverable value of this CGU being signi\ufb01cantly in excess of the carrying
value of the CGU assets.
The Building CGU is not sensitive to changes in key assumptions and management does not consider that any reasonable possible change in any
single assumption or combination of reasonable possible changes in assumptions would give rise to an impairment of the carrying value of goodwill
and intangibles.
Infrastructure CGU
A pre-tax discount rate of 13.1% (2024: 12.8%) in Infrastructure has been applied to the future cash \ufb02ows, based on an estimate of the weighted average
cost of capital of that division.
A long-term growth rate of 2.0% per annum has been applied to the budgeted cash \ufb02ows (re\ufb02ecting the Board-approved budget operating margins and
working capital cash\ufb02ows) into perpetuity and these assumptions result in the recoverable value of this CGU being signi\ufb01cantly in excess of the carrying
value of the CGU assets.
The Infrastructure CGU is not sensitive to changes in key assumptions and management does not consider that any reasonable possible change in
any single assumption or combination of reasonable possible changes in assumptions would give rise to an impairment of the carrying value of goodwill
and intangibles.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "12 Goodwill \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Group
Notes
\u00a3m
Cost
\u00a0 \u00a0
At 30 June 2023
\u00a0
92.7
Additions
30
0.9
At 30 June 2024
\u00a0
93.6
Additions
\u00a0
\u2013
At 30 June 2025
\u00a0
93.6
Aggregate impairment at 30 June 2023, 2024 and 2025
\u00a0
\u2013
At 30 June 2023, 2024 and 30 June 2025
\u00a0
\u2013
Net book amount
\u00a0 \u00a0
At 30 June 2025
\u00a0
93.6
At 30 June 2024
\u00a0
93.6
At 30 June 2023
\u00a0
92.7
Goodwill is allocated to the Group\u2019s CGUs identi\ufb01ed according to business segment. The goodwill is attributable to the following business segments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Building
40.0
40.0
Infrastructure
53.6
53.6
\u00a0
93.6
93.6
\n
Impairment review of goodwill and key assumptions
Goodwill is tested for impairment at least annually. The recoverable amount of a CGU is determined based on value in use calculations. These
calculations use pre-tax cash \ufb02ow projections based on future \ufb01nancial budgets approved by the Board, based on past performance and its expectation
of market developments. The key assumptions within these budgets relate to revenue and the future pro\ufb01t margin achievable, in line with our strategy
and targets as set out in the Strategic report. Future budgeted revenue is based on management\u2019s knowledge of actual results from prior years and
latest forecasts for the current year, along with the existing secured works and management\u2019s expectation of the future level of work available within
the market sector. In establishing future pro\ufb01t margins, the margins currently being achieved are considered in conjunction with expected in\ufb02ation rates
in each revenue and cost category. In Building and Infrastructure, the margins currently being achieved are expected to increase in line with the strategy
set out in the Strategic report.
Cash is monitored on a daily, weekly and monthly basis for the purposes of managing both treasury and the business as a whole. Details of the Group\u2019s
treasury management are included within the Financial review in the Strategic report of the Annual Report. The assumptions used are reviewed
regularly and differences between forecast and actual results are closely monitored, with variances being investigated fully. The knowledge gained from
this past experience is used to ensure that the future assumptions used are consistent with past actual outcomes and are management\u2019s best estimate
of the future cash \ufb02ows of each business unit.
Cash \ufb02ows beyond the budgeted three-year period are extrapolated using an estimated growth rate within each segment. The growth rate used is the
Group\u2019s estimate of the average long-term growth rate for the market sectors in which the CGU operates. Furthermore, sensitivity analysis has been
undertaken on each goodwill impairment review, by changing the discount rates, pro\ufb01t margins, growth rates and other variables applicable to each
CGU, and the results are noted below.
The pre-tax discount rates for each CGU are noted below.
Building CGU
A pre-tax discount rate of 13.2% (2024: 12.9%) in Building has been applied to the future cash \ufb02ows, based on an estimate of the weighted average cost
of capital (WACC) of that division.
A long-term growth rate of 2.0% per annum has been applied to the budgeted cash \ufb02ows (re\ufb02ecting the Board-approved budget operating margins and
working capital cash \ufb02ows) into perpetuity and these assumptions result in the recoverable value of this CGU being signi\ufb01cantly in excess of the carrying
value of the CGU assets.
The Building CGU is not sensitive to changes in key assumptions and management does not consider that any reasonable possible change in any
single assumption or combination of reasonable possible changes in assumptions would give rise to an impairment of the carrying value of goodwill
and intangibles.
Infrastructure CGU
A pre-tax discount rate of 13.1% (2024: 12.8%) in Infrastructure has been applied to the future cash \ufb02ows, based on an estimate of the weighted average
cost of capital of that division.
A long-term growth rate of 2.0% per annum has been applied to the budgeted cash \ufb02ows (re\ufb02ecting the Board-approved budget operating margins and
working capital cash\ufb02ows) into perpetuity and these assumptions result in the recoverable value of this CGU being signi\ufb01cantly in excess of the carrying
value of the CGU assets.
The Infrastructure CGU is not sensitive to changes in key assumptions and management does not consider that any reasonable possible change in
any single assumption or combination of reasonable possible changes in assumptions would give rise to an impairment of the carrying value of goodwill
and intangibles.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "Impairment review of goodwill and key assumptions
Goodwill is tested for impairment at least annually. The recoverable amount of a CGU is determined based on value in use calculations. These
calculations use pre-tax cash \ufb02ow projections based on future \ufb01nancial budgets approved by the Board, based on past performance and its expectation
of market developments. The key assumptions within these budgets relate to revenue and the future pro\ufb01t margin achievable, in line with our strategy
and targets as set out in the Strategic report. Future budgeted revenue is based on management\u2019s knowledge of actual results from prior years and
latest forecasts for the current year, along with the existing secured works and management\u2019s expectation of the future level of work available within
the market sector. In establishing future pro\ufb01t margins, the margins currently being achieved are considered in conjunction with expected in\ufb02ation rates
in each revenue and cost category. In Building and Infrastructure, the margins currently being achieved are expected to increase in line with the strategy
set out in the Strategic report.
Cash is monitored on a daily, weekly and monthly basis for the purposes of managing both treasury and the business as a whole. Details of the Group\u2019s
treasury management are included within the Financial review in the Strategic report of the Annual Report. The assumptions used are reviewed
regularly and differences between forecast and actual results are closely monitored, with variances being investigated fully. The knowledge gained from
this past experience is used to ensure that the future assumptions used are consistent with past actual outcomes and are management\u2019s best estimate
of the future cash \ufb02ows of each business unit.
Cash \ufb02ows beyond the budgeted three-year period are extrapolated using an estimated growth rate within each segment. The growth rate used is the
Group\u2019s estimate of the average long-term growth rate for the market sectors in which the CGU operates. Furthermore, sensitivity analysis has been
undertaken on each goodwill impairment review, by changing the discount rates, pro\ufb01t margins, growth rates and other variables applicable to each
CGU, and the results are noted below.
The pre-tax discount rates for each CGU are noted below.
Building CGU
A pre-tax discount rate of 13.2% (2024: 12.9%) in Building has been applied to the future cash \ufb02ows, based on an estimate of the weighted average cost
of capital (WACC) of that division.
A long-term growth rate of 2.0% per annum has been applied to the budgeted cash \ufb02ows (re\ufb02ecting the Board-approved budget operating margins and
working capital cash \ufb02ows) into perpetuity and these assumptions result in the recoverable value of this CGU being signi\ufb01cantly in excess of the carrying
value of the CGU assets.
The Building CGU is not sensitive to changes in key assumptions and management does not consider that any reasonable possible change in any
single assumption or combination of reasonable possible changes in assumptions would give rise to an impairment of the carrying value of goodwill
and intangibles.
Infrastructure CGU
A pre-tax discount rate of 13.1% (2024: 12.8%) in Infrastructure has been applied to the future cash \ufb02ows, based on an estimate of the weighted average
cost of capital of that division.
A long-term growth rate of 2.0% per annum has been applied to the budgeted cash \ufb02ows (re\ufb02ecting the Board-approved budget operating margins and
working capital cash\ufb02ows) into perpetuity and these assumptions result in the recoverable value of this CGU being signi\ufb01cantly in excess of the carrying
value of the CGU assets.
The Infrastructure CGU is not sensitive to changes in key assumptions and management does not consider that any reasonable possible change in
any single assumption or combination of reasonable possible changes in assumptions would give rise to an impairment of the carrying value of goodwill
and intangibles.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "13 Property, plant and equipment \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Land and
Plant and
Fixtures and
\u00a0
\u00a0
buildings
machinery
\ufb01ttings
Total
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 July 2023
3.3
4.2
4.3
11.8
Additions
0.2
0.6
0.8
1.6
Disposals
(0.2)
(3.4)
(0.3)
(3.9)
At 1 July 2024
3.3
1.4
4.8
9.5
Additions
1.4
0.1
0.9
2.4
Disposals
\u2013
\u2013
(1.1)
(1.1)
At 30 June 2025
4.7
1.5
4.6
10.8
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 July 2023
(0.9)
(0.9)
(2.8)
(4.6)
Charge for the year
(0.3)
(0.2)
(0.5)
(1.0)
Disposals
0.2
0.9
0.3
1.4
At 1 July 2024
(1.0)
(0.2)
(3.0)
(4.2)
Charge for the year
(0.4)
(0.5)
(0.8)
(1.7)
Disposals
\u2013
\u2013
1.1
1.1
At 30 June 2025
(1.4)
(0.7)
(2.7)
(4.8)
Net book amount
\u00a0 \u00a0 \u00a0 \u00a0
At 30 June 2025
3.3
0.8
1.9
6.0
At 30 June 2024
2.3
1.2
1.8
5.3
At 30 June 2023
2.4
3.3
1.5
7.2
\n
There has been no impairment of property, plant and equipment during the year (2024: \u00a3nil).
The Company has no property, plant or equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "14 Leases
This note provides information for leases where the Group is a lessee.
The Company holds no leases.
Right-of-use assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Land and
Plant and
Motor
\u00a0
\u00a0
buildings
machinery
vehicles
Total
Cost
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 30 June 2024
18.8
13.0
48.5
80.3
At 30 June 2025
19.1
16.0
56.6
91.7
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0
At 30 June 2024
(6.2)
(4.8)
(17.9)
(28.9)
At 30 June 2025
(6.7)
(8.4)
(25.5)
(40.6)
Net book amount
\u00a0 \u00a0 \u00a0 \u00a0
At 30 June 2025
12.4
7.6
31.1
51.1
At 30 June 2024
12.6
8.2
30.6
51.4
\n
Additions to the right-of-use assets during the 2025 \ufb01nancial year were \u00a323.9m (2024: 30.8m).
Lease liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current
22.7
20.5
Non-current
31.1
32.5
Total lease liabilities
53.8
53.0
\n
Movement in Lease Liabilities from \ufb01nancing activities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
payments
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(presented as
\u00a0
\u00a0
Opening
Financing
\u00a0
Interest
operating
Closing
\u00a0
balance
cash \ufb02ows
New leases
expense
cash \ufb02ows)
balance
2024
39.1
(16.7)
30.6
2.9
(2.9)
53.0
2025
53.0
(21.2)
22.0
3.5
(3.5)
53.8
\n
The consolidated income statement shows the following amounts relating to leases for continuing operations:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Depreciation of right-of-use assets:
\u00a0 \u00a0
\u2013 Land and buildings
2.5
2.5
\u2013 Plant and machinery
5.7
4.2
\u2013 Motor vehicles
13.6
10.7
Interest expense (included in \ufb01nance cost)
3.5
2.9
Expense relating to short-term leases (included in cost of sales and administrative expenses)
16.8
13.2
Expense relating to leases of low-value assets that are not shown above as short-term leases
\u00a0 \u00a0
(included in administrative expenses)
1.2
0.7
Total expenses
43.3
34.2
\n
The total cash out\ufb02ow for leases in the year to 30 June 2025 was \u00a324.7m, of which \u00a33.5m was included in net interest expense \u2013 note 6 (2024: \u00a319.6m
and \u00a32.9m respectively).
Maturity of contractual undiscounted future lease payments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Land and
Plant and
Motor
\u00a0
\u00a0
buildings
machinery
vehicles
Total
As at 30 June 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Less than 1 year
3.1
4.6
15.0
22.7
Between 1 and 5 years
8.1
3.6
21.2
32.9
More than 5 years
6.9
0.1
\u2013
7.0
Total
18.1
8.3
36.2
62.6
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Land and
Plant and
Motor
\u00a0
\u00a0
buildings
machinery
vehicles
Total
As at 30 June 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Less than 1 year
3.0
4.1
13.4
20.5
Between 1 and 5 years
8.9
1.8
24.1
34.8
More than 5 years
8.8
\u2013
\u2013
8.8
Total
20.7
5.9
37.5
64.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "Right-of-use assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Land and
Plant and
Motor
\u00a0
\u00a0
buildings
machinery
vehicles
Total
Cost
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 30 June 2024
18.8
13.0
48.5
80.3
At 30 June 2025
19.1
16.0
56.6
91.7
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0
At 30 June 2024
(6.2)
(4.8)
(17.9)
(28.9)
At 30 June 2025
(6.7)
(8.4)
(25.5)
(40.6)
Net book amount
\u00a0 \u00a0 \u00a0 \u00a0
At 30 June 2025
12.4
7.6
31.1
51.1
At 30 June 2024
12.6
8.2
30.6
51.4
\nAdditions to the right-of-use assets during the 2025 \ufb01nancial year were \u00a323.9m (2024: 30.8m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "15 Investments in subsidiaries \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Company
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0
As at 1 July 2024 and 2023
189.2
188.5
Additions
0.5
0.7
At 30 June
189.7
189.2
Aggregate impairment
\u00a0 \u00a0
As at 1 July 2024 and 2023
\u2013
\u2013
At 30 June
\u2013
\u2013
Net book value
\u00a0 \u00a0
At 30 June
189.7
189.2
\n
The carrying value of investments was reviewed and no impairment indicator was identi\ufb01ed.
The subsidiary undertakings that principally affected pro\ufb01ts and net assets of the Group were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Galliford Try Construction Limited
Galliford Try Infrastructure Limited
1
Galliford Try Investments Limited
Galliford Try Facilities Management Limited
Galliford Try Services Limited
Galliford Try Limited
2
\n
1
Incorporated in Scotland.
2
Shares owned directly by the Company.
Unless otherwise stated, each subsidiary has a 30 June year-end, operates as a construction company, is incorporated in England & Wales and 100% of
ordinary shares and voting rights are held by the Group. Galliford Try Services Limited operates as central administration company to the Group.
On 30 November 2023, the Group disposed of 100% of the share capital of Rock & Alluvium Limited for consideration of \u00a33.9m, of which \u00a31.8m was
satis\ufb01ed on completion of the disposal, with the balance settled during the year.
A full list of the Group\u2019s undertakings is set out in note 33.33 Group undertakings
In accordance with section 409 of the Companies Act, the following is a list of all of the Group\u2019s undertakings as at 30 June 2025. Galliford Try Limited is
the only subsidiary undertaking held directly by the Company.
(i) Subsidiary undertakings
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Shareholding
\u00a0 \u00a0
(direct or
Entity name
Registered of\ufb01ce or principal place of business
indirect)
Charles Grip Surfacing Limited
Miller House, Pontefract Road, Normanton, WF6 1RN
100%
Construction Holdco 1 Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Asset Intelligence Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Building 2014 Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
100%
Galliford Try Construction Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Construction & Investments Holdings Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Corporate Holdings Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
100%
Galliford Try Employment Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Estates Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Facilities Management Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try HPS Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Infrastructure Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
100%
Galliford Try Investments Consultancy Services Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Investments Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Investments NEPS Limited
1
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Plant Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Properties Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Construction Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Shareholding
\u00a0 \u00a0
(direct or
Entity name
Registered of\ufb01ce or principal place of business
indirect)
Galliford Try Secretariat Services Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Services Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Digital Infrastructure Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try (Water) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT (Leeds) Lift Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT (Leicester) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT (North Hub) Investments Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
100%
GT (North Tyneside) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Camberwell (Holdings) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Camberwell Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Car Parks Leicester (Holdings) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Car Parks Leicester Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Developments Limited
2
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Inverness Investments Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
100%
GT Telford Holdings
3
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
100%
GT TMGL Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
100%
GTFM (Cavalry) Limited
4
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Ham Baker Engineering Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Kingseat Development 1 Limited
Morrison House, Kingseat Business Park, Kingseat, Newmachar,
100%
\u00a0
Aberdeenshire, AB21 0AZ
\u00a0
Leicester GT Education Company Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Lintott Control Systems Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Lintott Environmental Technologies Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
MCS Control Systems Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
AVRS Systems Limited
Avrs Systems Ltd Lonning End, Ponsonby, Seascale, Cumbria,
100%
\u00a0
England, CA20 1BU
\u00a0
Morrison Construction Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
100%
Morrison Highway Maintenance
3
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Oak Specialist Services Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Regeneco (Services) Limited
3
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Regeneco Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Try Construction Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
\n
1
Dissolved 15 July 2025.
2
Previously GT Guildford Crescent Limited, name changed 10 September 2025.
3
Dissolved 1 July 2025.
4
Dissolved 9 September 2025.
All subsidiary undertakings are incorporated in the UK unless otherwise speci\ufb01ed and are included in the consolidated \ufb01nancial statements
of the Group, as a majority of voting rights are held in each case.
(ii) Joint venture undertakings
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Proportion of
Financial
Entity name
Registered of\ufb01ce or principal place of business
capital held
year-end
Aberdeen Roads (Finance) PLC
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
33%
31-Dec
Aberdeen Roads Holdings Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
33%
31-Dec
Aberdeen Roads Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
33%
31-Dec
ACP: North Hub Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
31-Dec
GBV JV Limited
3 Frayswater Place, Uxbridge, UB8 2AD
50%
30-Jun
GT Equitix Inverness Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
31-Mar
GT Equitix Inverness Holdings Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
31-Mar
Hub South East Scotland Limited
8 Melville Street, Edinburgh, EH3 7NS
50%
31-Mar
Kingseat Development 2 Limited
Morrison House, Kingseat Business Park, Kingseat, Newmachar,
50%
30-Jun
\u00a0
Aberdeenshire AB21 0AZ
\u00a0 \u00a0
Space Scotland Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
83%
1
31-Mar
Urban Vision Partnership Limited
First Floor, 2 Kingdom Street, Paddington, London, W2 6BD
30%
31-Dec
\n
The above entities are all incorporated in the UK and considered to be joint ventures, based on the shareholding agreements in place.
1
Treated as a joint venture as indicated by its joint venture agreement.
(iii) Associated and other signi\ufb01cant undertakings
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Proportion of
\u00a0 \u00a0
capital held by
Entity name
Registered of\ufb01ce or principal place of business
class
Aberdeen Community Health Care Village Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
30%
Alliance Community Partnership Limited
Avondale House Suites 1b-1e, Phoenix Crescent, Strathclyde Business
10%
\u00a0
Park, Bellshill, North Lanarkshire, Scotland, ML4 3NJ
\u00a0
Galliford Try Qatar LLC
PO Box 11726 Doha, State of Qatar (incorporated in Qatar)
49%
Hub North Scotland (Alford) Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
30%
Hub North Scotland (FWT) Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
30%
Hub North Scotland (O&C) Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
30%
Hub North Scotland (O&C) Holdings Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
30%
Hub North Scotland Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
30%
James Gillespie\u2019s Campus Subhub Holdings Limited
8 Melville Street, Edinburgh, EH3 7NS
50%
James Gillespie\u2019s Campus Subhub Limited
8 Melville Street, Edinburgh, EH3 7NS
50%
LBP DBFM Holdco Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
LBP DBFMco Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
Newbattle DBFM HoldCo Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
Newbattle DBFMCo Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
ELCH DBFMCo Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
ELCH DBFM Holdco Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
WCHS DBFMCo Ltd
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
WCHS DBFM Holdco Ltd
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
JICC DBFMCo Ltd
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Proportion of
\u00a0 \u00a0
capital held by
Entity name
Registered of\ufb01ce or principal place of business
class
JICC DBFM Holdco Ltd
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
KHS DBFM HoldCo Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
KHS DBFMCo Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
QHS DBFMCo Ltd
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
QHS DBFM Holdco Ltd
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
REH Phase 1 Subhub Holdings Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
REH Phase 1 Subhub Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
Hub North Scotland (I&F) Holdings Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
30%
Hub North Scotland (I&F) Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
30%
Hub South West Scotland Limited
2 Atlantic Square, 31 York Street, Glasgow, Scotland G2 8AS
6%
Hub SW Cumbernauld DBFMCo Limited
Avondale House Suites 1b-1e, Phoenix Crescent, Strathclyde Business
6%
\u00a0
Park, Bellshill, North Lanarkshire, Scotland, ML4 3NJ
\u00a0
Hub SW Cumbernauld Holdco Limited
Avondale House Suites 1b-1e, Phoenix Crescent, Strathclyde Business
6%
\u00a0
Park, Bellshill, North Lanarkshire, Scotland, ML4 3NJ
\u00a0
\n
The above entities are all incorporated in the UK except Galliford Try Qatar LLC, which is incorporated in Qatar.
Entities listed above with 50% ownership percentage are treated as associates, as indicated by their ownership agreements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "15 Investments in subsidiaries \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Company
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0
As at 1 July 2024 and 2023
189.2
188.5
Additions
0.5
0.7
At 30 June
189.7
189.2
Aggregate impairment
\u00a0 \u00a0
As at 1 July 2024 and 2023
\u2013
\u2013
At 30 June
\u2013
\u2013
Net book value
\u00a0 \u00a0
At 30 June
189.7
189.2
\n
The carrying value of investments was reviewed and no impairment indicator was identi\ufb01ed.
The subsidiary undertakings that principally affected pro\ufb01ts and net assets of the Group were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Galliford Try Construction Limited
Galliford Try Infrastructure Limited
1
Galliford Try Investments Limited
Galliford Try Facilities Management Limited
Galliford Try Services Limited
Galliford Try Limited
2
\n
1
Incorporated in Scotland.
2
Shares owned directly by the Company.
Unless otherwise stated, each subsidiary has a 30 June year-end, operates as a construction company, is incorporated in England & Wales and 100% of
ordinary shares and voting rights are held by the Group. Galliford Try Services Limited operates as central administration company to the Group.
On 30 November 2023, the Group disposed of 100% of the share capital of Rock & Alluvium Limited for consideration of \u00a33.9m, of which \u00a31.8m was
satis\ufb01ed on completion of the disposal, with the balance settled during the year.
A full list of the Group\u2019s undertakings is set out in note 33.(i) Subsidiary undertakings \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Shareholding
\u00a0 \u00a0
(direct or
Entity name
Registered of\ufb01ce or principal place of business
indirect)
Charles Grip Surfacing Limited
Miller House, Pontefract Road, Normanton, WF6 1RN
100%
Construction Holdco 1 Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Asset Intelligence Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Building 2014 Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
100%
Galliford Try Construction Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Construction & Investments Holdings Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Corporate Holdings Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
100%
Galliford Try Employment Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Estates Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Facilities Management Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try HPS Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Infrastructure Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
100%
Galliford Try Investments Consultancy Services Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Investments Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Investments NEPS Limited
1
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Plant Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Properties Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Construction Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Shareholding
\u00a0 \u00a0
(direct or
Entity name
Registered of\ufb01ce or principal place of business
indirect)
Galliford Try Secretariat Services Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Services Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Digital Infrastructure Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try (Water) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT (Leeds) Lift Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT (Leicester) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT (North Hub) Investments Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
100%
GT (North Tyneside) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Camberwell (Holdings) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Camberwell Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Car Parks Leicester (Holdings) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Car Parks Leicester Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Developments Limited
2
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Inverness Investments Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
100%
GT Telford Holdings
3
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
100%
GT TMGL Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
100%
GTFM (Cavalry) Limited
4
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Ham Baker Engineering Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Kingseat Development 1 Limited
Morrison House, Kingseat Business Park, Kingseat, Newmachar,
100%
\u00a0
Aberdeenshire, AB21 0AZ
\u00a0
Leicester GT Education Company Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Lintott Control Systems Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Lintott Environmental Technologies Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
MCS Control Systems Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
AVRS Systems Limited
Avrs Systems Ltd Lonning End, Ponsonby, Seascale, Cumbria,
100%
\u00a0
England, CA20 1BU
\u00a0
Morrison Construction Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
100%
Morrison Highway Maintenance
3
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Oak Specialist Services Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Regeneco (Services) Limited
3
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Regeneco Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Try Construction Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
\n
1
Dissolved 15 July 2025.
2
Previously GT Guildford Crescent Limited, name changed 10 September 2025.
3
Dissolved 1 July 2025.
4
Dissolved 9 September 2025.
All subsidiary undertakings are incorporated in the UK unless otherwise speci\ufb01ed and are included in the consolidated \ufb01nancial statements
of the Group, as a majority of voting rights are held in each case. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "value": "16 PPP and other investments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Group
\u00a3m
\u00a3m
At 1 July
41.8
44.6
Disposals and subordinated loan repayments
(1.3)
(1.3)
Movement in fair value
(1.9)
(1.5)
At 30 June
38.6
41.8
\n
These comprise debt and equity investments in PPP/PFI investments (joint ventures and associates) over which the Group has signi\ufb01cant in\ufb02uence.
Debt investments at fair value through OCI
The debt element of the investments represents over 99% of the total portfolio balance and is held at fair value. The fair value re\ufb02ects a blended
discount rate of 7.9% (2024: 7.6%). A 0.5% increase/reduction in the discount rate would result in a corresponding decrease/increase in the value of the
investments recorded in the balance sheet of approximately \u00a31.3m (2024: \u00a31.5m).
No material \ufb01nancial assets are past their due dates (2024: \u00a3nil), and the directors expect an average maturity pro\ufb01le in excess of 10 years. Further
disclosures relating to \ufb01nancial assets are set out in note 23.
The expected credit loss (ECL) was assessed to be minimal and accordingly no ECL recognised.
During the year, there were no additions (2024: \u00a3nil) to the Group\u2019s PPP/PFI investments and subordinated loans of \u00a31.3m (2024: \u00a31.3m) were repaid.
Of the total fair value movement in the year of \u00a31.9m (2024: \u00a31.5m), all of it relates to the movement in the fair value of the PPP/PFI investments
(2024: \u00a31.5m) and has been recorded through other comprehensive income.
The Group has commitments of \u00a3nil (2024: \u00a3nil) to provide further subordinated debt to its investments.
Equity accounted investments
The Group applies equity accounting to the equity element of its PPP/PFI investments. As the predominant value to the Group is within the debt
element, \u00a3nil (2024: \u00a3nil) has been recognised through equity accounting. The joint ventures and associates have non-pro\ufb01t distribution agreements or
restrictions on timing and quantum of distributions being made.
The material joint ventures (due to their shareholding and/or issuing listed debt) are disclosed within this note. The net assets disclosed in the income
statement and balance sheet extracts below are not recognised as part of the investment in joint ventures. The information disclosed re\ufb02ects the
amounts presented in the \ufb01nancial statements or management accounts of the relevant joint ventures and associates and not the Group\u2019s share of
those amounts.
The Group has an investment in Space Scotland Limited which it considers to be a material joint venture by virtue of the companies it is a shareholder.
Space Scotland Limited holds the Group\u2019s investments in several of the PPP/PFI entities to which this note relates. The individual entities are not
considered to be material to the Group. The income statement and balance sheets for Space Scotland Limited is \u00a3nil (2024: \u00a3nil).
Income statement \u2013 extracts
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Aberdeen Roads (Finance) Plc
Aberdeen Roads Limited
1
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
2
\u2013
\u2013
(2.1)
(1.9)
Depreciation and amortisation
\u2013
\u2013
\u2013
\u2013
Finance income
22.4
23.3
29.0
29.7
Finance expense
(22.4)
(23.3)
(22.4)
(23.3)
Income tax expense
\u2013
\u2013
\u2013
\u2013
Pro\ufb01t (100%)
\u2013
\u2013
\u2013
\u2013
Other comprehensive (expense)/income
(1.2)
(2.1)
\u2013
\u2013
Total comprehensive income (100%)
(1.2)
(2.1)
\u2013
\u2013
Group\u2019s share of pro\ufb01t and total comprehensive income
(0.4)
(0.7)
\u2013
\u2013
Dividends received by the Group during the year
\u2013
\u2013
\u2013
\u2013
Balance sheet \u2013 extracts
\u00a0\u00a0\u00a0\u00a0
Cash and cash equivalents
0.7
0.9
28.7
28.0
Other current assets
\u2013
\u2013
4.8
4.9
Current assets
0.7
0.9
33.5
32.9
Non-current assets
496.2
515.1
505.9
520.2
Current external borrowings \u2013 bank/listed bonds
(19.1)
(19.5)
\u2013
\u2013
Other current liabilities
(3.1)
(3.4)
(43.7)
(39.5)
Current liabilities
(22.2)
(22.9)
(43.7)
(39.5)
Non-current external borrowings \u2013 bank/listed bonds
(430.6)
(445.3)
\u2013
\u2013
Other non-current liabilities
(42.9)
(45.4)
(495.7)
(513.6)
Non-current liabilities
(473.5)
(490.7)
(495.7)
(513.6)
Net assets (100%)
1.2
2.4
\u2013
\u2013
\n
1
Material due to their holdings and/or issuing listed debt.
2
Revenue includes a deduction for the non-pro\ufb01t distribution model (NPD) surplus.
The Group\u2019s share of PPP and other investments\u2019 external bank funding was \u00a3221.1m at 30 June 2025 (2024: \u00a3233.5m). The Group\u2019s share of these
entities\u2019 other external funding consists of \u00a364.1m (2024: \u00a364.1m) of listed bonds. These balances are non-recourse to the Group.
Details of related party transactions with joint ventures and associates are given in note 29. The Group\u2019s shareholding in each joint venture and
associate can be seen in note 33.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "value": "17 Trade and other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Group
\u00a0 \u00a0 \u00a0
2024
\u00a0 \u00a0 \u00a0
Restated
\u00a0 \u00a0
2025
(note 34)
\u00a0
Notes
\u00a3m
\u00a3m
Current assets:
\u00a0 \u00a0 \u00a0
Trade receivables
\u00a0
47.2
43.7
Less: provision for impairment of receivables
\u00a0
(0.4)
(0.4)
Trade receivables \u2013 net
\u00a0
46.8
43.3
Contract assets
21
295.9
290.5
Amounts due from joint ventures and associates
\u00a0
6.9
0.8
Research and development expenditure credits
\u00a0
5.1
5.4
Other receivables
\u00a0
9.9
14.0
Prepayments
\u00a0
24.0
17.2
\u00a0 \u00a0
388.6
371.2
\n
The Company has no trade and other receivables (2024: \u00a3nil).
Retentions will be collected in the normal operating cycle of the Group and are therefore shown as a current asset. It is expected that \u00a347.8m
(2024: \u00a337.5m) will be collected within 12 months from the balance sheet date.
The Group has no signi\ufb01cant capitalised contract costs.
There have been no movements in the Group\u2019s provision for impairment of trade receivables.
Provisions for impaired receivables have been included in administrative expenses in the income statement. Amounts charged to the impairment
provision are generally written off when there is no expectation of recovering additional cash.
The other classes within trade and other receivables do not contain impaired assets.
The maximum exposure to credit risk at the reporting date is the book value of each class of receivable mentioned above, along with the Group\u2019s cash
and cash equivalents. The Group does not hold any collateral as security.
Management believes that the concentration of credit risk with respect to trade receivables is limited, due to the Group\u2019s customer base being large,
unrelated and predominantly within the public and regulated sectors.
As of 30 June 2025, trade receivables of \u00a312.2m (2024: \u00a314.5m) were past due but not impaired. These relate to a number of independent customers
for whom there is no recent history of default and there are no indications that they will not meet their payment obligations in respect of the trade
receivables recognised in the balance sheet that are past due and unprovided. The ageing analysis of these trade receivables is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Number of days past due date
\u00a0 \u00a0
Less than 30 days
5.1
9.3
Between 30 and 60 days
3.7
0.7
Between 60 and 90 days
0.7
0.1
Between 90 and 120 days
0.7
1.1
Greater than 120 days
2.0
3.3
\u00a0
12.2
14.5
\n
As of 30 June 2025, trade receivables were considered for impairment based on management\u2019s judgement and review of the trade receivables listings.
The amount provided for these balances was \u00a30.4m (2024: \u00a30.4m). The allocation of the provision is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Number of days past due date:
\u00a0 \u00a0
Greater than 120 days
0.4
0.4
\u00a0
0.4
0.4
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "17 Trade and other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Group
\u00a0 \u00a0 \u00a0
2024
\u00a0 \u00a0 \u00a0
Restated
\u00a0 \u00a0
2025
(note 34)
\u00a0
Notes
\u00a3m
\u00a3m
Current assets:
\u00a0 \u00a0 \u00a0
Trade receivables
\u00a0
47.2
43.7
Less: provision for impairment of receivables
\u00a0
(0.4)
(0.4)
Trade receivables \u2013 net
\u00a0
46.8
43.3
Contract assets
21
295.9
290.5
Amounts due from joint ventures and associates
\u00a0
6.9
0.8
Research and development expenditure credits
\u00a0
5.1
5.4
Other receivables
\u00a0
9.9
14.0
Prepayments
\u00a0
24.0
17.2
\u00a0 \u00a0
388.6
371.2
\n
The Company has no trade and other receivables (2024: \u00a3nil).
Retentions will be collected in the normal operating cycle of the Group and are therefore shown as a current asset. It is expected that \u00a347.8m
(2024: \u00a337.5m) will be collected within 12 months from the balance sheet date.
The Group has no signi\ufb01cant capitalised contract costs.
There have been no movements in the Group\u2019s provision for impairment of trade receivables.
Provisions for impaired receivables have been included in administrative expenses in the income statement. Amounts charged to the impairment
provision are generally written off when there is no expectation of recovering additional cash.
The other classes within trade and other receivables do not contain impaired assets.
The maximum exposure to credit risk at the reporting date is the book value of each class of receivable mentioned above, along with the Group\u2019s cash
and cash equivalents. The Group does not hold any collateral as security.
Management believes that the concentration of credit risk with respect to trade receivables is limited, due to the Group\u2019s customer base being large,
unrelated and predominantly within the public and regulated sectors.
As of 30 June 2025, trade receivables of \u00a312.2m (2024: \u00a314.5m) were past due but not impaired.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "value": "17 Trade and other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Group
\u00a0 \u00a0 \u00a0
2024
\u00a0 \u00a0 \u00a0
Restated
\u00a0 \u00a0
2025
(note 34)
\u00a0
Notes
\u00a3m
\u00a3m
Current assets:
\u00a0 \u00a0 \u00a0
Trade receivables
\u00a0
47.2
43.7
Less: provision for impairment of receivables
\u00a0
(0.4)
(0.4)
Trade receivables \u2013 net
\u00a0
46.8
43.3
Contract assets
21
295.9
290.5
Amounts due from joint ventures and associates
\u00a0
6.9
0.8
Research and development expenditure credits
\u00a0
5.1
5.4
Other receivables
\u00a0
9.9
14.0
Prepayments
\u00a0
24.0
17.2
\u00a0 \u00a0
388.6
371.2
\n
The Company has no trade and other receivables (2024: \u00a3nil).
Retentions will be collected in the normal operating cycle of the Group and are therefore shown as a current asset. It is expected that \u00a347.8m
(2024: \u00a337.5m) will be collected within 12 months from the balance sheet date.
The Group has no signi\ufb01cant capitalised contract costs.
There have been no movements in the Group\u2019s provision for impairment of trade receivables.
Provisions for impaired receivables have been included in administrative expenses in the income statement. Amounts charged to the impairment
provision are generally written off when there is no expectation of recovering additional cash.
The other classes within trade and other receivables do not contain impaired assets.
The maximum exposure to credit risk at the reporting date is the book value of each class of receivable mentioned above, along with the Group\u2019s cash
and cash equivalents. The Group does not hold any collateral as security.
Management believes that the concentration of credit risk with respect to trade receivables is limited, due to the Group\u2019s customer base being large,
unrelated and predominantly within the public and regulated sectors.
As of 30 June 2025, trade receivables of \u00a312.2m (2024: \u00a314.5m) were past due but not impaired. These relate to a number of independent customers
for whom there is no recent history of default and there are no indications that they will not meet their payment obligations in respect of the trade
receivables recognised in the balance sheet that are past due and unprovided. The ageing analysis of these trade receivables is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Number of days past due date
\u00a0 \u00a0
Less than 30 days
5.1
9.3
Between 30 and 60 days
3.7
0.7
Between 60 and 90 days
0.7
0.1
Between 90 and 120 days
0.7
1.1
Greater than 120 days
2.0
3.3
\u00a0
12.2
14.5
\n
As of 30 June 2025, trade receivables were considered for impairment based on management\u2019s judgement and review of the trade receivables listings.
The amount provided for these balances was \u00a30.4m (2024: \u00a30.4m). The allocation of the provision is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Number of days past due date:
\u00a0 \u00a0
Greater than 120 days
0.4
0.4
\u00a0
0.4
0.4
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": { "value": "17 Trade and other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Group
\u00a0 \u00a0 \u00a0
2024
\u00a0 \u00a0 \u00a0
Restated
\u00a0 \u00a0
2025
(note 34)
\u00a0
Notes
\u00a3m
\u00a3m
Current assets:
\u00a0 \u00a0 \u00a0
Trade receivables
\u00a0
47.2
43.7
Less: provision for impairment of receivables
\u00a0
(0.4)
(0.4)
Trade receivables \u2013 net
\u00a0
46.8
43.3
Contract assets
21
295.9
290.5
Amounts due from joint ventures and associates
\u00a0
6.9
0.8
Research and development expenditure credits
\u00a0
5.1
5.4
Other receivables
\u00a0
9.9
14.0
Prepayments
\u00a0
24.0
17.2
\u00a0 \u00a0
388.6
371.2
\n
The Company has no trade and other receivables (2024: \u00a3nil).
Retentions will be collected in the normal operating cycle of the Group and are therefore shown as a current asset. It is expected that \u00a347.8m
(2024: \u00a337.5m) will be collected within 12 months from the balance sheet date.
The Group has no signi\ufb01cant capitalised contract costs.
There have been no movements in the Group\u2019s provision for impairment of trade receivables.
Provisions for impaired receivables have been included in administrative expenses in the income statement. Amounts charged to the impairment
provision are generally written off when there is no expectation of recovering additional cash.
The other classes within trade and other receivables do not contain impaired assets.
The maximum exposure to credit risk at the reporting date is the book value of each class of receivable mentioned above, along with the Group\u2019s cash
and cash equivalents. The Group does not hold any collateral as security.
Management believes that the concentration of credit risk with respect to trade receivables is limited, due to the Group\u2019s customer base being large,
unrelated and predominantly within the public and regulated sectors.
As of 30 June 2025, trade receivables of \u00a312.2m (2024: \u00a314.5m) were past due but not impaired. These relate to a number of independent customers
for whom there is no recent history of default and there are no indications that they will not meet their payment obligations in respect of the trade
receivables recognised in the balance sheet that are past due and unprovided. The ageing analysis of these trade receivables is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Number of days past due date
\u00a0 \u00a0
Less than 30 days
5.1
9.3
Between 30 and 60 days
3.7
0.7
Between 60 and 90 days
0.7
0.1
Between 90 and 120 days
0.7
1.1
Greater than 120 days
2.0
3.3
\u00a0
12.2
14.5
\n
As of 30 June 2025, trade receivables were considered for impairment based on management\u2019s judgement and review of the trade receivables listings.
The amount provided for these balances was \u00a30.4m (2024: \u00a30.4m). The allocation of the provision is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Number of days past due date:
\u00a0 \u00a0
Greater than 120 days
0.4
0.4
\u00a0
0.4
0.4
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "There have been no movements in the Group\u2019s provision for impairment of trade receivables.
Provisions for impaired receivables have been included in administrative expenses in the income statement. Amounts charged to the impairment
provision are generally written off when there is no expectation of recovering additional cash.
The other classes within trade and other receivables do not contain impaired assets.
The maximum exposure to credit risk at the reporting date is the book value of each class of receivable mentioned above, along with the Group\u2019s cash
and cash equivalents. The Group does not hold any collateral as security.
Management believes that the concentration of credit risk with respect to trade receivables is limited, due to the Group\u2019s customer base being large,
unrelated and predominantly within the public and regulated sectors.
As of 30 June 2025, trade receivables of \u00a312.2m (2024: \u00a314.5m) were past due but not impaired. These relate to a number of independent customers
for whom there is no recent history of default and there are no indications that they will not meet their payment obligations in respect of the trade
receivables recognised in the balance sheet that are past due and unprovided. The ageing analysis of these trade receivables is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Number of days past due date
\u00a0 \u00a0
Less than 30 days
5.1
9.3
Between 30 and 60 days
3.7
0.7
Between 60 and 90 days
0.7
0.1
Between 90 and 120 days
0.7
1.1
Greater than 120 days
2.0
3.3
\u00a0
12.2
14.5
\n
As of 30 June 2025, trade receivables were considered for impairment based on management\u2019s judgement and review of the trade receivables listings.
The amount provided for these balances was \u00a30.4m (2024: \u00a30.4m). The allocation of the provision is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Number of days past due date:
\u00a0 \u00a0
Greater than 120 days
0.4
0.4
\u00a0
0.4
0.4
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "18 Cash and cash equivalents \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash at bank and in hand and per the statement of cash \ufb02ows
237.6
227.0
113.5
110.0
\n
Cash at bank above includes \u00a323.0m (2024: \u00a321.7m), being the Group\u2019s share of cash held by jointly controlled operations. The Group has no bank
borrowings or loans.
Net cash excludes IFRS 16 lease liabilities (note 14).
Cash and cash equivalents and bank overdrafts are presented on a net (offset) basis. In 2016, the IFRS Interpretations Committee released an update
in respect of IAS 32 \u2018Financial instruments: presentation\u2019 speci\ufb01cally in relation to offsetting and cash pooling. This clari\ufb01ed that in order to offset bank
account balances, an entity must have both a legally enforceable right and an intention to do so. The Group\u2019s bank arrangements and facilities with both
HSBC Bank plc and Barclays Bank plc provide the legally enforceable right to offset and the Group demonstrated its intention to offset by formally
sweeping the balances within each bank. Consequently, the balances have been offset in the \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "19 Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Group
\u00a0 \u00a0 \u00a0
2024
\u00a0 \u00a0 \u00a0
Restated
\u00a0 \u00a0
2025
(note 34)
\u00a0
Notes
\u00a3m
\u00a3m
Trade payables
\u00a0
124.9
107.6
Contract liabilities
21
124.7
131.3
Other taxation and social security payable
\u00a0
48.1
70.4
Other payables
\u00a0
2.8
2.4
Accruals
\u00a0
308.6
309.6
\u00a0 \u00a0
609.1
621.3
\n
The Company has no trade and other payables (2024: none).
All payables are unsecured. Retentions will be paid in the normal operating cycle of the Group and are therefore shown as a current liability.
The amounts disclosed in the table are the contractual undiscounted cash \ufb02ows. Balances due within 12 months equal their carrying balances as the
impact of discounting is not signi\ufb01cant", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "19 Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Group
\u00a0 \u00a0 \u00a0
2024
\u00a0 \u00a0 \u00a0
Restated
\u00a0 \u00a0
2025
(note 34)
\u00a0
Notes
\u00a3m
\u00a3m
Trade payables
\u00a0
124.9
107.6
Contract liabilities
21
124.7
131.3
Other taxation and social security payable
\u00a0
48.1
70.4
Other payables
\u00a0
2.8
2.4
Accruals
\u00a0
308.6
309.6
\u00a0 \u00a0
609.1
621.3
\n
The Company has no trade and other payables (2024: none).
All payables are unsecured. Retentions will be paid in the normal operating cycle of the Group and are therefore shown as a current liability.
The amounts disclosed in the table are the contractual undiscounted cash \ufb02ows. Balances due within 12 months equal their carrying balances as the
impact of discounting is not signi\ufb01cant.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "value": "19 Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Group
\u00a0 \u00a0 \u00a0
2024
\u00a0 \u00a0 \u00a0
Restated
\u00a0 \u00a0
2025
(note 34)
\u00a0
Notes
\u00a3m
\u00a3m
Trade payables
\u00a0
124.9
107.6
Contract liabilities
21
124.7
131.3
Other taxation and social security payable
\u00a0
48.1
70.4
Other payables
\u00a0
2.8
2.4
Accruals
\u00a0
308.6
309.6
\u00a0 \u00a0
609.1
621.3
\n
The Company has no trade and other payables (2024: none).
All payables are unsecured. Retentions will be paid in the normal operating cycle of the Group and are therefore shown as a current liability.
The amounts disclosed in the table are the contractual undiscounted cash \ufb02ows. Balances due within 12 months equal their carrying balances as the
impact of discounting is not signi\ufb01cant.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "19 Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Group
\u00a0 \u00a0 \u00a0
2024
\u00a0 \u00a0 \u00a0
Restated
\u00a0 \u00a0
2025
(note 34)
\u00a0
Notes
\u00a3m
\u00a3m
Trade payables
\u00a0
124.9
107.6
Contract liabilities
21
124.7
131.3
Other taxation and social security payable
\u00a0
48.1
70.4
Other payables
\u00a0
2.8
2.4
Accruals
\u00a0
308.6
309.6
\u00a0 \u00a0
609.1
621.3
\n
The Company has no trade and other payables (2024: none).
All payables are unsecured. Retentions will be paid in the normal operating cycle of the Group and are therefore shown as a current liability.
The amounts disclosed in the table are the contractual undiscounted cash \ufb02ows. Balances due within 12 months equal their carrying balances as the
impact of discounting is not signi\ufb01cant.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "value": "20
Provisions for other liabilities and charges
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Onerous
\u00a0
Total
Group
contracts
Recti\ufb01cation
\u00a3m
At 30 June 2023
(2.0)
(27.9)
(29.9)
Balance sheet reclassi\ufb01cation
1
(0.5)
(4.5)
(5.0)
Utilised
1.6
3.6
5.2
Released
\u2013
2.3
2.3
Additions
(0.6)
(8.2)
(8.8)
At 30 June 2024
(1.5)
(34.7)
(36.2)
Utilised
0.5
11.4
11.9
Released
\u2013
1.3
1.3
Additions
\u2013
(25.6)
(25.6)
At 30 June 2025
(1.0)
(47.6)
(48.6)
\n
1
Correction of immaterial balance sheet classi\ufb01cations in the previous year.
Onerous contract provisions are made on loss-making contracts the Group is obliged to complete.
Recti\ufb01cation provisions are made for potential claims and defects for remedial works against work completed by the Group, and include provisions for
dilapidations on premises the Group occupies.
As at 30 June 2025 \u00a313.1m (2024: \u00a314.6m) of provision related to one contract. Further details are provided in the critical accounting estimates and
judgements. The remaining balance of the provision relates to a number of immaterial balances. Due to the level of uncertainty, combination of cost
and income variables and timing across the remaining portfolio of contracts, it is impracticable to provide a quantitative analysis of the aggregated
judgements that are applied at a portfolio level and therefore management has not given a range of expected outcomes.
Due to the nature of the provisions, the timing of any potential future out\ufb02ows is uncertain, however they are expected to be utilised within the Group\u2019s
normal operating cycle, and accordingly are classi\ufb01ed as current liabilities. Of the total provisions, \u00a336.0m (2024: \u00a324.6m) is likely to be utilised within
12 months, with the remainder utilised in more than 12 months. The impact of discounting is not material.
The Group regularly engages in contracts with general or defect warranty recti\ufb01cation requirements, typically less than 3 years. Within the pool of
open warranty period contracts, the Group built, as part of a joint operation with two other partners, a single infrastructure scheme under a contract
that included various defect warranty obligations, with the longest obligation lasting up to 12 years.
At 30 June 2025, there remained 6 years (2024: 7 years) of the longest warranty liability period remaining. This is the only contract the Group has that
has a general defect warranty period of this length. The contractual nature of the defect warranty liability and the completion of the scheme are the
obligating events and the Group, as part of the joint operation, has remediated items since completion and has other known issues ongoing that will
likely result in future cash out\ufb02ows, though the timing and quantum remain uncertain.
The Group also believes that there will be further unknown but probable cash out\ufb02ows relating to as yet unknown items as scheduled inspections
of various structural elements of the scheme are completed that have a potentially material range of outcomes. The Group has provided \u00a313.1m
(2024: \u00a314.6m) against future defect costs and this represents management\u2019s best estimate of potential future payments associated with the warranty
recti\ufb01cation responsibilities. The provision requires a limited number of signi\ufb01cant estimates and assumptions by management, with a signi\ufb01cant level
of estimation risk as a result arising from the level of defects and associated cost that may arise.
Management estimates the reasonable range of estimates to be between \u00a37.3m and \u00a319.2m at 30 June 2025 (2024: between \u00a37.3m and \u00a317.5m).
During the year \u00a30.1m and \u00a31.3m (2024: \u00a30.1m and \u00a32.3m) of the opening provision of \u00a314.6m (2024: \u00a316.9m) was utilised and released respectively,
with additions of \u00a3nil (2024: \u00a30.1m) made in the year. Management has sought input from external experienced industry \ufb01gures and industry bodies to
support the provision it has made.
The Company does not hold any provisions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00323": { "value": "20
Provisions for other liabilities and charges
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Onerous
\u00a0
Total
Group
contracts
Recti\ufb01cation
\u00a3m
At 30 June 2023
(2.0)
(27.9)
(29.9)
Balance sheet reclassi\ufb01cation
1
(0.5)
(4.5)
(5.0)
Utilised
1.6
3.6
5.2
Released
\u2013
2.3
2.3
Additions
(0.6)
(8.2)
(8.8)
At 30 June 2024
(1.5)
(34.7)
(36.2)
Utilised
0.5
11.4
11.9
Released
\u2013
1.3
1.3
Additions
\u2013
(25.6)
(25.6)
At 30 June 2025
(1.0)
(47.6)
(48.6)
\n
1
Correction of immaterial balance sheet classi\ufb01cations in the previous year.
Onerous contract provisions are made on loss-making contracts the Group is obliged to complete.
Recti\ufb01cation provisions are made for potential claims and defects for remedial works against work completed by the Group, and include provisions for
dilapidations on premises the Group occupies.
As at 30 June 2025 \u00a313.1m (2024: \u00a314.6m) of provision related to one contract. Further details are provided in the critical accounting estimates and
judgements. The remaining balance of the provision relates to a number of immaterial balances. Due to the level of uncertainty, combination of cost
and income variables and timing across the remaining portfolio of contracts, it is impracticable to provide a quantitative analysis of the aggregated
judgements that are applied at a portfolio level and therefore management has not given a range of expected outcomes.
Due to the nature of the provisions, the timing of any potential future out\ufb02ows is uncertain, however they are expected to be utilised within the Group\u2019s
normal operating cycle, and accordingly are classi\ufb01ed as current liabilities. Of the total provisions, \u00a336.0m (2024: \u00a324.6m) is likely to be utilised within
12 months, with the remainder utilised in more than 12 months. The impact of discounting is not material.
The Group regularly engages in contracts with general or defect warranty recti\ufb01cation requirements, typically less than 3 years. Within the pool of
open warranty period contracts, the Group built, as part of a joint operation with two other partners, a single infrastructure scheme under a contract
that included various defect warranty obligations, with the longest obligation lasting up to 12 years.
At 30 June 2025, there remained 6 years (2024: 7 years) of the longest warranty liability period remaining. This is the only contract the Group has that
has a general defect warranty period of this length. The contractual nature of the defect warranty liability and the completion of the scheme are the
obligating events and the Group, as part of the joint operation, has remediated items since completion and has other known issues ongoing that will
likely result in future cash out\ufb02ows, though the timing and quantum remain uncertain.
The Group also believes that there will be further unknown but probable cash out\ufb02ows relating to as yet unknown items as scheduled inspections
of various structural elements of the scheme are completed that have a potentially material range of outcomes. The Group has provided \u00a313.1m
(2024: \u00a314.6m) against future defect costs and this represents management\u2019s best estimate of potential future payments associated with the warranty
recti\ufb01cation responsibilities. The provision requires a limited number of signi\ufb01cant estimates and assumptions by management, with a signi\ufb01cant level
of estimation risk as a result arising from the level of defects and associated cost that may arise.
Management estimates the reasonable range of estimates to be between \u00a37.3m and \u00a319.2m at 30 June 2025 (2024: between \u00a37.3m and \u00a317.5m).
During the year \u00a30.1m and \u00a31.3m (2024: \u00a30.1m and \u00a32.3m) of the opening provision of \u00a314.6m (2024: \u00a316.9m) was utilised and released respectively,
with additions of \u00a3nil (2024: \u00a30.1m) made in the year. Management has sought input from external experienced industry \ufb01gures and industry bodies to
support the provision it has made.
The Company does not hold any provisions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "21 Contract balances
Contract assets and liabilities are included within \u2018trade and other receivables\u2019 and \u2018trade and other payables\u2019 respectively on the face of the
balance sheet. Where there is a corresponding contract asset and liability in relation to the same contract, the balance shown is the net position.
The timing of work performed (and thus revenue recognised), billing pro\ufb01les and cash collection results in trade receivables (amounts billed to date
and unpaid), contract assets (unbilled amounts where revenue has been recognised) and contract liabilities (customer advances and deposits where
no corresponding work has yet to be performed), being recognised on the Group\u2019s balance sheet.
The reconciliation of the Group opening to closing contract balances is shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0 \u00a0
Contract
Contract
\u00a0 \u00a0 \u00a0
asset
liability
\u00a0
Contract
Contract
restated
restated
\u00a0
asset
liability
(note 34)
(note 34)
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 July
290.5
(131.3)
204.9
(106.6)
Revenue recognised in the year
1,819.5
55.7
1,715.9
47.8
Net cash received in advance of performance obligations being fully satis\ufb01ed
\u2013
(49.1)
\u2013
(72.5)
Transfers in the year from contract assets to trade receivables
(1,814.1)
\u2013
(1,630.3)
\u2013
30 June
295.9
(124.7)
290.5
(131.3)
\n
Revenue allocated to performance obligations that are unsatis\ufb01ed at 30 June, is expected to be recognised as disclosed in note 3.
The Company has no contract balances (2024: none).
The amount of revenue recognised in the year from performance obligations satis\ufb01ed in previous periods amounts to \u00a34.0m (2024: \u00a34.7m).", "dimensions": { "concept": "gfrd:DisclosureOfContractBalancesTextBlock", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00325": { "value": "22 Deferred income tax
Deferred income tax is calculated in full on temporary differences under the liability method and is measured at the average tax rates that are expected
to apply in the periods in which the timing differences are expected to reverse.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income
tax liabilities. The net deferred tax position at 30 June was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0 \u00a0
2024
\u00a0 \u00a0
Restated
\u00a0
2025
(note 34)
\u00a0
\u00a3m
\u00a3m
Deferred income tax assets
11.6
18.5
Deferred income tax liabilities
(0.6)
(0.6)
Net deferred income tax
11.0
17.9
\n
The movement for the year in the net deferred income tax account is as shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0 \u00a0
2024
\u00a0 \u00a0
Restated
\u00a0
2025
(note 34)
\u00a0
\u00a3m
\u00a3m
At 1 July
17.9
15.5
Current year\u2019s deferred income tax \u2013 expense taken to income statement
(6.2)
(3.2)
Current year\u2019s deferred income tax \u2013 credit/(expense) taken to equity
1.2
(0.7)
Adjustment in respect of prior years
0.4
4.5
Transfer (to)/from current tax assets
(2.3)
1.4
Acquisition of subsidiaries
\u2013
(0.2)
Disposal of subsidiaries
\u2013
0.6
At 30 June
11.0
17.9
\n
All remaining material tax losses have now been recognised. The Group previously disclosed that it had not recognised \u00a353.0m of trading losses due to
them being subject to agreement with HMRC. During the year to 30 June 2024 HMRC con\ufb01rmed the quantum of the trading losses available and that
they could be utilised against historical trading pro\ufb01ts, resulting in a cash refund of \u00a39.6m and associated interest of \u00a30.8m. This was recorded as an
income tax receivable at 30 June 2024 and disclosed as exceptional as explained in note 4.
Movements in deferred income tax assets and liabilities during the year are shown below:
The Company has a deferred tax asset of \u00a30.7m relating to timing differences on share based payments (2024: \u00a30.4m).
Deferred income tax assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Tax
\u00a0 \u00a0
\u00a0 \u00a0
losses
\u00a0
Total
\u00a0
Share-based
restated
\u00a0
restated
\u00a0
payments
(note 34)
Other
1
(note 34)
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 July 2023
0.3
13.2
3.1
16.6
Expense taken to income statement
(0.3)
(2.5)
(0.5)
(3.3)
Credit in respect of prior years taken to income statement
0.8
2.7
\u2013
3.5
Expense taken to equity
(0.7)
\u2013
\u2013
(0.7)
Net transfer from current tax income tax asset
\u2013
1.4
\u2013
1.4
Credit in respect of prior years taken to equity
1.0
\u2013
\u2013
1.0
At 30 June 2024 \u2013 restated
1.1
14.8
2.6
18.5
Credit/(expense) taken to income statement
0.1
(5.9)
(0.4)
(6.2)
Credit/(expense) in respect of prior years taken to income statement
\u2013
0.5
(0.2)
0.3
Net transfer (from)/to current tax income tax asset
\u2013
(2.3)
0.1
(2.2)
Credit in respect of prior years taken to equity
1.2
\u2013
\u2013
1.2
At 30 June 2025
2.4
7.1
2.1
11.6
\n
1
Deferred tax assets included in the \u2018Other\u2019 category relate predominantly to future income tax deductions available from IFRS transition adjustments in respect of
IFRS 15 and IFRS 9 which are expected to be utilised over the next 3 years in line with the requirements of tax legislation.
The Company has a deferred tax asset of \u00a30.7m (2024: \u00a30.4m) relating to share based payments.
Deferred income tax liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Accelerated
Intangible
\u00a0
\u00a0
tax
assets
\u00a0
\u00a0
depreciation
acquired
Total
Group
\u00a3m
\u00a3m
\u00a3m
At 30 June 2023
(0.4)
(0.7)
(1.1)
(Expense)/credit taken to income statement
(0.1)
0.2
0.1
(Expense)/credit in respect of prior years
(0.1)
0.1
\u2013
Acquisition of subsidiary
\u2013
(0.2)
(0.2)
Disposal of subsidiary
0.6
\u2013
0.6
At 30 June 2024
\u2013
(0.6)
(0.6)
At 30 June 2025
\u2013
(0.6)
(0.6)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00326": { "value": "22 Deferred income tax
Deferred income tax is calculated in full on temporary differences under the liability method and is measured at the average tax rates that are expected
to apply in the periods in which the timing differences are expected to reverse.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income
tax liabilities. The net deferred tax position at 30 June was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0 \u00a0
2024
\u00a0 \u00a0
Restated
\u00a0
2025
(note 34)
\u00a0
\u00a3m
\u00a3m
Deferred income tax assets
11.6
18.5
Deferred income tax liabilities
(0.6)
(0.6)
Net deferred income tax
11.0
17.9
\n
The movement for the year in the net deferred income tax account is as shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0 \u00a0
2024
\u00a0 \u00a0
Restated
\u00a0
2025
(note 34)
\u00a0
\u00a3m
\u00a3m
At 1 July
17.9
15.5
Current year\u2019s deferred income tax \u2013 expense taken to income statement
(6.2)
(3.2)
Current year\u2019s deferred income tax \u2013 credit/(expense) taken to equity
1.2
(0.7)
Adjustment in respect of prior years
0.4
4.5
Transfer (to)/from current tax assets
(2.3)
1.4
Acquisition of subsidiaries
\u2013
(0.2)
Disposal of subsidiaries
\u2013
0.6
At 30 June
11.0
17.9
\n
All remaining material tax losses have now been recognised. The Group previously disclosed that it had not recognised \u00a353.0m of trading losses due to
them being subject to agreement with HMRC. During the year to 30 June 2024 HMRC con\ufb01rmed the quantum of the trading losses available and that
they could be utilised against historical trading pro\ufb01ts, resulting in a cash refund of \u00a39.6m and associated interest of \u00a30.8m. This was recorded as an
income tax receivable at 30 June 2024 and disclosed as exceptional as explained in note 4.
Movements in deferred income tax assets and liabilities during the year are shown below:
The Company has a deferred tax asset of \u00a30.7m relating to timing differences on share based payments (2024: \u00a30.4m).
Deferred income tax assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Tax
\u00a0 \u00a0
\u00a0 \u00a0
losses
\u00a0
Total
\u00a0
Share-based
restated
\u00a0
restated
\u00a0
payments
(note 34)
Other
1
(note 34)
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 July 2023
0.3
13.2
3.1
16.6
Expense taken to income statement
(0.3)
(2.5)
(0.5)
(3.3)
Credit in respect of prior years taken to income statement
0.8
2.7
\u2013
3.5
Expense taken to equity
(0.7)
\u2013
\u2013
(0.7)
Net transfer from current tax income tax asset
\u2013
1.4
\u2013
1.4
Credit in respect of prior years taken to equity
1.0
\u2013
\u2013
1.0
At 30 June 2024 \u2013 restated
1.1
14.8
2.6
18.5
Credit/(expense) taken to income statement
0.1
(5.9)
(0.4)
(6.2)
Credit/(expense) in respect of prior years taken to income statement
\u2013
0.5
(0.2)
0.3
Net transfer (from)/to current tax income tax asset
\u2013
(2.3)
0.1
(2.2)
Credit in respect of prior years taken to equity
1.2
\u2013
\u2013
1.2
At 30 June 2025
2.4
7.1
2.1
11.6
\n
1
Deferred tax assets included in the \u2018Other\u2019 category relate predominantly to future income tax deductions available from IFRS transition adjustments in respect of
IFRS 15 and IFRS 9 which are expected to be utilised over the next 3 years in line with the requirements of tax legislation.
The Company has a deferred tax asset of \u00a30.7m (2024: \u00a30.4m) relating to share based payments.
Deferred income tax liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Accelerated
Intangible
\u00a0
\u00a0
tax
assets
\u00a0
\u00a0
depreciation
acquired
Total
Group
\u00a3m
\u00a3m
\u00a3m
At 30 June 2023
(0.4)
(0.7)
(1.1)
(Expense)/credit taken to income statement
(0.1)
0.2
0.1
(Expense)/credit in respect of prior years
(0.1)
0.1
\u2013
Acquisition of subsidiary
\u2013
(0.2)
(0.2)
Disposal of subsidiary
0.6
\u2013
0.6
At 30 June 2024
\u2013
(0.6)
(0.6)
At 30 June 2025
\u2013
(0.6)
(0.6)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "23 Financial instruments
The Group\u2019s activities expose it to a variety of \ufb01nancial risks: market risk (including foreign exchange risk, price risk and interest rate risk), credit
risk and liquidity risk. The Group\u2019s overall risk management programme focuses on the unpredictability of \ufb01nancial markets and seeks to minimise
potential adverse effects on the Group\u2019s \ufb01nancial performance. Financial assets and liabilities are offset and the net amount reported when there is
a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability
simultaneously.
The Group and Company operate within \ufb01nancial risk policies and procedures approved by the Board. It is, and has been throughout the year, the
Group\u2019s policy that no trading in \ufb01nancial instruments shall be undertaken. The Board provides written principles for overall risk management,
as well as written policies covering speci\ufb01c areas such as foreign exchange risk, interest rate risk, credit risk, use of derivative \ufb01nancial instruments
and non-derivative \ufb01nancial instruments, and investment of excess liquidity. The Group\u2019s \ufb01nancial instruments principally comprise cash and cash
equivalents, borrowings, receivables, payables and PPP and other investments that arise directly from its operations and its acquisitions. The
Company\u2019s \ufb01nancial instruments comprise of cash and cash equivalents.
Capital risk management
The Group is funded by ordinary shares, retained pro\ufb01ts and its strong net cash position (refer to note 18, 24 and 26). The Group\u2019s and Company\u2019s
objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, in order to provide returns for shareholders and
bene\ufb01ts for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. During the year to 30 June 2025, the Group
enhanced its capital structure by securing a \u00a325 million Revolving Credit Facility (RCF) as further explained below. The facility provides \ufb02exibility to
support the Group\u2019s growth objectives while maintaining suf\ufb01cient liquidity and \ufb01nancial discipline.
Financial risk factors
(a) Market risk
(i) Foreign exchange risk
All material activities of the Group take place within the UK and consequently there is little direct exchange risk, other than payments to overseas
suppliers who require settlement in their currency. If there is any material foreign exchange exposure, the Group\u2019s policy is to enter into forward
foreign currency contracts. The Group and Company have no material currency exposure at 30 June 2025 (2024: nil).
(ii) Price risk
Other than a residual interest in equity securities, the Group and Company are not exposed to equity or commodity price risk.
(iii) Interest rate risk
The Group\u2019s income and operating cash \ufb02ows are substantially independent of changes in market interest rates.
The Group\u2019s interest rate risk arises from movement in cash and cash equivalents as well as interest on any borrowings which can affect net \ufb01nance
income and cash\ufb02ow. As noted below, the Group entered into a \u00a325m RCF during the year with a three year term. Amounts drawn under the facility
bear interest at a \ufb02oating rate based on the Sterling Overnight Index Average (SONIA) plus a \ufb01xed margin. As at 30 June 2025, the Group had not
drawn any amount under the facility and therefore had no exposure to variable interest rates on borrowing at the reporting date.
(b) Credit risk
Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents, deposits and borrowings with banks and \ufb01nancial institutions,
as well as credit exposures to customers, including outstanding receivables and committed transactions. The Group does not hold any debt facilities.
Further details of credit risk relating to trade and other receivables are disclosed in note 17. No credit limits were exceeded during the reporting period,
and management does not expect any material losses from non-performance of any counterparties, including in respect of receivables not yet due.
The Group\u2019s maximum exposure to credit risk at the end of the reporting period is the carrying amount (book value) of each class of \ufb01nancial asset set
out on the following page.
(c) Liquidity risk
Prudent liquidity risk management implies maintaining suf\ufb01cient cash and marketable securities as well as appropriate level of undrawn committed
facilities. The Group \ufb01nances its operations through its cash reserves and ongoing retained pro\ufb01ts. During the year to 30 June 2025, the Group entered
into a \u00a325 million Revolving Credit Facility (RCF) with a syndicate of three banks. The facility provides greater agility and resilience, which alongside an
already strong balance sheet, provides an excellent platform to take advantage of future growth opportunities. Management monitors rolling forecasts
of the Group\u2019s liquidity reserve on the basis of expected cash \ufb02ow. This is generally carried out at local level in the operating companies of the Group,
in accordance with practices and limits set by the Group. On a daily basis throughout the year, the bank balances or gross overdrafts in all the Group\u2019s
operating companies are aggregated into a total cash \ufb01gure, in order that the Group can obtain the most advantageous interest rate.
In accordance with IFRS 9 \u2018Financial Instruments\u2019, the Group has reviewed all contracts for embedded derivatives that are required to be separately
accounted for if they do not meet certain requirements set out in the standard. No such embedded derivatives have been identi\ufb01ed.
Fair value of other \ufb01nancial assets and \ufb01nancial liabilities
Where market values are not available, fair values of \ufb01nancial assets and \ufb01nancial liabilities have been calculated by discounting expected future cash
\ufb02ows at the prevailing interest rate.
Primary \ufb01nancial instruments held or issued to \ufb01nance the Group\u2019s operations:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
2024
\u00a0 \u00a0
2025
Restated (note 34)
\u00a0 \u00a0
Book value
Fair value
Book value
Fair value
\u00a0
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current \ufb01nancial liabilities measured at amortised cost
19
436.3
436.3
419.6
419.6
Financial assets:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
PPP and other investments
16
38.6
38.6
41.8
41.8
Current assets measured at amortised cost
17
364.6
364.6
354.0
354.0
Cash and cash equivalents
18
237.6
237.6
227.0
227.0
\n
Prepayments are excluded from the \ufb01nancial assets measured at amortised cost; and statutory liabilities, contract liabilities and provisions are excluded
from \ufb01nancial liabilities measured at amortised cost noted above. A maturity analysis of the Group\u2019s non-derivative \ufb01nancial liabilities is given in note 19.
Borrowing facilities
In March 2025, the Group entered a RCF agreement with syndicate of three banks \u2013 Barclays, Lloyds Banking Group and the National Bank of Kuwait.
The facility provides the Group committed borrowing capacity of \u00a325m for a term of three years, maturing in March 2028. The agreement includes the
following features:
An option to extend the facility by up to two years, subject to lender approval, and
An accordion option, allowing the Group to request an increase in total commitment by a further \u00a310m, subject to lender consent and documentation.
As at 30 June 2025, the Group had not drawn any amounts under the facility. The RCF remains undrawn since inception and provides additional
liquidity headroom.
The facility bears interest at a variable rate linked to SONIA plus a margin, with commitment fees payable on the undrawn portion. The agreement
includes customary \ufb01nancial covenants and undertakings, which the Group was in full compliance with as at the reporting date. The RCF is unsecured.
Fair value estimation
Speci\ufb01c valuation techniques used to value \ufb01nancial instruments are de\ufb01ned as:
Level 1 \u2013 Quoted market prices or dealer quotes in active markets for similar instruments.
Level 2 \u2013 The fair value of \ufb01nancial instruments that are not traded in an active market is determined using valuation techniques which maximise the
use of observable market data and rely as little as possible on entity-speci\ufb01c estimates.
Level 3 \u2013 Other techniques, such as discounted cash \ufb02ow analysis, are used to determine fair value for the remaining \ufb01nancial instruments. The fair
value of other investments is set out in note 16.
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 30 June:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Level 3
Total
Level 3
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0 \u00a0
Fair value through other comprehensive income
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 PPP and other investments
38.6
38.6
41.8
41.8
Total
38.6
38.6
41.8
41.8
\n
There were no transfers between levels during the year.
Valuation processes
A review of the long term UK gilt rates, Bank of England base rates, UK in\ufb02ation and other external market data (including the secondary market) for
disposals is considered as part of the valuation process, which is ultimately agreed at the Executive Board, plc Board and Audit Committee.
The fair value of \ufb01nancial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using
valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity
speci\ufb01c estimates. If all signi\ufb01cant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the
signi\ufb01cant inputs is not based on observable market data, the instrument is included in Level 3.
Fair value measurements using signi\ufb01cant unobservable inputs (Level 3)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 July
41.8
44.6
Movement in fair value
(1.9)
(1.5)
Disposals and subordinated loan repayments
(1.3)
(1.3)
Closing balance
38.6
41.8
\n
The fair value is derived via a discounted cash \ufb02ow. The key assumptions used in Level 3 valuations include the expected timing of receipts, credit risk
and discount rates. The typical repayment period is 10\u201315 years and the timing of receipts is based on historical data. The fair value of the portfolio
re\ufb02ects a blended discount rate of 7.9% (2024: 7.6%) and is based on current market conditions. The sensitivity to discount rates is set out in note 16.
If receipts were to occur earlier than expected, the fair value would increase. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "23 Financial instruments
The Group\u2019s activities expose it to a variety of \ufb01nancial risks: market risk (including foreign exchange risk, price risk and interest rate risk), credit
risk and liquidity risk. The Group\u2019s overall risk management programme focuses on the unpredictability of \ufb01nancial markets and seeks to minimise
potential adverse effects on the Group\u2019s \ufb01nancial performance. Financial assets and liabilities are offset and the net amount reported when there is
a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability
simultaneously.
The Group and Company operate within \ufb01nancial risk policies and procedures approved by the Board. It is, and has been throughout the year, the
Group\u2019s policy that no trading in \ufb01nancial instruments shall be undertaken. The Board provides written principles for overall risk management,
as well as written policies covering speci\ufb01c areas such as foreign exchange risk, interest rate risk, credit risk, use of derivative \ufb01nancial instruments
and non-derivative \ufb01nancial instruments, and investment of excess liquidity. The Group\u2019s \ufb01nancial instruments principally comprise cash and cash
equivalents, borrowings, receivables, payables and PPP and other investments that arise directly from its operations and its acquisitions. The
Company\u2019s \ufb01nancial instruments comprise of cash and cash equivalents.
Capital risk management
The Group is funded by ordinary shares, retained pro\ufb01ts and its strong net cash position (refer to note 18, 24 and 26). The Group\u2019s and Company\u2019s
objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, in order to provide returns for shareholders and
bene\ufb01ts for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. During the year to 30 June 2025, the Group
enhanced its capital structure by securing a \u00a325 million Revolving Credit Facility (RCF) as further explained below. The facility provides \ufb02exibility to
support the Group\u2019s growth objectives while maintaining suf\ufb01cient liquidity and \ufb01nancial discipline.
Financial risk factors
(a) Market risk
(i) Foreign exchange risk
All material activities of the Group take place within the UK and consequently there is little direct exchange risk, other than payments to overseas
suppliers who require settlement in their currency. If there is any material foreign exchange exposure, the Group\u2019s policy is to enter into forward
foreign currency contracts. The Group and Company have no material currency exposure at 30 June 2025 (2024: nil).
(ii) Price risk
Other than a residual interest in equity securities, the Group and Company are not exposed to equity or commodity price risk.
(iii) Interest rate risk
The Group\u2019s income and operating cash \ufb02ows are substantially independent of changes in market interest rates.
The Group\u2019s interest rate risk arises from movement in cash and cash equivalents as well as interest on any borrowings which can affect net \ufb01nance
income and cash\ufb02ow. As noted below, the Group entered into a \u00a325m RCF during the year with a three year term. Amounts drawn under the facility
bear interest at a \ufb02oating rate based on the Sterling Overnight Index Average (SONIA) plus a \ufb01xed margin. As at 30 June 2025, the Group had not
drawn any amount under the facility and therefore had no exposure to variable interest rates on borrowing at the reporting date.
(b) Credit risk
Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents, deposits and borrowings with banks and \ufb01nancial institutions,
as well as credit exposures to customers, including outstanding receivables and committed transactions. The Group does not hold any debt facilities.
Further details of credit risk relating to trade and other receivables are disclosed in note 17. No credit limits were exceeded during the reporting period,
and management does not expect any material losses from non-performance of any counterparties, including in respect of receivables not yet due.
The Group\u2019s maximum exposure to credit risk at the end of the reporting period is the carrying amount (book value) of each class of \ufb01nancial asset set
out on the following page.
(c) Liquidity risk
Prudent liquidity risk management implies maintaining suf\ufb01cient cash and marketable securities as well as appropriate level of undrawn committed
facilities. The Group \ufb01nances its operations through its cash reserves and ongoing retained pro\ufb01ts. During the year to 30 June 2025, the Group entered
into a \u00a325 million Revolving Credit Facility (RCF) with a syndicate of three banks. The facility provides greater agility and resilience, which alongside an
already strong balance sheet, provides an excellent platform to take advantage of future growth opportunities. Management monitors rolling forecasts
of the Group\u2019s liquidity reserve on the basis of expected cash \ufb02ow. This is generally carried out at local level in the operating companies of the Group,
in accordance with practices and limits set by the Group. On a daily basis throughout the year, the bank balances or gross overdrafts in all the Group\u2019s
operating companies are aggregated into a total cash \ufb01gure, in order that the Group can obtain the most advantageous interest rate.
In accordance with IFRS 9 \u2018Financial Instruments\u2019, the Group has reviewed all contracts for embedded derivatives that are required to be separately
accounted for if they do not meet certain requirements set out in the standard. No such embedded derivatives have been identi\ufb01ed.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "Capital risk management
The Group is funded by ordinary shares, retained pro\ufb01ts and its strong net cash position (refer to note 18, 24 and 26). The Group\u2019s and Company\u2019s
objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, in order to provide returns for shareholders and
bene\ufb01ts for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. During the year to 30 June 2025, the Group
enhanced its capital structure by securing a \u00a325 million Revolving Credit Facility (RCF) as further explained below. The facility provides \ufb02exibility to
support the Group\u2019s growth objectives while maintaining suf\ufb01cient liquidity and \ufb01nancial discipline. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "a) Market risk
(i) Foreign exchange risk
All material activities of the Group take place within the UK and consequently there is little direct exchange risk, other than payments to overseas
suppliers who require settlement in their currency. If there is any material foreign exchange exposure, the Group\u2019s policy is to enter into forward
foreign currency contracts. The Group and Company have no material currency exposure at 30 June 2025 (2024: nil).
(ii) Price risk
Other than a residual interest in equity securities, the Group and Company are not exposed to equity or commodity price risk.
(iii) Interest rate risk
The Group\u2019s income and operating cash \ufb02ows are substantially independent of changes in market interest rates.
The Group\u2019s interest rate risk arises from movement in cash and cash equivalents as well as interest on any borrowings which can affect net \ufb01nance
income and cash\ufb02ow. As noted below, the Group entered into a \u00a325m RCF during the year with a three year term. Amounts drawn under the facility
bear interest at a \ufb02oating rate based on the Sterling Overnight Index Average (SONIA) plus a \ufb01xed margin. As at 30 June 2025, the Group had not
drawn any amount under the facility and therefore had no exposure to variable interest rates on borrowing at the reporting date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "(b) Credit risk
Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents, deposits and borrowings with banks and \ufb01nancial institutions,
as well as credit exposures to customers, including outstanding receivables and committed transactions. The Group does not hold any debt facilities.
Further details of credit risk relating to trade and other receivables are disclosed in note 17. No credit limits were exceeded during the reporting period,
and management does not expect any material losses from non-performance of any counterparties, including in respect of receivables not yet due.
The Group\u2019s maximum exposure to credit risk at the end of the reporting period is the carrying amount (book value) of each class of \ufb01nancial asset set
out on the following page.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "(c) Liquidity risk
Prudent liquidity risk management implies maintaining suf\ufb01cient cash and marketable securities as well as appropriate level of undrawn committed
facilities. The Group \ufb01nances its operations through its cash reserves and ongoing retained pro\ufb01ts. During the year to 30 June 2025, the Group entered
into a \u00a325 million Revolving Credit Facility (RCF) with a syndicate of three banks. The facility provides greater agility and resilience, which alongside an
already strong balance sheet, provides an excellent platform to take advantage of future growth opportunities. Management monitors rolling forecasts
of the Group\u2019s liquidity reserve on the basis of expected cash \ufb02ow. This is generally carried out at local level in the operating companies of the Group,
in accordance with practices and limits set by the Group. On a daily basis throughout the year, the bank balances or gross overdrafts in all the Group\u2019s
operating companies are aggregated into a total cash \ufb01gure, in order that the Group can obtain the most advantageous interest rate.
In accordance with IFRS 9 \u2018Financial Instruments\u2019, the Group has reviewed all contracts for embedded derivatives that are required to be separately
accounted for if they do not meet certain requirements set out in the standard. No such embedded derivatives have been identi\ufb01ed.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "Fair value of other \ufb01nancial assets and \ufb01nancial liabilities
Where market values are not available, fair values of \ufb01nancial assets and \ufb01nancial liabilities have been calculated by discounting expected future cash
\ufb02ows at the prevailing interest rate.
Primary \ufb01nancial instruments held or issued to \ufb01nance the Group\u2019s operations:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
2024
\u00a0 \u00a0
2025
Restated (note 34)
\u00a0 \u00a0
Book value
Fair value
Book value
Fair value
\u00a0
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current \ufb01nancial liabilities measured at amortised cost
19
436.3
436.3
419.6
419.6
Financial assets:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
PPP and other investments
16
38.6
38.6
41.8
41.8
Current assets measured at amortised cost
17
364.6
364.6
354.0
354.0
Cash and cash equivalents
18
237.6
237.6
227.0
227.0
\n
Prepayments are excluded from the \ufb01nancial assets measured at amortised cost; and statutory liabilities, contract liabilities and provisions are excluded
from \ufb01nancial liabilities measured at amortised cost noted above. A maturity analysis of the Group\u2019s non-derivative \ufb01nancial liabilities is given in note 19.
Borrowing facilities
In March 2025, the Group entered a RCF agreement with syndicate of three banks \u2013 Barclays, Lloyds Banking Group and the National Bank of Kuwait.
The facility provides the Group committed borrowing capacity of \u00a325m for a term of three years, maturing in March 2028. The agreement includes the
following features:
An option to extend the facility by up to two years, subject to lender approval, and
An accordion option, allowing the Group to request an increase in total commitment by a further \u00a310m, subject to lender consent and documentation.
As at 30 June 2025, the Group had not drawn any amounts under the facility. The RCF remains undrawn since inception and provides additional
liquidity headroom.
The facility bears interest at a variable rate linked to SONIA plus a margin, with commitment fees payable on the undrawn portion. The agreement
includes customary \ufb01nancial covenants and undertakings, which the Group was in full compliance with as at the reporting date. The RCF is unsecured.
Fair value estimation
Speci\ufb01c valuation techniques used to value \ufb01nancial instruments are de\ufb01ned as:
Level 1 \u2013 Quoted market prices or dealer quotes in active markets for similar instruments.
Level 2 \u2013 The fair value of \ufb01nancial instruments that are not traded in an active market is determined using valuation techniques which maximise the
use of observable market data and rely as little as possible on entity-speci\ufb01c estimates.
Level 3 \u2013 Other techniques, such as discounted cash \ufb02ow analysis, are used to determine fair value for the remaining \ufb01nancial instruments. The fair
value of other investments is set out in note 16.
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 30 June:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Level 3
Total
Level 3
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0 \u00a0
Fair value through other comprehensive income
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 PPP and other investments
38.6
38.6
41.8
41.8
Total
38.6
38.6
41.8
41.8
\n
There were no transfers between levels during the year.
Valuation processes
A review of the long term UK gilt rates, Bank of England base rates, UK in\ufb02ation and other external market data (including the secondary market) for
disposals is considered as part of the valuation process, which is ultimately agreed at the Executive Board, plc Board and Audit Committee.
The fair value of \ufb01nancial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using
valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity
speci\ufb01c estimates. If all signi\ufb01cant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the
signi\ufb01cant inputs is not based on observable market data, the instrument is included in Level 3.
Fair value measurements using signi\ufb01cant unobservable inputs (Level 3)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 July
41.8
44.6
Movement in fair value
(1.9)
(1.5)
Disposals and subordinated loan repayments
(1.3)
(1.3)
Closing balance
38.6
41.8
\n
The fair value is derived via a discounted cash \ufb02ow. The key assumptions used in Level 3 valuations include the expected timing of receipts, credit risk
and discount rates. The typical repayment period is 10\u201315 years and the timing of receipts is based on historical data. The fair value of the portfolio
re\ufb02ects a blended discount rate of 7.9% (2024: 7.6%) and is based on current market conditions. The sensitivity to discount rates is set out in note 16.
If receipts were to occur earlier than expected, the fair value would increase. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "Fair value of other \ufb01nancial assets and \ufb01nancial liabilities
Where market values are not available, fair values of \ufb01nancial assets and \ufb01nancial liabilities have been calculated by discounting expected future cash
\ufb02ows at the prevailing interest rate.
Primary \ufb01nancial instruments held or issued to \ufb01nance the Group\u2019s operations:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
2024
\u00a0 \u00a0
2025
Restated (note 34)
\u00a0 \u00a0
Book value
Fair value
Book value
Fair value
\u00a0
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current \ufb01nancial liabilities measured at amortised cost
19
436.3
436.3
419.6
419.6
Financial assets:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
PPP and other investments
16
38.6
38.6
41.8
41.8
Current assets measured at amortised cost
17
364.6
364.6
354.0
354.0
Cash and cash equivalents
18
237.6
237.6
227.0
227.0
\n
Prepayments are excluded from the \ufb01nancial assets measured at amortised cost; and statutory liabilities, contract liabilities and provisions are excluded
from \ufb01nancial liabilities measured at amortised cost noted above. A maturity analysis of the Group\u2019s non-derivative \ufb01nancial liabilities is given in note 19.
Borrowing facilities
In March 2025, the Group entered a RCF agreement with syndicate of three banks \u2013 Barclays, Lloyds Banking Group and the National Bank of Kuwait.
The facility provides the Group committed borrowing capacity of \u00a325m for a term of three years, maturing in March 2028. The agreement includes the
following features:
An option to extend the facility by up to two years, subject to lender approval, and
An accordion option, allowing the Group to request an increase in total commitment by a further \u00a310m, subject to lender consent and documentation.
As at 30 June 2025, the Group had not drawn any amounts under the facility. The RCF remains undrawn since inception and provides additional
liquidity headroom.
The facility bears interest at a variable rate linked to SONIA plus a margin, with commitment fees payable on the undrawn portion. The agreement
includes customary \ufb01nancial covenants and undertakings, which the Group was in full compliance with as at the reporting date. The RCF is unsecured.
Fair value estimation
Speci\ufb01c valuation techniques used to value \ufb01nancial instruments are de\ufb01ned as:
Level 1 \u2013 Quoted market prices or dealer quotes in active markets for similar instruments.
Level 2 \u2013 The fair value of \ufb01nancial instruments that are not traded in an active market is determined using valuation techniques which maximise the
use of observable market data and rely as little as possible on entity-speci\ufb01c estimates.
Level 3 \u2013 Other techniques, such as discounted cash \ufb02ow analysis, are used to determine fair value for the remaining \ufb01nancial instruments. The fair
value of other investments is set out in note 16.
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 30 June:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Level 3
Total
Level 3
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0 \u00a0
Fair value through other comprehensive income
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 PPP and other investments
38.6
38.6
41.8
41.8
Total
38.6
38.6
41.8
41.8
\n
There were no transfers between levels during the year.
Valuation processes
A review of the long term UK gilt rates, Bank of England base rates, UK in\ufb02ation and other external market data (including the secondary market) for
disposals is considered as part of the valuation process, which is ultimately agreed at the Executive Board, plc Board and Audit Committee.
The fair value of \ufb01nancial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using
valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity
speci\ufb01c estimates. If all signi\ufb01cant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the
signi\ufb01cant inputs is not based on observable market data, the instrument is included in Level 3.
Fair value measurements using signi\ufb01cant unobservable inputs (Level 3)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 July
41.8
44.6
Movement in fair value
(1.9)
(1.5)
Disposals and subordinated loan repayments
(1.3)
(1.3)
Closing balance
38.6
41.8
\n
The fair value is derived via a discounted cash \ufb02ow. The key assumptions used in Level 3 valuations include the expected timing of receipts, credit risk
and discount rates. The typical repayment period is 10\u201315 years and the timing of receipts is based on historical data. The fair value of the portfolio
re\ufb02ects a blended discount rate of 7.9% (2024: 7.6%) and is based on current market conditions. The sensitivity to discount rates is set out in note 16.
If receipts were to occur earlier than expected, the fair value would increase. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "24
Ordinary shares and share premium
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Ordinary
Share
\u00a0
\u00a0
Number of
shares
premium
Total
Group
shares
\u00a3m
\u00a3m
\u00a3m
At 30 June 2023
104,869,194
52.4
\u2013
52.4
Allotted under share option schemes
1,323,592
0.7
0.8
1.5
Cancellation of shares
(2,217,000)
(1.1)
\u2013
(1.1)
At 30 June 2024
103,975,786
52.0
0.8
52.8
Allotted under share option schemes
856,343
0.4
0.8
1.2
Cancellation of shares
(2,690,861)
(1.3)
\u2013
(1.3)
At 30 June 2025
102,141,268
51.1
1.6
52.7
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Ordinary
Share
\u00a0
\u00a0
Number of
shares
premium
Total
Company
shares
\u00a3m
\u00a3m
\u00a3m
At 30 June 2023
104,869,194
52.4
\u2013
52.4
Allotted under share option schemes
1,323,592
0.7
0.8
1.5
Cancellation of shares
(2,217,000)
(1.1)
\u2013
(1.1)
At 30 June 2024
103,975,786
52.0
0.8
52.8
Allotted under share option schemes
856,343
0.4
0.8
1.2
Cancellation of shares
(2,690,861)
(1.3)
\u2013
(1.3)
At 30 June 2025
102,141,268
51.1
1.6
52.7
\n
The Company does not have a limit on the authorised capital and does not hold any shares in treasury.
Number of shares refers to 50p ordinary shares, which are authorised, issued and fully paid. There are no shares authorised and issued but not fully paid.
In September 2022, having reviewed the Group\u2019s strong cash performance and ongoing capital requirements the Group launched a share buyback
programme of up to a maximum of \u00a315.0m. On 17 November 2023 we announced the completion of the share buyback programme with a total of
8,404,148 shares repurchased and subsequently cancelled, representing approximately 7.5% of issued share capital.
On 3 October 2024 the Group launched a share buyback programme of up to a maximum of \u00a310.0m of Company shares. As at 30 June 2025 the
Group had completed the share buyback programme with a total of 2,690,861 shares repurchased and subsequently cancelled, at an average price of
approximately \u00a33.72 per share, representing approximately 2.6% of issued share capital.
At 30 June 2025, the total number of shares outstanding under the share incentive plans was 6,853,670 (2024: 7,195,332) as detailed in note 25. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "24
Ordinary shares and share premium
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Ordinary
Share
\u00a0
\u00a0
Number of
shares
premium
Total
Group
shares
\u00a3m
\u00a3m
\u00a3m
At 30 June 2023
104,869,194
52.4
\u2013
52.4
Allotted under share option schemes
1,323,592
0.7
0.8
1.5
Cancellation of shares
(2,217,000)
(1.1)
\u2013
(1.1)
At 30 June 2024
103,975,786
52.0
0.8
52.8
Allotted under share option schemes
856,343
0.4
0.8
1.2
Cancellation of shares
(2,690,861)
(1.3)
\u2013
(1.3)
At 30 June 2025
102,141,268
51.1
1.6
52.7
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Ordinary
Share
\u00a0
\u00a0
Number of
shares
premium
Total
Company
shares
\u00a3m
\u00a3m
\u00a3m
At 30 June 2023
104,869,194
52.4
\u2013
52.4
Allotted under share option schemes
1,323,592
0.7
0.8
1.5
Cancellation of shares
(2,217,000)
(1.1)
\u2013
(1.1)
At 30 June 2024
103,975,786
52.0
0.8
52.8
Allotted under share option schemes
856,343
0.4
0.8
1.2
Cancellation of shares
(2,690,861)
(1.3)
\u2013
(1.3)
At 30 June 2025
102,141,268
51.1
1.6
52.7
\n
The Company does not have a limit on the authorised capital and does not hold any shares in treasury.
Number of shares refers to 50p ordinary shares, which are authorised, issued and fully paid. There are no shares authorised and issued but not fully paid.
In September 2022, having reviewed the Group\u2019s strong cash performance and ongoing capital requirements the Group launched a share buyback
programme of up to a maximum of \u00a315.0m. On 17 November 2023 we announced the completion of the share buyback programme with a total of
8,404,148 shares repurchased and subsequently cancelled, representing approximately 7.5% of issued share capital.
On 3 October 2024 the Group launched a share buyback programme of up to a maximum of \u00a310.0m of Company shares. As at 30 June 2025 the
Group had completed the share buyback programme with a total of 2,690,861 shares repurchased and subsequently cancelled, at an average price of
approximately \u00a33.72 per share, representing approximately 2.6% of issued share capital.
At 30 June 2025, the total number of shares outstanding under the share incentive plans was 6,853,670 (2024: 7,195,332) as detailed in note 25. 26
Other reserves and retained earnings
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Retained
\u00a0 \u00a0 \u00a0
earnings
\u00a0 \u00a0
Other
restated
\u00a0 \u00a0
reserves
(note 34)
Group
Notes
\u00a3m
\u00a3m
At 1 July 2023
\u00a0
135.3
(69.1)
Pro\ufb01t for the year \u2013 restated
\u00a0
\u2013
27.4
Dividends paid
9
\u2013
(24.2)
Share-based payments
25
\u2013
1.8
Tax relating to share based payments
\u00a0
\u2013
2.0
Movement in fair value of PPP and other investments
16
\u2013
(1.5)
Purchase of own shares
\u00a0
\u2013
(12.0)
Cancellation of shares
\u00a0
1.1
\u2013
At 30 June 2024 \u2013 restated
\u00a0
136.4
(75.6)
Pro\ufb01t for the year
\u00a0
\u2013
33.6
Dividends paid
9
\u2013
(17.5)
Share-based payments
25
\u2013
3.4
Tax relating to share based payments
\u00a0
\u2013
2.0
Movement in fair value of PPP and other investments
16
\u2013
(1.9)
Purchase of own shares
\u00a0
\u2013
(12.3)
Cancellation of shares
\u00a0
1.3
\u2013
At 30 June 2025
\u00a0
137.7
(68.3)
\n
The Company and Group\u2019s other reserves relate to a merger reserve amounting to \u00a3132.2m (2024: \u00a3132.2m) and a capital redemption reserve of
\u00a35.5m (2024: \u00a34.2m).
The purchase of own shares represents shares purchased by the Galliford Try Employee Share Trust of \u00a3nil (2024: \u00a34.3m) and other share related
transactions of \u00a32.3m (2024: \u00a33.3m), in addition to \u00a310.0m (2024: \u00a34.4m) purchased by the Company as part of the share buybacks announced in
September 2022 (buyback completed on 17 November 2023) and October 2024 (buyback completed on 21 May 2025).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Other
Retained
\u00a0 \u00a0
reserves
earnings
Company
Notes
\u00a3m
\u00a3m
At 30 June 2023
\u00a0
135.3
115.0
Pro\ufb01t for the year
\u00a0
\u2013
23.3
Dividends paid
9
\u2013
(24.2)
Share-based payments
\u00a0
\u2013
0.7
Purchase of shares
15
\u2013
(4.4)
Cancellation of shares
\u00a0
1.1
\u2013
At 30 June 2024
\u00a0
136.4
110.4
Pro\ufb01t for the year
\u00a0
\u2013
30.1
Dividends paid
9
\u2013
(17.5)
Share-based payments
\u00a0
\u2013
0.5
Purchase of shares
15
\u2013
(10.0)
Cancellation of shares
\u00a0
1.3
\u2013
At 30 June 2025
\u00a0
137.7
113.5
\n
The cumulative amount of goodwill arising on acquisition and written off directly against reserves is 9.5m (2024: \u00a39.5m).
At 30 June 2025, the Galliford Try Employee Share Trust (the Trust) held 3,066,609 (2024: 3,824,949) Galliford Try Holdings plc shares. The nominal
value of the shares held is \u00a31.5m (2024: \u00a31.9m). No shares were acquired during the year (2024: 1, 807,000 at a net cost of \u00a34.3m) and a further \u00a32.3m
(2024: \u00a33.3m) was paid in relation to other share related transactions with 694,382 (2024: 1,497,612) shares were transferred during the year. The cost
of funding and administering the Trust is charged to the income statement in the period to which it relates. The market value of the shares at 30 June
2025 was \u00a312.9m (2024: \u00a39.1m). No shareholders (2024: none) have waived their rights to dividends.
As part of and as a result of the disposal of the housebuilding operations to Vistry Group plc on 3 January 2020 and the associated scheme of
arrangement completed under Part 26 of the Companies Act 2006, shares held in Galliford Try Limited (formerly Galliford Try plc) as at 3 January 2020
(221,603) were exchanged for an equivalent number of shares in Galliford Try Holdings plc and 127,189 shares in Vistry Group plc (at a rate of 0.57406
Vistry Group plc shares for each Galliford Try Limited share). During the year to 30 June 2024, the Group disposed of the remaining 14,132 shares in
Vistry Group plc (the shares were recorded at fair value with the movement being re\ufb02ected in pro\ufb01t or loss).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "25 Share-based payments
The Group operates performance-related share incentive plans for Executives, details of which are set out in the Directors\u2019 Remuneration report,
as well as long term bonus plans for staff in addition to a Group wide sharesave schemes. The total charge for the year before tax relating to employee
share-based payment plans was \u00a33.4m (2024: \u00a31.8m), all of which related to equity-settled share-based payment transactions.
Savings-related share options
The Company operates an HMRC approved sharesave scheme, under which employees are granted an option to purchase ordinary shares in
the Company at up to 20% less than the market price at grant, in three years\u2019 time, dependent on their entering into a contract to make monthly
contributions into a savings account over the relevant period. These funds are used to fund the option exercise. This scheme is open to all employees
meeting the minimum employment period. No performance criteria are applied to the exercise of sharesave options.
The options were valued using the binomial option-pricing model. The fair value per option granted and the assumptions used in the calculation are as
follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Employee
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
turnover
\u00a0
\u00a0
Shares under
Share price
Exercise
Contract
Expected
Option life
Risk free
Dividend
before
Fair value
Grant date
option
at grant date
price
date
volatility
(years)
rate
yield
vesting
per option
13.04.22
135,276
174p
143p
01.06.22
58%
3
1.5%
3.3%
10%
70p
14.04.23
776,489
174p
137p
01.06.23
54%
3
3.6%
4.5%
10%
67p
12.04.24
852,013
244p
201p
01.06.24
30%
3
4.2%
4.5%
10%
61p
03.04.25
939,331
341p
296p
01.06.25
31%
3
3.8%
4.1%
10%
83p
\n
The expected volatility is based on historical volatility in the movement in the share price over the past three years up to the date of grant (or since
incorporation of the Company in January 2020). The expected life is the average expected period to exercise. The risk free-rate is the yield on
zero-coupon UK Government bonds of a term consistent with the assumed option life. A reconciliation of savings related share awards over the
year to 30 June 2025 is shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Weighted
\u00a0
Weighted
\u00a0 \u00a0
average
\u00a0
average
\u00a0
Number
exercise price
Number
exercise price
Outstanding at 1 July
2,806,642
158p
3,481,546
127p
Awards
951,335
296p
936,197
201p
Forfeited
(123,330)
170p
(148,347)
129p
Cancelled
(66,407)
178p
(128,780)
135p
Expired
(8,788)
132p
(10,382)
115p
Exercised
(856,343)
135p
(1,323,592)
112p
Outstanding at 30 June
2,703,109
213p
2,806,642
158p
Exercisable at 30 June
134,149
143.9
221,765
112p
\n
The weighted average fair value of awards granted during the year was 83p (2024: 61p). There were 856,343 share options exercised during the year
ended 30 June 2025 (2024: 1,323,592) and the weighted average exercise price at the date of exercise was 135p (2024: 112p). The weighted average
remaining contractual life is 2 years and nil months (2024: 1 year and 10 months).
Performance-related long-term incentive plans
The Group operates performance-related share incentive plans for Executives, details of which are set out in the Directors\u2019 Remuneration report.
The awards that vest are satis\ufb01ed by the transfer of shares for no consideration. The outstanding options were valued using a Black-Scholes model.
The fair value per option granted and the assumptions used in the calculation are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Vesting
\u00a0 \u00a0
Fair
\u00a0
Shares
Share price at
period/option
Risk-free
Dividend
value per
Grant date
under option
grant date
life (months)
rate
yield
option
23.09.22
1,369,284
161p
36
4.0%
5.0%
139p
23.09.23
987,710
225p
36
4.3%
4.7%
195p
08.10.24
1,040,245
322p
36
3.9%
4.8%
279p
The expected volatility is based on historical volatility in the movement in the share price of the Company and its comparator group and the correlations
\n
between them over the past three years. The expected life is the average expected period to exercise. The risk free rate is the yield on zero-coupon UK
\n
Government bonds of a term consistent with the assumed option life. A reconciliation of performance-related share awards over the year to 30 June is
\n
shown below:
2025
2024
Number
Number
Outstanding at 1 July
3,533,585
6,466,295
Granted
1,040,245
1,244,171
Exercised
(1,037,753)
(3,156,934)
Forfeited
(138,838)
(1,019,947)
Outstanding at 30 June
3,397,239
3,533,585
Exercisable at 30 June
\u2013
\u2013
\n
The weighted average fair value of awards granted during the year was 279p (2024: 195p). There were 1,037,753 options exercised during the year
\n
ended 30 June 2025 (2024: 3,156,934). The weighted average remaining contractual life is one year and two months (2024: one year and two months).
\n
Annual bonus plan \u2013 deferred shares
\n
Executive directors are eligible to participate in the Company\u2019s annual bonus scheme. The scheme rules dictate that two thirds of any bonus earned
\n
in excess of 50% of the base annual salary is deferred into restricted shares for three years. Participants must remain in employment to receive the
\n
restricted shares, but there are no other associated performance conditions.
\n
A reconciliation of performance-related share awards over the year to 30 June is shown below:
2025
2024
Number
Number
Outstanding at 1 July
725,969
821,646
Granted
159,345
126,350
Exercised
(291,518)
(52,969)
Forfeited
\u2013
(169,058)
Outstanding at 30 June
593,796
725,969
Exercisable at 30 June
\u2013
\u2013
\n
The weighted average remaining contractual life is one year and nil months (2024: one year and nil months). The fair value of the awards is the closing
\n
share price on the date of grant.
\n
Long term bonus plan \u2013 deferred shares
\n
Certain members of the Group are eligible to participate in the Company\u2019s long term bonus plan. The scheme rules dictate that up to half of the bonus
\n
earned is awarded in restricted shares. The shares are restricted for a period of twelve months. Participants must remain in employment to receive the
\n
restricted shares, but there are no other associated performance conditions.
\n
A reconciliation of performance-related share awards over the year to 30 June is shown below:
2025
2024
Number
Number
Outstanding at 1 July
129,136
\u2013
Granted
159,526
129,136
Exercised
(123,453)
\u2013
Forfeited
(5,683)
\u2013
Outstanding at 30 June
159,526
129,136
Exercisable at 30 June
\u2013
\u2013
\n
The weighted average remaining contractual life is three months (2024: three months). The fair value of the awards is the closing share price on the date
\nof grant.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "26
Other reserves and retained earnings
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Retained
\u00a0 \u00a0 \u00a0
earnings
\u00a0 \u00a0
Other
restated
\u00a0 \u00a0
reserves
(note 34)
Group
Notes
\u00a3m
\u00a3m
At 1 July 2023
\u00a0
135.3
(69.1)
Pro\ufb01t for the year \u2013 restated
\u00a0
\u2013
27.4
Dividends paid
9
\u2013
(24.2)
Share-based payments
25
\u2013
1.8
Tax relating to share based payments
\u00a0
\u2013
2.0
Movement in fair value of PPP and other investments
16
\u2013
(1.5)
Purchase of own shares
\u00a0
\u2013
(12.0)
Cancellation of shares
\u00a0
1.1
\u2013
At 30 June 2024 \u2013 restated
\u00a0
136.4
(75.6)
Pro\ufb01t for the year
\u00a0
\u2013
33.6
Dividends paid
9
\u2013
(17.5)
Share-based payments
25
\u2013
3.4
Tax relating to share based payments
\u00a0
\u2013
2.0
Movement in fair value of PPP and other investments
16
\u2013
(1.9)
Purchase of own shares
\u00a0
\u2013
(12.3)
Cancellation of shares
\u00a0
1.3
\u2013
At 30 June 2025
\u00a0
137.7
(68.3)
\n
The Company and Group\u2019s other reserves relate to a merger reserve amounting to \u00a3132.2m (2024: \u00a3132.2m) and a capital redemption reserve of
\u00a35.5m (2024: \u00a34.2m).
The purchase of own shares represents shares purchased by the Galliford Try Employee Share Trust of \u00a3nil (2024: \u00a34.3m) and other share related
transactions of \u00a32.3m (2024: \u00a33.3m), in addition to \u00a310.0m (2024: \u00a34.4m) purchased by the Company as part of the share buybacks announced in
September 2022 (buyback completed on 17 November 2023) and October 2024 (buyback completed on 21 May 2025).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Other
Retained
\u00a0 \u00a0
reserves
earnings
Company
Notes
\u00a3m
\u00a3m
At 30 June 2023
\u00a0
135.3
115.0
Pro\ufb01t for the year
\u00a0
\u2013
23.3
Dividends paid
9
\u2013
(24.2)
Share-based payments
\u00a0
\u2013
0.7
Purchase of shares
15
\u2013
(4.4)
Cancellation of shares
\u00a0
1.1
\u2013
At 30 June 2024
\u00a0
136.4
110.4
Pro\ufb01t for the year
\u00a0
\u2013
30.1
Dividends paid
9
\u2013
(17.5)
Share-based payments
\u00a0
\u2013
0.5
Purchase of shares
15
\u2013
(10.0)
Cancellation of shares
\u00a0
1.3
\u2013
At 30 June 2025
\u00a0
137.7
113.5
\n
The cumulative amount of goodwill arising on acquisition and written off directly against reserves is 9.5m (2024: \u00a39.5m).
At 30 June 2025, the Galliford Try Employee Share Trust (the Trust) held 3,066,609 (2024: 3,824,949) Galliford Try Holdings plc shares. The nominal
value of the shares held is \u00a31.5m (2024: \u00a31.9m). No shares were acquired during the year (2024: 1, 807,000 at a net cost of \u00a34.3m) and a further \u00a32.3m
(2024: \u00a33.3m) was paid in relation to other share related transactions with 694,382 (2024: 1,497,612) shares were transferred during the year. The cost
of funding and administering the Trust is charged to the income statement in the period to which it relates. The market value of the shares at 30 June
2025 was \u00a312.9m (2024: \u00a39.1m). No shareholders (2024: none) have waived their rights to dividends.
As part of and as a result of the disposal of the housebuilding operations to Vistry Group plc on 3 January 2020 and the associated scheme of
arrangement completed under Part 26 of the Companies Act 2006, shares held in Galliford Try Limited (formerly Galliford Try plc) as at 3 January 2020
(221,603) were exchanged for an equivalent number of shares in Galliford Try Holdings plc and 127,189 shares in Vistry Group plc (at a rate of 0.57406
Vistry Group plc shares for each Galliford Try Limited share). During the year to 30 June 2024, the Group disposed of the remaining 14,132 shares in
Vistry Group plc (the shares were recorded at fair value with the movement being re\ufb02ected in pro\ufb01t or loss).", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "27 Financial and capital commitments
The Group had no commitments for subordinated debt to joint ventures or other investments at 30 June 2025 (2024: \u00a3nil), nor any commitment for
other capital expenditure.
28 Guarantees and contingent liabilities
The Group has surety bonding facilities and bank guarantees. These are supported by counter indemnities given by the Company and certain
subsidiaries in the Group in the normal course of business. Utilisation of the bonding and guarantee facilities total \u00a3154.9m at 30 June 2025
(2024: \u00a3182.1m). It is not expected that any material liabilities will arise.
Disputes arise in the normal course of business, some of which lead to litigation or arbitration procedures. While the outcome of disputes and arbitration
is never certain, the directors believe that the resolution of all existing actions will not have a material adverse effect on the Group\u2019s \ufb01nancial position.
Where the Group has received such claims, the directors have made provision in the \ufb01nancial statements when they believe it is probable a liability
exists and it can be reliably estimated, but no provision has been made where the Group\u2019s liability is considered only possible or remote. This is based on
the best estimates of future costs to be incurred after assessing all relevant information and taking legal advice where appropriate
The Group has currently assessed a pool of non-\ufb01re safety related claims that meet the contingent liability threshold for disclosure. These claims are of
a similar nature with a collective range of between \u00a3nil and \u00a312.0m (2024: \u00a3nil and \u00a38.6m). The Group\u2019s assessment of liability and estimates of future
costs could change in the future. Although the Group has appropriate insurance arrangements in place that should mitigate any signi\ufb01cant exposure,
the recognition thresholds under IAS 37 would mean a liability could be recognised before a corresponding asset.
The continuing evolution of Government legislation and guidance, such as the Building Safety Act and its implications for cladding solutions used on
historical contracts, also creates ongoing uncertainty that the Group manages.
The Group is tracking a pool of three \ufb01re safety claims which meet the de\ufb01nition of contingent liabilities under IAS37. Management do not consider it is
practicable to value the pool because of the lack of supporting evidence from the claimants and the length of time it takes for these cases to evolve and
for any reliable quantum, if any, to be established. Factors include the complexity of the building projects in question, the many suppliers involved in the
supply chain and the potential for reimbursement from subcontractors. The Group believes it has strong legal positions with contractual support on all
the cases, however, at this time, it cannot fully rule out that material settlements may result, should this be the case, management expects there will be
recovery from the supply chain, designers or insurers that can be full or partial.
As Government legislation and guidance changes in the future, the Group will reassess the estimates made accordingly.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "27 Financial and capital commitments
The Group had no commitments for subordinated debt to joint ventures or other investments at 30 June 2025 (2024: \u00a3nil), nor any commitment for
other capital expenditure.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "28 Guarantees and contingent liabilities
The Group has surety bonding facilities and bank guarantees. These are supported by counter indemnities given by the Company and certain
subsidiaries in the Group in the normal course of business. Utilisation of the bonding and guarantee facilities total \u00a3154.9m at 30 June 2025
(2024: \u00a3182.1m). It is not expected that any material liabilities will arise.
Disputes arise in the normal course of business, some of which lead to litigation or arbitration procedures. While the outcome of disputes and arbitration
is never certain, the directors believe that the resolution of all existing actions will not have a material adverse effect on the Group\u2019s \ufb01nancial position.
Where the Group has received such claims, the directors have made provision in the \ufb01nancial statements when they believe it is probable a liability
exists and it can be reliably estimated, but no provision has been made where the Group\u2019s liability is considered only possible or remote. This is based on
the best estimates of future costs to be incurred after assessing all relevant information and taking legal advice where appropriate
The Group has currently assessed a pool of non-\ufb01re safety related claims that meet the contingent liability threshold for disclosure. These claims are of
a similar nature with a collective range of between \u00a3nil and \u00a312.0m (2024: \u00a3nil and \u00a38.6m). The Group\u2019s assessment of liability and estimates of future
costs could change in the future. Although the Group has appropriate insurance arrangements in place that should mitigate any signi\ufb01cant exposure,
the recognition thresholds under IAS 37 would mean a liability could be recognised before a corresponding asset.
The continuing evolution of Government legislation and guidance, such as the Building Safety Act and its implications for cladding solutions used on
historical contracts, also creates ongoing uncertainty that the Group manages.
The Group is tracking a pool of three \ufb01re safety claims which meet the de\ufb01nition of contingent liabilities under IAS37. Management do not consider it is
practicable to value the pool because of the lack of supporting evidence from the claimants and the length of time it takes for these cases to evolve and
for any reliable quantum, if any, to be established. Factors include the complexity of the building projects in question, the many suppliers involved in the
supply chain and the potential for reimbursement from subcontractors. The Group believes it has strong legal positions with contractual support on all
the cases, however, at this time, it cannot fully rule out that material settlements may result, should this be the case, management expects there will be
recovery from the supply chain, designers or insurers that can be full or partial.
As Government legislation and guidance changes in the future, the Group will reassess the estimates made accordingly.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "29 Related party transactions
Transactions between the Group and its related parties are disclosed as follows:
Group
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Sales to
Amounts owed by
\u00a0
related parties
related parties
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading transactions
\u00a0 \u00a0 \u00a0 \u00a0
Related parties
69.4
79.3
39.4
35.1
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Interest and dividend income
\u00a0
from related parties
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-trading transactions
\u00a0 \u00a0
Related parties
4.0
3.8
\n
Sales to related parties (all of which are to joint ventures and associates) are based on terms that would be available to unrelated third parties. Amounts
owed by related parties consist predominantly of subordinated debt within the PPP and Other Investments portfolio, that if held to maturity would be
due over the next 23 years (2024: 24 years). These receivables are unsecured, with interest rates varying between a range of 9% and 12% (2024: 9% and
12%). Payables are due within one year (2024: one year) and are interest free.
Company
Transactions between the Company and its subsidiaries which are related parties, which are eliminated on consolidation, are disclosed as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Interest and dividend income
\u00a0
from related parties
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-trading transactions
\u00a0 \u00a0
Subsidiary undertakings
29.8
22.9
\n
The Company has provided performance guarantees in respect of certain operational contracts entered into between joint ventures and
a Group undertaking.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "29 Related party transactions
Transactions between the Group and its related parties are disclosed as follows:
Group
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Sales to
Amounts owed by
\u00a0
related parties
related parties
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading transactions
\u00a0 \u00a0 \u00a0 \u00a0
Related parties
69.4
79.3
39.4
35.1
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Interest and dividend income
\u00a0
from related parties
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-trading transactions
\u00a0 \u00a0
Related parties
4.0
3.8
\n
Sales to related parties (all of which are to joint ventures and associates) are based on terms that would be available to unrelated third parties. Amounts
owed by related parties consist predominantly of subordinated debt within the PPP and Other Investments portfolio, that if held to maturity would be
due over the next 23 years (2024: 24 years). These receivables are unsecured, with interest rates varying between a range of 9% and 12% (2024: 9% and
12%). Payables are due within one year (2024: one year) and are interest free.
Company
Transactions between the Company and its subsidiaries which are related parties, which are eliminated on consolidation, are disclosed as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Interest and dividend income
\u00a0
from related parties
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-trading transactions
\u00a0 \u00a0
Subsidiary undertakings
29.8
22.9
\n
The Company has provided performance guarantees in respect of certain operational contracts entered into between joint ventures and
a Group undertaking.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "30 Business combinations
During the year to 30 June 2024, the Group acquired 100% of the share capital AVRS Systems Limited. The Group also \ufb01nalised the acquisition
accounting of MCS Control Systems Limited and certain contracts and assets of Ham Baker Limited (in administration) having previously reported the
balances as provisional in accordance with IFRS 3.
AVRS Systems Limited
On 8 November 2023, the Group acquired 100% of the share capital of AVRS Systems Limited (\u201cAVRS\u201d), a leading mechanical and electrical engineering
specialist for \u00a34.5m settled in cash. The addition of AVRS\u2019s capabilities is complementary to the operations of Galliford Try\u2019s expanding Environment
asset optimisation and capital maintenance business in line with the Groups strategy. In particular, AVRS provides additional competencies that
complement those acquired with nmcn\u2019s Water business, Lintott Control Systems Limited, MCS Control Systems Limited and the capital maintenance
business of Ham Baker.
The goodwill of \u00a30.9m arising from the acquisition is signi\ufb01cantly attributable to the acquired workforce and their technical expertise and the
opportunity to leverage this expertise across the Group to enhance the asset optimisation and capital maintenance strategy.
The following table summarises the consideration paid and the fair value of the assets acquired and liabilities assumed.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
\u00a3m
Recognised amounts of identi\ufb01able assets acquired and liabilities assumed
\u00a0
Property plant and equipment (including right-of-use assets)
1.0
Intangible assets
1.0
Trade and other receivables
2.5
Cash and cash equivalents
1.0
Trade and other payables
(0.9)
Corporation tax liability
(0.3)
Lease liabilities
(0.5)
Deferred tax liability
(0.2)
Total identi\ufb01able net liabilities
3.6
Goodwill
0.9
Total
4.5
Consideration
\u00a0
Cash
4.5
Total
4.5
\n
As part of the conditions of the sale and in addition to the initial consideration of \u00a34.5m, an earn out arrangement is in place, whereby the sellers
are entitled up to an additional \u00a32.5m. Due to the nature of the earn out, this will be treated as remuneration as it requires the sellers to remain in
employment during the earn out period of two years. The earn out accrued during the year is \u00a30.8m (2024: \u00a30.6m).
The acquisition contributed \u00a39.5m of revenue and a pro\ufb01t before tax of \u00a30.4m in the period to 30 June 2024. If the acquisition had taken place at
1 July 2023, it would have contributed \u00a313.2m of revenue and a pro\ufb01t before tax of \u00a31.1m.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "31
Events after the reporting date
On 17 September 2025, the Group announced a further share buyback programme of up to a maximum of \u00a310m, details can be found in the
announcement on the Group\u2019s investor website.
There were no other material post balance sheet events arising after the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "32 Adjusted performance measures
Throughout the Annual Report and Accounts, the Group has presented \ufb01nancial performance measures which are used to manage the Group\u2019s
performance. These \ufb01nancial performance measures are chosen to provide a balanced view of the Group\u2019s operations and are considered useful
to investors as they provide relevant information on the Group\u2019s performance. They are also aligned to measures used internally to assess business
performance in the Group\u2019s budgeting process and when determining compensation. An explanation of the Group\u2019s \ufb01nancial performance measures
and appropriate reconciliations to its statutory measures are provided below.
Providing clarity on the Group\u2019s adjusted performance measures
The Group has included this note and the enclosed explanations and reconciliations with the aim of providing transparency and clarity on the measures
adopted internally to assess performance. The APMs adopted by the Group are also commonly used in the sectors it operates in. This additional
information is not de\ufb01ned under international accounting standards and may therefore not be comparable with similarly titled pro\ufb01t measures reported
by other companies. It is not intended to be a substitute for, or superior to, international accounting standards measures of pro\ufb01t.
The Board believes that disclosing these performance measures enhances investors\u2019 ability to evaluate and assess the underlying \ufb01nancial performance
of the Group\u2019s operations and the related key business drivers.
Measuring the Group\u2019s performance
\n
The following measures are referred to in this report:
\n
Statutory measures
\n
Statutory measures are derived from the Group\u2019s reported \ufb01nancial statements, which are prepared in accordance with UK adopted International
\n
Accounting Standards and in line with the Group\u2019s accounting policies, that can be found in note 1.
\n
The Group\u2019s statutory measures take into account all of the factors, including exceptional items which are not considered to re\ufb02ect the ongoing
\n
underlying performance of the Group.
\n
Adjusted performance measures
\n
In assessing its performance, the Group has adopted certain non-statutory measures that re\ufb02ect the underlying performance of the Group.
\n
These typically cannot be directly extracted from its \ufb01nancial statements but are reconciled to statutory measures below:
\n
a) Adjusted performance
\n
The Group adjusts for certain signi\ufb01cant irregular (exceptional) items which the Board believes assist in understanding the performance achieved by
\n
the Group as this re\ufb02ects the underlying and ongoing performance of the business. A reconciliation of the statutory measure to the adjusted measure
\n
is provided in the following tables. Previously, the Group had referred to pre-exceptional performance which excluded the impact of exceptional items
\n
only. The exclusion of exceptional items as well as the amortisation of acquired intangibles seeks to re\ufb02ect the underlying and ongoing performance
\n
of the business with a consistent methodology across all the adjusted performance measures. The adjusting items and associated tax impacts that the
\n
Group has recognised are shown below.
\n\n \n
2024
Restated
2025
(note 34)
\u00a3m
\u00a3m
Contract losses
1
\u2013
(11.7)
Implementation costs of cloud based arrangements
2
\u2013
(2.6)
Finance income
3
\u2013
0.8
Amortisation of acquired intangible assets
(0.9)
(2.3)
Loss before tax
(0.9)
(15.8)
Associated tax credit on items above
0.2
3.9
Exceptional income tax credit (note 8)
3
\u2013
9.6
Total
(0.7)
(2.3)
\n
1
Management have classi\ufb01ed material losses of \u00a311.7m arising on speci\ufb01c batches of contracts under one framework agreement, acquired in the nmcn water division
\n
acquisition in FY2022, as an exceptional item in the 2024 results. The Group considers the impact to be exceptional given its nature (relating to acquired contracts)
\n
and quantum (being material), and therefore should be separately disclosed.
\n
2
The Group incurred \u00a32.6m of customisation and con\ufb01guration costs in the year to 30 June 2024 associated with the move to Oracle Fusion, a cloud-based computing
\n
arrangement, during the year. Taking into account the IFRIC Agenda Decision issued by the IFRS IC in March 2021, the Group has analysed the costs and concluded
\n
that these costs should be expensed in the period. In accordance with the Group\u2019s existing accounting policy, management considers that the costs should be separately
\n
disclosed as exceptional items because they are signi\ufb01cant and irregular. The move to Oracle Fusion is now complete with no further exceptional items expected.
\n
3
The Group previously disclosed that it had not recognised an asset in respect of historic trading losses due to the losses being subject to agreement with HMRC. This led to
\n
an uncertain tax position where no asset was recognised as, based on the advice of tax advisors, the group concluded it was not probable HMRC would accept the claims
\n
to utilise the losses. During the year to 30 June 2024 HMRC agreed a quantum of historic trading losses available and that they could be utilized against historical trading
\n
pro\ufb01ts, resulting in a cash tax refund of \u00a39.6m with associated interest of \u00a30.8m, which was received after 30 June 2024. Management considers that the refund should be
\n
disclosed separately as exceptional given it is material in quantum and one off in nature.
\n
A reconciliation of the statutory measure to the adjusted measure is provided in the following tables.
b) Adjusted operating pro\ufb01t/(loss) and operating margin
\n
The Group presents operating pro\ufb01t excluding exceptional items and the amortisation of acquired intangible assets as this re\ufb02ects the ongoing
\n
performance of the business, which is referred to as adjusted operating pro\ufb01t/(loss). Operating margin re\ufb02ects the ratio of adjusted operating pro\ufb01t/
\n
(loss) and revenue. This differs from the statutory measure of operating pro\ufb01t which includes exceptional items and the amortisation of acquired
\n
intangible assets. Divisional adjusted operating margin is the combined adjusted operating margin of the Building and Infrastructure segments.
\n
A reconciliation of the statutory measure to the Group\u2019s performance measure is shown below, based on continuing operations:
\n\n \n
Building
Infrastructure
Investments
Central
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Year ended 30 June 2025
Statutory operating pro\ufb01t/(loss)
28.1
26.5
(0.4)
(14.5)
39.7
exclude: amortisation of acquired intangible assets (note 11)
\u2013
0.9
\u2013
\u2013
0.9
exclude: exceptional items (note 4)
\u2013
\u2013
\u2013
\u2013
\u2013
Adjusted operating pro\ufb01t/(loss)
28.1
27.4
(0.4)
(14.5)
40.6
Revenue
964.7
902.5
8.0
\u2013
1,875.2
Adjusted operating margin
2.9%
3.0%
n/a
n/a
2.2%
Year ended 30 June 2024
Statutory operating pro\ufb01t/(loss) \u2013 restated (note 34)
23.0
7.3
(1.0)
(16.3)
13.0
exclude: amortisation of acquired intangible assets (note 11)
1.0
1.1
\u2013
0.2
2.3
exclude: exceptional items (note 4) \u2013 restated (note 34)
\u2013
11.7
\u2013
2.6
14.3
Adjusted operating pro\ufb01t/(loss)
24.0
20.1
(1.0)
(13.5)
29.6
Revenue \u2013 restated (note 34)
938.3
810.7
14.7
\u2013
1,763.7
Revenue on material loss making contracts
\u2013
18.6
\u2013
\u2013
18.6
Adjusted revenue
938.3
792.1
14.7
\u2013
1,745.1
Adjusted operating margin
2.6%
2.5%
n/a
n/a
1.7%
\n
c) Adjusted pro\ufb01t before tax
\n
The Group uses a pro\ufb01t before tax measure which excludes exceptional items and amortisation of acquired intangible assets as noted above, whereas
\n
the statutory measure includes both. Since the prior year, management have changed the de\ufb01nition of adjusted pro\ufb01t before tax by excluding the
\n
amortisation of acquired intangible assets to align with the measurement of adjusted operating pro\ufb01t with the same rationale.
\n
A reconciliation of the statutory measure to the Group\u2019s performance measure is shown below, based on continuing operations:
\n\n \n
2024
1
Restated
2025
(note 34)
\u00a3m
\u00a3m
Statutory pro\ufb01t before tax
44.1
19.2
exclude: exceptional items (note 4)
\u2013
13.5
exclude: amortisation of acquired intangible assets
0.9
2.3
Adjusted pro\ufb01t before tax
45.0
35.0
\n
1
The Group previously disclosed pre-exceptional pro\ufb01t before tax. The adjusted pro\ufb01t before tax measure now also excludes the amortisation of acquired intangible assets.
d) Adjusted earnings per share
In line with the Group\u2019s measurement of adjusted performance, the Group also presents its earnings per share on the same adjusted basis as adjusted
pro\ufb01t before tax. This differs from the statutory measure of earnings per share which includes both exceptional items and amortisation of acquired
intangible assets. Since the prior year, management has changed the de\ufb01nition of adjusted earnings per share by excluding the amortisation of acquired
intangible assets to align with the measurement of adjusted operating pro\ufb01t with the same rationale.
A reconciliation of the statutory measure to the Group\u2019s performance measure (post-tax) is shown below, based on continuing operations:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2024
\u00a0 \u00a0
2025
Restated (note 34)
\u00a0 \u00a0
Weighted
\u00a0 \u00a0
Weighted
\u00a0
\u00a0 \u00a0
average
\u00a0 \u00a0
average
\u00a0
\u00a0
Earnings
number of
EPS
Earnings
number of
EPS
\u00a0
\u00a3m
shares
pence
\u00a3m
shares
pence
Statutory results
33.6
99,627,362
33.7
27.4
100,051,095
27.3
exclude: exceptional items (note 4)
\u2013
n/a
n/a
0.5
n/a
n/a
exclude: amortisation of acquired intangible assets
0.7
n/a
n/a
1.7
n/a
n/a
Adjusted earnings per share
1
34.3
99,627,362
34.4
29.6
100,051,095
29.6
\n
1
Adjusted earnings per share for 2024 was previously reported as 27.9p. The change re\ufb02ects the adjusted pro\ufb01t measure excluding the amortisation of acquired intangible
assets, which previously were included.", "dimensions": { "concept": "gfrd:DisclosureOfAlternativePerformanceMeasuresTextBlock", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "value": "(ii) Joint venture undertakings \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Proportion of
Financial
Entity name
Registered of\ufb01ce or principal place of business
capital held
year-end
Aberdeen Roads (Finance) PLC
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
33%
31-Dec
Aberdeen Roads Holdings Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
33%
31-Dec
Aberdeen Roads Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
33%
31-Dec
ACP: North Hub Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
31-Dec
GBV JV Limited
3 Frayswater Place, Uxbridge, UB8 2AD
50%
30-Jun
GT Equitix Inverness Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
31-Mar
GT Equitix Inverness Holdings Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
31-Mar
Hub South East Scotland Limited
8 Melville Street, Edinburgh, EH3 7NS
50%
31-Mar
Kingseat Development 2 Limited
Morrison House, Kingseat Business Park, Kingseat, Newmachar,
50%
30-Jun
\u00a0
Aberdeenshire AB21 0AZ
\u00a0 \u00a0
Space Scotland Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
83%
1
31-Mar
Urban Vision Partnership Limited
First Floor, 2 Kingdom Street, Paddington, London, W2 6BD
30%
31-Dec
\n
The above entities are all incorporated in the UK and considered to be joint ventures, based on the shareholding agreements in place.
1
Treated as a joint venture as indicated by its joint venture agreement.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "(iii) Associated and other signi\ufb01cant undertakings \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Proportion of
\u00a0 \u00a0
capital held by
Entity name
Registered of\ufb01ce or principal place of business
class
Aberdeen Community Health Care Village Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
30%
Alliance Community Partnership Limited
Avondale House Suites 1b-1e, Phoenix Crescent, Strathclyde Business
10%
\u00a0
Park, Bellshill, North Lanarkshire, Scotland, ML4 3NJ
\u00a0
Galliford Try Qatar LLC
PO Box 11726 Doha, State of Qatar (incorporated in Qatar)
49%
Hub North Scotland (Alford) Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
30%
Hub North Scotland (FWT) Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
30%
Hub North Scotland (O&C) Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
30%
Hub North Scotland (O&C) Holdings Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
30%
Hub North Scotland Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
30%
James Gillespie\u2019s Campus Subhub Holdings Limited
8 Melville Street, Edinburgh, EH3 7NS
50%
James Gillespie\u2019s Campus Subhub Limited
8 Melville Street, Edinburgh, EH3 7NS
50%
LBP DBFM Holdco Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
LBP DBFMco Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
Newbattle DBFM HoldCo Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
Newbattle DBFMCo Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
ELCH DBFMCo Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
ELCH DBFM Holdco Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
WCHS DBFMCo Ltd
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
WCHS DBFM Holdco Ltd
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
JICC DBFMCo Ltd
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Proportion of
\u00a0 \u00a0
capital held by
Entity name
Registered of\ufb01ce or principal place of business
class
JICC DBFM Holdco Ltd
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
KHS DBFM HoldCo Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
KHS DBFMCo Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
QHS DBFMCo Ltd
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
QHS DBFM Holdco Ltd
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
REH Phase 1 Subhub Holdings Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
REH Phase 1 Subhub Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
50%
Hub North Scotland (I&F) Holdings Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
30%
Hub North Scotland (I&F) Limited
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH
30%
Hub South West Scotland Limited
2 Atlantic Square, 31 York Street, Glasgow, Scotland G2 8AS
6%
Hub SW Cumbernauld DBFMCo Limited
Avondale House Suites 1b-1e, Phoenix Crescent, Strathclyde Business
6%
\u00a0
Park, Bellshill, North Lanarkshire, Scotland, ML4 3NJ
\u00a0
Hub SW Cumbernauld Holdco Limited
Avondale House Suites 1b-1e, Phoenix Crescent, Strathclyde Business
6%
\u00a0
Park, Bellshill, North Lanarkshire, Scotland, ML4 3NJ
\u00a0
\n
The above entities are all incorporated in the UK except Galliford Try Qatar LLC, which is incorporated in Qatar.
Entities listed above with 50% ownership percentage are treated as associates, as indicated by their ownership agreements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "34 Prior year restatement
A non-cash prior year restatement has been recorded following a correction to the Group\u2019s application of IFRS15 contract combination accounting.
Under its existing IFRS15 accounting policy, the Group had incorrectly combined contracts on a small percentage of framework agreements and
as a result, the Group has restated its \ufb01nancial statements, reducing revenue and increasing cost of sales in 2024 with an aggregate impact to reported
pro\ufb01t before tax of \u00a311.7m with associated tax and working capital corrections. No restatements were required to be made to the balance sheet at
1 July 2023. The full impact of the restatement is shown in the following tables.
There is no impact on the Company.
Consolidated income statement
\n \n
2024
2024
Previously
reported
Adjustment
Restated
\u00a3m
\u00a3m
\u00a3m
Revenue
1,772.8
(9.1)
1,763.7
Cost of sales
(1,641.4)
(2.6)
(1,644.0)
Gross pro\ufb01t
131.4
(11.7)
119.7
Administrative expenses
(106.7)
\u2013
(106.7)
Operating pro\ufb01t
24.7
(11.7)
13.0
Finance income
9.6
\u2013
9.6
Finance costs
(3.4)
\u2013
(3.4)
Pro\ufb01t before income tax
30.9
(11.7)
19.2
Income tax credit
5.3
2.9
8.2
Pro\ufb01t for the year
36.2
(8.8)
27.4
Earnings per share
Basic
Pro\ufb01t attributable to ordinary shareholders
36.2p
27.3p
Diluted
Pro\ufb01t attributable to ordinary shareholders
34.7p
26.2p
Consolidated statement of comprehensive income
\n
The total comprehensive income for the year to 30 June 2024 is restated to \u00a325.9m from \u00a334.7m as a result of the changes noted above.
\n
Consolidated balance sheet
\n\n \n
2024
2024
Previously
reported
Adjustment
Restated
\u00a3m
\u00a3m
\u00a3m
Assets
Non-current assets
Deferred income tax assets
15.0
2.9
17.9
Other non-current assets
196.4
\u2013
196.4
Total non-current assets
211.4
2.9
214.3
Current assets
Trade and other receivables
370.8
0.4
371.2
Other current assets
238.6
\u2013
238.6
Total current assets
609.4
0.4
609.8
Total assets
820.8
3.3
824.1
Liabilities
Current liabilities
Trade and other payables
(609.2)
(12.1)
(621.3)
Other current liabilities
(56.7)
\u2013
(56.7)
Total current liabilities
(665.9)
(12.1)
(678.0)
Non-current liabilities
Total non-current liabilities
(32.5)
\u2013
(32.5)
Total liabilities
(698.4)
(12.1)
(710.5)
Net assets
122.4
(8.8)
113.6
Equity
Share capital
52.0
\u2013
52.0
Share premium
0.8
\u2013
0.8
Other reserves
136.4
\u2013
136.4
Retained earnings
(66.8)
(8.8)
(75.6)
Total equity
122.4
(8.8)
113.6
\n
The 2023 balance sheet has not been presented as there is no impact to the net assets, with only an increase to both the contract assets and contract
\n
liabilities of \u00a35.4m which is not deemed to be material.
Consolidated statement of changes in equity
As a result of the change to the total comprehensive income for the year to 30 June 2024, the retained earnings and total shareholders\u2019 equity is
restated in line with the changes noted in the balance sheet above.
Consolidated statement of cash \ufb02ows
\n \n
2024
2024
Previously
reported
Adjustment
Restated
\u00a3m
\u00a3m
\u00a3m
Cash \ufb02ows from operating activities
Pro\ufb01t for the year
36.2
(8.8)
27.4
Adjustments for:
Income tax credit
(5.3)
(2.9)
(8.2)
Net \ufb01nance income
(6.2)
\u2013
(6.2)
Pro\ufb01t before \ufb01nance costs and taxation
24.7
(11.7)
13.0
Depreciation, amortisation and impairment of non-current assets
20.7
\u2013
20.7
Share-based payments
1.8
\u2013
1.8
Other non-cash movements
(0.4)
\u2013
(0.4)
Net cash generated from operations before changes in working capital
46.8
(11.7)
35.1
Increase in trade and other receivables
(84.1)
(0.4)
(84.5)
Increase in trade and other payables
84.9
12.1
97.0
Increase in provisions
6.3
\u2013
6.3
Net cash generated from operations
53.9
\u2013
53.9
Net cash generated from operating activities
56.2
\u2013
56.2
Net increase/(decrease) in cash and cash equivalents
6.8
\u2013
6.8
The are no changes to the investing and \ufb01nancing activities, or the opening and closing cash and cash equivalents balances previously reported.
Segmental results
The impact of the restatement to 2024 impacts the infrastructure segment only.
Trade and other receivables
\n \n
Previously
reported
Adjustment
Restated
\u00a3m
\u00a3m
\u00a3m
Current assets:
Contract assets
290.1
0.4
290.5
Other trade and other receivables
80.7
\u2013
80.7
370.8
0.4
371.2
Trade and other payables
\n \n
Previously
reported
Adjustment
Restated
\u00a3m
\u00a3m
\u00a3m
Contract liabilities
121.8
9.5
131.3
Accruals
307.0
2.6
309.6
Other trade and other payables
180.4
\u2013
180.4
609.2
12.1
621.3
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