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"ConsolidatedStatementOfCashFlows_Label_00249": { "value": "1300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00248": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00397": { "value": "-16700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00398": { "value": "1600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00283": { "value": "94100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00282": { "value": "88400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00284": { "value": "165000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00285": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00286": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00287": { "value": "30000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00288": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00289": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00290": { "value": "2800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00291": { "value": "1200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00292": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00293": { "value": "2500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00294": { "value": "358400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00295": { "value": "176600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00296": { "value": "10700000.0", "decimals": -5, "dimensions": { "concept": "auto:PurchaseOfOwnSharesForTreasury", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00297": { "value": "10700000.0", "decimals": -5, "dimensions": { "concept": "auto:PurchaseOfOwnSharesForTreasury", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00298": { "value": "1900000.0", "decimals": -5, "dimensions": { "concept": "auto:PaymentOfFeesOnPurchaseOfOwnShares", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00299": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "auto:PaymentOfFeesOnPurchaseOfOwnShares", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00300": { "value": "500000.0", "decimals": -5, "dimensions": { "concept": "auto:ContributionsToDefinedBenefitPensionScheme", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00301": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "auto:ContributionsToDefinedBenefitPensionScheme", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00302": { "value": "2000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromExerciseOfOptions", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00303": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromExerciseOfOptions", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00304": { "value": "-303200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00305": { "value": "-309600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00306": { "value": "2900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00307": { "value": "-3400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00308": { "value": "15300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00309": { "value": "18700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00311": { "value": "18200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00310": { "value": "15300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0011": { "value": "1. GENERAL INFORMATION
Autotrader Group plc is a public limited company which is listed on the London Stock Exchange and is
domiciled and incorporated in the United Kingdom under the Companies Act 2006. The Consolidated
\ufb01nancial statements of the Company as at and for the year ended 31 March 2026 comprise the Company
and its interest in subsidiaries (together referred to as \u2018the Group\u2019). The Group\u2019s principal business is the
operation of the Autotrader platforms which form the UK\u2019s largest automotive marketplace and leading
digital platform for the automotive industry.
The Consolidated \ufb01nancial statements of the Group as at and for the year ended 31 March 2026 are
available upon request to the Company Secretary from the Company\u2019s registered of\ufb01ce at No.3
Circle Square, 3 Hawkshaw Street, Manchester, M1 7BL or are available on the corporate website
at plc.autotrader.co.uk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_001": { "value": "Autotrader Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_004": { "value": "Autotrader Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_006": { "value": "Autotrader Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0010": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_008": { "value": "United Kingdom ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_009": { "value": "United Kingdom ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_007": { "value": "2026-03-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_002": { "value": "No.3 Circle Square, 3 Hawkshaw Street, Manchester, M1 7BL", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_003": { "value": "No.3 Circle Square, 3 Hawkshaw Street, Manchester, M1 7BL", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0014": { "value": "Basis of preparation
The Consolidated \ufb01nancial statements have been prepared in accordance with the requirements
of the Companies Act 2006 and in accordance with UK-adopted international accounting standards.
The Consolidated \ufb01nancial statements have been prepared on the going concern basis and under the
historical cost convention, except for equity investments and de\ufb01ned bene\ufb01t pension scheme assets,
which are carried at fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0015": { "value": "Functional and presentation currency
The Consolidated \ufb01nancial statements are presented in sterling (\u00a3), which is the Group\u2019s presentation
currency, and rounded to the nearest hundred thousand (\u00a30.1m) except when otherwise indicated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0016": { "value": "Basis of consolidation
The Group \ufb01nancial statements consolidate those of the Company and its subsidiaries (together
referred to as the \u2018Group\u2019) and equity account the Group\u2019s interest in joint ventures and associates.
Subsidiaries are all entities over which the Group has control. Control exists when the Group has
existing rights that give it the ability to direct the relevant activities of an entity and has the ability
to affect the returns the Group will receive as a result of its involvement with the entity. In assessing
control, potential voting rights that are currently exercisable or convertible are taken into account.
The \ufb01nancial statements of subsidiaries are included in the Consolidated \ufb01nancial statements from
the date that control commences until the date that control ceases.
The acquisition method of accounting is used to account for the acquisition of subsidiaries by the
Group. The cost of an acquisition is measured as the fair value of the assets given, equity
instruments issued, and liabilities incurred or assumed at the date of exchange. Costs directly
attributable to the acquisition are expensed. Identi\ufb01able assets acquired and liabilities and
contingent liabilities assumed in a business combination are measured initially at their fair values
at the acquisition date, irrespective of the extent of any non-controlling interest. The excess of the
consideration transferred, the amount of any non-controlling interest in the acquiree and the
acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the
identi\ufb01able net assets acquired is recorded as goodwill. If the total of consideration transferred,
non-controlling interest recognised and previously held interest measured is less than the fair value
of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is
recognised directly in the income statement.
When the Group disposes of a subsidiary, it derecognises the assets and liabilities of the subsidiary.
Any resulting gain or loss is recognised in the income statement.
Intercompany transactions and balances between Group companies are eliminated on consolidation.
A joint arrangement is an arrangement over which the Group and one or more third parties have joint
control. These joint arrangements are in turn classi\ufb01ed as: joint ventures whereby the Group has rights
to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities;
and joint operations whereby the Group has rights to the assets and obligations for the liabilities
relating to the arrangement.
Associates are all entities over which the Group and parent company have signi\ufb01cant in\ufb02uence but
not control, generally accompanying a shareholding of between 20% and 50% of the voting rights.
Where signi\ufb01cant in\ufb02uence is not demonstrated but the shareholding is between 20% and 50%, the
Group would account for its interest as an investment. All investments are initially recognised at cost
and the carrying value is reviewed for impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0019": { "value": "Going concern
During the year ended 31 March 2026 the Group has continued to generate signi\ufb01cant cash from
operations. The Group has an overall positive net asset position and had cash balances of \u00a318.2m at
31 March 2026 (2025: \u00a315.3m). During the year \u00a3463.2m was returned to shareholders through share
buybacks and dividends (2025: \u00a3275.7m).
The Group has access to a Syndicated Revolving Credit Facility (the \u2018Syndicated RCF\u2019). At
31 March 2026, the Group had \u00a3165.0m (2025: \u00a3nil) drawn of its \u00a3200.0m Syndicated RCF, which
is available until February 2030. Following the year end, the Syndicated RCF was increased to
\u00a3300.0m.
Cash \ufb02ow projections for a period of not less than 12 months from the date of this report have been
prepared. Severe scenarios have been modelled to make the assessment of going concern, taking
into account severe but plausible potential impacts of a severe economic downturn, a cyber
attack and increased competition within the next 12 months. The results of the stress testing
demonstrated that due to the Group\u2019s signi\ufb01cant free cash \ufb02ow, access to the Syndicated RCF and
the Board\u2019s ability to adjust the discretionary share buyback programme, the Group would be able
to withstand the impact and remain cash generative. Subsequent to the year end, the Group has
generated cash \ufb02ows in line with its forecast and there are no events that have adversely impacted
the Group\u2019s liquidity.
The Directors, after making enquiries and on the basis of current \ufb01nancial projections and facilities
available, believe that the Group and parent company have adequate \ufb01nancial resources to
continue in operation for a period not less than 12 months from the date of this report. For this reason,
they continue to adopt the going concern basis in preparing the \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0020": { "value": "Accounting estimates and judgements
The preparation of \ufb01nancial statements in conformity with UK-adopted international accounting
standards requires the use of certain accounting estimates and assumptions. It also requires
management to exercise its judgement in the process of applying the Group\u2019s accounting policies.
Estimates and judgements are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under
the circumstances.
The key assumptions concerning the future, and other key sources of estimation uncertainty at the
balance sheet date, that have a signi\ufb01cant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next \ufb01nancial year, are discussed below.
Carrying values of goodwill (judgement and estimate)
The Group tests annually whether goodwill held by the Group has suffered any impairment in
accordance with the accounting policy stated within note 2. The Group has two cash-generating
units, Digital and Autorama. Estimation is required for the assumptions used in the calculation of
the recoverable amounts of each cash-generating unit, the most signi\ufb01cant assumptions relating
to the forecast market share growth of Autorama (note 12).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0031": { "value": "2. SIGNIFICANT ACCOUNTING POLICIES
Changes in signi\ufb01cant accounting policies
New and amended standards adopted by the Group
The following amendments to standards have been adopted by the Group for the \ufb01rst time for the
\ufb01nancial year beginning on 1 April 2025:
\u2022
Lack of Exchangeability (Amendments to IAS 21)
The adoption of these amendments has had no material effect on the Group\u2019s Consolidated
\ufb01nancial statements.
Standards, amendments and interpretations to existing standards that are not yet effective
There are a number of amendments to IFRS that have been issued by the IASB that, when endorsed
in the UK, will become effective in a subsequent accounting period including:
\u2022
Classi\ufb01cation and Measurement of Financial Instruments (Amendments to IFRS 7 and IFRS 9)
\u2022 Presentation and Disclosure in Financial Statements (IFRS 18)
\u2022 Subsidiaries without Public Accountability Disclosures (IFRS 19)
\u2022 IAS 21 The Effects of Changes in Foreign Exchange Rates
\u2022
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
(Amendments to IFRS 10 and IAS 28)
\u2022 Statements and IAS 28 Investments in Associates and Joint Ventures
Based on initial assessments performed to date, the Group does not expect IFRS 18 to have a material
impact on the Consolidated \ufb01nancial statements, with the primary effect being presentational
changes to the disclosure of the joint venture. The Group does not expect the other amendments to
have an impact on the Consolidated \ufb01nancial statements.
Existing signi\ufb01cant accounting policies
The following accounting policies applied by the Group have been applied consistently to all periods
presented in the Consolidated \ufb01nancial statements.
Revenue
Revenue is measured based on the consideration speci\ufb01ed in a contract with a customer and is
recognised when a customer obtains control of the services. Revenue is stated net of discounts,
rebates, refunds and value-added tax.
Revenue principally represents the amounts receivable from customers for advertising on the Group\u2019s
platforms but also includes non-advertising services such as vehicle leasing transactions and data
services. The different types of products and services offered to customers along with the nature and
timing of satisfaction of performance obligations are set out as follows:
(i) Trade revenue
Trade revenue comprises fees from retailers, Home Traders and logistics customers for advertising
on the Group\u2019s platforms and customers utilising the Group\u2019s other services.
Retailer revenue
Retailer customers pay a monthly subscription fee to advertise their stock on the Group\u2019s platforms.
Control is obtained by customers across the life of the contract as their stock is continually listed.
Contracts for these services are agreed at a retailer or retailer group level and are ongoing subject
to a 30-day notice period. Revenue is invoiced monthly in arrears.
Retailers have the option to enhance their presence on the platform through additional products,
each of which has a distinct performance obligation. For products that provide enhanced exposure
across the life of the product, control is passed to the customer over time. Revenue is only recognised
at a point in time for additional advertising products where the customer does not receive the bene\ufb01t
until they choose to apply the product. Additional advertising products are principally billed on a
monthly subscription basis in line with their core advertising package, however certain products are
billed on an individual charge basis.
The Group also generates revenue from retailers for data and valuation services under a variety of
contractual arrangements, with each service being a separate performance obligation. Control is
obtained by customers either across the life of the contract where customers are licensed to use the
Group\u2019s services or at a point in time when a one-off data service is provided. In the prior year, digital
retailing revenue was generated from retailers who paid a percentage of the vehicle list price when a
consumer submitted a deal. Each deal represented a separate performance obligation and control
was obtained at a point in time.
Contract modi\ufb01cations occur on a regular basis as customers change their stock levels or add or
remove additional advertising products from their contracts. Following a contract modi\ufb01cation, the
customer is billed in line with the delivery of the remaining performance obligations. A receivable is
recognised only when the Group\u2019s right to consideration is only conditional on the passage of time.
Home Trader revenue
Home Trader customers pay a fee in advance to advertise a vehicle on the Group\u2019s platform for a
speci\ufb01ed period of time. Revenue is deferred until the customer obtains control over the services.
Control is obtained by customers across the life of the contract as their vehicle is continually listed.
Contracts for these services are typically entered into for a period of between two and six weeks.
Logistics revenue
Logistics customers pay a monthly subscription fee for access to the Group\u2019s AT Moves platform.
Control is obtained by customers across the life of the contract as their access is continuous.
Contracts for these services are agreed at a customer level and are ongoing subject to a 30-day
notice period. Logistics customers have the option to bid on vehicle moves advertised by retailers on
the platform. The logistics customer pays a fee if they are successful in obtaining business from
retailers through the Group\u2019s marketplace. Revenue is recognised at the point in time when the vehicle
move has been completed. A receivable is recognised only when the Group\u2019s right to consideration
is only conditional on the passage of time.
Data revenue
Data customers pay a subscription fee to access elements of Autotrader\u2019s vehicle database or to
access the Fleetware software. Control is transferred to customers across the life of the contract
where customers have continuous access to the database or the software.
AutoConvert revenue
AutoConvert customers pay a monthly subscription fee to access the AutoConvert platform. Control
is transferred to customers across the life of the contract where customers have continuous access
to the platform and revenue is recognised across this period. Ancillary AutoConvert revenues are
charged on a per transaction basis and revenue is recognised at the point in time that these services
are provided.
(ii) Consumer Services revenue
Consumer Services comprises fees from private sellers for vehicle advertisements on the Group\u2019s
websites, and third-party partners who provide services to consumers relating to their motoring needs,
such as insurance and loan \ufb01nance. Private customers pay a fee in advance to advertise a vehicle on the
Group\u2019s platform for a speci\ufb01ed period of time. Control is obtained by customers across the life of the
contract as their stock is continually listed. Contracts for these services are typically entered into for
a period of between two and six weeks and revenue is recognised over this time.
Revenue is also generated from third-party partners who utilise the Group\u2019s platforms to advertise
their products under a variety of contractual arrangements, with each service being a separate
performance obligation. Control is obtained by customers at a point in time when the service is
provided. Revenue is also generated via an agreement with Dealer Auction (our joint venture),
when retailers purchase a consumer\u2019s vehicle via Dealer Auction\u2019s platform. Revenue is recognised
when the vehicle is listed as sold.
(iii) Manufacturer & Agency revenue
Revenue is generated from manufacturers and their advertising agencies for placing display
advertising for their brand or vehicle on the Group\u2019s websites under a variety of contractual
arrangements, with each service being a separate performance obligation. Control is obtained by
customers across the life of the contract as their advertising is displayed on the different platforms.
Rebates are present in the contractual arrangements with customers and are awarded either in cash
or value of services based upon annual spend; an estimate of the annualised spend is made at the
reporting date to determine the amount of revenue to be recognised. A small proportion of revenue
relates to manufacturers who sell direct to consumers using our new car market extension product.
Manufacturers pay a monthly subscription fee to advertise their stock on the Group\u2019s platforms.
Control is obtained by manufacturers across the life of the contract as their stock is continually listed.
Contracts for these services are agreed at a manufacturer or manufacturer group level and are
ongoing subject to a 30-day notice period. Revenue is invoiced monthly in arrears.
(iv) Autorama revenue
Autorama revenue comprises consideration received from the sale of new vehicles and accessories
as well as commission received for facilitating the lease of new vehicles.
Vehicle & Accessory sales revenue
Vehicle & Accessory sales revenue is generated from new vehicles which are purchased from an
original equipment manufacturer (\u2018OEM\u2019) or retailer and then sold to a lease funder. Control is
obtained by the funder at a point in time when the vehicle is delivered and revenue is only recognised
at this point. Additional accessories can be added to vehicles at extra cost upon the request of the
funder, and control is once again obtained by the funder at a point in time when the vehicle is
delivered. Where the Group obtains control of vehicles or accessories in advance of selling those
goods to a funder, including holding inventory risk, then the Group is acting as principal and revenue
and cost of sales are reported on a gross basis. Where the Group does not obtain control of vehicles,
revenue is recorded as the value of the related commission and recognised as described below.
Commission & Ancillary revenue
Commission & Ancillary revenue is generated from commission received from lease funders for
facilitating the lease of new vehicles via advertisement on the Company\u2019s online marketplaces.
Control is obtained by the funder at a point in time when the lease is live and revenue is only
recognised at this point. Ancillary Autorama revenues are charged on a per transaction basis and
revenue is recognised at the point in time that these services are provided.
Rebates are present in the contractual arrangements with funders and are awarded in cash based
upon the quarterly number of vehicles provided. Similarly, rebates are present in the contractual
arrangements with OEMs and are awarded in cash based upon the quarterly number of vehicles
purchased. Revenue is recognised as volume targets are met.
Employee bene\ufb01ts
The Group operates several pension schemes and all except one are de\ufb01ned contribution schemes.
Within the UK all pension schemes set up prior to 2001 have been closed to new members and only
one de\ufb01ned contribution scheme is now open to new employees.
a) De\ufb01ned contribution scheme
The assets of the de\ufb01ned contribution scheme are held separately from those of the Group in
independently administered funds. The costs in respect of this Scheme are charged to the income
statement as incurred.
b) De\ufb01ned bene\ufb01t scheme
The Group operates one de\ufb01ned bene\ufb01t pension scheme that is closed to new members. The asset
or liability recognised in the balance sheet in respect of the de\ufb01ned bene\ufb01t scheme is the present
value of the de\ufb01ned bene\ufb01t obligation at the balance sheet date less the fair value of the Scheme\u2019s
assets. The de\ufb01ned bene\ufb01t obligation is calculated annually by independent actuaries using the
projected unit credit method. The present value of the de\ufb01ned bene\ufb01t obligation is determined by
discounting the estimated future cash out\ufb02ows using interest rates of high-quality corporate bonds
that are denominated in the currency in which the bene\ufb01ts will be paid, and that have terms to
maturity approximating those of the related pension liability. Remeasurement gains and losses
arising from experience adjustments and changes in actuarial assumptions are charged or credited
to equity in other comprehensive income in the period in which they arise. Any Scheme surplus (to the
extent it can be recovered) or de\ufb01cit is recognised in full on the balance sheet. Contributions paid to
the Scheme by the Group have been classi\ufb01ed as \ufb01nancing activities in the Consolidated statement
of cash \ufb02ows as there are no remaining active members within the Scheme.
c) Share-based payments
Equity-settled awards are valued at the grant date, and the fair value is charged as an expense in the
income statement spread over the vesting period. Fair value of the awards is measured using Black-
Scholes and Monte Carlo pricing models. The credit side of the entry is recorded in equity. Cash-settled
awards are revalued at each reporting date with the fair value of the award charged to the pro\ufb01t and
loss account over the vesting period and the credit side of the entry recognised as a liability.
Research and development
Research and development expenditure is charged against pro\ufb01ts in the year in which it is incurred,
unless it is development that meets the criteria for capitalisation set out in IAS 38 \u2013 Intangible Assets.
Operating pro\ufb01t
Operating pro\ufb01t is the pro\ufb01t of the Group (including the Group\u2019s share of pro\ufb01t from joint ventures)
before \ufb01nance income, \ufb01nance costs, pro\ufb01t on disposal of subsidiaries which do not meet the
de\ufb01nition of a discontinued operation, and taxation.
Finance income and costs
Finance income is earned on bank deposits and \ufb01nance costs are incurred on bank borrowings and vehicle
stocking loans. Both are recognised in the income statement in the period in which they are incurred.
Taxation
The tax expense for the period comprises current and deferred taxation. Tax is recognised in the
income statement, except to the extent that it relates to items recognised in \u2018other comprehensive
income\u2019 or directly in equity. In this case the tax is also recognised in other comprehensive income or
directly in equity, respectively. Management periodically evaluates positions taken in tax returns with
respect to situations in which applicable tax regulation is subject to interpretation. It establishes
provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities.
Current taxation is provided at amounts expected to be paid (or recovered) calculated using the rates
of tax and laws that have been enacted or substantively enacted at the balance sheet date in the
countries where the Group operates and generates taxable income.
Deferred taxation is provided in full, using the liability method, on temporary differences arising
between the tax base of assets and liabilities and their carrying amounts are included in the
Consolidated \ufb01nancial statements. Deferred taxation is determined using tax rates and laws that
have been enacted or substantively enacted by the balance sheet date and are expected to apply
when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred taxation assets are recognised only to the extent that it is probable that future taxable pro\ufb01t
will be available against which the temporary differences can be utilised.
Deferred taxation is provided on temporary differences arising on investments in subsidiaries and
interests in joint ventures, 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 taxation assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets against current tax liabilities and when the deferred
taxation assets and liabilities relate to taxes levied by the same taxation authority on either the taxable
entity or different taxable entities where there is an intention to settle the balance on a net basis.
The Group has determined that the global minimum top-up tax, which is a liability under Pillar Two
legislation, is an income tax in the scope of IAS 12. The Group does not currently expect a liability
to Pillar Two top-up tax based on its effective rate of corporation tax paid and because its
consolidated revenue is below the minimum threshold of \u20ac750m in the current and prior year, and
all operations are in the UK.
Leases
At inception of a contract, the Group assesses whether or not a contract is, or contains, a lease. A contract
is, or contains, a lease if the contract conveys the right to control the use of an identi\ufb01ed asset for a period
of time in exchange for consideration. When a lease is recognised in a contract the Group recognises
a right of use asset and a lease liability at the lease commencement date other than as noted below.
The right of use asset is initially measured at cost, which comprises the initial amount of the lease
liability adjusted for any lease prepayments made at or before the commencement date, plus any
initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset
or to restore the underlying asset or the site on which it is located, less any lease incentives received.
The right of use asset is subsequently depreciated using the straight-line method from the
commencement date to the earlier of the end of the useful life of the right of use asset or the end of
the lease term. The estimated useful lives of right of use assets are determined on the same basis as
those of property, plant and equipment. In addition, the right of use asset is periodically reduced by
impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot
be readily determined, the Group\u2019s incremental borrowing rate.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured
when there is a change in future lease payments arising from a change in an index or rate, or if the
Group changes its assessment of whether it will exercise a purchase, extension or termination option.
The Group presents right of use assets in property, plant and equipment and leased liabilities in lease
liabilities in the balance sheet.
The Group has applied the recognition exemption of low value leases. For these leases, the lease
payments are charged to the income statement on a straight-line basis over the term of the lease.
Financial instruments
A \ufb01nancial asset (unless it is a trade receivable without a signi\ufb01cant \ufb01nancing component) or \ufb01nancial
liability is initially measured at fair value plus, for an item not at fair value through pro\ufb01t or loss,
transaction costs that are directly attributable to its acquisition or issue. A trade receivable without
a signi\ufb01cant \ufb01nancing component is initially measured at the transaction price.
Under IFRS 9, trade receivables including accrued income, without a signi\ufb01cant \ufb01nancing component,
are classi\ufb01ed and held at amortised cost, being initially measured at the transaction price and
subsequently measured at amortised cost less any impairment loss.
The Group recognises lifetime expected credit losses (\u2018ECLs\u2019) for trade receivables and accrued income.
The expected credit losses are estimated using a provision matrix based on the Group\u2019s historical credit
loss experience, adjusted for any macro-economic factors. At 31 March 2025, ECLs were adjusted to
re\ufb02ect the lower levels of in\ufb02ation and downward pressures on interest rates. In the current period, ECL
assumptions have been reassessed for the prevailing macro-economic environment.
The Group assesses whether a \ufb01nancial asset is in default on a case by case basis when it becomes
probable that the customer is unlikely to pay its credit obligations. The gross carrying amount of a
\ufb01nancial asset is written off when the Group has no reasonable expectations of recovering a \ufb01nancial
asset in its entirety or a portion thereof. For all customers, the Group individually makes an assessment
with respect to the timing and amount of write-off based on whether there is a reasonable expectation
of recovery. The Group expects no signi\ufb01cant recovery from the amount written off. However, \ufb01nancial
assets that are written off could still be subject to enforcement activities in order to comply with the
Group\u2019s procedures for recovery of amounts due.
At each reporting date, the Group assesses whether \ufb01nancial assets carried at amortised cost are
credit-impaired. A \ufb01nancial asset is \u2018credit-impaired\u2019 when one or more events that have a
detrimental impact on the estimated future cash \ufb02ows of the \ufb01nancial asset have occurred.
Financial liabilities are classi\ufb01ed as measured at amortised cost or fair value through pro\ufb01t and loss.
A \ufb01nancial liability is classi\ufb01ed as at fair value through pro\ufb01t and loss if it is classi\ufb01ed as held-for-
trading, it is a derivative, or it is designated as such on initial recognition and measured at fair value
and net gains and losses, including any interest expense, are recognised in pro\ufb01t or loss. Other
\ufb01nancial liabilities, including trade payables, are subsequently measured at amortised cost using the
effective interest method. Interest expense and foreign exchange gains and losses are recognised
in pro\ufb01t or loss. Any gain or loss on derecognition is also recognised in pro\ufb01t or loss.
Intangible assets
a) Goodwill
Goodwill represents the excess cost of an acquisition over the fair value of the Group\u2019s share of
the net identi\ufb01able assets of the acquired subsidiary at the date of acquisition. Goodwill is tested
annually for impairment and is carried at cost less accumulated impairment losses. Impairment
losses are charged to the income statement and are not reversed. The gain or loss on the disposal
of an entity includes the carrying amount of goodwill relating to the entity sold. Goodwill is allocated
to cash-generating units for the purpose of impairment testing. The allocation is made to those
cash-generating units that are expected to bene\ufb01t from the business combination in which the
goodwill arose.
b) Trademarks, trade names, technology, non-compete agreements, customer relationships,
franchise buybacks, brands and databases
Separately acquired trademarks, trade names, technology and customer relationships are recognised
at historical cost. They have a \ufb01nite useful life and are carried at cost less accumulated amortisation.
Amortisation is calculated using the straight-line method to allocate the cost over their estimated useful
lives of between one and 15 years. Trademarks, trade names, technology, non-compete agreements,
customer relationships, franchise buybacks, brands and databases acquired in a business combination
are recognised at fair value at the acquisition date and subsequently amortised.
c) Software
Acquired computer software controlled by the Group is capitalised at cost, including any costs to
bring it into use, and is carried at cost less accumulated amortisation. Amortisation is calculated
using the straight-line method to allocate the cost over the estimated useful life of three to ten years.
d) Software and website development costs and \ufb01nancial systems
Development costs that are directly attributable to the design and testing of identi\ufb01able and unique
software products, websites and systems controlled by the Group are recognised as intangible
assets when the following criteria are met:
\u2022
it is technically feasible to complete the software product or website so that it will be available
for use;
\u2022
management intends to complete the software product or website and use or sell it;
\u2022
there is an ability to use or sell the software product or website;
\u2022
it can be demonstrated how the software product or website will generate probable future
economic bene\ufb01ts;
\u2022
adequate technical, \ufb01nancial and other resources to complete the development and to use or sell
the software product or website are available; and
\u2022
the expenditure attributable to the software product or website during its development can be
reliably measured.
Directly attributable costs that are capitalised as part of the software product, website or system
include employee and contractor costs. Other development expenditures that do not meet these
criteria, as well as ongoing maintenance and costs associated with routine upgrades and
enhancements, are recognised as an expense as incurred. Development costs for software, websites
and systems are carried at cost less accumulated amortisation and are amortised over their useful
lives (not exceeding 10 years) at the point at which they come into use.
Outside of acquired software, the Group develops its core infrastructure through small-scale,
maintenance-like incremental improvements and as a result, a low proportion of internal expenditure
meets the requirements of IAS 38, Intangible Assets. By their innovative nature, there may also be
uncertainty over the technical feasibility of new development projects and, if successful, how they
may be commercially monetised.
Licence agreements to use cloud software provided as a service are treated as service contracts
and expensed in the Group income statement, unless the Group has both a contractual right to take
possession of the software at any time without signi\ufb01cant penalty, and the ability to run the software
independently of the host vendor. In such cases the licence agreement is capitalised as software
within intangible assets. Implementation costs are expensed unless implementation is a distinct
service and gives rise to a separate intangible asset.
Property, plant and equipment
All property, plant and equipment is stated at historical cost less accumulated depreciation and
impairment losses. Historical cost comprises the purchase price of the asset and expenditure directly
attributable to the acquisition of the item.
Freehold land is not depreciated. Depreciation on other assets is calculated using the straight-line
method to allocate their cost less their estimated residual values over the estimated useful lives
as follows:
Land, buildings and leasehold improvements:
\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
\u2022 Leasehold land and buildings
life of lease
\u2022 Leasehold improvements
life of lease
\u2022 Plant and equipment
3\u201310 years
\n
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance
sheet date. The carrying value of assets is reviewed for impairment if events or changes in circumstances
suggest that the carrying value may not be recoverable. Assets will be written down to their recoverable
amount if lower than the carrying value, and any impairment is charged to the income statement.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised in the income statement within administrative expenses.
Impairment of non-\ufb01nancial assets
Assets that have an inde\ufb01nite useful life, for example goodwill, are not subject to amortisation and
are tested annually for impairment. Assets that are subject to amortisation and depreciation are
reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s
carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s
fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are
grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows (cash-generating
units). Non-\ufb01nancial assets other than goodwill that have suffered an impairment are reviewed for
possible reversal of the impairment at each reporting date.
In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using
a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the
risks speci\ufb01c to the asset. For an asset that does not generate largely independent cash \ufb02ows, the
recoverable amount is determined for the cash-generating unit to which the asset belongs.
Impairment losses recognised in respect of cash-generating units are allocated \ufb01rst to reduce the
carrying amount of any goodwill allocated to the cash-generating unit (or group of units) and then
to reduce the carrying amount of other assets in the unit (or group of units) on a pro-rata basis.
Business combinations
The Group accounts for business combinations using the acquisition method under IFRS 3 \u2013 Business
Combinations. See note 1 for further details.
Interests in joint ventures
Under IFRS 11, investments in joint arrangements are classi\ufb01ed as either joint operations or joint ventures
depending on the contractual rights and obligations of each investor. Autotrader Group plc has
assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures
are accounted for using the equity method. Under the equity method of accounting, interests in joint
ventures are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the
post-acquisition pro\ufb01ts or losses, movements in other comprehensive income and dividends received.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and short-term deposits held on call with banks.
Inventories
Inventory is measured at the lower of cost and net realisable value, being the estimated selling price
less costs to complete and sell. Cost is based on the cost of purchase on a \ufb01rst in, \ufb01rst out basis.
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred, and are
subsequently carried at amortised cost, with any difference between the proceeds (net of
transaction costs) and the redemption value being recognised in the income statement over the
period of the borrowings using the effective interest method. Finance and issue costs associated
with the borrowings are charged to the income statement using the effective interest rate method
from the date of issue over the estimated life of the borrowings to which the costs relate.
Borrowings are derecognised when the contractual obligation is discharged, cancelled or expires.
Where an existing \ufb01nancial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or
modi\ufb01cation is treated as a derecognition of the original liability and the recognition of a new liability,
such that the difference in respective carrying amounts together with any costs or fees incurred are
recognised in the income statement.
Borrowings are classi\ufb01ed as current liabilities unless the Group has an unconditional right to defer
settlement of the liability for at least 12 months after the balance sheet date.
Vehicle \ufb01nancing
A vehicle stocking loan is a \ufb01nancing arrangement which is used to purchase new and used vehicles
prior to re-sale. This \ufb01nancing arrangement can only be used for this purpose, typically has a maturity
of 180 days or less and is repayable on the earliest of the vehicle delivery date or the maturity date.
Based on these factors, the Group recognises these arrangements as \ufb01nancial liabilities within trade
and other payables as part of its operating cycle.
Provisions
A provision is recognised when a present legal or constructive obligation exists at the balance sheet
date as a result of a past event, it is probable that an out\ufb02ow of resources will be required to settle the
obligation and a reliable estimate of that obligation can be made. Where there are a number of similar
obligations, the likelihood that an out\ufb02ow will be required in settlement is determined by considering
the class of obligations as a whole. If the effect is material, provisions are determined by discounting
the expected future cash \ufb02ows at a pre-tax rate that re\ufb02ects current market assessments of the time
value of money and, where appropriate, the risks speci\ufb01c to the obligation.
Contingent liabilities are not recognised but are disclosed unless an out\ufb02ow of resources is remote.
Contingent assets are not recognised but are disclosed where an in\ufb02ow of economic bene\ufb01ts is probable.
Share capital
Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new
shares are shown in equity as a deduction from the proceeds.
Where the Group purchases its own equity share capital, the consideration paid is deducted from
equity attributable to the Group\u2019s shareholders. Where such shares are subsequently cancelled, the
nominal value of the shares repurchased is deducted from share capital and transferred to a capital
redemption reserve. Where the Group purchases its own equity share capital to hold in treasury, the
consideration paid for the shares is shown as own shares held within equity.
Shares held by Employee Share Option Trust
The Employee Share Option Trust (\u2018ESOT\u2019) provides for the issue of shares to Group employees principally
under share option schemes. The Group has control of the ESOT and therefore consolidates the ESOT in
the Group \ufb01nancial statements. Accordingly, shares in the Company held by the ESOT are included in the
balance sheet at cost as a deduction from equity.
Share premium
The amount subscribed for the ordinary shares in excess of the nominal value of these new shares is
recorded in share premium. Costs that directly relate to the issue of ordinary shares are deducted
from share premium net of corporation tax.
Capital reorganisation reserve
The capital reorganisation reserve arose on consolidation as a result of the share-for-share exchange
on 24 March 2015. It represents the difference between the nominal value of shares issued by Autotrader
Group plc in this transaction and the share capital and reserves of Autotrader Holding Limited.
Capital redemption reserve
The capital redemption reserve arises from the purchase and subsequent cancellation of the Group\u2019s
own equity share capital.
Other reserves
Other reserves include the currency translation reserve on the consolidation of entities whose
functional currency is other than sterling, and other amounts which arose on the initial common
control transaction that formed the Group.
Earnings per share
The Group presents basic and diluted earnings per share (\u2018EPS\u2019) for its ordinary shares. Basic EPS is
calculated by dividing the pro\ufb01t attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period, adjusted for own shares held. For diluted
EPS, the weighted average number of ordinary shares is adjusted to assume conversion of all dilutive
potential ordinary shares.
Dividend distribution
Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s
\ufb01nancial statements in the period in which the dividend is approved by the Company\u2019s shareholders
in the case of \ufb01nal dividends, or the date at which they are paid in the case of interim dividends.
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating
resources and assessing performance of the operating segments, has been identi\ufb01ed as the
Autotrader Leadership Team that makes strategic decisions (note 4).
Foreign currency translation
a) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at the period end exchange rates of
monetary assets and liabilities denominated in foreign currencies are recognised in the income
statement within administrative expenses.
b) Foreign operations
The results and financial position of all Group entities (none of which has the currency of a hyper-inflationary
economy) that have a functional currency other than sterling are translated into sterling as follows:
\u2022
assets and liabilities for each balance sheet presented are translated at the closing rate at the
date of that balance sheet; and
\u2022
income and expenses for each income statement are translated at average exchange rates.
These foreign currency differences are recognised in other comprehensive income and the
translation reserve within other reserves.
On the disposal of a foreign operation, the cumulative exchange differences that were recorded in
equity are recognised in the income statement as part of the gain or loss on sale. Goodwill and fair
value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities
of the foreign entity and translated at the closing rate.
Fair value measurement
\u2018Fair value\u2019 is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date in the principal or, in its absence,
the most advantageous market to which the Group has access at that date. The fair value of a liability
re\ufb02ects its non-performance risk. A number of the Group\u2019s accounting policies and disclosures
require the measurement of fair values, for both \ufb01nancial and non-\ufb01nancial assets and liabilities.
When one is available, the Group measures the fair value of an instrument using the quoted price in an
active market for that instrument. If there is no quoted price in an active market, then the Group uses
valuation techniques that maximise the use of relevant observable outputs and minimise the use of
unobservable outputs. The chosen valuation technique incorporates all of the factors that market
participants would take into account in pricing a transaction. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00147": { "value": "Changes in signi\ufb01cant accounting policies
New and amended standards adopted by the Group
The following amendments to standards have been adopted by the Group for the \ufb01rst time for the
\ufb01nancial year beginning on 1 April 2025:
\u2022
Lack of Exchangeability (Amendments to IAS 21)
The adoption of these amendments has had no material effect on the Group\u2019s Consolidated
\ufb01nancial statements.
Standards, amendments and interpretations to existing standards that are not yet effective
There are a number of amendments to IFRS that have been issued by the IASB that, when endorsed
in the UK, will become effective in a subsequent accounting period including:
\u2022
Classi\ufb01cation and Measurement of Financial Instruments (Amendments to IFRS 7 and IFRS 9)
\u2022 Presentation and Disclosure in Financial Statements (IFRS 18)
\u2022 Subsidiaries without Public Accountability Disclosures (IFRS 19)
\u2022 IAS 21 The Effects of Changes in Foreign Exchange Rates
\u2022
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
(Amendments to IFRS 10 and IAS 28)
\u2022 Statements and IAS 28 Investments in Associates and Joint Ventures
Based on initial assessments performed to date, the Group does not expect IFRS 18 to have a material
impact on the Consolidated \ufb01nancial statements, with the primary effect being presentational
changes to the disclosure of the joint venture. The Group does not expect the other amendments to
have an impact on the Consolidated \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00148": { "value": "Revenue
Revenue is measured based on the consideration speci\ufb01ed in a contract with a customer and is
recognised when a customer obtains control of the services. Revenue is stated net of discounts,
rebates, refunds and value-added tax.
Revenue principally represents the amounts receivable from customers for advertising on the Group\u2019s
platforms but also includes non-advertising services such as vehicle leasing transactions and data
services. The different types of products and services offered to customers along with the nature and
timing of satisfaction of performance obligations are set out as follows:
(i) Trade revenue
Trade revenue comprises fees from retailers, Home Traders and logistics customers for advertising
on the Group\u2019s platforms and customers utilising the Group\u2019s other services.
Retailer revenue
Retailer customers pay a monthly subscription fee to advertise their stock on the Group\u2019s platforms.
Control is obtained by customers across the life of the contract as their stock is continually listed.
Contracts for these services are agreed at a retailer or retailer group level and are ongoing subject
to a 30-day notice period. Revenue is invoiced monthly in arrears.
Retailers have the option to enhance their presence on the platform through additional products,
each of which has a distinct performance obligation. For products that provide enhanced exposure
across the life of the product, control is passed to the customer over time. Revenue is only recognised
at a point in time for additional advertising products where the customer does not receive the bene\ufb01t
until they choose to apply the product. Additional advertising products are principally billed on a
monthly subscription basis in line with their core advertising package, however certain products are
billed on an individual charge basis.
The Group also generates revenue from retailers for data and valuation services under a variety of
contractual arrangements, with each service being a separate performance obligation. Control is
obtained by customers either across the life of the contract where customers are licensed to use the
Group\u2019s services or at a point in time when a one-off data service is provided. In the prior year, digital
retailing revenue was generated from retailers who paid a percentage of the vehicle list price when a
consumer submitted a deal. Each deal represented a separate performance obligation and control
was obtained at a point in time.
Contract modi\ufb01cations occur on a regular basis as customers change their stock levels or add or
remove additional advertising products from their contracts. Following a contract modi\ufb01cation, the
customer is billed in line with the delivery of the remaining performance obligations. A receivable is
recognised only when the Group\u2019s right to consideration is only conditional on the passage of time.
Home Trader revenue
Home Trader customers pay a fee in advance to advertise a vehicle on the Group\u2019s platform for a
speci\ufb01ed period of time. Revenue is deferred until the customer obtains control over the services.
Control is obtained by customers across the life of the contract as their vehicle is continually listed.
Contracts for these services are typically entered into for a period of between two and six weeks.
Logistics revenue
Logistics customers pay a monthly subscription fee for access to the Group\u2019s AT Moves platform.
Control is obtained by customers across the life of the contract as their access is continuous.
Contracts for these services are agreed at a customer level and are ongoing subject to a 30-day
notice period. Logistics customers have the option to bid on vehicle moves advertised by retailers on
the platform. The logistics customer pays a fee if they are successful in obtaining business from
retailers through the Group\u2019s marketplace. Revenue is recognised at the point in time when the vehicle
move has been completed. A receivable is recognised only when the Group\u2019s right to consideration
is only conditional on the passage of time.
Data revenue
Data customers pay a subscription fee to access elements of Autotrader\u2019s vehicle database or to
access the Fleetware software. Control is transferred to customers across the life of the contract
where customers have continuous access to the database or the software.
AutoConvert revenue
AutoConvert customers pay a monthly subscription fee to access the AutoConvert platform. Control
is transferred to customers across the life of the contract where customers have continuous access
to the platform and revenue is recognised across this period. Ancillary AutoConvert revenues are
charged on a per transaction basis and revenue is recognised at the point in time that these services
are provided.
(ii) Consumer Services revenue
Consumer Services comprises fees from private sellers for vehicle advertisements on the Group\u2019s
websites, and third-party partners who provide services to consumers relating to their motoring needs,
such as insurance and loan \ufb01nance. Private customers pay a fee in advance to advertise a vehicle on the
Group\u2019s platform for a speci\ufb01ed period of time. Control is obtained by customers across the life of the
contract as their stock is continually listed. Contracts for these services are typically entered into for
a period of between two and six weeks and revenue is recognised over this time.
Revenue is also generated from third-party partners who utilise the Group\u2019s platforms to advertise
their products under a variety of contractual arrangements, with each service being a separate
performance obligation. Control is obtained by customers at a point in time when the service is
provided. Revenue is also generated via an agreement with Dealer Auction (our joint venture),
when retailers purchase a consumer\u2019s vehicle via Dealer Auction\u2019s platform. Revenue is recognised
when the vehicle is listed as sold.
(iii) Manufacturer & Agency revenue
Revenue is generated from manufacturers and their advertising agencies for placing display
advertising for their brand or vehicle on the Group\u2019s websites under a variety of contractual
arrangements, with each service being a separate performance obligation. Control is obtained by
customers across the life of the contract as their advertising is displayed on the different platforms.
Rebates are present in the contractual arrangements with customers and are awarded either in cash
or value of services based upon annual spend; an estimate of the annualised spend is made at the
reporting date to determine the amount of revenue to be recognised. A small proportion of revenue
relates to manufacturers who sell direct to consumers using our new car market extension product.
Manufacturers pay a monthly subscription fee to advertise their stock on the Group\u2019s platforms.
Control is obtained by manufacturers across the life of the contract as their stock is continually listed.
Contracts for these services are agreed at a manufacturer or manufacturer group level and are
ongoing subject to a 30-day notice period. Revenue is invoiced monthly in arrears.
(iv) Autorama revenue
Autorama revenue comprises consideration received from the sale of new vehicles and accessories
as well as commission received for facilitating the lease of new vehicles.
Vehicle & Accessory sales revenue
Vehicle & Accessory sales revenue is generated from new vehicles which are purchased from an
original equipment manufacturer (\u2018OEM\u2019) or retailer and then sold to a lease funder. Control is
obtained by the funder at a point in time when the vehicle is delivered and revenue is only recognised
at this point. Additional accessories can be added to vehicles at extra cost upon the request of the
funder, and control is once again obtained by the funder at a point in time when the vehicle is
delivered. Where the Group obtains control of vehicles or accessories in advance of selling those
goods to a funder, including holding inventory risk, then the Group is acting as principal and revenue
and cost of sales are reported on a gross basis. Where the Group does not obtain control of vehicles,
revenue is recorded as the value of the related commission and recognised as described below.
Commission & Ancillary revenue
Commission & Ancillary revenue is generated from commission received from lease funders for
facilitating the lease of new vehicles via advertisement on the Company\u2019s online marketplaces.
Control is obtained by the funder at a point in time when the lease is live and revenue is only
recognised at this point. Ancillary Autorama revenues are charged on a per transaction basis and
revenue is recognised at the point in time that these services are provided.
Rebates are present in the contractual arrangements with funders and are awarded in cash based
upon the quarterly number of vehicles provided. Similarly, rebates are present in the contractual
arrangements with OEMs and are awarded in cash based upon the quarterly number of vehicles
purchased. Revenue is recognised as volume targets are met.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00149": { "value": "Employee bene\ufb01ts
The Group operates several pension schemes and all except one are de\ufb01ned contribution schemes.
Within the UK all pension schemes set up prior to 2001 have been closed to new members and only
one de\ufb01ned contribution scheme is now open to new employees.
a) De\ufb01ned contribution scheme
The assets of the de\ufb01ned contribution scheme are held separately from those of the Group in
independently administered funds. The costs in respect of this Scheme are charged to the income
statement as incurred.
b) De\ufb01ned bene\ufb01t scheme
The Group operates one de\ufb01ned bene\ufb01t pension scheme that is closed to new members. The asset
or liability recognised in the balance sheet in respect of the de\ufb01ned bene\ufb01t scheme is the present
value of the de\ufb01ned bene\ufb01t obligation at the balance sheet date less the fair value of the Scheme\u2019s
assets. The de\ufb01ned bene\ufb01t obligation is calculated annually by independent actuaries using the
projected unit credit method. The present value of the de\ufb01ned bene\ufb01t obligation is determined by
discounting the estimated future cash out\ufb02ows using interest rates of high-quality corporate bonds
that are denominated in the currency in which the bene\ufb01ts will be paid, and that have terms to
maturity approximating those of the related pension liability. Remeasurement gains and losses
arising from experience adjustments and changes in actuarial assumptions are charged or credited
to equity in other comprehensive income in the period in which they arise. Any Scheme surplus (to the
extent it can be recovered) or de\ufb01cit is recognised in full on the balance sheet. Contributions paid to
the Scheme by the Group have been classi\ufb01ed as \ufb01nancing activities in the Consolidated statement
of cash \ufb02ows as there are no remaining active members within the Scheme.
c) Share-based payments
Equity-settled awards are valued at the grant date, and the fair value is charged as an expense in the
income statement spread over the vesting period. Fair value of the awards is measured using Black-
Scholes and Monte Carlo pricing models. The credit side of the entry is recorded in equity. Cash-settled
awards are revalued at each reporting date with the fair value of the award charged to the pro\ufb01t and
loss account over the vesting period and the credit side of the entry recognised as a liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00150": { "value": "c) Share-based payments
Equity-settled awards are valued at the grant date, and the fair value is charged as an expense in the
income statement spread over the vesting period. Fair value of the awards is measured using Black-
Scholes and Monte Carlo pricing models. The credit side of the entry is recorded in equity. Cash-settled
awards are revalued at each reporting date with the fair value of the award charged to the pro\ufb01t and
loss account over the vesting period and the credit side of the entry recognised as a liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00151": { "value": "Research and development
Research and development expenditure is charged against pro\ufb01ts in the year in which it is incurred,
unless it is development that meets the criteria for capitalisation set out in IAS 38 \u2013 Intangible Assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00152": { "value": "Finance income and costs
Finance income is earned on bank deposits and \ufb01nance costs are incurred on bank borrowings and vehicle
stocking loans. Both are recognised in the income statement in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00153": { "value": "Finance income and costs
Finance income is earned on bank deposits and \ufb01nance costs are incurred on bank borrowings and vehicle
stocking loans. Both are recognised in the income statement in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": "Taxation
The tax expense for the period comprises current and deferred taxation. Tax is recognised in the
income statement, except to the extent that it relates to items recognised in \u2018other comprehensive
income\u2019 or directly in equity. In this case the tax is also recognised in other comprehensive income or
directly in equity, respectively. Management periodically evaluates positions taken in tax returns with
respect to situations in which applicable tax regulation is subject to interpretation. It establishes
provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities.
Current taxation is provided at amounts expected to be paid (or recovered) calculated using the rates
of tax and laws that have been enacted or substantively enacted at the balance sheet date in the
countries where the Group operates and generates taxable income.
Deferred taxation is provided in full, using the liability method, on temporary differences arising
between the tax base of assets and liabilities and their carrying amounts are included in the
Consolidated \ufb01nancial statements. Deferred taxation is determined using tax rates and laws that
have been enacted or substantively enacted by the balance sheet date and are expected to apply
when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred taxation assets are recognised only to the extent that it is probable that future taxable pro\ufb01t
will be available against which the temporary differences can be utilised.
Deferred taxation is provided on temporary differences arising on investments in subsidiaries and
interests in joint ventures, 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 taxation assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets against current tax liabilities and when the deferred
taxation assets and liabilities relate to taxes levied by the same taxation authority on either the taxable
entity or different taxable entities where there is an intention to settle the balance on a net basis.
The Group has determined that the global minimum top-up tax, which is a liability under Pillar Two
legislation, is an income tax in the scope of IAS 12. The Group does not currently expect a liability
to Pillar Two top-up tax based on its effective rate of corporation tax paid and because its
consolidated revenue is below the minimum threshold of \u20ac750m in the current and prior year, and
all operations are in the UK.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "value": "Deferred taxation is provided in full, using the liability method, on temporary differences arising
between the tax base of assets and liabilities and their carrying amounts are included in the
Consolidated \ufb01nancial statements. Deferred taxation is determined using tax rates and laws that
have been enacted or substantively enacted by the balance sheet date and are expected to apply
when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred taxation assets are recognised only to the extent that it is probable that future taxable pro\ufb01t
will be available against which the temporary differences can be utilised.
Deferred taxation is provided on temporary differences arising on investments in subsidiaries and
interests in joint ventures, 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 taxation assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets against current tax liabilities and when the deferred
taxation assets and liabilities relate to taxes levied by the same taxation authority on either the taxable
entity or different taxable entities where there is an intention to settle the balance on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "value": "Leases
At inception of a contract, the Group assesses whether or not a contract is, or contains, a lease. A contract
is, or contains, a lease if the contract conveys the right to control the use of an identi\ufb01ed asset for a period
of time in exchange for consideration. When a lease is recognised in a contract the Group recognises
a right of use asset and a lease liability at the lease commencement date other than as noted below.
The right of use asset is initially measured at cost, which comprises the initial amount of the lease
liability adjusted for any lease prepayments made at or before the commencement date, plus any
initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset
or to restore the underlying asset or the site on which it is located, less any lease incentives received.
The right of use asset is subsequently depreciated using the straight-line method from the
commencement date to the earlier of the end of the useful life of the right of use asset or the end of
the lease term. The estimated useful lives of right of use assets are determined on the same basis as
those of property, plant and equipment. In addition, the right of use asset is periodically reduced by
impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot
be readily determined, the Group\u2019s incremental borrowing rate.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured
when there is a change in future lease payments arising from a change in an index or rate, or if the
Group changes its assessment of whether it will exercise a purchase, extension or termination option.
The Group presents right of use assets in property, plant and equipment and leased liabilities in lease
liabilities in the balance sheet.
The Group has applied the recognition exemption of low value leases. For these leases, the lease
payments are charged to the income statement on a straight-line basis over the term of the lease.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "value": "Financial instruments
A \ufb01nancial asset (unless it is a trade receivable without a signi\ufb01cant \ufb01nancing component) or \ufb01nancial
liability is initially measured at fair value plus, for an item not at fair value through pro\ufb01t or loss,
transaction costs that are directly attributable to its acquisition or issue. A trade receivable without
a signi\ufb01cant \ufb01nancing component is initially measured at the transaction price.
Under IFRS 9, trade receivables including accrued income, without a signi\ufb01cant \ufb01nancing component,
are classi\ufb01ed and held at amortised cost, being initially measured at the transaction price and
subsequently measured at amortised cost less any impairment loss.
The Group recognises lifetime expected credit losses (\u2018ECLs\u2019) for trade receivables and accrued income.
The expected credit losses are estimated using a provision matrix based on the Group\u2019s historical credit
loss experience, adjusted for any macro-economic factors. At 31 March 2025, ECLs were adjusted to
re\ufb02ect the lower levels of in\ufb02ation and downward pressures on interest rates. In the current period, ECL
assumptions have been reassessed for the prevailing macro-economic environment.
The Group assesses whether a \ufb01nancial asset is in default on a case by case basis when it becomes
probable that the customer is unlikely to pay its credit obligations. The gross carrying amount of a
\ufb01nancial asset is written off when the Group has no reasonable expectations of recovering a \ufb01nancial
asset in its entirety or a portion thereof. For all customers, the Group individually makes an assessment
with respect to the timing and amount of write-off based on whether there is a reasonable expectation
of recovery. The Group expects no signi\ufb01cant recovery from the amount written off. However, \ufb01nancial
assets that are written off could still be subject to enforcement activities in order to comply with the
Group\u2019s procedures for recovery of amounts due.
At each reporting date, the Group assesses whether \ufb01nancial assets carried at amortised cost are
credit-impaired. A \ufb01nancial asset is \u2018credit-impaired\u2019 when one or more events that have a
detrimental impact on the estimated future cash \ufb02ows of the \ufb01nancial asset have occurred.
Financial liabilities are classi\ufb01ed as measured at amortised cost or fair value through pro\ufb01t and loss.
A \ufb01nancial liability is classi\ufb01ed as at fair value through pro\ufb01t and loss if it is classi\ufb01ed as held-for-
trading, it is a derivative, or it is designated as such on initial recognition and measured at fair value
and net gains and losses, including any interest expense, are recognised in pro\ufb01t or loss. Other
\ufb01nancial liabilities, including trade payables, are subsequently measured at amortised cost using the
effective interest method. Interest expense and foreign exchange gains and losses are recognised
in pro\ufb01t or loss. Any gain or loss on derecognition is also recognised in pro\ufb01t or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00381": { "value": "Intangible assets
a) Goodwill
Goodwill represents the excess cost of an acquisition over the fair value of the Group\u2019s share of
the net identi\ufb01able assets of the acquired subsidiary at the date of acquisition. Goodwill is tested
annually for impairment and is carried at cost less accumulated impairment losses. Impairment
losses are charged to the income statement and are not reversed. The gain or loss on the disposal
of an entity includes the carrying amount of goodwill relating to the entity sold. Goodwill is allocated
to cash-generating units for the purpose of impairment testing. The allocation is made to those
cash-generating units that are expected to bene\ufb01t from the business combination in which the
goodwill arose.
b) Trademarks, trade names, technology, non-compete agreements, customer relationships,
franchise buybacks, brands and databases
Separately acquired trademarks, trade names, technology and customer relationships are recognised
at historical cost. They have a \ufb01nite useful life and are carried at cost less accumulated amortisation.
Amortisation is calculated using the straight-line method to allocate the cost over their estimated useful
lives of between one and 15 years. Trademarks, trade names, technology, non-compete agreements,
customer relationships, franchise buybacks, brands and databases acquired in a business combination
are recognised at fair value at the acquisition date and subsequently amortised.
c) Software
Acquired computer software controlled by the Group is capitalised at cost, including any costs to
bring it into use, and is carried at cost less accumulated amortisation. Amortisation is calculated
using the straight-line method to allocate the cost over the estimated useful life of three to ten years.
d) Software and website development costs and \ufb01nancial systems
Development costs that are directly attributable to the design and testing of identi\ufb01able and unique
software products, websites and systems controlled by the Group are recognised as intangible
assets when the following criteria are met:
\u2022
it is technically feasible to complete the software product or website so that it will be available
for use;
\u2022
management intends to complete the software product or website and use or sell it;
\u2022
there is an ability to use or sell the software product or website;
\u2022
it can be demonstrated how the software product or website will generate probable future
economic bene\ufb01ts;
\u2022
adequate technical, \ufb01nancial and other resources to complete the development and to use or sell
the software product or website are available; and
\u2022
the expenditure attributable to the software product or website during its development can be
reliably measured.
Directly attributable costs that are capitalised as part of the software product, website or system
include employee and contractor costs. Other development expenditures that do not meet these
criteria, as well as ongoing maintenance and costs associated with routine upgrades and
enhancements, are recognised as an expense as incurred. Development costs for software, websites
and systems are carried at cost less accumulated amortisation and are amortised over their useful
lives (not exceeding 10 years) at the point at which they come into use.
Outside of acquired software, the Group develops its core infrastructure through small-scale,
maintenance-like incremental improvements and as a result, a low proportion of internal expenditure
meets the requirements of IAS 38, Intangible Assets. By their innovative nature, there may also be
uncertainty over the technical feasibility of new development projects and, if successful, how they
may be commercially monetised.
Licence agreements to use cloud software provided as a service are treated as service contracts
and expensed in the Group income statement, unless the Group has both a contractual right to take
possession of the software at any time without signi\ufb01cant penalty, and the ability to run the software
independently of the host vendor. In such cases the licence agreement is capitalised as software
within intangible assets. Implementation costs are expensed unless implementation is a distinct
service and gives rise to a separate intangible asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "value": "Intangible assetsb) Trademarks, trade names, technology, non-compete agreements, customer relationships,
franchise buybacks, brands and databases
Separately acquired trademarks, trade names, technology and customer relationships are recognised
at historical cost. They have a \ufb01nite useful life and are carried at cost less accumulated amortisation.
Amortisation is calculated using the straight-line method to allocate the cost over their estimated useful
lives of between one and 15 years. Trademarks, trade names, technology, non-compete agreements,
customer relationships, franchise buybacks, brands and databases acquired in a business combination
are recognised at fair value at the acquisition date and subsequently amortised.
c) Software
Acquired computer software controlled by the Group is capitalised at cost, including any costs to
bring it into use, and is carried at cost less accumulated amortisation. Amortisation is calculated
using the straight-line method to allocate the cost over the estimated useful life of three to ten years.
d) Software and website development costs and \ufb01nancial systems
Development costs that are directly attributable to the design and testing of identi\ufb01able and unique
software products, websites and systems controlled by the Group are recognised as intangible
assets when the following criteria are met:
\u2022
it is technically feasible to complete the software product or website so that it will be available
for use;
\u2022
management intends to complete the software product or website and use or sell it;
\u2022
there is an ability to use or sell the software product or website;
\u2022
it can be demonstrated how the software product or website will generate probable future
economic bene\ufb01ts;
\u2022
adequate technical, \ufb01nancial and other resources to complete the development and to use or sell
the software product or website are available; and
\u2022
the expenditure attributable to the software product or website during its development can be
reliably measured.
Directly attributable costs that are capitalised as part of the software product, website or system
include employee and contractor costs. Other development expenditures that do not meet these
criteria, as well as ongoing maintenance and costs associated with routine upgrades and
enhancements, are recognised as an expense as incurred. Development costs for software, websites
and systems are carried at cost less accumulated amortisation and are amortised over their useful
lives (not exceeding 10 years) at the point at which they come into use.
Outside of acquired software, the Group develops its core infrastructure through small-scale,
maintenance-like incremental improvements and as a result, a low proportion of internal expenditure
meets the requirements of IAS 38, Intangible Assets. By their innovative nature, there may also be
uncertainty over the technical feasibility of new development projects and, if successful, how they
may be commercially monetised.
Licence agreements to use cloud software provided as a service are treated as service contracts
and expensed in the Group income statement, unless the Group has both a contractual right to take
possession of the software at any time without signi\ufb01cant penalty, and the ability to run the software
independently of the host vendor. In such cases the licence agreement is capitalised as software
within intangible assets. Implementation costs are expensed unless implementation is a distinct
service and gives rise to a separate intangible asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "value": "a) Goodwill
Goodwill represents the excess cost of an acquisition over the fair value of the Group\u2019s share of
the net identi\ufb01able assets of the acquired subsidiary at the date of acquisition. Goodwill is tested
annually for impairment and is carried at cost less accumulated impairment losses. Impairment
losses are charged to the income statement and are not reversed. The gain or loss on the disposal
of an entity includes the carrying amount of goodwill relating to the entity sold. Goodwill is allocated
to cash-generating units for the purpose of impairment testing. The allocation is made to those
cash-generating units that are expected to bene\ufb01t from the business combination in which the
goodwill arose. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00383": { "value": "Property, plant and equipment
All property, plant and equipment is stated at historical cost less accumulated depreciation and
impairment losses. Historical cost comprises the purchase price of the asset and expenditure directly
attributable to the acquisition of the item.
Freehold land is not depreciated. Depreciation on other assets is calculated using the straight-line
method to allocate their cost less their estimated residual values over the estimated useful lives
as follows:
Land, buildings and leasehold improvements:
\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
\u2022 Leasehold land and buildings
life of lease
\u2022 Leasehold improvements
life of lease
\u2022 Plant and equipment
3\u201310 years
\n
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance
sheet date. The carrying value of assets is reviewed for impairment if events or changes in circumstances
suggest that the carrying value may not be recoverable. Assets will be written down to their recoverable
amount if lower than the carrying value, and any impairment is charged to the income statement.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised in the income statement within administrative expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00384": { "value": "Freehold land is not depreciated. Depreciation on other assets is calculated using the straight-line
method to allocate their cost less their estimated residual values over the estimated useful lives
as follows:
Land, buildings and leasehold improvements:
\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
\u2022 Leasehold land and buildings
life of lease
\u2022 Leasehold improvements
life of lease
\u2022 Plant and equipment
3\u201310 years
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00385": { "value": "Impairment of non-\ufb01nancial assets
Assets that have an inde\ufb01nite useful life, for example goodwill, are not subject to amortisation and
are tested annually for impairment. Assets that are subject to amortisation and depreciation are
reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s
carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s
fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are
grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows (cash-generating
units). Non-\ufb01nancial assets other than goodwill that have suffered an impairment are reviewed for
possible reversal of the impairment at each reporting date.
In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using
a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the
risks speci\ufb01c to the asset. For an asset that does not generate largely independent cash \ufb02ows, the
recoverable amount is determined for the cash-generating unit to which the asset belongs.
Impairment losses recognised in respect of cash-generating units are allocated \ufb01rst to reduce the
carrying amount of any goodwill allocated to the cash-generating unit (or group of units) and then
to reduce the carrying amount of other assets in the unit (or group of units) on a pro-rata basis", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "value": "Business combinations
The Group accounts for business combinations using the acquisition method under IFRS 3 \u2013 Business
Combinations. See note 1 for further details.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "value": "Interests in joint ventures
Under IFRS 11, investments in joint arrangements are classi\ufb01ed as either joint operations or joint ventures
depending on the contractual rights and obligations of each investor. Autotrader Group plc has
assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures
are accounted for using the equity method. Under the equity method of accounting, interests in joint
ventures are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the
post-acquisition pro\ufb01ts or losses, movements in other comprehensive income and dividends received.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "Cash and cash equivalents Cash and cash equivalents include cash in hand and short-term deposits held on call with banks. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "value": "Inventories
Inventory is measured at the lower of cost and net realisable value, being the estimated selling price
less costs to complete and sell. Cost is based on the cost of purchase on a \ufb01rst in, \ufb01rst out basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred, and are
subsequently carried at amortised cost, with any difference between the proceeds (net of
transaction costs) and the redemption value being recognised in the income statement over the
period of the borrowings using the effective interest method. Finance and issue costs associated
with the borrowings are charged to the income statement using the effective interest rate method
from the date of issue over the estimated life of the borrowings to which the costs relate.
Borrowings are derecognised when the contractual obligation is discharged, cancelled or expires.
Where an existing \ufb01nancial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or
modi\ufb01cation is treated as a derecognition of the original liability and the recognition of a new liability,
such that the difference in respective carrying amounts together with any costs or fees incurred are
recognised in the income statement.
Borrowings are classi\ufb01ed as current liabilities unless the Group has an unconditional right to defer
settlement of the liability for at least 12 months after the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "Provisions
A provision is recognised when a present legal or constructive obligation exists at the balance sheet
date as a result of a past event, it is probable that an out\ufb02ow of resources will be required to settle the
obligation and a reliable estimate of that obligation can be made. Where there are a number of similar
obligations, the likelihood that an out\ufb02ow will be required in settlement is determined by considering
the class of obligations as a whole. If the effect is material, provisions are determined by discounting
the expected future cash \ufb02ows at a pre-tax rate that re\ufb02ects current market assessments of the time
value of money and, where appropriate, the risks speci\ufb01c to the obligation.
Contingent liabilities are not recognised but are disclosed unless an out\ufb02ow of resources is remote.
Contingent assets are not recognised but are disclosed where an in\ufb02ow of economic bene\ufb01ts is probable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00392": { "value": "Share capital
Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new
shares are shown in equity as a deduction from the proceeds.
Where the Group purchases its own equity share capital, the consideration paid is deducted from
equity attributable to the Group\u2019s shareholders. Where such shares are subsequently cancelled, the
nominal value of the shares repurchased is deducted from share capital and transferred to a capital
redemption reserve. Where the Group purchases its own equity share capital to hold in treasury, the
consideration paid for the shares is shown as own shares held within equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00393": { "value": "Earnings per share
The Group presents basic and diluted earnings per share (\u2018EPS\u2019) for its ordinary shares. Basic EPS is
calculated by dividing the pro\ufb01t attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period, adjusted for own shares held. For diluted
EPS, the weighted average number of ordinary shares is adjusted to assume conversion of all dilutive
potential ordinary shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "value": "Dividend distribution
Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s
\ufb01nancial statements in the period in which the dividend is approved by the Company\u2019s shareholders
in the case of \ufb01nal dividends, or the date at which they are paid in the case of interim dividends.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "value": "Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating
resources and assessing performance of the operating segments, has been identi\ufb01ed as the
Autotrader Leadership Team that makes strategic decisions (note 4). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00396": { "value": "Foreign currency translation
a) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at the period end exchange rates of
monetary assets and liabilities denominated in foreign currencies are recognised in the income
statement within administrative expenses.
b) Foreign operations
The results and financial position of all Group entities (none of which has the currency of a hyper-inflationary
economy) that have a functional currency other than sterling are translated into sterling as follows:
\u2022
assets and liabilities for each balance sheet presented are translated at the closing rate at the
date of that balance sheet; and
\u2022
income and expenses for each income statement are translated at average exchange rates.
These foreign currency differences are recognised in other comprehensive income and the
translation reserve within other reserves.
On the disposal of a foreign operation, the cumulative exchange differences that were recorded in
equity are recognised in the income statement as part of the gain or loss on sale. Goodwill and fair
value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities
of the foreign entity and translated at the closing rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00417": { "value": "Fair value measurement
\u2018Fair value\u2019 is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date in the principal or, in its absence,
the most advantageous market to which the Group has access at that date. The fair value of a liability
re\ufb02ects its non-performance risk. A number of the Group\u2019s accounting policies and disclosures
require the measurement of fair values, for both \ufb01nancial and non-\ufb01nancial assets and liabilities.
When one is available, the Group measures the fair value of an instrument using the quoted price in an
active market for that instrument. If there is no quoted price in an active market, then the Group uses
valuation techniques that maximise the use of relevant observable outputs and minimise the use of
unobservable outputs. The chosen valuation technique incorporates all of the factors that market
participants would take into account in pricing a transaction.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0034": { "value": "3. RISK AND CAPITAL MANAGEMENT
Overview
In the course of its business the Group is exposed to market risk, credit risk and liquidity risk from its use
of \ufb01nancial instruments. This note presents information about the Group\u2019s exposure to each of the
below risks, the Group\u2019s objectives, policies and processes for measuring and managing risk and the
Group\u2019s management of capital. Further quantitative disclosures are included throughout these
Consolidated \ufb01nancial statements.
The Group\u2019s overall risk management strategy is to minimise potential adverse effects on the \ufb01nancial
performance and net assets of the Group. These policies are set and reviewed by senior \ufb01nance
management and all signi\ufb01cant \ufb01nancing transactions are authorised by the Board of Directors.
Market risk
i. Foreign exchange risk
The Group has no signi\ufb01cant foreign exchange risk as 100% of the Group\u2019s revenue and 98% of costs are
sterling-denominated. As the amounts are not signi\ufb01cant, no sensitivity analysis has been presented.
ii. Interest rate risk
The Group\u2019s interest rate risk arises from vehicle stocking loans which have \ufb02oating rates of interest
linked to the Bank of England Base Rate and long-term borrowings under the Syndicated RCF with
\ufb02oating rates of interest linked to SONIA. The Group monitors interest rates on an ongoing basis but
does not currently hedge interest rate risk. The variation of 100 basis points in the interest rate of
\ufb02oating rate \ufb01nancial liabilities (with all other variables held constant) will increase or decrease
post-tax pro\ufb01t for the year by \u00a30.4m (2025: \u00a30.1m).
Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or banking institution fails to meet
its contractual obligations.
i. Trade receivables
Credit risk relating to trade receivables is managed centrally and the credit risk for new Autotrader
customers is analysed before standard payment terms and conditions are offered. Policies and
procedures exist to ensure that Autotrader\u2019s existing customers have an appropriate credit history
and a signi\ufb01cant number of balances are collected via direct debit. In March, 89.7% (2025: 88.3%) of
Autotrader\u2019s retailer customers listed monthly direct debit as their payment method, minimising the
risk of non-payment. Sales to private individuals using Autotrader are primarily settled in advance
using major debit or credit cards which removes the risk in this area.
Autorama\u2019s main customers are funders who do not change regularly, so the risk in this area is
also minimal.
The Group establishes an expected credit loss that represents its estimate of losses in respect of
trade and other receivables. Further details of these are given in note 30.
Overall, the Group considers that it is not exposed to a signi\ufb01cant amount of either customer credit
or bad debt risk, due to the fragmented nature of the customer base and the robust nature of the
used car market.
ii. Cash and cash equivalents
As at 31 March 2026, the Group held cash and cash equivalents of \u00a318.2m (2025: \u00a315.3m). The cash and
cash equivalents are held with bank and \ufb01nancial institution counterparties, which are rated between
P-1 and P-2 based on Moody\u2019s ratings. The Group\u2019s treasury policy is to monitor cash, and when
applicable deposit balances, on a daily basis and to manage counterparty risk, whilst also ensuring
ef\ufb01cient management of the Group\u2019s Syndicated RCF.
Liquidity risk
Liquidity risk is the risk that the Group will encounter dif\ufb01culties in meeting the obligations associated
with its \ufb01nancial liabilities that are settled by delivering cash. The Group\u2019s approach to managing
liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient liquidity to meet its liabilities
when due, under both normal and stressed conditions, without incurring unacceptable losses or
risking damage to the Group\u2019s reputation.
Cash \ufb02ow forecasting is performed centrally by the Director of Group Finance. Rolling forecasts of
the Group\u2019s liquidity requirements are monitored to ensure it has suf\ufb01cient cash to meet operational
needs. The Group\u2019s revenue model is largely subscription-based, which results in a regular level of
cash conversion allowing it to service working capital requirements.
On 1 February 2025, the Group extended the term of its Syndicated RCF to February 2030 by exercising
the remaining one-year extension option. At 31 March 2026, the Group had \u00a3165.0m drawn (2025: \u00a3nil)
of its \u00a3200.0m Syndicated RCF. Following the year end, the Syndicated RCF was increased to \u00a3300.0m.
The Group has access to a vehicle stocking loan, with a limit of \u00a312.0m. This \ufb01nancing arrangement
can only be used to fund the purchase of new and used vehicles prior to re-sale and has a maturity of
180 days or less. The loan is repayable on the earliest of the vehicle delivery date or the maturity date.
At 31 March 2026, \u00a35.0m was recognised in the Consolidated balance sheet (2025: \u00a31.0m).
Capital management
The Group considers capital to be net debt plus total equity. Net debt is calculated as total bank debt,
other loans and lease \ufb01nancing, less cash and cash equivalents as shown in note 31. Total equity is as
shown in the Consolidated balance sheet.
The calculation of total capital is shown in the table 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\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Total net debt/(funds)
188.3
(12.7)
Total equity
407.1
569.4
Total capital
595.4
556.7
\n
The objectives for 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 ef\ufb01cient cost of capital structure. To maintain or adjust the capital structure, the Group
may pay dividends, return capital through share buybacks, issue new shares or take other steps to
increase share capital and reduce or increase debt facilities.
As at 31 March 2026, the Group had borrowings of \u00a3165.0m (2025: \u00a3nil) through its Syndicated RCF.
Interest is payable on this facility at a rate of SONIA plus a margin of between 1.2% and 2.1% depending
on the consolidated leverage ratio of Autotrader Group plc and its subsidiaries, which is calculated
and reviewed on a biannual basis. As part of the amendment and extension of its Syndicated RCF in
2023, three sustainability performance targets were incorporated into the agreement. These were
tested for the \ufb01rst time in 2024. The margin shall be increased or decreased between -0.05% and 0.05%
based on the number of sustainability performance targets achieved in the reporting period. This will
be reviewed annually. The Group remains in compliance with its banking covenants.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0039": { "value": "3. RISK AND CAPITAL MANAGEMENT
Overview
In the course of its business the Group is exposed to market risk, credit risk and liquidity risk from its use
of \ufb01nancial instruments. This note presents information about the Group\u2019s exposure to each of the
below risks, the Group\u2019s objectives, policies and processes for measuring and managing risk and the
Group\u2019s management of capital. Further quantitative disclosures are included throughout these
Consolidated \ufb01nancial statements.
The Group\u2019s overall risk management strategy is to minimise potential adverse effects on the \ufb01nancial
performance and net assets of the Group. These policies are set and reviewed by senior \ufb01nance
management and all signi\ufb01cant \ufb01nancing transactions are authorised by the Board of Directors.
Market risk
i. Foreign exchange risk
The Group has no signi\ufb01cant foreign exchange risk as 100% of the Group\u2019s revenue and 98% of costs are
sterling-denominated. As the amounts are not signi\ufb01cant, no sensitivity analysis has been presented.
ii. Interest rate risk
The Group\u2019s interest rate risk arises from vehicle stocking loans which have \ufb02oating rates of interest
linked to the Bank of England Base Rate and long-term borrowings under the Syndicated RCF with
\ufb02oating rates of interest linked to SONIA. The Group monitors interest rates on an ongoing basis but
does not currently hedge interest rate risk. The variation of 100 basis points in the interest rate of
\ufb02oating rate \ufb01nancial liabilities (with all other variables held constant) will increase or decrease
post-tax pro\ufb01t for the year by \u00a30.4m (2025: \u00a30.1m).
Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or banking institution fails to meet
its contractual obligations.
i. Trade receivables
Credit risk relating to trade receivables is managed centrally and the credit risk for new Autotrader
customers is analysed before standard payment terms and conditions are offered. Policies and
procedures exist to ensure that Autotrader\u2019s existing customers have an appropriate credit history
and a signi\ufb01cant number of balances are collected via direct debit. In March, 89.7% (2025: 88.3%) of
Autotrader\u2019s retailer customers listed monthly direct debit as their payment method, minimising the
risk of non-payment. Sales to private individuals using Autotrader are primarily settled in advance
using major debit or credit cards which removes the risk in this area.
Autorama\u2019s main customers are funders who do not change regularly, so the risk in this area is
also minimal.
The Group establishes an expected credit loss that represents its estimate of losses in respect of
trade and other receivables. Further details of these are given in note 30.
Overall, the Group considers that it is not exposed to a signi\ufb01cant amount of either customer credit
or bad debt risk, due to the fragmented nature of the customer base and the robust nature of the
used car market.
ii. Cash and cash equivalents
As at 31 March 2026, the Group held cash and cash equivalents of \u00a318.2m (2025: \u00a315.3m). The cash and
cash equivalents are held with bank and \ufb01nancial institution counterparties, which are rated between
P-1 and P-2 based on Moody\u2019s ratings. The Group\u2019s treasury policy is to monitor cash, and when
applicable deposit balances, on a daily basis and to manage counterparty risk, whilst also ensuring
ef\ufb01cient management of the Group\u2019s Syndicated RCF.
Liquidity risk
Liquidity risk is the risk that the Group will encounter dif\ufb01culties in meeting the obligations associated
with its \ufb01nancial liabilities that are settled by delivering cash. The Group\u2019s approach to managing
liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient liquidity to meet its liabilities
when due, under both normal and stressed conditions, without incurring unacceptable losses or
risking damage to the Group\u2019s reputation.
Cash \ufb02ow forecasting is performed centrally by the Director of Group Finance. Rolling forecasts of
the Group\u2019s liquidity requirements are monitored to ensure it has suf\ufb01cient cash to meet operational
needs. The Group\u2019s revenue model is largely subscription-based, which results in a regular level of
cash conversion allowing it to service working capital requirements.
On 1 February 2025, the Group extended the term of its Syndicated RCF to February 2030 by exercising
the remaining one-year extension option. At 31 March 2026, the Group had \u00a3165.0m drawn (2025: \u00a3nil)
of its \u00a3200.0m Syndicated RCF. Following the year end, the Syndicated RCF was increased to \u00a3300.0m.
The Group has access to a vehicle stocking loan, with a limit of \u00a312.0m. This \ufb01nancing arrangement
can only be used to fund the purchase of new and used vehicles prior to re-sale and has a maturity of
180 days or less. The loan is repayable on the earliest of the vehicle delivery date or the maturity date.
At 31 March 2026, \u00a35.0m was recognised in the Consolidated balance sheet (2025: \u00a31.0m).
Capital management
The Group considers capital to be net debt plus total equity. Net debt is calculated as total bank debt,
other loans and lease \ufb01nancing, less cash and cash equivalents as shown in note 31. Total equity is as
shown in the Consolidated balance sheet.
The calculation of total capital is shown in the table 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\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Total net debt/(funds)
188.3
(12.7)
Total equity
407.1
569.4
Total capital
595.4
556.7
\n
The objectives for 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 ef\ufb01cient cost of capital structure. To maintain or adjust the capital structure, the Group
may pay dividends, return capital through share buybacks, issue new shares or take other steps to
increase share capital and reduce or increase debt facilities.
As at 31 March 2026, the Group had borrowings of \u00a3165.0m (2025: \u00a3nil) through its Syndicated RCF.
Interest is payable on this facility at a rate of SONIA plus a margin of between 1.2% and 2.1% depending
on the consolidated leverage ratio of Autotrader Group plc and its subsidiaries, which is calculated
and reviewed on a biannual basis. As part of the amendment and extension of its Syndicated RCF in
2023, three sustainability performance targets were incorporated into the agreement. These were
tested for the \ufb01rst time in 2024. The margin shall be increased or decreased between -0.05% and 0.05%
based on the number of sustainability performance targets achieved in the reporting period. This will
be reviewed annually. The Group remains in compliance with its banking covenants.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0040": { "value": "Market risk
i. Foreign exchange risk
The Group has no signi\ufb01cant foreign exchange risk as 100% of the Group\u2019s revenue and 98% of costs are
sterling-denominated. As the amounts are not signi\ufb01cant, no sensitivity analysis has been presented.
ii. Interest rate risk
The Group\u2019s interest rate risk arises from vehicle stocking loans which have \ufb02oating rates of interest
linked to the Bank of England Base Rate and long-term borrowings under the Syndicated RCF with
\ufb02oating rates of interest linked to SONIA. The Group monitors interest rates on an ongoing basis but
does not currently hedge interest rate risk. The variation of 100 basis points in the interest rate of
\ufb02oating rate \ufb01nancial liabilities (with all other variables held constant) will increase or decrease
post-tax pro\ufb01t for the year by \u00a30.4m (2025: \u00a30.1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0041": { "value": "i. Foreign exchange risk
The Group has no signi\ufb01cant foreign exchange risk as 100% of the Group\u2019s revenue and 98% of costs are
sterling-denominated. As the amounts are not signi\ufb01cant, no sensitivity analysis has been presented.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0042": { "value": "Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or banking institution fails to meet
its contractual obligations.
i. Trade receivables
Credit risk relating to trade receivables is managed centrally and the credit risk for new Autotrader
customers is analysed before standard payment terms and conditions are offered. Policies and
procedures exist to ensure that Autotrader\u2019s existing customers have an appropriate credit history
and a signi\ufb01cant number of balances are collected via direct debit. In March, 89.7% (2025: 88.3%) of
Autotrader\u2019s retailer customers listed monthly direct debit as their payment method, minimising the
risk of non-payment. Sales to private individuals using Autotrader are primarily settled in advance
using major debit or credit cards which removes the risk in this area.
Autorama\u2019s main customers are funders who do not change regularly, so the risk in this area is
also minimal.
The Group establishes an expected credit loss that represents its estimate of losses in respect of
trade and other receivables. Further details of these are given in note 30.
Overall, the Group considers that it is not exposed to a signi\ufb01cant amount of either customer credit
or bad debt risk, due to the fragmented nature of the customer base and the robust nature of the
used car market.
ii. Cash and cash equivalents
As at 31 March 2026, the Group held cash and cash equivalents of \u00a318.2m (2025: \u00a315.3m). The cash and
cash equivalents are held with bank and \ufb01nancial institution counterparties, which are rated between
P-1 and P-2 based on Moody\u2019s ratings. The Group\u2019s treasury policy is to monitor cash, and when
applicable deposit balances, on a daily basis and to manage counterparty risk, whilst also ensuring
ef\ufb01cient management of the Group\u2019s Syndicated RCF.Credit risk
The carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum
exposure to credit risk at 31 March 2026 was \u00a392.9m (2025: \u00a390.0m). The maximum exposure to credit
risk for trade receivables and accrued income at the reporting date by geographic region 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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
\u00a0
\u00a3m
\u00a3m
UK
74.0
74.7
Total
74.0
74.7
\n
The maximum exposure to credit risk for trade receivables and accrued income at the reporting date
by type of customer 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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
\u00a0
\u00a3m
\u00a3m
Retailers
60.9
62.5
Manufacturer & Agency
5.3
4.9
Other
5.4
5.9
Autorama
2.4
1.4
Total
74.0
74.7
\n
The Group\u2019s most signi\ufb01cant customer accounts for \u00a31.9m (2025: \u00a32.0m) of net trade receivables as at
31 March 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0043": { "value": "Liquidity risk
Liquidity risk is the risk that the Group will encounter dif\ufb01culties in meeting the obligations associated
with its \ufb01nancial liabilities that are settled by delivering cash. The Group\u2019s approach to managing
liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient liquidity to meet its liabilities
when due, under both normal and stressed conditions, without incurring unacceptable losses or
risking damage to the Group\u2019s reputation.
Cash \ufb02ow forecasting is performed centrally by the Director of Group Finance. Rolling forecasts of
the Group\u2019s liquidity requirements are monitored to ensure it has suf\ufb01cient cash to meet operational
needs. The Group\u2019s revenue model is largely subscription-based, which results in a regular level of
cash conversion allowing it to service working capital requirements.
On 1 February 2025, the Group extended the term of its Syndicated RCF to February 2030 by exercising
the remaining one-year extension option. At 31 March 2026, the Group had \u00a3165.0m drawn (2025: \u00a3nil)
of its \u00a3200.0m Syndicated RCF. Following the year end, the Syndicated RCF was increased to \u00a3300.0m.
The Group has access to a vehicle stocking loan, with a limit of \u00a312.0m. This \ufb01nancing arrangement
can only be used to fund the purchase of new and used vehicles prior to re-sale and has a maturity of
180 days or less. The loan is repayable on the earliest of the vehicle delivery date or the maturity date.
At 31 March 2026, \u00a35.0m was recognised in the Consolidated balance sheet (2025: \u00a31.0m).Liquidity risk
The maturity of \ufb01nancial liabilities based on contracted cash \ufb02ows is shown in the table below.
This table has been drawn up using the undiscounted cash \ufb02ows of \ufb01nancial liabilities based on the
earliest date on which the Group is obliged to pay. The table includes both interest and principal
cash \ufb02ows. Floating rate interest payments have been calculated using the relevant interest rates
prevailing at the year end, where applicable.
\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\t\n\t\t\t\n\t\t\n\t\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
Trade and
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
other
Vehicle
\u00a0 \u00a0 \u00a0
\u00a0
payables
stocking loan
Borrowings
Leases
Total
As at 31 March 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Due within one year
19.2
5.0
\u2013
0.6
24.8
Due within one to two years
\u2013
\u2013
\u2013
0.1
0.1
Due within two to \ufb01ve years
\u2013
\u2013
165.0
15.1
180.1
Due after more than \ufb01ve years
\u2013
\u2013
\u2013
45.9
45.9
Total
19.2
5.0
165.0
61.7
250.9
\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\n\t\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
Trade and
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
other
Vehicle
\u00a0 \u00a0 \u00a0
\u00a0
payables
stocking loan
Borrowings
Leases
Total
As at 31 March 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Due within one year
18.8
1.0
\u2013
2.1
21.9
Due within one to two years
\u2013
\u2013
\u2013
0.3
0.3
Due within two to \ufb01ve years
\u2013
\u2013
\u2013
0.1
0.1
Due after more than \ufb01ve years
\u2013
\u2013
\u2013
\u2013
\u2013
Total
18.8
1.0
\u2013
2.5
22.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0044": { "value": "4. SEGMENTAL INFORMATION
IFRS 8 \u2013 Operating Segments requires the Group to determine its operating segments based on
information which is provided internally. Based on the internal reporting information and
management structures within the Group, it has been determined that there are two operating
segments (2025: two operating segments), being:
\u2022
Autotrader: includes the results of Autotrader and AutoConvert in respect of online classi\ufb01ed
advertising of motor vehicles and other related products and services in the digital automotive
marketplace including share of pro\ufb01t from the Dealer Auction joint venture.
\u2022
Autorama: the results of Autorama in respect of a marketplace for leasing new vehicles and other
related products and services.
Management has determined that there are two operating segments in line with the nature in which
the Group is managed. The reports reviewed by the Autotrader Leadership Team (\u2018ALT\u2019), which is
the chief operating decision-maker (\u2018CODM\u2019) for both segments, split out operating performance
by segment. The ALT is made up of the Executive Directors and Key Management and is responsible
for the strategic decision-making of the Group. Revenue and cost streams presented for each
operating segment are largely independent in the reporting period with certain costs recharged
between segments.
The ALT primarily uses the measures of revenue and operating pro\ufb01t to assess the performance
of each operating segment. Segment revenue comprises revenue from external customers and is
reported to the ALT in a manner consistent with that in the income statement. Inter-segment revenue
and costs are not reported to the ALT. In the year to 31 March 2026, inter-segment revenue earned by
Autotrader from Autorama for vehicles leased via a journey initiated on the Autotrader platform was
not material (2025: \u00a3nil).
From \ufb01nancial year 2027, Autorama will operate and be reported as a single operating segment with
the rest of the Autotrader Group as more than half of all leasing transactions are now delivered
through the Autotrader platform.
Analysis of the Group\u2019s revenue and results for both reportable segments, with a reconciliation to
Group pro\ufb01t before tax, 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Group
\u00a0
\u00a0
Autotrader
Autorama
central
\u00a0
\u00a0
segment
segment
costs
Group
Year to 31 March 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Total segment revenue
585.3
39.0
\u2013
624.3
People costs
(93.6)
(6.8)
\u2013
(100.4)
Marketing
(21.9)
(1.4)
\u2013
(23.3)
Costs of goods sold
\u2013
(29.9)
\u2013
(29.9)
Digital Services Tax
(10.6)
\u2013
\u2013
(10.6)
Other costs
(45.9)
(2.2)
\u2013
(48.1)
Depreciation & amortisation
(9.4)
(0.7)
(13.3)
(23.4)
Total segment costs
(181.4)
(41.0)
(13.3)
(235.7)
Share of pro\ufb01t from joint ventures
4.1
\u2013
\u2013
4.1
Total segment operating pro\ufb01t/(loss)
408.0
(2.0)
(13.3)
392.7
Finance costs \u2013 net
\u00a0 \u00a0 \u00a0
(3.9)
Pro\ufb01t before tax
\u00a0 \u00a0 \u00a0
388.8
\n
Group central costs are not allocated to the operating pro\ufb01t/(loss) reported to the CODM for either
operating segment.
For the year ending 31 March 2026, an amortisation expense of \u00a313.3m (2025: \u00a312.9m) was recognised
in relation to the fair value of the brand, technology and other assets acquired in the Group\u2019s business
combination of Autorama.
\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\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Group
\u00a0
\u00a0
Autotrader
Autorama
central
\u00a0
\u00a0
segment
segment
costs
Group
Year to 31 March 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Total segment revenue
564.8
36.3
\u2013
601.1
People costs
(92.8)
(7.4)
\u2013
(100.2)
Marketing
(24.6)
(2.7)
\u2013
(27.3)
Costs of goods sold
\u2013
(26.2)
\u2013
(26.2)
Digital Services Tax
(10.2)
\u2013
\u2013
(10.2)
Other costs
(40.5)
(2.8)
\u2013
(43.3)
Depreciation & amortisation
(6.3)
(1.5)
(12.9)
(20.7)
Total segment costs
(174.4)
(40.6)
(12.9)
(227.9)
Share of pro\ufb01t from joint ventures
3.6
\u2013
\u2013
3.6
Total segment operating pro\ufb01t/(loss)
394.0
(4.3)
(12.9)
376.8
Finance costs \u2013 net
\u00a0\u00a0\u00a0
(1.1)
Pro\ufb01t before tax
\u00a0\u00a0\u00a0
375.7
\nIn the current and prior year, the Group has classi\ufb01ed expenditure by nature (2025: by nature).", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0045": { "value": "5. REVENUE
The Group\u2019s operations and main revenue streams are those described in these annual \ufb01nancial
statements. The Group\u2019s revenue is derived from contracts with customers.
All revenues were earned from activities and customers in the United Kingdom.
In the following table, the Group\u2019s revenue is detailed by customer type. This level of detail is consistent
with that used by management to assist in the analysis of the Group\u2019s revenue-generating trends.
\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\n
\u00a0 \u00a0
\u00a0
2026
2025
Revenue
\u00a3m
\u00a3m
Retailer
501.1
480.0
Home Trader
16.7
16.1
Other
13.5
13.0
Trade
531.3
509.1
Consumer Services
38.8
42.4
Manufacturer & Agency
15.2
13.3
Autorama
39.0
36.3
Total revenue
624.3
601.1
\n
Revenue is largely recognised over time, other than Autorama revenue which is recognised at a point
in time when related sales commission or fees are earned. The Group has no major customers to
disclose in either the current or prior year.
Contract balances
The following table provides information about receivables and contract assets and liabilities from
contracts with customers.
\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
2026
2025
\u00a0
\u00a3m
\u00a3m
Receivables, which are included in trade and other receivables
33.3
33.4
Accrued income
44.8
46.0
Deferred income
(11.5)
(12.5)
\n
Accrued income relates to the Group\u2019s unconditional rights to consideration for services provided but
not invoiced at the reporting date. Accrued income is transferred to trade receivables when invoiced.
Deferred income relates to advanced consideration received for which revenue is recognised as
or when services are provided. \u00a34.9m (2025: \u00a35.3m) of the deferred income balance is classi\ufb01ed as a
current liability within trade and other payables (note 20). Included within deferred income is \u00a37.2m
(2025: \u00a37.8m) relating to consideration received from Dealer Auction Limited (joint venture) for the
provision of data services to Dealer Auction (note 15). Revenue relating to this service is recognised on
a straight-line basis over a period of 20 years to 31 December 2038; given this time period the liability has
been split between current and non-current liabilities. Revenue of \u00a30.6m was recognised in the year
(2025: \u00a30.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0046": { "value": "6. OPERATING PROFIT
Operating pro\ufb01t is after (charging)/crediting the following:
\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\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Note
\u00a3m
\u00a3m
Staff costs
7
(100.4)
(100.0)
Contractor costs
\u00a0
\u2013
(0.2)
Depreciation of property, plant and equipment
13
(8.2)
(5.2)
Amortisation of intangible assets
12
(15.2)
(15.5)
Pro\ufb01t on sale of property, plant and equipment
\u00a0
0.6
\u2013
\n
Services provided by the Company\u2019s auditor
During the year, the Group obtained the following services from the Company\u2019s auditor:
\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\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Fees payable for the audit of the Company and Consolidated
\u00a0 \u00a0
\ufb01nancial statements
0.3
0.3
Fees payable for other services
\u00a0 \u00a0
The audit of the subsidiary undertakings pursuant to legislation
0.4
0.3
Total
0.7
0.6
\n
Fees payable for audit-related assurance services in the year were \u00a358,000 (2025: \u00a355,000) for the
half-year review of the condensed \ufb01nancial statements. Fees payable for other non-audit services in
the year were \u00a316,500 (2025: \u00a316,000) for limited assurance over certain information included within or
referenced from the Annual Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0051": { "value": "Services provided by the Company\u2019s auditor
During the year, the Group obtained the following services from the Company\u2019s auditor:
\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\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Fees payable for the audit of the Company and Consolidated
\u00a0 \u00a0
\ufb01nancial statements
0.3
0.3
Fees payable for other services
\u00a0 \u00a0
The audit of the subsidiary undertakings pursuant to legislation
0.4
0.3
Total
0.7
0.6
\n
Fees payable for audit-related assurance services in the year were \u00a358,000 (2025: \u00a355,000) for the
half-year review of the condensed \ufb01nancial statements. Fees payable for other non-audit services in
the year were \u00a316,500 (2025: \u00a316,000) for limited assurance over certain information included within or
referenced from the Annual Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0052": { "value": "7. EMPLOYEE NUMBERS AND COSTS
The average monthly number of employees (including Executive Directors and contractors) employed
by the Group was 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\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Customer operations
647
675
Product and technology
405
402
Corporate
192
190
Total
1,244
1,267
\n
The aggregate payroll costs of these persons were 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
\u00a0
Note
\u00a3m
\u00a3m
Wages and salaries
\u00a0
76.8
76.3
Social security costs
\u00a0
9.1
7.5
De\ufb01ned contribution pension costs
24
4.8
4.7
\u00a0\u00a0
90.7
88.5
Share-based payments and associated NI
29
9.7
11.7
Total
\u00a0
100.4
100.2
\n
Wages and salaries include \u00a330.9m (2025: \u00a329.6m) relating to the product and technology teams;
these teams spend a signi\ufb01cant proportion of their time on innovation of our product proposition and
incremental enhancements to the Group\u2019s platforms.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0061": { "value": "8. DIRECTORS\u2019 AND KEY MANAGEMENT REMUNERATION
Directors\u2019 remuneration
\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\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Directors\u2019 remuneration
2.5
2.7
Amounts receivable under long-term incentive schemes
3.1
4.0
Company contributions to money purchase pension schemes
0.1
0.1
\u00a0
5.7
6.8
Gain on exercise of share options
2.3
3.1
\n
Three (2025: Three) Directors received Company contributions to money purchase pension schemes.
Three (2025: Three) Directors exercised share options.
Three: (2025: Three) Directors received share awards for qualifying services.
The aggregate of remuneration and amounts receivable under long-term incentive schemes of the
highest paid Director was \u00a32,580,000 (2025: \u00a33,010,000), and Company pension contributions of
\u00a350,000 (2025: \u00a347,000) were made to a money purchase scheme on their behalf. During the year, the
highest paid Director exercised share options and received shares under a long-term incentive scheme.
Key Management compensation
During the year to 31 March 2026, Key Management comprised the members of the ALT (who are
de\ufb01ned in note 4) and the Non-Executive Directors (2025: ALT and the Non-Executive Directors).
The remuneration of all Key Management was 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\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Short-term employee bene\ufb01ts
5.9
5.3
Share-based payments
3.5
5.0
Pension contributions
0.3
0.3
Total excluding NI
9.7
10.6
Employer NI
1.6
1.0
Total
11.3
11.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0069": { "value": "9. NET FINANCE COSTS \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
2026
2025
\u00a0
\u00a3m
\u00a3m
On bank loans and overdrafts
2.8
1.1
Amortisation of debt issue costs
0.4
0.5
Interest unwind on lease liabilities
1.7
0.1
Interest on vehicle stocking loan
0.3
0.3
Interest receivable on cash and cash equivalents
(1.3)
(0.9)
Total
3.9
1.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0064": { "value": "9. NET FINANCE COSTS \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
2026
2025
\u00a0
\u00a3m
\u00a3m
On bank loans and overdrafts
2.8
1.1
Amortisation of debt issue costs
0.4
0.5
Interest unwind on lease liabilities
1.7
0.1
Interest on vehicle stocking loan
0.3
0.3
Interest receivable on cash and cash equivalents
(1.3)
(0.9)
Total
3.9
1.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0080": { "value": "10. TAXATION \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
2026
2025
\u00a0
\u00a3m
\u00a3m
Current taxation
\u00a0 \u00a0
UK corporation taxation
95.1
96.5
Adjustments in respect of prior years
0.1
0.4
Total current taxation
95.2
96.9
Deferred taxation
\u00a0 \u00a0
Origination and reversal of temporary differences
(0.1)
(3.4)
Adjustments in respect of prior years
(0.2)
(0.4)
Total deferred taxation
(0.3)
(3.8)
Total taxation charge
94.9
93.1
\n
The taxation charge for the year is lower than (2025: lower than) the effective rate of corporation tax
in the UK of 25% (2025: 25%). 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\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Pro\ufb01t before taxation
388.8
375.7
Tax on pro\ufb01t at the standard UK corporation tax rate of 25% (2025: 25%)
97.2
93.9
Expenses not deductible for taxation purposes
0.1
0.4
Share of joint venture taxation
(1.1)
(0.9)
Impact of property disposal
(0.9)
\u2013
Adjustments in respect of OCI group relief
(0.3)
(0.3)
Adjustments in respect of prior years
(0.1)
\u2013
Total taxation charge
94.9
93.1
\n
The taxation charge for the year is based on the standard rate of UK corporation tax for the period
of 25% (2025: 25%). Deferred income taxes have been measured at the tax rate expected to be
applicable at the date the deferred income tax assets and liabilities are realised.
The impact of a property disposal of \u00a30.9m (2025: \u00a3nil) relates to the fair value adjustment of the
Autorama property which was recognised as part of the business combination in the year ended
31 March 2023. As the property was sold in the current year, the deferred tax liability has been
released to the Consolidated income statement.
Taxation on items taken directly to equity was a credit of \u00a32.1m (2025: debit of \u00a30.8m) relating to tax
on share-based payments.
Taxation recorded in equity within the Consolidated statement of comprehensive income was
a release of \u00a30.1m (2025: release of \u00a30.5m) relating to post-employment bene\ufb01t obligations.
The UK Digital Services Tax (\u2018UK DST\u2019) is calculated using a gross measure of revenue and
therefore does not meet the de\ufb01nition of an income tax under IAS 12 \u2013 Income Taxes. Amounts
payable are therefore accounted for as a pre-tax operating expense which, on the basis it is
incurred wholly and exclusively for the purposes of the Company\u2019s trade, will be included as a
deductible expense in the calculation of corporation tax payable.
The Group incurred an operating expense relating to UK DST of \u00a310.6m in the period (2025: \u00a310.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0081": { "value": "11. EARNINGS PER SHARE
Basic earnings per share is calculated using the weighted average number of ordinary shares in issue
during the year, excluding those held in treasury and by the Employee Share Option Trust (\u2018ESOT\u2019),
based on the pro\ufb01t for the year attributable to shareholders.
\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
Weighted average
Total
\u00a0
\u00a0
number of
earnings
Pence
\u00a0
ordinary shares
\u00a3m
per share
Year ended 31 March 2026
\u00a0 \u00a0 \u00a0
Basic EPS
860,235,092
293.9
34.17
Diluted EPS
862,666,250
293.9
34.07
Year ended 31 March 2025
\u00a0 \u00a0 \u00a0
Basic EPS
892,418,234
282.6
31.66
Diluted EPS
895,392,458
282.6
31.56
\n
The number of shares in issue at the start of the year is reconciled to the basic and diluted weighted
average number of shares 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
2026
2025
Issued ordinary shares at 1 April
884,700,426
907,213,454
Weighted effect of ordinary shares purchased for cancellation
(19,302,233)
(9,986,345)
Weighted effect of ordinary shares held in treasury
(4,875,126)
(4,507,565)
Weighted effect of shares held in the ESOT
(287,975)
(301,310)
Weighted average number of shares for basic EPS
860,235,092
892,418,234
Dilutive impact of share options outstanding
2,431,158
2,974,224
Weighted average number of shares for diluted EPS
862,666,250
895,392,458
\n
For diluted earnings per share, the weighted average number of shares for basic EPS is adjusted
to assume conversion of all potentially dilutive ordinary shares. The Group has potentially dilutive
ordinary shares arising from share options granted to employees. Options are dilutive where the
exercise price together with the future IFRS 2 charge is less than the average market price of the
ordinary shares during the year. Options under the Performance Share Plan, the Single Incentive
Plan Award for the Autotrader Leadership Team and certain key employees, the Single Incentive
Plan Award for all employees, the Deferred Annual Bonus Plan and the Share Incentive Plan are
contingently issuable shares and are therefore only included within the calculation of diluted EPS
if the performance conditions are satis\ufb01ed.
The average market value of the Group\u2019s shares for the purposes of calculating the dilutive effect of
share-based incentives was based on quoted market prices for the period during which the
share-based incentives were outstanding. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0083": { "value": "12. INTANGIBLE 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\t\n\t\t\t\n\t\t\n\t\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\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\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
Software
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
and website
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
development
Financial
\u00a0 \u00a0 \u00a0
\u00a0
Goodwill
costs
systems
Brand
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 March 2024
544.6
24.5
13.1
48.2
29.7
660.1
Disposals
\u2013
(2.6)
\u2013
\u2013
\u2013
(2.6)
At 31 March 2025
544.6
21.9
13.1
48.2
29.7
657.5
Transferred from work in progress
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Disposals
\u2013
(1.4)
\u2013
\u2013
\u2013
(1.4)
At 31 March 2026
544.6
20.6
13.1
48.2
29.7
656.2
Accumulated amortisation and impairments
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 March 2024
117.0
9.9
13.1
12.2
20.2
172.4
Amortisation charge
\u2013
2.7
\u2013
11.2
1.6
15.5
Disposals
\u2013
(2.6)
\u2013
\u2013
\u2013
(2.6)
At 31 March 2025
117.0
10.0
13.1
23.4
21.8
185.3
Amortisation charge
\u2013
2.5
\u2013
11.2
1.5
15.2
Disposals
\u2013
(1.4)
\u2013
\u2013
\u2013
(1.4)
At 31 March 2026
117.0
11.1
13.1
34.6
23.3
199.1
Net book value at 31 March 2026
427.6
9.5
\u2013
13.6
6.4
457.1
Net book value at 31 March 2025
427.6
11.9
\u2013
24.8
7.9
472.2
Net book value at 31 March 2024
427.6
14.6
\u2013
36.0
9.5
487.7
\n
Other intangibles include customer relationships, technology, trade names, trademarks and
non-compete agreements. Intangible assets which have a \ufb01nite useful life are carried at cost less
accumulated amortisation. Amortisation of these intangible assets is calculated using the straight-
line method to allocate the cost of the assets over their estimated useful lives. The longest estimated
useful life remaining at 31 March 2026 is 9 years (31 March 2025: 10 years).
For the year to 31 March 2026, the amortisation charge of \u00a315.2m (2025: \u00a315.5m) has been charged to
operating costs in the Consolidated income statement.
At 31 March 2026, there were no software and website development costs representing assets under
construction (2025: \u00a3nil).
In accordance with UK-adopted international accounting standards, goodwill is not amortised, but
instead is tested annually for impairment, or more frequently if there are indicators of impairment.
Goodwill is carried at cost less accumulated impairment losses.
Impairment test for goodwill
Goodwill is allocated to the appropriate cash-generating unit (\u2018CGU\u2019) based on the smallest
identi\ufb01able group of assets that generates cash in\ufb02ows independently in relation to the speci\ufb01c
goodwill. There are two CGUs that exist in the Group, being the Digital CGU and the Autorama CGU.
The carrying value of the CGUs is principally the sum of goodwill, property, plant and equipment
(including lease assets), intangibles and lease liabilities, and related deferred tax, 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\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Digital
392.3
353.1
Autorama
118.1
132.6
\n
Digital
The recoverable amount of the Digital CGU, which includes goodwill of \u00a3335.1m, is determined
from value-in-use calculations that use discounted cash \ufb02ow projections from the latest business
plan. The carrying value is forecast to be recovered based on less than two years of forecasted cash
\ufb02ows from this mature operating business.
Income and costs within the budget are derived on a detailed \u2018bottom up\u2019 basis \u2013 all income streams
and cost lines are considered and appropriate growth, or decline, rates are assumed. Income and cost
growth forecasts are risk adjusted to re\ufb02ect speci\ufb01c risks facing the CGU and take into account the
market in which it operates. Assumptions, which are not sensitive to change, include revenue growth
rates, associated levels of marketing support and directly associated overheads. All assumptions are
based on past performance and management\u2019s expectation of market development. Cash \ufb02ows
beyond the forecast period of \ufb01ve years (2025: \ufb01ve years) are extrapolated using the estimated
growth rate stated into perpetuity; a rate of 2.5% (2025: 2.5%) has been used. This is lower than the
current rate of in\ufb02ation in the UK but takes account of longer-term considerations.
The pre-tax discount rate used within the recoverable amount calculation is based upon the weighted
average cost of capital. The discount rate takes into account the risk-free rate of return, the market
risk premium and beta factor re\ufb02ecting the average beta for the Group and comparator companies
which are used in deriving the cost of equity. Other than as included in the \ufb01nancial budget, it is
assumed that there are no material adverse changes in legislation that would affect the forecast
cash \ufb02ows.
The key assumptions used for the value-in-use 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
Terminal value growth rate
2.5%
2.5%
Discount rate (pre-tax)
13.8%
12.6%
\n
The recoverable amount of goodwill shows signi\ufb01cant headroom compared with its carrying value.
The level of headroom may change if different growth rate assumptions or a different pre-tax
discount rate were used in the cash \ufb02ow projections. There are no changes to the key assumptions of
growth rate or discount rate that are considered by the Directors to be reasonably possible, which
give rise to an impairment of goodwill relating to the Digital CGU.
Having completed the 2026 impairment review, no impairment has been recognised in relation to the
Digital CGU (2025: no impairment).
Autorama
The recoverable amount of the Autorama CGU, which includes \u00a392.5m of goodwill arising from the
June 2022 acquisition, has been determined based on value-in-use calculation.
Value-in-use re\ufb02ects the present value of the future cash \ufb02ows the Group expects to be derived
from the CGU. The key assumptions used in the estimation of the CGU\u2019s recoverable amount 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
Forecast period
5 years
5 years
Car delivery
1
compound growth rate
44%
81%
\u00a0
Starts at 10%, rising 4%
Starts at 7%, rising 6%
Car market share increase
annually to 26% in year 5
annually to 33% in year 5
Terminal value growth rate
2.5%
2.5%
Discount rate (pre-tax)
12.5%
12.6%
\n
1.
Where car deliveries relate to the number of leased vehicles delivered to consumers.
The baseline for the \ufb01ve-year cash \ufb02ow forecast is the FY26 operating performance, which saw a 53%
year-on-year improvement to a \u00a32.0m operating loss, with 8,056 vehicles delivered (2025: 6,268
vehicles). Whilst the new car supply has recovered, market conditions for vans remained constrained,
driving a volume shortfall against the original forecast.
The key assumptions underpinning future cash \ufb02ows are:
\u2022
Deliveries and market share: the increase in car deliveries relies on a signi\ufb01cant increase in the
Group\u2019s market share, targeting 3-4% of annual UK consumer new car registrations by 2031. This is
primarily driven by converting Autotrader\u2019s existing audience of approximately 750,000 unique
weekly new car users within the new car platform through targeted product and consumer
experience enhancements. Growth rates for new van leases are forecast at a lower compound
annual growth rate due to a more established market share.
\u2022
Market size: estimates of the total new vehicle market and the proportion of leased vehicles are
informed by historical SMMT and BVLRA data. Forecasts conservatively cap the total new car and
van registration market at 2019 (pre COVID-19) levels.
\u2022
Discount rate: the pre-tax discount rate of 12.5% has been derived using the Capital Asset Pricing
Model (\u2018CAPM\u2019). The risk of sales growth assumptions not being achieved is re\ufb02ected in the base
forecast cash \ufb02ows rather than the discount rate.
Sensitivity analysis
As at 31 March 2026, the recoverable amount of the CGU exceeded its carrying amount by \u00a316.8m.
Management has conducted sensitivity analysis on key assumptions and identi\ufb01ed that the
recoverable amount is highly sensitive to the car delivery growth rate, currently forecast at 44%.
The following reasonably possible changes would eliminate the available headroom or trigger
an impairment:
\u2022
Reduction in car delivery growth: A reduction in the forecast car delivery growth from 44% to 40%
would eliminate the existing headroom and result in the carrying amount equalling the
recoverable amount.
\u2022
Combined downside scenario: If car deliveries were reduced to a compound growth rate of 38%
which would represent a lower annual market share increase of 3 percentage points, and van
delivery growth rates were reduced from 28% to 23%, the carrying amount would exceed the
recoverable amount by \u00a330.3m, necessitating a material impairment charge.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0082": { "value": "12. INTANGIBLE 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\t\n\t\t\t\n\t\t\n\t\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\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\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
Software
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
and website
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
development
Financial
\u00a0 \u00a0 \u00a0
\u00a0
Goodwill
costs
systems
Brand
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 March 2024
544.6
24.5
13.1
48.2
29.7
660.1
Disposals
\u2013
(2.6)
\u2013
\u2013
\u2013
(2.6)
At 31 March 2025
544.6
21.9
13.1
48.2
29.7
657.5
Transferred from work in progress
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Disposals
\u2013
(1.4)
\u2013
\u2013
\u2013
(1.4)
At 31 March 2026
544.6
20.6
13.1
48.2
29.7
656.2
Accumulated amortisation and impairments
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 March 2024
117.0
9.9
13.1
12.2
20.2
172.4
Amortisation charge
\u2013
2.7
\u2013
11.2
1.6
15.5
Disposals
\u2013
(2.6)
\u2013
\u2013
\u2013
(2.6)
At 31 March 2025
117.0
10.0
13.1
23.4
21.8
185.3
Amortisation charge
\u2013
2.5
\u2013
11.2
1.5
15.2
Disposals
\u2013
(1.4)
\u2013
\u2013
\u2013
(1.4)
At 31 March 2026
117.0
11.1
13.1
34.6
23.3
199.1
Net book value at 31 March 2026
427.6
9.5
\u2013
13.6
6.4
457.1
Net book value at 31 March 2025
427.6
11.9
\u2013
24.8
7.9
472.2
Net book value at 31 March 2024
427.6
14.6
\u2013
36.0
9.5
487.7
\n
Other intangibles include customer relationships, technology, trade names, trademarks and
non-compete agreements. Intangible assets which have a \ufb01nite useful life are carried at cost less
accumulated amortisation. Amortisation of these intangible assets is calculated using the straight-
line method to allocate the cost of the assets over their estimated useful lives. The longest estimated
useful life remaining at 31 March 2026 is 9 years (31 March 2025: 10 years).
For the year to 31 March 2026, the amortisation charge of \u00a315.2m (2025: \u00a315.5m) has been charged to
operating costs in the Consolidated income statement.
At 31 March 2026, there were no software and website development costs representing assets under
construction (2025: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0096": { "value": "\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\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\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
Software
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
and website
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
development
Financial
\u00a0 \u00a0 \u00a0
\u00a0
Goodwill
costs
systems
Brand
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 March 2024
544.6
24.5
13.1
48.2
29.7
660.1
Disposals
\u2013
(2.6)
\u2013
\u2013
\u2013
(2.6)
At 31 March 2025
544.6
21.9
13.1
48.2
29.7
657.5
Transferred from work in progress
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Disposals
\u2013
(1.4)
\u2013
\u2013
\u2013
(1.4)
At 31 March 2026
544.6
20.6
13.1
48.2
29.7
656.2
Accumulated amortisation and impairments
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 March 2024
117.0
9.9
13.1
12.2
20.2
172.4
Amortisation charge
\u2013
2.7
\u2013
11.2
1.6
15.5
Disposals
\u2013
(2.6)
\u2013
\u2013
\u2013
(2.6)
At 31 March 2025
117.0
10.0
13.1
23.4
21.8
185.3
Amortisation charge
\u2013
2.5
\u2013
11.2
1.5
15.2
Disposals
\u2013
(1.4)
\u2013
\u2013
\u2013
(1.4)
At 31 March 2026
117.0
11.1
13.1
34.6
23.3
199.1
Net book value at 31 March 2026
427.6
9.5
\u2013
13.6
6.4
457.1
Net book value at 31 March 2025
427.6
11.9
\u2013
24.8
7.9
472.2
Net book value at 31 March 2024
427.6
14.6
\u2013
36.0
9.5
487.7
\n
\u00a0
Land, buildings
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
and leasehold
Of\ufb01ce
Motor
Work in
\u00a0
\u00a0
improvements
equipment
vehicles
progress
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 March 2024
23.0
10.5
1.6
\u2013
35.1
Additions
0.2
1.2
0.3
2.6
4.3
Disposals
(0.2)
(2.9)
(1.0)
\u2013
(4.1)
At 31 March 2025
23.0
8.8
0.9
2.6
35.3
Additions
48.2
1.2
0.1
23.3
72.8
Transferred from work in progress into use
21.1
3.9
\u2013
(25.1)
(0.1)
Disposals
(19.4)
(0.6)
(0.2)
(0.8)
(21.0)
At 31 March 2026
72.9
13.3
0.8
\u2013
87.0
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 March 2024
12.2
6.8
1.2
\u2013
20.2
Charge for the year
3.4
1.5
0.3
\u2013
5.2
Disposals
(0.2)
(2.5)
(0.8)
\u2013
(3.5)
At 31 March 2025
15.4
5.8
0.7
\u2013
21.9
Charge for the year
6.5
1.6
0.1
\u2013
8.2
Disposals
(15.4)
(0.5)
(0.2)
\u2013
(16.1)
At 31 March 2026
6.5
6.9
0.6
\u2013
14.0
Net book value at 31 March 2026
66.4
6.4
0.2
\u2013
73.0
Net book value at 31 March 2025
7.6
3.0
0.2
2.6
13.4
Net book value at 31 March 2024
10.8
3.7
0.4
\u2013
14.9
\n
\u00a0
Land, buildings
\u00a0\u00a0\u00a0
\u00a0
and leasehold
Of\ufb01ce
Motor
\u00a0
\u00a0
improvements
equipment
vehicles
Total
Net book value of right of use assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 31 March 2024
4.4
0.2
0.4
5.0
Additions
\u2013
0.1
0.2
0.3
Disposals
\u2013
\u2013
(0.2)
(0.2)
Depreciation charge
(2.0)
(0.1)
(0.2)
(2.3)
At 31 March 2025
2.4
0.2
0.2
2.8
Additions
44.3
0.2
\u2013
44.5
Disposals
(0.2)
\u2013
\u2013
(0.2)
Depreciation charge
(4.5)
(0.1)
(0.1)
(4.7)
At 31 March 2026
42.0
0.3
0.1
42.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0090": { "value": "\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\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\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
Software
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
and website
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
development
Financial
\u00a0 \u00a0 \u00a0
\u00a0
Goodwill
costs
systems
Brand
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 March 2024
544.6
24.5
13.1
48.2
29.7
660.1
Disposals
\u2013
(2.6)
\u2013
\u2013
\u2013
(2.6)
At 31 March 2025
544.6
21.9
13.1
48.2
29.7
657.5
Transferred from work in progress
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Disposals
\u2013
(1.4)
\u2013
\u2013
\u2013
(1.4)
At 31 March 2026
544.6
20.6
13.1
48.2
29.7
656.2
Accumulated amortisation and impairments
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 March 2024
117.0
9.9
13.1
12.2
20.2
172.4
Amortisation charge
\u2013
2.7
\u2013
11.2
1.6
15.5
Disposals
\u2013
(2.6)
\u2013
\u2013
\u2013
(2.6)
At 31 March 2025
117.0
10.0
13.1
23.4
21.8
185.3
Amortisation charge
\u2013
2.5
\u2013
11.2
1.5
15.2
Disposals
\u2013
(1.4)
\u2013
\u2013
\u2013
(1.4)
At 31 March 2026
117.0
11.1
13.1
34.6
23.3
199.1
Net book value at 31 March 2026
427.6
9.5
\u2013
13.6
6.4
457.1
Net book value at 31 March 2025
427.6
11.9
\u2013
24.8
7.9
472.2
Net book value at 31 March 2024
427.6
14.6
\u2013
36.0
9.5
487.7
\nImpairment test for goodwill
Goodwill is allocated to the appropriate cash-generating unit (\u2018CGU\u2019) based on the smallest
identi\ufb01able group of assets that generates cash in\ufb02ows independently in relation to the speci\ufb01c
goodwill. There are two CGUs that exist in the Group, being the Digital CGU and the Autorama CGU.
The carrying value of the CGUs is principally the sum of goodwill, property, plant and equipment
(including lease assets), intangibles and lease liabilities, and related deferred tax, 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\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Digital
392.3
353.1
Autorama
118.1
132.6
\n
Digital
The recoverable amount of the Digital CGU, which includes goodwill of \u00a3335.1m, is determined
from value-in-use calculations that use discounted cash \ufb02ow projections from the latest business
plan. The carrying value is forecast to be recovered based on less than two years of forecasted cash
\ufb02ows from this mature operating business.
Income and costs within the budget are derived on a detailed \u2018bottom up\u2019 basis \u2013 all income streams
and cost lines are considered and appropriate growth, or decline, rates are assumed. Income and cost
growth forecasts are risk adjusted to re\ufb02ect speci\ufb01c risks facing the CGU and take into account the
market in which it operates. Assumptions, which are not sensitive to change, include revenue growth
rates, associated levels of marketing support and directly associated overheads. All assumptions are
based on past performance and management\u2019s expectation of market development. Cash \ufb02ows
beyond the forecast period of \ufb01ve years (2025: \ufb01ve years) are extrapolated using the estimated
growth rate stated into perpetuity; a rate of 2.5% (2025: 2.5%) has been used. This is lower than the
current rate of in\ufb02ation in the UK but takes account of longer-term considerations.
The pre-tax discount rate used within the recoverable amount calculation is based upon the weighted
average cost of capital. The discount rate takes into account the risk-free rate of return, the market
risk premium and beta factor re\ufb02ecting the average beta for the Group and comparator companies
which are used in deriving the cost of equity. Other than as included in the \ufb01nancial budget, it is
assumed that there are no material adverse changes in legislation that would affect the forecast
cash \ufb02ows.
The key assumptions used for the value-in-use 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
Terminal value growth rate
2.5%
2.5%
Discount rate (pre-tax)
13.8%
12.6%
\n
The recoverable amount of goodwill shows signi\ufb01cant headroom compared with its carrying value.
The level of headroom may change if different growth rate assumptions or a different pre-tax
discount rate were used in the cash \ufb02ow projections. There are no changes to the key assumptions of
growth rate or discount rate that are considered by the Directors to be reasonably possible, which
give rise to an impairment of goodwill relating to the Digital CGU.
Having completed the 2026 impairment review, no impairment has been recognised in relation to the
Digital CGU (2025: no impairment).
Autorama
The recoverable amount of the Autorama CGU, which includes \u00a392.5m of goodwill arising from the
June 2022 acquisition, has been determined based on value-in-use calculation.
Value-in-use re\ufb02ects the present value of the future cash \ufb02ows the Group expects to be derived
from the CGU. The key assumptions used in the estimation of the CGU\u2019s recoverable amount 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
Forecast period
5 years
5 years
Car delivery
1
compound growth rate
44%
81%
\u00a0
Starts at 10%, rising 4%
Starts at 7%, rising 6%
Car market share increase
annually to 26% in year 5
annually to 33% in year 5
Terminal value growth rate
2.5%
2.5%
Discount rate (pre-tax)
12.5%
12.6%
\n
1.
Where car deliveries relate to the number of leased vehicles delivered to consumers.
The baseline for the \ufb01ve-year cash \ufb02ow forecast is the FY26 operating performance, which saw a 53%
year-on-year improvement to a \u00a32.0m operating loss, with 8,056 vehicles delivered (2025: 6,268
vehicles). Whilst the new car supply has recovered, market conditions for vans remained constrained,
driving a volume shortfall against the original forecast.
The key assumptions underpinning future cash \ufb02ows are:
\u2022
Deliveries and market share: the increase in car deliveries relies on a signi\ufb01cant increase in the
Group\u2019s market share, targeting 3-4% of annual UK consumer new car registrations by 2031. This is
primarily driven by converting Autotrader\u2019s existing audience of approximately 750,000 unique
weekly new car users within the new car platform through targeted product and consumer
experience enhancements. Growth rates for new van leases are forecast at a lower compound
annual growth rate due to a more established market share.
\u2022
Market size: estimates of the total new vehicle market and the proportion of leased vehicles are
informed by historical SMMT and BVLRA data. Forecasts conservatively cap the total new car and
van registration market at 2019 (pre COVID-19) levels.
\u2022
Discount rate: the pre-tax discount rate of 12.5% has been derived using the Capital Asset Pricing
Model (\u2018CAPM\u2019). The risk of sales growth assumptions not being achieved is re\ufb02ected in the base
forecast cash \ufb02ows rather than the discount rate.
Sensitivity analysis
As at 31 March 2026, the recoverable amount of the CGU exceeded its carrying amount by \u00a316.8m.
Management has conducted sensitivity analysis on key assumptions and identi\ufb01ed that the
recoverable amount is highly sensitive to the car delivery growth rate, currently forecast at 44%.
The following reasonably possible changes would eliminate the available headroom or trigger
an impairment:
\u2022
Reduction in car delivery growth: A reduction in the forecast car delivery growth from 44% to 40%
would eliminate the existing headroom and result in the carrying amount equalling the
recoverable amount.
\u2022
Combined downside scenario: If car deliveries were reduced to a compound growth rate of 38%
which would represent a lower annual market share increase of 3 percentage points, and van
delivery growth rates were reduced from 28% to 23%, the carrying amount would exceed the
recoverable amount by \u00a330.3m, necessitating a material impairment charge.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0091": { "value": "13. PROPERTY, PLANT AND EQUIPMENT
\u00a0
Land, buildings
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
and leasehold
Of\ufb01ce
Motor
Work in
\u00a0
\u00a0
improvements
equipment
vehicles
progress
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 March 2024
23.0
10.5
1.6
\u2013
35.1
Additions
0.2
1.2
0.3
2.6
4.3
Disposals
(0.2)
(2.9)
(1.0)
\u2013
(4.1)
At 31 March 2025
23.0
8.8
0.9
2.6
35.3
Additions
48.2
1.2
0.1
23.3
72.8
Transferred from work in progress into use
21.1
3.9
\u2013
(25.1)
(0.1)
Disposals
(19.4)
(0.6)
(0.2)
(0.8)
(21.0)
At 31 March 2026
72.9
13.3
0.8
\u2013
87.0
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 March 2024
12.2
6.8
1.2
\u2013
20.2
Charge for the year
3.4
1.5
0.3
\u2013
5.2
Disposals
(0.2)
(2.5)
(0.8)
\u2013
(3.5)
At 31 March 2025
15.4
5.8
0.7
\u2013
21.9
Charge for the year
6.5
1.6
0.1
\u2013
8.2
Disposals
(15.4)
(0.5)
(0.2)
\u2013
(16.1)
At 31 March 2026
6.5
6.9
0.6
\u2013
14.0
Net book value at 31 March 2026
66.4
6.4
0.2
\u2013
73.0
Net book value at 31 March 2025
7.6
3.0
0.2
2.6
13.4
Net book value at 31 March 2024
10.8
3.7
0.4
\u2013
14.9
\n
Included within property, plant and equipment are \u00a342.4m (2025: \u00a32.8m) of assets recognised as
leases under IFRS 16. Further details of these leases are disclosed in note 14.
During the period, the Group completed the planned relocation of its head of\ufb01ce. Expenditure of
\u00a325.1m relating to the \ufb01t-out of the new premises was initially capitalised as work in progress and
was transferred to property, plant and equipment in January 2026 when the of\ufb01ce became
available for use. \u00a30.1m relating to software was transferred to Intangible assets (see note 12).
Depreciation also commenced on this date.
Disposals of \u00a321.0m in the year predominantly relate to the disposal of assets and of\ufb01ce
equipment leases as part of the head of\ufb01ce move. \u00a38.1m (2025: \u00a32.9m) of these disposals had a
\u00a3nil net book value. The property in Hemel Hempstead was also sold in the year, which had a net
book value of \u00a33.3m.
The depreciation expense of \u00a38.2m for the year to 31 March 2026 (2025: \u00a35.2m) has been recorded
in operating costs in the Consolidated income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0097": { "value": "14. LEASES
The Group\u2019s lease assets are held within property, plant and equipment. Information about leases
for which the Group is a lessee is presented below:
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Net book value of property, plant and equipment owned
30.6
10.6
Net book value of right of use assets
42.4
2.8
\u00a0
73.0
13.4
\u00a0
Land, buildings
\u00a0\u00a0\u00a0
\u00a0
and leasehold
Of\ufb01ce
Motor
\u00a0
\u00a0
improvements
equipment
vehicles
Total
Net book value of right of use assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 31 March 2024
4.4
0.2
0.4
5.0
Additions
\u2013
0.1
0.2
0.3
Disposals
\u2013
\u2013
(0.2)
(0.2)
Depreciation charge
(2.0)
(0.1)
(0.2)
(2.3)
At 31 March 2025
2.4
0.2
0.2
2.8
Additions
44.3
0.2
\u2013
44.5
Disposals
(0.2)
\u2013
\u2013
(0.2)
Depreciation charge
(4.5)
(0.1)
(0.1)
(4.7)
At 31 March 2026
42.0
0.3
0.1
42.4
\u00a0
2026
2025
Lease liabilities in the balance sheet at 31 March
\u00a3m
\u00a3m
Current
0.6
2.1
Non-current
42.0
0.4
Total
42.6
2.5
A maturity analysis of contractual undiscounted cash \ufb02ows relating to lease liabilities is presented
within note 30. Certain lease rentals are subject to periodic market rental reviews.
The lease for the Group\u2019s new head of\ufb01ce commenced in June 2025, giving rise to a right-of-use asset
of \u00a344.1m and a corresponding lease liability of \u00a340.1m. The lease agreement includes a rent free
period until April 2028. The lease relating to the Group\u2019s former premises terminated in March 2026.
\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
2026
2025
Amounts charged in the income statement
\u00a3m
\u00a3m
Depreciation charge of right of use assets
4.7
2.3
Interest on lease liabilities
1.7
0.1
Total amounts charged in the income statement
6.4
2.4
\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\n
\u00a0 \u00a0
\u00a0
2026
2025
Cash out\ufb02ow
\u00a3m
\u00a3m
Total cash out\ufb02ow for leases
1.8
2.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0098": { "value": "15. NET INVESTMENTS IN JOINT VENTURES
Joint ventures are contractual arrangements over which the Group exercises joint control with
partners and where the parties have rights to the net assets of the arrangement, irrespective of the
Group\u2019s shareholding in the entity.
The Group owns 49% of the ordinary share capital of Dealer Auction Limited. The basis of the Group\u2019s
joint control is through a shareholder agreement and an assessment of the substantive rights of
each shareholder, including operational barriers or incentives that would prevent or deter rights
being exercised.
Net investments in joint ventures at the reporting date include the Group\u2019s equity investment in joint
ventures and the Group\u2019s share of the joint ventures\u2019 post acquisition net assets. The table below
reconciles the movement in the Group\u2019s net investment in joint ventures in 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\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
Equity
Share of post
Net investments
\u00a0
investments in
acquisition net
in joint
\u00a0
joint ventures
assets
ventures
\u00a0
\u00a3m
\u00a3m
\u00a3m
Carrying value
\u00a0 \u00a0 \u00a0
As at 31 March 2024
33.5
14.7
48.2
Share of result for the year taken to the income statement
\u2013
3.6
3.6
Dividends received in the year
(4.4)
\u2013
(4.4)
As at 31 March 2025
29.1
18.3
47.4
Share of result for the year taken to the income statement
\u2013
4.1
4.1
Dividends received in the year
(4.9)
\u2013
(4.9)
As at 31 March 2026
24.2
22.4
46.6
\n
Set out below is the summarised \ufb01nancial information for the joint venture, adjusted for differences
in accounting policies between the Group and the joint venture. The table also reconciles the
summarised \ufb01nancial information to the carrying amount of the Group\u2019s interest in the joint venture.
\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
2026
2025
\u00a0
\u00a3m
\u00a3m
Non-current assets
92.2
93.3
Current assets
\u00a0 \u00a0
Cash and cash equivalents
6.4
6.5
Other current assets
1.6
2.1
Total assets
100.2
101.9
Liabilities
\u00a0 \u00a0
Current liabilities
4.4
4.6
Total liabilities
4.4
4.6
Net assets
95.8
97.3
Group\u2019s share of net assets
46.6
47.7
\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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
\u00a0
\u00a3m
\u00a3m
Revenues
18.4
16.3
Pro\ufb01t for the year
8.5
7.3
Total comprehensive income
8.5
7.3
Group\u2019s share of comprehensive income
4.1
3.6
Dividends received by the Group
4.9
4.4
\n
Non-current assets principally comprise goodwill and other intangible assets. The carrying value
is assessed annually using a methodology consistent with the Autotrader cash-generating unit
disclosed in note 12.
A list of the investments in joint ventures, including the name, country of incorporation and proportion
of ownership interest, is given in note 33.33. SUBSIDIARIES AND JOINT VENTURES
Subsidiaries
At 31 March 2026 the Group\u2019s subsidiaries 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\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\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
Percentage
Percentage
Subsidiary
Country of registration
\u00a0
Class of
owned by the
owned by the
undertakings
or incorporation
Principal activity
shares held
parent
Group
Autotrader Holding
England and Wales
Intermediary holding
Ordinary
100%
100%
Limited
1
\u00a0
company
\u00a0\u00a0\u00a0
Autotrader Limited
1
England and Wales
Online marketplace
Ordinary
\u2013
100%
Trader Licensing
England and Wales
Dormant company
Ordinary
\u2013
100%
Limited
1
\u00a0\u00a0\u00a0\u00a0\u00a0
Autotrader Leasing
England and Wales
Online marketplace
Ordinary
\u2013
100%
Limited
1,2
\u00a0\u00a0\u00a0\u00a0\u00a0
Vanarama Limited
1
England and Wales
Dormant company
Ordinary
\u2013
100%
Autorama Holding
Malta
Investment company
Ordinary
\u2013
100%
(Malta) Limited
3
\u00a0
for a protected cell
\u00a0\u00a0\u00a0
\u00a0\u00a0
company
\u00a0\u00a0\u00a0
Blue Owl Network
England and Wales
Finance platform
Ordinary
\u2013
100%
Limited
1
\u00a0\u00a0\u00a0\u00a0\u00a0
\n
1.
Registered of\ufb01ce address is No.3 Circle Square, 3 Hawkshaw Street, Manchester, M1 7BL.
2. Previously Autorama UK Limited.
3.
Registered of\ufb01ce address is The Landmark, Level 2, Suite 1, Triq L-Iljun, Qormi, Malta.
All subsidiaries have a year end of 31 March, apart from Autorama Holding (Malta) Limited, which has
a year end of 31 December.
In March 2026, Autorama UK Limited changed its name to Autotrader Leasing Limited.
In the prior period, Autotrader Limited purchased 100% of the share capital of Autorama UK Limited
(now known as Autotrader Leasing Limited) from Autotrader Group plc pursuant to an intra-group
share purchase agreement. Autotrader Limited is therefore now the immediate parent company
of Autotrader Leasing Limited. The ultimate parent company of Autotrader Leasing Limited
continues to be Autotrader Group plc.
Joint ventures
At 31 March 2026 the Group\u2019s interests in joint ventures 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\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
Percentage
Percentage
Subsidiary
Country of registration
\u00a0
Class of
owned by the
owned by the
undertakings
or incorporation
Principal activity
shares held
parent
Group
Dealer Auction
England and Wales
Online marketplace
Ordinary
\u2013
49%
Limited
1
\u00a0\u00a0\u00a0\u00a0\u00a0
\n
1.
Registered of\ufb01ce address is Central House, Leeds Road, Rothwell, Leeds, West Yorkshire, England, LS26 0JE.
All joint ventures have a year end of 31 December.
During the year, Dealer Auction Services Limited and Dealer Auction (Operations) Limited were
dissolved on 1 November 2025. Autotrader Autostock Limited was also dissolved during the year on
4 November 2025. All companies had been dormant prior to dissolution. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00105": { "value": "16. OTHER INVESTMENTS
Shares in other 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\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Investment in iAUTOS Company Limited
\u2013
\u2013
Investment in protected insurance cell (Atlas Insurance PCC Limited)
1.3
1.3
Total
1.3
1.3
The Group designated the investment in iAUTOS Company Limited as an equity security at FVOCI
as the Group intends to hold the shares for long-term purposes. iAUTOS Company Limited is an
intermediate holding company through which trading companies incorporated in the People\u2019s
Republic of China are held. The fair value of the investment has been valued at \u00a3nil since 2014 as
the Chinese trading companies are marginally loss-making with forecast future cash out\ufb02ows.
The protected insurance cell, which related to Guaranteed Asset Protection and business equipment
in transit insurance, is no longer writing new business and will wind up following the termination of all
existing policies. The interest in the protected insurance cell is not consolidated in these \ufb01nancial
statements as a silo, as the cell company has retained residual obligations in respect of the cell\u2019s
liabilities. Autotrader Leasing Limited (previously Autorama UK Limited) is listed as a guarantor to an
agreement between the cell company and Autorama Holding (Malta) Limited. No liability has been
recognised for this guarantee by the Group under IFRS 17 \u2013 Insurance Contracts on the basis that its
fair value is not material, re\ufb02ecting the size and activity of the protected insurance cell.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00106": { "value": "17. TRADE AND OTHER RECEIVABLES \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
2026
2025
\u00a0
\u00a3m
\u00a3m
Trade receivables (invoiced)
30.3
30.3
Net accrued income
43.7
44.4
Trade receivables (total)
74.0
74.7
Prepayments
7.4
10.0
Other receivables
0.7
\u2013
Total
82.1
84.7
\n
Trade receivables are amounts due from customers for services performed in the ordinary course of
business. They are generally due for settlement within 30 days and therefore are classi\ufb01ed as current.
Trade receivables are recognised initially at the amount of consideration that is unconditional and has
been invoiced at the reporting date. The Group holds the trade receivables with the objective to collect
the contractual cash \ufb02ows and therefore measures them subsequently at amortised cost using the
effective interest method. Included within trade receivables (invoiced) is a provision for the impairment
of \ufb01nancial assets of \u00a33.0m (2025: \u00a33.1m).
Accrued income relates to the Group\u2019s rights to consideration for services provided but not invoiced
at the reporting date. Accrued income is transferred to receivables when invoiced. Included within
net accrued income is provision for the impairment of \ufb01nancial assets of \u00a31.2m (2025: \u00a31.6m).
Exposure to credit risk and expected credit losses relating to trade and other receivables are
disclosed in note 30.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00107": { "value": "\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
2026
2025
\u00a0
\u00a3m
\u00a3m
Trade receivables (invoiced)
30.3
30.3
Net accrued income
43.7
44.4
Trade receivables (total)
74.0
74.7
Prepayments
7.4
10.0
Other receivables
0.7
\u2013
Total
82.1
84.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00110": { "value": "18. INVENTORIES
In Autorama, the Group temporarily takes a small proportion of new vehicle deliveries on balance
sheet as principal, which are held within inventory.
\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\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Finished goods
4.3
2.0
Inventories
4.3
2.0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00111": { "value": "19. CASH AND CASH EQUIVALENTS
Cash at bank and in hand is denominated in sterling:
\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\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Cash at bank and in hand
18.2
15.3
Cash and cash equivalents
18.2
15.3
\n
Cash balances with an original maturity of less than three months were held in current accounts
during the year and attracted interest at a weighted average rate of 3.9% (2025: 3.2%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00116": { "value": "20. TRADE AND OTHER PAYABLES \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
2026
2025
\u00a0
\u00a3m
\u00a3m
Trade payables
1.7
2.6
Accruals
14.7
13.9
Other taxes and social security
20.3
22.6
Deferred income
4.9
5.3
Digital Services Tax
10.7
10.2
Vehicle stocking loan
5.0
1.0
Other payables
2.3
2.2
Accrued interest payable
0.5
0.1
Total
60.1
57.9
\n
Trade payables are unsecured and are usually paid within 30 days of recognition. The carrying
amounts of trade and other payables are considered to be the same as their fair values, due to their
short-term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00117": { "value": "\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
2026
2025
\u00a0
\u00a3m
\u00a3m
Trade payables
1.7
2.6
Accruals
14.7
13.9
Other taxes and social security
20.3
22.6
Deferred income
4.9
5.3
Digital Services Tax
10.7
10.2
Vehicle stocking loan
5.0
1.0
Other payables
2.3
2.2
Accrued interest payable
0.5
0.1
Total
60.1
57.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00130": { "value": "21. BORROWINGS \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
2026
2025
Non-current
\u00a3m
\u00a3m
Syndicated RCF gross of unamortised debt issue costs
165.0
\u2013
Unamortised debt issue costs on Syndicated RCF
(1.6)
\u2013
Total borrowings
163.4
\u2013
\n
Unamortised debt issue costs on the Syndicated RCF decreased to \u00a31.6m. In the prior period, these
were presented within Prepayments (note 17) and totalled \u00a32.1m.
Borrowings are repayable 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
2026
2025
\u00a0
\u00a3m
\u00a3m
Less than one year
\u2013
\u2013
Two to \ufb01ve years
165.0
\u2013
Total
165.0
\u2013
\n
The carrying amounts of borrowings approximates to their fair values.
Syndicated Revolving Credit Facility (\u2018Syndicated RCF\u2019)
The Group has access to an unsecured Syndicated Revolving Credit Facility (the \u2018Syndicated RCF\u2019).
Associated debt transaction costs total \u00a36.5m, with \u00a33.3m being incurred at initiation and \u00a33.2m of
additional costs associated with extension requests.
With effect from 1 February 2023, the Group entered into an Amendment and Restatement Agreement
to extend the term of the facility for \ufb01ve years from the date of signing and to further reduce the
capacity of the facility to \u00a3200.0m. During 2024, the Group extended the Syndicated RCF by one year
to February 2029, and on 1 February 2025, exercised the second extension option, extending the term
of the facility by a further one year to February 2030. At year end, until February 2029 the available
facility was \u00a3200.0m, reducing to \u00a3165.0m thereafter due to one lender not participating in the second
extension option. After the year end, the available facility was increased to \u00a3300.0m and extended to
February 2030. No further extensions are permitted under the current agreement.
There is no change to the interest rate payable and there is no requirement to settle all or part of the
debt before the termination date stated. The associated debt transaction costs of the extension
were \u00a30.3m, which were paid in the prior period.
Individual tranches are drawn down, in sterling, for periods of up to six months at the compounded
reference rate (being the aggregate of SONIA for that interest period) plus a margin of between 1.2%
and 2.1% depending on the consolidated leverage ratio of the Group. As part of the Amendment and
Restatement Agreement of the Syndicated RCF in 2023, three sustainability performance targets
were incorporated into the agreement (to be tested annually with 2024 being the \ufb01rst period of
testing). The margin shall be increased or decreased between -0.05% and 0.05% based on the number
of sustainability performance targets achieved in the reporting period. A commitment fee of 35% of
the margin applicable to the Syndicated RCF is payable quarterly in arrears on unutilised amounts of
the total facility.
The Syndicated RCF has \ufb01nancial covenants linked to interest cover and the consolidated debt cover
of the Group:
\u2022 Net bank debt to EBITDA must not exceed 3.5:1.
\u2022
EBITDA to net interest payable must not be less than 3.0:1.
EBITDA is de\ufb01ned as earnings before interest, taxation, depreciation and amortisation, share-based
payments and associated NI, share of pro\ufb01t from joint ventures and exceptional items.
All \ufb01nancial covenants of the facility have been complied with through the period.
Exposure to interest rate changes
The exposure of the Group\u2019s borrowings (excluding debt issue costs) to SONIA rate changes and the
contractual repricing dates at the balance sheet date 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
\u00a0
\u00a3m
\u00a3m
One month or less
165.0
\u2013
Total
165.0
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00131": { "value": "22. PROVISIONS \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
Dilapidations
Holiday pay
\u00a0
\u00a0
provision
provision
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
At 31 March 2025
1.6
1.0
2.6
Charged to the income statement
\u2013
1.2
1.2
Utilised in the year
(1.0)
(1.0)
(2.0)
Recognised under IFRS 16
3.6
\u2013
3.6
Released in the year
(0.5)
\u2013
(0.5)
At 31 March 2026
3.7
1.2
4.9
\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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
\u00a0
\u00a3m
\u00a3m
Current
1.2
1.0
Non-current
3.7
1.6
Total
4.9
2.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00132": { "value": "23. DEFERRED TAXATION
A net deferred tax liability of \u00a30.6m has been recognised in the balance sheet at 31 March 2026 (2025:
deferred tax asset of \u00a31.1m). The movement in deferred tax assets and liabilities during the year, without
taking into consideration the offsetting of balances within the same tax jurisdiction, 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Accelerated
Other
\u00a0
\u00a0
Share-based
capital
temporary
\u00a0
\u00a0
payments
allowances
differences
Total
Deferred taxation assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 March 2024
4.3
1.1
6.8
12.2
(Debited)/credited to the income statement
0.3
(0.3)
(0.1)
(0.1)
Debited directly to equity
0.2
\u2013
\u2013
0.2
At 31 March 2025
4.8
0.8
6.7
12.3
(Debited)/credited to the income statement
0.2
(0.8)
(0.1)
(0.7)
Debited/(credited) directly to equity
(2.0)
\u2013
\u2013
(2.0)
At 31 March 2026
3.0
\u2013
6.6
9.6
\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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Acquired
Accelerated
Other
\u00a0
\u00a0
intangible
capital
temporary
\u00a0
\u00a0
assets
allowances
differences
Total
Deferred taxation liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 March 2024
11.7
\u2013
3.4
15.1
Credited to the income statement
(2.8)
\u2013
(1.1)
(3.9)
At 31 March 2025
8.9
\u2013
2.3
11.2
Debited/(credited) to the income statement
(4.3)
3.7
(0.5)
(1.1)
(Debited)/credited to other comprehensive income
\u2013
\u2013
0.1
0.1
At 31 March 2026
4.6
3.7
1.9
10.2
Net deferred tax asset at 31 March 2025
\u00a0 \u00a0 \u00a0
1.1
Net deferred tax liability at 31 March 2026
\u00a0 \u00a0 \u00a0
0.6
The deferred tax balance relating to capital allowances transitioned from a deferred tax asset to
a deferred tax liability in the period, driven by capital allowances arising on the new head of\ufb01ce.
The credit of \u00a34.3m recognised in the income statement in respect of acquired intangible assets
includes the release of a \u00a30.9m liability relating to a fair value adjustment on freehold property,
following the disposal of the property in the period.
The Group has estimated that an additional \u00a33.9m net deferred tax asset will be recognised in the
next 12 months (2025: \u00a31.7m net deferred tax asset recognised). This is management\u2019s current best
estimate and may not re\ufb02ect the actual outcome in the next 12 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00133": { "value": "24. RETIREMENT BENEFIT OBLIGATIONS
(i) De\ufb01ned contribution scheme
The Group operates a number of de\ufb01ned contribution schemes. In the year to 31 March 2026, the
pension contributions to the Group\u2019s de\ufb01ned contribution schemes amounted to \u00a34.8m (2025: \u00a34.7m).
At 31 March 2026, there were \u00a30.8m (31 March 2025: \u00a30.8m) of pension contributions outstanding
relating to the Group\u2019s de\ufb01ned contribution schemes.
(ii) De\ufb01ned bene\ufb01t scheme
The Company sponsors a funded de\ufb01ned bene\ufb01t pension scheme for qualifying UK employees, the
Wiltshire (Bristol) Limited Retirement Bene\ufb01ts Scheme (\u2018the Scheme\u2019). The Scheme is administered by a
separate board of Trustees, which is legally separate from the Group. The Trustees are composed of
representatives of both the Group and members. The Trustees are required by law to act in the interest
of all relevant bene\ufb01ciaries and are responsible for the investment policy for the assets and the
day-to-day administration of the bene\ufb01ts.
The Scheme has been closed to future members since 30 April 2006 and there are no remaining active
members within the Scheme. No other post-retirement bene\ufb01ts are provided to these employees. The
obligations of the Scheme have been fully transferred to an Insurance Company since September 2025.
Pro\ufb01le of the Scheme
As at 31 March 2026, approximately 40% of the de\ufb01ned bene\ufb01t obligation (\u2018DBO\u2019) is attributable
to former employees who have yet to reach retirement (2025: 40%) and 60% to current pensioners
(2025: 60%). The Scheme duration is an indicator of the weighted-average time until bene\ufb01t payments
are made. For the Scheme as a whole, the duration was approximately 13 years (2025: 13 years).
Full Scheme buy-out
In the year ended 31 March 2023, the Scheme purchased a bulk annuity policy (known as a buy-in) from
Just Retirement Limited (\u2018Just Retirement\u2019) for \u00a315.4m, which was funded by a \u00a31.0m contribution by the
Company along with existing Scheme assets. Since then, the Trustees have been working towards a
full buy-out.
On 12 September 2025, the Scheme converted its existing buy-in policy into individual policies for
each member (known as a buy-out). At the same point, the buy-in policy was updated to re\ufb02ect the
data and bene\ufb01ts cleansing exercise, and to allow for bene\ufb01ts that were initially excluded from the
policy (for example, GMP equalisation and certain bene\ufb01ts recti\ufb01cations); and the Scheme paid an
additional \u201cbalancing premium\u201d of \u00a30.5m. Consistent with the accounting treatment adopted for
the initial buy-in, the Group has accounted for the buy-out as a Settlement, with the Settlement Cost
being recognised in the Consolidated income statement. On the grounds of materiality, the
Settlement and re-measurement of the Consolidated income statement for the remainder of the
reporting period was considered to have occurred at 30 September 2025. As this date, the Scheme\u2019s
balance sheet re\ufb02ected only a small amount of cash held in the Trustees\u2019 bank account, which has
since been almost fully used to meet expenses of winding-up the Trust. The Trust is expected to be
wound-up and terminated during \ufb01nancial year 2027.
Funding requirements
UK legislation requires that pension schemes are funded prudently. The last funding valuation of the
Scheme was carried out by a quali\ufb01ed actuary as at 30 April 2021 and showed a surplus of \u00a31.5m. The
Company paid de\ufb01cit contributions of \u00a3140k pa to 31 January 2022, plus an additional \u00a31.2m in respect
of the shortfall versus the buy-in premium. Since the Scheme has been bought-out, no further
actuarial valuations will be carried out.
The Company has historically paid expenses and PPF levies incurred by the Scheme, although since
the buy-out, these costs have been met from the surplus assets in the Scheme.
Risks associated with the Scheme
Since the Scheme has now been fully bought-out, the Company\u2019s exposure to risks associated with
the Scheme has been substantively removed.
Assumptions used
The results of the latest funding valuation at 30 April 2021 have been adjusted to the new balance sheet
date, taking account of experience over the period since 30 April 2021, changes in market conditions,
and differences in the \ufb01nancial and demographic assumptions. The present value of the de\ufb01ned bene\ufb01t
obligation, and the related current service cost, were measured using the projected unit credit method.
Although the scheme\u2019s de\ufb01ned bene\ufb01t obligation was removed from the balance sheet as at
30 September 2025, the principal assumptions used to calculate the liabilities immediately prior to
the buy-out under IAS 19 have been set out below. It was not necessary to derive assumptions as at
31 March 2026 since there were no bene\ufb01ts to be valued.
\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
2026
2025
\u00a0 \u00a0
%
%
Discount rate for scheme liabilities
5.85
5.80
CPI in\ufb02ation
2.75
2.80
RPI in\ufb02ation
3.25
3.30
Pension increases
\u00a0 \u00a0
Post 1988 GMP
2.15
2.20
Pre 2004 non GMP
5.00
5.00
Post 2004
3.00
3.05
\n
The \ufb01nancial assumptions re\ufb02ect the nature and term of the Scheme\u2019s liabilities. The weighted
average duration of the Scheme liabilities at the year end was 13 years (2025: 14 years).
The Group has assumed that mortality will be in line with nationally published mortality table SAPS S3
Heavy tables with CMI 2021 projections related to members\u2019 years of birth with long-term rate of
improvement of 1.5% per annum.
These tables translate into an average life expectancy for a pensioner retiring at age 65 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
2026
2025
\u00a0
Men
Women
Men
Women
\u00a0
Years
Years
Years
Years
Member aged 65 (current life expectancy)
86.0
88.5
86.0
88.5
Member aged 45 (life expectancy at age 65)
87.8
90.4
87.8
90.4
\n
It is assumed that 50% of non-retired members of the Scheme will commute the maximum amount of
cash at retirement (2025: 50%).
Post-employment bene\ufb01t obligations disclosures
The following amounts have been recognised in the Consolidated statement of comprehensive income:
\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
2026
2025
\u00a0
\u00a3m
\u00a3m
Return on Scheme assets below that recognised in net interest
0.2
2.2
Actuarial gains due to changes in assumptions
\u2013
(1.5)
Actuarial losses due to liability experience
\u2013
(0.1)
Deferred tax on surplus
(0.1)
(0.1)
Total amounts recognised within the Consolidated statement
\u00a0 \u00a0
of comprehensive income
0.1
0.5
\n
Amounts recognised in the balance sheet 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
\u00a0
\u00a3m
\u00a3m
Present value of funded obligations
\u2013
11.3
Fair value of plan assets
\u2013
(11.5)
Net asset recognised in the Consolidated balance sheet
\u2013
(0.2)
\n
The Trustees of the Scheme sought legal advice which concluded that the Group has an unconditional
right to a refund of surplus from the Scheme, if the Scheme were to be run-off until the \ufb01nal bene\ufb01ciary
died. As a result, the Group has concluded that IFRIC 14 does not apply, and therefore has recognised
the accounting surplus of \u00a32,000 (2025: \u00a30.2m) and an associated deferred tax liability of \u00a3nil (2025:
\u00a30.1m) in the Consolidated balance sheet.
Movements in the fair value of Scheme assets were 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Fair value of Scheme assets at the beginning of the year
11.5
14.0
Interest income on Scheme assets
0.3
0.7
Remeasurement losses on Scheme assets
(0.2)
(2.2)
Contributions by the employer
0.5
0.1
Settlements
(11.6)
\u2013
Administration expenses
(0.1)
\u2013
Net bene\ufb01ts paid
(0.4)
(1.1)
Fair value of Scheme assets at the end of the year
\u2013
11.5
\n
Movements in the fair value of Scheme liabilities were 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Fair value of Scheme liabilities at the beginning of the year
11.3
13.4
Administration expenses
0.1
\u2013
Interest expense
0.3
0.6
Actuarial gains on Scheme liabilities arising from changes in assumptions
\u2013
(1.5)
Actuarial (gains)/losses on Scheme liabilities arising from experience
\u2013
(0.1)
Net bene\ufb01ts paid
(0.5)
(1.1)
Settlements
(11.2)
\u2013
Fair value of Scheme liabilities at the end of the year
\u2013
11.3
\n
Movements in post-employment bene\ufb01t net obligations were 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
2026
2025
\u00a0
\u00a3m
\u00a3m
Opening post-employment bene\ufb01t surplus
(0.2)
(0.6)
Past service cost
\u2013
\u2013
Settlement cost
0.4
\u2013
Administration expenses
0.1
\u2013
Contributions by the employer
(0.5)
(0.1)
Remeasurement and experience losses
0.2
0.5
Closing post-employment bene\ufb01t surplus
\u2013
(0.2)
\n
Plan assets are comprised 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
2026
2025
\u00a0
\u00a3m
%
\u00a3m
%
Gilts
\u2013
\u2013
\u2013
\u2013
Cash
0.2
100.0
0.2
2.0
Buy-in policy
\u2013
\u2013
11.3
98.0
Total
0.2
100.0
11.5
100.0
\n
All plan assets have a quoted market price.
Sensitivity to key assumptions
The key \ufb01nancial assumptions used for IAS 19 are the discount and in\ufb02ation rates. Given that the
Scheme has now been bought out, changes in the key assumptions no longer have any impact on the
net funded status position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00134": { "value": "25. SHARE CAPITAL \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\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Number
Amount
Number
Amount
Share capital
\u2019000
\u00a3m
\u2019000
\u00a3m
Allotted, called-up and fully paid ordinary shares
\u00a0 \u00a0 \u00a0 \u00a0
of 1p each
\u00a0 \u00a0 \u00a0 \u00a0
At 1 April
884,701
8.9
907,214
9.2
Purchase and cancellation of own shares
(57,198)
(0.6)
(22,513)
(0.3)
Total
827,503
8.3
884,701
8.9
\n
Under resolutions passed at the 2024 and 2025 AGMs the Company is authorised to make market
purchases of up to a maximum of 10% of its own ordinary shares (excluding shares held in treasury),
subject to minimum and maximum price restrictions.
In the year ended 31 March 2026, a total of 58,493,141 ordinary shares of \u00a30.01 were purchased.
The average price paid was 630.1p with a total consideration paid (including fees of \u00a31.9m) of \u00a3371.0m.
Of all shares purchased, 1,295,147 were held in treasury with 57,197,994 being cancelled.
Included within shares in issue at 31 March 2026 are 282,389 (2025: 294,600) shares held by the ESOT
and 4,412,082 (2025: 4,600,897) shares held in treasury, as detailed in note 26.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00137": { "value": "26. OWN SHARES HELD \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\n
\u00a0 \u00a0
\u00a0
ESOT shares
Treasury
\u00a0
\u00a0
reserve
shares
Total
Own shares held \u2013 \u00a3m
\u00a3m
\u00a3m
\u00a3m
Own shares held as at 31 March 2024
(0.4)
(30.9)
(31.3)
Repurchase of own shares for treasury
\u2013
(10.8)
(10.8)
Share-based incentives exercised
\u2013
10.5
10.5
Own shares held as at 31 March 2025
(0.4)
(31.2)
(31.6)
Repurchase of own shares for treasury
\u2013
(10.7)
(10.7)
Share-based incentives exercised
\u2013
10.4
10.4
Own shares held as at 31 March 2026
(0.4)
(31.5)
(31.9)
\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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\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
ESOT shares
Treasury shares
Total
\u00a0
reserve
Number
Number
Own shares held \u2013 number
Number of shares
of shares
of shares
Own shares held as at 31 March 2024
312,831
4,899,346
5,212,177
Transfer of shares from ESOT
(18,231)
\u2013
(18,231)
Repurchase of own shares for treasury
\u2013
1,360,000
1,360,000
Share-based incentives exercised
\u2013
(1,658,449)
(1,658,449)
Own shares held as at 31 March 2025
294,600
4,600,897
4,895,497
Transfer of shares from ESOT
(12,211)
\u2013
(12,211)
Repurchase of own shares for treasury
\u2013
1,295,147
1,295,147
Share-based incentives exercised
\u2013
(1,483,962)
(1,483,962)
Own shares held as at 31 March 2026
282,389
4,412,082
4,694,471
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00138": { "value": "27. DIVIDENDS
Dividends declared and paid by the Company were 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
2026
2025
\u00a0
Pence
\u00a0
Pence
\u00a0
\u00a0
per share
\u00a3m
per share
\u00a3m
2025 \ufb01nal dividend paid
7.1
62.0
6.4
57.3
2026 interim dividend paid
3.8
32.1
3.5
31.1
\u00a0
10.9
94.1
9.9
88.4
\n
The proposed \ufb01nal dividend for the year ended 31 March 2026 of 7.8p per share, totalling \u00a362.2m, is
subject to approval by shareholders at the Annual General Meeting (\u2018AGM\u2019) and hence has not been
included as a liability in the \ufb01nancial statements.
The Directors\u2019 policy with regard to future dividends is set out in the Financial review on page 23.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00139": { "value": "28. CASH GENERATED FROM OPERATIONS \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\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Pro\ufb01t after tax
293.9
282.6
Adjustments for:
\u00a0 \u00a0
Tax charge
94.9
93.1
Depreciation
8.2
5.2
Amortisation
15.2
15.5
Share-based payments charge (excluding associated NI)
9.2
9.7
Share of pro\ufb01t from joint ventures
(4.1)
(3.6)
Pro\ufb01t on sale of property, plant and equipment
(0.6)
\u2013
Finance costs
3.9
1.1
R&D expenditure credit
(0.8)
(2.3)
Post employment expenses relating to the de\ufb01ned bene\ufb01t scheme
0.6
\u2013
Dilapidation provision release
(0.5)
\u2013
Changes in working capital:
\u00a0 \u00a0
Trade and other receivables
(0.5)
0.6
Trade and other payables
0.7
(3.0)
Provisions
0.2
0.2
Inventory
(2.3)
0.6
Cash generated from operations
418.0
399.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00140": { "value": "29. SHARE-BASED PAYMENTS
The Group currently operates \ufb01ve share plans: the Share Incentive Plan, Performance Share Plan,
Deferred Annual Bonus, Single Incentive Plan Award and the Sharesave scheme. All share-based
incentives are subject to a service condition. Such conditions are not taken into account in the fair
value of the service received. The fair value of services received in return for share-based incentives is
measured by reference to the fair value of share-based incentives granted. Black-Scholes and Monte
Carlo models have been used where appropriate to calculate the fair value of share-based incentives
with market conditions.
The total charge in the period relating to the \ufb01ve schemes was \u00a39.7m (2025: \u00a311.7m). This included
associated national insurance (\u2018NI\u2019) at the rate at which management expects to be effective when the
awards are exercised, and apprenticeship levy at 0.5%, based on the share price at the reporting date.
\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\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
2026
2025
2026
2025
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Share Incentive Plan (\u2018SIP\u2019)
\u2013
\u2013
\u2013
\u2013
Sharesave scheme (\u2018SAYE\u2019)
0.6
0.7
\u2013
\u2013
Performance Share Plan (\u2018PSP\u2019)
0.8
2.1
0.8
2.1
Deferred Annual Bonus and Single Incentive Plan
7.8
6.9
0.3
0.6
NI and apprenticeship levy on applicable schemes
0.5
2.0
\u2013
0.6
Total charge
9.7
11.7
1.1
3.3
\n
During the year, the Directors in of\ufb01ce in total had \u00a32.3m gains (2025: \u00a33.1m) arising on the exercise
of share-based incentive awards.
Share Incentive Plan
In 2015, the Group established a Share Incentive Plan (\u2018SIP\u2019). All eligible employees were awarded free
shares (or nil-cost options in the case of employees in Ireland) valued at \u00a33,600 each based on the
share price at the time of the Company\u2019s admission to the Stock Exchange in March 2015.
UK SIP
\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
2026
2025
\u00a0
Number
Number
Outstanding at 1 April
50,719
68,950
Released
(12,211)
(18,231)
Outstanding at 31 March
38,508
50,719
Vested and outstanding at 31 March
38,508
50,719
\n
The weighted average market value per ordinary share for SIP awards released was 745.5p
(2025: 810.4p). The SIP shares outstanding at 31 March 2026 have fully vested (2025: fully vested).
Performance Share Plan
The Group operates a Performance Share Plan (\u2018PSP\u2019) for Executive Directors, the Autotrader
Leadership Team and certain key employees. The extent to which awards vest will depend upon the
Group\u2019s performance over the three-year period following the award date. Both market-based and
non-market-based performance conditions may be attached to the options. An appropriate
adjustment is made for market-based performance conditions when calculating the fair value of an
option. If the options remain unexercised after a period of 10 years from the date of grant, the options
expire. Furthermore, options are forfeited if the employee leaves the Group before the options vest,
unless under exceptional circumstances.
On 25 June 2025, the Group awarded 419,343 nil cost options under the PSP scheme (2025: 457,203).
For the 2025 awards, the Group\u2019s performance is measured by reference to growth in earnings per
share (70% of the award), revenue (20% of the award) and cultural KPIs (10% of the award) over a
three-year period to March 2028. See page 78 for further details.
For other previous awards, the Group\u2019s performance had been measured by reference to growth
in operating pro\ufb01t and revenue over a three-year period, diversity progress (2021 award) and
carbon reduction (2022, 2023 and 2024 awards).
The fair value of the 2025 and 2024 awards was determined to be the share price at grant date.
\n
In previous years, the total shareholder return element was valued using the Monte Carlo model.
\n
The resulting share-based payments charge is being spread evenly over the period between the
\n
grant date and the vesting date.
\n
PSP award holders are entitled to receive dividends accruing between the grant date and the vesting
\n
date and this value will be delivered in shares. The assumptions used in the measurement of the fair
\n
value at grant date of the PSP awards are as follows:
\n\n \n
Share price
Risk-
Non-
Fair
at grant
Exercise
Expected
Option
free
Dividend
vesting
value per
date
price
volatility
life
rate
yield
condition
option
Grant date
Condition
\u00a3
\u00a3
%
years
%
%
%
\u00a3
23 Jun 2022
OP
5.31
Nil
N/A
3.0
2.0
1.3
0.0
5.31
23 Jun 2022
Revenue
5.31
Nil
N/A
3.0
2.0
1.3
0.0
5.31
23 Jun 2022
Carbon reduction
5.31
Nil
N/A
3.0
2.0
1.3
0.0
5.31
22 Jun 2023
OP
6.22
Nil
N/A
3.0
4.9
1.4
0.0
6.22
22 Jun 2023
Revenue
6.22
Nil
N/A
3.0
4.9
1.4
0.0
6.22
22 Jun 2023
Carbon reduction
6.22
Nil
N/A
3.0
4.9
1.4
0.0
6.22
20 Sep 2024
EPS
7.44
Nil
N/A
3.0
4.3
1.4
0.0
7.44
20 Sep 2024
Revenue
7.44
Nil
N/A
3.0
4.3
1.4
0.0
7.44
20 Sep 2024
Carbon reduction
7.44
Nil
N/A
3.0
4.3
1.4
0.0
7.44
25 Jun 2025
EPS
8.12
Nil
N/A
3.0
3.7
1.4
0.0
8.12
25 Jun 2025
Revenue
8.12
Nil
N/A
3.0
3.7
1.4
0.0
8.12
25 Jun 2025
Cultural KPIs
8.12
Nil
N/A
3.0
3.7
1.4
0.0
8.12
\n
Expected volatility is estimated by considering historic average share price volatility at the grant date.
\n
The number of options outstanding and exercisable as at 31 March 2026 was as follows:
\n\n \n
2026
2025
Number
Number
Outstanding at 1 April
1,174,581
1,116,040
Options granted in the year
419,343
457,203
Dividend shares awarded
10,591
14,018
Options forfeited in the year
(374,168)
(11,421)
Options exercised in the year
(278,586)
(401,259)
Outstanding at 31 March
951,761
1,174,581
Exercisable at 31 March
1,500
1,500
\n
Options forfeited in the current year largely re\ufb02ect awards held by the Chief Operating Of\ufb01cer who
\n
resigned during the period.
\n
The weighted average market value per ordinary share for PSP options exercised in 2026 was 824.6p
\n
(2025: 844.1p). The PSP awards outstanding at 31 March 2026 have a weighted average remaining
\n
vesting period of 1.3 years (2025: 1.3 years) and a weighted average contractual life of 8.4 years
\n
(2025: 8.4 years).
\n
Deferred Annual Bonus and Single Incentive Plan Award
\n
The Group operates the Deferred Annual Bonus and Single Incentive Plan Award for Executive Directors,
\n
the Autotrader Leadership Team and certain key employees. The plan consists of two schemes, the
\n
Deferred Annual Bonus Plan (\u2018DABP\u2019) and the Single Incentive Plan Award (\u2018SIPA\u2019). There is also a Single
\n
Incentive Plan Award for all employees which commenced in 2024 under the existing scheme rules.
\n
Deferred Annual Bonus
\n
The Group operates a Deferred Annual Bonus Plan (\u2018DABP\u2019) for Executive Directors. Awards under
\n
the plan are contingent on the satisfaction of pre-set internal targets relating to \ufb01nancial and
\n
operational objectives. The extent to which the awards vest will depend upon the satisfaction
\n
of the Group\u2019s \ufb01nancial and operational performance in the \ufb01nancial year of the award date
\n
(the \u2018Performance Conditions\u2019). The awards will vest on the second anniversary of the date the
\n
Remuneration Committee determines that the Performance Conditions have been satis\ufb01ed (the
\n
\u2018Vesting Period\u2019). Awards are potentially forfeitable during that period should the employee leave
\n
employment. The DABP awards have been valued using the Black-Scholes method where appropriate
\n
and the resulting share-based payments charge is being spread evenly over the combined
\n
Performance Period and Vesting Period of the shares, being three years.
\n
On 25 June 2025, the Group awarded 56,284 nil cost options under the DABP scheme (2025: 115,501).
\n
DABP award holders are entitled to receive dividends accruing between the grant date and the
\n
vesting date and this value will be delivered in shares. The assumptions used in the measurement
\n
of the fair value at grant date of the DABP awards are as follows:
\n\n \n
Share price
Non-
at grant
Exercise
Risk-free
Dividend
vesting
Fair value
date
price
Option life
rate
yield
condition
per option
Grant date
\u00a3
\u00a3
years
%
%
%
\u00a3
22 June 2023
6.22
Nil
2.0
4.9
1.4
0.0
6.22
22 June 2024
7.44
Nil
2.0
4.1
1.4
0.0
7.44
25 June 2025
8.12
Nil
2.0
3.7
1.4
0.0
8.12
\n
The number of options outstanding and exercisable as at 31 March was as follows:
\n\n \n
2026
2025
Number
Number
Outstanding at 1 April
218,831
212,034
Options granted in the year
56,284
115,501
Dividend shares awarded
2,684
2,992
Options forfeited in the year
(41,462)
\u2013
Options exercised in the year
(106,014)
(111,696)
Outstanding at 31 March
130,323
218,831
Exercisable at 31 March
\u2013
\u2013
Options forfeited in the current year re\ufb02ect awards held by the Chief Operating Of\ufb01cer who resigned
\n
during the period.
\n
Single Incentive Plan Award
\n
The Group operates a Single Incentive Plan Award (\u2018SIPA\u2019) for the Autotrader Leadership Team (\u2018ALT\u2019)
\n
and certain key employees. The extent to which awards vest will depend upon the satisfaction of
\n
the Group\u2019s \ufb01nancial and operational performance in the \ufb01nancial year of the award date (the
\n
\u2018Performance Conditions\u2019). The awards will vest in tranches, with the \ufb01rst tranche vesting on the
\n
date on which the Remuneration Committee determines that the Performance Conditions have
\n
been satis\ufb01ed, and subsequent tranches vesting on the \ufb01rst and second anniversary of this date,
\n
subject to continuing employment.
\n
On 25 June 2025, the Group awarded 508,903 nil cost options under the SIPA scheme for the ALT
\n
and certain key employees (2025: 572,377). For the 2025 awards, 75% of the award value is dependent
\n
on FY26 operating pro\ufb01t and the remaining 25% linked to the achievement of strategic and
\n
operational milestones against our digital retailing strategy. The fair value of the 2025 award was
\n
determined to be \u00a38.12 per option, being the share price at grant date.
\n
In 2023, the Group announced a new All-Employee Single Incentive Plan Award (\u2018One Autotrader Share
\n
Award\u2019) that rewards employees with an extra 10% of their salary in shares. The awards will vest in
\n
tranches, with the \ufb01rst tranche vesting on the \ufb01rst anniversary of the grant date and subsequent
\n
tranches vesting on the \ufb01rst and second anniversary of this date, subject to continuing employment.
\n
On 28 November 2025, the Group awarded 914,536 nil cost options under the SIPA scheme for all
\n
employees (2025: 831,018). The fair value of the 2026 award was determined to be \u00a36.39 per option
\n
(2025: \u00a38.53), being the share price at grant date.
\n
The resulting share-based payments charge is being spread evenly over the period between the
\n
grant date and the vesting date. SIPA holders are entitled to receive dividends accruing between
\n
the grant date and the vesting date and this value will be delivered in shares.
\n
The assumptions used in the measurement of the fair value at grant date of the SIPA awards are
\n
as follows:
\n\n \n
Share price
Non-
at grant
Exercise
Expected
Dividend
vesting
Fair value
date
price
volatility
Option life
Risk-free
yield
condition
per option
Grant date
\u00a3
\u00a3
%
years
rate %
%
%
\u00a3
17 August 2018
4.48
Nil
N/A
3.0
0.7
1.7
0.0
4.48
17 June 2019
5.65
Nil
N/A
3.0
0.6
1.3
0.0
5.65
8 July 2020
5.27
Nil
N/A
3.0
(0.1)
0.0
0.0
5.27
24 November 2020
5.52
Nil
N/A
3.0
(0.1)
0.0
0.0
5.52
17 June 2021
6.29
Nil
N/A
3.0
0.2
0.9
0.0
6.29
23 June 2022
5.31
Nil
N/A
3.0
2.0
1.3
0.0
5.31
22 June 2023
6.22
Nil
N/A
3.0
4.9
1.4
0.0
6.22
21 November 2023
6.25
Nil
N/A
3.0
4.5
1.4
0.0
6.25
26 June 2024
7.44
Nil
N/A
3.0
4.1
1.4
0.0
7.44
28 November 2024
8.53
Nil
N/A
3.0
4.1
1.4
0.0
8.53
25 June 2025
8.12
Nil
N/A
3.0
3.7
1.4
0.0
8.12
28 November 2025
6.39
Nil
N/A
3.0
3.6
1.4
0.0
6.39
\n
The number of options outstanding and exercisable as at 31 March was as follows:
\n\n \n
2026
2025
Number
Number
Outstanding at 1 April
2,813,386
2,513,318
Options granted in the year
1,423,439
1,403,395
Dividend shares awarded
18,293
12,273
Options exercised in the year
(689,223)
(166,066)
Options forfeited in the year
(496,248)
(949,534)
Outstanding at 31 March
3,069,647
2,813,386
Exercisable at 31 March
364,626
140,567
\n
The weighted average market value per ordinary share for SIPA options exercised in 2026 was 692.1p
\n
(2025: 827.4p). The SIPA awards outstanding at 31 March 2026 have a weighted average remaining
\n
vesting period of 3.4 years (2025: 3.0 years) and a weighted average contractual life of 8.5 years
\n
(2025: 8.7 years). The charge for the year includes an estimate of the awards to be granted after the
\n
balance sheet date in respect of achievement of 2023 targets.
Sharesave scheme
The Group operates a Sharesave (\u2018SAYE\u2019) scheme for all employees under which employees are
granted an option to purchase ordinary shares in the Company at up to 20% less than the market
price at invitation, in three years\u2019 time, dependent on their entering into a contract to make monthly
contributions into a savings account over the relevant period. Options are granted and are linked
to a savings contract with a term of three years. These funds are used to fund the option exercise.
No performance criteria are applied to the exercise of Sharesave options.
The assumptions used in the measurement of the fair value at grant date of the Sharesave plan 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\n\t\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\n\t\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\n\t\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\n\t\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\n\t\n
\u00a0 \u00a0
\u00a0
Share price
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
at grant
Exercise
Expected
\u00a0 \u00a0
Dividend
Non-vesting
Fair value
\u00a0
date
price
volatility
Option life
Risk-free
yield
condition
per option
Grant date
\u00a3
\u00a3
%
years
rate %
%
%
\u00a3
16 December 2020
5.75
4.41
32
3.0
0.0
0.5
10
1.86
16 December 2021
7.13
5.88
32
3.0
0.5
0.5
10
2.05
14 December 2022
5.64
4.56
34
3.0
3.2
1.3
10
1.87
23 July 2024
8.04
6.37
27
3.0
4.0
1.3
10
2.56
22 July 2025
8.28
6.46
25
3.0
3.7
1.4
10
2.57
\n
Expected volatility is estimated by considering historic average share price volatility at the grant
date. The requirement that an employee has to save in order to purchase shares under the Sharesave
plan is a non-vesting condition. This feature has been incorporated into the fair value at grant date
by applying a discount to the valuation obtained from the Black-Scholes pricing model.
\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
2026
2025
\u00a0 \u00a0
Weighted average
\u00a0
Weighted average
\u00a0
Number of share
exercise price
Number of share
exercise price
\u00a0
options
\u00a3
options
\u00a3
Outstanding at 1 April
1,088,842
5.40
856,958
4.84
Options granted in the year
338,640
6.46
489,713
6.37
Options exercised in the year
(410,139)
4.70
(194,413)
5.48
Options cancelled in the year
(231,846)
6.27
(33,013)
5.16
Options lapsed in the year
(29,932)
6.27
(30,403)
5.16
Outstanding at 31 March
755,565
5.95
1,088,842
5.40
Exercisable at 31 March
188,859
4.56
42,965
5.81
\n
The weighted average market value per ordinary share for Sharesave options exercised in 2026 was
576.8p (2025: 776.2p). The Sharesave options outstanding at 31 March 2026 have a weighted average
remaining vesting period of 1.4 years (2025: 1.5 years) and a weighted average contractual life of 1.9
years (2025: 2.0 years).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00141": { "value": "30. FINANCIAL INSTRUMENTS
Financial 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
\u00a0
Note
\u00a3m
\u00a3m
Net trade receivables (invoiced)
17
30.3
30.3
Net accrued income
17
43.7
44.4
Net trade receivables (total)
17
74.0
74.7
Other receivables
17
0.7
\u2013
Cash and cash equivalents
19
18.2
15.3
Total
\u00a0
92.9
90.0
\n
Credit risk
The carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum
exposure to credit risk at 31 March 2026 was \u00a392.9m (2025: \u00a390.0m). The maximum exposure to credit
risk for trade receivables and accrued income at the reporting date by geographic region 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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
\u00a0
\u00a3m
\u00a3m
UK
74.0
74.7
Total
74.0
74.7
\n
The maximum exposure to credit risk for trade receivables and accrued income at the reporting date
by type of customer 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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
\u00a0
\u00a3m
\u00a3m
Retailers
60.9
62.5
Manufacturer & Agency
5.3
4.9
Other
5.4
5.9
Autorama
2.4
1.4
Total
74.0
74.7
\n
The Group\u2019s most signi\ufb01cant customer accounts for \u00a31.9m (2025: \u00a32.0m) of net trade receivables as at
31 March 2026.
Expected credit loss assessment
Expected credit losses (\u2018ECLs\u2019) are measured using a provisioning matrix based on actual credit loss
experience over the past three years and adjusted, when required, to take into account current
macro-economic factors. For certain customers the Group applies experienced credit judgement
that is determined to be predictive of the risk of loss to assess the expected credit loss, taking into
account external ratings, \ufb01nancial statements and other available information.
The following table provides information about the exposure to credit risk and expected credit losses
for trade receivables and accrued income from individual customers as at 31 March 2026.
\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 \u00a0
Gross
\u00a0 \u00a0
\u00a0
Expected
carrying
Loss
\u00a0
\u00a0
credit loss
amount
allowance
Credit-
\u00a0
rate
\u00a3m
\u00a3m
impaired
Accrued income
2.7%
44.9
(1.2)
No
Current
3.2%
28.3
(0.9)
No
Past due 1\u201330 days
6.9%
2.9
(0.2)
No
Past due 31\u201360 days
50.0%
0.4
(0.2)
No
Past due 61\u201390 days
100.0%
0.3
(0.3)
No
More than 91 days past due
100.0%
1.4
(1.4)
No
\u00a0 \u00a0
78.2
(4.2)
\u00a0
\n
At 31 March 2025, ECLs were adjusted to re\ufb02ect lower levels of in\ufb02ation and declining interest rates
while taking into consideration the cost pressures faced by retailer customers. In the current period,
ECL assumptions have been reassessed for the prevailing macro-economic environment. Although
allowances were increased in prior periods in response to heightened uncertainty, actual credit loss
experience has remained stable, with no evidence of a material deterioration.
Sensitivity analysis has been performed in assessing the expected credit loss rate. There are no
changes to the rate that are considered by the Directors to be reasonably possible which give rise to
a material difference in the loss allowance.
Comparative information about the exposure to credit risk and expected credit losses for trade
receivables from individual customers as at 31 March 2025 is set out 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Gross
\u00a0 \u00a0
\u00a0
Expected
carrying
Loss
\u00a0
\u00a0
credit loss
amount
allowance
Credit-
\u00a0
rate
\u00a3m
\u00a3m
impaired
Accrued income
3.5%
46.0
(1.6)
No
Current
3.2%
28.0
(0.9)
No
Past due 1\u201330 days
6.5%
3.1
(0.2)
No
Past due 31\u201360 days
40.0%
0.5
(0.2)
No
Past due 61\u201390 days
100.0%
0.3
(0.3)
No
More than 91 days past due
100.0%
1.5
(1.5)
No
\u00a0 \u00a0
79.4
(4.7)
\u00a0
\n
The Group has identi\ufb01ed speci\ufb01c balances for which it has provided an impairment allowance on
a line-by-line basis across all ledgers, in both years. The allowance accounts in respect of trade
receivables are used to record impairment losses unless the Group is satis\ufb01ed that no recovery of
the amount owing is possible; at that point the amounts considered irrecoverable are written off
against the \ufb01nancial asset directly.
The movement in the allowance for impairment in respect of trade receivables during the year was
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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
\u00a0
Note
\u00a3m
\u00a3m
At 1 April
17
3.1
3.3
Charged during the year
\u00a0
1.8
1.3
Utilised during the year
\u00a0
(1.9)
(1.5)
At 31 March
17
3.0
3.1
\n
The movement in the allowance for impairment in respect of accrued income during the year was
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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
\u00a0
Note
\u00a3m
\u00a3m
At 1 April
17
1.6
1.7
Charged during the year
\u00a0
\u2013
\u2013
Released during the year
\u00a0
(0.4)
(0.1)
At 31 March
17
1.2
1.6
\n
Cash and cash equivalents
The cash and cash equivalents are held with bank and \ufb01nancial institution counterparties, which are
rated between P-1 and P-2 based on Moody\u2019s ratings. The Directors do not consider deposits at these
institutions to be at risk.
Financial 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\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
2026
2025
\u00a0
As per
Future
Total
As per
Future
Total
\u00a0
balance
interest
cash
balance
interest
cash
\u00a0
sheet
cost
\ufb02ows
sheet
cost
\ufb02ows
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
19.2
\u2013
19.2
18.8
\u2013
18.8
Vehicle stocking loan
5.0
\u2013
5.0
1.0
\u2013
1.0
Borrowings (gross of debt issue costs)
165.0
\u2013
165.0
\u2013
\u2013
\u2013
Leases
42.6
19.1
61.7
2.5
\u2013
2.5
Total
231.8
19.1
250.9
22.3
\u2013
22.3
\n
Trade and other payables are as disclosed within note 20, excluding vehicle stocking loan, other
taxation and social security liabilities and deferred income.
IFRS 7 requires the contractual future interest cost of a \ufb01nancial liability to be included within the
above table. As disclosed in note 21 of these Consolidated \ufb01nancial statements, borrowings are
currently drawn under a syndicated debt arrangement and repayments can be made at any time
without penalty. As such there is no contractual future interest cost. Interest is payable on borrowings\u2019
drawn amounts at a rate of SONIA prevailing at the time of drawdown plus the applicable margin,
which ranges from 1.2% to 2.1%, excluding the potential bene\ufb01cial impact of sustainability performance
targets. Interest paid in the year in relation to borrowings amounted to \u00a32.4m (2025: \u00a31.2m).
Similarly, repayments can be made at any time without penalty on the vehicle stocking loan. As such
there is no contractual future interest cost. Interest is payable on the loan balance at the prevailing
Bank of England Base Rate plus a 2% margin. Interest paid in the year in relation to the vehicle stocking
loan amounted to \u00a30.3m (2025: \u00a30.3m).
The Company had no derivative \ufb01nancial liabilities in either year. It is not expected that the cash \ufb02ows
included in the maturity analysis could occur earlier or at signi\ufb01cantly different amounts.
Liquidity risk
The maturity of \ufb01nancial liabilities based on contracted cash \ufb02ows is shown in the table below.
This table has been drawn up using the undiscounted cash \ufb02ows of \ufb01nancial liabilities based on the
earliest date on which the Group is obliged to pay. The table includes both interest and principal
cash \ufb02ows. Floating rate interest payments have been calculated using the relevant interest rates
prevailing at the year end, where applicable.
\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\t\n\t\t\t\n\t\t\n\t\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
Trade and
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
other
Vehicle
\u00a0 \u00a0 \u00a0
\u00a0
payables
stocking loan
Borrowings
Leases
Total
As at 31 March 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Due within one year
19.2
5.0
\u2013
0.6
24.8
Due within one to two years
\u2013
\u2013
\u2013
0.1
0.1
Due within two to \ufb01ve years
\u2013
\u2013
165.0
15.1
180.1
Due after more than \ufb01ve years
\u2013
\u2013
\u2013
45.9
45.9
Total
19.2
5.0
165.0
61.7
250.9
\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\n\t\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
Trade and
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
other
Vehicle
\u00a0 \u00a0 \u00a0
\u00a0
payables
stocking loan
Borrowings
Leases
Total
As at 31 March 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Due within one year
18.8
1.0
\u2013
2.1
21.9
Due within one to two years
\u2013
\u2013
\u2013
0.3
0.3
Due within two to \ufb01ve years
\u2013
\u2013
\u2013
0.1
0.1
Due after more than \ufb01ve years
\u2013
\u2013
\u2013
\u2013
\u2013
Total
18.8
1.0
\u2013
2.5
22.3
\n
Fair values
The fair values of all \ufb01nancial instruments in both years approximate to their carrying values.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00142": { "value": "Expected credit loss assessment
Expected credit losses (\u2018ECLs\u2019) are measured using a provisioning matrix based on actual credit loss
experience over the past three years and adjusted, when required, to take into account current
macro-economic factors. For certain customers the Group applies experienced credit judgement
that is determined to be predictive of the risk of loss to assess the expected credit loss, taking into
account external ratings, \ufb01nancial statements and other available information.
The following table provides information about the exposure to credit risk and expected credit losses
for trade receivables and accrued income from individual customers as at 31 March 2026.
\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 \u00a0
Gross
\u00a0 \u00a0
\u00a0
Expected
carrying
Loss
\u00a0
\u00a0
credit loss
amount
allowance
Credit-
\u00a0
rate
\u00a3m
\u00a3m
impaired
Accrued income
2.7%
44.9
(1.2)
No
Current
3.2%
28.3
(0.9)
No
Past due 1\u201330 days
6.9%
2.9
(0.2)
No
Past due 31\u201360 days
50.0%
0.4
(0.2)
No
Past due 61\u201390 days
100.0%
0.3
(0.3)
No
More than 91 days past due
100.0%
1.4
(1.4)
No
\u00a0 \u00a0
78.2
(4.2)
\u00a0
\n
At 31 March 2025, ECLs were adjusted to re\ufb02ect lower levels of in\ufb02ation and declining interest rates
while taking into consideration the cost pressures faced by retailer customers. In the current period,
ECL assumptions have been reassessed for the prevailing macro-economic environment. Although
allowances were increased in prior periods in response to heightened uncertainty, actual credit loss
experience has remained stable, with no evidence of a material deterioration.
Sensitivity analysis has been performed in assessing the expected credit loss rate. There are no
changes to the rate that are considered by the Directors to be reasonably possible which give rise to
a material difference in the loss allowance.
Comparative information about the exposure to credit risk and expected credit losses for trade
receivables from individual customers as at 31 March 2025 is set out 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Gross
\u00a0 \u00a0
\u00a0
Expected
carrying
Loss
\u00a0
\u00a0
credit loss
amount
allowance
Credit-
\u00a0
rate
\u00a3m
\u00a3m
impaired
Accrued income
3.5%
46.0
(1.6)
No
Current
3.2%
28.0
(0.9)
No
Past due 1\u201330 days
6.5%
3.1
(0.2)
No
Past due 31\u201360 days
40.0%
0.5
(0.2)
No
Past due 61\u201390 days
100.0%
0.3
(0.3)
No
More than 91 days past due
100.0%
1.5
(1.5)
No
\u00a0 \u00a0
79.4
(4.7)
\u00a0
\n
The Group has identi\ufb01ed speci\ufb01c balances for which it has provided an impairment allowance on
a line-by-line basis across all ledgers, in both years. The allowance accounts in respect of trade
receivables are used to record impairment losses unless the Group is satis\ufb01ed that no recovery of
the amount owing is possible; at that point the amounts considered irrecoverable are written off
against the \ufb01nancial asset directly.
The movement in the allowance for impairment in respect of trade receivables during the year was
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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
\u00a0
Note
\u00a3m
\u00a3m
At 1 April
17
3.1
3.3
Charged during the year
\u00a0
1.8
1.3
Utilised during the year
\u00a0
(1.9)
(1.5)
At 31 March
17
3.0
3.1
\n
The movement in the allowance for impairment in respect of accrued income during the year was
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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
\u00a0
Note
\u00a3m
\u00a3m
At 1 April
17
1.6
1.7
Charged during the year
\u00a0
\u2013
\u2013
Released during the year
\u00a0
(0.4)
(0.1)
At 31 March
17
1.2
1.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00143": { "value": "Financial liabilities \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\t\n\t\t\t\n\t\t\n\t\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
2026
2025
\u00a0
As per
Future
Total
As per
Future
Total
\u00a0
balance
interest
cash
balance
interest
cash
\u00a0
sheet
cost
\ufb02ows
sheet
cost
\ufb02ows
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
19.2
\u2013
19.2
18.8
\u2013
18.8
Vehicle stocking loan
5.0
\u2013
5.0
1.0
\u2013
1.0
Borrowings (gross of debt issue costs)
165.0
\u2013
165.0
\u2013
\u2013
\u2013
Leases
42.6
19.1
61.7
2.5
\u2013
2.5
Total
231.8
19.1
250.9
22.3
\u2013
22.3
\n
Trade and other payables are as disclosed within note 20, excluding vehicle stocking loan, other
taxation and social security liabilities and deferred income.
IFRS 7 requires the contractual future interest cost of a \ufb01nancial liability to be included within the
above table. As disclosed in note 21 of these Consolidated \ufb01nancial statements, borrowings are
currently drawn under a syndicated debt arrangement and repayments can be made at any time
without penalty. As such there is no contractual future interest cost. Interest is payable on borrowings\u2019
drawn amounts at a rate of SONIA prevailing at the time of drawdown plus the applicable margin,
which ranges from 1.2% to 2.1%, excluding the potential bene\ufb01cial impact of sustainability performance
targets. Interest paid in the year in relation to borrowings amounted to \u00a32.4m (2025: \u00a31.2m).
Similarly, repayments can be made at any time without penalty on the vehicle stocking loan. As such
there is no contractual future interest cost. Interest is payable on the loan balance at the prevailing
Bank of England Base Rate plus a 2% margin. Interest paid in the year in relation to the vehicle stocking
loan amounted to \u00a30.3m (2025: \u00a30.3m).
The Company had no derivative \ufb01nancial liabilities in either year. It is not expected that the cash \ufb02ows
included in the maturity analysis could occur earlier or at signi\ufb01cantly different amounts.
Liquidity risk
The maturity of \ufb01nancial liabilities based on contracted cash \ufb02ows is shown in the table below.
This table has been drawn up using the undiscounted cash \ufb02ows of \ufb01nancial liabilities based on the
earliest date on which the Group is obliged to pay. The table includes both interest and principal
cash \ufb02ows. Floating rate interest payments have been calculated using the relevant interest rates
prevailing at the year end, where applicable.
\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\t\n\t\t\t\n\t\t\n\t\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
Trade and
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
other
Vehicle
\u00a0 \u00a0 \u00a0
\u00a0
payables
stocking loan
Borrowings
Leases
Total
As at 31 March 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Due within one year
19.2
5.0
\u2013
0.6
24.8
Due within one to two years
\u2013
\u2013
\u2013
0.1
0.1
Due within two to \ufb01ve years
\u2013
\u2013
165.0
15.1
180.1
Due after more than \ufb01ve years
\u2013
\u2013
\u2013
45.9
45.9
Total
19.2
5.0
165.0
61.7
250.9
\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\n\t\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
Trade and
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
other
Vehicle
\u00a0 \u00a0 \u00a0
\u00a0
payables
stocking loan
Borrowings
Leases
Total
As at 31 March 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Due within one year
18.8
1.0
\u2013
2.1
21.9
Due within one to two years
\u2013
\u2013
\u2013
0.3
0.3
Due within two to \ufb01ve years
\u2013
\u2013
\u2013
0.1
0.1
Due after more than \ufb01ve years
\u2013
\u2013
\u2013
\u2013
\u2013
Total
18.8
1.0
\u2013
2.5
22.3
\n
Fair values
The fair values of all \ufb01nancial instruments in both years approximate to their carrying values.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00144": { "value": "Fair values The fair values of all \ufb01nancial instruments in both years approximate to their carrying values.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00145": { "value": "31. NET DEBT
Analysis of net debt
Net debt is calculated as total borrowings and lease liabilities, less cash and cash equivalents.
Non-cash changes represent the effects of the recognition and subsequent amortisation of fees
relating to the bank facility, changing maturity pro\ufb01les, acquisition of debt and new leases entered
into 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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
At
\u00a0 \u00a0
At
\u00a0
1 April
Cash
Non-cash
31 March
\u00a0
2025
\ufb02ow
changes
2026
March 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Debt due within one year
\u2013
\u2013
\u2013
\u2013
Debt due after more than one year
\u2013
165.0
(1.6)
163.4
Accrued interest
0.1
(2.8)
3.2
0.5
Lease liabilities
2.5
(1.8)
41.9
42.6
Total debt and lease \ufb01nancing
2.6
160.4
43.5
206.5
Cash and cash equivalents
(15.3)
(2.9)
\u2013
(18.2)
Net debt/(cash)
(12.7)
157.5
43.5
188.3
\n
Non-cash changes on debt due after more than one year relate to amortisation of debt issue costs.
\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
At
\u00a0 \u00a0
At
\u00a0
1 April
Cash
Non-cash
31 March
\u00a0
2024
\ufb02ow
changes
2025
March 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Debt due within one year
\u2013
\u2013
\u2013
\u2013
Debt due after more than one year
27.7
(30.3)
2.6
\u2013
Accrued interest
0.2
(1.2)
1.1
0.1
Lease liabilities
4.8
(2.5)
0.2
2.5
Total debt and lease \ufb01nancing
32.7
(34.0)
3.9
2.6
Cash and cash equivalents
(18.7)
3.4
\u2013
(15.3)
Net debt/(cash)
14.0
(30.6)
3.9
(12.7)
Reconciliation of movements in liabilities to cash \ufb02ows arising from \ufb01nancing activities
\n\n \n
Liabilities/(Assets)
Equity
Borrowings
and accrued
Lease
Share
Retained
Own
Other
interest
liabilities
capital
earnings
shares held
reserves
Total
Balance as of 1 April 2025
0.1
2.5
8.9
1,437.9
(31.6)
(845.8)
572.0
Changes from \ufb01nancing cash \ufb02ows
Dividends paid to Company shareholders
\u2013
\u2013
\u2013
(94.1)
\u2013
\u2013
(94.1)
Drawdown of Syndicated RCF
165.0
\u2013
\u2013
\u2013
\u2013
\u2013
165.0
Payment of interest on borrowings
(2.8)
\u2013
\u2013
\u2013
\u2013
\u2013
(2.8)
Payment of lease liabilities
\u2013
(1.8)
\u2013
\u2013
\u2013
\u2013
(1.8)
Purchase of own shares for cancellation
\u2013
\u2013
(0.6)
(358.4)
\u2013
0.6
(358.4)
Purchase of own shares for treasury
\u2013
\u2013
\u2013
\u2013
(10.7)
\u2013
(10.7)
Fees on repurchase of own shares
\u2013
\u2013
\u2013
(1.9)
\u2013
\u2013
(1.9)
Proceeds from exercise of share-based incentives
\u2013
\u2013
\u2013
2.0
\u2013
\u2013
2.0
Total changes from \ufb01nancing cash \ufb02ows
162.2
(1.8)
(0.6)
(452.4)
(10.7)
0.6
(302.7)
Other changes \u2013 liability related
Interest expense
3.2
1.7
\u2013
\u2013
\u2013
\u2013
4.9
Lease addition
\u2013
40.5
\u2013
\u2013
\u2013
\u2013
40.5
Other
(1.6)
(0.3)
\u2013
\u2013
\u2013
\u2013
(1.9)
Total liability-related other changes
1.6
41.9
\u2013
\u2013
\u2013
\u2013
43.5
Total equity-related other changes
\u2013
\u2013
\u2013
290.4
10.4
\u2013
300.8
Balance as of 31 March 2026
163.9
42.6
8.3
1,275.9
(31.9)
(845.2)
613.6
\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\t\n\t\t\t\n\t\t\t\n\t\t\n\t\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\n\t\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\n\t\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\n\t\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\n\t\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\n\t\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\n\t\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\n\t\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\n\t\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\n\t\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\n\t\n
\u00a0 \u00a0
\u00a0
Liabilities/(Assets)
Equity
\u00a0
Borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
and accrued
Lease
Share
\u00a0
Own
Other
\u00a0
\u00a0
interest
liabilities
capital
Retained earnings
shares held
reserves
Total
Balance as of 1 April 2024
27.9
4.8
9.2
1,420.5
(31.3)
(846.1)
585.0
Changes from \ufb01nancing cash \ufb02ows
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Dividends paid to Company shareholders
\u2013
\u2013
\u2013
(88.4)
\u2013
\u2013
(88.4)
Repayment of Syndicated RCF
(30.0)
\u2013
\u2013
\u2013
\u2013
\u2013
(30.0)
Payment of re\ufb01nancing fees
(0.3)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.3)
Payment of interest on borrowings
(1.2)
\u2013
\u2013
\u2013
\u2013
\u2013
(1.2)
Payment of lease liabilities
\u2013
(2.5)
\u2013
\u2013
\u2013
\u2013
(2.5)
Purchase of own shares for cancellation
\u2013
\u2013
(0.3)
(176.6)
\u2013
0.3
(176.6)
Purchase of own shares for treasury
\u2013
\u2013
\u2013
\u2013
(10.7)
\u2013
(10.7)
Fees on repurchase of own shares
\u2013
\u2013
\u2013
(0.9)
\u2013
\u2013
(0.9)
Proceeds from exercise of share-based incentives
\u2013
\u2013
\u2013
1.1
\u2013
\u2013
1.1
Total changes from \ufb01nancing cash \ufb02ows
(31.5)
(2.5)
(0.3)
(264.8)
(10.7)
0.3
(309.5)
Other changes \u2013 liability related
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest expense
1.1
0.1
\u2013
\u2013
\u2013
\u2013
1.2
Other
2.6
0.1
\u2013
\u2013
\u2013
\u2013
2.7
Total liability-related other changes
3.7
0.2
\u2013
\u2013
\u2013
\u2013
3.9
Total equity-related other changes
\u2013
\u2013
\u2013
282.2
10.4
\u2013
292.6
Balance as of 31 March 2025
0.1
2.5
8.9
1,437.9
(31.6)
(845.8)
572.0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00146": { "value": "32. RELATED PARTY TRANSACTIONS
Dealer Auction Limited
The Group transacted the following related party transactions with its joint venture, Dealer Auction
Limited, during the period.
The Group provided data services to Dealer Auction under a licence agreement established as part of
the formation of the joint venture in January 2019. The value of services provided to Dealer Auction was
\u00a30.6m (2025: \u00a30.6m) and has been recognised within revenue. At 31 March 2026, deferred income
outstanding in relation to the licence agreement was \u00a37.2m (2025: \u00a37.8m).
The Group recharged Dealer Auction for the provision of of\ufb01ce space and laptops during the period, the
total value of which was \u00a321,000 (2025: \u00a316,500). The service was provided to Dealer Auction at an arm\u2019s
length basis and recorded within administrative expenses within the Consolidated income statement.
A dividend from Dealer Auction Limited of \u00a34.9m (2025: \u00a34.4m) was received in the year.
Other related party transactions
Key Management personnel compensation has been disclosed in note 8.
The Group sponsors a funded de\ufb01ned bene\ufb01t pension scheme. Details of transactions with the
Wiltshire (Bristol) Limited Retirement Bene\ufb01ts Scheme are set out in note 24. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00418": { "value": "34. SUBSEQUENT EVENTS
On 15 May 2026, the Group accessed its \u00a3100.0m accordion, increasing its existing debt facility to
\u00a3300.0m. Debt fees of \u00a30.7m were incurred and will be amortised over the facility term. All lenders
are now committed to the maturity date of February 2030 and there are no changes to the terms of
the Syndicated Revolving Credit Facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00419": { "value": "35. CONTINGENT LIABILITIES
On 27 March 2026, the Competition and Markets Authority (\u2018CMA\u2019), exercising its new direct
consumer enforcement powers, announced an investigation into a number of companies, including
Autotrader and our third-party moderator, Feefo, in relation to online consumer reviews. The Group
has no additional information from the regulator to better understand their speci\ufb01c concerns, but
we endeavour always to operate as a responsible and compliant business and will cooperate fully
with the CMA\u2019s investigation. Consequently, the potential for any future liability remains uncertain
therefore this matter is disclosed as a contingent liability.
On 30 March 2026, the Financial Conduct Authority (\u2018FCA\u2019) set out con\ufb01rmation of a consumer
redress scheme for certain commissions earned on historic motor \ufb01nance agreements. On 1 May,
the FCA con\ufb01rmed that the scheme had been subject to legal challenges from several lenders. The
challenges will be referred to the Upper Tribunal where they will be subject to judge-led review, and
therefore the scheme\u2019s launch has been paused. We continue to believe that Autotrader has no
direct liability or \ufb01nancial exposure, but we continue to monitor developments closely, including the
impact on the wider \ufb01nancial health of the automotive market.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00420": { "value": "Company balance sheet
At 31 March 2026
\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\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Note
\u00a3m
\u00a3m
Fixed assets
\u00a0 \u00a0 \u00a0
Investments
3
1,248.0
1,240.0
\u00a0 \u00a0
1,248.0
1,240.0
Current assets
\u00a0 \u00a0 \u00a0
Debtors
4
1,457.3
1,503.2
Cash at bank and in hand
5
0.7
0.2
\u00a0 \u00a0
1,458.0
1,503.4
Creditors: amounts falling due within one year
6
(1,640.7)
(1,221.5)
Net current assets
\u00a0
(182.7)
281.9
Net assets
\u00a0
1,065.3
1,521.9
Capital and reserves
\u00a0 \u00a0 \u00a0
Called-up share capital
9
8.3
8.9
Share premium
\u00a0
182.6
182.6
Own shares held
10
(31.9)
(31.6)
Capital redemption reserve
\u00a0
2.3
1.7
Pro\ufb01t and loss account
\u00a0
904.0
1,360.3
Total equity
\u00a0
1,065.3
1,521.9
\n
The loss for the year of the Company was \u00a32.0m (2025: pro\ufb01t of \u00a31,198.8m). The accompanying notes form part of these \ufb01nancial statements. The \ufb01nancial statements were approved by the Board of Directors
on 21 May 2026 and authorised for issue:
Jamie Warner
Chief Financial Of\ufb01cer
Autotrader Group plc
Registered number: 09439967
21 May 2026
Company statement of changes in equity
For the year ended 31 March 2026
\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\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\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
Capital
\u00a0
\u00a0
Share
Share
Pro\ufb01t and
Own shares
redemption
Total
\u00a0
capital
premium
loss account
held
reserve
equity
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 31 March 2024
9.2
182.6
426.9
(31.3)
1.4
588.8
Pro\ufb01t for the year
\u2013
\u2013
1,198.8
\u2013
\u2013
1,198.8
Total comprehensive expense, net of tax
\u2013
\u2013
1,198.8
\u2013
\u2013
1,198.8
Transactions with owners:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Employee share schemes \u2013 value of employee services
\u2013
\u2013
9.7
\u2013
\u2013
9.7
Exercise of employee share schemes
\u2013
\u2013
(9.4)
10.5
\u2013
1.1
Tax impact of employee share schemes
\u2013
\u2013
0.1
\u2013
\u2013
0.1
Purchase of own shares for treasury
\u2013
\u2013
\u2013
(10.8)
\u2013
(10.8)
Purchase of own shares for cancellation
(0.3)
\u2013
(177.4)
\u2013
0.3
(177.4)
Dividends paid
\u2013
\u2013
(88.4)
\u2013
\u2013
(88.4)
Total transactions with owners recognised directly in equity
(0.3)
\u2013
(265.4)
(0.3)
0.3
(265.7)
Balance at 31 March 2025
8.9
182.6
1,360.3
(31.6)
1.7
1,521.9
Loss for the year
\u2013
\u2013
(2.0)
\u2013
\u2013
(2.0)
Total comprehensive income, net of tax
\u2013
\u2013
(2.0)
\u2013
\u2013
(2.0)
Transactions with owners:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Employee share schemes \u2013 value of employee services
\u2013
\u2013
9.2
\u2013
\u2013
9.2
Exercise of employee share schemes
\u2013
\u2013
(8.5)
10.4
\u2013
1.9
Tax impact of employee share schemes
\u2013
\u2013
(0.6)
\u2013
\u2013
(0.6)
Purchase of own shares for treasury
\u2013
\u2013
\u2013
(10.7)
\u2013
(10.7)
Purchase of own shares for cancellation
(0.6)
\u2013
(360.3)
\u2013
0.6
(360.3)
Dividends paid
\u2013
\u2013
(94.1)
\u2013
\u2013
(94.1)
Total transactions with owners recognised directly in equity
(0.6)
\u2013
(454.3)
(0.3)
0.6
(454.6)
Balance at 31 March 2026
8.3
182.6
904.0
(31.9)
2.3
1,065.3
\nThe accompanying notes form part of these \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }