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General information Dr. Martens plc (the \u2018Company\u2019) is a public company limited by shares incorporated in the United Kingdom, and registered and domiciled in England and Wales, whose shares are traded on the London Stock Exchange. The Company\u2019s registered office is: 28 Jamestown Road, Camden, London NW1 7BY . The principal activity of the Company and its subsidiaries (together referred to as the \u2018Group\u2019) is the design, development, procurement, marketing, selling and distribution of footwear under the Dr. Martens brand.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-2": { "value": "Dr. Martens plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-330": { "value": "Dr. Martens plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-332": { "value": "Dr. Martens plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-3": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-7": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-331": { "value": "28 Jamestown Road, Camden, London NW1 7BY ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-5": { "value": "28 Jamestown Road, Camden, London NW1 7BY ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-6": { "value": "The principal activity of the Company and its subsidiaries (together referred to as the \u2018Group\u2019) is the design, development, procurement, marketing, selling and distribution of footwear under the Dr. Martens brand.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-333": { "value": "2. Accounting policies The principal accounting policies adopted in the preparation of the financial statements are set out below. The policies have been consistently applied to the periods presented, unless otherwise stated. Amounts are presented in GBP and to the nearest million pounds (to one decimal place) unless otherwise noted. The reporting period is defined as the 52 weeks ended 29 March 2026 and 52 weeks ended 30 March 2025 for the comparative period. 2.1 BASIS OF PREPARATION The Consolidated Financial Statements of the Group have been prepared in accordance with UK-adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Group\u2019s Consolidated Financial Statements have been prepared on a going concern basis under the historical cost convention, except for equity investments, derivative financial instruments, money market funds, share-based payments and pension scheme assets that have been measured at fair value. Certain amounts in the Statement of Profit or Loss and the Balance Sheet have been grouped together for clarity, with their breakdown being shown in the notes to the financial statements. The distinction presented in the Balance Sheet between current and non-current entries has been made on the basis of whether the assets and liabilities fall due within more than one year. CONSIDERATION OF CLIMATE RISK MATTERS The Group continues to assess the impact of climate risk matters on many aspects of the business, including climate-related scenario analysis as required by the Task Force on Climate-related Financial Disclosures. Building on this scenario analysis, consideration has been given to the impact of climate-related risk on management judgements and estimates, and compliance with existing accounting requirements. The incurred costs and investments associated with our sustainability strategy are reflected in the Group\u2019s Financial Statements. The impact of climate-related risk matters is not expected to be material to the 29 March 2026 Consolidated Financial Statements, the Group going concern assessments to 30 May 2027, or the viability of the Group over the next three years. FINANCIAL CALENDAR The FY26 period began on 31 March 2025, and the Consolidated Financial Statements report the 52 weeks ended 29 March 2026. The retail calendar will report a 52-week year, split into monthly 5-4-4 Monday to Sunday week formats 1 . A 53-week year will be reported approximately every six years to avoid the retail calendar deviating by more than seven days from the calendar year and the accounting reference date of 31 March. GOING CONCERN The financial statements have been prepared on the going concern basis. The going concern assessment covers at least the 12-month period from the date of the signing of the financial statements, and the going concern basis is dependent on the Group maintaining adequate levels of resources to operate during the period. To support this assessment, detailed trading and cash flow forecasts, including forecast liquidity and covenant compliance, were prepared for the 14-month period to 30 May 2027. The Directors\u2019 assessment used the same assumptions and methods as the viability assessment on pages 56 and 57. The key stages of the assessment process are summarised as follows: + The Group planning process forms the basis of the going concern review, this consists of a review of strategy and producing outputs for long, medium and short-term financial plans, based on key assumptions which are agreed with the GLT and Board. Going forward, this will be agreed with the newly formed Executive Team. + The trading outlook over the long, medium and short-term is evaluated, contextualising our assessments within the broader macroeconomic environment. + Micro and macro central planning assumptions are identified and incorporated into the assessments. + The Directors of the Group have considered the future position based on current trading and a number of potential downside scenarios which may occur, including the impact of appropriate principal risks crystallising. + Further details on the potential downside scenarios relevant to the going concern assessment period have been included below. The Directors also considered the Group funding arrangements as at 29 March 2026. The Term Loan and Revolving Credit Facility (RCF) were successfully refinanced in November 2024. As at 29 March 2026 the Group reports cash of \u00a3180.3m, a Term Loan of \u00a3250.0m, and an undrawn RCF of \u00a3122.7m. The initial term of both facilities ends on 14 November 2027. There are two one-year extension options subject to lender approval, of which one has now been executed. 1. Although FY26 represents a financial period, there are instances throughout the statements where it is referred to as a year. Consistent with the Viability Statement on pages 56 and 57, management have modelled, and the Directors have reviewed \u2018top-down\u2019 sensitivity and stress testing, including a review of the cash flow projections and covenant compliance under a severe but plausible scenario in relation to certain main risks and specific events assessed which are detailed below: + The impact of a factory closure in one key production geographic area due to climate change (e.g. flooding). + The impact of a reduction in factory capacity due to climate change (e.g. heatwave). + Global cyber-attack resulting in two-month loss of ecommerce sales during peak trading period. + Weaker consumer sentiment and lower demand. \u2018Top-down\u2019 sensitivity and stress testing included a review of the cash flow projections and covenant compliance under a severe but plausible scenario in relation to the downside scenarios described above. In the unlikely event of all the above scenarios occurring together, the Group can withstand material revenue decline and without applying available mitigations, headroom above covenant requirements remains, in line with expectation and the Group continues to have satisfactory liquidity and covenant headroom throughout the period under review. Experience over four years of FY23 to FY26 has indicated minimal wholesale bad debt risk and minimal margin risk with the principal risk to meeting covenant compliance being lower revenue. In modelling our severe but plausible downside we have incorporated the impact of a double-digit decrease in revenue from the base plan in the short-term, whilst holding stock purchases in line with the base plan. Under this scenario, mitigations have not been included, but have been set out for reference, including some cost and cash savings that materialise immediately if the Group\u2019s performance is below budget and other planned and standard cost reductions. A more extreme downside scenario is not considered plausible. Reverse stress tests have been modelled to determine what could break covenant compliance estimates and liquidity before mitigating actions. A covenant breach test was performed as at March 2027, it was concluded that the business could weather extreme growth reductions without mitigation vs the base plan. The business would have to experience -18%pts decline in growth relative to the base plan before covenants are breached in March 2027. A further scenario, modelling the revenue decline required to reach -\u00a350m cash at the end of the going concern period was also performed. Modelling of -\u00a350m cash, rather than the full utilisation of the RCF, is performed as this would trigger special cash monitoring measures. The business would have to experience -42%pts decline in revenue growth vs the market growth plan during the period. The Directors have assessed the likelihood of both scenarios to be remote. We have also assessed the qualitative and quantitative impact of climate-related risks, as noted in our TCFD scenario analysis and above, on asset recoverable amounts and concluded that there would not be a material impact on the business and cash flows in the viability period. We will continue to monitor the impact of the macroeconomic backdrop and geopolitical events on the Group in the countries where we operate, and we plan to maintain flexibility to react as appropriate. 2.2 BASIS OF CONSOLIDATION The Consolidated Financial Statements comprise the financial statements of the Company and its subsidiaries as at 29 March 2026 and 30 March 2025. Control is achieved when the Group has rights to variable returns from its involvement with the investee and the ability to use its power over the investee to affect the amount of the investor\u2019s returns. Specifically, the Group controls an investee if, and only if, the Group has: + power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); + exposure, or rights, to variable returns from its involvement with the investee; and + the ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: + the contractual arrangement(s) with the other vote holders of the investee; + rights arising from other contractual arrangements; and + the Group\u2019s voting rights and potential voting rights. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the period are included in the Consolidated Financial Statements from the date the Group gains control until the date the Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the Group.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the
Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions
between members of the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest
and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised
at fair value.
2.3 ADOPTION OF NEW AND REVISED STANDARDS
The following amendment became applicable for the current reporting period. This amendment does not have an impact on the Group
in the current reporting period, and is not expected to have a material impact in future reporting periods:
+ Amendments to IAS 21 \u2013 Lack of exchangeability
The following new or amended IFRS accounting standards, amendments and interpretations are not yet adopted, and it is expected that
where applicable, these standards and amendments will be adopted on each respective effective date:
+ IFRS 18 \u2013 Presentation and disclosure in financial statements
+ IFRS 19 \u2013 Subsidiaries without public accountability: disclosures
+ Amendments to IFRS 19 \u2013 Subsidiaries with public accountability: disclosures
+ Annual Improvements to IFRS \u2013 Volume 11
+ Amendments to IFRS 9 and IFRS 7 \u2013 Classification and measurement of financial instruments
+ Amendments to IFRS 9 and IFRS 7 \u2013 Contracts referencing nature-dependent electricity
+ Amendments to IAS 21 \u2013 Translation to a Hyperinflationary Presentation Currency
IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of
the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will
not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected
to be pervasive. In particular, those related to the Statement of Profit or Loss and providing management-defined performance measures
within the financial statements. Management is currently assessing the detailed implications of applying the new standard to the Group\u2019s
Consolidated Financial Statements.
The Group will apply the new standard from its mandatory effective date of 1 January 2027, subject to UK endorsement. Retrospective
application is required, and so the comparative information for the financial period ending 28 March 2027 will be restated in accordance
with IFRS 18.
Other accounting standards, amendments and interpretations not yet adopted are not expected to have a material impact.
2.4 ALTERNATIVE PERFORMANCE MEASURES (APMS)
Management exercises judgement in determining the adjustments to apply to IFRS measurements in order to derive suitable APMs.
As set out in the Glossary on pages 227 to 229, APMs are used as management believes these measures provide additional useful
information on the underlying trends, performance and position of the Group. These measures are used for performance analysis.
The APMs are not defined by IFRS and therefore may not be directly comparable with other companies\u2019 APMs. These measures are
not intended to be a substitute for, or superior to, IFRS measurements.
ADJUSTING ITEMS
For the periods ended 29 March 2026 and 30 March 2025, the Group has utilised the term \u2018adjusting items\u2019 which are used within
adjusted performance measures as defined in the Glossary on pages 227 to 229. Adjusted results are presented to provide a clearer view
of the Group\u2019s ongoing operational performance, reflecting how the business is managed and measured on a day-to-day basis, and to aid
comparability between periods.
Adjusting items include exceptional costs, investment in transformation, impairment of non-financial assets and currency gains/losses.
Investment in transformation is a new category of adjusting items. Investment in transformation comprises costs associated with
transformation programmes that are delivering significant changes to how the business operates.
Exceptional costs are items of income/expense that are significant in nature and/or quantum, and/or are considered unusual or non-recurring, such that they are not considered part of the core operations of the business. The following items were included as exceptional costs for the period ended 29 March 2026; refer to note 4 for further detail: + Director joining costs relating to sign-on packages that are not considered to be part of the normal operating costs of the business. + Cost savings related costs arising from operational changes that are not considered to be part of the normal and ongoing operating costs of the business. + Pension buy-in accounting charges and associated expenses. + IEEPA-related US tariffs following the US Supreme Court judgment. 2.5 FOREIGN CURRENCY TRANSLATION The Consolidated Financial Statements are presented in GBP, which is the Group\u2019s presentational currency. The Group includes foreign entities whose functional currencies are not GBP. On consolidation, the assets and liabilities of the Group entities that have a functional currency different from the presentation currency are translated into GBP at the closing rate at the date of that Balance Sheet. Income and expenses for each Statement of Profit or Loss are translated at average foreign exchange rates for the period. Foreign exchange differences are recognised in other comprehensive income. The functional currency of each company in the Group is that of the primary economic environment in which the entity operates. 2.6 REVENUE The Group\u2019s revenue arises from the sale of goods to customers. Contracts with customers generally have one performance obligation. The Group has concluded that the revenue from the sale of goods should be recognised at a point in time when control of the goods is transferred to the customer, which is dependent on the revenue channel. Revenue is recognised at the invoiced price less any associated discounts and sales taxes. The Group assessed its revenue channels against the IFRS 15 five-step model, identifying the contracts, the performance obligations and the transaction price, and then allocating this to determine the timing of revenue recognition. The revenue channels that have been separately assessed are as follows: + ecommerce revenue, including delivery charge income; + retail revenue; and + wholesale revenue. Control is passed to the customer on the following basis under each of the revenue channels as follows: + ecommerce channel: upon receipt of the goods by the consumer; + retail channel: upon completion of the transaction; and + wholesale channel: upon delivery of the goods or upon dispatch to the customer if the customer takes responsibility for delivery. The payment terms across each of these revenue channels vary. The payments for retail are received at the transfer of control. Ecommerce payments are mainly made in advance of transfer of control by less than one week as there is a timing difference between receipt of cash on order and receipt of goods by the consumer. Wholesale customers pay on terms generally between 30 and 60 days. Some contracts for the sale of goods provide customers with a right of return and rebates. Under IFRS 15, this gives rise to variable consideration, which is constrained such that it is highly probable that significant reversal will not occur. RIGHTS OF RETURN When a contract provides a customer with a right of return, under IFRS 15, the consideration is variable because the contract allows the customer to return the product. The Group uses the expected value method to estimate the goods that will be returned and recognise a refund liability and an asset for the goods to be recovered. Provisions for returned goods are calculated based on future expected levels of returns for each channel, assessed across a variety of factors such as historical trends, economic factors and other measures. REBATES Under IFRS 15, rebates give rise to variable consideration. To estimate this the Group applies the most likely amount method. 2.7 FINANCE INCOME AND EXPENSES Finance expenses consist of interest payable on various forms of debt and finance income consists of interest receivable amounts from cash held. Both are recognised in the Statement of Profit or Loss under the effective interest rate method. 2.8 TAXATION The tax expense represents the sum of the tax currently payable and deferred tax movement recognised. The tax currently payable is based on taxable profit. Taxable profit differs from net profit as reported in the Statement of Profit or Loss because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated by using tax rates that have been enacted or substantively enacted by the end of each reporting period. Tax provisions are recognised when there is a potential exposure to an uncertain tax position and an outflow of resources is probable. The Group applies IFRIC 23 Uncertainty over Income Tax Treatments to measure uncertain tax positions. The Group calculates each provision using either the expected value method or the most likely outcome method in line with the guidance contained within IFRIC 23. The uncertain tax positions are reviewed regularly and there is ongoing monitoring of tax cases and rulings which could impact the provision. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the historical financial information and the corresponding tax bases used in the computation of taxable profit and is accounted for using the Balance Sheet liability method based on rates that are enacted or substantively enacted by the end of each reporting period. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction which affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising in investments in subsidiaries except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised, or the liability is settled. Deferred tax is charged or credited in the Statement of Profit or Loss, except when it relates to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Both deferred tax assets and liabilities and current tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, when they relate to income taxes levied by the same taxation authority, and the Group intends to settle its current tax assets and liabilities on a net basis. On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15% for large groups for financial years beginning on or after 31 December 2023. The majority of territories in which the Group operates are expected to qualify for one of the safe harbour exemptions such that top-up taxes should not apply. On 23 May 2023, the IASB issued an amendment to IAS 12 \u2018Income Taxes\u2019 to clarify how the effects of the global minimum tax framework should be accounted for and disclosed effective 1 January 2023. This was endorsed by the UK Endorsement Board on 19 July 2023 and has been adopted by the Group for 2025 reporting. The Group has applied the exemption to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. 2.9 DIVIDENDS Final dividends are recorded in the financial statements in the period in which they are approved by the Company\u2019s shareholders. Interim dividends are recorded in the period in which they are paid. 2.10 INTANGIBLE ASSETS GOODWILL Business combinations are accounted for by applying the acquisition method. Goodwill acquired represents the excess of the fair value of the consideration over the fair value of the identifiable net assets acquired. After initial recognition, positive goodwill is measured at cost less any accumulated impairment losses. At the date of acquisition, the goodwill is allocated to cash generating units, usually at business segment level, for the purpose of impairment testing and is tested at least annually for impairment, or if an indicator of impairment exists. On subsequent disposal or termination of a business acquired, the profit or loss on termination is calculated after charging the carrying value of any related goodwill. Negative goodwill is recognised directly in the Statement of Profit or Loss. SEPARATELY ACQUIRED INTANGIBLE ASSETS Separately acquired intangible assets comprise other intangibles. Other intangibles that have finite useful lives are carried at cost less accumulated amortisation and any provision for impairment. Other intangibles with a finite life are amortised on a straight line basis over the expected useful economic life of each of the assets, which is considered to be 5 to 15 years. Amortisation expense is charged to selling and administrative expenses. Other intangibles with an indefinite useful life are carried at cost less impairment. These are other intangibles for which the estimated useful life is indefinite. The carrying value of intangible assets is reviewed for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. SOFTWARE Software comprises internally generated software development. Research expenditure is charged to income in the period in which it is incurred. Development expenditure is charged to income in the period it is incurred unless it meets the recognition criteria of IAS 38 Intangible Assets to be capitalised as an intangible asset. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and impairment losses. Amortisation begins when development is complete, and the asset is available for use. These assets are considered to have finite useful lives and are amortised on a straight line basis over the expected useful economic life of the assets, which is considered to be 5 to 15 years. Amortisation expense is charged to selling and administrative expenses. The carrying value of intangible assets is reviewed for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable.
2.11 PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment is carried at cost less accumulated depreciation and provision for impairment. Depreciation is calculated
to write down the cost of the assets less estimated residual value over its expected useful life on a straight line basis as follows:
Freehold property
50 years
Freehold improvements
10 years
Leasehold improvements
Over the life of the lease
Plant and machinery
15 years
Fixtures and fittings
5-15 years
Office and computer equipment
3 years for computer equipment and 5 years for all other office equipment
Depreciation expense is charged to selling and administrative expenses. Any gain or loss arising on the derecognition of the asset
(calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Statement
of Profit or Loss in the period that the asset is derecognised.
2.12 LEASE ACCOUNTING
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration.
GROUP AS A LESSEE
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value
assets. As part of the measurement approach, the Group uses its incremental borrowing rate which is adjusted by both property type
and geography. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the
underlying assets.
i) Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use).
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement
of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease
payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight
line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:
Right-of-use-assets
Shorter of lease term and estimated useful life (3 to 15 years)
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option,
depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to the
accounting policies in the Impairment of non-financial assets section.
ii) Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be
made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees.
The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments
of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that
do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the
event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate (adjusted by both property type
and geography) at the lease commencement date as often the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the interest charge and reduced for the lease payments made.
In addition, the carrying amount of lease liabilities is remeasured if there is a modification that does not increase the scope of the lease,
a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate
used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. A lease modification
is accounted for as a separate lease where the modification increases the scope of the lease, and the lease consideration increases by
an amount reflecting the stand-alone price for the increase in scope. The Group\u2019s lease liabilities are included in interest-bearing loans
and borrowings note 18.
iii) Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e. those leases that
have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of
low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term
leases and leases of low-value assets are recognised as an expense on a straight line basis over the lease term.
2.13 IMPAIRMENT OF NON-FINANCIAL ASSETS
The carrying amounts of the Group\u2019s relevant assets are reviewed at each period-end date to determine whether there is any indication of
impairment, and if an indicator is present the asset is tested for impairment. For goodwill and intangible assets that have an indefinite useful
life, an impairment test is also performed each period-end. If an impairment test is required, the Group estimates the asset\u2019s recoverable
amount. An asset\u2019s recoverable amount is the higher of its fair value less costs of disposal and its value in use. An impairment is present if
the recoverable amount is less than the carrying value of the asset. Impairment losses are recognised in the Statement of Profit or Loss in
those expense categories consistent with the function of the impaired asset.
2.14 INVENTORIES
Inventories are stated at the lower of cost and net realisable value. The cost of inventories consists of all costs of purchase, costs of design
and other costs incurred in bringing the inventory to its first point of sale location and condition. Inventories are valued at weighted average
cost, including freight to warehouse and duty. Net realisable value is based on estimated selling price less any costs expected to be incurred
to completion or disposal.
2.15 FINANCIAL INSTRUMENTS
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
OFFSETTING OF FINANCIAL INSTRUMENTS
Financial assets and financial liabilities are offset and the net amount is reported in the Consolidated Balance Sheet if there is a currently
enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets, and to settle
the liabilities simultaneously.
CATEGORISATION OF INPUTS FOR FAIR VALUE MEASUREMENTS
Assets and liabilities held at fair value are categorised into levels that have been defined according to IFRS 13 \u2018Fair Value Measurement\u2019
measurement hierarchy as follows:
+ quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
+ inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices)
or indirectly (that is, derived from prices) (Level 2); and
+ inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
The fair values of derivatives are calculated using valuation models based on observable market curves such as forward foreign exchange
rates, discounted back to present value using risk-free interest rates. The impacts of counterparty credit, volatility and currency basis are
also considered as part of the fair valuation where appropriate.
All financial instruments that are held at fair value use Level 2 inputs except for equity investments which use Level 3 inputs. Furthermore,
under IFRS 9, cost has been used as the best estimate for fair value for equity investments due to insufficient recent information available
to measure fair value.
2.16 FINANCIAL ASSETS
RECOGNITION AND DERECOGNITION
Purchases and sales of financial assets are recognised on trade date being the date on which the Group commits to purchase or sell
the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been
transferred and the Group has transferred substantially all the risks and rewards of ownership.
INVESTMENTS
Equity investments that are not held for trading have been irrevocably designated as fair value through other comprehensive income.
After initial recognition at fair value plus transaction costs, these assets are recorded at fair value at each period end with the movements
recognised in other comprehensive income until derecognition or impaired. On derecognition, the cumulative gain or loss previously
recognised in other comprehensive income is never recycled to the income statement. Dividends on financial assets at fair value through
other comprehensive income are recognised in the income statement when the entity\u2019s right to receive payment is established. Equity
investments are recorded in non-current assets unless they are expected to be sold within one year.
TRADE AND OTHER RECEIVABLES
Trade receivables are assessed under IFRS 9 and measured at amortised cost using the effective interest rate method. The Group
recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss (FVPL).
The most significant financial assets of the Group are its cash and trade receivables. ECLs are based on the difference between the
contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an
approximation of the original effective interest rate.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents primarily comprise cash held in bank accounts, money market funds (MMFs) and bank term deposits maturing
less than 90 days from inception. All cash is held short term in highly liquid investments that are readily convertible to a known amount of
cash and are subject to an insignificant risk of changes in value.
Included in cash and cash equivalents are electronic payments from customers using debit and credit cards, digital wallets, and other
payment methods which are received from payment service providers (PSPS) along with cash in transit from various payment processing
intermediaries that provide receipting services to the Group. All cash and cash equivalents are measured at amortised cost except MMFs
which are held at fair value through profit or loss.
Summary of the Group\u2019s financial assets:
Financial asset
IFRS 9 classification
Investments
Fair value through other comprehensive income
Trade and other receivables excluding prepayments
Amortised cost
Derivative financial assets
Fair value through profit and loss
Cash and cash equivalents
Amortised cost, except for cash amounts held within money market funds
which are held at fair value through profit or loss
2.17 FINANCIAL LIABILITIES
The Group classifies and measures all of its non-derivative financial liabilities at amortised cost.
INITIAL RECOGNITION
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
DERECOGNITION
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial
liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the Statement of Profit or Loss.
TRADE AND OTHER PAYABLES
Trade payables are obligations to pay for goods or services that have been acquired in the course of ordinary business from suppliers.
Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current
liabilities. Trade payables are recognised initially at fair value and subsequently held at amortised cost using the effective interest rate method.
Summary of the Group\u2019s financial liabilities:
Financial liability
IFRS 9 classification
Bank debt
Amortised cost
Bank interest
Amortised cost
Lease liabilities
Amortised cost
Derivative financial instruments
Fair value through profit and loss
Trade and other payables excluding non-financial liabilities
Amortised cost
2.18 DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
The Group uses foreign exchange forward contracts to hedge its foreign currency risks. Such derivative financial instruments are initially
recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at fair value. The method
of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature
of the item being hedged.
Gains or losses arising from changes in fair value related to derivatives held in a cash flow hedge relationship are recognised in other
comprehensive income/(expense) and deferred in the hedging reserve to the extent that the hedges are deemed effective. Amounts are
transferred to the income statement in the same period in which the hedged risk affects the income statement and against the same line item.
Where cash flow hedging is applied, the Group designates foreign exchange derivative hedges on a full forward or spot basis. Where only
the spot element of a foreign exchange derivative is designated, the cost of hedging election is applied to the forward points with fair value
movements recognised in other comprehensive income and released to profit or loss depending on the nature of the underlying hedged item.
The Group performs regular hedge effectiveness testing. For cash flow hedges where the forecast transaction is no longer expected to
occur, hedge accounting is discontinued, and all accumulated gains or losses held in the hedging reserve are immediately recognised in
profit or loss. Where hedge accounting is discontinued as a result of expiry, disposal or termination of the derivative instrument (and where
the hedge relationship was deemed to be effective), accumulated gains or losses up to the point of discontinuation are held in the hedging
reserve and released to profit or loss in line with the hedged item.
Derivative financial instruments consist of foreign currency exchange forward contracts, which are categorised within Level 2 under the
IFRS 13 measurement hierarchy (refer to note 20 for further detail on fair value level categorisation).
The full fair values of derivatives are classified as a non-current asset or liability if the remaining maturity of the derivatives are more than
12 months and as a current asset or liability if the maturity of the derivatives are less than 12 months.
2.19 BORROWINGS
Borrowings are recognised initially at fair value, net of transaction costs incurred, and subsequently carried at amortised cost using the
effective interest rate method so that any difference between the proceeds (net of transaction costs) and the redemption value is recognised
in the Statement of Profit or Loss over the period of the borrowings. Details of the Group\u2019s borrowings are included in note 18.
BORROWING COSTS
The Group expenses borrowing costs in the period the costs are incurred. Where borrowing costs are attributable to the acquisition,
construction or production of a qualifying asset, such costs are capitalised as part of the specific asset and amortised over the estimated
useful life of the asset. Details of the Group\u2019s borrowings are included in note 18.
2.20 ORDINARY SHARE CAPITAL
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity
as a deduction, net of tax, from the proceeds.
2.21 SEGMENTAL ANALYSIS
IFRS 8 \u2018Operating Segments\u2019 requires operating segments to be determined by the Group\u2019s internal reporting to the Chief Operating
Decision Maker (CODM). The CODM has been determined to be both the CEO and CFO, who receive information on this basis of the
Group\u2019s revenue in key geographical regions based on the Group\u2019s management and internal reporting structure. The CODM assesses
the performance of geographical segments based on a measure of revenue and EBIT
1
. To increase transparency the Group also includes
additional voluntary disclosure analysis of global revenue within different operating channels.
2.22 PENSION ARRANGEMENTS
The Group provides pension benefits which include both defined benefit and defined contribution arrangements.
DEFINED CONTRIBUTION PENSION SCHEMES
For defined contribution schemes the amount charged to the Statement of Profit or Loss represents the contributions payable to the plans in
the accounting period. Differences between contributions payable in the period and contributions actually paid are shown as either accruals
or prepayments in the Balance Sheet.
DEFINED BENEFIT PENSION SCHEME
The Group operates a defined benefit pension scheme, which requires contributions to be made to separately administered funds for
administration expenses. The Group did not make any contributions to the scheme in the period (FY25: \u00a3nil). The UK defined benefit
scheme was closed to new members on 6 April 2002, from which time membership of a defined contribution plan was available. It was
then closed to all future accrual for all existing members on 31 January 2006. A valuation of the Plan is carried out at least once every three
years to determine whether the Statutory Funding Objective is met. A full actuarial valuation was carried out as at 30 June 2025. During
the period, the Trustees purchased a bulk annuity contract, constituting a buy-in transaction. Prior to the buy-in, the Plan surplus was not
recognised on the Balance Sheet due to uncertainty over recoverability. Following the transaction, the surplus is now recognised in full in
the Balance Sheet as it represents a true economic surplus as set out in note 30.
The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of
the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate
bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms
of the related pension obligation. Past-service costs are recognised immediately in the Statement of Profit or Loss.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of
plan assets. When occurring, this cost is included in employee benefit expense in the Statement of Profit or Loss. Actuarial 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.
1. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229.
2.23 EMPLOYEE TRUSTS
The Group operates two Share Incentive Plan (SIP) Trusts for the benefit of its employees. Under accounting standard IFRS 10
Consolidated Financial Statements, control for accounting purposes has a different test threshold than under a legal basis and as a result
the Group\u2019s SIP Trusts are deemed to be under the control of Dr. Martens plc. The Trust deed for the Dr. Martens plc UK Share Incentive Plan
Trust was adopted by the Board on 10 September 2021.
During the period, the Group established the Dr. Martens plc Employee Benefit Trust for the purpose of acquiring shares in Dr. Martens plc
to satisfy future settlement of equity-settled awards. Under accounting standard IFRS 10 Consolidated Financial Statements, control for
accounting purposes has a different test threshold than under a legal basis and as a result the Dr. Martens plc Employee Benefit Trust is
deemed to be under the control of Dr. Martens plc. The Trust deed for the Dr. Martens plc Employee Benefit Trust was adopted by the Board
on 1 December 2025. Shares are purchased from the market and held by the trust until the scheme vests.
2.24 SHARE-BASED PAYMENTS AND SHARE SCHEMES
The Group provides benefits to certain employees in the form of share-based-compensation, whereby employees render services as
consideration in exchange for equity instruments (\u2018equity-settled transactions\u2019).
The cost of equity-settled transactions is measured by reference to the fair value of the equity instruments at the date on which they are
granted and is recognised as an expense over the vesting period, which ends on the date the relevant employee becomes fully entitled
to the award. The fair value is calculated using an appropriate option pricing model and takes into account the impact of any market
performance conditions. The impact of non-market performance conditions is not considered in determining the fair value at the date of
grant. Vesting conditions which relate to non-market conditions are allowed for in the assumptions used for the number of options expected
to vest. The level of vesting is reviewed at each Balance Sheet date and the charge adjusted to reflect actual and estimated levels of vesting.
The cost of share-based payment transactions is recognised as an expense over the vesting period of the awards, with a corresponding
increase in equity. Further details of share-based awards granted in the period can be found in note 27.
A proportion of the annual Executive Bonus Scheme is settled in the form of purchased Parent Company shares. This is accounted for
as a cash-settled scheme as although participants received equity, it is driven by a cash amount that is paid and converted into shares at a
point in time. The proximity of the date of communication of the bonus to when the shares are received means that there would be minimal
difference between cash and equity-settled treatment.
2.25 SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the Group\u2019s financial statements in conforming with IFRS requires management to make judgements, estimates and
assumptions that affect the application of policies and reported amounts in the financial statements. These judgements and estimates
are based on management\u2019s best knowledge of the relevant facts and circumstances. However, the nature of estimation means that actual
outcomes could differ from those estimates. Information about such judgements and estimation is contained in the accounting policies
and/or notes to the financial statements and the key areas are summarised below:
The Consolidated Financial Statements include areas of judgement and accounting estimates. While these areas do not meet the definition
under IAS 1 of significant accounting estimates or critical accounting judgements, the recognition and measurement of certain material
assets and liabilities are based on assumptions and/or are subject to longer-term uncertainties. The other areas of judgement and
accounting estimates are listed below:
JUDGEMENTS
Determining the lease term of contracts with renewal and termination options \u2013 Group as lessee
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend
the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease if it is reasonably certain not
to be exercised.
The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating
whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors
that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses
the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to
exercise the option to renew or to terminate (e.g. construction of significant leasehold improvements or significant customisation to the
leased asset).
The Group included the renewal period as part of the lease term for leases of plant and machinery with shorter non-cancellable periods
(i.e. three to five years). The Group typically exercises its option to renew these leases because there will be a significant negative effect on
production if a replacement asset is not readily available. The renewal periods for leases of leasehold property with longer non-cancellable
periods (i.e. 10 to 15 years) are not included as part of the lease term, unless there is an economic incentive to extend the lease, as these
are not reasonably certain to be exercised. Furthermore, the periods covered by termination options are included as part of the lease term
only when they are reasonably certain not to be exercised.
Defined benefit scheme surplus
The Group acknowledges that the recognition of pension scheme surplus is an area of accounting judgement, which depends on the
interpretation of the Scheme Rules and the relevant accounting standards including IAS 19 and IFRIC 14. In December 2025, the Trustees
purchased a bulk insurance annuity policy, constituting a buy-in transaction. Prior to the buy-in transaction, the Plan surplus was not
recognised on the grounds that Airwair International Limited was unlikely to derive any future economic benefits from the surplus. However,
following the transaction the asset ceiling has been removed, with the surplus recognised in full, on the basis that any surplus now
represents a true economic surplus.
The net surplus of \u00a33.0m (FY25: \u00a3nil) has been recognised on the Balance Sheet. The key sensitivities of the defined benefit obligation
to the actuarial assumptions are shown in note 30.
Exceptional costs
The classification of exceptional costs requires management judgement after considering the nature and intentions of a transaction.
The Group\u2019s definitions of exceptional costs are outlined within both the Group accounting policies and the Glossary. Note 4 provides
further details on current period exceptional costs and their adherence to Group policy.
Indicators of impairment of non-financial assets
The assessment of indicators of impairment for non-financial assets involves a degree of management judgement. This judgement
is applied both in identifying potential indicators and in determining whether such indicators are considered to be present. The Group
considers relevant internal and external sources of information in making this determination, for example market capitalisation and
comparison of performance to budget. Once this assessment has been made, any required impairment testing is performed in
accordance with the prescribed valuation methodologies, in line with the applicable accounting standards.
SOURCES OF ESTIMATION UNCERTAINTY AND ASSUMPTIONS
The following estimates are dependent upon assumptions which could change in the next financial year and have an effect on the carrying
amount of assets and liabilities recognised at the Balance Sheet date:
Inventory net realisable value and provisions
The assessment of the valuation of inventory requires the determination of net realisable value. Sales prices, patterns and other
assumptions are reviewed to estimate net realisable value. Inventory provisioning also requires significant assumptions to be made.
When classifying inventory lines to be provided against, the Group identifies stock that is at a higher risk of not being sold at its current
value by identifying products sold at a loss and products which do not meet defined quality standards.
Uncertain tax positions
The Group recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be due. Where the final tax
outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred
tax assets and liabilities in the period in which the determination is made. Management is required to determine the amount of deferred
tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with an assessment of the effect
of future tax planning strategies (see notes 9 and 23). In addition, the assessment of uncertain tax positions is based on management\u2019s
interpretation of relevant tax rules and decided cases, external advice obtained, statutes of limitations, the status of the negotiations and
past experience with tax authorities. In evaluating whether a provision is needed it is assumed that tax authorities have full knowledge of
the facts and circumstances applicable to each issue.
Carrying value of non-financial assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when
annual impairment testing for an asset is required, the Group performs an impairment test and estimates the asset\u2019s recoverable amount.
An asset\u2019s recoverable amount is the higher of its fair value less costs of disposal and its value in use. An impairment is present if the
recoverable amount is less than the carrying value of the asset.
The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent
of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is
considered impaired and is written down to its recoverable amount. If assessing value in use, estimates of future cash flows are discounted
to present value using pre-tax discount rates derived from risk-free rates based on long-term government bonds, adjusted for risk factors
such as region and market risk in the territories in which the Group operates and the time value of money. The future cash flows are then
extended into perpetuity using long-term growth rates. If determining fair value less costs of disposal, recent market transactions are
considered. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by
valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.
For details of relevant non-financial assets, see notes 12 and 13.
Defined benefit pension scheme assumption
Determining the fair value of the defined benefit pension scheme, which relates to the pension of the Group, requires assumptions to be
made by management and the Group\u2019s independent qualified actuary around the actuarial valuations of the scheme\u2019s assets and liabilities.
For details see note 30.
Leases \u2013 estimating the incremental borrowing rate
The Group cannot readily determine the interest rate implicit in most leases; therefore it uses its incremental borrowing rate (IBR) to
measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar
security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR
therefore reflects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available (such as for
subsidiaries that do not enter into financing transactions) or when they need to be adjusted to reflect the terms and conditions of the lease
(for example, when leases are not in the subsidiary\u2019s functional currency). The Group estimates the IBR using observable inputs (such as
market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit
rating). The IBR is reassessed when there is a reassessment of the lease liability or a lease modification.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-335": { "value": "2.1 BASIS OF PREPARATION The Consolidated Financial Statements of the Group have been prepared in accordance with UK-adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Group\u2019s Consolidated Financial Statements have been prepared on a going concern basis under the historical cost convention, except for equity investments, derivative financial instruments, money market funds, share-based payments and pension scheme assets that have been measured at fair value. Certain amounts in the Statement of Profit or Loss and the Balance Sheet have been grouped together for clarity, with their breakdown being shown in the notes to the financial statements. The distinction presented in the Balance Sheet between current and non-current entries has been made on the basis of whether the assets and liabilities fall due within more than one year. CONSIDERATION OF CLIMATE RISK MATTERS The Group continues to assess the impact of climate risk matters on many aspects of the business, including climate-related scenario analysis as required by the Task Force on Climate-related Financial Disclosures. Building on this scenario analysis, consideration has been given to the impact of climate-related risk on management judgements and estimates, and compliance with existing accounting requirements. The incurred costs and investments associated with our sustainability strategy are reflected in the Group\u2019s Financial Statements. The impact of climate-related risk matters is not expected to be material to the 29 March 2026 Consolidated Financial Statements, the Group going concern assessments to 30 May 2027, or the viability of the Group over the next three years. FINANCIAL CALENDAR The FY26 period began on 31 March 2025, and the Consolidated Financial Statements report the 52 weeks ended 29 March 2026. The retail calendar will report a 52-week year, split into monthly 5-4-4 Monday to Sunday week formats 1 . A 53-week year will be reported approximately every six years to avoid the retail calendar deviating by more than seven days from the calendar year and the accounting reference date of 31 March. GOING CONCERN The financial statements have been prepared on the going concern basis. The going concern assessment covers at least the 12-month period from the date of the signing of the financial statements, and the going concern basis is dependent on the Group maintaining adequate levels of resources to operate during the period. To support this assessment, detailed trading and cash flow forecasts, including forecast liquidity and covenant compliance, were prepared for the 14-month period to 30 May 2027. The Directors\u2019 assessment used the same assumptions and methods as the viability assessment on pages 56 and 57. The key stages of the assessment process are summarised as follows: + The Group planning process forms the basis of the going concern review, this consists of a review of strategy and producing outputs for long, medium and short-term financial plans, based on key assumptions which are agreed with the GLT and Board. Going forward, this will be agreed with the newly formed Executive Team. + The trading outlook over the long, medium and short-term is evaluated, contextualising our assessments within the broader macroeconomic environment. + Micro and macro central planning assumptions are identified and incorporated into the assessments. + The Directors of the Group have considered the future position based on current trading and a number of potential downside scenarios which may occur, including the impact of appropriate principal risks crystallising. + Further details on the potential downside scenarios relevant to the going concern assessment period have been included below. The Directors also considered the Group funding arrangements as at 29 March 2026. The Term Loan and Revolving Credit Facility (RCF) were successfully refinanced in November 2024. As at 29 March 2026 the Group reports cash of \u00a3180.3m, a Term Loan of \u00a3250.0m, and an undrawn RCF of \u00a3122.7m. The initial term of both facilities ends on 14 November 2027. There are two one-year extension options subject to lender approval, of which one has now been executed. 1. Although FY26 represents a financial period, there are instances throughout the statements where it is referred to as a year.
Consistent with the Viability Statement on pages 56 and 57, management have modelled, and the Directors have reviewed \u2018top-down\u2019
sensitivity and stress testing, including a review of the cash flow projections and covenant compliance under a severe but plausible
scenario in relation to certain main risks and specific events assessed which are detailed below:
+ The impact of a factory closure in one key production geographic area due to climate change (e.g. flooding).
+ The impact of a reduction in factory capacity due to climate change (e.g. heatwave).
+ Global cyber-attack resulting in two-month loss of ecommerce sales during peak trading period.
+ Weaker consumer sentiment and lower demand.
\u2018Top-down\u2019 sensitivity and stress testing included a review of the cash flow projections and covenant compliance under a severe but
plausible scenario in relation to the downside scenarios described above. In the unlikely event of all the above scenarios occurring together,
the Group can withstand material revenue decline and without applying available mitigations, headroom above covenant requirements
remains, in line with expectation and the Group continues to have satisfactory liquidity and covenant headroom throughout the period under
review. Experience over four years of FY23 to FY26 has indicated minimal wholesale bad debt risk and minimal margin risk with the principal
risk to meeting covenant compliance being lower revenue.
In modelling our severe but plausible downside we have incorporated the impact of a double-digit decrease in revenue from the base plan in
the short-term, whilst holding stock purchases in line with the base plan. Under this scenario, mitigations have not been included, but have
been set out for reference, including some cost and cash savings that materialise immediately if the Group\u2019s performance is below budget
and other planned and standard cost reductions.
A more extreme downside scenario is not considered plausible.
Reverse stress tests have been modelled to determine what could break covenant compliance estimates and liquidity before mitigating
actions. A covenant breach test was performed as at March 2027, it was concluded that the business could weather extreme growth
reductions without mitigation vs the base plan. The business would have to experience -18%pts decline in growth relative to the base plan
before covenants are breached in March 2027. A further scenario, modelling the revenue decline required to reach -\u00a350m cash at the end of
the going concern period was also performed. Modelling of -\u00a350m cash, rather than the full utilisation of the RCF, is performed as this would
trigger special cash monitoring measures. The business would have to experience -42%pts decline in revenue growth vs the market growth
plan during the period. The Directors have assessed the likelihood of both scenarios to be remote.
We have also assessed the qualitative and quantitative impact of climate-related risks, as noted in our TCFD scenario analysis and above,
on asset recoverable amounts and concluded that there would not be a material impact on the business and cash flows in the viability period.
We will continue to monitor the impact of the macroeconomic backdrop and geopolitical events on the Group in the countries where we
operate, and we plan to maintain flexibility to react as appropriate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-381": { "value": "
The Consolidated Financial Statements of the Group have been prepared in accordance with UK-adopted International Accounting
Standards in conformity with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-382": { "value": "
CONSIDERATION OF CLIMATE RISK MATTERS
The Group continues to assess the impact of climate risk matters on many aspects of the business, including climate-related scenario
analysis as required by the Task Force on Climate-related Financial Disclosures. Building on this scenario analysis, consideration has
been given to the impact of climate-related risk on management judgements and estimates, and compliance with existing accounting
requirements. The incurred costs and investments associated with our sustainability strategy are reflected in the Group\u2019s Financial
Statements. The impact of climate-related risk matters is not expected to be material to the 29 March 2026 Consolidated Financial
Statements, the Group going concern assessments to 30 May 2027, or the viability of the Group over the next three years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-383": { "value": "FINANCIAL CALENDAR The FY26 period began on 31 March 2025, and the Consolidated Financial Statements report the 52 weeks ended 29 March 2026. The retail calendar will report a 52-week year, split into monthly 5-4-4 Monday to Sunday week formats 1 . A 53-week year will be reported approximately every six years to avoid the retail calendar deviating by more than seven days from the calendar year and the accounting reference date of 31 March. ", "dimensions": { "concept": "ifrs-full:DescriptionOfReasonForUsingLongerOrShorterReportingPeriod", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-384": { "value": "GOING CONCERN The financial statements have been prepared on the going concern basis. The going concern assessment covers at least the 12-month period from the date of the signing of the financial statements, and the going concern basis is dependent on the Group maintaining adequate levels of resources to operate during the period. To support this assessment, detailed trading and cash flow forecasts, including forecast liquidity and covenant compliance, were prepared for the 14-month period to 30 May 2027. The Directors\u2019 assessment used the same assumptions and methods as the viability assessment on pages 56 and 57. The key stages of the assessment process are summarised as follows: + The Group planning process forms the basis of the going concern review, this consists of a review of strategy and producing outputs for long, medium and short-term financial plans, based on key assumptions which are agreed with the GLT and Board. Going forward, this will be agreed with the newly formed Executive Team. + The trading outlook over the long, medium and short-term is evaluated, contextualising our assessments within the broader macroeconomic environment. + Micro and macro central planning assumptions are identified and incorporated into the assessments. + The Directors of the Group have considered the future position based on current trading and a number of potential downside scenarios which may occur, including the impact of appropriate principal risks crystallising. + Further details on the potential downside scenarios relevant to the going concern assessment period have been included below. The Directors also considered the Group funding arrangements as at 29 March 2026. The Term Loan and Revolving Credit Facility (RCF) were successfully refinanced in November 2024. As at 29 March 2026 the Group reports cash of \u00a3180.3m, a Term Loan of \u00a3250.0m, and an undrawn RCF of \u00a3122.7m. The initial term of both facilities ends on 14 November 2027. There are two one-year extension options subject to lender approval, of which one has now been executed. Consistent with the Viability Statement on pages 56 and 57, management have modelled, and the Directors have reviewed \u2018top-down\u2019 sensitivity and stress testing, including a review of the cash flow projections and covenant compliance under a severe but plausible scenario in relation to certain main risks and specific events assessed which are detailed below: + The impact of a factory closure in one key production geographic area due to climate change (e.g. flooding). + The impact of a reduction in factory capacity due to climate change (e.g. heatwave). + Global cyber-attack resulting in two-month loss of ecommerce sales during peak trading period. + Weaker consumer sentiment and lower demand. \u2018Top-down\u2019 sensitivity and stress testing included a review of the cash flow projections and covenant compliance under a severe but plausible scenario in relation to the downside scenarios described above. In the unlikely event of all the above scenarios occurring together, the Group can withstand material revenue decline and without applying available mitigations, headroom above covenant requirements remains, in line with expectation and the Group continues to have satisfactory liquidity and covenant headroom throughout the period under review. Experience over four years of FY23 to FY26 has indicated minimal wholesale bad debt risk and minimal margin risk with the principal risk to meeting covenant compliance being lower revenue. In modelling our severe but plausible downside we have incorporated the impact of a double-digit decrease in revenue from the base plan in the short-term, whilst holding stock purchases in line with the base plan. Under this scenario, mitigations have not been included, but have been set out for reference, including some cost and cash savings that materialise immediately if the Group\u2019s performance is below budget and other planned and standard cost reductions. A more extreme downside scenario is not considered plausible. Reverse stress tests have been modelled to determine what could break covenant compliance estimates and liquidity before mitigating actions. A covenant breach test was performed as at March 2027, it was concluded that the business could weather extreme growth reductions without mitigation vs the base plan. The business would have to experience -18%pts decline in growth relative to the base plan before covenants are breached in March 2027. A further scenario, modelling the revenue decline required to reach -\u00a350m cash at the end of the going concern period was also performed. Modelling of -\u00a350m cash, rather than the full utilisation of the RCF, is performed as this would trigger special cash monitoring measures. The business would have to experience -42%pts decline in revenue growth vs the market growth plan during the period. The Directors have assessed the likelihood of both scenarios to be remote. We have also assessed the qualitative and quantitative impact of climate-related risks, as noted in our TCFD scenario analysis and above, on asset recoverable amounts and concluded that there would not be a material impact on the business and cash flows in the viability period. We will continue to monitor the impact of the macroeconomic backdrop and geopolitical events on the Group in the countries where we operate, and we plan to maintain flexibility to react as appropriate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-336": { "value": "
2.2 BASIS OF CONSOLIDATION
The Consolidated Financial Statements comprise the financial statements of the Company and its subsidiaries as at 29 March 2026 and
30 March 2025. Control is achieved when the Group has rights to variable returns from its involvement with the investee and the ability to
use its power over the investee to affect the amount of the investor\u2019s returns. Specifically, the Group controls an investee if, and only if, the
Group has:
+ power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);
+ exposure, or rights, to variable returns from its involvement with the investee; and
+ the ability to use its power over the investee to affect its returns.
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less
than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether
it has power over an investee, including:
+ the contractual arrangement(s) with the other vote holders of the investee;
+ rights arising from other contractual arrangements; and
+ the Group\u2019s voting rights and potential voting rights.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more
of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when
the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the period
are included in the Consolidated Financial Statements from the date the Group gains control until the date the Group ceases to control
the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the Group. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-431": { "value": "2.3 ADOPTION OF NEW AND REVISED STANDARDS The following amendment became applicable for the current reporting period. This amendment does not have an impact on the Group in the current reporting period, and is not expected to have a material impact in future reporting periods: + Amendments to IAS 21 \u2013 Lack of exchangeability The following new or amended IFRS accounting standards, amendments and interpretations are not yet adopted, and it is expected that where applicable, these standards and amendments will be adopted on each respective effective date: + IFRS 18 \u2013 Presentation and disclosure in financial statements + IFRS 19 \u2013 Subsidiaries without public accountability: disclosures + Amendments to IFRS 19 \u2013 Subsidiaries with public accountability: disclosures + Annual Improvements to IFRS \u2013 Volume 11 + Amendments to IFRS 9 and IFRS 7 \u2013 Classification and measurement of financial instruments + Amendments to IFRS 9 and IFRS 7 \u2013 Contracts referencing nature-dependent electricity + Amendments to IAS 21 \u2013 Translation to a Hyperinflationary Presentation Currency IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive. In particular, those related to the Statement of Profit or Loss and providing management-defined performance measures within the financial statements. Management is currently assessing the detailed implications of applying the new standard to the Group\u2019s Consolidated Financial Statements. The Group will apply the new standard from its mandatory effective date of 1 January 2027, subject to UK endorsement. Retrospective application is required, and so the comparative information for the financial period ending 28 March 2027 will be restated in accordance with IFRS 18. Other accounting standards, amendments and interpretations not yet adopted are not expected to have a material impact. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-385": { "value": "2.3 ADOPTION OF NEW AND REVISED STANDARDS The following amendment became applicable for the current reporting period. This amendment does not have an impact on the Group in the current reporting period, and is not expected to have a material impact in future reporting periods: + Amendments to IAS 21 \u2013 Lack of exchangeability The following new or amended IFRS accounting standards, amendments and interpretations are not yet adopted, and it is expected that where applicable, these standards and amendments will be adopted on each respective effective date: + IFRS 18 \u2013 Presentation and disclosure in financial statements + IFRS 19 \u2013 Subsidiaries without public accountability: disclosures + Amendments to IFRS 19 \u2013 Subsidiaries with public accountability: disclosures + Annual Improvements to IFRS \u2013 Volume 11 + Amendments to IFRS 9 and IFRS 7 \u2013 Classification and measurement of financial instruments + Amendments to IFRS 9 and IFRS 7 \u2013 Contracts referencing nature-dependent electricity + Amendments to IAS 21 \u2013 Translation to a Hyperinflationary Presentation Currency IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive. In particular, those related to the Statement of Profit or Loss and providing management-defined performance measures within the financial statements. Management is currently assessing the detailed implications of applying the new standard to the Group\u2019s Consolidated Financial Statements. The Group will apply the new standard from its mandatory effective date of 1 January 2027, subject to UK endorsement. Retrospective application is required, and so the comparative information for the financial period ending 28 March 2027 will be restated in accordance with IFRS 18. Other accounting standards, amendments and interpretations not yet adopted are not expected to have a material impact. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-337": { "value": "2.3 ADOPTION OF NEW AND REVISED STANDARDS The following amendment became applicable for the current reporting period. This amendment does not have an impact on the Group in the current reporting period, and is not expected to have a material impact in future reporting periods: + Amendments to IAS 21 \u2013 Lack of exchangeability The following new or amended IFRS accounting standards, amendments and interpretations are not yet adopted, and it is expected that where applicable, these standards and amendments will be adopted on each respective effective date: + IFRS 18 \u2013 Presentation and disclosure in financial statements + IFRS 19 \u2013 Subsidiaries without public accountability: disclosures + Amendments to IFRS 19 \u2013 Subsidiaries with public accountability: disclosures + Annual Improvements to IFRS \u2013 Volume 11 + Amendments to IFRS 9 and IFRS 7 \u2013 Classification and measurement of financial instruments + Amendments to IFRS 9 and IFRS 7 \u2013 Contracts referencing nature-dependent electricity + Amendments to IAS 21 \u2013 Translation to a Hyperinflationary Presentation Currency IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive. In particular, those related to the Statement of Profit or Loss and providing management-defined performance measures within the financial statements. Management is currently assessing the detailed implications of applying the new standard to the Group\u2019s Consolidated Financial Statements. The Group will apply the new standard from its mandatory effective date of 1 January 2027, subject to UK endorsement. Retrospective application is required, and so the comparative information for the financial period ending 28 March 2027 will be restated in accordance with IFRS 18. Other accounting standards, amendments and interpretations not yet adopted are not expected to have a material impact. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-338": { "value": "2.4 ALTERNATIVE PERFORMANCE MEASURES (APMS) Management exercises judgement in determining the adjustments to apply to IFRS measurements in order to derive suitable APMs. As set out in the Glossary on pages 227 to 229, APMs are used as management believes these measures provide additional useful information on the underlying trends, performance and position of the Group. These measures are used for performance analysis. The APMs are not defined by IFRS and therefore may not be directly comparable with other companies\u2019 APMs. These measures are not intended to be a substitute for, or superior to, IFRS measurements. ADJUSTING ITEMS For the periods ended 29 March 2026 and 30 March 2025, the Group has utilised the term \u2018adjusting items\u2019 which are used within adjusted performance measures as defined in the Glossary on pages 227 to 229. Adjusted results are presented to provide a clearer view of the Group\u2019s ongoing operational performance, reflecting how the business is managed and measured on a day-to-day basis, and to aid comparability between periods. Adjusting items include exceptional costs, investment in transformation, impairment of non-financial assets and currency gains/losses. Investment in transformation is a new category of adjusting items. Investment in transformation comprises costs associated with transformation programmes that are delivering significant changes to how the business operates.
Exceptional costs are items of income/expense that are significant in nature and/or quantum, and/or are considered unusual or
non-recurring, such that they are not considered part of the core operations of the business. The following items were included
as exceptional costs for the period ended 29 March 2026; refer to note 4 for further detail:
+ Director joining costs relating to sign-on packages that are not considered to be part of the normal operating costs of the business.
+ Cost savings related costs arising from operational changes that are not considered to be part of the normal and ongoing operating
costs of the business.
+ Pension buy-in accounting charges and associated expenses.
+ IEEPA-related US tariffs following the US Supreme Court judgment.
", "dimensions": { "concept": "drmartensplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-432": { "value": "Exceptional costs are items of income/expense that are significant in nature and/or quantum, and/or are considered unusual or non-recurring, such that they are not considered part of the core operations of the business. The following items were included as exceptional costs for the period ended 29 March 2026; refer to note 4 for further detail: + Director joining costs relating to sign-on packages that are not considered to be part of the normal operating costs of the business. + Cost savings related costs arising from operational changes that are not considered to be part of the normal and ongoing operating costs of the business. + Pension buy-in accounting charges and associated expenses. + IEEPA-related US tariffs following the US Supreme Court judgment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-339": { "value": "
2.5 FOREIGN CURRENCY TRANSLATION
The Consolidated Financial Statements are presented in GBP, which is the Group\u2019s presentational currency. The Group includes foreign
entities whose functional currencies are not GBP. On consolidation, the assets and liabilities of the Group entities that have a functional
currency different from the presentation currency are translated into GBP at the closing rate at the date of that Balance Sheet. Income and
expenses for each Statement of Profit or Loss are translated at average foreign exchange rates for the period. Foreign exchange differences
are recognised in other comprehensive income. The functional currency of each company in the Group is that of the primary economic
environment in which the entity operates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-386": { "value": "The Consolidated Financial Statements are presented in GBP, which is the Group\u2019s presentational currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-340": { "value": "
2.6 REVENUE
The Group\u2019s revenue arises from the sale of goods to customers. Contracts with customers generally have one performance obligation.
The Group has concluded that the revenue from the sale of goods should be recognised at a point in time when control of the goods is
transferred to the customer, which is dependent on the revenue channel. Revenue is recognised at the invoiced price less any associated
discounts and sales taxes.
The Group assessed its revenue channels against the IFRS 15 five-step model, identifying the contracts, the performance obligations
and the transaction price, and then allocating this to determine the timing of revenue recognition. The revenue channels that have been
separately assessed are as follows:
+ ecommerce revenue, including delivery charge income;
+ retail revenue; and
+ wholesale revenue.
Control is passed to the customer on the following basis under each of the revenue channels as follows:
+ ecommerce channel: upon receipt of the goods by the consumer;
+ retail channel: upon completion of the transaction; and
+ wholesale channel: upon delivery of the goods or upon dispatch to the customer if the customer takes responsibility for delivery.
The payment terms across each of these revenue channels vary. The payments for retail are received at the transfer of control. Ecommerce
payments are mainly made in advance of transfer of control by less than one week as there is a timing difference between receipt of cash
on order and receipt of goods by the consumer. Wholesale customers pay on terms generally between 30 and 60 days.
Some contracts for the sale of goods provide customers with a right of return and rebates. Under IFRS 15, this gives rise to variable
consideration, which is constrained such that it is highly probable that significant reversal will not occur.
RIGHTS OF RETURN
When a contract provides a customer with a right of return, under IFRS 15, the consideration is variable because the contract allows the
customer to return the product. The Group uses the expected value method to estimate the goods that will be returned and recognise a
refund liability and an asset for the goods to be recovered. Provisions for returned goods are calculated based on future expected levels
of returns for each channel, assessed across a variety of factors such as historical trends, economic factors and other measures.
REBATES
Under IFRS 15, rebates give rise to variable consideration. To estimate this the Group applies the most likely amount method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-387": { "value": "2.6 REVENUE The Group\u2019s revenue arises from the sale of goods to customers. Contracts with customers generally have one performance obligation. The Group has concluded that the revenue from the sale of goods should be recognised at a point in time when control of the goods is transferred to the customer, which is dependent on the revenue channel. Revenue is recognised at the invoiced price less any associated discounts and sales taxes. The Group assessed its revenue channels against the IFRS 15 five-step model, identifying the contracts, the performance obligations and the transaction price, and then allocating this to determine the timing of revenue recognition. The revenue channels that have been separately assessed are as follows: + ecommerce revenue, including delivery charge income; + retail revenue; and + wholesale revenue. Control is passed to the customer on the following basis under each of the revenue channels as follows: + ecommerce channel: upon receipt of the goods by the consumer; + retail channel: upon completion of the transaction; and + wholesale channel: upon delivery of the goods or upon dispatch to the customer if the customer takes responsibility for delivery. The payment terms across each of these revenue channels vary. The payments for retail are received at the transfer of control. Ecommerce payments are mainly made in advance of transfer of control by less than one week as there is a timing difference between receipt of cash on order and receipt of goods by the consumer. Wholesale customers pay on terms generally between 30 and 60 days. Some contracts for the sale of goods provide customers with a right of return and rebates. Under IFRS 15, this gives rise to variable consideration, which is constrained such that it is highly probable that significant reversal will not occur. RIGHTS OF RETURN When a contract provides a customer with a right of return, under IFRS 15, the consideration is variable because the contract allows the customer to return the product. The Group uses the expected value method to estimate the goods that will be returned and recognise a refund liability and an asset for the goods to be recovered. Provisions for returned goods are calculated based on future expected levels of returns for each channel, assessed across a variety of factors such as historical trends, economic factors and other measures. REBATES Under IFRS 15, rebates give rise to variable consideration. To estimate this the Group applies the most likely amount method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-341": { "value": "
2.7 FINANCE INCOME AND EXPENSES
Finance expenses consist of interest payable on various forms of debt and finance income consists of interest receivable amounts from
cash held. Both are recognised in the Statement of Profit or Loss under the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-433": { "value": "2.7 FINANCE INCOME AND EXPENSES Finance expenses consist of interest payable on various forms of debt and finance income consists of interest receivable amounts from cash held. Both are recognised in the Statement of Profit or Loss under the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-388": { "value": "2.7 FINANCE INCOME AND EXPENSES Finance expenses consist of interest payable on various forms of debt and finance income consists of interest receivable amounts from cash held. Both are recognised in the Statement of Profit or Loss under the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-342": { "value": "
2.8 TAXATION
The tax expense represents the sum of the tax currently payable and deferred tax movement recognised. The tax currently payable is based
on taxable profit. Taxable profit differs from net profit as reported in the Statement of Profit or Loss because it excludes items of income
or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The Group\u2019s
liability for current tax is calculated by using tax rates that have been enacted or substantively enacted by the end of each reporting period.
Tax provisions are recognised when there is a potential exposure to an uncertain tax position and an outflow of resources is probable.
The Group applies IFRIC 23 Uncertainty over Income Tax Treatments to measure uncertain tax positions. The Group calculates each provision
using either the expected value method or the most likely outcome method in line with the guidance contained within IFRIC 23. The uncertain
tax positions are reviewed regularly and there is ongoing monitoring of tax cases and rulings which could impact the provision.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the historical
financial information and the corresponding tax bases used in the computation of taxable profit and is accounted for using the Balance Sheet
liability method based on rates that are enacted or substantively enacted by the end of each reporting period. Deferred tax liabilities are recognised
for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available
against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises
from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction which affects
neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising in investments
in subsidiaries except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference
will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced
to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised, or the liability is settled.
Deferred tax is charged or credited in the Statement of Profit or Loss, except when it relates to items credited or charged directly to equity,
in which case the deferred tax is also dealt with in equity. Both deferred tax assets and liabilities and current tax assets and liabilities are
offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, when they relate to income taxes
levied by the same taxation authority, and the Group intends to settle its current tax assets and liabilities on a net basis.
On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15%
for large groups for financial years beginning on or after 31 December 2023. The majority of territories in which the Group operates are
expected to qualify for one of the safe harbour exemptions such that top-up taxes should not apply.
On 23 May 2023, the IASB issued an amendment to IAS 12 \u2018Income Taxes\u2019 to clarify how the effects of the global minimum tax framework
should be accounted for and disclosed effective 1 January 2023. This was endorsed by the UK Endorsement Board on 19 July 2023 and
has been adopted by the Group for 2025 reporting. The Group has applied the exemption to recognising and disclosing information about
deferred tax assets and liabilities related to Pillar Two income taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-389": { "value": "2.8 TAXATION The tax expense represents the sum of the tax currently payable and deferred tax movement recognised. The tax currently payable is based on taxable profit. Taxable profit differs from net profit as reported in the Statement of Profit or Loss because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated by using tax rates that have been enacted or substantively enacted by the end of each reporting period. Tax provisions are recognised when there is a potential exposure to an uncertain tax position and an outflow of resources is probable. The Group applies IFRIC 23 Uncertainty over Income Tax Treatments to measure uncertain tax positions. The Group calculates each provision using either the expected value method or the most likely outcome method in line with the guidance contained within IFRIC 23. The uncertain tax positions are reviewed regularly and there is ongoing monitoring of tax cases and rulings which could impact the provision. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the historical financial information and the corresponding tax bases used in the computation of taxable profit and is accounted for using the Balance Sheet liability method based on rates that are enacted or substantively enacted by the end of each reporting period. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction which affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising in investments in subsidiaries except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised, or the liability is settled. Deferred tax is charged or credited in the Statement of Profit or Loss, except when it relates to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Both deferred tax assets and liabilities and current tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, when they relate to income taxes levied by the same taxation authority, and the Group intends to settle its current tax assets and liabilities on a net basis. On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15% for large groups for financial years beginning on or after 31 December 2023. The majority of territories in which the Group operates are expected to qualify for one of the safe harbour exemptions such that top-up taxes should not apply. On 23 May 2023, the IASB issued an amendment to IAS 12 \u2018Income Taxes\u2019 to clarify how the effects of the global minimum tax framework should be accounted for and disclosed effective 1 January 2023. This was endorsed by the UK Endorsement Board on 19 July 2023 and has been adopted by the Group for 2025 reporting. The Group has applied the exemption to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. 2.9 DIVIDENDS Final dividends are recorded in the financial statements in the period in which they are approved by the Company\u2019s shareholders. Interim dividends are recorded in the period in which they are paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-343": { "value": "
2.9 DIVIDENDS
Final dividends are recorded in the financial statements in the period in which they are approved by the Company\u2019s shareholders. Interim
dividends are recorded in the period in which they are paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-344": { "value": "
2.10 INTANGIBLE ASSETS
GOODWILL
Business combinations are accounted for by applying the acquisition method. Goodwill acquired represents the excess of the fair value
of the consideration over the fair value of the identifiable net assets acquired.
After initial recognition, positive goodwill is measured at cost less any accumulated impairment losses. At the date of acquisition, the
goodwill is allocated to cash generating units, usually at business segment level, for the purpose of impairment testing and is tested at least
annually for impairment, or if an indicator of impairment exists. On subsequent disposal or termination of a business acquired, the profit
or loss on termination is calculated after charging the carrying value of any related goodwill. Negative goodwill is recognised directly in
the Statement of Profit or Loss.
SEPARATELY ACQUIRED INTANGIBLE ASSETS
Separately acquired intangible assets comprise other intangibles. Other intangibles that have finite useful lives are carried at cost less
accumulated amortisation and any provision for impairment. Other intangibles with a finite life are amortised on a straight line basis over the
expected useful economic life of each of the assets, which is considered to be 5 to 15 years. Amortisation expense is charged to selling and
administrative expenses. Other intangibles with an indefinite useful life are carried at cost less impairment. These are other intangibles for
which the estimated useful life is indefinite. The carrying value of intangible assets is reviewed for impairment whenever events or changes
in circumstances indicate the carrying value may not be recoverable.
SOFTWARE
Software comprises internally generated software development. Research expenditure is charged to income in the period in which it is
incurred. Development expenditure is charged to income in the period it is incurred unless it meets the recognition criteria of IAS 38
Intangible Assets to be capitalised as an intangible asset. Following initial recognition of the development expenditure as an asset, the asset
is carried at cost less any accumulated amortisation and impairment losses. Amortisation begins when development is complete, and the
asset is available for use. These assets are considered to have finite useful lives and are amortised on a straight line basis over the expected
useful economic life of the assets, which is considered to be 5 to 15 years. Amortisation expense is charged to selling and administrative
expenses. The carrying value of intangible assets is reviewed for impairment whenever events or changes in circumstances indicate the
carrying value may not be recoverable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-390": { "value": "GOODWILL Business combinations are accounted for by applying the acquisition method. Goodwill acquired represents the excess of the fair value of the consideration over the fair value of the identifiable net assets acquired. After initial recognition, positive goodwill is measured at cost less any accumulated impairment losses. At the date of acquisition, the goodwill is allocated to cash generating units, usually at business segment level, for the purpose of impairment testing and is tested at least annually for impairment, or if an indicator of impairment exists. On subsequent disposal or termination of a business acquired, the profit or loss on termination is calculated after charging the carrying value of any related goodwill. Negative goodwill is recognised directly in the Statement of Profit or Loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-391": { "value": "SEPARATELY ACQUIRED INTANGIBLE ASSETS Separately acquired intangible assets comprise other intangibles. Other intangibles that have finite useful lives are carried at cost less accumulated amortisation and any provision for impairment. Other intangibles with a finite life are amortised on a straight line basis over the expected useful economic life of each of the assets, which is considered to be 5 to 15 years. Amortisation expense is charged to selling and administrative expenses. Other intangibles with an indefinite useful life are carried at cost less impairment. These are other intangibles for which the estimated useful life is indefinite. The carrying value of intangible assets is reviewed for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. SOFTWARE Software comprises internally generated software development. Research expenditure is charged to income in the period in which it is incurred. Development expenditure is charged to income in the period it is incurred unless it meets the recognition criteria of IAS 38 Intangible Assets to be capitalised as an intangible asset. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and impairment losses. Amortisation begins when development is complete, and the asset is available for use. These assets are considered to have finite useful lives and are amortised on a straight line basis over the expected useful economic life of the assets, which is considered to be 5 to 15 years. Amortisation expense is charged to selling and administrative expenses. The carrying value of intangible assets is reviewed for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-392": { "value": "2.11 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is carried at cost less accumulated depreciation and provision for impairment. Depreciation is calculated to write down the cost of the assets less estimated residual value over its expected useful life on a straight line basis as follows:
Freehold property
50 years
Freehold improvements
10 years
Leasehold improvements
Over the life of the lease
Plant and machinery
15 years
Fixtures and fittings
5-15 years
Office and computer equipment
3 years for computer equipment and 5 years for all other office equipment
Depreciation expense is charged to selling and administrative expenses. Any gain or loss arising on the derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Statement of Profit or Loss in the period that the asset is derecognised. 2.12 LEASE ACCOUNTING The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. GROUP AS A LESSEE The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. As part of the measurement approach, the Group uses its incremental borrowing rate which is adjusted by both property type and geography. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:
Right-of-use-assets
Shorter of lease term and estimated useful life (3 to 15 years)
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to the accounting policies in the Impairment of non-financial assets section. ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate (adjusted by both property type and geography) at the lease commencement date as often the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the interest charge and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification that does not increase the scope of the lease, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. A lease modification is accounted for as a separate lease where the modification increases the scope of the lease, and the lease consideration increases by an amount reflecting the stand-alone price for the increase in scope. The Group\u2019s lease liabilities are included in interest-bearing loans and borrowings note 18. iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-345": { "value": "2.11 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is carried at cost less accumulated depreciation and provision for impairment. Depreciation is calculated to write down the cost of the assets less estimated residual value over its expected useful life on a straight line basis as follows:
Freehold property
50 years
Freehold improvements
10 years
Leasehold improvements
Over the life of the lease
Plant and machinery
15 years
Fixtures and fittings
5-15 years
Office and computer equipment
3 years for computer equipment and 5 years for all other office equipment
Depreciation expense is charged to selling and administrative expenses. Any gain or loss arising on the derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Statement of Profit or Loss in the period that the asset is derecognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-346": { "value": "2.12 LEASE ACCOUNTING The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. GROUP AS A LESSEE The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. As part of the measurement approach, the Group uses its incremental borrowing rate which is adjusted by both property type and geography. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:
Right-of-use-assets
Shorter of lease term and estimated useful life (3 to 15 years)
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to the accounting policies in the Impairment of non-financial assets section. ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate (adjusted by both property type and geography) at the lease commencement date as often the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the interest charge and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification that does not increase the scope of the lease, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. A lease modification is accounted for as a separate lease where the modification increases the scope of the lease, and the lease consideration increases by an amount reflecting the stand-alone price for the increase in scope. The Group\u2019s lease liabilities are included in interest-bearing loans and borrowings note 18. iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-393": { "value": "2.13 IMPAIRMENT OF NON-FINANCIAL ASSETS The carrying amounts of the Group\u2019s relevant assets are reviewed at each period-end date to determine whether there is any indication of impairment, and if an indicator is present the asset is tested for impairment. For goodwill and intangible assets that have an indefinite useful life, an impairment test is also performed each period-end. If an impairment test is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of its fair value less costs of disposal and its value in use. An impairment is present if the recoverable amount is less than the carrying value of the asset. Impairment losses are recognised in the Statement of Profit or Loss in those expense categories consistent with the function of the impaired asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-347": { "value": "2.13 IMPAIRMENT OF NON-FINANCIAL ASSETS The carrying amounts of the Group\u2019s relevant assets are reviewed at each period-end date to determine whether there is any indication of impairment, and if an indicator is present the asset is tested for impairment. For goodwill and intangible assets that have an indefinite useful life, an impairment test is also performed each period-end. If an impairment test is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of its fair value less costs of disposal and its value in use. An impairment is present if the recoverable amount is less than the carrying value of the asset. Impairment losses are recognised in the Statement of Profit or Loss in those expense categories consistent with the function of the impaired asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-348": { "value": "2.14 INVENTORIES Inventories are stated at the lower of cost and net realisable value. The cost of inventories consists of all costs of purchase, costs of design and other costs incurred in bringing the inventory to its first point of sale location and condition. Inventories are valued at weighted average cost, including freight to warehouse and duty. Net realisable value is based on estimated selling price less any costs expected to be incurred to completion or disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-349": { "value": "2.15 FINANCIAL INSTRUMENTS A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. OFFSETTING OF FINANCIAL INSTRUMENTS Financial assets and financial liabilities are offset and the net amount is reported in the Consolidated Balance Sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets, and to settle the liabilities simultaneously. CATEGORISATION OF INPUTS FOR FAIR VALUE MEASUREMENTS Assets and liabilities held at fair value are categorised into levels that have been defined according to IFRS 13 \u2018Fair Value Measurement\u2019 measurement hierarchy as follows: + quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); + inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and + inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The fair values of derivatives are calculated using valuation models based on observable market curves such as forward foreign exchange rates, discounted back to present value using risk-free interest rates. The impacts of counterparty credit, volatility and currency basis are also considered as part of the fair valuation where appropriate. All financial instruments that are held at fair value use Level 2 inputs except for equity investments which use Level 3 inputs. Furthermore, under IFRS 9, cost has been used as the best estimate for fair value for equity investments due to insufficient recent information available to measure fair value. 2.16 FINANCIAL ASSETS RECOGNITION AND DERECOGNITION Purchases and sales of financial assets are recognised on trade date being the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. INVESTMENTS Equity investments that are not held for trading have been irrevocably designated as fair value through other comprehensive income. After initial recognition at fair value plus transaction costs, these assets are recorded at fair value at each period end with the movements recognised in other comprehensive income until derecognition or impaired. On derecognition, the cumulative gain or loss previously recognised in other comprehensive income is never recycled to the income statement. Dividends on financial assets at fair value through other comprehensive income are recognised in the income statement when the entity\u2019s right to receive payment is established. Equity investments are recorded in non-current assets unless they are expected to be sold within one year. TRADE AND OTHER RECEIVABLES Trade receivables are assessed under IFRS 9 and measured at amortised cost using the effective interest rate method. The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss (FVPL). The most significant financial assets of the Group are its cash and trade receivables. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. CASH AND CASH EQUIVALENTS Cash and cash equivalents primarily comprise cash held in bank accounts, money market funds (MMFs) and bank term deposits maturing less than 90 days from inception. All cash is held short term in highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Included in cash and cash equivalents are electronic payments from customers using debit and credit cards, digital wallets, and other payment methods which are received from payment service providers (PSPS) along with cash in transit from various payment processing intermediaries that provide receipting services to the Group. All cash and cash equivalents are measured at amortised cost except MMFs which are held at fair value through profit or loss. Summary of the Group\u2019s financial assets:
Financial asset
IFRS 9 classification
Investments
Fair value through other comprehensive income
Trade and other receivables excluding prepayments
Amortised cost
Derivative financial assets
Fair value through profit and loss
Cash and cash equivalents
Amortised cost, except for cash amounts held within money market funds
which are held at fair value through profit or loss
2.17 FINANCIAL LIABILITIES The Group classifies and measures all of its non-derivative financial liabilities at amortised cost. INITIAL RECOGNITION Financial liabilities are classified according to the substance of the contractual arrangements entered into. DERECOGNITION A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of Profit or Loss. TRADE AND OTHER PAYABLES Trade payables are obligations to pay for goods or services that have been acquired in the course of ordinary business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently held at amortised cost using the effective interest rate method. Summary of the Group\u2019s financial liabilities:
Financial liability
IFRS 9 classification
Bank debt
Amortised cost
Bank interest
Amortised cost
Lease liabilities
Amortised cost
Derivative financial instruments
Fair value through profit and loss
Trade and other payables excluding non-financial liabilities
Amortised cost
2.18 DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES The Group uses foreign exchange forward contracts to hedge its foreign currency risks. Such derivative financial instruments are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Gains or losses arising from changes in fair value related to derivatives held in a cash flow hedge relationship are recognised in other comprehensive income/(expense) and deferred in the hedging reserve to the extent that the hedges are deemed effective. Amounts are transferred to the income statement in the same period in which the hedged risk affects the income statement and against the same line item. Where cash flow hedging is applied, the Group designates foreign exchange derivative hedges on a full forward or spot basis. Where only the spot element of a foreign exchange derivative is designated, the cost of hedging election is applied to the forward points with fair value movements recognised in other comprehensive income and released to profit or loss depending on the nature of the underlying hedged item. The Group performs regular hedge effectiveness testing. For cash flow hedges where the forecast transaction is no longer expected to occur, hedge accounting is discontinued, and all accumulated gains or losses held in the hedging reserve are immediately recognised in profit or loss. Where hedge accounting is discontinued as a result of expiry, disposal or termination of the derivative instrument (and where the hedge relationship was deemed to be effective), accumulated gains or losses up to the point of discontinuation are held in the hedging reserve and released to profit or loss in line with the hedged item. Derivative financial instruments consist of foreign currency exchange forward contracts, which are categorised within Level 2 under the IFRS 13 measurement hierarchy (refer to note 20 for further detail on fair value level categorisation). The full fair values of derivatives are classified as a non-current asset or liability if the remaining maturity of the derivatives are more than 12 months and as a current asset or liability if the maturity of the derivatives are less than 12 months. 2.19 BORROWINGS Borrowings are recognised initially at fair value, net of transaction costs incurred, and subsequently carried at amortised cost using the effective interest rate method so that any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Statement of Profit or Loss over the period of the borrowings. Details of the Group\u2019s borrowings are included in note 18. BORROWING COSTS The Group expenses borrowing costs in the period the costs are incurred. Where borrowing costs are attributable to the acquisition, construction or production of a qualifying asset, such costs are capitalised as part of the specific asset and amortised over the estimated useful life of the asset. Details of the Group\u2019s borrowings are included in note 18. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-394": { "value": "OFFSETTING OF FINANCIAL INSTRUMENTS Financial assets and financial liabilities are offset and the net amount is reported in the Consolidated Balance Sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets, and to settle the liabilities simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-434": { "value": "2.16 FINANCIAL ASSETS RECOGNITION AND DERECOGNITION Purchases and sales of financial assets are recognised on trade date being the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. INVESTMENTS Equity investments that are not held for trading have been irrevocably designated as fair value through other comprehensive income. After initial recognition at fair value plus transaction costs, these assets are recorded at fair value at each period end with the movements recognised in other comprehensive income until derecognition or impaired. On derecognition, the cumulative gain or loss previously recognised in other comprehensive income is never recycled to the income statement. Dividends on financial assets at fair value through other comprehensive income are recognised in the income statement when the entity\u2019s right to receive payment is established. Equity investments are recorded in non-current assets unless they are expected to be sold within one year. TRADE AND OTHER RECEIVABLES Trade receivables are assessed under IFRS 9 and measured at amortised cost using the effective interest rate method. The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss (FVPL). The most significant financial assets of the Group are its cash and trade receivables. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. CASH AND CASH EQUIVALENTS Cash and cash equivalents primarily comprise cash held in bank accounts, money market funds (MMFs) and bank term deposits maturing less than 90 days from inception. All cash is held short term in highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Included in cash and cash equivalents are electronic payments from customers using debit and credit cards, digital wallets, and other payment methods which are received from payment service providers (PSPS) along with cash in transit from various payment processing intermediaries that provide receipting services to the Group. All cash and cash equivalents are measured at amortised cost except MMFs which are held at fair value through profit or loss. Summary of the Group\u2019s financial assets:
Financial asset
IFRS 9 classification
Investments
Fair value through other comprehensive income
Trade and other receivables excluding prepayments
Amortised cost
Derivative financial assets
Fair value through profit and loss
Cash and cash equivalents
Amortised cost, except for cash amounts held within money market funds
which are held at fair value through profit or loss
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-395": { "value": "RECOGNITION AND DERECOGNITION Purchases and sales of financial assets are recognised on trade date being the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. DERECOGNITION A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of Profit or Loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-396": { "value": "INVESTMENTS Equity investments that are not held for trading have been irrevocably designated as fair value through other comprehensive income. After initial recognition at fair value plus transaction costs, these assets are recorded at fair value at each period end with the movements recognised in other comprehensive income until derecognition or impaired. On derecognition, the cumulative gain or loss previously recognised in other comprehensive income is never recycled to the income statement. Dividends on financial assets at fair value through other comprehensive income are recognised in the income statement when the entity\u2019s right to receive payment is established. Equity investments are recorded in non-current assets unless they are expected to be sold within one year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-397": { "value": "TRADE AND OTHER RECEIVABLES Trade receivables are assessed under IFRS 9 and measured at amortised cost using the effective interest rate method. The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss (FVPL). The most significant financial assets of the Group are its cash and trade receivables. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-398": { "value": "CASH AND CASH EQUIVALENTS Cash and cash equivalents primarily comprise cash held in bank accounts, money market funds (MMFs) and bank term deposits maturing less than 90 days from inception. All cash is held short term in highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Included in cash and cash equivalents are electronic payments from customers using debit and credit cards, digital wallets, and other payment methods which are received from payment service providers (PSPS) along with cash in transit from various payment processing intermediaries that provide receipting services to the Group. All cash and cash equivalents are measured at amortised cost except MMFs which are held at fair value through profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-435": { "value": "2.17 FINANCIAL LIABILITIES The Group classifies and measures all of its non-derivative financial liabilities at amortised cost. INITIAL RECOGNITION Financial liabilities are classified according to the substance of the contractual arrangements entered into. DERECOGNITION A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of Profit or Loss. TRADE AND OTHER PAYABLES Trade payables are obligations to pay for goods or services that have been acquired in the course of ordinary business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently held at amortised cost using the effective interest rate method. Summary of the Group\u2019s financial liabilities:
Financial liability
IFRS 9 classification
Bank debt
Amortised cost
Bank interest
Amortised cost
Lease liabilities
Amortised cost
Derivative financial instruments
Fair value through profit and loss
Trade and other payables excluding non-financial liabilities
Amortised cost
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-399": { "value": "TRADE AND OTHER PAYABLES Trade payables are obligations to pay for goods or services that have been acquired in the course of ordinary business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently held at amortised cost using the effective interest rate method. Summary of the Group\u2019s financial liabilities:
Financial liability
IFRS 9 classification
Bank debt
Amortised cost
Bank interest
Amortised cost
Lease liabilities
Amortised cost
Derivative financial instruments
Fair value through profit and loss
Trade and other payables excluding non-financial liabilities
Amortised cost
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-450": { "value": "2.18 DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES The Group uses foreign exchange forward contracts to hedge its foreign currency risks. Such derivative financial instruments are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Gains or losses arising from changes in fair value related to derivatives held in a cash flow hedge relationship are recognised in other comprehensive income/(expense) and deferred in the hedging reserve to the extent that the hedges are deemed effective. Amounts are transferred to the income statement in the same period in which the hedged risk affects the income statement and against the same line item. Where cash flow hedging is applied, the Group designates foreign exchange derivative hedges on a full forward or spot basis. Where only the spot element of a foreign exchange derivative is designated, the cost of hedging election is applied to the forward points with fair value movements recognised in other comprehensive income and released to profit or loss depending on the nature of the underlying hedged item. The Group performs regular hedge effectiveness testing. For cash flow hedges where the forecast transaction is no longer expected to occur, hedge accounting is discontinued, and all accumulated gains or losses held in the hedging reserve are immediately recognised in profit or loss. Where hedge accounting is discontinued as a result of expiry, disposal or termination of the derivative instrument (and where the hedge relationship was deemed to be effective), accumulated gains or losses up to the point of discontinuation are held in the hedging reserve and released to profit or loss in line with the hedged item. Derivative financial instruments consist of foreign currency exchange forward contracts, which are categorised within Level 2 under the IFRS 13 measurement hierarchy (refer to note 20 for further detail on fair value level categorisation). The full fair values of derivatives are classified as a non-current asset or liability if the remaining maturity of the derivatives are more than 12 months and as a current asset or liability if the maturity of the derivatives are less than 12 months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-436": { "value": "2.18 DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES The Group uses foreign exchange forward contracts to hedge its foreign currency risks. Such derivative financial instruments are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Gains or losses arising from changes in fair value related to derivatives held in a cash flow hedge relationship are recognised in other comprehensive income/(expense) and deferred in the hedging reserve to the extent that the hedges are deemed effective. Amounts are transferred to the income statement in the same period in which the hedged risk affects the income statement and against the same line item. Where cash flow hedging is applied, the Group designates foreign exchange derivative hedges on a full forward or spot basis. Where only the spot element of a foreign exchange derivative is designated, the cost of hedging election is applied to the forward points with fair value movements recognised in other comprehensive income and released to profit or loss depending on the nature of the underlying hedged item. The Group performs regular hedge effectiveness testing. For cash flow hedges where the forecast transaction is no longer expected to occur, hedge accounting is discontinued, and all accumulated gains or losses held in the hedging reserve are immediately recognised in profit or loss. Where hedge accounting is discontinued as a result of expiry, disposal or termination of the derivative instrument (and where the hedge relationship was deemed to be effective), accumulated gains or losses up to the point of discontinuation are held in the hedging reserve and released to profit or loss in line with the hedged item. Derivative financial instruments consist of foreign currency exchange forward contracts, which are categorised within Level 2 under the IFRS 13 measurement hierarchy (refer to note 20 for further detail on fair value level categorisation). The full fair values of derivatives are classified as a non-current asset or liability if the remaining maturity of the derivatives are more than 12 months and as a current asset or liability if the maturity of the derivatives are less than 12 months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-400": { "value": "2.18 DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES The Group uses foreign exchange forward contracts to hedge its foreign currency risks. Such derivative financial instruments are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Gains or losses arising from changes in fair value related to derivatives held in a cash flow hedge relationship are recognised in other comprehensive income/(expense) and deferred in the hedging reserve to the extent that the hedges are deemed effective. Amounts are transferred to the income statement in the same period in which the hedged risk affects the income statement and against the same line item. Where cash flow hedging is applied, the Group designates foreign exchange derivative hedges on a full forward or spot basis. Where only the spot element of a foreign exchange derivative is designated, the cost of hedging election is applied to the forward points with fair value movements recognised in other comprehensive income and released to profit or loss depending on the nature of the underlying hedged item. The Group performs regular hedge effectiveness testing. For cash flow hedges where the forecast transaction is no longer expected to occur, hedge accounting is discontinued, and all accumulated gains or losses held in the hedging reserve are immediately recognised in profit or loss. Where hedge accounting is discontinued as a result of expiry, disposal or termination of the derivative instrument (and where the hedge relationship was deemed to be effective), accumulated gains or losses up to the point of discontinuation are held in the hedging reserve and released to profit or loss in line with the hedged item. Derivative financial instruments consist of foreign currency exchange forward contracts, which are categorised within Level 2 under the IFRS 13 measurement hierarchy (refer to note 20 for further detail on fair value level categorisation). The full fair values of derivatives are classified as a non-current asset or liability if the remaining maturity of the derivatives are more than 12 months and as a current asset or liability if the maturity of the derivatives are less than 12 months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-437": { "value": "2.19 BORROWINGS Borrowings are recognised initially at fair value, net of transaction costs incurred, and subsequently carried at amortised cost using the effective interest rate method so that any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Statement of Profit or Loss over the period of the borrowings. Details of the Group\u2019s borrowings are included in note 18. BORROWING COSTS The Group expenses borrowing costs in the period the costs are incurred. Where borrowing costs are attributable to the acquisition, construction or production of a qualifying asset, such costs are capitalised as part of the specific asset and amortised over the estimated useful life of the asset. Details of the Group\u2019s borrowings are included in note 18. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-401": { "value": "BORROWING COSTS The Group expenses borrowing costs in the period the costs are incurred. Where borrowing costs are attributable to the acquisition, construction or production of a qualifying asset, such costs are capitalised as part of the specific asset and amortised over the estimated useful life of the asset. Details of the Group\u2019s borrowings are included in note 18. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-402": { "value": "2.20 ORDINARY SHARE CAPITAL Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-350": { "value": "2.20 ORDINARY SHARE CAPITAL Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-351": { "value": "2.21 SEGMENTAL ANALYSIS IFRS 8 \u2018Operating Segments\u2019 requires operating segments to be determined by the Group\u2019s internal reporting to the Chief Operating Decision Maker (CODM). The CODM has been determined to be both the CEO and CFO, who receive information on this basis of the Group\u2019s revenue in key geographical regions based on the Group\u2019s management and internal reporting structure. The CODM assesses the performance of geographical segments based on a measure of revenue and EBIT 1. To increase transparency the Group also includes additional voluntary disclosure analysis of global revenue within different operating channels. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-352": { "value": "2.22 PENSION ARRANGEMENTS The Group provides pension benefits which include both defined benefit and defined contribution arrangements. DEFINED CONTRIBUTION PENSION SCHEMES For defined contribution schemes the amount charged to the Statement of Profit or Loss represents the contributions payable to the plans in the accounting period. Differences between contributions payable in the period and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet. DEFINED BENEFIT PENSION SCHEME The Group operates a defined benefit pension scheme, which requires contributions to be made to separately administered funds for administration expenses. The Group did not make any contributions to the scheme in the period (FY25: \u00a3nil). The UK defined benefit scheme was closed to new members on 6 April 2002, from which time membership of a defined contribution plan was available. It was then closed to all future accrual for all existing members on 31 January 2006. A valuation of the Plan is carried out at least once every three years to determine whether the Statutory Funding Objective is met. A full actuarial valuation was carried out as at 30 June 2025. During the period, the Trustees purchased a bulk annuity contract, constituting a buy-in transaction. Prior to the buy-in, the Plan surplus was not recognised on the Balance Sheet due to uncertainty over recoverability. Following the transaction, the surplus is now recognised in full in the Balance Sheet as it represents a true economic surplus as set out in note 30. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. Past-service costs are recognised immediately in the Statement of Profit or Loss. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. When occurring, this cost is included in employee benefit expense in the Statement of Profit or Loss. Actuarial 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-353": { "value": "2.23 EMPLOYEE TRUSTS The Group operates two Share Incentive Plan (SIP) Trusts for the benefit of its employees. Under accounting standard IFRS 10 Consolidated Financial Statements, control for accounting purposes has a different test threshold than under a legal basis and as a result the Group\u2019s SIP Trusts are deemed to be under the control of Dr. Martens plc. The Trust deed for the Dr. Martens plc UK Share Incentive Plan Trust was adopted by the Board on 10 September 2021. During the period, the Group established the Dr. Martens plc Employee Benefit Trust for the purpose of acquiring shares in Dr. Martens plc to satisfy future settlement of equity-settled awards. Under accounting standard IFRS 10 Consolidated Financial Statements, control for accounting purposes has a different test threshold than under a legal basis and as a result the Dr. Martens plc Employee Benefit Trust is deemed to be under the control of Dr. Martens plc. The Trust deed for the Dr. Martens plc Employee Benefit Trust was adopted by the Board on 1 December 2025. Shares are purchased from the market and held by the trust until the scheme vests. ", "dimensions": { "concept": "drmartensplc:DescriptionOfAccountingPolicyForEmployeeTrusts", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-354": { "value": "2.24 SHARE-BASED PAYMENTS AND SHARE SCHEMES The Group provides benefits to certain employees in the form of share-based-compensation, whereby employees render services as consideration in exchange for equity instruments (\u2018equity-settled transactions\u2019). The cost of equity-settled transactions is measured by reference to the fair value of the equity instruments at the date on which they are granted and is recognised as an expense over the vesting period, which ends on the date the relevant employee becomes fully entitled to the award. The fair value is calculated using an appropriate option pricing model and takes into account the impact of any market performance conditions. The impact of non-market performance conditions is not considered in determining the fair value at the date of grant. Vesting conditions which relate to non-market conditions are allowed for in the assumptions used for the number of options expected to vest. The level of vesting is reviewed at each Balance Sheet date and the charge adjusted to reflect actual and estimated levels of vesting. The cost of share-based payment transactions is recognised as an expense over the vesting period of the awards, with a corresponding increase in equity. Further details of share-based awards granted in the period can be found in note 27. A proportion of the annual Executive Bonus Scheme is settled in the form of purchased Parent Company shares. This is accounted for as a cash-settled scheme as although participants received equity, it is driven by a cash amount that is paid and converted into shares at a point in time. The proximity of the date of communication of the bonus to when the shares are received means that there would be minimal difference between cash and equity-settled treatment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-438": { "value": "2.25 SIGNIFICANT JUDGEMENTS AND ESTIMATES The preparation of the Group\u2019s financial statements in conforming with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts in the financial statements. These judgements and estimates are based on management\u2019s best knowledge of the relevant facts and circumstances. However, the nature of estimation means that actual outcomes could differ from those estimates. Information about such judgements and estimation is contained in the accounting policies and/or notes to the financial statements and the key areas are summarised below: The Consolidated Financial Statements include areas of judgement and accounting estimates. While these areas do not meet the definition under IAS 1 of significant accounting estimates or critical accounting judgements, the recognition and measurement of certain material assets and liabilities are based on assumptions and/or are subject to longer-term uncertainties. The other areas of judgement and accounting estimates are listed below: JUDGEMENTS Determining the lease term of contracts with renewal and termination options \u2013 Group as lessee The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g. construction of significant leasehold improvements or significant customisation to the leased asset). The Group included the renewal period as part of the lease term for leases of plant and machinery with shorter non-cancellable periods (i.e. three to five years). The Group typically exercises its option to renew these leases because there will be a significant negative effect on production if a replacement asset is not readily available. The renewal periods for leases of leasehold property with longer non-cancellable periods (i.e. 10 to 15 years) are not included as part of the lease term, unless there is an economic incentive to extend the lease, as these are not reasonably certain to be exercised. Furthermore, the periods covered by termination options are included as part of the lease term only when they are reasonably certain not to be exercised. Defined benefit scheme surplus The Group acknowledges that the recognition of pension scheme surplus is an area of accounting judgement, which depends on the interpretation of the Scheme Rules and the relevant accounting standards including IAS 19 and IFRIC 14. In December 2025, the Trustees purchased a bulk insurance annuity policy, constituting a buy-in transaction. Prior to the buy-in transaction, the Plan surplus was not recognised on the grounds that Airwair International Limited was unlikely to derive any future economic benefits from the surplus. However, following the transaction the asset ceiling has been removed, with the surplus recognised in full, on the basis that any surplus now represents a true economic surplus. The net surplus of \u00a33.0m (FY25: \u00a3nil) has been recognised on the Balance Sheet. The key sensitivities of the defined benefit obligation to the actuarial assumptions are shown in note 30. Exceptional costs The classification of exceptional costs requires management judgement after considering the nature and intentions of a transaction. The Group\u2019s definitions of exceptional costs are outlined within both the Group accounting policies and the Glossary. Note 4 provides further details on current period exceptional costs and their adherence to Group policy. Indicators of impairment of non-financial assets The assessment of indicators of impairment for non-financial assets involves a degree of management judgement. This judgement is applied both in identifying potential indicators and in determining whether such indicators are considered to be present. The Group considers relevant internal and external sources of information in making this determination, for example market capitalisation and comparison of performance to budget. Once this assessment has been made, any required impairment testing is performed in accordance with the prescribed valuation methodologies, in line with the applicable accounting standards. SOURCES OF ESTIMATION UNCERTAINTY AND ASSUMPTIONS The following estimates are dependent upon assumptions which could change in the next financial year and have an effect on the carrying amount of assets and liabilities recognised at the Balance Sheet date: Inventory net realisable value and provisions The assessment of the valuation of inventory requires the determination of net realisable value. Sales prices, patterns and other assumptions are reviewed to estimate net realisable value. Inventory provisioning also requires significant assumptions to be made. When classifying inventory lines to be provided against, the Group identifies stock that is at a higher risk of not being sold at its current value by identifying products sold at a loss and products which do not meet defined quality standards. Uncertain tax positions The Group recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred tax assets and liabilities in the period in which the determination is made. Management is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies (see notes 9 and 23). In addition, the assessment of uncertain tax positions is based on management\u2019s interpretation of relevant tax rules and decided cases, external advice obtained, statutes of limitations, the status of the negotiations and past experience with tax authorities. In evaluating whether a provision is needed it is assumed that tax authorities have full knowledge of the facts and circumstances applicable to each issue. Carrying value of non-financial assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group performs an impairment test and estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of its fair value less costs of disposal and its value in use. An impairment is present if the recoverable amount is less than the carrying value of the asset. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. If assessing value in use, estimates of future cash flows are discounted to present value using pre-tax discount rates derived from risk-free rates based on long-term government bonds, adjusted for risk factors such as region and market risk in the territories in which the Group operates and the time value of money. The future cash flows are then extended into perpetuity using long-term growth rates. If determining fair value less costs of disposal, recent market transactions are considered. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. For details of relevant non-financial assets, see notes 12 and 13. Defined benefit pension scheme assumption Determining the fair value of the defined benefit pension scheme, which relates to the pension of the Group, requires assumptions to be made by management and the Group\u2019s independent qualified actuary around the actuarial valuations of the scheme\u2019s assets and liabilities. For details see note 30. Leases \u2013 estimating the incremental borrowing rate The Group cannot readily determine the interest rate implicit in most leases; therefore it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when they need to be adjusted to reflect the terms and conditions of the lease (for example, when leases are not in the subsidiary\u2019s functional currency). The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating). The IBR is reassessed when there is a reassessment of the lease liability or a lease modification.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-403": { "value": "2.25 SIGNIFICANT JUDGEMENTS AND ESTIMATES The preparation of the Group\u2019s financial statements in conforming with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts in the financial statements. These judgements and estimates are based on management\u2019s best knowledge of the relevant facts and circumstances. However, the nature of estimation means that actual outcomes could differ from those estimates. Information about such judgements and estimation is contained in the accounting policies and/or notes to the financial statements and the key areas are summarised below: The Consolidated Financial Statements include areas of judgement and accounting estimates. While these areas do not meet the definition under IAS 1 of significant accounting estimates or critical accounting judgements, the recognition and measurement of certain material assets and liabilities are based on assumptions and/or are subject to longer-term uncertainties. The other areas of judgement and accounting estimates are listed below: JUDGEMENTS Determining the lease term of contracts with renewal and termination options \u2013 Group as lessee The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g. construction of significant leasehold improvements or significant customisation to the leased asset). The Group included the renewal period as part of the lease term for leases of plant and machinery with shorter non-cancellable periods (i.e. three to five years). The Group typically exercises its option to renew these leases because there will be a significant negative effect on production if a replacement asset is not readily available. The renewal periods for leases of leasehold property with longer non-cancellable periods (i.e. 10 to 15 years) are not included as part of the lease term, unless there is an economic incentive to extend the lease, as these are not reasonably certain to be exercised. Furthermore, the periods covered by termination options are included as part of the lease term only when they are reasonably certain not to be exercised. Defined benefit scheme surplus The Group acknowledges that the recognition of pension scheme surplus is an area of accounting judgement, which depends on the interpretation of the Scheme Rules and the relevant accounting standards including IAS 19 and IFRIC 14. In December 2025, the Trustees purchased a bulk insurance annuity policy, constituting a buy-in transaction. Prior to the buy-in transaction, the Plan surplus was not recognised on the grounds that Airwair International Limited was unlikely to derive any future economic benefits from the surplus. However, following the transaction the asset ceiling has been removed, with the surplus recognised in full, on the basis that any surplus now represents a true economic surplus. The net surplus of \u00a33.0m (FY25: \u00a3nil) has been recognised on the Balance Sheet. The key sensitivities of the defined benefit obligation to the actuarial assumptions are shown in note 30. Exceptional costs The classification of exceptional costs requires management judgement after considering the nature and intentions of a transaction. The Group\u2019s definitions of exceptional costs are outlined within both the Group accounting policies and the Glossary. Note 4 provides further details on current period exceptional costs and their adherence to Group policy. Indicators of impairment of non-financial assets The assessment of indicators of impairment for non-financial assets involves a degree of management judgement. This judgement is applied both in identifying potential indicators and in determining whether such indicators are considered to be present. The Group considers relevant internal and external sources of information in making this determination, for example market capitalisation and comparison of performance to budget. Once this assessment has been made, any required impairment testing is performed in accordance with the prescribed valuation methodologies, in line with the applicable accounting standards. SOURCES OF ESTIMATION UNCERTAINTY AND ASSUMPTIONS The following estimates are dependent upon assumptions which could change in the next financial year and have an effect on the carrying amount of assets and liabilities recognised at the Balance Sheet date: Inventory net realisable value and provisions The assessment of the valuation of inventory requires the determination of net realisable value. Sales prices, patterns and other assumptions are reviewed to estimate net realisable value. Inventory provisioning also requires significant assumptions to be made. When classifying inventory lines to be provided against, the Group identifies stock that is at a higher risk of not being sold at its current value by identifying products sold at a loss and products which do not meet defined quality standards. Uncertain tax positions The Group recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred tax assets and liabilities in the period in which the determination is made. Management is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies (see notes 9 and 23). In addition, the assessment of uncertain tax positions is based on management\u2019s interpretation of relevant tax rules and decided cases, external advice obtained, statutes of limitations, the status of the negotiations and past experience with tax authorities. In evaluating whether a provision is needed it is assumed that tax authorities have full knowledge of the facts and circumstances applicable to each issue. Carrying value of non-financial assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group performs an impairment test and estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of its fair value less costs of disposal and its value in use. An impairment is present if the recoverable amount is less than the carrying value of the asset. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. If assessing value in use, estimates of future cash flows are discounted to present value using pre-tax discount rates derived from risk-free rates based on long-term government bonds, adjusted for risk factors such as region and market risk in the territories in which the Group operates and the time value of money. The future cash flows are then extended into perpetuity using long-term growth rates. If determining fair value less costs of disposal, recent market transactions are considered. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. For details of relevant non-financial assets, see notes 12 and 13. Defined benefit pension scheme assumption Determining the fair value of the defined benefit pension scheme, which relates to the pension of the Group, requires assumptions to be made by management and the Group\u2019s independent qualified actuary around the actuarial valuations of the scheme\u2019s assets and liabilities. For details see note 30. Leases \u2013 estimating the incremental borrowing rate The Group cannot readily determine the interest rate implicit in most leases; therefore it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when they need to be adjusted to reflect the terms and conditions of the lease (for example, when leases are not in the subsidiary\u2019s functional currency). The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating). The IBR is reassessed when there is a reassessment of the lease liability or a lease modification.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-355": { "value": "2.25 SIGNIFICANT JUDGEMENTS AND ESTIMATES The preparation of the Group\u2019s financial statements in conforming with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts in the financial statements. These judgements and estimates are based on management\u2019s best knowledge of the relevant facts and circumstances. However, the nature of estimation means that actual outcomes could differ from those estimates. Information about such judgements and estimation is contained in the accounting policies and/or notes to the financial statements and the key areas are summarised below: The Consolidated Financial Statements include areas of judgement and accounting estimates. While these areas do not meet the definition under IAS 1 of significant accounting estimates or critical accounting judgements, the recognition and measurement of certain material assets and liabilities are based on assumptions and/or are subject to longer-term uncertainties. The other areas of judgement and accounting estimates are listed below: JUDGEMENTS Determining the lease term of contracts with renewal and termination options \u2013 Group as lessee The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g. construction of significant leasehold improvements or significant customisation to the leased asset). The Group included the renewal period as part of the lease term for leases of plant and machinery with shorter non-cancellable periods (i.e. three to five years). The Group typically exercises its option to renew these leases because there will be a significant negative effect on production if a replacement asset is not readily available. The renewal periods for leases of leasehold property with longer non-cancellable periods (i.e. 10 to 15 years) are not included as part of the lease term, unless there is an economic incentive to extend the lease, as these are not reasonably certain to be exercised. Furthermore, the periods covered by termination options are included as part of the lease term only when they are reasonably certain not to be exercised. Defined benefit scheme surplus The Group acknowledges that the recognition of pension scheme surplus is an area of accounting judgement, which depends on the interpretation of the Scheme Rules and the relevant accounting standards including IAS 19 and IFRIC 14. In December 2025, the Trustees purchased a bulk insurance annuity policy, constituting a buy-in transaction. Prior to the buy-in transaction, the Plan surplus was not recognised on the grounds that Airwair International Limited was unlikely to derive any future economic benefits from the surplus. However, following the transaction the asset ceiling has been removed, with the surplus recognised in full, on the basis that any surplus now represents a true economic surplus. The net surplus of \u00a33.0m (FY25: \u00a3nil) has been recognised on the Balance Sheet. The key sensitivities of the defined benefit obligation to the actuarial assumptions are shown in note 30. Exceptional costs The classification of exceptional costs requires management judgement after considering the nature and intentions of a transaction. The Group\u2019s definitions of exceptional costs are outlined within both the Group accounting policies and the Glossary. Note 4 provides further details on current period exceptional costs and their adherence to Group policy. Indicators of impairment of non-financial assets The assessment of indicators of impairment for non-financial assets involves a degree of management judgement. This judgement is applied both in identifying potential indicators and in determining whether such indicators are considered to be present. The Group considers relevant internal and external sources of information in making this determination, for example market capitalisation and comparison of performance to budget. Once this assessment has been made, any required impairment testing is performed in accordance with the prescribed valuation methodologies, in line with the applicable accounting standards. SOURCES OF ESTIMATION UNCERTAINTY AND ASSUMPTIONS The following estimates are dependent upon assumptions which could change in the next financial year and have an effect on the carrying amount of assets and liabilities recognised at the Balance Sheet date: Inventory net realisable value and provisions The assessment of the valuation of inventory requires the determination of net realisable value. Sales prices, patterns and other assumptions are reviewed to estimate net realisable value. Inventory provisioning also requires significant assumptions to be made. When classifying inventory lines to be provided against, the Group identifies stock that is at a higher risk of not being sold at its current value by identifying products sold at a loss and products which do not meet defined quality standards. Uncertain tax positions The Group recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred tax assets and liabilities in the period in which the determination is made. Management is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies (see notes 9 and 23). In addition, the assessment of uncertain tax positions is based on management\u2019s interpretation of relevant tax rules and decided cases, external advice obtained, statutes of limitations, the status of the negotiations and past experience with tax authorities. In evaluating whether a provision is needed it is assumed that tax authorities have full knowledge of the facts and circumstances applicable to each issue. Carrying value of non-financial assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group performs an impairment test and estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of its fair value less costs of disposal and its value in use. An impairment is present if the recoverable amount is less than the carrying value of the asset. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. If assessing value in use, estimates of future cash flows are discounted to present value using pre-tax discount rates derived from risk-free rates based on long-term government bonds, adjusted for risk factors such as region and market risk in the territories in which the Group operates and the time value of money. The future cash flows are then extended into perpetuity using long-term growth rates. If determining fair value less costs of disposal, recent market transactions are considered. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. For details of relevant non-financial assets, see notes 12 and 13. Defined benefit pension scheme assumption Determining the fair value of the defined benefit pension scheme, which relates to the pension of the Group, requires assumptions to be made by management and the Group\u2019s independent qualified actuary around the actuarial valuations of the scheme\u2019s assets and liabilities. For details see note 30. Leases \u2013 estimating the incremental borrowing rate The Group cannot readily determine the interest rate implicit in most leases; therefore it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when they need to be adjusted to reflect the terms and conditions of the lease (for example, when leases are not in the subsidiary\u2019s functional currency). The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating). The IBR is reassessed when there is a reassessment of the lease liability or a lease modification.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-356": { "value": "
3. Segmental analysis
FY26
Support
EMEA Americas APAC
costs
4,5
Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,2
377.5
278.4
109.0
\u2013
764.9
Gross margin
259.2
167.8
79.0
\u2013
506.0
Staff and operating costs
(144.9)
(120.5)
(52.5)
(60.1)
(378.0)
Depreciation, amortisation, impairment and other gains
(35.6)
(22.3)
(9.3)
(4.7)
(71.9)
Currency gains
\u2013
\u2013
\u2013
0.9
0.9
EBIT
3,4
78.7
25.0
17.2
(63.9)
57.0
Exceptional (gains)/costs
3
(0.1)
(0.3)
\u2013
12.5
12.1
Investment in transformation
1.1
0.9
1.3
3.6
6.9
Impairment of non-financial assets
2.8
1.4
\u2013
\u2013
4.2
Currency gains
\u2013
\u2013
\u2013
(0.9)
(0.9)
Adjusted EBIT
3
82.5
27.0
18.5
(48.7)
79.3
Net finance income and expense
(24.3)
Exceptional costs
3
(12.1)
Investment in transformation
(6.9)
Impairment of non-financial assets
(4.2)
Currency gains
0.9
Profit before tax
32.7
1. Revenue by geographical market represents revenue from external customers; there is no inter-segment revenue.
2. Included in EMEA revenue is \u00a3135.5m (FY25: \u00a3142.1m) in relation to trading in the UK.
3. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229.
4. All currency gains/losses are included in support costs. Currency gains/losses are a product of how trading is managed by legal entity globally. Inclusion in support costs allows
performance for each region to be evaluated exclusive of the currency impact of global operations. EMEA trading entities incurred a \u00a31.3m currency gain (FY25: \u00a35.1m loss).
Americas trading entities incurred a \u00a30.8m currency gain (FY25: \u00a30.5m gain). APAC trading entities incurred a \u00a30.4m currency loss (FY25: \u00a30.5m loss).
5. The impact of US tariffs is included entirely within support costs. Although they are tariffs impacting our US imports, the impact of these costs are felt across the whole group
and therefore allocated to global operation support costs.
FY25
EMEA Americas APAC
Support costs
4
Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,2
384.2
288.5
114.9
\u2013
787.6
Gross margin
261.1
169.5
81.1
\u2013
511.7
Staff and operating costs
(150.1)
(134.4)
(55.8)
(54.4)
(394.7)
Depreciation, amortisation, impairment and other losses
(36.6)
(25.7)
(10.3)
(4.3)
(76.9)
Currency losses
\u2013
\u2013
\u2013
(3.1)
(3.1)
EBIT
3
74.4
9.4
15.0
(61.8)
37.0
Exceptional costs
3
0.8
2.1
0.9
12.5
16.3
Investment in transformation
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment of non-financial assets
2.1
2.1
0.1
\u2013
4.3
Currency losses
\u2013
\u2013
\u2013
3.1
3.1
Adjusted EBIT
3
77. 3
13.6
16.0
(46.2)
60.7
Net finance income and expense
(28.2)
Exceptional costs
3
(16.3)
Investment in transformation
\u2013
Impairment of non-financial assets
(4.3)
Currency losses
(3.1)
Profit before tax
8.8
1. Revenue by geographical market represents revenue from external customers; there is no inter-segment revenue.
2. Included in EMEA revenue is \u00a3135.5m (FY25: \u00a3142.1m) in relation to trading in the UK.
3. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229.
4. All currency gains/losses are included in support costs. Currency gains/losses are a product of how trading is managed by legal entity globally. Inclusion in support costs allows
performance for each region to be evaluated exclusive of the currency impact of global operations. EMEA trading entities incurred a \u00a31.3m currency gain (FY25: \u00a35.1m loss).
Americas trading entities incurred a \u00a30.8m currency gain (FY25: \u00a30.5m gain). APAC trading entities incurred a \u00a30.4m currency loss (FY25: \u00a30.5m loss).
ADDITIONAL ANALYSIS
The Group derives its revenue in geographical markets from the following sources:
FY26 FY25
\u00a3m \u00a3m
Revenue by channel
Ecommerce
244.4
268.3
Retail
236.8
242.4
Total DTC revenue
6
481.2
510.7
Wholesale
7
283.7
276.9
Total revenue
764.9
787.6
6. DTC revenue consists of revenue from the Group\u2019s direct-to-consumer (DTC) channel which is ecommerce plus retail revenue, as defined in the Glossary on pages 227 to 229.
7. Wholesale revenue including distributor customers.
FY26 FY25
\u00a3m \u00a3m
Non-current assets
8
EMEA
9
131.1
135.8
Americas
64.6
77. 3
APAC
12.8
14.0
Goodwill
240.7
240.7
Deferred tax
11.0
11.1
Total non-current assets
460.2
478.9
8. Assets are monitored by the CODM on an entity basis, not by reporting segment. Therefore, non-current assets are disclosed by geographical location with goodwill and deferred
tax being representative of the Group.
9. Included in the EMEA non-current assets is \u00a376.2m (FY25: \u00a375.3m) in relation to the UK legal entities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-439": { "value": "3. Segmental analysis
FY26
Support
EMEA Americas APAC
costs
4,5
Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,2
377.5
278.4
109.0
\u2013
764.9
Gross margin
259.2
167.8
79.0
\u2013
506.0
Staff and operating costs
(144.9)
(120.5)
(52.5)
(60.1)
(378.0)
Depreciation, amortisation, impairment and other gains
(35.6)
(22.3)
(9.3)
(4.7)
(71.9)
Currency gains
\u2013
\u2013
\u2013
0.9
0.9
EBIT
3,4
78.7
25.0
17.2
(63.9)
57.0
Exceptional (gains)/costs
3
(0.1)
(0.3)
\u2013
12.5
12.1
Investment in transformation
1.1
0.9
1.3
3.6
6.9
Impairment of non-financial assets
2.8
1.4
\u2013
\u2013
4.2
Currency gains
\u2013
\u2013
\u2013
(0.9)
(0.9)
Adjusted EBIT
3
82.5
27.0
18.5
(48.7)
79.3
Net finance income and expense
(24.3)
Exceptional costs
3
(12.1)
Investment in transformation
(6.9)
Impairment of non-financial assets
(4.2)
Currency gains
0.9
Profit before tax
32.7
1. Revenue by geographical market represents revenue from external customers; there is no inter-segment revenue. 2. Included in EMEA revenue is \u00a3135.5m (FY25: \u00a3142.1m) in relation to trading in the UK. 3. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229. 4. All currency gains/losses are included in support costs. Currency gains/losses are a product of how trading is managed by legal entity globally. Inclusion in support costs allows performance for each region to be evaluated exclusive of the currency impact of global operations. EMEA trading entities incurred a \u00a31.3m currency gain (FY25: \u00a35.1m loss). Americas trading entities incurred a \u00a30.8m currency gain (FY25: \u00a30.5m gain). APAC trading entities incurred a \u00a30.4m currency loss (FY25: \u00a30.5m loss). 5. The impact of US tariffs is included entirely within support costs. Although they are tariffs impacting our US imports, the impact of these costs are felt across the whole group and therefore allocated to global operation support costs.
FY25
EMEA Americas APAC
Support costs
4
Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,2
384.2
288.5
114.9
\u2013
787.6
Gross margin
261.1
169.5
81.1
\u2013
511.7
Staff and operating costs
(150.1)
(134.4)
(55.8)
(54.4)
(394.7)
Depreciation, amortisation, impairment and other losses
(36.6)
(25.7)
(10.3)
(4.3)
(76.9)
Currency losses
\u2013
\u2013
\u2013
(3.1)
(3.1)
EBIT
3
74.4
9.4
15.0
(61.8)
37.0
Exceptional costs
3
0.8
2.1
0.9
12.5
16.3
Investment in transformation
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment of non-financial assets
2.1
2.1
0.1
\u2013
4.3
Currency losses
\u2013
\u2013
\u2013
3.1
3.1
Adjusted EBIT
3
77. 3
13.6
16.0
(46.2)
60.7
Net finance income and expense
(28.2)
Exceptional costs
3
(16.3)
Investment in transformation
\u2013
Impairment of non-financial assets
(4.3)
Currency losses
(3.1)
Profit before tax
8.8
1. Revenue by geographical market represents revenue from external customers; there is no inter-segment revenue. 2. Included in EMEA revenue is \u00a3135.5m (FY25: \u00a3142.1m) in relation to trading in the UK. 3. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229. 4. All currency gains/losses are included in support costs. Currency gains/losses are a product of how trading is managed by legal entity globally. Inclusion in support costs allows performance for each region to be evaluated exclusive of the currency impact of global operations. EMEA trading entities incurred a \u00a31.3m currency gain (FY25: \u00a35.1m loss). Americas trading entities incurred a \u00a30.8m currency gain (FY25: \u00a30.5m gain). APAC trading entities incurred a \u00a30.4m currency loss (FY25: \u00a30.5m loss). ADDITIONAL ANALYSIS The Group derives its revenue in geographical markets from the following sources:
FY26 FY25
\u00a3m \u00a3m
Revenue by channel
Ecommerce
244.4
268.3
Retail
236.8
242.4
Total DTC revenue
6
481.2
510.7
Wholesale
7
283.7
276.9
Total revenue
764.9
787.6
6. DTC revenue consists of revenue from the Group\u2019s direct-to-consumer (DTC) channel which is ecommerce plus retail revenue, as defined in the Glossary on pages 227 to 229. 7. Wholesale revenue including distributor customers.
FY26 FY25
\u00a3m \u00a3m
Non-current assets
8
EMEA
9
131.1
135.8
Americas
64.6
77. 3
APAC
12.8
14.0
Goodwill
240.7
240.7
Deferred tax
11.0
11.1
Total non-current assets
460.2
478.9
8. Assets are monitored by the CODM on an entity basis, not by reporting segment. Therefore, non-current assets are disclosed by geographical location with goodwill and deferred tax being representative of the Group. 9. Included in the EMEA non-current assets is \u00a376.2m (FY25: \u00a375.3m) in relation to the UK legal entities.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-404": { "value": "3. Segmental analysis
FY26
Support
EMEA Americas APAC
costs
4,5
Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,2
377.5
278.4
109.0
\u2013
764.9
Gross margin
259.2
167.8
79.0
\u2013
506.0
Staff and operating costs
(144.9)
(120.5)
(52.5)
(60.1)
(378.0)
Depreciation, amortisation, impairment and other gains
(35.6)
(22.3)
(9.3)
(4.7)
(71.9)
Currency gains
\u2013
\u2013
\u2013
0.9
0.9
EBIT
3,4
78.7
25.0
17.2
(63.9)
57.0
Exceptional (gains)/costs
3
(0.1)
(0.3)
\u2013
12.5
12.1
Investment in transformation
1.1
0.9
1.3
3.6
6.9
Impairment of non-financial assets
2.8
1.4
\u2013
\u2013
4.2
Currency gains
\u2013
\u2013
\u2013
(0.9)
(0.9)
Adjusted EBIT
3
82.5
27.0
18.5
(48.7)
79.3
Net finance income and expense
(24.3)
Exceptional costs
3
(12.1)
Investment in transformation
(6.9)
Impairment of non-financial assets
(4.2)
Currency gains
0.9
Profit before tax
32.7
1. Revenue by geographical market represents revenue from external customers; there is no inter-segment revenue. 2. Included in EMEA revenue is \u00a3135.5m (FY25: \u00a3142.1m) in relation to trading in the UK. 3. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229. 4. All currency gains/losses are included in support costs. Currency gains/losses are a product of how trading is managed by legal entity globally. Inclusion in support costs allows performance for each region to be evaluated exclusive of the currency impact of global operations. EMEA trading entities incurred a \u00a31.3m currency gain (FY25: \u00a35.1m loss). Americas trading entities incurred a \u00a30.8m currency gain (FY25: \u00a30.5m gain). APAC trading entities incurred a \u00a30.4m currency loss (FY25: \u00a30.5m loss). 5. The impact of US tariffs is included entirely within support costs. Although they are tariffs impacting our US imports, the impact of these costs are felt across the whole group and therefore allocated to global operation support costs.
FY25
EMEA Americas APAC
Support costs
4
Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,2
384.2
288.5
114.9
\u2013
787.6
Gross margin
261.1
169.5
81.1
\u2013
511.7
Staff and operating costs
(150.1)
(134.4)
(55.8)
(54.4)
(394.7)
Depreciation, amortisation, impairment and other losses
(36.6)
(25.7)
(10.3)
(4.3)
(76.9)
Currency losses
\u2013
\u2013
\u2013
(3.1)
(3.1)
EBIT
3
74.4
9.4
15.0
(61.8)
37.0
Exceptional costs
3
0.8
2.1
0.9
12.5
16.3
Investment in transformation
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment of non-financial assets
2.1
2.1
0.1
\u2013
4.3
Currency losses
\u2013
\u2013
\u2013
3.1
3.1
Adjusted EBIT
3
77. 3
13.6
16.0
(46.2)
60.7
Net finance income and expense
(28.2)
Exceptional costs
3
(16.3)
Investment in transformation
\u2013
Impairment of non-financial assets
(4.3)
Currency losses
(3.1)
Profit before tax
8.8
1. Revenue by geographical market represents revenue from external customers; there is no inter-segment revenue. 2. Included in EMEA revenue is \u00a3135.5m (FY25: \u00a3142.1m) in relation to trading in the UK. 3. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229. 4. All currency gains/losses are included in support costs. Currency gains/losses are a product of how trading is managed by legal entity globally. Inclusion in support costs allows performance for each region to be evaluated exclusive of the currency impact of global operations. EMEA trading entities incurred a \u00a31.3m currency gain (FY25: \u00a35.1m loss). Americas trading entities incurred a \u00a30.8m currency gain (FY25: \u00a30.5m gain). APAC trading entities incurred a \u00a30.4m currency loss (FY25: \u00a30.5m loss). ADDITIONAL ANALYSIS The Group derives its revenue in geographical markets from the following sources:
FY26 FY25
\u00a3m \u00a3m
Revenue by channel
Ecommerce
244.4
268.3
Retail
236.8
242.4
Total DTC revenue
6
481.2
510.7
Wholesale
7
283.7
276.9
Total revenue
764.9
787.6
6. DTC revenue consists of revenue from the Group\u2019s direct-to-consumer (DTC) channel which is ecommerce plus retail revenue, as defined in the Glossary on pages 227 to 229. 7. Wholesale revenue including distributor customers.
FY26 FY25
\u00a3m \u00a3m
Non-current assets
8
EMEA
9
131.1
135.8
Americas
64.6
77. 3
APAC
12.8
14.0
Goodwill
240.7
240.7
Deferred tax
11.0
11.1
Total non-current assets
460.2
478.9
8. Assets are monitored by the CODM on an entity basis, not by reporting segment. Therefore, non-current assets are disclosed by geographical location with goodwill and deferred tax being representative of the Group. 9. Included in the EMEA non-current assets is \u00a376.2m (FY25: \u00a375.3m) in relation to the UK legal entities.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-357": { "value": "
4. Adjusting items
Total adjustments to profit after tax for the period ended 29 March 2026 are a net charge of \u00a316.8m (FY25: \u00a318.9m charge). Adjustments include
exceptional costs
1
and other adjusting items. EBIT
1
includes exceptional costs
1
of \u00a312.1m (FY25: \u00a316.3m) and profit before tax includes \u00a312.1m
(FY25: \u00a317.9m) of exceptional costs
1
. Adjusted results are presented to provide a clearer view of the Group\u2019s ongoing operational performance,
reflecting how the business is managed and measured on a day-to-day basis, and to aid comparability between periods.
The adjustments made to reported profit measures are:
FY26 FY25
\u00a3m \u00a3m
Included in selling and administrative expenses
Exceptional costs
1
Director joining costs
0.8
4.6
Cost savings related costs
0.4
11.7
Pension buy-in accounting charges and associated expenses
1.0
\u2013
IEEPA-related US tariffs following the US Supreme Court judgment
9.9
\u2013
Total exceptional costs
1
included in selling and administrative expenses
12.1
16.3
Other adjusting items
Investment in transformation
6.9
\u2013
Impairment of non-financial assets
4.2
4.3
Currency (gains)/losses
(0.9)
3.1
Total other adjusting items included in selling and administrative expenses
10.2
7. 4
Adjustments to EBIT
1
22.3
23.7
Included in finance expense
Exceptional costs
1
Accelerated amortisation of fees on debt refinancing
\u2013
1.6
Total exceptional costs
1
included in finance expense
\u2013
1.6
Adjustments to profit before tax
22.3
25.3
Tax impact of adjustments:
Exceptional costs
1,2
Director joining costs
\u2013
(0.6)
Cost savings related costs
(0.1)
(2.9)
Pension buy-in accounting charges and associated expenses
(0.2)
\u2013
IEEPA-related US tariffs following the US Supreme Court judgment
(2.7)
\u2013
Accelerated amortisation of fees on debt refinancing
\u2013
(0.4)
Total tax impact of exceptional costs
1
(3.0)
(3.9)
Other adjusting items
Investment in transformation
2
(1.7)
\u2013
Impairment of non-financial assets
3
(1.1)
(1.0)
Currency gains/(losses)
4
0.3
(1.5)
Total tax impact of other adjusting items
(2.5)
(2.5)
Adjustments to profit after tax
16.8
18.9
1. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229.
2. The tax impact of exceptional costs and investment in transformation has been calculated by applying the statutory tax rate for the entities where these costs have been incurred.
3. The tax impact of impairment has been calculated by applying the effective tax rate or statutory tax rate for the relevant jurisdiction depending on local treatment.
4. The tax impact of currency gains/(losses) has been calculated by applying the Group\u2019s effective tax rate.
EXCEPTIONAL COSTS
DIRECTOR JOINING COSTS
The CEO and CFO were appointed in the previous period, ended 30 March 2025. The Group recognised the costs associated with their
appointment as exceptional costs due to their quantum, and nature as sign-on packages related to their specific appointment, rather than
being a standard practice for the Group. These costs relate only to discretionary compensation for the Directors relating to the share
scheme value they lost because of leaving previous employment, outside of the Group\u2019s LTIP scheme.
During the current period, the Group recognised further costs associated with the appointment of the Directors of \u00a30.8m (FY25: \u00a34.6m).
\u00a30.7m (FY25: \u00a31.9m) of the cost incurred relates to the continued amortisation of the share schemes awarded in the prior period, which
is non-cash. The remaining \u00a30.1m (FY25: \u00a30.3m) of expense relates to payroll taxes accrued on the share-based payment expense which
will be paid in cash when the schemes vest. A further \u00a30.3m of share-based payment expense is expected to be incurred in future periods.
During the previous period, costs in relation to cash-settled compensation for a portion of their share schemes values lost and associated
payroll taxes (FY25: \u00a31.6m) were incurred. Other professional fees relating to the recruitment of the Directors (FY25: \u00a30.4m) and costs
of the CEO handover period (FY25 \u00a30.4m) were also incurred. There are \u00a3nil costs in relation to these amounts during the period ended
29 March 2026.
COST SAVINGS RELATED COSTS
In FY25, the Group announced it would be undertaking a cost action plan, to create savings from operational efficiency and design, better
procurement and operational streamlining. In February 2025, the Group commenced a project to change and improve the Global Technology
organisation and capability through the establishment of the Global Technology Centre in India. Costs incurred in relation to these cost savings
plans were \u00a30.4m (FY25: \u00a311.7m) during the period. There was a cash outflow related to delivery of cost savings of \u00a33.2m (FY25: \u00a38.3m).
The cash outflow largely related to amounts accrued in the prior period. We do not expect any future costs to be incurred.
PENSION BUY-IN ACCOUNTING CHARGES AND ASSOCIATED EXPENSES
In December 2025, the Trustees of the defined pension scheme purchased a bulk annuity contract with Pension Insurance Corporation
(PIC) to insure the Plan\u2019s non-annuitant benefits in full. This is deemed a buy-in transaction, and costs related to this are classified as
exceptional costs during the period ended 29 March 2026 due to their non-recurring nature. Those costs include past service costs of
\u00a30.6m (FY25: \u00a3nil) and one-off professional fees directly related to the buy-in exercise \u00a30.4m (FY25: \u00a3nil). The past service cost is due
to the Trustees and Airwair International Limited agreeing to adopt PIC\u2019s factors for converting pension into lump sum at retirement.
The impact of this has been allowed for as a past service cost. In addition, the buy-in surplus of \u00a33.0m has been recognised on the Balance
Sheet and the gain recognised in the Statement of Other Comprehensive Income.
IEEPA-RELATED US TARIFFS FOLLOWING THE US SUPREME COURT JUDGMENT
As an importer of record to the US, the Group paid IEEPA-related US tariffs via its customs broker during the reporting period. In February
2026 however, the US Supreme Court clarified the legal foundation for tariffs, constraining the executive branch\u2019s ability to rely on IEEPA
as a stand-alone basis for tariff authority. The ruling declared existing IEEPA tariffs to be unlawful. Subsequently, in March 2026 the US
Court of International Trade (CIT) ruled that the IEEPA tariffs were to be refunded for unliquidated entries, and liquidated entries for which
liquidation was not final. At the time of the CIT ruling all IEEPA-related US tariffs charged to the Group were unliquidated.
During the period, the Group paid \u00a39.9m in IEEPA-related US tariffs affected by both the Supreme Court and CIT rulings. On 20 April 2026,
the US Customs and Border Protection Agency (CBP) opened the Consolidated Administration and Processing of Entries (CAPE)
functionality within its Automated Commercial Environment (ACE) to enable importers of record or their customs broker to submit and
process refunds for IEEPA tariffs. As the CBP have confirmed that payment may take between 60 and 90 days from an accepted CAPE
declaration, no actual refunds will have been received by the date the financial statements are authorised for issue, and consequently it is
deemed that the threshold for recognising an asset for a potential IEEPA-related US tariff refund for the Group has not been met. As such,
the full amount of IEEPA-related US tariffs paid on all products sold or held in inventory at the Balance Sheet date have been recognised
within selling and administrative expenses in the Consolidated Statement of Profit or Loss. This charge is considered an exceptional cost
given its magnitude and unusual nature makes it an expense not part of the core operations of the business. If refunds of IEEPA-related US
tariffs paid by the Group are received in the future they will be recognised in the Consolidated Statement of Profit or Loss in the accounting
period in which they are received and will be considered exceptional income.
ACCELERATED FEES ON DEBT REFINANCING
In November 2024, following the refinancing of its \u20ac337.5m EUR Term Loan the Group incurred costs relating to the immediate acceleration
of unamortised prepaid transaction costs related to the previous debt extinguishment. These were classified as exceptional costs during the
period ended 30 March 2025 due to their non-recurring nature. This approach ensures that the financial statements present a clearer view
of the Group\u2019s ongoing operational performance by excluding these one-time adjustments related to refinancing. During the current period,
\u00a3nil (FY25: \u00a31.6m) costs were recognised in relation to refinancing existing debt.
OTHER ADJUSTING ITEMS
INVESTMENT IN TRANSFORMATION: MARKETS-BASED OPERATIONAL MODEL
In FY26 the Group initiated an operational transformation programme. The programme transitions the business to a markets-based
operational model which will enable a consumer-first focus and be better placed to support the new strategy announced in June 2025.
During the period, the Group recognised costs associated with Investment in transformation of \u00a36.9m (FY25: \u00a3nil). This comprised of
\u00a34.5m in relation to severance costs, \u00a31.9m of professional fees, and \u00a30.5m of other related costs. This corresponds to a cash outflow
during the period of \u00a32.4m.
IMPAIRMENT OF NON-FINANCIAL ASSETS
The Group has carried out an assessment for indicators of impairment of non-current assets, including the store portfolio. Where an
impairment indicator has been identified, the Group has performed impairment testing based on the forecast operating cash flows using
the FY27 Board approved budget and applying the latest published external market growth rates from FY28 until the end of FY31.
As a result, store impairment testing has identified stores where the current and anticipated future performance does not support the
carrying value of the stores. A non-cash charge of \u00a34.2m (FY25: \u00a34.3m) has been recorded, of which \u00a30.7m (FY25: \u00a31.1m) relates
to property, plant and equipment, and \u00a33.5m (FY25: \u00a33.2m) relates to right-of-use assets. Refer to note 13 for further details on the
impairments.
Impairment charges have been classified as adjusting items due to their nature as volatile non-cash accounting charges which do not
represent controllable core operational costs. They are presented separately to provide clarity on the Group\u2019s underlying operational
performance excluding these non-cash, non-underlying charges and to aid comparability between periods.
CURRENCY GAINS AND LOSSES
Currency gains and losses have been classified as adjusting items due to the volatility in magnitude and directionality over financial periods.
By eliminating the effect of these gains/losses, comparability between periods is improved and there is greater clarity on the Group\u2019s
underlying operational performance.
", "dimensions": { "concept": "drmartensplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-358": { "value": "
5. Expenses analysis
Profit before tax is stated after charging and crediting:
FY26 FY25
Note \u00a3m \u00a3m
Selling and administrative expenses
Staff costs
1
7
161.6
179.6
Operating costs
2
216.4
215.1
378.0
394.7
Amortisation of intangible assets
12
6.3
6.1
Depreciation of property, plant and equipment
13
13.3
15.0
Depreciation of right-of-use assets
13
48.8
51.4
Impairment of property, plant and equipment
13
0.7
1.1
Impairment of right-of-use assets
13
3.5
3.2
Currency (gains)/losses
(0.9)
3.1
Other (gains)/losses
(0.7)
0.1
Depreciation, amortisation, impairment, currency (gains)/losses and other (gains)/losses
71.0
80.0
Total selling and administrative expenses
449.0
474.7
1. Included within staff costs is \u00a35.2m of adjusting items (FY25: \u00a314.4m) relating to Director joining costs, cost savings related costs, pension buy-in accounting charges and
associated expenses and investment in transformation.
2. Included within operating costs is \u00a313.8m of adjusting items (FY25: \u00a31.9m) relating to Director joining costs, cost savings related costs, IEEPA-related US tariffs following the
US Supreme Court judgment, and investment in transformation.
6. Auditors\u2019 remuneration
FY26 FY25
\u00a3m \u00a3m
Audit services in respect of the financial statements of the Parent Company and consolidation
1
1.8
1.9
Audit services in respect of the financial statements of subsidiary companies
0.5
0.7
Other non-audit related services
\u2013
0.2
2.3
2.8
1. During the prior period \u00a30.2m of additional fees relating to the FY24 audit were agreed and incurred as an accounting expense. There are \u00a3nil costs in relation to prior period
additional fees during the period ended 29 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-464": { "value": "5. Expenses analysis Profit before tax is stated after charging and crediting:
FY26 FY25
Note \u00a3m \u00a3m
Selling and administrative expenses
Staff costs
1
7
161.6
179.6
Operating costs
2
216.4
215.1
378.0
394.7
Amortisation of intangible assets
12
6.3
6.1
Depreciation of property, plant and equipment
13
13.3
15.0
Depreciation of right-of-use assets
13
48.8
51.4
Impairment of property, plant and equipment
13
0.7
1.1
Impairment of right-of-use assets
13
3.5
3.2
Currency (gains)/losses
(0.9)
3.1
Other (gains)/losses
(0.7)
0.1
Depreciation, amortisation, impairment, currency (gains)/losses and other (gains)/losses
71.0
80.0
Total selling and administrative expenses
449.0
474.7
1. Included within staff costs is \u00a35.2m of adjusting items (FY25: \u00a314.4m) relating to Director joining costs, cost savings related costs, pension buy-in accounting charges and associated expenses and investment in transformation. 2. Included within operating costs is \u00a313.8m of adjusting items (FY25: \u00a31.9m) relating to Director joining costs, cost savings related costs, IEEPA-related US tariffs following the US Supreme Court judgment, and investment in transformation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-459": { "value": "5. Expenses analysis Profit before tax is stated after charging and crediting:
FY26 FY25
Note \u00a3m \u00a3m
Selling and administrative expenses
Staff costs
1
7
161.6
179.6
Operating costs
2
216.4
215.1
378.0
394.7
Amortisation of intangible assets
12
6.3
6.1
Depreciation of property, plant and equipment
13
13.3
15.0
Depreciation of right-of-use assets
13
48.8
51.4
Impairment of property, plant and equipment
13
0.7
1.1
Impairment of right-of-use assets
13
3.5
3.2
Currency (gains)/losses
(0.9)
3.1
Other (gains)/losses
(0.7)
0.1
Depreciation, amortisation, impairment, currency (gains)/losses and other (gains)/losses
71.0
80.0
Total selling and administrative expenses
449.0
474.7
1. Included within staff costs is \u00a35.2m of adjusting items (FY25: \u00a314.4m) relating to Director joining costs, cost savings related costs, pension buy-in accounting charges and associated expenses and investment in transformation. 2. Included within operating costs is \u00a313.8m of adjusting items (FY25: \u00a31.9m) relating to Director joining costs, cost savings related costs, IEEPA-related US tariffs following the US Supreme Court judgment, and investment in transformation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-451": { "value": "5. Expenses analysis Profit before tax is stated after charging and crediting:
FY26 FY25
Note \u00a3m \u00a3m
Selling and administrative expenses
Staff costs
1
7
161.6
179.6
Operating costs
2
216.4
215.1
378.0
394.7
Amortisation of intangible assets
12
6.3
6.1
Depreciation of property, plant and equipment
13
13.3
15.0
Depreciation of right-of-use assets
13
48.8
51.4
Impairment of property, plant and equipment
13
0.7
1.1
Impairment of right-of-use assets
13
3.5
3.2
Currency (gains)/losses
(0.9)
3.1
Other (gains)/losses
(0.7)
0.1
Depreciation, amortisation, impairment, currency (gains)/losses and other (gains)/losses
71.0
80.0
Total selling and administrative expenses
449.0
474.7
1. Included within staff costs is \u00a35.2m of adjusting items (FY25: \u00a314.4m) relating to Director joining costs, cost savings related costs, pension buy-in accounting charges and associated expenses and investment in transformation. 2. Included within operating costs is \u00a313.8m of adjusting items (FY25: \u00a31.9m) relating to Director joining costs, cost savings related costs, IEEPA-related US tariffs following the US Supreme Court judgment, and investment in transformation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-440": { "value": "5. Expenses analysis Profit before tax is stated after charging and crediting:
FY26 FY25
Note \u00a3m \u00a3m
Selling and administrative expenses
Staff costs
1
7
161.6
179.6
Operating costs
2
216.4
215.1
378.0
394.7
Amortisation of intangible assets
12
6.3
6.1
Depreciation of property, plant and equipment
13
13.3
15.0
Depreciation of right-of-use assets
13
48.8
51.4
Impairment of property, plant and equipment
13
0.7
1.1
Impairment of right-of-use assets
13
3.5
3.2
Currency (gains)/losses
(0.9)
3.1
Other (gains)/losses
(0.7)
0.1
Depreciation, amortisation, impairment, currency (gains)/losses and other (gains)/losses
71.0
80.0
Total selling and administrative expenses
449.0
474.7
1. Included within staff costs is \u00a35.2m of adjusting items (FY25: \u00a314.4m) relating to Director joining costs, cost savings related costs, pension buy-in accounting charges and associated expenses and investment in transformation. 2. Included within operating costs is \u00a313.8m of adjusting items (FY25: \u00a31.9m) relating to Director joining costs, cost savings related costs, IEEPA-related US tariffs following the US Supreme Court judgment, and investment in transformation. 12. Intangible assets
Software Other
intangibles
1
intangibles Goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2024
57.3
1.2
240.7
299.2
Additions
10.3
\u2013
\u2013
10.3
Disposals
(3.6)
\u2013
\u2013
(3.6)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 30 March 2025
63.9
1.2
240.7
305.8
Additions
2.7
\u2013
\u2013
2.7
Disposals
(0.8)
\u2013
\u2013
(0.8)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 29 March 2026
65.7
1.2
240.7
307.6
Accumulated amortisation and impairment
At 1 April 2024
29.0
0.2
\u2013
29.2
Charge for the period
6.1
\u2013
\u2013
6.1
Disposals
(3.4)
\u2013
\u2013
(3.4)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 30 March 2025
31.6
0.2
\u2013
31.8
Charge for the period
6.3
\u2013
\u2013
6.3
Disposals
(0.8)
\u2013
\u2013
(0.8)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 29 March 2026
37.0
0.2
\u2013
37.2
Net book value
At 29 March 2026
28.7
1.0
240.7
270.4
At 30 March 2025
32.3
1.0
240.7
274.0
1. Software intangible additions in the period of \u00a32.7m (FY25 \u00a310.3m) include permanent employee staff costs capitalised of \u00a30.9m (FY25: \u00a30.6m). GOODWILL IMPAIRMENT ASSESSMENT Goodwill is required to be tested for impairment on an annual basis by estimating the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of its fair value less costs of disposal and its value in use. An impairment is present if the recoverable amount is less than the carrying value of the asset. The recoverable amount is estimated for goodwill with reference to the cash generating units (CGUs) to which goodwill was originally allocated and each of these CGUs has been separately assessed and tested. The CGUs were agreed by the Directors as the geographical regions in which the Group operates. These regions are the lowest level at which goodwill is monitored and represent identifiable operating segments. There have been no changes to the composition of the Group\u2019s CGUs during the period. The aggregate carrying amount of goodwill allocated to each CGU was as follows:
FY26 FY25
\u00a3m \u00a3m
EMEA
66.6
66.6
Americas
114.1
114.1
APAC
60.0
60.0
240.7
240.7
All CGUs were tested for impairment. No impairment charge was made in the current period (FY25: \u00a3nil). JUDGEMENTS, ASSUMPTIONS AND ESTIMATES The results of the Company\u2019s impairment tests are dependent upon estimates and judgements made by management. All CGUs\u2019 recoverable amounts are measured using a value in use calculation. In previous periods the value in use was calculated by discounting management\u2019s internal cash flow projections for the CGU covering a five-year period (pre-perpetuity). The forecasts were based on annual budgets and strategic projections representing the best estimate of future performance. This period, in determining value in use, management applied growth assumptions that are consistent with published external market data (\u2018market growth plan\u2019). The external growth assumptions have been applied from the FY27 Board approved budget year onwards, and estimates cashflows for the years FY28 to FY31. External growth assumptions have been applied as following a period of stabilisation in FY26, the global economy in FY27 remains uncertain, with growth expected to be modest and uneven across markets. Key factors influencing the outlook include; geopolitical and political uncertainty, inflation and interest rates, cost-of-living crisis and climate-related risks. The FY27 budget period cash flows are consistent with those used to review going concern and viability, however, are required by IAS 36 to be adjusted for use within an impairment review to exclude new retail development to which the Group is not yet committed. The first two months of cashflows related to FY28 going concern are based on management\u2019s internal plan due to consistent results across this and the market growth plan during the period. In determining the value in use of CGUs it is necessary to make a series of assumptions to estimate the present value of future cash flows. The following assumptions have been made by management reflecting past experience and are consistent with relevant external sources of information. PRE-TAX RISK ADJUSTED DISCOUNT RATES Future cash flows are discounted to present value using pre-tax discount rates derived from risk-free rates based on long-term government bonds, adjusted for risk factors such as Region and market risk in the territories in which the Group operates and the time value of money. Consistent with the 2019 IFRS IASB Staff Paper, post-tax discount rates and post-tax cash flows are used as observable inputs, and then the pre-tax discount rates are calculated from this to comply with the disclosure requirements under IAS 36. The pre-tax risk adjusted discount rates have been calculated to be 13.1% for EMEA (FY25: 12.7%), 13.1% for Americas (FY25: 12.2%), and 12.6% for APAC (FY25: 11.8%). The increase from the prior period reflects the application of higher discount rates, rather than the midpoint, in the current period assessment, primarily driven by increased market uncertainty and geopolitical volatility during the period. LONG-TERM GROWTH RATES To forecast beyond the five-year detailed cash flows into perpetuity, a long-term average growth rate has been used. The long-term growth rates applied for the regions are 2.0% for EMEA (FY25: 2.0%), 2.2% for Americas (FY25: 2.2%), and 2.0% for APAC (FY25: 3.2%). The rates used are in line with geographical forecasts from industry reports which include market data. OPERATING CASH FLOWS The main assumptions within the forecast operating cash flows use the FY27 board approved budget and apply the latest published external market growth rates from the budget period across the three Regions; Americas, EMEA and APAC. Any new retail development that has not been committed, is excluded from the base year and future years. For the impairment test as at 29 March 2026, cash flow projections from FY28 until the end of FY31 were considered in line with external market growth rates. Variable input costs are in line with the growth assumptions. The levels of capital expenditure required to support each sales channel has also been considered on a no new stores basis. SENSITIVITY ANALYSIS Sensitivity analysis to potential changes in these key assumptions has been reviewed. For the EMEA and APAC CGUs there are no reasonably possible changes to key assumptions that would cause the carrying amount of these CGUs to exceed their recoverable amount. The Americas CGU was previously noted to be sensitive to the assumptions relating to sales growth and EBITDA margin. Future sales are estimated to increase on a compound annual growth rate (CAGR) basis for the Americas CGU by 4.1% (FY25: 7.9%) over the five years pre-perpetuity from external market rates. The CAGR is achievable based on the performance of Americas CGU during the financial period. Potential changes in these key assumptions have been sensitised without cost mitigation as follows:
FY26 FY25
Americas \u00a3m \u00a3m
Original headroom
159.4
129.7
Headroom/(deficit) using a 10% decrease in forecasted sales
15.9
(50.8)
Headroom using a 10% increase in forecasted sales
304.7
308.4
Headroom/(deficit) using a 25% decrease in forecasted EBITDA
8.9
(21.4)
Headroom using a 25% increase in forecasted EBITDA
309.8
280.7
(Deficit) combining a 10% decrease in forecasted sales, a further 10% decrease in EBITDA
and a 1%pt increase in pre-tax discount rate
(52.2)
(120.6)
SALES Sensitivities have been modelled in the table above based on a +/- 10% movement in sales relative to the market growth plan, applied each year and into perpetuity. A decrease in forecasted sales of -10% would result in no impairment loss. A decrease in forecast sales of -10% results in a revised compound annual growth rate (CAGR) over the five years pre-perpetuity from FY26 sales of 1.9%, and an increase of 10% results in a revised CAGR of 6.1%.The reduction in forecast sales, for each of the five years and into perpetuity, that would result in the carrying amount and the recoverable amount being equal, is a decrease of 11.1%. Under the current period impairment assessment, a 10% change in Sales assumptions does not result in an impairment for the Americas CGU, whereas such sensitivity was observed in the prior period. EBITDA Sensitivities have been modelled in the table above based on a +/- 25% movement in EBITDA relative to the market growth plan each year and into perpetuity. A decrease in forecasted EBITDA of -25% would result in no impairment loss. The reduction in forecast EBITDA, for each of the five years and into perpetuity, that would result in the carrying amount and the recoverable amount being equal, is a decrease of 26.5%. This would result in an EBITDA % of 11.2% (FY25: 8.8%). Under the current period impairment assessment, a 25% change in EBITDA assumptions does not result in an impairment for the Americas CGU, whereas such sensitivity was observed in the prior period. ADDITIONAL ILLUSTRATION An additional sensitivity as set out in the table above, which is not considered reasonably possible, has been included for illustrative purposes which models a scenario where forecasted sales decline by -10%, EBITDA deteriorates by a further 10% (in addition to the EBITDA decline from reducing forecasted sales) and the pre-tax discount rate also increases by 1pts (FY25: 1%pt). This would result in an impairment loss. 13. Property, plant and equipment
Freehold property Leasehold Plant, machinery, Office and computer\ue26b
and improvements improvements fixtures and fittings\ue26b equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2024
7. 8
82.0
16.0
8.5
114.3
Additions
0.1
6.7
0.2
0.7
7. 7
Disposals
(0.1)
(4.4)
(1.3)
(2.0)
(7.8)
Reclassifications to right-of-use assets
\u2013
(0.7)
\u2013
\u2013
(0.7)
Foreign exchange
(0.1)
(1.5)
(0.3)
(0.1)
(2.0)
At 30 March 2025
7. 7
82.1
14.6
7. 1
111.5
Additions
\u2013
7.3
0.1
1.1
8.5
Disposals
\u2013
(6.4)
\u2013
(0.7)
(7.1)
Foreign exchange
(0.2)
(0.3)
(0.2)
(0.1)
(0.8)
At 29 March 2026
7. 5
82.7
14.5
7. 4
112.1
Accumulated depreciation and impairment
At 1 April 2024
0.8
43.9
4.2
6.0
54.9
Charge for the period
0.2
12.2
0.9
1.7
15.0
Impairment
\u2013
1.0
0.1
\u2013
1.1
Eliminated on disposal
\u2013
(4.3)
(1.3)
(2.0)
(7.6)
Reclassifications to right-of-use assets
\u2013
(0.6)
\u2013
\u2013
(0.6)
Foreign exchange
\u2013
(0.8)
\u2013
(0.1)
(0.9)
At 30 March 2025
1.0
51.4
3.9
5.6
61.9
Charge for the period
0.1
11.2
0.8
1.2
13.3
Impairment
\u2013
0.7
\u2013
\u2013
0.7
Eliminated on disposal
\u2013
(6.1)
\u2013
(0.7)
(6.8)
Foreign exchange
(0.1)
(0.3)
(0.1)
\u2013
(0.5)
At 29 March 2026
1.0
56.9
4.6
6.1
68.6
Net book value
At 29 March 2026
6.5
25.8
9.9
1.3
43.5
At 30 March 2025
6.7
30.7
10.7
1.5
49.6
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
Right-of-use
assets
\u00a3m
Cost or valuation
At 1 April 2024
302.9
Additions
1
18.6
Reassessments of leases
2
2.6
Reclassifications from property, plant and equipment
0.7
Modifications of leases
6.3
Disposals
(14.4)
Foreign exchange
(5.8)
At 30 March 2025
310.9
Additions
1
11.3
Reassessments of leases
2
6.0
Modifications of leases
23.4
Disposals
(13.3)
Foreign exchange
(1.6)
At 29 March 2026
336.7
Accumulated depreciation and impairment
At 1 April 2024
129.4
Charge for the period
51.4
Reclassifications from property, plant and equipment
0.6
Impairment
3.2
Disposals
(14.4)
Foreign exchange
(2.5)
At 30 March 2025
167.7
Charge for the period
48.8
Impairment
3.5
Disposals
(13.3)
Foreign exchange
(1.3)
At 29 March 2026
205.4
Net book value
At 29 March 2026
131.3
At 30 March 2025
143.2
1. Additions include \u00a30.7m of direct costs (FY25: \u00a30.7m) and \u00a30.2m (FY25: \u00a31.2m) in relation to costs of removal and restoring. 2. Lease reassessments relate to measurement adjustments for rent reviews and stores that have exercised lease breaks. IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT AND RIGHT-OF-USE ASSETS The Group has determined that each retail store is a separate CGU. Each CGU is assessed for indicators of impairment at the Balance Sheet date and tested for impairment if any indicators exist. The Group has some leases that meet the IAS 36 definition of corporate assets, such as offices, as they do not generate independent cash flows. These are assessed for impairment indicators and, if required to be tested for impairment, are done so using the two-step impairment process under IAS 36 in which they are allocated to the regional-level CGUs as determined for goodwill impairment (note 12). There has been no change to the way in which CGUs are determined in the period. During the period, the Group has recognised an impairment charge of \u00a33.5m (FY25: \u00a33.2m) to right-of-use assets and \u00a30.7m (FY25: \u00a31.1m) to related property, plant and equipment in relation to the ongoing store estate. These stores were impaired to their value in use recoverable amount of \u00a33.4m.
JUDGEMENTS, ASSUMPTIONS AND ESTIMATES \u2013 RETAIL STORES
The results of the Company\u2019s impairment tests are dependent upon estimates and judgements made by management. If an indicator of
impairment has been identified, a CGU\u2019s recoverable amount is measured using the value in use method. The value in use calculations
have been determined by applying growth assumptions that are consistent with published external market data (\u2018market growth plan\u2019).
The external growth assumptions have been applied from the FY27 Board approved budget onwards, and estimated cash flows for the
periods FY28 to FY31. The forecasts are based on annual budgets and strategic projections representing the best estimate of future
performance. Management considers forecasting over this period to appropriately reflect the business cycle of the CGUs.
If determining the value in use of CGUs it is necessary to make a series of assumptions to estimate the present value of future cash flows
which reflect past experience and are consistent with relevant external sources of information.
OPERATING CASH FLOWS \u2013 RETAIL STORES
If an indicator of impairment has been identified and a CGU\u2019s recoverable amount is required to be estimated, the main assumptions within the
forecast operating cash flows include the achievement of future growth in retail sales, sales prices and volumes, raw material input costs, the
cost structure of each CGU, the impact of foreign currency rates upon selling price and cost relationships and the levels of capital expenditure
required to support the associated sales. Ecommerce cash flows are not allocated to store CGUs for the purpose of impairment testing.
PRE-TAX RISK ADJUSTED DISCOUNT RATE \u2013 RETAIL STORES
If an indicator of impairment has been identified and a CGU\u2019s recoverable amount is required to be estimated, future cash flows are
discounted to present value using a pre-tax discount rate derived from risk-free rates based on long-term government bonds, adjusted for
risk factors such as region and market risk in the territories in which the Group operates and the time value of money. Consistent with the
2019 IFRS IASB Staff Paper, a post-tax discount rate and post-tax cash flows are used as observable inputs, and then the pre-tax discount
rate is calculated from this to comply with the disclosure requirements under IAS 36. The pre-tax discount rate for the Group has been
calculated to be 12.9% (FY25: 12.4%).
SENSITIVITY ANALYSIS \u2013 RETAIL STORES
The results of the Group\u2019s impairment tests are dependent upon estimates and judgements made by management, particularly in relation
to the key assumptions of the Group. The cash flow projections include assumptions on store performance throughout the remaining
contractual lease term. In particular, the retail revenue recovery profile in the budget for future periods represents a source of estimation
uncertainty. The projections and sensitivity analysis for future periods are consistent with the market growth plan. We have concluded no
material reasonable possible changes in assumptions will result in an impairment and therefore no sensitivity analysis has been disclosed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-405": { "value": "5. Expenses analysis Profit before tax is stated after charging and crediting:
FY26 FY25
Note \u00a3m \u00a3m
Selling and administrative expenses
Staff costs
1
7
161.6
179.6
Operating costs
2
216.4
215.1
378.0
394.7
Amortisation of intangible assets
12
6.3
6.1
Depreciation of property, plant and equipment
13
13.3
15.0
Depreciation of right-of-use assets
13
48.8
51.4
Impairment of property, plant and equipment
13
0.7
1.1
Impairment of right-of-use assets
13
3.5
3.2
Currency (gains)/losses
(0.9)
3.1
Other (gains)/losses
(0.7)
0.1
Depreciation, amortisation, impairment, currency (gains)/losses and other (gains)/losses
71.0
80.0
Total selling and administrative expenses
449.0
474.7
1. Included within staff costs is \u00a35.2m of adjusting items (FY25: \u00a314.4m) relating to Director joining costs, cost savings related costs, pension buy-in accounting charges and associated expenses and investment in transformation. 2. Included within operating costs is \u00a313.8m of adjusting items (FY25: \u00a31.9m) relating to Director joining costs, cost savings related costs, IEEPA-related US tariffs following the US Supreme Court judgment, and investment in transformation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-406": { "value": "6. Auditors\u2019 remuneration
FY26 FY25
\u00a3m \u00a3m
Audit services in respect of the financial statements of the Parent Company and consolidation
1
1.8
1.9
Audit services in respect of the financial statements of subsidiary companies
0.5
0.7
Other non-audit related services
\u2013
0.2
2.3
2.8
1. During the prior period \u00a30.2m of additional fees relating to the FY24 audit were agreed and incurred as an accounting expense. There are \u00a3nil costs in relation to prior period additional fees during the period ended 29 March 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-359": { "value": "
7. Staff costs
The aggregate payroll costs were as follows:
FY26 FY25
\u00a3m \u00a3m
Wages and salaries
1
126.5
141.0
Termination benefits
2
7. 6
7. 3
Social security costs
3
15.7
15.4
Pension costs
4
5.0
5.3
Other benefits
5
10.6
13.8
165.4
182.8
1. Included within wages and salaries is \u00a30.1m of adjusting items (FY25: \u00a32.5m), and \u00a33.4m of payroll costs capitalised (\u00a32.5m within MIE inventory, \u00a30.9m within intangible assets).
The FY25 figures have been restated to disclose these costs (\u00a32.3m MIE and \u00a30.6m other).
2. Included within termination benefits is \u00a33.8m of adjusting items (FY25: \u00a36.5m).
3. Included within social security costs is \u00a30.5m of adjusting items (FY25: \u00a31.0m) and \u00a30.3m of payroll costs capitalised relating to the MIE factory. The FY25 figures have been
restated to disclose these costs (FY25: \u00a30.2m).
4. Included within pension costs is \u00a30.1m of payroll costs capitalised relating to the MIE factory. The FY25 figures have been restated to disclose these costs (FY25: \u00a30.1m).
5. Included within other benefits is share-based payments of \u00a35.2m (FY25: \u00a37.2m), which comprises \u00a30.7m (FY25: \u00a33.4m) of adjusting items.
For details of remuneration relating to Directors, please refer to the Directors\u2019 Remuneration Report on pages 120 to 135 of the Annual Report.
The monthly number of employees (including Directors) employed by the Group during the period was:
FTE
6
Average
7
As at As at For the 52 weeks For the 52 weeks
29 March 2026 30 March 2025 ended 29 March ended 30 March
No. No.
2026
No.
2025
No.
EMEA
924
971
1,630
1,720
Americas
532
549
811
802
APAC
286
293
555
546
Global support functions
635
535
614
583
2,377
2,348
3,610
3,651
6. FTE (full-time equivalent) is calculated by dividing the employee\u2019s contracted hours by the Group\u2019s standard full time contract hours.
7. Average is the average actual employees of the Group during the period calculated on a monthly basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-360": { "value": "
8. Finance expense
FY26 FY25
\u00a3m \u00a3m
Bank debt and other charges
20.0
22.1
Interest on lease liabilities
6.3
6.9
Discount unwind of dilapidation provision
0.3
0.2
Amortisation of bank loan issue costs
1.4
1.2
Accelerated amortisation of fees on debt refinancing
1
\u2013
1.6
Total financing expense
28.0
32.0
1. Classified as an exceptional cost \u2013 see note 4 for detail.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-441": { "value": "8. Finance expense
FY26 FY25
\u00a3m \u00a3m
Bank debt and other charges
20.0
22.1
Interest on lease liabilities
6.3
6.9
Discount unwind of dilapidation provision
0.3
0.2
Amortisation of bank loan issue costs
1.4
1.2
Accelerated amortisation of fees on debt refinancing
1
\u2013
1.6
Total financing expense
28.0
32.0
1. Classified as an exceptional cost \u2013 see note 4 for detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-460": { "value": "8. Finance expense
FY26 FY25
\u00a3m \u00a3m
Bank debt and other charges
20.0
22.1
Interest on lease liabilities
6.3
6.9
Discount unwind of dilapidation provision
0.3
0.2
Amortisation of bank loan issue costs
1.4
1.2
Accelerated amortisation of fees on debt refinancing
1
\u2013
1.6
Total financing expense
28.0
32.0
1. Classified as an exceptional cost \u2013 see note 4 for detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-452": { "value": "8. Finance expense
FY26 FY25
\u00a3m \u00a3m
Bank debt and other charges
20.0
22.1
Interest on lease liabilities
6.3
6.9
Discount unwind of dilapidation provision
0.3
0.2
Amortisation of bank loan issue costs
1.4
1.2
Accelerated amortisation of fees on debt refinancing
1
\u2013
1.6
Total financing expense
28.0
32.0
1. Classified as an exceptional cost \u2013 see note 4 for detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-407": { "value": "8. Finance expense
FY26 FY25
\u00a3m \u00a3m
Bank debt and other charges
20.0
22.1
Interest on lease liabilities
6.3
6.9
Discount unwind of dilapidation provision
0.3
0.2
Amortisation of bank loan issue costs
1.4
1.2
Accelerated amortisation of fees on debt refinancing
1
\u2013
1.6
Total financing expense
28.0
32.0
1. Classified as an exceptional cost \u2013 see note 4 for detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-361": { "value": "
9. Tax expense
The Group calculates the tax expense for the period using the tax rate that would be applicable to the expected total annual earnings.
The major components of tax expense in the Consolidated Statement of Profit or Loss are:
FY26 FY25
\u00a3m \u00a3m
Current tax
Current tax on UK profit for the period
7. 2
1.7
Adjustment in respect of prior periods
0.2
(0.1)
Current tax on overseas profits for the period
3.2
3.8
10.6
5.4
Deferred tax
Origination and reversal of temporary differences
(1.8)
(0.8)
Adjustment in respect of prior periods
(0.1)
(0.3)
Effect of change in tax rate on opening balance
0.2
\u2013
(1.7)
(1.1)
Total tax expense in the Consolidated Statement of Profit or Loss
8.9
4.3
Other comprehensive income
Tax in relation to share schemes
(0.3)
0.7
Tax in relation to cash flow hedges
(0.1)
(0.3)
Tax in relation to pension buy-in
0.9
\u2013
Total tax expense in the Consolidated Statement of Comprehensive Income
9.4
4.7
FY26 FY25
\u00a3m \u00a3m
Factors affecting the tax expense for the period:
Profit before tax
32.7
8.8
Profit before tax multiplied by standard rate of UK corporation tax of 25% (FY25: 25%)
8.2
2.2
Effects of:
Non-deductible expenses
0.8
1.8
Share-based payments
0.1
0.9
Difference in foreign tax rates
(0.2)
(0.1)
Other adjustments
(0.1)
(0.1)
Adjustments in respect of prior periods
1
0.1
(0.4)
Total tax expense in the Consolidated Statement of Profit or Loss
8.9
4.3
Other comprehensive income
Tax in relation to share schemes
(0.3)
0.7
Tax in relation to cash flow hedges
(0.1)
(0.3)
Tax in relation to pension buy-in
0.9
\u2013
Total tax expense in the Consolidated Statement of Comprehensive Income
9.4
4.7
Effective tax rate
2
27.2%
48.9%
1. The adjustments in respect of the prior periods are in relation to current and deferred tax on temporary differences.
2. Adjusted effective tax rate for the period is 26.2% (FY25: 31.6%). Tax impact of adjusting items is detailed in note 4. Adjusted effective tax rate is calculated by dividing
the post-adjusting items tax charge for the period by adjusted profit before tax.
FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15%
for large groups for financial years beginning on or after 31 December 2023.
The majority of territories in which the Group operates are expected to qualify for one of the safe harbour exemptions such that top-up taxes should
not apply. For any entities that may not qualify for safe harbour relief there is the potential for Pillar Two taxes to apply, but these are not expected
to be material. The group applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and liabilities related to
Pillar Two income taxes.
23. Deferred taxation
The analysis of deferred tax assets and liabilities is as follows:
FY26 FY25
\u00a3m \u00a3m
Non-current
Assets
11.0
11.1
Liabilities
(1.3)
(2.5)
9.7
8.6
The gross movement on the deferred income tax is as follows:
FY26 FY25
\u00a3m \u00a3m
Credit for the period in the Consolidated Statement of Comprehensive Income
1.1
0.2
The deferred tax asset provided in the financial statements is supported by budgets and trading forecasts and relates to the following
temporary differences:
+ accelerated capital allowances are the differences between the net book value of fixed assets and their tax base;
+ other temporary differences are the other differences between the carrying amount of an asset/liability and its tax base that eventually
will reverse;
+ unrealised profits in intra-group transactions and expenses;
+ trade losses expected to be utilised in future periods; and
+ deferred tax on share-based payments in relation to the expected future tax deduction on the exercise of granted share options spread
over the vesting period.
The movement in deferred income tax assets and liabilities during the period is as follows:
Accelerated Unrealised Other
capital intra-group temporary Share-based
allowances profits\ue26b differences\ue26b Tax losses payments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2024
(3.2)
3.3
6.9
0.6
0.8
8.4
Statement of Profit or Loss credit/(charge)
0.1
\u2013
0.9
(0.4)
0.5
1.1
Credited/(charged) directly to equity
\u2013
\u2013
0.3
\u2013
(0.7)
(0.4)
Adjustment for Korea concession income
1
\u2013
\u2013
(0.3)
\u2013
\u2013
(0.3)
Foreign exchange
\u2013
(0.1)
(0.1)
\u2013
\u2013
(0.2)
At 30 March 2025
(3.1)
3.2
7. 7
0.2
0.6
8.6
Statement of Profit or Loss credit/(charge)
0.9
0.7
(0.4)
(0.1)
0.6
1.7
(Charged)/credited directly to equity
\u2013
\u2013
(0.8)
\u2013
0.3
(0.5)
Foreign exchange
\u2013
\u2013
(0.1)
\u2013
\u2013
(0.1)
At 29 March 2026
(2.2)
3.9
6.4
0.1
1.5
9.7
1. This adjustment relates to the release of a historical Korean deferred tax asset arising from differences in income recognition in concessions between Korean GAAP and Korean tax
rules. This asset was released due to a claim with the Korean tax authorities being resolved.
Deferred taxation not provided in the financial statements:
FY26 FY25
\u00a3m \u00a3m
Tax losses
2
8.6
8.9
2. This is the tax affected amount of losses that have not been provided for in the financial statements, calculated using the rate at which the losses would be expected to be used.
There are \u00a334.6m (FY25: \u00a335.4m) of gross tax losses that have not been provided for because they are either capital losses (which can only be used against future capital gains
which we are not forecasting) or they are non-trade loan relationship losses which can only be used in the same company (and are in companies we don\u2019t expect to have any loan
relationship profits).
The deferred tax assets and liabilities have been measured at the corporation tax rate expected to apply to the reversal of the timing
difference, based on rates that are enacted or substantively enacted by the end of each reporting period. There are no material temporary
differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements, for which deferred
tax liabilities have not been recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-408": { "value": "9. Tax expense The Group calculates the tax expense for the period using the tax rate that would be applicable to the expected total annual earnings. The major components of tax expense in the Consolidated Statement of Profit or Loss are:
FY26 FY25
\u00a3m \u00a3m
Current tax
Current tax on UK profit for the period
7. 2
1.7
Adjustment in respect of prior periods
0.2
(0.1)
Current tax on overseas profits for the period
3.2
3.8
10.6
5.4
Deferred tax
Origination and reversal of temporary differences
(1.8)
(0.8)
Adjustment in respect of prior periods
(0.1)
(0.3)
Effect of change in tax rate on opening balance
0.2
\u2013
(1.7)
(1.1)
Total tax expense in the Consolidated Statement of Profit or Loss
8.9
4.3
Other comprehensive income
Tax in relation to share schemes
(0.3)
0.7
Tax in relation to cash flow hedges
(0.1)
(0.3)
Tax in relation to pension buy-in
0.9
\u2013
Total tax expense in the Consolidated Statement of Comprehensive Income
9.4
4.7
FY26 FY25
\u00a3m \u00a3m
Factors affecting the tax expense for the period:
Profit before tax
32.7
8.8
Profit before tax multiplied by standard rate of UK corporation tax of 25% (FY25: 25%)
8.2
2.2
Effects of:
Non-deductible expenses
0.8
1.8
Share-based payments
0.1
0.9
Difference in foreign tax rates
(0.2)
(0.1)
Other adjustments
(0.1)
(0.1)
Adjustments in respect of prior periods
1
0.1
(0.4)
Total tax expense in the Consolidated Statement of Profit or Loss
8.9
4.3
Other comprehensive income
Tax in relation to share schemes
(0.3)
0.7
Tax in relation to cash flow hedges
(0.1)
(0.3)
Tax in relation to pension buy-in
0.9
\u2013
Total tax expense in the Consolidated Statement of Comprehensive Income
9.4
4.7
Effective tax rate
2
27.2%
48.9%
1. The adjustments in respect of the prior periods are in relation to current and deferred tax on temporary differences. 2. Adjusted effective tax rate for the period is 26.2% (FY25: 31.6%). Tax impact of adjusting items is detailed in note 4. Adjusted effective tax rate is calculated by dividing the post-adjusting items tax charge for the period by adjusted profit before tax. FACTORS THAT MAY AFFECT FUTURE TAX CHARGES On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15% for large groups for financial years beginning on or after 31 December 2023. The majority of territories in which the Group operates are expected to qualify for one of the safe harbour exemptions such that top-up taxes should not apply. For any entities that may not qualify for safe harbour relief there is the potential for Pillar Two taxes to apply, but these are not expected to be material. The group applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. 23. Deferred taxation The analysis of deferred tax assets and liabilities is as follows:
FY26 FY25
\u00a3m \u00a3m
Non-current
Assets
11.0
11.1
Liabilities
(1.3)
(2.5)
9.7
8.6
The gross movement on the deferred income tax is as follows:
FY26 FY25
\u00a3m \u00a3m
Credit for the period in the Consolidated Statement of Comprehensive Income
1.1
0.2
The deferred tax asset provided in the financial statements is supported by budgets and trading forecasts and relates to the following temporary differences: + accelerated capital allowances are the differences between the net book value of fixed assets and their tax base; + other temporary differences are the other differences between the carrying amount of an asset/liability and its tax base that eventually will reverse; + unrealised profits in intra-group transactions and expenses; + trade losses expected to be utilised in future periods; and + deferred tax on share-based payments in relation to the expected future tax deduction on the exercise of granted share options spread over the vesting period. The movement in deferred income tax assets and liabilities during the period is as follows:
Accelerated Unrealised Other
capital intra-group temporary Share-based
allowances profits\ue26b differences\ue26b Tax losses payments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2024
(3.2)
3.3
6.9
0.6
0.8
8.4
Statement of Profit or Loss credit/(charge)
0.1
\u2013
0.9
(0.4)
0.5
1.1
Credited/(charged) directly to equity
\u2013
\u2013
0.3
\u2013
(0.7)
(0.4)
Adjustment for Korea concession income
1
\u2013
\u2013
(0.3)
\u2013
\u2013
(0.3)
Foreign exchange
\u2013
(0.1)
(0.1)
\u2013
\u2013
(0.2)
At 30 March 2025
(3.1)
3.2
7. 7
0.2
0.6
8.6
Statement of Profit or Loss credit/(charge)
0.9
0.7
(0.4)
(0.1)
0.6
1.7
(Charged)/credited directly to equity
\u2013
\u2013
(0.8)
\u2013
0.3
(0.5)
Foreign exchange
\u2013
\u2013
(0.1)
\u2013
\u2013
(0.1)
At 29 March 2026
(2.2)
3.9
6.4
0.1
1.5
9.7
1. This adjustment relates to the release of a historical Korean deferred tax asset arising from differences in income recognition in concessions between Korean GAAP and Korean tax rules. This asset was released due to a claim with the Korean tax authorities being resolved. Deferred taxation not provided in the financial statements:
FY26 FY25
\u00a3m \u00a3m
Tax losses
2
8.6
8.9
2. This is the tax affected amount of losses that have not been provided for in the financial statements, calculated using the rate at which the losses would be expected to be used. There are \u00a334.6m (FY25: \u00a335.4m) of gross tax losses that have not been provided for because they are either capital losses (which can only be used against future capital gains which we are not forecasting) or they are non-trade loan relationship losses which can only be used in the same company (and are in companies we don\u2019t expect to have any loan relationship profits). The deferred tax assets and liabilities have been measured at the corporation tax rate expected to apply to the reversal of the timing difference, based on rates that are enacted or substantively enacted by the end of each reporting period. There are no material temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements, for which deferred tax liabilities have not been recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-442": { "value": "The majority of territories in which the Group operates are expected to qualify for one of the safe harbour exemptions such that top-up taxes should not apply. For any entities that may not qualify for safe harbour relief there is the potential for Pillar Two taxes to apply, but these are not expected to be material. The group applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-362": { "value": "
10. Earnings per share
The calculation of basic earnings per share is based on the profit attributable to ordinary shareholders of the Parent Company divided
by the weighted average number of ordinary shares in issue during the period.
Diluted earnings per share is calculated by dividing the profit for the period attributable to ordinary equity holders of the Parent Company by
the weighted average number of ordinary shares in issue during the period plus the weighted average number of ordinary shares that would
be issued on the conversion of all dilutive potential ordinary shares into ordinary shares.
FY26 FY25
Note \u00a3m \u00a3m
Profit after tax
23.8
4.5
Adjustments to profit after tax
4
16.8
18.9
Adjusted profit after tax
1
40.6
23.4
1. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229.
FY26 FY25
No. No.
Weighted average number of shares for calculating basic earnings per share (millions)
964.7
962.3
Potentially dilutive share awards (millions)
14.9
11.8
Weighted average number of shares for calculating diluted earnings per share (millions)
979.6
974.1
FY26
FY25
Earnings per share
Basic earnings per share
2.5p
0.5p
Diluted earnings per share
2.4p
0.5p
Adjusted earnings per share
1
Adjusted basic earnings per share
1
4.2p
2.4p
Adjusted diluted earnings per share
1
4.1p
2.4p
1. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-409": { "value": "10. Earnings per share The calculation of basic earnings per share is based on the profit attributable to ordinary shareholders of the Parent Company divided by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is calculated by dividing the profit for the period attributable to ordinary equity holders of the Parent Company by the weighted average number of ordinary shares in issue during the period plus the weighted average number of ordinary shares that would be issued on the conversion of all dilutive potential ordinary shares into ordinary shares.
FY26 FY25
Note \u00a3m \u00a3m
Profit after tax
23.8
4.5
Adjustments to profit after tax
4
16.8
18.9
Adjusted profit after tax
1
40.6
23.4
1. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229.
FY26 FY25
No. No.
Weighted average number of shares for calculating basic earnings per share (millions)
964.7
962.3
Potentially dilutive share awards (millions)
14.9
11.8
Weighted average number of shares for calculating diluted earnings per share (millions)
979.6
974.1
FY26
FY25
Earnings per share
Basic earnings per share
2.5p
0.5p
Diluted earnings per share
2.4p
0.5p
Adjusted earnings per share
1
Adjusted basic earnings per share
1
4.2p
2.4p
Adjusted diluted earnings per share
1
4.1p
2.4p
1. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-363": { "value": "
11. Dividends
FY26 FY25
\u00a3m \u00a3m
Dividends paid during the period
Prior period final dividend paid
16.4
9.5
Prior period interim dividend paid
8.2
1
\u2013
Total dividends paid during the period
24.6
9.5
Dividend in respect of the period:
Interim dividend: 0.85p (FY25: 0.85p)
2
8.2
8.2
Final dividend: 1.70p (FY25: 1.70p)
16.3
16.4
Total dividend in respect of the period
24.5
24.6
Payout ratio %
3
103%
547%
1. The FY25 interim dividend was paid on 4 April 2025.
2. The FY26 interim dividend was paid on 7 April 2026.
3. Refer to the Glossary on pages 227 to 229 for method of calculation.
The Board has proposed, subject to shareholder approval, a final dividend of 1.70p (FY25: 1.70p), taking the total dividend for FY26,
including the interim dividend of 0.85p, to 2.55p, a 103% payout ratio.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-8": { "value": "0.017", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-9": { "value": "0.017", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2024-04-01T00:00:00/2025-03-31T00:00:00", "unit": "iso4217:GBP" } }, "fact-11": { "value": "16300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-10": { "value": "16400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2024-04-01T00:00:00/2025-03-31T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-364": { "value": "
12. Intangible assets
Software Other
intangibles
1
intangibles Goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2024
57.3
1.2
240.7
299.2
Additions
10.3
\u2013
\u2013
10.3
Disposals
(3.6)
\u2013
\u2013
(3.6)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 30 March 2025
63.9
1.2
240.7
305.8
Additions
2.7
\u2013
\u2013
2.7
Disposals
(0.8)
\u2013
\u2013
(0.8)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 29 March 2026
65.7
1.2
240.7
307.6
Accumulated amortisation and impairment
At 1 April 2024
29.0
0.2
\u2013
29.2
Charge for the period
6.1
\u2013
\u2013
6.1
Disposals
(3.4)
\u2013
\u2013
(3.4)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 30 March 2025
31.6
0.2
\u2013
31.8
Charge for the period
6.3
\u2013
\u2013
6.3
Disposals
(0.8)
\u2013
\u2013
(0.8)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 29 March 2026
37.0
0.2
\u2013
37.2
Net book value
At 29 March 2026
28.7
1.0
240.7
270.4
At 30 March 2025
32.3
1.0
240.7
274.0
1. Software intangible additions in the period of \u00a32.7m (FY25 \u00a310.3m) include permanent employee staff costs capitalised of \u00a30.9m (FY25: \u00a30.6m).
GOODWILL IMPAIRMENT ASSESSMENT
Goodwill is required to be tested for impairment on an annual basis by estimating the asset\u2019s recoverable amount. An asset\u2019s recoverable
amount is the higher of its fair value less costs of disposal and its value in use. An impairment is present if the recoverable amount is less
than the carrying value of the asset. The recoverable amount is estimated for goodwill with reference to the cash generating units (CGUs)
to which goodwill was originally allocated and each of these CGUs has been separately assessed and tested. The CGUs were agreed by
the Directors as the geographical regions in which the Group operates. These regions are the lowest level at which goodwill is monitored
and represent identifiable operating segments. There have been no changes to the composition of the Group\u2019s CGUs during the period.
The aggregate carrying amount of goodwill allocated to each CGU was as follows:
FY26 FY25
\u00a3m \u00a3m
EMEA
66.6
66.6
Americas
114.1
114.1
APAC
60.0
60.0
240.7
240.7
All CGUs were tested for impairment. No impairment charge was made in the current period (FY25: \u00a3nil).
JUDGEMENTS, ASSUMPTIONS AND ESTIMATES
The results of the Company\u2019s impairment tests are dependent upon estimates and judgements made by management. All CGUs\u2019
recoverable amounts are measured using a value in use calculation.
In previous periods the value in use was calculated by discounting management\u2019s internal cash flow projections for the CGU covering
a five-year period (pre-perpetuity). The forecasts were based on annual budgets and strategic projections representing the best estimate
of future performance.
This period, in determining value in use, management applied growth assumptions that are consistent with published external market data
(\u2018market growth plan\u2019). The external growth assumptions have been applied from the FY27 Board approved budget year onwards, and
estimates cashflows for the years FY28 to FY31. External growth assumptions have been applied as following a period of stabilisation in FY26,
the global economy in FY27 remains uncertain, with growth expected to be modest and uneven across markets. Key factors influencing
the outlook include; geopolitical and political uncertainty, inflation and interest rates, cost-of-living crisis and climate-related risks.
The FY27 budget period cash flows are consistent with those used to review going concern and viability, however, are required by IAS 36
to be adjusted for use within an impairment review to exclude new retail development to which the Group is not yet committed. The first two
months of cashflows related to FY28 going concern are based on management\u2019s internal plan due to consistent results across this and the
market growth plan during the period.
In determining the value in use of CGUs it is necessary to make a series of assumptions to estimate the present value of future cash flows. The
following assumptions have been made by management reflecting past experience and are consistent with relevant external sources of information.
PRE-TAX RISK ADJUSTED DISCOUNT RATES
Future cash flows are discounted to present value using pre-tax discount rates derived from risk-free rates based on long-term government
bonds, adjusted for risk factors such as Region and market risk in the territories in which the Group operates and the time value of money.
Consistent with the 2019 IFRS IASB Staff Paper, post-tax discount rates and post-tax cash flows are used as observable inputs, and then
the pre-tax discount rates are calculated from this to comply with the disclosure requirements under IAS 36.
The pre-tax risk adjusted discount rates have been calculated to be 13.1% for EMEA (FY25: 12.7%), 13.1% for Americas (FY25: 12.2%),
and 12.6% for APAC (FY25: 11.8%). The increase from the prior period reflects the application of higher discount rates, rather than the
midpoint, in the current period assessment, primarily driven by increased market uncertainty and geopolitical volatility during the period.
LONG-TERM GROWTH RATES
To forecast beyond the five-year detailed cash flows into perpetuity, a long-term average growth rate has been used. The long-term
growth rates applied for the regions are 2.0% for EMEA (FY25: 2.0%), 2.2% for Americas (FY25: 2.2%), and 2.0% for APAC (FY25: 3.2%).
The rates used are in line with geographical forecasts from industry reports which include market data.
OPERATING CASH FLOWS
The main assumptions within the forecast operating cash flows use the FY27 board approved budget and apply the latest published external
market growth rates from the budget period across the three Regions; Americas, EMEA and APAC. Any new retail development that has
not been committed, is excluded from the base year and future years. For the impairment test as at 29 March 2026, cash flow projections
from FY28 until the end of FY31 were considered in line with external market growth rates. Variable input costs are in line with the growth
assumptions. The levels of capital expenditure required to support each sales channel has also been considered on a no new stores basis.
SENSITIVITY ANALYSIS
Sensitivity analysis to potential changes in these key assumptions has been reviewed. For the EMEA and APAC CGUs there are no
reasonably possible changes to key assumptions that would cause the carrying amount of these CGUs to exceed their recoverable amount.
The Americas CGU was previously noted to be sensitive to the assumptions relating to sales growth and EBITDA margin. Future sales are
estimated to increase on a compound annual growth rate (CAGR) basis for the Americas CGU by 4.1% (FY25: 7.9%) over the five years
pre-perpetuity from external market rates. The CAGR is achievable based on the performance of Americas CGU during the financial period.
Potential changes in these key assumptions have been sensitised without cost mitigation as follows:
FY26 FY25
Americas \u00a3m \u00a3m
Original headroom
159.4
129.7
Headroom/(deficit) using a 10% decrease in forecasted sales
15.9
(50.8)
Headroom using a 10% increase in forecasted sales
304.7
308.4
Headroom/(deficit) using a 25% decrease in forecasted EBITDA
8.9
(21.4)
Headroom using a 25% increase in forecasted EBITDA
309.8
280.7
(Deficit) combining a 10% decrease in forecasted sales, a further 10% decrease in EBITDA
and a 1%pt increase in pre-tax discount rate
(52.2)
(120.6)
SALES
Sensitivities have been modelled in the table above based on a +/- 10% movement in sales relative to the market growth plan, applied each
year and into perpetuity. A decrease in forecasted sales of -10% would result in no impairment loss. A decrease in forecast sales of -10%
results in a revised compound annual growth rate (CAGR) over the five years pre-perpetuity from FY26 sales of 1.9%, and an increase of 10%
results in a revised CAGR of 6.1%.The reduction in forecast sales, for each of the five years and into perpetuity, that would result in the carrying
amount and the recoverable amount being equal, is a decrease of 11.1%. Under the current period impairment assessment, a 10% change in
Sales assumptions does not result in an impairment for the Americas CGU, whereas such sensitivity was observed in the prior period.
EBITDA
Sensitivities have been modelled in the table above based on a +/- 25% movement in EBITDA relative to the market growth plan each year
and into perpetuity. A decrease in forecasted EBITDA of -25% would result in no impairment loss. The reduction in forecast EBITDA, for
each of the five years and into perpetuity, that would result in the carrying amount and the recoverable amount being equal, is a decrease
of 26.5%. This would result in an EBITDA % of 11.2% (FY25: 8.8%). Under the current period impairment assessment, a 25% change in
EBITDA assumptions does not result in an impairment for the Americas CGU, whereas such sensitivity was observed in the prior period.
ADDITIONAL ILLUSTRATION
An additional sensitivity as set out in the table above, which is not considered reasonably possible, has been included for illustrative
purposes which models a scenario where forecasted sales decline by -10%, EBITDA deteriorates by a further 10% (in addition to the
EBITDA decline from reducing forecasted sales) and the pre-tax discount rate also increases by 1pts (FY25: 1%pt). This would result
in an impairment loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-461": { "value": "12. Intangible assets
Software Other
intangibles
1
intangibles Goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2024
57.3
1.2
240.7
299.2
Additions
10.3
\u2013
\u2013
10.3
Disposals
(3.6)
\u2013
\u2013
(3.6)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 30 March 2025
63.9
1.2
240.7
305.8
Additions
2.7
\u2013
\u2013
2.7
Disposals
(0.8)
\u2013
\u2013
(0.8)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 29 March 2026
65.7
1.2
240.7
307.6
Accumulated amortisation and impairment
At 1 April 2024
29.0
0.2
\u2013
29.2
Charge for the period
6.1
\u2013
\u2013
6.1
Disposals
(3.4)
\u2013
\u2013
(3.4)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 30 March 2025
31.6
0.2
\u2013
31.8
Charge for the period
6.3
\u2013
\u2013
6.3
Disposals
(0.8)
\u2013
\u2013
(0.8)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 29 March 2026
37.0
0.2
\u2013
37.2
Net book value
At 29 March 2026
28.7
1.0
240.7
270.4
At 30 March 2025
32.3
1.0
240.7
274.0
1. Software intangible additions in the period of \u00a32.7m (FY25 \u00a310.3m) include permanent employee staff costs capitalised of \u00a30.9m (FY25: \u00a30.6m). GOODWILL IMPAIRMENT ASSESSMENT Goodwill is required to be tested for impairment on an annual basis by estimating the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of its fair value less costs of disposal and its value in use. An impairment is present if the recoverable amount is less than the carrying value of the asset. The recoverable amount is estimated for goodwill with reference to the cash generating units (CGUs) to which goodwill was originally allocated and each of these CGUs has been separately assessed and tested. The CGUs were agreed by the Directors as the geographical regions in which the Group operates. These regions are the lowest level at which goodwill is monitored and represent identifiable operating segments. There have been no changes to the composition of the Group\u2019s CGUs during the period. The aggregate carrying amount of goodwill allocated to each CGU was as follows:
FY26 FY25
\u00a3m \u00a3m
EMEA
66.6
66.6
Americas
114.1
114.1
APAC
60.0
60.0
240.7
240.7
All CGUs were tested for impairment. No impairment charge was made in the current period (FY25: \u00a3nil). JUDGEMENTS, ASSUMPTIONS AND ESTIMATES The results of the Company\u2019s impairment tests are dependent upon estimates and judgements made by management. All CGUs\u2019 recoverable amounts are measured using a value in use calculation. In previous periods the value in use was calculated by discounting management\u2019s internal cash flow projections for the CGU covering a five-year period (pre-perpetuity). The forecasts were based on annual budgets and strategic projections representing the best estimate of future performance. This period, in determining value in use, management applied growth assumptions that are consistent with published external market data (\u2018market growth plan\u2019). The external growth assumptions have been applied from the FY27 Board approved budget year onwards, and estimates cashflows for the years FY28 to FY31. External growth assumptions have been applied as following a period of stabilisation in FY26, the global economy in FY27 remains uncertain, with growth expected to be modest and uneven across markets. Key factors influencing the outlook include; geopolitical and political uncertainty, inflation and interest rates, cost-of-living crisis and climate-related risks. The FY27 budget period cash flows are consistent with those used to review going concern and viability, however, are required by IAS 36 to be adjusted for use within an impairment review to exclude new retail development to which the Group is not yet committed. The first two months of cashflows related to FY28 going concern are based on management\u2019s internal plan due to consistent results across this and the market growth plan during the period. In determining the value in use of CGUs it is necessary to make a series of assumptions to estimate the present value of future cash flows. The following assumptions have been made by management reflecting past experience and are consistent with relevant external sources of information. PRE-TAX RISK ADJUSTED DISCOUNT RATES Future cash flows are discounted to present value using pre-tax discount rates derived from risk-free rates based on long-term government bonds, adjusted for risk factors such as Region and market risk in the territories in which the Group operates and the time value of money. Consistent with the 2019 IFRS IASB Staff Paper, post-tax discount rates and post-tax cash flows are used as observable inputs, and then the pre-tax discount rates are calculated from this to comply with the disclosure requirements under IAS 36. The pre-tax risk adjusted discount rates have been calculated to be 13.1% for EMEA (FY25: 12.7%), 13.1% for Americas (FY25: 12.2%), and 12.6% for APAC (FY25: 11.8%). The increase from the prior period reflects the application of higher discount rates, rather than the midpoint, in the current period assessment, primarily driven by increased market uncertainty and geopolitical volatility during the period. LONG-TERM GROWTH RATES To forecast beyond the five-year detailed cash flows into perpetuity, a long-term average growth rate has been used. The long-term growth rates applied for the regions are 2.0% for EMEA (FY25: 2.0%), 2.2% for Americas (FY25: 2.2%), and 2.0% for APAC (FY25: 3.2%). The rates used are in line with geographical forecasts from industry reports which include market data. OPERATING CASH FLOWS The main assumptions within the forecast operating cash flows use the FY27 board approved budget and apply the latest published external market growth rates from the budget period across the three Regions; Americas, EMEA and APAC. Any new retail development that has not been committed, is excluded from the base year and future years. For the impairment test as at 29 March 2026, cash flow projections from FY28 until the end of FY31 were considered in line with external market growth rates. Variable input costs are in line with the growth assumptions. The levels of capital expenditure required to support each sales channel has also been considered on a no new stores basis. SENSITIVITY ANALYSIS Sensitivity analysis to potential changes in these key assumptions has been reviewed. For the EMEA and APAC CGUs there are no reasonably possible changes to key assumptions that would cause the carrying amount of these CGUs to exceed their recoverable amount. The Americas CGU was previously noted to be sensitive to the assumptions relating to sales growth and EBITDA margin. Future sales are estimated to increase on a compound annual growth rate (CAGR) basis for the Americas CGU by 4.1% (FY25: 7.9%) over the five years pre-perpetuity from external market rates. The CAGR is achievable based on the performance of Americas CGU during the financial period. Potential changes in these key assumptions have been sensitised without cost mitigation as follows:
FY26 FY25
Americas \u00a3m \u00a3m
Original headroom
159.4
129.7
Headroom/(deficit) using a 10% decrease in forecasted sales
15.9
(50.8)
Headroom using a 10% increase in forecasted sales
304.7
308.4
Headroom/(deficit) using a 25% decrease in forecasted EBITDA
8.9
(21.4)
Headroom using a 25% increase in forecasted EBITDA
309.8
280.7
(Deficit) combining a 10% decrease in forecasted sales, a further 10% decrease in EBITDA
and a 1%pt increase in pre-tax discount rate
(52.2)
(120.6)
SALES Sensitivities have been modelled in the table above based on a +/- 10% movement in sales relative to the market growth plan, applied each year and into perpetuity. A decrease in forecasted sales of -10% would result in no impairment loss. A decrease in forecast sales of -10% results in a revised compound annual growth rate (CAGR) over the five years pre-perpetuity from FY26 sales of 1.9%, and an increase of 10% results in a revised CAGR of 6.1%.The reduction in forecast sales, for each of the five years and into perpetuity, that would result in the carrying amount and the recoverable amount being equal, is a decrease of 11.1%. Under the current period impairment assessment, a 10% change in Sales assumptions does not result in an impairment for the Americas CGU, whereas such sensitivity was observed in the prior period. EBITDA Sensitivities have been modelled in the table above based on a +/- 25% movement in EBITDA relative to the market growth plan each year and into perpetuity. A decrease in forecasted EBITDA of -25% would result in no impairment loss. The reduction in forecast EBITDA, for each of the five years and into perpetuity, that would result in the carrying amount and the recoverable amount being equal, is a decrease of 26.5%. This would result in an EBITDA % of 11.2% (FY25: 8.8%). Under the current period impairment assessment, a 25% change in EBITDA assumptions does not result in an impairment for the Americas CGU, whereas such sensitivity was observed in the prior period. ADDITIONAL ILLUSTRATION An additional sensitivity as set out in the table above, which is not considered reasonably possible, has been included for illustrative purposes which models a scenario where forecasted sales decline by -10%, EBITDA deteriorates by a further 10% (in addition to the EBITDA decline from reducing forecasted sales) and the pre-tax discount rate also increases by 1pts (FY25: 1%pt). This would result in an impairment loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-453": { "value": "12. Intangible assets
Software Other
intangibles
1
intangibles Goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2024
57.3
1.2
240.7
299.2
Additions
10.3
\u2013
\u2013
10.3
Disposals
(3.6)
\u2013
\u2013
(3.6)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 30 March 2025
63.9
1.2
240.7
305.8
Additions
2.7
\u2013
\u2013
2.7
Disposals
(0.8)
\u2013
\u2013
(0.8)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 29 March 2026
65.7
1.2
240.7
307.6
Accumulated amortisation and impairment
At 1 April 2024
29.0
0.2
\u2013
29.2
Charge for the period
6.1
\u2013
\u2013
6.1
Disposals
(3.4)
\u2013
\u2013
(3.4)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 30 March 2025
31.6
0.2
\u2013
31.8
Charge for the period
6.3
\u2013
\u2013
6.3
Disposals
(0.8)
\u2013
\u2013
(0.8)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 29 March 2026
37.0
0.2
\u2013
37.2
Net book value
At 29 March 2026
28.7
1.0
240.7
270.4
At 30 March 2025
32.3
1.0
240.7
274.0
1. Software intangible additions in the period of \u00a32.7m (FY25 \u00a310.3m) include permanent employee staff costs capitalised of \u00a30.9m (FY25: \u00a30.6m). GOODWILL IMPAIRMENT ASSESSMENT Goodwill is required to be tested for impairment on an annual basis by estimating the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of its fair value less costs of disposal and its value in use. An impairment is present if the recoverable amount is less than the carrying value of the asset. The recoverable amount is estimated for goodwill with reference to the cash generating units (CGUs) to which goodwill was originally allocated and each of these CGUs has been separately assessed and tested. The CGUs were agreed by the Directors as the geographical regions in which the Group operates. These regions are the lowest level at which goodwill is monitored and represent identifiable operating segments. There have been no changes to the composition of the Group\u2019s CGUs during the period. The aggregate carrying amount of goodwill allocated to each CGU was as follows:
FY26 FY25
\u00a3m \u00a3m
EMEA
66.6
66.6
Americas
114.1
114.1
APAC
60.0
60.0
240.7
240.7
All CGUs were tested for impairment. No impairment charge was made in the current period (FY25: \u00a3nil). JUDGEMENTS, ASSUMPTIONS AND ESTIMATES The results of the Company\u2019s impairment tests are dependent upon estimates and judgements made by management. All CGUs\u2019 recoverable amounts are measured using a value in use calculation. In previous periods the value in use was calculated by discounting management\u2019s internal cash flow projections for the CGU covering a five-year period (pre-perpetuity). The forecasts were based on annual budgets and strategic projections representing the best estimate of future performance. This period, in determining value in use, management applied growth assumptions that are consistent with published external market data (\u2018market growth plan\u2019). The external growth assumptions have been applied from the FY27 Board approved budget year onwards, and estimates cashflows for the years FY28 to FY31. External growth assumptions have been applied as following a period of stabilisation in FY26, the global economy in FY27 remains uncertain, with growth expected to be modest and uneven across markets. Key factors influencing the outlook include; geopolitical and political uncertainty, inflation and interest rates, cost-of-living crisis and climate-related risks. The FY27 budget period cash flows are consistent with those used to review going concern and viability, however, are required by IAS 36 to be adjusted for use within an impairment review to exclude new retail development to which the Group is not yet committed. The first two months of cashflows related to FY28 going concern are based on management\u2019s internal plan due to consistent results across this and the market growth plan during the period. In determining the value in use of CGUs it is necessary to make a series of assumptions to estimate the present value of future cash flows. The following assumptions have been made by management reflecting past experience and are consistent with relevant external sources of information. PRE-TAX RISK ADJUSTED DISCOUNT RATES Future cash flows are discounted to present value using pre-tax discount rates derived from risk-free rates based on long-term government bonds, adjusted for risk factors such as Region and market risk in the territories in which the Group operates and the time value of money. Consistent with the 2019 IFRS IASB Staff Paper, post-tax discount rates and post-tax cash flows are used as observable inputs, and then the pre-tax discount rates are calculated from this to comply with the disclosure requirements under IAS 36. The pre-tax risk adjusted discount rates have been calculated to be 13.1% for EMEA (FY25: 12.7%), 13.1% for Americas (FY25: 12.2%), and 12.6% for APAC (FY25: 11.8%). The increase from the prior period reflects the application of higher discount rates, rather than the midpoint, in the current period assessment, primarily driven by increased market uncertainty and geopolitical volatility during the period. LONG-TERM GROWTH RATES To forecast beyond the five-year detailed cash flows into perpetuity, a long-term average growth rate has been used. The long-term growth rates applied for the regions are 2.0% for EMEA (FY25: 2.0%), 2.2% for Americas (FY25: 2.2%), and 2.0% for APAC (FY25: 3.2%). The rates used are in line with geographical forecasts from industry reports which include market data. OPERATING CASH FLOWS The main assumptions within the forecast operating cash flows use the FY27 board approved budget and apply the latest published external market growth rates from the budget period across the three Regions; Americas, EMEA and APAC. Any new retail development that has not been committed, is excluded from the base year and future years. For the impairment test as at 29 March 2026, cash flow projections from FY28 until the end of FY31 were considered in line with external market growth rates. Variable input costs are in line with the growth assumptions. The levels of capital expenditure required to support each sales channel has also been considered on a no new stores basis. SENSITIVITY ANALYSIS Sensitivity analysis to potential changes in these key assumptions has been reviewed. For the EMEA and APAC CGUs there are no reasonably possible changes to key assumptions that would cause the carrying amount of these CGUs to exceed their recoverable amount. The Americas CGU was previously noted to be sensitive to the assumptions relating to sales growth and EBITDA margin. Future sales are estimated to increase on a compound annual growth rate (CAGR) basis for the Americas CGU by 4.1% (FY25: 7.9%) over the five years pre-perpetuity from external market rates. The CAGR is achievable based on the performance of Americas CGU during the financial period. Potential changes in these key assumptions have been sensitised without cost mitigation as follows:
FY26 FY25
Americas \u00a3m \u00a3m
Original headroom
159.4
129.7
Headroom/(deficit) using a 10% decrease in forecasted sales
15.9
(50.8)
Headroom using a 10% increase in forecasted sales
304.7
308.4
Headroom/(deficit) using a 25% decrease in forecasted EBITDA
8.9
(21.4)
Headroom using a 25% increase in forecasted EBITDA
309.8
280.7
(Deficit) combining a 10% decrease in forecasted sales, a further 10% decrease in EBITDA
and a 1%pt increase in pre-tax discount rate
(52.2)
(120.6)
SALES Sensitivities have been modelled in the table above based on a +/- 10% movement in sales relative to the market growth plan, applied each year and into perpetuity. A decrease in forecasted sales of -10% would result in no impairment loss. A decrease in forecast sales of -10% results in a revised compound annual growth rate (CAGR) over the five years pre-perpetuity from FY26 sales of 1.9%, and an increase of 10% results in a revised CAGR of 6.1%.The reduction in forecast sales, for each of the five years and into perpetuity, that would result in the carrying amount and the recoverable amount being equal, is a decrease of 11.1%. Under the current period impairment assessment, a 10% change in Sales assumptions does not result in an impairment for the Americas CGU, whereas such sensitivity was observed in the prior period. EBITDA Sensitivities have been modelled in the table above based on a +/- 25% movement in EBITDA relative to the market growth plan each year and into perpetuity. A decrease in forecasted EBITDA of -25% would result in no impairment loss. The reduction in forecast EBITDA, for each of the five years and into perpetuity, that would result in the carrying amount and the recoverable amount being equal, is a decrease of 26.5%. This would result in an EBITDA % of 11.2% (FY25: 8.8%). Under the current period impairment assessment, a 25% change in EBITDA assumptions does not result in an impairment for the Americas CGU, whereas such sensitivity was observed in the prior period. ADDITIONAL ILLUSTRATION An additional sensitivity as set out in the table above, which is not considered reasonably possible, has been included for illustrative purposes which models a scenario where forecasted sales decline by -10%, EBITDA deteriorates by a further 10% (in addition to the EBITDA decline from reducing forecasted sales) and the pre-tax discount rate also increases by 1pts (FY25: 1%pt). This would result in an impairment loss. 13. Property, plant and equipment
Freehold property Leasehold Plant, machinery, Office and computer\ue26b
and improvements improvements fixtures and fittings\ue26b equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2024
7. 8
82.0
16.0
8.5
114.3
Additions
0.1
6.7
0.2
0.7
7. 7
Disposals
(0.1)
(4.4)
(1.3)
(2.0)
(7.8)
Reclassifications to right-of-use assets
\u2013
(0.7)
\u2013
\u2013
(0.7)
Foreign exchange
(0.1)
(1.5)
(0.3)
(0.1)
(2.0)
At 30 March 2025
7. 7
82.1
14.6
7. 1
111.5
Additions
\u2013
7.3
0.1
1.1
8.5
Disposals
\u2013
(6.4)
\u2013
(0.7)
(7.1)
Foreign exchange
(0.2)
(0.3)
(0.2)
(0.1)
(0.8)
At 29 March 2026
7. 5
82.7
14.5
7. 4
112.1
Accumulated depreciation and impairment
At 1 April 2024
0.8
43.9
4.2
6.0
54.9
Charge for the period
0.2
12.2
0.9
1.7
15.0
Impairment
\u2013
1.0
0.1
\u2013
1.1
Eliminated on disposal
\u2013
(4.3)
(1.3)
(2.0)
(7.6)
Reclassifications to right-of-use assets
\u2013
(0.6)
\u2013
\u2013
(0.6)
Foreign exchange
\u2013
(0.8)
\u2013
(0.1)
(0.9)
At 30 March 2025
1.0
51.4
3.9
5.6
61.9
Charge for the period
0.1
11.2
0.8
1.2
13.3
Impairment
\u2013
0.7
\u2013
\u2013
0.7
Eliminated on disposal
\u2013
(6.1)
\u2013
(0.7)
(6.8)
Foreign exchange
(0.1)
(0.3)
(0.1)
\u2013
(0.5)
At 29 March 2026
1.0
56.9
4.6
6.1
68.6
Net book value
At 29 March 2026
6.5
25.8
9.9
1.3
43.5
At 30 March 2025
6.7
30.7
10.7
1.5
49.6
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
Right-of-use
assets
\u00a3m
Cost or valuation
At 1 April 2024
302.9
Additions
1
18.6
Reassessments of leases
2
2.6
Reclassifications from property, plant and equipment
0.7
Modifications of leases
6.3
Disposals
(14.4)
Foreign exchange
(5.8)
At 30 March 2025
310.9
Additions
1
11.3
Reassessments of leases
2
6.0
Modifications of leases
23.4
Disposals
(13.3)
Foreign exchange
(1.6)
At 29 March 2026
336.7
Accumulated depreciation and impairment
At 1 April 2024
129.4
Charge for the period
51.4
Reclassifications from property, plant and equipment
0.6
Impairment
3.2
Disposals
(14.4)
Foreign exchange
(2.5)
At 30 March 2025
167.7
Charge for the period
48.8
Impairment
3.5
Disposals
(13.3)
Foreign exchange
(1.3)
At 29 March 2026
205.4
Net book value
At 29 March 2026
131.3
At 30 March 2025
143.2
1. Additions include \u00a30.7m of direct costs (FY25: \u00a30.7m) and \u00a30.2m (FY25: \u00a31.2m) in relation to costs of removal and restoring. 2. Lease reassessments relate to measurement adjustments for rent reviews and stores that have exercised lease breaks. IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT AND RIGHT-OF-USE ASSETS The Group has determined that each retail store is a separate CGU. Each CGU is assessed for indicators of impairment at the Balance Sheet date and tested for impairment if any indicators exist. The Group has some leases that meet the IAS 36 definition of corporate assets, such as offices, as they do not generate independent cash flows. These are assessed for impairment indicators and, if required to be tested for impairment, are done so using the two-step impairment process under IAS 36 in which they are allocated to the regional-level CGUs as determined for goodwill impairment (note 12). There has been no change to the way in which CGUs are determined in the period. During the period, the Group has recognised an impairment charge of \u00a33.5m (FY25: \u00a33.2m) to right-of-use assets and \u00a30.7m (FY25: \u00a31.1m) to related property, plant and equipment in relation to the ongoing store estate. These stores were impaired to their value in use recoverable amount of \u00a33.4m. JUDGEMENTS, ASSUMPTIONS AND ESTIMATES \u2013 RETAIL STORES The results of the Company\u2019s impairment tests are dependent upon estimates and judgements made by management. If an indicator of impairment has been identified, a CGU\u2019s recoverable amount is measured using the value in use method. The value in use calculations have been determined by applying growth assumptions that are consistent with published external market data (\u2018market growth plan\u2019). The external growth assumptions have been applied from the FY27 Board approved budget onwards, and estimated cash flows for the periods FY28 to FY31. The forecasts are based on annual budgets and strategic projections representing the best estimate of future performance. Management considers forecasting over this period to appropriately reflect the business cycle of the CGUs. If determining the value in use of CGUs it is necessary to make a series of assumptions to estimate the present value of future cash flows which reflect past experience and are consistent with relevant external sources of information. OPERATING CASH FLOWS \u2013 RETAIL STORES If an indicator of impairment has been identified and a CGU\u2019s recoverable amount is required to be estimated, the main assumptions within the forecast operating cash flows include the achievement of future growth in retail sales, sales prices and volumes, raw material input costs, the cost structure of each CGU, the impact of foreign currency rates upon selling price and cost relationships and the levels of capital expenditure required to support the associated sales. Ecommerce cash flows are not allocated to store CGUs for the purpose of impairment testing. PRE-TAX RISK ADJUSTED DISCOUNT RATE \u2013 RETAIL STORES If an indicator of impairment has been identified and a CGU\u2019s recoverable amount is required to be estimated, future cash flows are discounted to present value using a pre-tax discount rate derived from risk-free rates based on long-term government bonds, adjusted for risk factors such as region and market risk in the territories in which the Group operates and the time value of money. Consistent with the 2019 IFRS IASB Staff Paper, a post-tax discount rate and post-tax cash flows are used as observable inputs, and then the pre-tax discount rate is calculated from this to comply with the disclosure requirements under IAS 36. The pre-tax discount rate for the Group has been calculated to be 12.9% (FY25: 12.4%). SENSITIVITY ANALYSIS \u2013 RETAIL STORES The results of the Group\u2019s impairment tests are dependent upon estimates and judgements made by management, particularly in relation to the key assumptions of the Group. The cash flow projections include assumptions on store performance throughout the remaining contractual lease term. In particular, the retail revenue recovery profile in the budget for future periods represents a source of estimation uncertainty. The projections and sensitivity analysis for future periods are consistent with the market growth plan. We have concluded no material reasonable possible changes in assumptions will result in an impairment and therefore no sensitivity analysis has been disclosed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-410": { "value": "12. Intangible assets
Software Other
intangibles
1
intangibles Goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2024
57.3
1.2
240.7
299.2
Additions
10.3
\u2013
\u2013
10.3
Disposals
(3.6)
\u2013
\u2013
(3.6)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 30 March 2025
63.9
1.2
240.7
305.8
Additions
2.7
\u2013
\u2013
2.7
Disposals
(0.8)
\u2013
\u2013
(0.8)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 29 March 2026
65.7
1.2
240.7
307.6
Accumulated amortisation and impairment
At 1 April 2024
29.0
0.2
\u2013
29.2
Charge for the period
6.1
\u2013
\u2013
6.1
Disposals
(3.4)
\u2013
\u2013
(3.4)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 30 March 2025
31.6
0.2
\u2013
31.8
Charge for the period
6.3
\u2013
\u2013
6.3
Disposals
(0.8)
\u2013
\u2013
(0.8)
Foreign exchange
(0.1)
\u2013
\u2013
(0.1)
At 29 March 2026
37.0
0.2
\u2013
37.2
Net book value
At 29 March 2026
28.7
1.0
240.7
270.4
At 30 March 2025
32.3
1.0
240.7
274.0
1. Software intangible additions in the period of \u00a32.7m (FY25 \u00a310.3m) include permanent employee staff costs capitalised of \u00a30.9m (FY25: \u00a30.6m). GOODWILL IMPAIRMENT ASSESSMENT Goodwill is required to be tested for impairment on an annual basis by estimating the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of its fair value less costs of disposal and its value in use. An impairment is present if the recoverable amount is less than the carrying value of the asset. The recoverable amount is estimated for goodwill with reference to the cash generating units (CGUs) to which goodwill was originally allocated and each of these CGUs has been separately assessed and tested. The CGUs were agreed by the Directors as the geographical regions in which the Group operates. These regions are the lowest level at which goodwill is monitored and represent identifiable operating segments. There have been no changes to the composition of the Group\u2019s CGUs during the period. The aggregate carrying amount of goodwill allocated to each CGU was as follows:
FY26 FY25
\u00a3m \u00a3m
EMEA
66.6
66.6
Americas
114.1
114.1
APAC
60.0
60.0
240.7
240.7
All CGUs were tested for impairment. No impairment charge was made in the current period (FY25: \u00a3nil). JUDGEMENTS, ASSUMPTIONS AND ESTIMATES The results of the Company\u2019s impairment tests are dependent upon estimates and judgements made by management. All CGUs\u2019 recoverable amounts are measured using a value in use calculation. In previous periods the value in use was calculated by discounting management\u2019s internal cash flow projections for the CGU covering a five-year period (pre-perpetuity). The forecasts were based on annual budgets and strategic projections representing the best estimate of future performance. This period, in determining value in use, management applied growth assumptions that are consistent with published external market data (\u2018market growth plan\u2019). The external growth assumptions have been applied from the FY27 Board approved budget year onwards, and estimates cashflows for the years FY28 to FY31. External growth assumptions have been applied as following a period of stabilisation in FY26, the global economy in FY27 remains uncertain, with growth expected to be modest and uneven across markets. Key factors influencing the outlook include; geopolitical and political uncertainty, inflation and interest rates, cost-of-living crisis and climate-related risks. The FY27 budget period cash flows are consistent with those used to review going concern and viability, however, are required by IAS 36 to be adjusted for use within an impairment review to exclude new retail development to which the Group is not yet committed. The first two months of cashflows related to FY28 going concern are based on management\u2019s internal plan due to consistent results across this and the market growth plan during the period. In determining the value in use of CGUs it is necessary to make a series of assumptions to estimate the present value of future cash flows. The following assumptions have been made by management reflecting past experience and are consistent with relevant external sources of information. PRE-TAX RISK ADJUSTED DISCOUNT RATES Future cash flows are discounted to present value using pre-tax discount rates derived from risk-free rates based on long-term government bonds, adjusted for risk factors such as Region and market risk in the territories in which the Group operates and the time value of money. Consistent with the 2019 IFRS IASB Staff Paper, post-tax discount rates and post-tax cash flows are used as observable inputs, and then the pre-tax discount rates are calculated from this to comply with the disclosure requirements under IAS 36. The pre-tax risk adjusted discount rates have been calculated to be 13.1% for EMEA (FY25: 12.7%), 13.1% for Americas (FY25: 12.2%), and 12.6% for APAC (FY25: 11.8%). The increase from the prior period reflects the application of higher discount rates, rather than the midpoint, in the current period assessment, primarily driven by increased market uncertainty and geopolitical volatility during the period. LONG-TERM GROWTH RATES To forecast beyond the five-year detailed cash flows into perpetuity, a long-term average growth rate has been used. The long-term growth rates applied for the regions are 2.0% for EMEA (FY25: 2.0%), 2.2% for Americas (FY25: 2.2%), and 2.0% for APAC (FY25: 3.2%). The rates used are in line with geographical forecasts from industry reports which include market data. OPERATING CASH FLOWS The main assumptions within the forecast operating cash flows use the FY27 board approved budget and apply the latest published external market growth rates from the budget period across the three Regions; Americas, EMEA and APAC. Any new retail development that has not been committed, is excluded from the base year and future years. For the impairment test as at 29 March 2026, cash flow projections from FY28 until the end of FY31 were considered in line with external market growth rates. Variable input costs are in line with the growth assumptions. The levels of capital expenditure required to support each sales channel has also been considered on a no new stores basis. SENSITIVITY ANALYSIS Sensitivity analysis to potential changes in these key assumptions has been reviewed. For the EMEA and APAC CGUs there are no reasonably possible changes to key assumptions that would cause the carrying amount of these CGUs to exceed their recoverable amount. The Americas CGU was previously noted to be sensitive to the assumptions relating to sales growth and EBITDA margin. Future sales are estimated to increase on a compound annual growth rate (CAGR) basis for the Americas CGU by 4.1% (FY25: 7.9%) over the five years pre-perpetuity from external market rates. The CAGR is achievable based on the performance of Americas CGU during the financial period. Potential changes in these key assumptions have been sensitised without cost mitigation as follows:
FY26 FY25
Americas \u00a3m \u00a3m
Original headroom
159.4
129.7
Headroom/(deficit) using a 10% decrease in forecasted sales
15.9
(50.8)
Headroom using a 10% increase in forecasted sales
304.7
308.4
Headroom/(deficit) using a 25% decrease in forecasted EBITDA
8.9
(21.4)
Headroom using a 25% increase in forecasted EBITDA
309.8
280.7
(Deficit) combining a 10% decrease in forecasted sales, a further 10% decrease in EBITDA
and a 1%pt increase in pre-tax discount rate
(52.2)
(120.6)
SALES Sensitivities have been modelled in the table above based on a +/- 10% movement in sales relative to the market growth plan, applied each year and into perpetuity. A decrease in forecasted sales of -10% would result in no impairment loss. A decrease in forecast sales of -10% results in a revised compound annual growth rate (CAGR) over the five years pre-perpetuity from FY26 sales of 1.9%, and an increase of 10% results in a revised CAGR of 6.1%.The reduction in forecast sales, for each of the five years and into perpetuity, that would result in the carrying amount and the recoverable amount being equal, is a decrease of 11.1%. Under the current period impairment assessment, a 10% change in Sales assumptions does not result in an impairment for the Americas CGU, whereas such sensitivity was observed in the prior period. EBITDA Sensitivities have been modelled in the table above based on a +/- 25% movement in EBITDA relative to the market growth plan each year and into perpetuity. A decrease in forecasted EBITDA of -25% would result in no impairment loss. The reduction in forecast EBITDA, for each of the five years and into perpetuity, that would result in the carrying amount and the recoverable amount being equal, is a decrease of 26.5%. This would result in an EBITDA % of 11.2% (FY25: 8.8%). Under the current period impairment assessment, a 25% change in EBITDA assumptions does not result in an impairment for the Americas CGU, whereas such sensitivity was observed in the prior period. ADDITIONAL ILLUSTRATION An additional sensitivity as set out in the table above, which is not considered reasonably possible, has been included for illustrative purposes which models a scenario where forecasted sales decline by -10%, EBITDA deteriorates by a further 10% (in addition to the EBITDA decline from reducing forecasted sales) and the pre-tax discount rate also increases by 1pts (FY25: 1%pt). This would result in an impairment loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-365": { "value": "
13. Property, plant and equipment
Freehold property Leasehold Plant, machinery, Office and computer\ue26b
and improvements improvements fixtures and fittings\ue26b equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2024
7. 8
82.0
16.0
8.5
114.3
Additions
0.1
6.7
0.2
0.7
7. 7
Disposals
(0.1)
(4.4)
(1.3)
(2.0)
(7.8)
Reclassifications to right-of-use assets
\u2013
(0.7)
\u2013
\u2013
(0.7)
Foreign exchange
(0.1)
(1.5)
(0.3)
(0.1)
(2.0)
At 30 March 2025
7. 7
82.1
14.6
7. 1
111.5
Additions
\u2013
7.3
0.1
1.1
8.5
Disposals
\u2013
(6.4)
\u2013
(0.7)
(7.1)
Foreign exchange
(0.2)
(0.3)
(0.2)
(0.1)
(0.8)
At 29 March 2026
7. 5
82.7
14.5
7. 4
112.1
Accumulated depreciation and impairment
At 1 April 2024
0.8
43.9
4.2
6.0
54.9
Charge for the period
0.2
12.2
0.9
1.7
15.0
Impairment
\u2013
1.0
0.1
\u2013
1.1
Eliminated on disposal
\u2013
(4.3)
(1.3)
(2.0)
(7.6)
Reclassifications to right-of-use assets
\u2013
(0.6)
\u2013
\u2013
(0.6)
Foreign exchange
\u2013
(0.8)
\u2013
(0.1)
(0.9)
At 30 March 2025
1.0
51.4
3.9
5.6
61.9
Charge for the period
0.1
11.2
0.8
1.2
13.3
Impairment
\u2013
0.7
\u2013
\u2013
0.7
Eliminated on disposal
\u2013
(6.1)
\u2013
(0.7)
(6.8)
Foreign exchange
(0.1)
(0.3)
(0.1)
\u2013
(0.5)
At 29 March 2026
1.0
56.9
4.6
6.1
68.6
Net book value
At 29 March 2026
6.5
25.8
9.9
1.3
43.5
At 30 March 2025
6.7
30.7
10.7
1.5
49.6
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
Right-of-use
assets
\u00a3m
Cost or valuation
At 1 April 2024
302.9
Additions
1
18.6
Reassessments of leases
2
2.6
Reclassifications from property, plant and equipment
0.7
Modifications of leases
6.3
Disposals
(14.4)
Foreign exchange
(5.8)
At 30 March 2025
310.9
Additions
1
11.3
Reassessments of leases
2
6.0
Modifications of leases
23.4
Disposals
(13.3)
Foreign exchange
(1.6)
At 29 March 2026
336.7
Accumulated depreciation and impairment
At 1 April 2024
129.4
Charge for the period
51.4
Reclassifications from property, plant and equipment
0.6
Impairment
3.2
Disposals
(14.4)
Foreign exchange
(2.5)
At 30 March 2025
167.7
Charge for the period
48.8
Impairment
3.5
Disposals
(13.3)
Foreign exchange
(1.3)
At 29 March 2026
205.4
Net book value
At 29 March 2026
131.3
At 30 March 2025
143.2
1. Additions include \u00a30.7m of direct costs (FY25: \u00a30.7m) and \u00a30.2m (FY25: \u00a31.2m) in relation to costs of removal and restoring.
2. Lease reassessments relate to measurement adjustments for rent reviews and stores that have exercised lease breaks.
IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT AND RIGHT-OF-USE ASSETS
The Group has determined that each retail store is a separate CGU. Each CGU is assessed for indicators of impairment at the Balance
Sheet date and tested for impairment if any indicators exist. The Group has some leases that meet the IAS 36 definition of corporate assets,
such as offices, as they do not generate independent cash flows. These are assessed for impairment indicators and, if required to be tested
for impairment, are done so using the two-step impairment process under IAS 36 in which they are allocated to the regional-level CGUs as
determined for goodwill impairment (note 12). There has been no change to the way in which CGUs are determined in the period.
During the period, the Group has recognised an impairment charge of \u00a33.5m (FY25: \u00a33.2m) to right-of-use assets and \u00a30.7m (FY25: \u00a31.1m)
to related property, plant and equipment in relation to the ongoing store estate. These stores were impaired to their value in use recoverable
amount of \u00a33.4m.
JUDGEMENTS, ASSUMPTIONS AND ESTIMATES \u2013 RETAIL STORES The results of the Company\u2019s impairment tests are dependent upon estimates and judgements made by management. If an indicator of impairment has been identified, a CGU\u2019s recoverable amount is measured using the value in use method. The value in use calculations have been determined by applying growth assumptions that are consistent with published external market data (\u2018market growth plan\u2019). The external growth assumptions have been applied from the FY27 Board approved budget onwards, and estimated cash flows for the periods FY28 to FY31. The forecasts are based on annual budgets and strategic projections representing the best estimate of future performance. Management considers forecasting over this period to appropriately reflect the business cycle of the CGUs. If determining the value in use of CGUs it is necessary to make a series of assumptions to estimate the present value of future cash flows which reflect past experience and are consistent with relevant external sources of information. OPERATING CASH FLOWS \u2013 RETAIL STORES If an indicator of impairment has been identified and a CGU\u2019s recoverable amount is required to be estimated, the main assumptions within the forecast operating cash flows include the achievement of future growth in retail sales, sales prices and volumes, raw material input costs, the cost structure of each CGU, the impact of foreign currency rates upon selling price and cost relationships and the levels of capital expenditure required to support the associated sales. Ecommerce cash flows are not allocated to store CGUs for the purpose of impairment testing. PRE-TAX RISK ADJUSTED DISCOUNT RATE \u2013 RETAIL STORES If an indicator of impairment has been identified and a CGU\u2019s recoverable amount is required to be estimated, future cash flows are discounted to present value using a pre-tax discount rate derived from risk-free rates based on long-term government bonds, adjusted for risk factors such as region and market risk in the territories in which the Group operates and the time value of money. Consistent with the 2019 IFRS IASB Staff Paper, a post-tax discount rate and post-tax cash flows are used as observable inputs, and then the pre-tax discount rate is calculated from this to comply with the disclosure requirements under IAS 36. The pre-tax discount rate for the Group has been calculated to be 12.9% (FY25: 12.4%). SENSITIVITY ANALYSIS \u2013 RETAIL STORES The results of the Group\u2019s impairment tests are dependent upon estimates and judgements made by management, particularly in relation to the key assumptions of the Group. The cash flow projections include assumptions on store performance throughout the remaining contractual lease term. In particular, the retail revenue recovery profile in the budget for future periods represents a source of estimation uncertainty. The projections and sensitivity analysis for future periods are consistent with the market growth plan. We have concluded no material reasonable possible changes in assumptions will result in an impairment and therefore no sensitivity analysis has been disclosed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-411": { "value": "13. Property, plant and equipment
Freehold property Leasehold Plant, machinery, Office and computer\ue26b
and improvements improvements fixtures and fittings\ue26b equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2024
7. 8
82.0
16.0
8.5
114.3
Additions
0.1
6.7
0.2
0.7
7. 7
Disposals
(0.1)
(4.4)
(1.3)
(2.0)
(7.8)
Reclassifications to right-of-use assets
\u2013
(0.7)
\u2013
\u2013
(0.7)
Foreign exchange
(0.1)
(1.5)
(0.3)
(0.1)
(2.0)
At 30 March 2025
7. 7
82.1
14.6
7. 1
111.5
Additions
\u2013
7.3
0.1
1.1
8.5
Disposals
\u2013
(6.4)
\u2013
(0.7)
(7.1)
Foreign exchange
(0.2)
(0.3)
(0.2)
(0.1)
(0.8)
At 29 March 2026
7. 5
82.7
14.5
7. 4
112.1
Accumulated depreciation and impairment
At 1 April 2024
0.8
43.9
4.2
6.0
54.9
Charge for the period
0.2
12.2
0.9
1.7
15.0
Impairment
\u2013
1.0
0.1
\u2013
1.1
Eliminated on disposal
\u2013
(4.3)
(1.3)
(2.0)
(7.6)
Reclassifications to right-of-use assets
\u2013
(0.6)
\u2013
\u2013
(0.6)
Foreign exchange
\u2013
(0.8)
\u2013
(0.1)
(0.9)
At 30 March 2025
1.0
51.4
3.9
5.6
61.9
Charge for the period
0.1
11.2
0.8
1.2
13.3
Impairment
\u2013
0.7
\u2013
\u2013
0.7
Eliminated on disposal
\u2013
(6.1)
\u2013
(0.7)
(6.8)
Foreign exchange
(0.1)
(0.3)
(0.1)
\u2013
(0.5)
At 29 March 2026
1.0
56.9
4.6
6.1
68.6
Net book value
At 29 March 2026
6.5
25.8
9.9
1.3
43.5
At 30 March 2025
6.7
30.7
10.7
1.5
49.6
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
Right-of-use
assets
\u00a3m
Cost or valuation
At 1 April 2024
302.9
Additions
1
18.6
Reassessments of leases
2
2.6
Reclassifications from property, plant and equipment
0.7
Modifications of leases
6.3
Disposals
(14.4)
Foreign exchange
(5.8)
At 30 March 2025
310.9
Additions
1
11.3
Reassessments of leases
2
6.0
Modifications of leases
23.4
Disposals
(13.3)
Foreign exchange
(1.6)
At 29 March 2026
336.7
Accumulated depreciation and impairment
At 1 April 2024
129.4
Charge for the period
51.4
Reclassifications from property, plant and equipment
0.6
Impairment
3.2
Disposals
(14.4)
Foreign exchange
(2.5)
At 30 March 2025
167.7
Charge for the period
48.8
Impairment
3.5
Disposals
(13.3)
Foreign exchange
(1.3)
At 29 March 2026
205.4
Net book value
At 29 March 2026
131.3
At 30 March 2025
143.2
1. Additions include \u00a30.7m of direct costs (FY25: \u00a30.7m) and \u00a30.2m (FY25: \u00a31.2m) in relation to costs of removal and restoring. 2. Lease reassessments relate to measurement adjustments for rent reviews and stores that have exercised lease breaks. IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT AND RIGHT-OF-USE ASSETS The Group has determined that each retail store is a separate CGU. Each CGU is assessed for indicators of impairment at the Balance Sheet date and tested for impairment if any indicators exist. The Group has some leases that meet the IAS 36 definition of corporate assets, such as offices, as they do not generate independent cash flows. These are assessed for impairment indicators and, if required to be tested for impairment, are done so using the two-step impairment process under IAS 36 in which they are allocated to the regional-level CGUs as determined for goodwill impairment (note 12). There has been no change to the way in which CGUs are determined in the period. During the period, the Group has recognised an impairment charge of \u00a33.5m (FY25: \u00a33.2m) to right-of-use assets and \u00a30.7m (FY25: \u00a31.1m) to related property, plant and equipment in relation to the ongoing store estate. These stores were impaired to their value in use recoverable amount of \u00a33.4m. JUDGEMENTS, ASSUMPTIONS AND ESTIMATES \u2013 RETAIL STORES The results of the Company\u2019s impairment tests are dependent upon estimates and judgements made by management. If an indicator of impairment has been identified, a CGU\u2019s recoverable amount is measured using the value in use method. The value in use calculations have been determined by applying growth assumptions that are consistent with published external market data (\u2018market growth plan\u2019). The external growth assumptions have been applied from the FY27 Board approved budget onwards, and estimated cash flows for the periods FY28 to FY31. The forecasts are based on annual budgets and strategic projections representing the best estimate of future performance. Management considers forecasting over this period to appropriately reflect the business cycle of the CGUs. If determining the value in use of CGUs it is necessary to make a series of assumptions to estimate the present value of future cash flows which reflect past experience and are consistent with relevant external sources of information. OPERATING CASH FLOWS \u2013 RETAIL STORES If an indicator of impairment has been identified and a CGU\u2019s recoverable amount is required to be estimated, the main assumptions within the forecast operating cash flows include the achievement of future growth in retail sales, sales prices and volumes, raw material input costs, the cost structure of each CGU, the impact of foreign currency rates upon selling price and cost relationships and the levels of capital expenditure required to support the associated sales. Ecommerce cash flows are not allocated to store CGUs for the purpose of impairment testing. PRE-TAX RISK ADJUSTED DISCOUNT RATE \u2013 RETAIL STORES If an indicator of impairment has been identified and a CGU\u2019s recoverable amount is required to be estimated, future cash flows are discounted to present value using a pre-tax discount rate derived from risk-free rates based on long-term government bonds, adjusted for risk factors such as region and market risk in the territories in which the Group operates and the time value of money. Consistent with the 2019 IFRS IASB Staff Paper, a post-tax discount rate and post-tax cash flows are used as observable inputs, and then the pre-tax discount rate is calculated from this to comply with the disclosure requirements under IAS 36. The pre-tax discount rate for the Group has been calculated to be 12.9% (FY25: 12.4%). SENSITIVITY ANALYSIS \u2013 RETAIL STORES The results of the Group\u2019s impairment tests are dependent upon estimates and judgements made by management, particularly in relation to the key assumptions of the Group. The cash flow projections include assumptions on store performance throughout the remaining contractual lease term. In particular, the retail revenue recovery profile in the budget for future periods represents a source of estimation uncertainty. The projections and sensitivity analysis for future periods are consistent with the market growth plan. We have concluded no material reasonable possible changes in assumptions will result in an impairment and therefore no sensitivity analysis has been disclosed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-366": { "value": "
14. Inventories
FY26 FY25
\u00a3m \u00a3m
Raw materials
1.6
1.6
Finished goods
159.2
185.8
Inventories net of provisions
160.8
187.4
FY26 FY25
\u00a3m \u00a3m
Inventory provision
1.7
2.5
Inventory written off to Consolidated Statement of Profit or Loss
1.1
1.0
The cost of inventories recognised as an expense and included in cost of sales amounted to \u00a3246.0m (FY25: \u00a3253.4m). The remainder
of total cost of sales of \u00a3258.9m (FY25: \u00a3275.9m) relates to freight including shipping out costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-367": { "value": "
15. Trade and other receivables
FY26 FY25
\u00a3m \u00a3m
Trade receivables
57.4
50.6
Less: allowance for expected credit losses
(1.4)
(0.9)
Trade receivables \u2013 net
56.0
49.7
Other receivables
8.2
7. 1
64.2
56.8
Prepayments
6.5
5.6
70.7
62.4
All trade and other receivables are expected to be recovered within 12 months of the period end date. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. The carrying value of trade receivables represents the maximum exposure to credit risk. For some trade receivables, the Group may obtain security in the form of guarantees, insurances or letters of credit which can be called upon if the counterparty is in default under the terms. As at 29 March 2026 the amount of collateral held was \u00a30.3m (FY25: \u00a30.3m). As at 29 March 2026 trade receivables of \u00a32.9m (FY25: \u00a31.4m) were due over 90 days, trade receivables of \u00a31.0m (FY25: \u00a30.3m) were due between 60-90 days and trade receivables of \u00a353.5m (FY25: \u00a348.9m) were due in less than 60 days. The Group establishes a loss allowance that represents its estimate of potential losses in respect of trade receivables, where it is deemed that a receivable may not be recovered, and considers factors which may impact risk of default. Where appropriate, we have grouped these receivables with the same overall risk characteristics. When the receivable is deemed irrecoverable, the provision is written off against the underlying receivables. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure expected credit losses, trade receivables have been grouped based on customer segment, geographical location, and the days past due. The expected loss rates are based on the historical credit losses experienced in previous periods. The rates are adjusted to reflect current and forward-looking information, including macroeconomic factors, by obtaining and reviewing relevant market data affecting the ability of customers to settle the receivables based on their customer segment and geographical location. Where objective evidence exists that a trade receivable balance may be impaired, provision is made for the difference between its carrying amount and the present value of the estimated cash that will be recovered. Evidence of impairment may include such factors as a customer entering insolvent administration proceedings. As at 29 March 2026 trade receivables were carried net of expected credit losses of \u00a31.4m (FY25: \u00a30.9m). The individually impaired receivables relate mainly to accounts which are outside the normal credit terms. The ageing analysis of these provisions against trade receivables is as follows:
FY26 FY25
\u00a3m \u00a3m
Up to 60 days
\u2013
\u2013
60 to 90 days
\u2013
\u2013
Over 90 days
1.4
0.9
1.4
0.9
FY26 FY25
\u00a3m \u00a3m
At 31 March 2025 and 1 April 2024
0.9
0.8
Change in provision for expected credit losses
0.5
0.1
At 29 March 2026 and 30 March 2025
1.4
0.9
Debtors days
61
58
The carrying amount of the Group\u2019s trade and other receivables is denominated in the following currencies:
FY26 FY25
\u00a3m \u00a3m
UK Sterling
10.1
3.9
Euro
14.8
12.8
US Dollar
24.5
26.3
Japanese Yen
2.2
2.5
Other currencies
4.4
4.2
56.0
49.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-454": { "value": "15. Trade and other receivables
FY26 FY25
\u00a3m \u00a3m
Trade receivables
57.4
50.6
Less: allowance for expected credit losses
(1.4)
(0.9)
Trade receivables \u2013 net
56.0
49.7
Other receivables
8.2
7. 1
64.2
56.8
Prepayments
6.5
5.6
70.7
62.4
All trade and other receivables are expected to be recovered within 12 months of the period end date. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. The carrying value of trade receivables represents the maximum exposure to credit risk. For some trade receivables, the Group may obtain security in the form of guarantees, insurances or letters of credit which can be called upon if the counterparty is in default under the terms. As at 29 March 2026 the amount of collateral held was \u00a30.3m (FY25: \u00a30.3m). As at 29 March 2026 trade receivables of \u00a32.9m (FY25: \u00a31.4m) were due over 90 days, trade receivables of \u00a31.0m (FY25: \u00a30.3m) were due between 60-90 days and trade receivables of \u00a353.5m (FY25: \u00a348.9m) were due in less than 60 days. The Group establishes a loss allowance that represents its estimate of potential losses in respect of trade receivables, where it is deemed that a receivable may not be recovered, and considers factors which may impact risk of default. Where appropriate, we have grouped these receivables with the same overall risk characteristics. When the receivable is deemed irrecoverable, the provision is written off against the underlying receivables. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure expected credit losses, trade receivables have been grouped based on customer segment, geographical location, and the days past due. The expected loss rates are based on the historical credit losses experienced in previous periods. The rates are adjusted to reflect current and forward-looking information, including macroeconomic factors, by obtaining and reviewing relevant market data affecting the ability of customers to settle the receivables based on their customer segment and geographical location. Where objective evidence exists that a trade receivable balance may be impaired, provision is made for the difference between its carrying amount and the present value of the estimated cash that will be recovered. Evidence of impairment may include such factors as a customer entering insolvent administration proceedings. As at 29 March 2026 trade receivables were carried net of expected credit losses of \u00a31.4m (FY25: \u00a30.9m). The individually impaired receivables relate mainly to accounts which are outside the normal credit terms. The ageing analysis of these provisions against trade receivables is as follows:
FY26 FY25
\u00a3m \u00a3m
Up to 60 days
\u2013
\u2013
60 to 90 days
\u2013
\u2013
Over 90 days
1.4
0.9
1.4
0.9
FY26 FY25
\u00a3m \u00a3m
At 31 March 2025 and 1 April 2024
0.9
0.8
Change in provision for expected credit losses
0.5
0.1
At 29 March 2026 and 30 March 2025
1.4
0.9
Debtors days
61
58
The carrying amount of the Group\u2019s trade and other receivables is denominated in the following currencies:
FY26 FY25
\u00a3m \u00a3m
UK Sterling
10.1
3.9
Euro
14.8
12.8
US Dollar
24.5
26.3
Japanese Yen
2.2
2.5
Other currencies
4.4
4.2
56.0
49.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-412": { "value": "15. Trade and other receivables
FY26 FY25
\u00a3m \u00a3m
Trade receivables
57.4
50.6
Less: allowance for expected credit losses
(1.4)
(0.9)
Trade receivables \u2013 net
56.0
49.7
Other receivables
8.2
7. 1
64.2
56.8
Prepayments
6.5
5.6
70.7
62.4
All trade and other receivables are expected to be recovered within 12 months of the period end date. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. The carrying value of trade receivables represents the maximum exposure to credit risk. For some trade receivables, the Group may obtain security in the form of guarantees, insurances or letters of credit which can be called upon if the counterparty is in default under the terms. As at 29 March 2026 the amount of collateral held was \u00a30.3m (FY25: \u00a30.3m). As at 29 March 2026 trade receivables of \u00a32.9m (FY25: \u00a31.4m) were due over 90 days, trade receivables of \u00a31.0m (FY25: \u00a30.3m) were due between 60-90 days and trade receivables of \u00a353.5m (FY25: \u00a348.9m) were due in less than 60 days. The Group establishes a loss allowance that represents its estimate of potential losses in respect of trade receivables, where it is deemed that a receivable may not be recovered, and considers factors which may impact risk of default. Where appropriate, we have grouped these receivables with the same overall risk characteristics. When the receivable is deemed irrecoverable, the provision is written off against the underlying receivables. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure expected credit losses, trade receivables have been grouped based on customer segment, geographical location, and the days past due. The expected loss rates are based on the historical credit losses experienced in previous periods. The rates are adjusted to reflect current and forward-looking information, including macroeconomic factors, by obtaining and reviewing relevant market data affecting the ability of customers to settle the receivables based on their customer segment and geographical location. Where objective evidence exists that a trade receivable balance may be impaired, provision is made for the difference between its carrying amount and the present value of the estimated cash that will be recovered. Evidence of impairment may include such factors as a customer entering insolvent administration proceedings. As at 29 March 2026 trade receivables were carried net of expected credit losses of \u00a31.4m (FY25: \u00a30.9m). The individually impaired receivables relate mainly to accounts which are outside the normal credit terms. The ageing analysis of these provisions against trade receivables is as follows:
FY26 FY25
\u00a3m \u00a3m
Up to 60 days
\u2013
\u2013
60 to 90 days
\u2013
\u2013
Over 90 days
1.4
0.9
1.4
0.9
FY26 FY25
\u00a3m \u00a3m
At 31 March 2025 and 1 April 2024
0.9
0.8
Change in provision for expected credit losses
0.5
0.1
At 29 March 2026 and 30 March 2025
1.4
0.9
Debtors days
61
58
The carrying amount of the Group\u2019s trade and other receivables is denominated in the following currencies:
FY26 FY25
\u00a3m \u00a3m
UK Sterling
10.1
3.9
Euro
14.8
12.8
US Dollar
24.5
26.3
Japanese Yen
2.2
2.5
Other currencies
4.4
4.2
56.0
49.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-443": { "value": "15. Trade and other receivables
FY26 FY25
\u00a3m \u00a3m
Trade receivables
57.4
50.6
Less: allowance for expected credit losses
(1.4)
(0.9)
Trade receivables \u2013 net
56.0
49.7
Other receivables
8.2
7. 1
64.2
56.8
Prepayments
6.5
5.6
70.7
62.4
All trade and other receivables are expected to be recovered within 12 months of the period end date. Due to the short-term nature of the
current receivables, their carrying amount is considered to be the same as their fair value. The carrying value of trade receivables represents
the maximum exposure to credit risk. For some trade receivables, the Group may obtain security in the form of guarantees, insurances or
letters of credit which can be called upon if the counterparty is in default under the terms. As at 29 March 2026 the amount of collateral held
was \u00a30.3m (FY25: \u00a30.3m).
As at 29 March 2026 trade receivables of \u00a32.9m (FY25: \u00a31.4m) were due over 90 days, trade receivables of \u00a31.0m (FY25: \u00a30.3m) were
due between 60-90 days and trade receivables of \u00a353.5m (FY25: \u00a348.9m) were due in less than 60 days. The Group establishes a loss
allowance that represents its estimate of potential losses in respect of trade receivables, where it is deemed that a receivable may not
be recovered, and considers factors which may impact risk of default.
Where appropriate, we have grouped these receivables with the same overall risk characteristics. When the receivable is deemed
irrecoverable, the provision is written off against the underlying receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance
for all trade receivables.
To measure expected credit losses, trade receivables have been grouped based on customer segment, geographical location, and the
days past due. The expected loss rates are based on the historical credit losses experienced in previous periods. The rates are adjusted to
reflect current and forward-looking information, including macroeconomic factors, by obtaining and reviewing relevant market data affecting
the ability of customers to settle the receivables based on their customer segment and geographical location. Where objective evidence
exists that a trade receivable balance may be impaired, provision is made for the difference between its carrying amount and the present
value of the estimated cash that will be recovered. Evidence of impairment may include such factors as a customer entering insolvent
administration proceedings.
As at 29 March 2026 trade receivables were carried net of expected credit losses of \u00a31.4m (FY25: \u00a30.9m). The individually impaired
receivables relate mainly to accounts which are outside the normal credit terms. The ageing analysis of these provisions against trade
receivables is as follows:
FY26 FY25
\u00a3m \u00a3m
Up to 60 days
\u2013
\u2013
60 to 90 days
\u2013
\u2013
Over 90 days
1.4
0.9
1.4
0.9
FY26 FY25
\u00a3m \u00a3m
At 31 March 2025 and 1 April 2024
0.9
0.8
Change in provision for expected credit losses
0.5
0.1
At 29 March 2026 and 30 March 2025
1.4
0.9
Debtors days
61
58
The carrying amount of the Group\u2019s trade and other receivables is denominated in the following currencies:
FY26 FY25
\u00a3m \u00a3m
UK Sterling
10.1
3.9
Euro
14.8
12.8
US Dollar
24.5
26.3
Japanese Yen
2.2
2.5
Other currencies
4.4
4.2
56.0
49.7
23. Deferred taxation The analysis of deferred tax assets and liabilities is as follows:
FY26 FY25
\u00a3m \u00a3m
Non-current
Assets
11.0
11.1
Liabilities
(1.3)
(2.5)
9.7
8.6
The gross movement on the deferred income tax is as follows:
FY26 FY25
\u00a3m \u00a3m
Credit for the period in the Consolidated Statement of Comprehensive Income
1.1
0.2
The deferred tax asset provided in the financial statements is supported by budgets and trading forecasts and relates to the following temporary differences: + accelerated capital allowances are the differences between the net book value of fixed assets and their tax base; + other temporary differences are the other differences between the carrying amount of an asset/liability and its tax base that eventually will reverse; + unrealised profits in intra-group transactions and expenses; + trade losses expected to be utilised in future periods; and + deferred tax on share-based payments in relation to the expected future tax deduction on the exercise of granted share options spread over the vesting period. The movement in deferred income tax assets and liabilities during the period is as follows:
Accelerated Unrealised Other
capital intra-group temporary Share-based
allowances profits\ue26b differences\ue26b Tax losses payments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2024
(3.2)
3.3
6.9
0.6
0.8
8.4
Statement of Profit or Loss credit/(charge)
0.1
\u2013
0.9
(0.4)
0.5
1.1
Credited/(charged) directly to equity
\u2013
\u2013
0.3
\u2013
(0.7)
(0.4)
Adjustment for Korea concession income
1
\u2013
\u2013
(0.3)
\u2013
\u2013
(0.3)
Foreign exchange
\u2013
(0.1)
(0.1)
\u2013
\u2013
(0.2)
At 30 March 2025
(3.1)
3.2
7. 7
0.2
0.6
8.6
Statement of Profit or Loss credit/(charge)
0.9
0.7
(0.4)
(0.1)
0.6
1.7
(Charged)/credited directly to equity
\u2013
\u2013
(0.8)
\u2013
0.3
(0.5)
Foreign exchange
\u2013
\u2013
(0.1)
\u2013
\u2013
(0.1)
At 29 March 2026
(2.2)
3.9
6.4
0.1
1.5
9.7
1. This adjustment relates to the release of a historical Korean deferred tax asset arising from differences in income recognition in concessions between Korean GAAP and Korean tax rules. This asset was released due to a claim with the Korean tax authorities being resolved. Deferred taxation not provided in the financial statements:
FY26 FY25
\u00a3m \u00a3m
Tax losses
2
8.6
8.9
2. This is the tax affected amount of losses that have not been provided for in the financial statements, calculated using the rate at which the losses would be expected to be used. There are \u00a334.6m (FY25: \u00a335.4m) of gross tax losses that have not been provided for because they are either capital losses (which can only be used against future capital gains which we are not forecasting) or they are non-trade loan relationship losses which can only be used in the same company (and are in companies we don\u2019t expect to have any loan relationship profits). The deferred tax assets and liabilities have been measured at the corporation tax rate expected to apply to the reversal of the timing difference, based on rates that are enacted or substantively enacted by the end of each reporting period. There are no material temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements, for which deferred tax liabilities have not been recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-462": { "value": "All trade and other receivables are expected to be recovered within 12 months of the period end date. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. The carrying value of trade receivables represents the maximum exposure to credit risk. For some trade receivables, the Group may obtain security in the form of guarantees, insurances or letters of credit which can be called upon if the counterparty is in default under the terms. As at 29 March 2026 the amount of collateral held was \u00a30.3m (FY25: \u00a30.3m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-368": { "value": "
16. Cash and cash equivalents
FY26 FY25
\u00a3m \u00a3m
Cash and cash equivalents
1
180.3
155.9
1. Cash includes \u00a389.1m of investments in high-quality overnight money market funds (FY25: \u00a358.7m). A further \u00a354.9m sits in term deposits with terms of less than 90 days
(FY25: \u00a358.5m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-369": { "value": "
17. Trade and other payables
FY26 FY25
\u00a3m \u00a3m
Trade payables
33.8
27.5
Taxes and social security costs
10.7
10.6
Other payables
7. 6
7. 1
52.1
45.2
Accruals
1
60.2
63.7
112.3
108.9
1. Included within accruals is the refund liability of \u00a33.6m (FY25: \u00a33.9m), deferred income of \u00a32.3m (FY25: \u00a32.4m), accruals for royalties of \u00a38.8m (FY25: \u00a39.5m), goods received
not invoiced of \u00a37.7m (FY25: \u00a36.5m), and other accruals of \u00a337.8m (FY25: \u00a341.4m).
All trade and other payables are expected to be settled within 12 months of the period end date. Due to the short-term nature of the
current payables, their carrying amount is considered to be the same as their fair value. At 29 March 2026, other payables included \u00a35.6m
(FY25: \u00a35.2m) in relation to employment-related payables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-455": { "value": "17. Trade and other payables
FY26 FY25
\u00a3m \u00a3m
Trade payables
33.8
27.5
Taxes and social security costs
10.7
10.6
Other payables
7. 6
7. 1
52.1
45.2
Accruals
1
60.2
63.7
112.3
108.9
1. Included within accruals is the refund liability of \u00a33.6m (FY25: \u00a33.9m), deferred income of \u00a32.3m (FY25: \u00a32.4m), accruals for royalties of \u00a38.8m (FY25: \u00a39.5m), goods received not invoiced of \u00a37.7m (FY25: \u00a36.5m), and other accruals of \u00a337.8m (FY25: \u00a341.4m). All trade and other payables are expected to be settled within 12 months of the period end date. Due to the short-term nature of the current payables, their carrying amount is considered to be the same as their fair value. At 29 March 2026, other payables included \u00a35.6m (FY25: \u00a35.2m) in relation to employment-related payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-444": { "value": "17. Trade and other payables
FY26 FY25
\u00a3m \u00a3m
Trade payables
33.8
27.5
Taxes and social security costs
10.7
10.6
Other payables
7. 6
7. 1
52.1
45.2
Accruals
1
60.2
63.7
112.3
108.9
1. Included within accruals is the refund liability of \u00a33.6m (FY25: \u00a33.9m), deferred income of \u00a32.3m (FY25: \u00a32.4m), accruals for royalties of \u00a38.8m (FY25: \u00a39.5m), goods received not invoiced of \u00a37.7m (FY25: \u00a36.5m), and other accruals of \u00a337.8m (FY25: \u00a341.4m). All trade and other payables are expected to be settled within 12 months of the period end date. Due to the short-term nature of the current payables, their carrying amount is considered to be the same as their fair value. At 29 March 2026, other payables included \u00a35.6m (FY25: \u00a35.2m) in relation to employment-related payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-413": { "value": "17. Trade and other payables
FY26 FY25
\u00a3m \u00a3m
Trade payables
33.8
27.5
Taxes and social security costs
10.7
10.6
Other payables
7. 6
7. 1
52.1
45.2
Accruals
1
60.2
63.7
112.3
108.9
1. Included within accruals is the refund liability of \u00a33.6m (FY25: \u00a33.9m), deferred income of \u00a32.3m (FY25: \u00a32.4m), accruals for royalties of \u00a38.8m (FY25: \u00a39.5m), goods received not invoiced of \u00a37.7m (FY25: \u00a36.5m), and other accruals of \u00a337.8m (FY25: \u00a341.4m). All trade and other payables are expected to be settled within 12 months of the period end date. Due to the short-term nature of the current payables, their carrying amount is considered to be the same as their fair value. At 29 March 2026, other payables included \u00a35.6m (FY25: \u00a35.2m) in relation to employment-related payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-370": { "value": "
18. Borrowings
FY26 FY25
Note \u00a3m \u00a3m
Current
Bank interest
2.1
2.4
Lease liabilities
29
44.1
45.9
Total current
46.2
48.3
Non-current
Bank loans (net of unamortised bank fees)
247.6
246.3
Lease liabilities
29
99.7
109.5
Total non-current
347.3
355.8
Total borrowings
1
393.5
404.1
1. From total borrowings, only bank loans (excluding unamortised bank fees) and lease liabilities are included in net debt for bank loan covenant calculation purposes.
FY26 FY25
\u00a3m \u00a3m
Analysis of bank loan:
Non-current bank loans (net of unamortised bank fees)
247.6
246.3
Add back unamortised fees
2.4
3.7
Total gross bank loan
250.0
250.0
In November 2024, the Group agreed with existing and new lenders to refinance its debt facilities, previously comprising a \u20ac337.5m Term
Loan and RCF of \u00a3200.0m. The refinanced facilities (\u2018New Facilities\u2019) consist of a \u00a3250.0m Term Loan and RCF of \u00a3126.5m for an initial term
of three years (ending 14 November 2027), with two one-year extension options, subject to lender approval.
In April 2026, the lending syndicate approved the Group\u2019s request to exercise the one year extension option on both the Term Loan and the
RCF, extending the maturity of these facilities to 14 November 2028, effective from 1 May 2026. On 30 March 2026, the Group also cancelled
\u00a326.5m of commitments under the RCF, thereby reducing the total size of the facility to \u00a3100.0m. All other terms remain unchanged.
A portion of the RCF commitment is carved out for ancillary commitments of which \u00a33.8m (FY25: \u00a33.7m) has been utilised primarily for
landlord rent guarantees.
The Facilities include a single financial covenant on leverage that is tested semi-annually on a rolling 12-month basis at the Group level.
Interest on the Term Loan is charged at a variable margin linked to the Group\u2019s leverage, applied over compounded daily SONIA.
The weighted average interest rate for this instrument in FY26 was 7.4%. For comparative purposes, interest on the Euro Term Loan B,
which was extinguished in November 2024, was charged at a variable margin linked to the Group\u2019s leverage over floating EURIBOR.
The weighted total interest rate for this instrument in FY25 up to extinguishment was 6.8% and the total weighted average interest rate
for the full year was 7.3%.
BANK LOANS
Loan repayments will occur as follows:
Term Loan
\u00a3m
2027
(14 November 2027)
1
250.0
Total
250.0
1. This date reflects the repayment date of the loan as at 29 March 2026. The loan was extended as of 1 May 2026 to bring the maturity of the facility to 14 November 2028.
FY26 FY25
\u00a3m \u00a3m
Revolving credit facility utilisation
Guarantees
3.8
3.7
Total utilised facility
3.8
3.7
Available facility (unutilised)
122.7
122.8
Total revolving facility
126.5
126.5
%
%
Interest rate charged on unutilised facility
1.23
1.23
The bank loans are secured by a fixed and floating charge over assets of the Group.
The fair value of the items classified as loans and borrowings is shown above. The book and fair values of borrowings are deemed to be
materially equal.
Movements in loans and borrowings were as follows:
Foreign
30 March Cash Fee Interest Working Fair value exchange 29 March
2025 movements amortisation expense Settlement capital movement movement 2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Term Loan
250.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
250.0
Capitalised fees
(3.7)
(0.1)
1.4
\u2013
\u2013
\u2013
\u2013
\u2013
(2.4)
Borrowing interest payable
2.4
(20.2)
\u2013
19.9
\u2013
\u2013
\u2013
\u2013
2.1
Total borrowings
248.7
(20.3)
1.4
19.9
\u2013
\u2013
\u2013
\u2013
249.7
Foreign
31 March Cash Fee Interest Working Fair value exchange 30 March
2024 movements amortisation expense Settlement capital movement movement 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Euro Term Loan B
288.6
(283.0)
\u2013
\u2013
\u2013
\u2013
\u2013
(5.6)
\u2013
Term Loan
\u2013
250.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
250.0
Capitalised fees
(2.3)
(3.8)
2.8
\u2013
\u2013
(0.4)
\u2013
\u2013
(3.7)
Borrowing interest payable
8.4
(27.6)
\u2013
21.6
\u2013
\u2013
\u2013
\u2013
2.4
Loan-related derivatives
\u2013
\u2013
\u2013
\u2013
4.0
\u2013
(4.0)
\u2013
\u2013
Total borrowings
294.7
(64.4)
2.8
21.6
4.0
(0.4)
(4.0)
(5.6)
248.7
Movements in lease liabilities are not included above but are detailed in note 29.
NET DEBT
1
RECONCILIATION
The breakdown of net debt
1
was as follows:
FY26 FY25
\u00a3m \u00a3m
Cash and cash equivalents
180.3
155.9
Bank loans (excluding unamortised bank fees)
(250.0)
(250.0)
Lease liabilities
(143.8)
(155.4)
Net debt
1
(213.5)
(249.5)
1. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229.
20. Derivative financial assets and liabilities
FY26 FY25
\u00a3m \u00a3m
Assets
Foreign exchange forward contracts \u2013 Current
0.5
1.0
Foreign exchange forward contracts \u2013 Non-current
\u2013
\u2013
Liabilities
Foreign exchange forward contracts \u2013 Current
(0.2)
(0.1)
Foreign exchange forward contracts \u2013 Non-current
\u2013
\u2013
Derivative financial instruments consist of foreign exchange forward contracts, which are categorised within Level 2 (refer to note 2.15 for
details on fair value hierarchy categorisation). The full fair value of a derivative is classified as a non-current asset or liability if the remaining
maturity is more than 12 months and as a current asset or liability if the maturity of the derivative is less than 12 months.
FOREIGN EXCHANGE FORWARD DERIVATIVES
The Group takes a holistic approach to foreign exchange risk, viewing exposures on a Group-wide net cash flow basis, seeking to maximise
natural offsets wherever possible. Where considered material, the Group manages its exposure to variability in GBP from foreign exchange
by hedging highly probable future cash flows arising in other currencies. The Group\u2019s principal net currency exposures are to USD, EUR,
JPY and CAD.
The Group adopts a rolling, layered approach to hedging its operating cash flows using forward foreign exchange contracts on an 18-month
horizon. Other derivative contracts and longer tenors may be used provided these are approved by the Board and Audit and Risk Committee.
The following table represents the nominal amounts and types of derivatives held as at each Balance Sheet date:
FY26
FY25
Average foreign exchange rate
Cash flow hedges: sell EUR buy GBP
1.1358
1.1684
Nominal amounts
Cash flow hedges: sell EUR buy GBP
\u00a3m
\u00a3m
Less than a year
66.5
82.2
More than a year but less than two years
7. 9
7. 0
Derivatives measured at fair value through profit or loss: sell EUR buy GBP
\u00a3m
\u00a3m
Less than a year
\u2013
\u2013
For hedges of forecast receipts and payments in foreign currencies, the critical terms of the hedging instruments match exactly with the
terms of the hedged items and, therefore, the Group performs a qualitative assessment of effectiveness. The fair value of forecast hedge
items is assessed to move materially equally and opposite to continuing cash flow hedge instruments. Ineffectiveness may arise if the
timing of the forecast transaction changes from what was originally estimated or if there are changes in the credit risk of the Group or the
derivative counterparty. The hedge ratio is 1:1.
If a hedged item is no longer expected to occur, the hedge instruments are immediately de-designated from a cash flow hedge relationship.
Amounts recognised in relation to de-designated derivatives are released from the hedging reserve and thereafter movements are classified
as fair value through profit or loss.
Gains/(losses) reclassified from the Consolidated Statement of Comprehensive Income to the Consolidated Statement of Profit or Loss
during the period are as follows:
FY26 FY25
\u00a3m \u00a3m
Revenue
(1.3)
3.8
Foreign exchange losses
\u2013
(3.6)
(1.3)
0.2
Derivative financial assets and liabilities are subject to offsetting, enforceable master netting arrangements with counterparties. However,
these amounts are presented gross on the face of the Balance Sheet as the conditions for netting specified in IAS 32 \u2018Financial Instruments
Presentation\u2019 are not met.
FY26
Gross carrying
Amounts not
amounts
offset Net amounts
\u00a3m
\u00a3m \u00a3m
Derivative financial assets
0.5
(0.1)
0.4
Derivative financial liabilities
(0.2)
0.1
(0.1)
FY25
Gross carrying
Amounts not
amounts
offset\ue26b Net amounts
\u00a3m
\u00a3m \u00a3m
Derivative financial assets
1.0
(0.1)
0.9
Derivative financial liabilities
(0.1)
0.1
\u2013
22. Financial instruments
IFRS 13 requires the classification of financial instruments measured at fair value to be determined by reference to the source of inputs used
to derive fair value. The fair values of all financial instruments, except for leases, in both years are materially equal to their carrying values.
All financial instruments are measured at amortised cost with the exception of derivatives, cash amounts held within money market funds,
and investments in equity instruments which are measured at fair value. Derivatives and money market funds are classified as Level 2 under
the fair value hierarchy, and investments in equity instruments as Level 3, which is consistent with the definitions in note 2.15.
29 March 2026
Assets at Fair value through other Fair value through
amortised cost comprehensive income profit or loss Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets as per Balance Sheet
Investments
\u2013
1.0
\u2013
1.0
Trade and other receivables excluding prepayments
64.2
\u2013
\u2013
64.2
Derivative financial assets \u2013 Current
\u2013
0.5
\u2013
0.5
Derivative financial assets \u2013 Non-current
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
91.2
1
\u2013
89.1
2
180.3
155.4
1.5
89.1
246.0
1. \u00a354.9m sits in term deposits with terms of less than 90 days.
2. A proportion of cash is invested in high-quality overnight money market funds to mitigate concentration and counterparty risk.
Liabilities at Fair value through other Fair value through
amortised cost comprehensive income profit or loss Total
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities as per Balance Sheet
Bank debt (excluding unamortised bank fees)
250.0
\u2013
\u2013
250.0
Bank interest \u2013 Current
2.1
\u2013
\u2013
2.1
Lease liabilities \u2013 Current
44.1
\u2013
\u2013
44.1
Lease liabilities \u2013 Non-current
99.7
\u2013
\u2013
99.7
Derivative financial instruments \u2013 Current
\u2013
0.2
\u2013
0.2
Derivative financial instruments \u2013 Non-current
\u2013
\u2013
\u2013
\u2013
Trade and other payables excluding non-financial
liabilities (mainly tax and social security costs)
99.3
\u2013
\u2013
99.3
495.2
0.2
\u2013
495.4
30 March 2025
Assets at Fair value through other Fair value through
amortised cost comprehensive income profit or loss\ue26b Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets as per Balance Sheet
Investments
\u2013
1.0
\u2013
1.0
Trade and other receivables excluding prepayments
56.8
\u2013
\u2013
56.8
Derivative financial assets \u2013 Current
\u2013
1.0
\u2013
1.0
Derivative financial assets \u2013 Non-current
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
97.2
\u2013
58.7
3
155.9
154.0
2.0
58.7
214.7
3. A proportion of cash is invested in high-quality overnight money market funds to mitigate concentration and counterparty risk.
Liabilities at Fair value through other Fair value through
amortised cost comprehensive income profit or loss\ue26b Total
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities as per Balance Sheet
Bank debt (excluding unamortised bank fees)
250.0
\u2013
\u2013
250.0
Bank interest \u2013 Current
2.4
\u2013
\u2013
2.4
Lease liabilities \u2013 Current
45.9
\u2013
\u2013
45.9
Lease liabilities \u2013 Non-current
109.5
\u2013
\u2013
109.5
Derivative financial instruments \u2013 Current
\u2013
0.1
\u2013
0.1
Trade and other payables excluding non-financial
95.9
\u2013
\u2013
95.9
liabilities (mainly tax and social security costs)
503.7
0.1
\u2013
503.8
GROUP FINANCIAL RISK FACTORS The Group\u2019s activities expose it to a wide variety of financial risks including liquidity, credit and market risk (including foreign exchange and interest rate risks). The Group\u2019s treasury policies seek to manage residual financial risk within the Board agreed tolerance in a cost-effective manner and taking advantage of natural offsets that exist or can be created through its operating activities. Where appropriate the Group uses derivative financial instruments to hedge certain risk exposures (for example to reduce the impacts of foreign exchange volatility). Risk management is carried out by a central Group Treasury department under policies approved by the Board of Directors and the Audit and Risk Committee. Group Finance and Group Treasury identify, evaluate and hedge financial risks in close cooperation with the Group\u2019s regional operating units. The Board agrees written principles for overall risk management as well as written policies covering specific areas such as foreign exchange risk, interest rate risk, credit risk and liquidity risk. These policies cover the allowable use of selective derivative financial instruments and investment management processes for excess liquidity. LIQUIDITY RISK Cash flow forecasting is regularly performed in the operating entities of the Group and aggregated by Group Treasury. Group Treasury monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure that it has sufficient cash to meet operational needs while maintaining sufficient headroom in its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits or covenants. Surplus cash held by operating entities over and above balances required for working capital are transferred to Group Treasury to be managed centrally. Group Treasury policy is to invest surplus cash in high-quality, short-term, interest-bearing instruments including current accounts, term deposit and low volatility money market funds. The Group continually reviews any medium to long-term financing requirements to ensure cost effective access to funding is available if and when it is needed (including any debt refinancing). The table below sets out the contractual maturities (representing undiscounted contractual cash flows) of loans, borrowings and other financial liabilities:
At 29 March 2026
Up to Between Between More than
3 months 3 & 12 months 1 & 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans \u2013 Principal
\u2013
\u2013
250.0
\u2013
250.0
Bank loans \u2013 Interest
1
4.7
13.9
13.8
\u2013
32.4
Total bank loans
4.7
13.9
263.8
\u2013
282.4
Lease liabilities
13.2
36.1
88.3
22.0
159.6
Derivative financial instruments
\u2013
0.2
\u2013
\u2013
0.2
Trade and other payables excluding non-financial liabilities
99.3
\u2013
\u2013
\u2013
99.3
117.2
50.2
352.1
22.0
541.5
1. Future interest cash flows are determined by a variable margin depending on the Group leverage forecast over a three-month average compounded SONIA forward curve.
At 30 March 2025
Up to Between Between More than
3 months 3 & 12 months\ue26b 1 & 5 years\ue26b 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans \u2013 Principal
\u2013
\u2013
250.0
\u2013
250.0
Bank loans \u2013 Interest
1
5.2
15.0
31.7
\u2013
51.9
Total bank loans
5.2
15.0
281.7
\u2013
301.9
Lease liabilities
13.6
37.9
97.4
22.8
171.7
Derivative financial instruments
\u2013
0.1
\u2013
\u2013
0.1
Trade and other payables excluding non-financial liabilities
95.9
\u2013
\u2013
\u2013
95.9
114.7
53.0
379.1
22.8
569.6
1. Future interest cash flows are determined by a variable margin depending on the Group leverage forecast over a three-month average compounded SONIA forward curve.
Credit risk
Credit risk is managed on a Group basis, except for credit risk relating to accounts receivable balances. Each local entity is responsible
for managing and analysing the credit risk of their new customers before standard payment and delivery terms and conditions are offered.
Credit risk arises from cash and cash equivalents, derivative financial instruments, as well as credit exposures to wholesale and retail
customers, including outstanding receivables and committed transactions. Cash investments and derivative transactions are only executed
with financial institutions who hold an investment grade rating with at least one of Moody\u2019s, Standard & Poor\u2019s or Fitch\u2019s rating agencies.
The Group\u2019s treasury policy defines strict limits that do not allow concentration of risk with individual counterparties.
For wholesale customers, risk control assesses the credit quality of the customer, taking into account its financial position, past experience
and other factors. Individual risk limits are regularly monitored. Sales to wholesale customers are settled primarily by bank transfer and retail
consumers are settled in cash or by major debit or credit cards. The Group has no significant concentration of credit risk as exposure is
spread over a large number of consumers.
MARKET RISK
FOREIGN EXCHANGE RISK
The Group operates internationally and is exposed to foreign exchange risk arising from the various currency exposures, primarily with
respect to the US Dollar, Euro, Canadian Dollar and Japanese Yen. Foreign exchange risk arises from future commercial transactions,
recognised assets and liabilities and net investments in overseas operations. Foreign exchange risk arises when future commercial
transactions or recognised assets and liabilities are denominated in a currency that is not the entity\u2019s functional currency.
The Group purchases the vast majority of its inventory from factories in Asia which are paid in US Dollars. On a net basis, the majority
of Group EBIT is earned in currencies other than Pounds Sterling. In addition, the Group has other currency denominated investments
in overseas operations whose net assets are exposed to foreign currency translation risk upon consolidation.
CASH FLOW AND FAIR VALUE INTEREST RATE RISK
The Group\u2019s interest rate risk arises from its floating rate bank debt and cash amounts held. Borrowings issued at fixed rates expose the
Group to fair value interest rate risk. The Group\u2019s bank debt borrowings are denominated in GBP and incur interest at variable rates subject
to compounded daily SONIA.
At 29 March 2026, if interest rates on bank borrowings had been 50 basis points higher or lower with all other variables held constant,
the calculated pre-tax profit for the period would change by \u00a31.2m (FY25: \u00a31.4m).
CAPITAL RISK
The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return
to stakeholders through the optimisation of the debt and equity balances. The Group\u2019s overall strategy remains consistent with that from
the past few years.
The capital structure of the Group consists of net debt disclosed in note 18 and equity attributable to equity holders of the parent, comprised
of issued ordinary share capital, reserves and retained earnings as disclosed in notes 24 and 26 and the Consolidated Statement of
Changes in Equity. The Group\u2019s Board of Directors reviews the capital structure on an annual basis. The Group is not subject to any
externally imposed capital requirement.
FOREIGN CURRENCY RISK
The Group has analysed the impact of a movement in foreign exchange rate of the major non-GBP currencies on its EBIT
1
(all other foreign
exchange rates remaining unchanged) as follows:
FY26 FY25
10% appreciation of currency \u00a3m \u00a3m
US Dollar
(9.1)
(12.6)
Euro
13.8
13.4
Yen
3.5
3.4
1. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229.
The majority of the Group\u2019s inventory is purchased in US Dollars however the net foreign currency exposure is largely offset by income from
the Group\u2019s US operations and US Dollar-denominated sales to distributors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-456": { "value": "18. Borrowings
FY26 FY25
Note \u00a3m \u00a3m
Current
Bank interest
2.1
2.4
Lease liabilities
29
44.1
45.9
Total current
46.2
48.3
Non-current
Bank loans (net of unamortised bank fees)
247.6
246.3
Lease liabilities
29
99.7
109.5
Total non-current
347.3
355.8
Total borrowings
1
393.5
404.1
1. From total borrowings, only bank loans (excluding unamortised bank fees) and lease liabilities are included in net debt for bank loan covenant calculation purposes.
FY26 FY25
\u00a3m \u00a3m
Analysis of bank loan:
Non-current bank loans (net of unamortised bank fees)
247.6
246.3
Add back unamortised fees
2.4
3.7
Total gross bank loan
250.0
250.0
In November 2024, the Group agreed with existing and new lenders to refinance its debt facilities, previously comprising a \u20ac337.5m Term Loan and RCF of \u00a3200.0m. The refinanced facilities (\u2018New Facilities\u2019) consist of a \u00a3250.0m Term Loan and RCF of \u00a3126.5m for an initial term of three years (ending 14 November 2027), with two one-year extension options, subject to lender approval. In April 2026, the lending syndicate approved the Group\u2019s request to exercise the one year extension option on both the Term Loan and the RCF, extending the maturity of these facilities to 14 November 2028, effective from 1 May 2026. On 30 March 2026, the Group also cancelled \u00a326.5m of commitments under the RCF, thereby reducing the total size of the facility to \u00a3100.0m. All other terms remain unchanged. A portion of the RCF commitment is carved out for ancillary commitments of which \u00a33.8m (FY25: \u00a33.7m) has been utilised primarily for landlord rent guarantees. The Facilities include a single financial covenant on leverage that is tested semi-annually on a rolling 12-month basis at the Group level. Interest on the Term Loan is charged at a variable margin linked to the Group\u2019s leverage, applied over compounded daily SONIA. The weighted average interest rate for this instrument in FY26 was 7.4%. For comparative purposes, interest on the Euro Term Loan B, which was extinguished in November 2024, was charged at a variable margin linked to the Group\u2019s leverage over floating EURIBOR. The weighted total interest rate for this instrument in FY25 up to extinguishment was 6.8% and the total weighted average interest rate for the full year was 7.3%. BANK LOANS Loan repayments will occur as follows:
Term Loan
\u00a3m
2027
(14 November 2027)
1
250.0
Total
250.0
1. This date reflects the repayment date of the loan as at 29 March 2026. The loan was extended as of 1 May 2026 to bring the maturity of the facility to 14 November 2028.
FY26 FY25
\u00a3m \u00a3m
Revolving credit facility utilisation
Guarantees
3.8
3.7
Total utilised facility
3.8
3.7
Available facility (unutilised)
122.7
122.8
Total revolving facility
126.5
126.5
%
%
Interest rate charged on unutilised facility
1.23
1.23
The bank loans are secured by a fixed and floating charge over assets of the Group. The fair value of the items classified as loans and borrowings is shown above. The book and fair values of borrowings are deemed to be materially equal. Movements in loans and borrowings were as follows:
Foreign
30 March Cash Fee Interest Working Fair value exchange 29 March
2025 movements amortisation expense Settlement capital movement movement 2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Term Loan
250.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
250.0
Capitalised fees
(3.7)
(0.1)
1.4
\u2013
\u2013
\u2013
\u2013
\u2013
(2.4)
Borrowing interest payable
2.4
(20.2)
\u2013
19.9
\u2013
\u2013
\u2013
\u2013
2.1
Total borrowings
248.7
(20.3)
1.4
19.9
\u2013
\u2013
\u2013
\u2013
249.7
Foreign
31 March Cash Fee Interest Working Fair value exchange 30 March
2024 movements amortisation expense Settlement capital movement movement 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Euro Term Loan B
288.6
(283.0)
\u2013
\u2013
\u2013
\u2013
\u2013
(5.6)
\u2013
Term Loan
\u2013
250.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
250.0
Capitalised fees
(2.3)
(3.8)
2.8
\u2013
\u2013
(0.4)
\u2013
\u2013
(3.7)
Borrowing interest payable
8.4
(27.6)
\u2013
21.6
\u2013
\u2013
\u2013
\u2013
2.4
Loan-related derivatives
\u2013
\u2013
\u2013
\u2013
4.0
\u2013
(4.0)
\u2013
\u2013
Total borrowings
294.7
(64.4)
2.8
21.6
4.0
(0.4)
(4.0)
(5.6)
248.7
Movements in lease liabilities are not included above but are detailed in note 29. NET DEBT 1 RECONCILIATION The breakdown of net debt1 was as follows:
FY26 FY25
\u00a3m \u00a3m
Cash and cash equivalents
180.3
155.9
Bank loans (excluding unamortised bank fees)
(250.0)
(250.0)
Lease liabilities
(143.8)
(155.4)
Net debt
1
(213.5)
(249.5)
1. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-445": { "value": "18. Borrowings
FY26 FY25
Note \u00a3m \u00a3m
Current
Bank interest
2.1
2.4
Lease liabilities
29
44.1
45.9
Total current
46.2
48.3
Non-current
Bank loans (net of unamortised bank fees)
247.6
246.3
Lease liabilities
29
99.7
109.5
Total non-current
347.3
355.8
Total borrowings
1
393.5
404.1
1. From total borrowings, only bank loans (excluding unamortised bank fees) and lease liabilities are included in net debt for bank loan covenant calculation purposes.
FY26 FY25
\u00a3m \u00a3m
Analysis of bank loan:
Non-current bank loans (net of unamortised bank fees)
247.6
246.3
Add back unamortised fees
2.4
3.7
Total gross bank loan
250.0
250.0
In November 2024, the Group agreed with existing and new lenders to refinance its debt facilities, previously comprising a \u20ac337.5m Term Loan and RCF of \u00a3200.0m. The refinanced facilities (\u2018New Facilities\u2019) consist of a \u00a3250.0m Term Loan and RCF of \u00a3126.5m for an initial term of three years (ending 14 November 2027), with two one-year extension options, subject to lender approval. In April 2026, the lending syndicate approved the Group\u2019s request to exercise the one year extension option on both the Term Loan and the RCF, extending the maturity of these facilities to 14 November 2028, effective from 1 May 2026. On 30 March 2026, the Group also cancelled \u00a326.5m of commitments under the RCF, thereby reducing the total size of the facility to \u00a3100.0m. All other terms remain unchanged. A portion of the RCF commitment is carved out for ancillary commitments of which \u00a33.8m (FY25: \u00a33.7m) has been utilised primarily for landlord rent guarantees. The Facilities include a single financial covenant on leverage that is tested semi-annually on a rolling 12-month basis at the Group level. Interest on the Term Loan is charged at a variable margin linked to the Group\u2019s leverage, applied over compounded daily SONIA. The weighted average interest rate for this instrument in FY26 was 7.4%. For comparative purposes, interest on the Euro Term Loan B, which was extinguished in November 2024, was charged at a variable margin linked to the Group\u2019s leverage over floating EURIBOR. The weighted total interest rate for this instrument in FY25 up to extinguishment was 6.8% and the total weighted average interest rate for the full year was 7.3%. BANK LOANS Loan repayments will occur as follows:
Term Loan
\u00a3m
2027
(14 November 2027)
1
250.0
Total
250.0
1. This date reflects the repayment date of the loan as at 29 March 2026. The loan was extended as of 1 May 2026 to bring the maturity of the facility to 14 November 2028.
FY26 FY25
\u00a3m \u00a3m
Revolving credit facility utilisation
Guarantees
3.8
3.7
Total utilised facility
3.8
3.7
Available facility (unutilised)
122.7
122.8
Total revolving facility
126.5
126.5
%
%
Interest rate charged on unutilised facility
1.23
1.23
The bank loans are secured by a fixed and floating charge over assets of the Group. The fair value of the items classified as loans and borrowings is shown above. The book and fair values of borrowings are deemed to be materially equal. Movements in loans and borrowings were as follows:
Foreign
30 March Cash Fee Interest Working Fair value exchange 29 March
2025 movements amortisation expense Settlement capital movement movement 2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Term Loan
250.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
250.0
Capitalised fees
(3.7)
(0.1)
1.4
\u2013
\u2013
\u2013
\u2013
\u2013
(2.4)
Borrowing interest payable
2.4
(20.2)
\u2013
19.9
\u2013
\u2013
\u2013
\u2013
2.1
Total borrowings
248.7
(20.3)
1.4
19.9
\u2013
\u2013
\u2013
\u2013
249.7
Foreign
31 March Cash Fee Interest Working Fair value exchange 30 March
2024 movements amortisation expense Settlement capital movement movement 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Euro Term Loan B
288.6
(283.0)
\u2013
\u2013
\u2013
\u2013
\u2013
(5.6)
\u2013
Term Loan
\u2013
250.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
250.0
Capitalised fees
(2.3)
(3.8)
2.8
\u2013
\u2013
(0.4)
\u2013
\u2013
(3.7)
Borrowing interest payable
8.4
(27.6)
\u2013
21.6
\u2013
\u2013
\u2013
\u2013
2.4
Loan-related derivatives
\u2013
\u2013
\u2013
\u2013
4.0
\u2013
(4.0)
\u2013
\u2013
Total borrowings
294.7
(64.4)
2.8
21.6
4.0
(0.4)
(4.0)
(5.6)
248.7
Movements in lease liabilities are not included above but are detailed in note 29. NET DEBT 1 RECONCILIATION The breakdown of net debt1 was as follows:
FY26 FY25
\u00a3m \u00a3m
Cash and cash equivalents
180.3
155.9
Bank loans (excluding unamortised bank fees)
(250.0)
(250.0)
Lease liabilities
(143.8)
(155.4)
Net debt
1
(213.5)
(249.5)
1. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-414": { "value": "18. Borrowings
FY26 FY25
Note \u00a3m \u00a3m
Current
Bank interest
2.1
2.4
Lease liabilities
29
44.1
45.9
Total current
46.2
48.3
Non-current
Bank loans (net of unamortised bank fees)
247.6
246.3
Lease liabilities
29
99.7
109.5
Total non-current
347.3
355.8
Total borrowings
1
393.5
404.1
1. From total borrowings, only bank loans (excluding unamortised bank fees) and lease liabilities are included in net debt for bank loan covenant calculation purposes.
FY26 FY25
\u00a3m \u00a3m
Analysis of bank loan:
Non-current bank loans (net of unamortised bank fees)
247.6
246.3
Add back unamortised fees
2.4
3.7
Total gross bank loan
250.0
250.0
In November 2024, the Group agreed with existing and new lenders to refinance its debt facilities, previously comprising a \u20ac337.5m Term Loan and RCF of \u00a3200.0m. The refinanced facilities (\u2018New Facilities\u2019) consist of a \u00a3250.0m Term Loan and RCF of \u00a3126.5m for an initial term of three years (ending 14 November 2027), with two one-year extension options, subject to lender approval. In April 2026, the lending syndicate approved the Group\u2019s request to exercise the one year extension option on both the Term Loan and the RCF, extending the maturity of these facilities to 14 November 2028, effective from 1 May 2026. On 30 March 2026, the Group also cancelled \u00a326.5m of commitments under the RCF, thereby reducing the total size of the facility to \u00a3100.0m. All other terms remain unchanged. A portion of the RCF commitment is carved out for ancillary commitments of which \u00a33.8m (FY25: \u00a33.7m) has been utilised primarily for landlord rent guarantees. The Facilities include a single financial covenant on leverage that is tested semi-annually on a rolling 12-month basis at the Group level. Interest on the Term Loan is charged at a variable margin linked to the Group\u2019s leverage, applied over compounded daily SONIA. The weighted average interest rate for this instrument in FY26 was 7.4%. For comparative purposes, interest on the Euro Term Loan B, which was extinguished in November 2024, was charged at a variable margin linked to the Group\u2019s leverage over floating EURIBOR. The weighted total interest rate for this instrument in FY25 up to extinguishment was 6.8% and the total weighted average interest rate for the full year was 7.3%. BANK LOANS Loan repayments will occur as follows:
Term Loan
\u00a3m
2027
(14 November 2027)
1
250.0
Total
250.0
1. This date reflects the repayment date of the loan as at 29 March 2026. The loan was extended as of 1 May 2026 to bring the maturity of the facility to 14 November 2028.
FY26 FY25
\u00a3m \u00a3m
Revolving credit facility utilisation
Guarantees
3.8
3.7
Total utilised facility
3.8
3.7
Available facility (unutilised)
122.7
122.8
Total revolving facility
126.5
126.5
%
%
Interest rate charged on unutilised facility
1.23
1.23
The bank loans are secured by a fixed and floating charge over assets of the Group. The fair value of the items classified as loans and borrowings is shown above. The book and fair values of borrowings are deemed to be materially equal. Movements in loans and borrowings were as follows:
Foreign
30 March Cash Fee Interest Working Fair value exchange 29 March
2025 movements amortisation expense Settlement capital movement movement 2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Term Loan
250.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
250.0
Capitalised fees
(3.7)
(0.1)
1.4
\u2013
\u2013
\u2013
\u2013
\u2013
(2.4)
Borrowing interest payable
2.4
(20.2)
\u2013
19.9
\u2013
\u2013
\u2013
\u2013
2.1
Total borrowings
248.7
(20.3)
1.4
19.9
\u2013
\u2013
\u2013
\u2013
249.7
Foreign
31 March Cash Fee Interest Working Fair value exchange 30 March
2024 movements amortisation expense Settlement capital movement movement 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Euro Term Loan B
288.6
(283.0)
\u2013
\u2013
\u2013
\u2013
\u2013
(5.6)
\u2013
Term Loan
\u2013
250.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
250.0
Capitalised fees
(2.3)
(3.8)
2.8
\u2013
\u2013
(0.4)
\u2013
\u2013
(3.7)
Borrowing interest payable
8.4
(27.6)
\u2013
21.6
\u2013
\u2013
\u2013
\u2013
2.4
Loan-related derivatives
\u2013
\u2013
\u2013
\u2013
4.0
\u2013
(4.0)
\u2013
\u2013
Total borrowings
294.7
(64.4)
2.8
21.6
4.0
(0.4)
(4.0)
(5.6)
248.7
Movements in lease liabilities are not included above but are detailed in note 29. NET DEBT 1 RECONCILIATION The breakdown of net debt1 was as follows:
FY26 FY25
\u00a3m \u00a3m
Cash and cash equivalents
180.3
155.9
Bank loans (excluding unamortised bank fees)
(250.0)
(250.0)
Lease liabilities
(143.8)
(155.4)
Net debt
1
(213.5)
(249.5)
1. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-371": { "value": "
19. Provisions
Total
\u00a3m
At 1 April 2024
6.3
Arising during the period
1.2
Remeasurements during the period
(0.7)
Amounts utilised
(0.3)
Discount rate unwind
0.2
Foreign exchange
(0.2)
At 30 March 2025
6.5
Arising during the period
0.2
Remeasurements during the period
0.7
Amounts utilised
(0.3)
Discount rate unwind
0.3
Foreign exchange
(0.1)
At 29 March 2026
7. 3
All provisions are property provisions that relate to the estimated repair and restoration costs for properties at the end of the lease.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-446": { "value": "19. Provisions
Total
\u00a3m
At 1 April 2024
6.3
Arising during the period
1.2
Remeasurements during the period
(0.7)
Amounts utilised
(0.3)
Discount rate unwind
0.2
Foreign exchange
(0.2)
At 30 March 2025
6.5
Arising during the period
0.2
Remeasurements during the period
0.7
Amounts utilised
(0.3)
Discount rate unwind
0.3
Foreign exchange
(0.1)
At 29 March 2026
7. 3
All provisions are property provisions that relate to the estimated repair and restoration costs for properties at the end of the lease. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-415": { "value": "19. Provisions
Total
\u00a3m
At 1 April 2024
6.3
Arising during the period
1.2
Remeasurements during the period
(0.7)
Amounts utilised
(0.3)
Discount rate unwind
0.2
Foreign exchange
(0.2)
At 30 March 2025
6.5
Arising during the period
0.2
Remeasurements during the period
0.7
Amounts utilised
(0.3)
Discount rate unwind
0.3
Foreign exchange
(0.1)
At 29 March 2026
7. 3
All provisions are property provisions that relate to the estimated repair and restoration costs for properties at the end of the lease. 31. Contingent assets As an importer of record to the US, the Group paid IEEPA-related US tariffs via its customs broker during the reporting period. In February 2026 however, the US Supreme Court clarified the legal foundation for tariffs, constraining the executive branch\u2019s ability to rely on IEEPA as a stand-alone basis for tariff authority. The ruling declared existing IEEPA tariffs to be unlawful. Subsequently, in March 2026 the US Court of International Trade (\u2018CIT\u2019) ruled that the IEEPA tariffs were to be refunded for unliquidated entries, and liquidated entries for which liquidation was not final. At the time of the CIT ruling all IEEPA-related US tariffs charged to the Group were unliquidated During the period, the Group paid \u00a39.9m in IEEPA-related US tariffs affected by both the Supreme Court and CIT rulings. Whilst the Group expects to make a claim for the full amount paid, as at the reporting date the expectation for a recovery does not meet the virtually certain threshold required for asset recognition. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-447": { "value": "20. Derivative financial assets and liabilities
FY26 FY25
\u00a3m \u00a3m
Assets
Foreign exchange forward contracts \u2013 Current
0.5
1.0
Foreign exchange forward contracts \u2013 Non-current
\u2013
\u2013
Liabilities
Foreign exchange forward contracts \u2013 Current
(0.2)
(0.1)
Foreign exchange forward contracts \u2013 Non-current
\u2013
\u2013
Derivative financial instruments consist of foreign exchange forward contracts, which are categorised within Level 2 (refer to note 2.15 for details on fair value hierarchy categorisation). The full fair value of a derivative is classified as a non-current asset or liability if the remaining maturity is more than 12 months and as a current asset or liability if the maturity of the derivative is less than 12 months. FOREIGN EXCHANGE FORWARD DERIVATIVES The Group takes a holistic approach to foreign exchange risk, viewing exposures on a Group-wide net cash flow basis, seeking to maximise natural offsets wherever possible. Where considered material, the Group manages its exposure to variability in GBP from foreign exchange by hedging highly probable future cash flows arising in other currencies. The Group\u2019s principal net currency exposures are to USD, EUR, JPY and CAD. The Group adopts a rolling, layered approach to hedging its operating cash flows using forward foreign exchange contracts on an 18-month horizon. Other derivative contracts and longer tenors may be used provided these are approved by the Board and Audit and Risk Committee. The following table represents the nominal amounts and types of derivatives held as at each Balance Sheet date:
FY26
FY25
Average foreign exchange rate
Cash flow hedges: sell EUR buy GBP
1.1358
1.1684
Nominal amounts
Cash flow hedges: sell EUR buy GBP
\u00a3m
\u00a3m
Less than a year
66.5
82.2
More than a year but less than two years
7. 9
7. 0
Derivatives measured at fair value through profit or loss: sell EUR buy GBP
\u00a3m
\u00a3m
Less than a year
\u2013
\u2013
For hedges of forecast receipts and payments in foreign currencies, the critical terms of the hedging instruments match exactly with the terms of the hedged items and, therefore, the Group performs a qualitative assessment of effectiveness. The fair value of forecast hedge items is assessed to move materially equally and opposite to continuing cash flow hedge instruments. Ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated or if there are changes in the credit risk of the Group or the derivative counterparty. The hedge ratio is 1:1. If a hedged item is no longer expected to occur, the hedge instruments are immediately de-designated from a cash flow hedge relationship. Amounts recognised in relation to de-designated derivatives are released from the hedging reserve and thereafter movements are classified as fair value through profit or loss. Gains/(losses) reclassified from the Consolidated Statement of Comprehensive Income to the Consolidated Statement of Profit or Loss during the period are as follows:
FY26 FY25
\u00a3m \u00a3m
Revenue
(1.3)
3.8
Foreign exchange losses
\u2013
(3.6)
(1.3)
0.2
Derivative financial assets and liabilities are subject to offsetting, enforceable master netting arrangements with counterparties. However, these amounts are presented gross on the face of the Balance Sheet as the conditions for netting specified in IAS 32 \u2018Financial Instruments Presentation\u2019 are not met.
FY26
Gross carrying
Amounts not
amounts
offset Net amounts
\u00a3m
\u00a3m \u00a3m
Derivative financial assets
0.5
(0.1)
0.4
Derivative financial liabilities
(0.2)
0.1
(0.1)
FY25
Gross carrying
Amounts not
amounts
offset\ue26b Net amounts
\u00a3m
\u00a3m \u00a3m
Derivative financial assets
1.0
(0.1)
0.9
Derivative financial liabilities
(0.1)
0.1
\u2013
22. Financial instruments IFRS 13 requires the classification of financial instruments measured at fair value to be determined by reference to the source of inputs used to derive fair value. The fair values of all financial instruments, except for leases, in both years are materially equal to their carrying values. All financial instruments are measured at amortised cost with the exception of derivatives, cash amounts held within money market funds, and investments in equity instruments which are measured at fair value. Derivatives and money market funds are classified as Level 2 under the fair value hierarchy, and investments in equity instruments as Level 3, which is consistent with the definitions in note 2.15.
29 March 2026
Assets at Fair value through other Fair value through
amortised cost comprehensive income profit or loss Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets as per Balance Sheet
Investments
\u2013
1.0
\u2013
1.0
Trade and other receivables excluding prepayments
64.2
\u2013
\u2013
64.2
Derivative financial assets \u2013 Current
\u2013
0.5
\u2013
0.5
Derivative financial assets \u2013 Non-current
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
91.2
1
\u2013
89.1
2
180.3
155.4
1.5
89.1
246.0
1. \u00a354.9m sits in term deposits with terms of less than 90 days. 2. A proportion of cash is invested in high-quality overnight money market funds to mitigate concentration and counterparty risk.
Liabilities at Fair value through other Fair value through
amortised cost comprehensive income profit or loss Total
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities as per Balance Sheet
Bank debt (excluding unamortised bank fees)
250.0
\u2013
\u2013
250.0
Bank interest \u2013 Current
2.1
\u2013
\u2013
2.1
Lease liabilities \u2013 Current
44.1
\u2013
\u2013
44.1
Lease liabilities \u2013 Non-current
99.7
\u2013
\u2013
99.7
Derivative financial instruments \u2013 Current
\u2013
0.2
\u2013
0.2
Derivative financial instruments \u2013 Non-current
\u2013
\u2013
\u2013
\u2013
Trade and other payables excluding non-financial
liabilities (mainly tax and social security costs)
99.3
\u2013
\u2013
99.3
495.2
0.2
\u2013
495.4
30 March 2025
Assets at Fair value through other Fair value through
amortised cost comprehensive income profit or loss\ue26b Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets as per Balance Sheet
Investments
\u2013
1.0
\u2013
1.0
Trade and other receivables excluding prepayments
56.8
\u2013
\u2013
56.8
Derivative financial assets \u2013 Current
\u2013
1.0
\u2013
1.0
Derivative financial assets \u2013 Non-current
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
97.2
\u2013
58.7
3
155.9
154.0
2.0
58.7
214.7
3. A proportion of cash is invested in high-quality overnight money market funds to mitigate concentration and counterparty risk.
Liabilities at Fair value through other Fair value through
amortised cost comprehensive income profit or loss\ue26b Total
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities as per Balance Sheet
Bank debt (excluding unamortised bank fees)
250.0
\u2013
\u2013
250.0
Bank interest \u2013 Current
2.4
\u2013
\u2013
2.4
Lease liabilities \u2013 Current
45.9
\u2013
\u2013
45.9
Lease liabilities \u2013 Non-current
109.5
\u2013
\u2013
109.5
Derivative financial instruments \u2013 Current
\u2013
0.1
\u2013
0.1
Trade and other payables excluding non-financial
95.9
\u2013
\u2013
95.9
liabilities (mainly tax and social security costs)
503.7
0.1
\u2013
503.8
GROUP FINANCIAL RISK FACTORS The Group\u2019s activities expose it to a wide variety of financial risks including liquidity, credit and market risk (including foreign exchange and interest rate risks). The Group\u2019s treasury policies seek to manage residual financial risk within the Board agreed tolerance in a cost-effective manner and taking advantage of natural offsets that exist or can be created through its operating activities. Where appropriate the Group uses derivative financial instruments to hedge certain risk exposures (for example to reduce the impacts of foreign exchange volatility). Risk management is carried out by a central Group Treasury department under policies approved by the Board of Directors and the Audit and Risk Committee. Group Finance and Group Treasury identify, evaluate and hedge financial risks in close cooperation with the Group\u2019s regional operating units. The Board agrees written principles for overall risk management as well as written policies covering specific areas such as foreign exchange risk, interest rate risk, credit risk and liquidity risk. These policies cover the allowable use of selective derivative financial instruments and investment management processes for excess liquidity. LIQUIDITY RISK Cash flow forecasting is regularly performed in the operating entities of the Group and aggregated by Group Treasury. Group Treasury monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure that it has sufficient cash to meet operational needs while maintaining sufficient headroom in its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits or covenants. Surplus cash held by operating entities over and above balances required for working capital are transferred to Group Treasury to be managed centrally. Group Treasury policy is to invest surplus cash in high-quality, short-term, interest-bearing instruments including current accounts, term deposit and low volatility money market funds. The Group continually reviews any medium to long-term financing requirements to ensure cost effective access to funding is available if and when it is needed (including any debt refinancing). The table below sets out the contractual maturities (representing undiscounted contractual cash flows) of loans, borrowings and other financial liabilities:
At 29 March 2026
Up to Between Between More than
3 months 3 & 12 months 1 & 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans \u2013 Principal
\u2013
\u2013
250.0
\u2013
250.0
Bank loans \u2013 Interest
1
4.7
13.9
13.8
\u2013
32.4
Total bank loans
4.7
13.9
263.8
\u2013
282.4
Lease liabilities
13.2
36.1
88.3
22.0
159.6
Derivative financial instruments
\u2013
0.2
\u2013
\u2013
0.2
Trade and other payables excluding non-financial liabilities
99.3
\u2013
\u2013
\u2013
99.3
117.2
50.2
352.1
22.0
541.5
1. Future interest cash flows are determined by a variable margin depending on the Group leverage forecast over a three-month average compounded SONIA forward curve.
At 30 March 2025
Up to Between Between More than
3 months 3 & 12 months\ue26b 1 & 5 years\ue26b 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans \u2013 Principal
\u2013
\u2013
250.0
\u2013
250.0
Bank loans \u2013 Interest
1
5.2
15.0
31.7
\u2013
51.9
Total bank loans
5.2
15.0
281.7
\u2013
301.9
Lease liabilities
13.6
37.9
97.4
22.8
171.7
Derivative financial instruments
\u2013
0.1
\u2013
\u2013
0.1
Trade and other payables excluding non-financial liabilities
95.9
\u2013
\u2013
\u2013
95.9
114.7
53.0
379.1
22.8
569.6
1. Future interest cash flows are determined by a variable margin depending on the Group leverage forecast over a three-month average compounded SONIA forward curve. Credit risk Credit risk is managed on a Group basis, except for credit risk relating to accounts receivable balances. Each local entity is responsible for managing and analysing the credit risk of their new customers before standard payment and delivery terms and conditions are offered. Credit risk arises from cash and cash equivalents, derivative financial instruments, as well as credit exposures to wholesale and retail customers, including outstanding receivables and committed transactions. Cash investments and derivative transactions are only executed with financial institutions who hold an investment grade rating with at least one of Moody\u2019s, Standard & Poor\u2019s or Fitch\u2019s rating agencies. The Group\u2019s treasury policy defines strict limits that do not allow concentration of risk with individual counterparties. For wholesale customers, risk control assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual risk limits are regularly monitored. Sales to wholesale customers are settled primarily by bank transfer and retail consumers are settled in cash or by major debit or credit cards. The Group has no significant concentration of credit risk as exposure is spread over a large number of consumers. MARKET RISK FOREIGN EXCHANGE RISK The Group operates internationally and is exposed to foreign exchange risk arising from the various currency exposures, primarily with respect to the US Dollar, Euro, Canadian Dollar and Japanese Yen. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in overseas operations. Foreign exchange risk arises when future commercial transactions or recognised assets and liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group purchases the vast majority of its inventory from factories in Asia which are paid in US Dollars. On a net basis, the majority of Group EBIT is earned in currencies other than Pounds Sterling. In addition, the Group has other currency denominated investments in overseas operations whose net assets are exposed to foreign currency translation risk upon consolidation. CASH FLOW AND FAIR VALUE INTEREST RATE RISK The Group\u2019s interest rate risk arises from its floating rate bank debt and cash amounts held. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group\u2019s bank debt borrowings are denominated in GBP and incur interest at variable rates subject to compounded daily SONIA. At 29 March 2026, if interest rates on bank borrowings had been 50 basis points higher or lower with all other variables held constant, the calculated pre-tax profit for the period would change by \u00a31.2m (FY25: \u00a31.4m). CAPITAL RISK The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to stakeholders through the optimisation of the debt and equity balances. The Group\u2019s overall strategy remains consistent with that from the past few years. The capital structure of the Group consists of net debt disclosed in note 18 and equity attributable to equity holders of the parent, comprised of issued ordinary share capital, reserves and retained earnings as disclosed in notes 24 and 26 and the Consolidated Statement of Changes in Equity. The Group\u2019s Board of Directors reviews the capital structure on an annual basis. The Group is not subject to any externally imposed capital requirement. FOREIGN CURRENCY RISK The Group has analysed the impact of a movement in foreign exchange rate of the major non-GBP currencies on its EBIT 1 (all other foreign exchange rates remaining unchanged) as follows:
FY26 FY25
10% appreciation of currency \u00a3m \u00a3m
US Dollar
(9.1)
(12.6)
Euro
13.8
13.4
Yen
3.5
3.4
1. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229. The majority of the Group\u2019s inventory is purchased in US Dollars however the net foreign currency exposure is largely offset by income from the Group\u2019s US operations and US Dollar-denominated sales to distributors. 27. Share-based payments and share schemes EXECUTIVE SHARE PLAN \u2013 THE DR. MARTENS LONG-TERM INCENTIVE PLAN (LTIP) Awards of shares to Executive Directors and other senior executives are made under the Long-Term Incentive Plan (LTIP): the Performance Share Plan (PSP) for the Executive Directors and Global Leadership Team (GLT) and the Restricted Share Unit Plan (RSU) for GLT direct reports and other employees. The LTIP is a discretionary share plan under which awards are approved and granted at the discretion of the Remuneration Committee. LONG-TERM INCENTIVE PLAN \u2013 PERFORMANCE SHARE PLAN (PSP) Awards of conditional shares are granted to the Executive Directors and GLT. These awards are currently capable of vesting subject to the achievement of set performance conditions over a three-year performance period and continued service. There are three performance conditions attached to the awards which are Total Shareholder Return (TSR), which is a market-based performance condition, and Operating Cash Flow Conversion (OCFC) and EPS growth, which are non-market-based performance conditions. In prior years, only the TSR and EPS conditions applied. The fair value of the TSR element of the performance conditions is calculated and fixed at the date of grant using a Stochastic options pricing model. The fair value of the EPS and OCFC elements of the performance conditions are reviewed at each Balance Sheet date and adjusted through the number of awards expected to vest. The fair value of the PSP is the face value of the awards at the date of grant (calculated using the closing share price on the day preceding grant). The awards will vest to participants at the end of the vesting period subject to the performance conditions of the award being met. The entitlement of any of the awards for leavers are subject to the leaver provisions as set out in the Plan Rules. There are no cash settlement alternatives and the Group accounts for the PSP as an equity-settled plan. Full details on the performance conditions for all the LTIP awards can be found in the Remuneration Report on page 130 of the Annual Report. LONG-TERM INCENTIVE PLAN \u2013 RESTRICTED SHARE UNIT PLAN (RSU) Conditional awards of shares under the RSU are granted to GLT direct reports and other employees of the Group. There are no performance conditions attached to the awards; the awards will only vest should the participants remain employed on the vesting date. If participants leave the Group their awards would usually lapse in full, subject to the leaver provisions set out in the Plan Rules. The fair value of Restricted Share Unit awards is the face value of the awards at the date of grant (calculated using the closing share price on the day preceding grant). The Group accounts for the Restricted Share Unit awards as an equity-settled plan. MOVEMENTS DURING THE PERIOD The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, shares subject to LTIP schemes during the period:
FY26
FY25
LTIP
LTIP
No.
WAEP
No.
WAEP
Outstanding at the beginning of the period
27,081,970
\u2013
15,324,569
\u2013
Granted
16,811,595
\u00a30.00
20,262,208
\u00a30.00
Vested
(2,488,247)
\u2013
(2,768,104)
\u2013
Forfeited
(6,772,372)
\u2013
(5,736,703)
\u2013
Outstanding at the end of the period
34,632,946
\u00a30.00
27,081,970
\u00a30.00
Weighted average contractual life remaining (years)
1.5
\u00a30.00
1.8
\u00a30.00
FAIR VALUE MEASUREMENT The following table lists the inputs to the models used for the plans granted during the period ended 29 March 2026 and period ended 30 March 2025:
FY26
LTIP
PSP
PSP
PSP
Date of grant
16/06/2025
08/12/2025
08/12/2025
Share price (pence)
74.2
78.2
78.2
Fair value at grant date (pence)
62.9
64.2
64.2
Exercise price (pence)
0
0
0
Dividend yield (%)
Nil
Nil
Nil
Expected volatility (%)
57.92%
50.53%
50.53%
Risk-free interest rate (%)
3.77%
3.72%
3.72%
Expected life (years)
3.0 years
1.5 years
3.0 years
Model used
Monte Carlo and Finnerty
Monte Carlo and Finnerty
Monte Carlo and Finnerty
FY26
LTIP
RSU
RSU
RSU
RSU
RSU
RSU
Date of grant
16/06/2025
16/06/2025
16/06/2025
16/06/2025
16/06/2025
08/12/2025
Share price (pence)
74.2
74.2
74.2
74.2
78.2
78.2
Fair value at grant date (pence)
74.2
74.2
74.2
74.2
78.2
78.2
Exercise price (pence)
0
0
0
0
0
0
Dividend yield (%)
Nil
Nil
Nil
Nil
Nil
Nil
Expected volatility (%)
Nil
Nil
Nil
Nil
Nil
Nil
Risk-free interest rate (%)
Nil
Nil
Nil
Nil
Nil
Nil
Expected life (years)
3.0 years
0.5 years
3.0 years
0.1 years
0.2 years
3.0 years
Model used
N/A
N/A
N/A
N/A
N/A
N/A
FY25
LTIP
PSP
RSU
RSU
RSU
RSU
RSU
Date of grant
14/06/2024
14/06/2024
14/06/2024
14/06/2024
05/12/2024
05/12/2024
Share price (pence)
84.1
84.1
84.1
84.1
69.9
69.9
Fair value at grant date (pence)
72.8
84.1
84.1
84.1
69.9
69.9
Exercise price (pence)
0
0
0
0
0
0
Dividend yield (%)
Nil
Nil
Nil
Nil
Nil
Nil
Expected volatility (%)
56.88%
Nil
Nil
Nil
Nil
Nil
Risk-free interest rate (%)
4.12%
Nil
Nil
Nil
Nil
Nil
Expected life (years)
3.0 years
3.0 years
3.3 years
0.7 years
2.5 years
1.6 years
Model used
Monte Carlo
N/A
N/A
N/A
N/A
N/A
The following schemes granted in FY24 and FY23 were also still in existence during FY25 and FY26:
FY24
LTIP
PSP
RSU
RSU
Date of grant
30/06/2023
30/06/2023
14/12/2023
Share price (pence)
119.3
119.3
88.5
Fair value at grant date (pence)
96.7
119.3
88.5
Exercise price (pence)
0
0
0
Dividend yield (%)
Nil
Nil
Nil
Expected volatility (%)
55.05%
Nil
Nil
Risk-free interest rate (%)
5.13%
Nil
Nil
Expected life (years)
3.0 years
3.0 years
3.0 years
Model used
Monte Carlo
N/A
N/A
The following schemes granted in FY23 were also still in existence during FY24 and FY25:
FY23
LTIP
PSP
RSU
RSU
Date of grant
15/06/2022
15/06/2022
08/12/2022
Share price (pence)
238
238
193
Fair value at grant date (pence)
205
238
193
Exercise price (pence)
0
0
0
Dividend yield (%)
Nil
Nil
Nil
Expected volatility (%)
50.71%
Nil
Nil
Risk-free interest rate (%)
2.23%
Nil
Nil
Expected life (years)
3.0 years
3.0 years
2.7 years
Model used
Monte Carlo
N/A
N/A
VOLATILITY For determining expected volatility, IFRS 2 requires the fair value to take into account historical volatility over the expected term. Where Dr. Martens plc has been listed for less than the expected life of the plans it does not have sufficient information on historical volatility, and it computes volatility for the longest period for which trading activity is available. It also considered the historical volatility of similar entities in the same industry for the equivalent period of their listed share price history. ALL-EMPLOYEE PLAN \u2013 SHARE INCENTIVE PLAN (SIP) AND INTERNATIONAL SHARE INCENTIVE PLAN The Group has two SIP Trusts, Dr. Martens plc UK Share Incentive Plan Trust (\u2018SIP-UK\u2019) and Dr. Martens plc International Share Incentive Plan Trust (\u2018SIP-International\u2019), for the purpose of facilitating the holding of shares in Dr. Martens plc for the benefit of employees of the Group. The assets of the employee share trusts are held by the separate trusts, of which the Directors consider that Dr. Martens plc has control for accounting purposes. SHARE INCENTIVE PLAN (SIP): BUY AS YOU EARN In October 2021 employees were granted Free Shares under the Share Incentive Plan (SIP); these shares vested and became available to employees in October 2024. In September 2022 the Company launched the purchase and matching element of the SIP known as Buy As You Earn (BAYE). Employees can elect to make a monthly contribution from their gross pay to purchase shares in Dr. Martens plc (\u2018partnership shares\u2019). For each partnership share acquired, the Company will award a \u2018matching\u2019 share. Matching shares are subject to a three-year forfeiture period, and employees will receive the matching shares if they remain employed at the end of this period of service. The matching shares fall within the scope of IFRS 2 and are classed as equity-settled share-based payments with a three-year forfeiture period, due to the condition of continued service for three years from the allocation date. A new invitation to join the plan will be rolled out each year effective 1 September. On 11 November 2022, the first matching shares were allocated to employees who had opted into the plan and purchased partnership shares. These awards are subject to a three-year forfeiture period after the date of purchase of the corresponding partnership shares. There are no cash settlement alternatives and the Group accounts for the SIP as an equity-settled plan. GLOBAL SHARE INCENTIVE PLAN (SIP): INTERNATIONAL BUY AS YOU EARN In March 2023 the Company launched the purchase and matching element of the International SIP known as International Buy As You Earn (BAYE). Employees can elect to make a monthly contribution from their net pay to purchase shares in Dr. Martens plc (\u2018partnership shares\u2019). Partnership shares are purchased quarterly with the first purchase in July 2023. For each partnership share acquired, the Company will allocate a \u2018matching\u2019 share. Matching shares vest after a period of between two and three years depending on the allocation date. The average weighted vesting period is 2.7 years. The matching shares fall within the scope of IFRS 2 and are classed as equity-settled share-based payments, and employees will receive the matching shares if they remain employed at the end of this period of service. A new invitation to join the plan will be rolled out each year effective 1 September. The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, SIP shares during the period:
FY26
FY25
SIP
SIP
No.
No.
Outstanding at the beginning of the period
837,211
385,523
Granted
497,127
634,772
Vested
(161,463)
(107,248)
Forfeited
(132,497)
(75,836)
Outstanding at the end of the period
1,040,378
837,211
Weighted average contractual life remaining (years)
1.7 years
2.1 years
FAIR VALUE MEASUREMENT The following table lists the inputs to the model used for the SIP plans for the period ended 29 March 2026 and period ended 30 March 2025:
FY26
FY25
FY24
FY23
SIP
Date of grant
19/09/2025
20/09/2024
22/09/2023
15/09/2022
Share price (pence)
50-91
55-95
82-165
128-290
Fair value at grant date (pence)
50-91
55-95
82-165
128-290
Exercise price (pence)
0
0
0
0
Dividend yield (%)
Nil
Nil
Nil
Nil
Expected volatility (%)
0
0
0
0
Risk-free interest rate
0
0
0
0
Weighted average expected life (years)
3.3 years
3.4 years
3.3 years
3.2 years
Model used
N/A
N/A
N/A
N/A
SHARE SCHEMES \u2013 ADDITIONAL INFORMATION Employer payroll taxes are being accrued, where applicable, at local rate, which management expects to be the prevailing rate when the awards are exercised, based on the share price at the reporting date. The total employer payroll taxes for the period relating to all the awards was \u00a30.6m (FY25: \u00a30.4m). Within this amount is \u00a30.1m (FY25: \u00a30.3m) of exceptional costs relating to Director joining costs. Included in staff costs and accruals is \u00a3nil (FY25: \u00a3nil) in relation to expenses arising from cash-settled share-based payments. Included in staff costs is \u00a35.2m (FY25: \u00a37.2m) in relation to expenses arising from equity-settled share-based payments. Within this amount is \u00a30.3m (FY25: \u00a30.3m) in relation to the SIP, \u00a30.7m (FY25: \u00a31.9m) of exceptional costs relating to Director joining costs and \u00a3nil (FY25: \u00a30.1m) of exceptional costs relating to the cost action plan. GLOBAL BONUS SCHEME SHARE PLAN The Remuneration Committee of the Group has determined that a proportion of the annual Executive Bonus Scheme will be utilised (on a net basis) to purchase Parent Company shares. There were no cancellations or modifications during the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-416": { "value": "20. Derivative financial assets and liabilities
FY26 FY25
\u00a3m \u00a3m
Assets
Foreign exchange forward contracts \u2013 Current
0.5
1.0
Foreign exchange forward contracts \u2013 Non-current
\u2013
\u2013
Liabilities
Foreign exchange forward contracts \u2013 Current
(0.2)
(0.1)
Foreign exchange forward contracts \u2013 Non-current
\u2013
\u2013
Derivative financial instruments consist of foreign exchange forward contracts, which are categorised within Level 2 (refer to note 2.15 for details on fair value hierarchy categorisation). The full fair value of a derivative is classified as a non-current asset or liability if the remaining maturity is more than 12 months and as a current asset or liability if the maturity of the derivative is less than 12 months. FOREIGN EXCHANGE FORWARD DERIVATIVES The Group takes a holistic approach to foreign exchange risk, viewing exposures on a Group-wide net cash flow basis, seeking to maximise natural offsets wherever possible. Where considered material, the Group manages its exposure to variability in GBP from foreign exchange by hedging highly probable future cash flows arising in other currencies. The Group\u2019s principal net currency exposures are to USD, EUR, JPY and CAD. The Group adopts a rolling, layered approach to hedging its operating cash flows using forward foreign exchange contracts on an 18-month horizon. Other derivative contracts and longer tenors may be used provided these are approved by the Board and Audit and Risk Committee. The following table represents the nominal amounts and types of derivatives held as at each Balance Sheet date:
FY26
FY25
Average foreign exchange rate
Cash flow hedges: sell EUR buy GBP
1.1358
1.1684
Nominal amounts
Cash flow hedges: sell EUR buy GBP
\u00a3m
\u00a3m
Less than a year
66.5
82.2
More than a year but less than two years
7. 9
7. 0
Derivatives measured at fair value through profit or loss: sell EUR buy GBP
\u00a3m
\u00a3m
Less than a year
\u2013
\u2013
For hedges of forecast receipts and payments in foreign currencies, the critical terms of the hedging instruments match exactly with the terms of the hedged items and, therefore, the Group performs a qualitative assessment of effectiveness. The fair value of forecast hedge items is assessed to move materially equally and opposite to continuing cash flow hedge instruments. Ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated or if there are changes in the credit risk of the Group or the derivative counterparty. The hedge ratio is 1:1. If a hedged item is no longer expected to occur, the hedge instruments are immediately de-designated from a cash flow hedge relationship. Amounts recognised in relation to de-designated derivatives are released from the hedging reserve and thereafter movements are classified as fair value through profit or loss. Gains/(losses) reclassified from the Consolidated Statement of Comprehensive Income to the Consolidated Statement of Profit or Loss during the period are as follows:
FY26 FY25
\u00a3m \u00a3m
Revenue
(1.3)
3.8
Foreign exchange losses
\u2013
(3.6)
(1.3)
0.2
Derivative financial assets and liabilities are subject to offsetting, enforceable master netting arrangements with counterparties. However, these amounts are presented gross on the face of the Balance Sheet as the conditions for netting specified in IAS 32 \u2018Financial Instruments Presentation\u2019 are not met.
FY26
Gross carrying
Amounts not
amounts
offset Net amounts
\u00a3m
\u00a3m \u00a3m
Derivative financial assets
0.5
(0.1)
0.4
Derivative financial liabilities
(0.2)
0.1
(0.1)
FY25
Gross carrying
Amounts not
amounts
offset\ue26b Net amounts
\u00a3m
\u00a3m \u00a3m
Derivative financial assets
1.0
(0.1)
0.9
Derivative financial liabilities
(0.1)
0.1
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-457": { "value": "20. Derivative financial assets and liabilities
FY26 FY25
\u00a3m \u00a3m
Assets
Foreign exchange forward contracts \u2013 Current
0.5
1.0
Foreign exchange forward contracts \u2013 Non-current
\u2013
\u2013
Liabilities
Foreign exchange forward contracts \u2013 Current
(0.2)
(0.1)
Foreign exchange forward contracts \u2013 Non-current
\u2013
\u2013
Derivative financial instruments consist of foreign exchange forward contracts, which are categorised within Level 2 (refer to note 2.15 for details on fair value hierarchy categorisation). The full fair value of a derivative is classified as a non-current asset or liability if the remaining maturity is more than 12 months and as a current asset or liability if the maturity of the derivative is less than 12 months. FOREIGN EXCHANGE FORWARD DERIVATIVES The Group takes a holistic approach to foreign exchange risk, viewing exposures on a Group-wide net cash flow basis, seeking to maximise natural offsets wherever possible. Where considered material, the Group manages its exposure to variability in GBP from foreign exchange by hedging highly probable future cash flows arising in other currencies. The Group\u2019s principal net currency exposures are to USD, EUR, JPY and CAD. The Group adopts a rolling, layered approach to hedging its operating cash flows using forward foreign exchange contracts on an 18-month horizon. Other derivative contracts and longer tenors may be used provided these are approved by the Board and Audit and Risk Committee. The following table represents the nominal amounts and types of derivatives held as at each Balance Sheet date:
FY26
FY25
Average foreign exchange rate
Cash flow hedges: sell EUR buy GBP
1.1358
1.1684
Nominal amounts
Cash flow hedges: sell EUR buy GBP
\u00a3m
\u00a3m
Less than a year
66.5
82.2
More than a year but less than two years
7. 9
7. 0
Derivatives measured at fair value through profit or loss: sell EUR buy GBP
\u00a3m
\u00a3m
Less than a year
\u2013
\u2013
For hedges of forecast receipts and payments in foreign currencies, the critical terms of the hedging instruments match exactly with the terms of the hedged items and, therefore, the Group performs a qualitative assessment of effectiveness. The fair value of forecast hedge items is assessed to move materially equally and opposite to continuing cash flow hedge instruments. Ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated or if there are changes in the credit risk of the Group or the derivative counterparty. The hedge ratio is 1:1. If a hedged item is no longer expected to occur, the hedge instruments are immediately de-designated from a cash flow hedge relationship. Amounts recognised in relation to de-designated derivatives are released from the hedging reserve and thereafter movements are classified as fair value through profit or loss. Gains/(losses) reclassified from the Consolidated Statement of Comprehensive Income to the Consolidated Statement of Profit or Loss during the period are as follows:
FY26 FY25
\u00a3m \u00a3m
Revenue
(1.3)
3.8
Foreign exchange losses
\u2013
(3.6)
(1.3)
0.2
Derivative financial assets and liabilities are subject to offsetting, enforceable master netting arrangements with counterparties. However, these amounts are presented gross on the face of the Balance Sheet as the conditions for netting specified in IAS 32 \u2018Financial Instruments Presentation\u2019 are not met.
FY26
Gross carrying
Amounts not
amounts
offset Net amounts
\u00a3m
\u00a3m \u00a3m
Derivative financial assets
0.5
(0.1)
0.4
Derivative financial liabilities
(0.2)
0.1
(0.1)
FY25
Gross carrying
Amounts not
amounts
offset\ue26b Net amounts
\u00a3m
\u00a3m \u00a3m
Derivative financial assets
1.0
(0.1)
0.9
Derivative financial liabilities
(0.1)
0.1
\u2013
22. Financial instruments IFRS 13 requires the classification of financial instruments measured at fair value to be determined by reference to the source of inputs used to derive fair value. The fair values of all financial instruments, except for leases, in both years are materially equal to their carrying values. All financial instruments are measured at amortised cost with the exception of derivatives, cash amounts held within money market funds, and investments in equity instruments which are measured at fair value. Derivatives and money market funds are classified as Level 2 under the fair value hierarchy, and investments in equity instruments as Level 3, which is consistent with the definitions in note 2.15.
29 March 2026
Assets at Fair value through other Fair value through
amortised cost comprehensive income profit or loss Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets as per Balance Sheet
Investments
\u2013
1.0
\u2013
1.0
Trade and other receivables excluding prepayments
64.2
\u2013
\u2013
64.2
Derivative financial assets \u2013 Current
\u2013
0.5
\u2013
0.5
Derivative financial assets \u2013 Non-current
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
91.2
1
\u2013
89.1
2
180.3
155.4
1.5
89.1
246.0
1. \u00a354.9m sits in term deposits with terms of less than 90 days. 2. A proportion of cash is invested in high-quality overnight money market funds to mitigate concentration and counterparty risk.
Liabilities at Fair value through other Fair value through
amortised cost comprehensive income profit or loss Total
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities as per Balance Sheet
Bank debt (excluding unamortised bank fees)
250.0
\u2013
\u2013
250.0
Bank interest \u2013 Current
2.1
\u2013
\u2013
2.1
Lease liabilities \u2013 Current
44.1
\u2013
\u2013
44.1
Lease liabilities \u2013 Non-current
99.7
\u2013
\u2013
99.7
Derivative financial instruments \u2013 Current
\u2013
0.2
\u2013
0.2
Derivative financial instruments \u2013 Non-current
\u2013
\u2013
\u2013
\u2013
Trade and other payables excluding non-financial
liabilities (mainly tax and social security costs)
99.3
\u2013
\u2013
99.3
495.2
0.2
\u2013
495.4
30 March 2025
Assets at Fair value through other Fair value through
amortised cost comprehensive income profit or loss\ue26b Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets as per Balance Sheet
Investments
\u2013
1.0
\u2013
1.0
Trade and other receivables excluding prepayments
56.8
\u2013
\u2013
56.8
Derivative financial assets \u2013 Current
\u2013
1.0
\u2013
1.0
Derivative financial assets \u2013 Non-current
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
97.2
\u2013
58.7
3
155.9
154.0
2.0
58.7
214.7
3. A proportion of cash is invested in high-quality overnight money market funds to mitigate concentration and counterparty risk.
Liabilities at Fair value through other Fair value through
amortised cost comprehensive income profit or loss\ue26b Total
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities as per Balance Sheet
Bank debt (excluding unamortised bank fees)
250.0
\u2013
\u2013
250.0
Bank interest \u2013 Current
2.4
\u2013
\u2013
2.4
Lease liabilities \u2013 Current
45.9
\u2013
\u2013
45.9
Lease liabilities \u2013 Non-current
109.5
\u2013
\u2013
109.5
Derivative financial instruments \u2013 Current
\u2013
0.1
\u2013
0.1
Trade and other payables excluding non-financial
95.9
\u2013
\u2013
95.9
liabilities (mainly tax and social security costs)
503.7
0.1
\u2013
503.8
GROUP FINANCIAL RISK FACTORS The Group\u2019s activities expose it to a wide variety of financial risks including liquidity, credit and market risk (including foreign exchange and interest rate risks). The Group\u2019s treasury policies seek to manage residual financial risk within the Board agreed tolerance in a cost-effective manner and taking advantage of natural offsets that exist or can be created through its operating activities. Where appropriate the Group uses derivative financial instruments to hedge certain risk exposures (for example to reduce the impacts of foreign exchange volatility). Risk management is carried out by a central Group Treasury department under policies approved by the Board of Directors and the Audit and Risk Committee. Group Finance and Group Treasury identify, evaluate and hedge financial risks in close cooperation with the Group\u2019s regional operating units. The Board agrees written principles for overall risk management as well as written policies covering specific areas such as foreign exchange risk, interest rate risk, credit risk and liquidity risk. These policies cover the allowable use of selective derivative financial instruments and investment management processes for excess liquidity. LIQUIDITY RISK Cash flow forecasting is regularly performed in the operating entities of the Group and aggregated by Group Treasury. Group Treasury monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure that it has sufficient cash to meet operational needs while maintaining sufficient headroom in its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits or covenants. Surplus cash held by operating entities over and above balances required for working capital are transferred to Group Treasury to be managed centrally. Group Treasury policy is to invest surplus cash in high-quality, short-term, interest-bearing instruments including current accounts, term deposit and low volatility money market funds. The Group continually reviews any medium to long-term financing requirements to ensure cost effective access to funding is available if and when it is needed (including any debt refinancing). The table below sets out the contractual maturities (representing undiscounted contractual cash flows) of loans, borrowings and other financial liabilities:
At 29 March 2026
Up to Between Between More than
3 months 3 & 12 months 1 & 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans \u2013 Principal
\u2013
\u2013
250.0
\u2013
250.0
Bank loans \u2013 Interest
1
4.7
13.9
13.8
\u2013
32.4
Total bank loans
4.7
13.9
263.8
\u2013
282.4
Lease liabilities
13.2
36.1
88.3
22.0
159.6
Derivative financial instruments
\u2013
0.2
\u2013
\u2013
0.2
Trade and other payables excluding non-financial liabilities
99.3
\u2013
\u2013
\u2013
99.3
117.2
50.2
352.1
22.0
541.5
1. Future interest cash flows are determined by a variable margin depending on the Group leverage forecast over a three-month average compounded SONIA forward curve.
At 30 March 2025
Up to Between Between More than
3 months 3 & 12 months\ue26b 1 & 5 years\ue26b 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans \u2013 Principal
\u2013
\u2013
250.0
\u2013
250.0
Bank loans \u2013 Interest
1
5.2
15.0
31.7
\u2013
51.9
Total bank loans
5.2
15.0
281.7
\u2013
301.9
Lease liabilities
13.6
37.9
97.4
22.8
171.7
Derivative financial instruments
\u2013
0.1
\u2013
\u2013
0.1
Trade and other payables excluding non-financial liabilities
95.9
\u2013
\u2013
\u2013
95.9
114.7
53.0
379.1
22.8
569.6
1. Future interest cash flows are determined by a variable margin depending on the Group leverage forecast over a three-month average compounded SONIA forward curve. Credit risk Credit risk is managed on a Group basis, except for credit risk relating to accounts receivable balances. Each local entity is responsible for managing and analysing the credit risk of their new customers before standard payment and delivery terms and conditions are offered. Credit risk arises from cash and cash equivalents, derivative financial instruments, as well as credit exposures to wholesale and retail customers, including outstanding receivables and committed transactions. Cash investments and derivative transactions are only executed with financial institutions who hold an investment grade rating with at least one of Moody\u2019s, Standard & Poor\u2019s or Fitch\u2019s rating agencies. The Group\u2019s treasury policy defines strict limits that do not allow concentration of risk with individual counterparties. For wholesale customers, risk control assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual risk limits are regularly monitored. Sales to wholesale customers are settled primarily by bank transfer and retail consumers are settled in cash or by major debit or credit cards. The Group has no significant concentration of credit risk as exposure is spread over a large number of consumers. MARKET RISK FOREIGN EXCHANGE RISK The Group operates internationally and is exposed to foreign exchange risk arising from the various currency exposures, primarily with respect to the US Dollar, Euro, Canadian Dollar and Japanese Yen. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in overseas operations. Foreign exchange risk arises when future commercial transactions or recognised assets and liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group purchases the vast majority of its inventory from factories in Asia which are paid in US Dollars. On a net basis, the majority of Group EBIT is earned in currencies other than Pounds Sterling. In addition, the Group has other currency denominated investments in overseas operations whose net assets are exposed to foreign currency translation risk upon consolidation. CASH FLOW AND FAIR VALUE INTEREST RATE RISK The Group\u2019s interest rate risk arises from its floating rate bank debt and cash amounts held. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group\u2019s bank debt borrowings are denominated in GBP and incur interest at variable rates subject to compounded daily SONIA. At 29 March 2026, if interest rates on bank borrowings had been 50 basis points higher or lower with all other variables held constant, the calculated pre-tax profit for the period would change by \u00a31.2m (FY25: \u00a31.4m). CAPITAL RISK The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to stakeholders through the optimisation of the debt and equity balances. The Group\u2019s overall strategy remains consistent with that from the past few years. The capital structure of the Group consists of net debt disclosed in note 18 and equity attributable to equity holders of the parent, comprised of issued ordinary share capital, reserves and retained earnings as disclosed in notes 24 and 26 and the Consolidated Statement of Changes in Equity. The Group\u2019s Board of Directors reviews the capital structure on an annual basis. The Group is not subject to any externally imposed capital requirement. FOREIGN CURRENCY RISK The Group has analysed the impact of a movement in foreign exchange rate of the major non-GBP currencies on its EBIT 1 (all other foreign exchange rates remaining unchanged) as follows:
FY26 FY25
10% appreciation of currency \u00a3m \u00a3m
US Dollar
(9.1)
(12.6)
Euro
13.8
13.4
Yen
3.5
3.4
1. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229. The majority of the Group\u2019s inventory is purchased in US Dollars however the net foreign currency exposure is largely offset by income from the Group\u2019s US operations and US Dollar-denominated sales to distributors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-465": { "value": "Derivative financial instruments consist of foreign exchange forward contracts, which are categorised within Level 2 (refer to note 2.15 for details on fair value hierarchy categorisation). The full fair value of a derivative is classified as a non-current asset or liability if the remaining maturity is more than 12 months and as a current asset or liability if the maturity of the derivative is less than 12 months. The Group adopts a rolling, layered approach to hedging its operating cash flows using forward foreign exchange contracts on an 18-month horizon. Other derivative contracts and longer tenors may be used provided these are approved by the Board and Audit and Risk Committee. IFRS 13 requires the classification of financial instruments measured at fair value to be determined by reference to the source of inputs used to derive fair value. The fair values of all financial instruments, except for leases, in both years are materially equal to their carrying values. All financial instruments are measured at amortised cost with the exception of derivatives, cash amounts held within money market funds, and investments in equity instruments which are measured at fair value. Derivatives and money market funds are classified as Level 2 under the fair value hierarchy, and investments in equity instruments as Level 3, which is consistent with the definitions in note 2.15. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-372": { "value": "
21. Investments
FY26 FY25
\u00a3m \u00a3m
Investments
1.0
1.0
On 16 January 2023 the Group made an investment of \u00a31.0m in the share capital of Generation Phoenix Limited, a company that
specialises in producing a sustainable alternative to leather and produces a recycled leather product using part-processed offcuts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-466": { "value": "22. Financial instruments IFRS 13 requires the classification of financial instruments measured at fair value to be determined by reference to the source of inputs used to derive fair value. The fair values of all financial instruments, except for leases, in both years are materially equal to their carrying values. All financial instruments are measured at amortised cost with the exception of derivatives, cash amounts held within money market funds, and investments in equity instruments which are measured at fair value. Derivatives and money market funds are classified as Level 2 under the fair value hierarchy, and investments in equity instruments as Level 3, which is consistent with the definitions in note 2.15.
29 March 2026
Assets at Fair value through other Fair value through
amortised cost comprehensive income profit or loss Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets as per Balance Sheet
Investments
\u2013
1.0
\u2013
1.0
Trade and other receivables excluding prepayments
64.2
\u2013
\u2013
64.2
Derivative financial assets \u2013 Current
\u2013
0.5
\u2013
0.5
Derivative financial assets \u2013 Non-current
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
91.2
1
\u2013
89.1
2
180.3
155.4
1.5
89.1
246.0
1. \u00a354.9m sits in term deposits with terms of less than 90 days. 2. A proportion of cash is invested in high-quality overnight money market funds to mitigate concentration and counterparty risk.
Liabilities at Fair value through other Fair value through
amortised cost comprehensive income profit or loss Total
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities as per Balance Sheet
Bank debt (excluding unamortised bank fees)
250.0
\u2013
\u2013
250.0
Bank interest \u2013 Current
2.1
\u2013
\u2013
2.1
Lease liabilities \u2013 Current
44.1
\u2013
\u2013
44.1
Lease liabilities \u2013 Non-current
99.7
\u2013
\u2013
99.7
Derivative financial instruments \u2013 Current
\u2013
0.2
\u2013
0.2
Derivative financial instruments \u2013 Non-current
\u2013
\u2013
\u2013
\u2013
Trade and other payables excluding non-financial
liabilities (mainly tax and social security costs)
99.3
\u2013
\u2013
99.3
495.2
0.2
\u2013
495.4
30 March 2025
Assets at Fair value through other Fair value through
amortised cost comprehensive income profit or loss\ue26b Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets as per Balance Sheet
Investments
\u2013
1.0
\u2013
1.0
Trade and other receivables excluding prepayments
56.8
\u2013
\u2013
56.8
Derivative financial assets \u2013 Current
\u2013
1.0
\u2013
1.0
Derivative financial assets \u2013 Non-current
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
97.2
\u2013
58.7
3
155.9
154.0
2.0
58.7
214.7
3. A proportion of cash is invested in high-quality overnight money market funds to mitigate concentration and counterparty risk.
Liabilities at Fair value through other Fair value through
amortised cost comprehensive income profit or loss\ue26b Total
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities as per Balance Sheet
Bank debt (excluding unamortised bank fees)
250.0
\u2013
\u2013
250.0
Bank interest \u2013 Current
2.4
\u2013
\u2013
2.4
Lease liabilities \u2013 Current
45.9
\u2013
\u2013
45.9
Lease liabilities \u2013 Non-current
109.5
\u2013
\u2013
109.5
Derivative financial instruments \u2013 Current
\u2013
0.1
\u2013
0.1
Trade and other payables excluding non-financial
95.9
\u2013
\u2013
95.9
liabilities (mainly tax and social security costs)
503.7
0.1
\u2013
503.8
GROUP FINANCIAL RISK FACTORS The Group\u2019s activities expose it to a wide variety of financial risks including liquidity, credit and market risk (including foreign exchange and interest rate risks). The Group\u2019s treasury policies seek to manage residual financial risk within the Board agreed tolerance in a cost-effective manner and taking advantage of natural offsets that exist or can be created through its operating activities. Where appropriate the Group uses derivative financial instruments to hedge certain risk exposures (for example to reduce the impacts of foreign exchange volatility). Risk management is carried out by a central Group Treasury department under policies approved by the Board of Directors and the Audit and Risk Committee. Group Finance and Group Treasury identify, evaluate and hedge financial risks in close cooperation with the Group\u2019s regional operating units. The Board agrees written principles for overall risk management as well as written policies covering specific areas such as foreign exchange risk, interest rate risk, credit risk and liquidity risk. These policies cover the allowable use of selective derivative financial instruments and investment management processes for excess liquidity. LIQUIDITY RISK Cash flow forecasting is regularly performed in the operating entities of the Group and aggregated by Group Treasury. Group Treasury monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure that it has sufficient cash to meet operational needs while maintaining sufficient headroom in its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits or covenants. Surplus cash held by operating entities over and above balances required for working capital are transferred to Group Treasury to be managed centrally. Group Treasury policy is to invest surplus cash in high-quality, short-term, interest-bearing instruments including current accounts, term deposit and low volatility money market funds. The Group continually reviews any medium to long-term financing requirements to ensure cost effective access to funding is available if and when it is needed (including any debt refinancing). The table below sets out the contractual maturities (representing undiscounted contractual cash flows) of loans, borrowings and other financial liabilities:
At 29 March 2026
Up to Between Between More than
3 months 3 & 12 months 1 & 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans \u2013 Principal
\u2013
\u2013
250.0
\u2013
250.0
Bank loans \u2013 Interest
1
4.7
13.9
13.8
\u2013
32.4
Total bank loans
4.7
13.9
263.8
\u2013
282.4
Lease liabilities
13.2
36.1
88.3
22.0
159.6
Derivative financial instruments
\u2013
0.2
\u2013
\u2013
0.2
Trade and other payables excluding non-financial liabilities
99.3
\u2013
\u2013
\u2013
99.3
117.2
50.2
352.1
22.0
541.5
1. Future interest cash flows are determined by a variable margin depending on the Group leverage forecast over a three-month average compounded SONIA forward curve.
At 30 March 2025
Up to Between Between More than
3 months 3 & 12 months\ue26b 1 & 5 years\ue26b 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans \u2013 Principal
\u2013
\u2013
250.0
\u2013
250.0
Bank loans \u2013 Interest
1
5.2
15.0
31.7
\u2013
51.9
Total bank loans
5.2
15.0
281.7
\u2013
301.9
Lease liabilities
13.6
37.9
97.4
22.8
171.7
Derivative financial instruments
\u2013
0.1
\u2013
\u2013
0.1
Trade and other payables excluding non-financial liabilities
95.9
\u2013
\u2013
\u2013
95.9
114.7
53.0
379.1
22.8
569.6
1. Future interest cash flows are determined by a variable margin depending on the Group leverage forecast over a three-month average compounded SONIA forward curve. Credit risk Credit risk is managed on a Group basis, except for credit risk relating to accounts receivable balances. Each local entity is responsible for managing and analysing the credit risk of their new customers before standard payment and delivery terms and conditions are offered. Credit risk arises from cash and cash equivalents, derivative financial instruments, as well as credit exposures to wholesale and retail customers, including outstanding receivables and committed transactions. Cash investments and derivative transactions are only executed with financial institutions who hold an investment grade rating with at least one of Moody\u2019s, Standard & Poor\u2019s or Fitch\u2019s rating agencies. The Group\u2019s treasury policy defines strict limits that do not allow concentration of risk with individual counterparties. For wholesale customers, risk control assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual risk limits are regularly monitored. Sales to wholesale customers are settled primarily by bank transfer and retail consumers are settled in cash or by major debit or credit cards. The Group has no significant concentration of credit risk as exposure is spread over a large number of consumers. MARKET RISK FOREIGN EXCHANGE RISK The Group operates internationally and is exposed to foreign exchange risk arising from the various currency exposures, primarily with respect to the US Dollar, Euro, Canadian Dollar and Japanese Yen. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in overseas operations. Foreign exchange risk arises when future commercial transactions or recognised assets and liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group purchases the vast majority of its inventory from factories in Asia which are paid in US Dollars. On a net basis, the majority of Group EBIT is earned in currencies other than Pounds Sterling. In addition, the Group has other currency denominated investments in overseas operations whose net assets are exposed to foreign currency translation risk upon consolidation. CASH FLOW AND FAIR VALUE INTEREST RATE RISK The Group\u2019s interest rate risk arises from its floating rate bank debt and cash amounts held. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group\u2019s bank debt borrowings are denominated in GBP and incur interest at variable rates subject to compounded daily SONIA. At 29 March 2026, if interest rates on bank borrowings had been 50 basis points higher or lower with all other variables held constant, the calculated pre-tax profit for the period would change by \u00a31.2m (FY25: \u00a31.4m). CAPITAL RISK The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to stakeholders through the optimisation of the debt and equity balances. The Group\u2019s overall strategy remains consistent with that from the past few years. The capital structure of the Group consists of net debt disclosed in note 18 and equity attributable to equity holders of the parent, comprised of issued ordinary share capital, reserves and retained earnings as disclosed in notes 24 and 26 and the Consolidated Statement of Changes in Equity. The Group\u2019s Board of Directors reviews the capital structure on an annual basis. The Group is not subject to any externally imposed capital requirement. FOREIGN CURRENCY RISK The Group has analysed the impact of a movement in foreign exchange rate of the major non-GBP currencies on its EBIT 1 (all other foreign exchange rates remaining unchanged) as follows:
FY26 FY25
10% appreciation of currency \u00a3m \u00a3m
US Dollar
(9.1)
(12.6)
Euro
13.8
13.4
Yen
3.5
3.4
1. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229. The majority of the Group\u2019s inventory is purchased in US Dollars however the net foreign currency exposure is largely offset by income from the Group\u2019s US operations and US Dollar-denominated sales to distributors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-463": { "value": "22. Financial instruments IFRS 13 requires the classification of financial instruments measured at fair value to be determined by reference to the source of inputs used to derive fair value. The fair values of all financial instruments, except for leases, in both years are materially equal to their carrying values. All financial instruments are measured at amortised cost with the exception of derivatives, cash amounts held within money market funds, and investments in equity instruments which are measured at fair value. Derivatives and money market funds are classified as Level 2 under the fair value hierarchy, and investments in equity instruments as Level 3, which is consistent with the definitions in note 2.15.
29 March 2026
Assets at Fair value through other Fair value through
amortised cost comprehensive income profit or loss Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets as per Balance Sheet
Investments
\u2013
1.0
\u2013
1.0
Trade and other receivables excluding prepayments
64.2
\u2013
\u2013
64.2
Derivative financial assets \u2013 Current
\u2013
0.5
\u2013
0.5
Derivative financial assets \u2013 Non-current
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
91.2
1
\u2013
89.1
2
180.3
155.4
1.5
89.1
246.0
1. \u00a354.9m sits in term deposits with terms of less than 90 days. 2. A proportion of cash is invested in high-quality overnight money market funds to mitigate concentration and counterparty risk.
Liabilities at Fair value through other Fair value through
amortised cost comprehensive income profit or loss Total
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities as per Balance Sheet
Bank debt (excluding unamortised bank fees)
250.0
\u2013
\u2013
250.0
Bank interest \u2013 Current
2.1
\u2013
\u2013
2.1
Lease liabilities \u2013 Current
44.1
\u2013
\u2013
44.1
Lease liabilities \u2013 Non-current
99.7
\u2013
\u2013
99.7
Derivative financial instruments \u2013 Current
\u2013
0.2
\u2013
0.2
Derivative financial instruments \u2013 Non-current
\u2013
\u2013
\u2013
\u2013
Trade and other payables excluding non-financial
liabilities (mainly tax and social security costs)
99.3
\u2013
\u2013
99.3
495.2
0.2
\u2013
495.4
30 March 2025
Assets at Fair value through other Fair value through
amortised cost comprehensive income profit or loss\ue26b Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets as per Balance Sheet
Investments
\u2013
1.0
\u2013
1.0
Trade and other receivables excluding prepayments
56.8
\u2013
\u2013
56.8
Derivative financial assets \u2013 Current
\u2013
1.0
\u2013
1.0
Derivative financial assets \u2013 Non-current
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
97.2
\u2013
58.7
3
155.9
154.0
2.0
58.7
214.7
3. A proportion of cash is invested in high-quality overnight money market funds to mitigate concentration and counterparty risk.
Liabilities at Fair value through other Fair value through
amortised cost comprehensive income profit or loss\ue26b Total
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities as per Balance Sheet
Bank debt (excluding unamortised bank fees)
250.0
\u2013
\u2013
250.0
Bank interest \u2013 Current
2.4
\u2013
\u2013
2.4
Lease liabilities \u2013 Current
45.9
\u2013
\u2013
45.9
Lease liabilities \u2013 Non-current
109.5
\u2013
\u2013
109.5
Derivative financial instruments \u2013 Current
\u2013
0.1
\u2013
0.1
Trade and other payables excluding non-financial
95.9
\u2013
\u2013
95.9
liabilities (mainly tax and social security costs)
503.7
0.1
\u2013
503.8
GROUP FINANCIAL RISK FACTORS The Group\u2019s activities expose it to a wide variety of financial risks including liquidity, credit and market risk (including foreign exchange and interest rate risks). The Group\u2019s treasury policies seek to manage residual financial risk within the Board agreed tolerance in a cost-effective manner and taking advantage of natural offsets that exist or can be created through its operating activities. Where appropriate the Group uses derivative financial instruments to hedge certain risk exposures (for example to reduce the impacts of foreign exchange volatility). Risk management is carried out by a central Group Treasury department under policies approved by the Board of Directors and the Audit and Risk Committee. Group Finance and Group Treasury identify, evaluate and hedge financial risks in close cooperation with the Group\u2019s regional operating units. The Board agrees written principles for overall risk management as well as written policies covering specific areas such as foreign exchange risk, interest rate risk, credit risk and liquidity risk. These policies cover the allowable use of selective derivative financial instruments and investment management processes for excess liquidity. LIQUIDITY RISK Cash flow forecasting is regularly performed in the operating entities of the Group and aggregated by Group Treasury. Group Treasury monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure that it has sufficient cash to meet operational needs while maintaining sufficient headroom in its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits or covenants. Surplus cash held by operating entities over and above balances required for working capital are transferred to Group Treasury to be managed centrally. Group Treasury policy is to invest surplus cash in high-quality, short-term, interest-bearing instruments including current accounts, term deposit and low volatility money market funds. The Group continually reviews any medium to long-term financing requirements to ensure cost effective access to funding is available if and when it is needed (including any debt refinancing). The table below sets out the contractual maturities (representing undiscounted contractual cash flows) of loans, borrowings and other financial liabilities:
At 29 March 2026
Up to Between Between More than
3 months 3 & 12 months 1 & 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans \u2013 Principal
\u2013
\u2013
250.0
\u2013
250.0
Bank loans \u2013 Interest
1
4.7
13.9
13.8
\u2013
32.4
Total bank loans
4.7
13.9
263.8
\u2013
282.4
Lease liabilities
13.2
36.1
88.3
22.0
159.6
Derivative financial instruments
\u2013
0.2
\u2013
\u2013
0.2
Trade and other payables excluding non-financial liabilities
99.3
\u2013
\u2013
\u2013
99.3
117.2
50.2
352.1
22.0
541.5
1. Future interest cash flows are determined by a variable margin depending on the Group leverage forecast over a three-month average compounded SONIA forward curve.
At 30 March 2025
Up to Between Between More than
3 months 3 & 12 months\ue26b 1 & 5 years\ue26b 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans \u2013 Principal
\u2013
\u2013
250.0
\u2013
250.0
Bank loans \u2013 Interest
1
5.2
15.0
31.7
\u2013
51.9
Total bank loans
5.2
15.0
281.7
\u2013
301.9
Lease liabilities
13.6
37.9
97.4
22.8
171.7
Derivative financial instruments
\u2013
0.1
\u2013
\u2013
0.1
Trade and other payables excluding non-financial liabilities
95.9
\u2013
\u2013
\u2013
95.9
114.7
53.0
379.1
22.8
569.6
1. Future interest cash flows are determined by a variable margin depending on the Group leverage forecast over a three-month average compounded SONIA forward curve. Credit risk Credit risk is managed on a Group basis, except for credit risk relating to accounts receivable balances. Each local entity is responsible for managing and analysing the credit risk of their new customers before standard payment and delivery terms and conditions are offered. Credit risk arises from cash and cash equivalents, derivative financial instruments, as well as credit exposures to wholesale and retail customers, including outstanding receivables and committed transactions. Cash investments and derivative transactions are only executed with financial institutions who hold an investment grade rating with at least one of Moody\u2019s, Standard & Poor\u2019s or Fitch\u2019s rating agencies. The Group\u2019s treasury policy defines strict limits that do not allow concentration of risk with individual counterparties. For wholesale customers, risk control assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual risk limits are regularly monitored. Sales to wholesale customers are settled primarily by bank transfer and retail consumers are settled in cash or by major debit or credit cards. The Group has no significant concentration of credit risk as exposure is spread over a large number of consumers. MARKET RISK FOREIGN EXCHANGE RISK The Group operates internationally and is exposed to foreign exchange risk arising from the various currency exposures, primarily with respect to the US Dollar, Euro, Canadian Dollar and Japanese Yen. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in overseas operations. Foreign exchange risk arises when future commercial transactions or recognised assets and liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group purchases the vast majority of its inventory from factories in Asia which are paid in US Dollars. On a net basis, the majority of Group EBIT is earned in currencies other than Pounds Sterling. In addition, the Group has other currency denominated investments in overseas operations whose net assets are exposed to foreign currency translation risk upon consolidation. CASH FLOW AND FAIR VALUE INTEREST RATE RISK The Group\u2019s interest rate risk arises from its floating rate bank debt and cash amounts held. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group\u2019s bank debt borrowings are denominated in GBP and incur interest at variable rates subject to compounded daily SONIA. At 29 March 2026, if interest rates on bank borrowings had been 50 basis points higher or lower with all other variables held constant, the calculated pre-tax profit for the period would change by \u00a31.2m (FY25: \u00a31.4m). CAPITAL RISK The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to stakeholders through the optimisation of the debt and equity balances. The Group\u2019s overall strategy remains consistent with that from the past few years. The capital structure of the Group consists of net debt disclosed in note 18 and equity attributable to equity holders of the parent, comprised of issued ordinary share capital, reserves and retained earnings as disclosed in notes 24 and 26 and the Consolidated Statement of Changes in Equity. The Group\u2019s Board of Directors reviews the capital structure on an annual basis. The Group is not subject to any externally imposed capital requirement. FOREIGN CURRENCY RISK The Group has analysed the impact of a movement in foreign exchange rate of the major non-GBP currencies on its EBIT 1 (all other foreign exchange rates remaining unchanged) as follows:
FY26 FY25
10% appreciation of currency \u00a3m \u00a3m
US Dollar
(9.1)
(12.6)
Euro
13.8
13.4
Yen
3.5
3.4
1. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229. The majority of the Group\u2019s inventory is purchased in US Dollars however the net foreign currency exposure is largely offset by income from the Group\u2019s US operations and US Dollar-denominated sales to distributors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-417": { "value": "IFRS 13 requires the classification of financial instruments measured at fair value to be determined by reference to the source of inputs used to derive fair value. The fair values of all financial instruments, except for leases, in both years are materially equal to their carrying values. All financial instruments are measured at amortised cost with the exception of derivatives, cash amounts held within money market funds, and investments in equity instruments which are measured at fair value. Derivatives and money market funds are classified as Level 2 under the fair value hierarchy, and investments in equity instruments as Level 3, which is consistent with the definitions in note 2.15. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-418": { "value": "
GROUP FINANCIAL RISK FACTORS
The Group\u2019s activities expose it to a wide variety of financial risks including liquidity, credit and market risk (including foreign exchange and
interest rate risks). The Group\u2019s treasury policies seek to manage residual financial risk within the Board agreed tolerance in a cost-effective
manner and taking advantage of natural offsets that exist or can be created through its operating activities. Where appropriate the Group
uses derivative financial instruments to hedge certain risk exposures (for example to reduce the impacts of foreign exchange volatility).
Risk management is carried out by a central Group Treasury department under policies approved by the Board of Directors and the Audit
and Risk Committee. Group Finance and Group Treasury identify, evaluate and hedge financial risks in close cooperation with the Group\u2019s
regional operating units. The Board agrees written principles for overall risk management as well as written policies covering specific areas
such as foreign exchange risk, interest rate risk, credit risk and liquidity risk. These policies cover the allowable use of selective derivative
financial instruments and investment management processes for excess liquidity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-419": { "value": "LIQUIDITY RISK Cash flow forecasting is regularly performed in the operating entities of the Group and aggregated by Group Treasury. Group Treasury monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure that it has sufficient cash to meet operational needs while maintaining sufficient headroom in its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits or covenants. Surplus cash held by operating entities over and above balances required for working capital are transferred to Group Treasury to be managed centrally. Group Treasury policy is to invest surplus cash in high-quality, short-term, interest-bearing instruments including current accounts, term deposit and low volatility money market funds. The Group continually reviews any medium to long-term financing requirements to ensure cost effective access to funding is available if and when it is needed (including any debt refinancing). The table below sets out the contractual maturities (representing undiscounted contractual cash flows) of loans, borrowings and other financial liabilities:
At 29 March 2026
Up to Between Between More than
3 months 3 & 12 months 1 & 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans \u2013 Principal
\u2013
\u2013
250.0
\u2013
250.0
Bank loans \u2013 Interest
1
4.7
13.9
13.8
\u2013
32.4
Total bank loans
4.7
13.9
263.8
\u2013
282.4
Lease liabilities
13.2
36.1
88.3
22.0
159.6
Derivative financial instruments
\u2013
0.2
\u2013
\u2013
0.2
Trade and other payables excluding non-financial liabilities
99.3
\u2013
\u2013
\u2013
99.3
117.2
50.2
352.1
22.0
541.5
1. Future interest cash flows are determined by a variable margin depending on the Group leverage forecast over a three-month average compounded SONIA forward curve.
At 30 March 2025
Up to Between Between More than
3 months 3 & 12 months\ue26b 1 & 5 years\ue26b 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans \u2013 Principal
\u2013
\u2013
250.0
\u2013
250.0
Bank loans \u2013 Interest
1
5.2
15.0
31.7
\u2013
51.9
Total bank loans
5.2
15.0
281.7
\u2013
301.9
Lease liabilities
13.6
37.9
97.4
22.8
171.7
Derivative financial instruments
\u2013
0.1
\u2013
\u2013
0.1
Trade and other payables excluding non-financial liabilities
95.9
\u2013
\u2013
\u2013
95.9
114.7
53.0
379.1
22.8
569.6
1. Future interest cash flows are determined by a variable margin depending on the Group leverage forecast over a three-month average compounded SONIA forward curve. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-421": { "value": "Credit risk Credit risk is managed on a Group basis, except for credit risk relating to accounts receivable balances. Each local entity is responsible for managing and analysing the credit risk of their new customers before standard payment and delivery terms and conditions are offered. Credit risk arises from cash and cash equivalents, derivative financial instruments, as well as credit exposures to wholesale and retail customers, including outstanding receivables and committed transactions. Cash investments and derivative transactions are only executed with financial institutions who hold an investment grade rating with at least one of Moody\u2019s, Standard & Poor\u2019s or Fitch\u2019s rating agencies. The Group\u2019s treasury policy defines strict limits that do not allow concentration of risk with individual counterparties. For wholesale customers, risk control assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual risk limits are regularly monitored. Sales to wholesale customers are settled primarily by bank transfer and retail consumers are settled in cash or by major debit or credit cards. The Group has no significant concentration of credit risk as exposure is spread over a large number of consumers. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-422": { "value": "MARKET RISK FOREIGN EXCHANGE RISK The Group operates internationally and is exposed to foreign exchange risk arising from the various currency exposures, primarily with respect to the US Dollar, Euro, Canadian Dollar and Japanese Yen. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in overseas operations. Foreign exchange risk arises when future commercial transactions or recognised assets and liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group purchases the vast majority of its inventory from factories in Asia which are paid in US Dollars. On a net basis, the majority of Group EBIT is earned in currencies other than Pounds Sterling. In addition, the Group has other currency denominated investments in overseas operations whose net assets are exposed to foreign currency translation risk upon consolidation. CASH FLOW AND FAIR VALUE INTEREST RATE RISK The Group\u2019s interest rate risk arises from its floating rate bank debt and cash amounts held. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group\u2019s bank debt borrowings are denominated in GBP and incur interest at variable rates subject to compounded daily SONIA. At 29 March 2026, if interest rates on bank borrowings had been 50 basis points higher or lower with all other variables held constant, the calculated pre-tax profit for the period would change by \u00a31.2m (FY25: \u00a31.4m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-420": { "value": "CAPITAL RISK The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to stakeholders through the optimisation of the debt and equity balances. The Group\u2019s overall strategy remains consistent with that from the past few years. The capital structure of the Group consists of net debt disclosed in note 18 and equity attributable to equity holders of the parent, comprised of issued ordinary share capital, reserves and retained earnings as disclosed in notes 24 and 26 and the Consolidated Statement of Changes in Equity. The Group\u2019s Board of Directors reviews the capital structure on an annual basis. The Group is not subject to any externally imposed capital requirement. FOREIGN CURRENCY RISK The Group has analysed the impact of a movement in foreign exchange rate of the major non-GBP currencies on its EBIT 1 (all other foreign exchange rates remaining unchanged) as follows:
FY26 FY25
10% appreciation of currency \u00a3m \u00a3m
US Dollar
(9.1)
(12.6)
Euro
13.8
13.4
Yen
3.5
3.4
1. Alternative Performance Measure (APM) as defined in the Glossary on pages 227 to 229. The majority of the Group\u2019s inventory is purchased in US Dollars however the net foreign currency exposure is largely offset by income from the Group\u2019s US operations and US Dollar-denominated sales to distributors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-458": { "value": "23. Deferred taxation The analysis of deferred tax assets and liabilities is as follows:
FY26 FY25
\u00a3m \u00a3m
Non-current
Assets
11.0
11.1
Liabilities
(1.3)
(2.5)
9.7
8.6
The gross movement on the deferred income tax is as follows:
FY26 FY25
\u00a3m \u00a3m
Credit for the period in the Consolidated Statement of Comprehensive Income
1.1
0.2
The deferred tax asset provided in the financial statements is supported by budgets and trading forecasts and relates to the following temporary differences: + accelerated capital allowances are the differences between the net book value of fixed assets and their tax base; + other temporary differences are the other differences between the carrying amount of an asset/liability and its tax base that eventually will reverse; + unrealised profits in intra-group transactions and expenses; + trade losses expected to be utilised in future periods; and + deferred tax on share-based payments in relation to the expected future tax deduction on the exercise of granted share options spread over the vesting period. The movement in deferred income tax assets and liabilities during the period is as follows:
Accelerated Unrealised Other
capital intra-group temporary Share-based
allowances profits\ue26b differences\ue26b Tax losses payments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2024
(3.2)
3.3
6.9
0.6
0.8
8.4
Statement of Profit or Loss credit/(charge)
0.1
\u2013
0.9
(0.4)
0.5
1.1
Credited/(charged) directly to equity
\u2013
\u2013
0.3
\u2013
(0.7)
(0.4)
Adjustment for Korea concession income
1
\u2013
\u2013
(0.3)
\u2013
\u2013
(0.3)
Foreign exchange
\u2013
(0.1)
(0.1)
\u2013
\u2013
(0.2)
At 30 March 2025
(3.1)
3.2
7. 7
0.2
0.6
8.6
Statement of Profit or Loss credit/(charge)
0.9
0.7
(0.4)
(0.1)
0.6
1.7
(Charged)/credited directly to equity
\u2013
\u2013
(0.8)
\u2013
0.3
(0.5)
Foreign exchange
\u2013
\u2013
(0.1)
\u2013
\u2013
(0.1)
At 29 March 2026
(2.2)
3.9
6.4
0.1
1.5
9.7
1. This adjustment relates to the release of a historical Korean deferred tax asset arising from differences in income recognition in concessions between Korean GAAP and Korean tax rules. This asset was released due to a claim with the Korean tax authorities being resolved. Deferred taxation not provided in the financial statements:
FY26 FY25
\u00a3m \u00a3m
Tax losses
2
8.6
8.9
2. This is the tax affected amount of losses that have not been provided for in the financial statements, calculated using the rate at which the losses would be expected to be used. There are \u00a334.6m (FY25: \u00a335.4m) of gross tax losses that have not been provided for because they are either capital losses (which can only be used against future capital gains which we are not forecasting) or they are non-trade loan relationship losses which can only be used in the same company (and are in companies we don\u2019t expect to have any loan relationship profits). The deferred tax assets and liabilities have been measured at the corporation tax rate expected to apply to the reversal of the timing difference, based on rates that are enacted or substantively enacted by the end of each reporting period. There are no material temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements, for which deferred tax liabilities have not been recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-373": { "value": "
24. Ordinary share capital
FY26 FY26 FY25 FY25
No. \u00a3m No. \u00a3m
Authorised, called up and fully paid
Ordinary shares of \u00a30.01 each
967,472,963
9.7
964,537,323
9.6
The movements in the ordinary share capital during the period ended 29 March 2026 and the period ended 30 March 2025 were as follows:
FY26 FY26 FY25 FY25
No. \u00a3m No. \u00a3m
At 31 March 2025 and 1 April 2024
964,537,323
9.6
961,878,608
9.6
Shares issued
2,935,640
0.1
2,658,715
\u2013
At 29 March 2026 and 30 March 2025
967,472,963
9.7
964,537,323
9.6
25. Treasury shares
The movements in treasury shares held by the Company during the period ended 29 March 2026 and period ended 30 March 2025 were
as follows:
FY26 FY26 FY25 FY25
No. \u00a3m No. \u00a3m
At 31 March 2025 and 1 April 2024
735,360
\u2013
394,923
\u2013
Purchase of own shares held by employee trust
10,000,000
6.7
\u2013
\u2013
Shares issued for share schemes held in trust
283,102
\u2013
447,685
\u2013
Shares vested from share schemes held in trust
(161,463)
\u2013
(107,248)
\u2013
At 29 March 2026 and 30 March 2025
10,856,999
6.7
735,360
\u2013
During the period the Dr. Martens plc Employee Benefit Trust (EBT) was established, set up for the purpose of purchasing and holding shares
in Dr. Martens plc for subsequent transfer to employees under the terms of the Group\u2019s share plans. During the period, the Trust purchased
10,000,000 shares (FY25: \u00a3nil) for a total cash consideration of \u00a36.7m (FY25: \u00a3nil). The cost of the shares purchased by the EBT is recorded
within treasury shares, and reduces the profits available for distribution by the Company. Shares held within the Trust have been excluded
from the weighted average number of shares used in the calculation of earnings per share, and dividends are waived on all these shares.
26. Reserves
The following describes the nature and purpose of each reserve within equity:
Reserve
Description and purpose
Ordinary share capital
Nominal value of subscribed shares.
Treasury shares
This reserve relates to shares held by SIP Trusts and the EBT.
The shares held by the SIP Trusts were issued directly to the Trusts in order to satisfy outstanding employee
share schemes and potential awards under the employee share incentive schemes. The Company issued
283,102 shares directly to the Trusts during the period and held 10,856,999 as at 29 March 2026 (30 March
2025 held: 735,360).
Shares purchased by Dr. Martens plc Employee Benefit Trust are included within treasury shares. During the
period, the trust purchased 10,000,000 shares for a cash consideration of \u00a36.7m and held 10,000,000 as at
29 March 2026 (30 March 2025 held: nil)
Hedging reserve
Represents the movements in fair value on designated hedging instruments.
Capital redemption reserve
A non-distributable reserve into which amounts are transferred following the redemption or purchase of own
shares. The reserve was created in order to ensure sufficient distributable reserves were available for the
purpose of redeeming preference shares in the prior periods.
Merger reserve
The difference between the nominal value of shares acquired by Dr. Martens plc (the Parent Company) in the
share-for-share exchange with Doc Topco Limited and the nominal value of shares issued to acquire them on
11 December 2020.
Foreign currency Includes translation gains or losses on translation of foreign subsidiaries\u2019 financial statements from the
translation reserve functional currencies to the presentational currency.
Retained earnings
Retained earnings represent the profits of the Group made in current and preceding periods, net of
distributions and equity-settled share-based awards. Included in retained earnings are distributable reserves.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-423": { "value": "24. Ordinary share capital
FY26 FY26 FY25 FY25
No. \u00a3m No. \u00a3m
Authorised, called up and fully paid
Ordinary shares of \u00a30.01 each
967,472,963
9.7
964,537,323
9.6
The movements in the ordinary share capital during the period ended 29 March 2026 and the period ended 30 March 2025 were as follows:
FY26 FY26 FY25 FY25
No. \u00a3m No. \u00a3m
At 31 March 2025 and 1 April 2024
964,537,323
9.6
961,878,608
9.6
Shares issued
2,935,640
0.1
2,658,715
\u2013
At 29 March 2026 and 30 March 2025
967,472,963
9.7
964,537,323
9.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-424": { "value": "25. Treasury shares The movements in treasury shares held by the Company during the period ended 29 March 2026 and period ended 30 March 2025 were as follows:
FY26 FY26 FY25 FY25
No. \u00a3m No. \u00a3m
At 31 March 2025 and 1 April 2024
735,360
\u2013
394,923
\u2013
Purchase of own shares held by employee trust
10,000,000
6.7
\u2013
\u2013
Shares issued for share schemes held in trust
283,102
\u2013
447,685
\u2013
Shares vested from share schemes held in trust
(161,463)
\u2013
(107,248)
\u2013
At 29 March 2026 and 30 March 2025
10,856,999
6.7
735,360
\u2013
During the period the Dr. Martens plc Employee Benefit Trust (EBT) was established, set up for the purpose of purchasing and holding shares in Dr. Martens plc for subsequent transfer to employees under the terms of the Group\u2019s share plans. During the period, the Trust purchased 10,000,000 shares (FY25: \u00a3nil) for a total cash consideration of \u00a36.7m (FY25: \u00a3nil). The cost of the shares purchased by the EBT is recorded within treasury shares, and reduces the profits available for distribution by the Company. Shares held within the Trust have been excluded from the weighted average number of shares used in the calculation of earnings per share, and dividends are waived on all these shares. 26. Reserves The following describes the nature and purpose of each reserve within equity:
Reserve
Description and purpose
Ordinary share capital
Nominal value of subscribed shares.
Treasury shares
This reserve relates to shares held by SIP Trusts and the EBT.
The shares held by the SIP Trusts were issued directly to the Trusts in order to satisfy outstanding employee
share schemes and potential awards under the employee share incentive schemes. The Company issued
283,102 shares directly to the Trusts during the period and held 10,856,999 as at 29 March 2026 (30 March
2025 held: 735,360).
Shares purchased by Dr. Martens plc Employee Benefit Trust are included within treasury shares. During the
period, the trust purchased 10,000,000 shares for a cash consideration of \u00a36.7m and held 10,000,000 as at
29 March 2026 (30 March 2025 held: nil)
Hedging reserve
Represents the movements in fair value on designated hedging instruments.
Capital redemption reserve
A non-distributable reserve into which amounts are transferred following the redemption or purchase of own
shares. The reserve was created in order to ensure sufficient distributable reserves were available for the
purpose of redeeming preference shares in the prior periods.
Merger reserve
The difference between the nominal value of shares acquired by Dr. Martens plc (the Parent Company) in the
share-for-share exchange with Doc Topco Limited and the nominal value of shares issued to acquire them on
11 December 2020.
Foreign currency Includes translation gains or losses on translation of foreign subsidiaries\u2019 financial statements from the
translation reserve functional currencies to the presentational currency.
Retained earnings
Retained earnings represent the profits of the Group made in current and preceding periods, net of
distributions and equity-settled share-based awards. Included in retained earnings are distributable reserves.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-448": { "value": "25. Treasury shares The movements in treasury shares held by the Company during the period ended 29 March 2026 and period ended 30 March 2025 were as follows:
FY26 FY26 FY25 FY25
No. \u00a3m No. \u00a3m
At 31 March 2025 and 1 April 2024
735,360
\u2013
394,923
\u2013
Purchase of own shares held by employee trust
10,000,000
6.7
\u2013
\u2013
Shares issued for share schemes held in trust
283,102
\u2013
447,685
\u2013
Shares vested from share schemes held in trust
(161,463)
\u2013
(107,248)
\u2013
At 29 March 2026 and 30 March 2025
10,856,999
6.7
735,360
\u2013
During the period the Dr. Martens plc Employee Benefit Trust (EBT) was established, set up for the purpose of purchasing and holding shares in Dr. Martens plc for subsequent transfer to employees under the terms of the Group\u2019s share plans. During the period, the Trust purchased 10,000,000 shares (FY25: \u00a3nil) for a total cash consideration of \u00a36.7m (FY25: \u00a3nil). The cost of the shares purchased by the EBT is recorded within treasury shares, and reduces the profits available for distribution by the Company. Shares held within the Trust have been excluded from the weighted average number of shares used in the calculation of earnings per share, and dividends are waived on all these shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-374": { "value": "
27. Share-based payments and share schemes
EXECUTIVE SHARE PLAN \u2013 THE DR. MARTENS LONG-TERM INCENTIVE PLAN (LTIP)
Awards of shares to Executive Directors and other senior executives are made under the Long-Term Incentive Plan (LTIP): the Performance
Share Plan (PSP) for the Executive Directors and Global Leadership Team (GLT) and the Restricted Share Unit Plan (RSU) for GLT direct
reports and other employees. The LTIP is a discretionary share plan under which awards are approved and granted at the discretion of the
Remuneration Committee.
LONG-TERM INCENTIVE PLAN \u2013 PERFORMANCE SHARE PLAN (PSP)
Awards of conditional shares are granted to the Executive Directors and GLT. These awards are currently capable of vesting subject to
the achievement of set performance conditions over a three-year performance period and continued service. There are three performance
conditions attached to the awards which are Total Shareholder Return (TSR), which is a market-based performance condition, and
Operating Cash Flow Conversion (OCFC) and EPS growth, which are non-market-based performance conditions. In prior years, only the
TSR and EPS conditions applied. The fair value of the TSR element of the performance conditions is calculated and fixed at the date of
grant using a Stochastic options pricing model. The fair value of the EPS and OCFC elements of the performance conditions are reviewed
at each Balance Sheet date and adjusted through the number of awards expected to vest. The fair value of the PSP is the face value of the
awards at the date of grant (calculated using the closing share price on the day preceding grant). The awards will vest to participants at the
end of the vesting period subject to the performance conditions of the award being met. The entitlement of any of the awards for leavers are
subject to the leaver provisions as set out in the Plan Rules. There are no cash settlement alternatives and the Group accounts for the PSP
as an equity-settled plan. Full details on the performance conditions for all the LTIP awards can be found in the Remuneration Report on
page 130 of the Annual Report.
LONG-TERM INCENTIVE PLAN \u2013 RESTRICTED SHARE UNIT PLAN (RSU)
Conditional awards of shares under the RSU are granted to GLT direct reports and other employees of the Group. There are no performance
conditions attached to the awards; the awards will only vest should the participants remain employed on the vesting date. If participants
leave the Group their awards would usually lapse in full, subject to the leaver provisions set out in the Plan Rules. The fair value of Restricted
Share Unit awards is the face value of the awards at the date of grant (calculated using the closing share price on the day preceding grant).
The Group accounts for the Restricted Share Unit awards as an equity-settled plan.
MOVEMENTS DURING THE PERIOD
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, shares subject to LTIP
schemes during the period:
FY26
FY25
LTIP
LTIP
No.
WAEP
No.
WAEP
Outstanding at the beginning of the period
27,081,970
\u2013
15,324,569
\u2013
Granted
16,811,595
\u00a30.00
20,262,208
\u00a30.00
Vested
(2,488,247)
\u2013
(2,768,104)
\u2013
Forfeited
(6,772,372)
\u2013
(5,736,703)
\u2013
Outstanding at the end of the period
34,632,946
\u00a30.00
27,081,970
\u00a30.00
Weighted average contractual life remaining (years)
1.5
\u00a30.00
1.8
\u00a30.00
FAIR VALUE MEASUREMENT
The following table lists the inputs to the models used for the plans granted during the period ended 29 March 2026 and period ended
30 March 2025:
FY26
LTIP
PSP
PSP
PSP
Date of grant
16/06/2025
08/12/2025
08/12/2025
Share price (pence)
74.2
78.2
78.2
Fair value at grant date (pence)
62.9
64.2
64.2
Exercise price (pence)
0
0
0
Dividend yield (%)
Nil
Nil
Nil
Expected volatility (%)
57.92%
50.53%
50.53%
Risk-free interest rate (%)
3.77%
3.72%
3.72%
Expected life (years)
3.0 years
1.5 years
3.0 years
Model used
Monte Carlo and Finnerty
Monte Carlo and Finnerty
Monte Carlo and Finnerty
FY26
LTIP
RSU
RSU
RSU
RSU
RSU
RSU
Date of grant
16/06/2025
16/06/2025
16/06/2025
16/06/2025
16/06/2025
08/12/2025
Share price (pence)
74.2
74.2
74.2
74.2
78.2
78.2
Fair value at grant date (pence)
74.2
74.2
74.2
74.2
78.2
78.2
Exercise price (pence)
0
0
0
0
0
0
Dividend yield (%)
Nil
Nil
Nil
Nil
Nil
Nil
Expected volatility (%)
Nil
Nil
Nil
Nil
Nil
Nil
Risk-free interest rate (%)
Nil
Nil
Nil
Nil
Nil
Nil
Expected life (years)
3.0 years
0.5 years
3.0 years
0.1 years
0.2 years
3.0 years
Model used
N/A
N/A
N/A
N/A
N/A
N/A
FY25
LTIP
PSP
RSU
RSU
RSU
RSU
RSU
Date of grant
14/06/2024
14/06/2024
14/06/2024
14/06/2024
05/12/2024
05/12/2024
Share price (pence)
84.1
84.1
84.1
84.1
69.9
69.9
Fair value at grant date (pence)
72.8
84.1
84.1
84.1
69.9
69.9
Exercise price (pence)
0
0
0
0
0
0
Dividend yield (%)
Nil
Nil
Nil
Nil
Nil
Nil
Expected volatility (%)
56.88%
Nil
Nil
Nil
Nil
Nil
Risk-free interest rate (%)
4.12%
Nil
Nil
Nil
Nil
Nil
Expected life (years)
3.0 years
3.0 years
3.3 years
0.7 years
2.5 years
1.6 years
Model used
Monte Carlo
N/A
N/A
N/A
N/A
N/A
The following schemes granted in FY24 and FY23 were also still in existence during FY25 and FY26:
FY24
LTIP
PSP
RSU
RSU
Date of grant
30/06/2023
30/06/2023
14/12/2023
Share price (pence)
119.3
119.3
88.5
Fair value at grant date (pence)
96.7
119.3
88.5
Exercise price (pence)
0
0
0
Dividend yield (%)
Nil
Nil
Nil
Expected volatility (%)
55.05%
Nil
Nil
Risk-free interest rate (%)
5.13%
Nil
Nil
Expected life (years)
3.0 years
3.0 years
3.0 years
Model used
Monte Carlo
N/A
N/A
The following schemes granted in FY23 were also still in existence during FY24 and FY25:
FY23
LTIP
PSP
RSU
RSU
Date of grant
15/06/2022
15/06/2022
08/12/2022
Share price (pence)
238
238
193
Fair value at grant date (pence)
205
238
193
Exercise price (pence)
0
0
0
Dividend yield (%)
Nil
Nil
Nil
Expected volatility (%)
50.71%
Nil
Nil
Risk-free interest rate (%)
2.23%
Nil
Nil
Expected life (years)
3.0 years
3.0 years
2.7 years
Model used
Monte Carlo
N/A
N/A
VOLATILITY
For determining expected volatility, IFRS 2 requires the fair value to take into account historical volatility over the expected term. Where
Dr. Martens plc has been listed for less than the expected life of the plans it does not have sufficient information on historical volatility, and
it computes volatility for the longest period for which trading activity is available. It also considered the historical volatility of similar entities
in the same industry for the equivalent period of their listed share price history.
ALL-EMPLOYEE PLAN \u2013 SHARE INCENTIVE PLAN (SIP) AND INTERNATIONAL SHARE INCENTIVE PLAN
The Group has two SIP Trusts, Dr. Martens plc UK Share Incentive Plan Trust (\u2018SIP-UK\u2019) and Dr. Martens plc International Share Incentive
Plan Trust (\u2018SIP-International\u2019), for the purpose of facilitating the holding of shares in Dr. Martens plc for the benefit of employees of the
Group. The assets of the employee share trusts are held by the separate trusts, of which the Directors consider that Dr. Martens plc has
control for accounting purposes.
SHARE INCENTIVE PLAN (SIP): BUY AS YOU EARN
In October 2021 employees were granted Free Shares under the Share Incentive Plan (SIP); these shares vested and became available
to employees in October 2024. In September 2022 the Company launched the purchase and matching element of the SIP known as Buy
As You Earn (BAYE). Employees can elect to make a monthly contribution from their gross pay to purchase shares in Dr. Martens plc
(\u2018partnership shares\u2019). For each partnership share acquired, the Company will award a \u2018matching\u2019 share. Matching shares are subject to
a three-year forfeiture period, and employees will receive the matching shares if they remain employed at the end of this period of service.
The matching shares fall within the scope of IFRS 2 and are classed as equity-settled share-based payments with a three-year forfeiture
period, due to the condition of continued service for three years from the allocation date. A new invitation to join the plan will be rolled
out each year effective 1 September. On 11 November 2022, the first matching shares were allocated to employees who had opted into
the plan and purchased partnership shares. These awards are subject to a three-year forfeiture period after the date of purchase of the
corresponding partnership shares. There are no cash settlement alternatives and the Group accounts for the SIP as an equity-settled plan.
GLOBAL SHARE INCENTIVE PLAN (SIP): INTERNATIONAL BUY AS YOU EARN
In March 2023 the Company launched the purchase and matching element of the International SIP known as International Buy As You Earn
(BAYE). Employees can elect to make a monthly contribution from their net pay to purchase shares in Dr. Martens plc (\u2018partnership shares\u2019).
Partnership shares are purchased quarterly with the first purchase in July 2023. For each partnership share acquired, the Company
will allocate a \u2018matching\u2019 share. Matching shares vest after a period of between two and three years depending on the allocation date.
The average weighted vesting period is 2.7 years. The matching shares fall within the scope of IFRS 2 and are classed as equity-settled
share-based payments, and employees will receive the matching shares if they remain employed at the end of this period of service.
A new invitation to join the plan will be rolled out each year effective 1 September.
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, SIP shares during the period:
FY26
FY25
SIP
SIP
No.
No.
Outstanding at the beginning of the period
837,211
385,523
Granted
497,127
634,772
Vested
(161,463)
(107,248)
Forfeited
(132,497)
(75,836)
Outstanding at the end of the period
1,040,378
837,211
Weighted average contractual life remaining (years)
1.7 years
2.1 years
FAIR VALUE MEASUREMENT
The following table lists the inputs to the model used for the SIP plans for the period ended 29 March 2026 and period ended 30 March 2025:
FY26
FY25
FY24
FY23
SIP
Date of grant
19/09/2025
20/09/2024
22/09/2023
15/09/2022
Share price (pence)
50-91
55-95
82-165
128-290
Fair value at grant date (pence)
50-91
55-95
82-165
128-290
Exercise price (pence)
0
0
0
0
Dividend yield (%)
Nil
Nil
Nil
Nil
Expected volatility (%)
0
0
0
0
Risk-free interest rate
0
0
0
0
Weighted average expected life (years)
3.3 years
3.4 years
3.3 years
3.2 years
Model used
N/A
N/A
N/A
N/A
SHARE SCHEMES \u2013 ADDITIONAL INFORMATION
Employer payroll taxes are being accrued, where applicable, at local rate, which management expects to be the prevailing rate when
the awards are exercised, based on the share price at the reporting date. The total employer payroll taxes for the period relating to all
the awards was \u00a30.6m (FY25: \u00a30.4m). Within this amount is \u00a30.1m (FY25: \u00a30.3m) of exceptional costs relating to Director joining costs.
Included in staff costs and accruals is \u00a3nil (FY25: \u00a3nil) in relation to expenses arising from cash-settled share-based payments.
Included in staff costs is \u00a35.2m (FY25: \u00a37.2m) in relation to expenses arising from equity-settled share-based payments. Within this
amount is \u00a30.3m (FY25: \u00a30.3m) in relation to the SIP, \u00a30.7m (FY25: \u00a31.9m) of exceptional costs relating to Director joining costs and
\u00a3nil (FY25: \u00a30.1m) of exceptional costs relating to the cost action plan.
GLOBAL BONUS SCHEME SHARE PLAN
The Remuneration Committee of the Group has determined that a proportion of the annual Executive Bonus Scheme will be utilised
(on a net basis) to purchase Parent Company shares. There were no cancellations or modifications during the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-375": { "value": "
28. Financial commitments
The Group is party to a number of warehousing agreements whereby it is committed to certain costs which are not required to be reflected
on the Balance Sheet. These costs pertain to storage costs for some warehouses that do not meet the recognition requirements of IFRS 16,
and the fixed-cost elements of the additional services that the Group\u2019s warehouse operators provide.
The below table discloses the contractual cash flows that the Group is committed to under these arrangements, excluding the effects
of future rate increases allowable within the agreements.
FY26 FY25
\u00a3m \u00a3m
Within 1 year
7. 9
7. 0
1 to 5 years
12.7
6.5
Over 5 years
2.8
\u2013
23.4
13.5
Short-term leases for retail stores are not required to be included above as the portfolio of short-term leases to which the Group is
committed to at the end of the reporting period is not dissimilar to the portfolio of short-term leases to which the short-term lease expense
disclosed in note 29 relates.
Guarantees exist in the form of rent guarantees to various landlords of \u00a35.9m (FY25: \u00a35.9m) and other guarantees of \u00a30.2m (FY25: \u00a30.2m).
Included within the rent guarantees is \u00a33.8m of issued guarantees (FY25: \u00a33.7m) secured by an ancillary carve-out from the Group\u2019s RCF.
The Group has additional commitments relating to leases where the Group has entered into an obligation but does not yet have control
of the underlying asset. The future lease payments to which the Group is committed, over the expected lease term, but are not recorded
on the Group\u2019s Balance Sheet are as follows:
FY26 FY25
\u00a3m \u00a3m
Within 1 year
\u2013
0.2
1 to 5 years
\u2013
1.4
Over 5 years
\u2013
1.0
\u2013
2.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-425": { "value": "28. Financial commitments The Group is party to a number of warehousing agreements whereby it is committed to certain costs which are not required to be reflected on the Balance Sheet. These costs pertain to storage costs for some warehouses that do not meet the recognition requirements of IFRS 16, and the fixed-cost elements of the additional services that the Group\u2019s warehouse operators provide. The below table discloses the contractual cash flows that the Group is committed to under these arrangements, excluding the effects of future rate increases allowable within the agreements.
FY26 FY25
\u00a3m \u00a3m
Within 1 year
7. 9
7. 0
1 to 5 years
12.7
6.5
Over 5 years
2.8
\u2013
23.4
13.5
Short-term leases for retail stores are not required to be included above as the portfolio of short-term leases to which the Group is committed to at the end of the reporting period is not dissimilar to the portfolio of short-term leases to which the short-term lease expense disclosed in note 29 relates. Guarantees exist in the form of rent guarantees to various landlords of \u00a35.9m (FY25: \u00a35.9m) and other guarantees of \u00a30.2m (FY25: \u00a30.2m). Included within the rent guarantees is \u00a33.8m of issued guarantees (FY25: \u00a33.7m) secured by an ancillary carve-out from the Group\u2019s RCF. The Group has additional commitments relating to leases where the Group has entered into an obligation but does not yet have control of the underlying asset. The future lease payments to which the Group is committed, over the expected lease term, but are not recorded on the Group\u2019s Balance Sheet are as follows:
FY26 FY25
\u00a3m \u00a3m
Within 1 year
\u2013
0.2
1 to 5 years
\u2013
1.4
Over 5 years
\u2013
1.0
\u2013
2.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-376": { "value": "
29. Lease liabilities
Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and the movements during
the period:
FY26 FY25
Note \u00a3m \u00a3m
At 31 March 2025 and 1 April 2024
155.4
182.3
Additions
1
10.4
16.7
Reassessments
5.3
3.0
Modifications
22.3
6.3
Interest expense
8
6.3
6.9
Lease capital and interest repayments
(55.6)
(56.2)
Foreign exchange
(0.3)
(3.6)
At 29 March 2026 and 30 March 2025
143.8
155.4
Current
18
44.1
45.9
Non-current
18
99.7
109.5
1. Additions comprises right-of-use asset additions less working capital of \u00a30.9m (FY25: \u00a31.9m).
The following amounts were recognised in the Consolidated Statement of Profit or Loss:
FY26 FY25
Note \u00a3m \u00a3m
Depreciation expense of right-of-use assets
13
48.8
51.4
Impairment of right-of-use assets
13
3.5
3.2
Gain on remeasurement of leases
(1.1)
(0.3)
Interest expense on lease liabilities
8
6.3
6.9
Expenses relating to short-term leases
0.1
0.3
Variable lease payments
2.5
2.9
Total operating expenses recognised in the Consolidated Statement of Profit or Loss
2.6
3.2
Total amount recognised in the Consolidated Statement of Profit or Loss
60.1
64.4
EXTENSION OPTIONS
Some leases contain extension options exercisable by the Group up to one year before the end of the non-cancellable contract period.
Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options
held are exercisable only by the Group and not by the lessors. The Group will reassess and remeasure when there is a significant event or
change in circumstances. For example, lease renewals or business decisions to exercise lease breaks. These are reviewed and embedded
to the model as they occur.
Potential future lease
Lease liabilities payments not included
recognised in lease liabilities
(discounted) (undiscounted)
\u00a3m \u00a3m
FY26: Leases with lease extension options
33.8
79.6
FY25: Leases with lease extension options
38.2
84.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-426": { "value": "29. Lease liabilities Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and the movements during the period:
FY26 FY25
Note \u00a3m \u00a3m
At 31 March 2025 and 1 April 2024
155.4
182.3
Additions
1
10.4
16.7
Reassessments
5.3
3.0
Modifications
22.3
6.3
Interest expense
8
6.3
6.9
Lease capital and interest repayments
(55.6)
(56.2)
Foreign exchange
(0.3)
(3.6)
At 29 March 2026 and 30 March 2025
143.8
155.4
Current
18
44.1
45.9
Non-current
18
99.7
109.5
1. Additions comprises right-of-use asset additions less working capital of \u00a30.9m (FY25: \u00a31.9m). The following amounts were recognised in the Consolidated Statement of Profit or Loss:
FY26 FY25
Note \u00a3m \u00a3m
Depreciation expense of right-of-use assets
13
48.8
51.4
Impairment of right-of-use assets
13
3.5
3.2
Gain on remeasurement of leases
(1.1)
(0.3)
Interest expense on lease liabilities
8
6.3
6.9
Expenses relating to short-term leases
0.1
0.3
Variable lease payments
2.5
2.9
Total operating expenses recognised in the Consolidated Statement of Profit or Loss
2.6
3.2
Total amount recognised in the Consolidated Statement of Profit or Loss
60.1
64.4
EXTENSION OPTIONS Some leases contain extension options exercisable by the Group up to one year before the end of the non-cancellable contract period. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not by the lessors. The Group will reassess and remeasure when there is a significant event or change in circumstances. For example, lease renewals or business decisions to exercise lease breaks. These are reviewed and embedded to the model as they occur.
Potential future lease
Lease liabilities payments not included
recognised in lease liabilities
(discounted) (undiscounted)
\u00a3m \u00a3m
FY26: Leases with lease extension options
33.8
79.6
FY25: Leases with lease extension options
38.2
84.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-377": { "value": "
30. Pensions
DEFINED CONTRIBUTION SCHEME
The Group operates a defined contribution pension scheme for its employees. The Group\u2019s expenses in relation to this scheme were \u00a34.9m
for the period ended 29 March 2026 (FY25: \u00a35.2m) and at 29 March 2026 \u00a30.2m (FY25: \u00a30.2m) remained payable to the pension fund.
DEFINED BENEFIT SCHEME
Dr Martens Airwair Group Limited and Airwair International Limited (subsidiaries of the Group) operate a pension arrangement called the
Dr Martens Airwair Group Pension Plan (the Plan). The Plan has a defined benefit section that provides benefits based on final salary and
length of service on retirement, leaving service or death. The defined benefit section closed to new members on 6 April 2002 and closed
to future accrual with effect from 31 January 2006. The Plan also has a defined contribution section that provides money purchase benefits
to some current and former employees.
The Plan is managed by a board of Trustees appointed in part by Airwair International Limited and in part from elections by members of the
Plan. The Trustees have responsibility for obtaining valuations of the fund, administering benefit payments and investing the Plan\u2019s assets.
The Trustees delegate some of these functions to their professional advisers where appropriate.
During December 2025, the Trustees purchased a bulk annuity contract with Pension Insurance Corporation (PIC) to insure the Plan\u2019s
non-annuitant benefits in full (excluding any additional benefits arising due to GMP equalisation which will be insured as part of a future
top-up premium discount). The buy-in transaction has been recognised in the 29 March 2026 disclosures as a remeasurement, with the
value of the buy-in policy set equal to the IAS 19 value of the liabilities insured.
The defined benefit section of the Plan is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Plan is
carried out at least once every three years to determine whether the Statutory Funding Objective is met. A full actuarial valuation was carried
out as at 30 June 2025. The results of that valuation were received in February 2026 by a qualified independent actuary and confirmed that
the Plan had sufficient assets to meet the Statutory Funding Objective. The Statutory Funding Objective does not currently impact on the
recognition of the Plan in these financial statements.
The weighted average duration of the defined benefit obligation is approximately 11 years (FY25: 11 years). Around 50% of the
undiscounted benefits are due to be paid beyond 17 years\u2019 time, with the projected actuarial cash flows declining to zero in about 70 years.
KEY RISKS
As a consequence of the buy-in the following key risks have been transferred to PIC:
+ Investment risk. The Plan holds investments in asset classes, such as equities, which have volatile market values and while these assets are
expected to provide real returns over the long term, the short-term volatility can cause additional funding to be required if a deficit emerges
+ Interest rate risk. The value of the Plan\u2019s liabilities is assessed using market yields on high-quality corporate bonds to discount the
liabilities. As the Plan holds assets such as equities, the value of the assets and liabilities may not move in the same way. The Plan holds
derivatives to manage a proportion of the interest rate risk
+ Inflation risk. A significant proportion of the benefits under the Plan are linked to inflation. Although the Plan\u2019s assets are expected to
provide a good hedge against inflation over the long term, movements in inflation expectations over the short term could lead to a deficit
emerging. The Plan holds some derivatives to hedge a proportion of the potential changes in the value of the liabilities due to changes in
market inflation expectations
+ Mortality risk. In the event that members live longer than assumed, a deficit could emerge in the Plan
Although the Lloyds Banking Group Pensions Trustees Limited vs Lloyds Bank plc (and others) court judgment on 26 October 2018
(and the subsequent court judgment on 20 November 2020) provided some clarity in respect of GMP equalisation and the obligations that
this places on schemes, the actual impact of equalising the Plan\u2019s GMPs remains uncertain. An approximate allowance equivalent to 1.1%
(FY25: 1.1%) of the value of the liabilities has been made in the disclosures for the impact of GMP equalisation. There were no other plan
amendments, curtailments or settlements during the period.
The Group\u2019s Annual Report and Accounts for the period ended 30 March 2025 disclosed the dismissal on 25 July 2024 of the appeal by
Virgin Media to the judgment in the High Court case of Virgin Media vs NTL Trustees which was handed down on 16 June 2023. The judge
ruled that where benefit changes were made without a valid \u2018section 37\u2019 certificate from the Scheme Actuary, those changes could be
considered void. This judgment could have material consequences for some defined benefit schemes. On 5 June 2025 the Government
announced that in light of this uncertainty, it would introduce legislation into the Pension Schemes Bill which will allow affected schemes to
obtain retrospective actuarial confirmation that historical benefit changes in scope of section 37 were valid (subject to various provisions).
Provisions were published on 18 September 2025 in the amended Pension Schemes Bill to allow for this.
The Group has considered the extent to which it should investigate the implications of the Virgin Media ruling on its IAS 19 disclosures
as at 29 March 2026 in relation to the Dr Martens Airwair Group Pension Plan. The Plan was contracted-out of the State Pension during
the relevant period and therefore is in scope of the ruling. The Group is not aware of any evidence that there are any amendments that
were made during the relevant period that did not receive the appropriate actuarial confirmation.
In light of the above and the draft legislation, disclosures have been prepared assuming that the ruling will not affect the Plan\u2019s benefits.
Airwair International Limited is required to agree a Schedule of Contributions with the Trustees of the Plan following a valuation, which
must be carried out at least once every three years. Following the valuation of the Plan as at 30 June 2025, a Schedule of Contributions
was agreed under which Airwair International Limited was not required to make any contributions to the defined benefit section of the Plan
(other than payments in respect of administrative expenses). Accordingly, Airwair International Limited does not expect to contribute to
the defined benefit section of the Plan, although it will continue to contribute to the defined contribution section in line with the Schedule
of Contributions. Due to the buy-in transaction with PIC and the resultant surplus assets in the Plan, the company does not expect to need
to pay any contributions to the Plan following the conclusion of the valuation.
The amounts recognised in the Balance Sheet (under IAS 19 Employee Benefits) are determined as follows:
FY26 FY25
\u00a3m \u00a3m
Fair value of plan assets \u2013 defined benefit section
37.0
42.4
Present value of funded obligations \u2013 defined benefit section
(34.0)
(33.7)
Surplus of funded plans
3.0
8.7
Impact of asset ceiling
\u2013
(8.7)
Net pension asset
3.0
\u2013
Prior to the buy-in transaction, any surplus in the Plan was not recognised on the grounds that Airwair International Limited was unlikely
to derive any future economic benefits from the surplus. As such, an asset ceiling was applied to the Balance Sheet. However, post buy-in,
the surplus now reflects a true economic surplus and the Company has an unconditional right to this surplus.
A reconciliation of the net defined benefit asset over the period is given below:
FY26 FY25
\u00a3m \u00a3m
Net defined benefit asset at beginning of the period
\u2013
\u2013
Total defined benefit charge in the Statement of Profit or Loss
(0.6)
\u2013
Remeasurement gains in the Statement of Comprehensive Income
3.6
\u2013
Employer\u2019s contributions
\u2013
\u2013
Net defined benefit asset at end of the period
3.0
\u2013
The amount charged to the Consolidated Statement of Profit or Loss in respect of the defined benefit section of the Plan is shown below:
FY26 FY25
\u00a3m \u00a3m
Net interest charge in the P&L account
\u2013
\u2013
Past service costs
0.6
\u2013
Total defined benefit charge
0.6
\u2013
As part of the buy-in transaction, the pension adopted changes to insurer factors for converting pension into a lump sum at retirement.
This enhancement resulted in a past service cost of \u00a30.6m. Administration costs related to the buy-in were \u00a30.4m. The amount charged
to the Consolidated Statement of Profit or Loss and Consolidated Statement of Comprehensive Income in respect of the defined benefit
section of the Plan was \u00a3nil (FY25: \u00a316k). Costs in respect of the defined contribution section of the Plan, and other defined contribution
arrangements operated by Airwair International Limited, are allowed for separately.
The remeasurements in respect of the defined benefit section of the Plan, to be shown in the Consolidated Statement of Comprehensive
Income, are shown below:
FY26 FY25
\u00a3m \u00a3m
Losses on defined benefit assets in excess of interest
5.5
4.3
Experience loss on defined benefit obligation
0.5
\u2013
Losses from changes to demographic assumptions
0.3
\u2013
Gains from changes to financial assumptions
(0.9)
(3.4)
Change in effect of asset ceiling
(9.0)
(0.9)
Total remeasurements to be shown in other comprehensive income
(3.6)
\u2013
The buy-in transaction reduced the Plan\u2019s assets for IAS 19 purposes, contributing to the loss on defined benefit assets in excess of interest
shown above. This is because the buy-in policy asset value is set equal to the value of the liabilities under IAS 19, not the amount paid
across to the insurer. The associated loss is viewed as investment loss for the purpose of the disclosure. The removal of the asset ceiling
results in a significant remeasurement gain.
The change in defined benefit scheme assets over the period was:
FY26 FY25
\u00a3m \u00a3m
At 31 March 2025 and 1 April 2024
42.4
46.7
Interest on defined benefit assets
2.2
2.2
Movement on defined benefit section assets less interest
(5.5)
(4.3)
Benefits paid from the defined benefit section
(2.1)
(2.2)
At 29 March 2026 and 30 March 2025
37.0
42.4
The change in the defined benefit scheme funded obligations over the period was:
FY26 FY25
\u00a3m \u00a3m
At 31 March 2025 and 1 April 2024
33.7
37.6
Past service cost
0.6
\u2013
Interest cost on defined benefit obligation
1.9
1.7
Experience loss on defined benefit obligation
0.5
\u2013
Changes to demographic assumptions
0.3
\u2013
Changes to financial assumptions
(0.9)
(3.4)
Benefits paid from the defined benefit section
(2.1)
(2.2)
At 29 March 2026 and 30 March 2025
34.0
33.7
The change in the effect of the asset ceiling over the period was as follows:
FY26 FY25
\u00a3m \u00a3m
At 31 March 2025 and 1 April 2024
8.7
9.1
Net interest charge on asset ceiling
0.3
0.5
Changes in the effect of the asset ceiling excluding interest
(9.0)
(0.9)
At 29 March 2026 and 30 March 2025
\u2013
8.7
A breakdown of the assets is set out below, split between those assets that have a quoted market value in an active market and those that do
not. The assets do not include any investment in shares of Airwair International Limited, nor any property owned or occupied by the Group.
FY26 FY25
\u00a3m \u00a3m
Assets with a quoted market value in an active market:
Cash and other
Domestic
0.4
\u2013
0.4
\u2013
Assets without a quoted market value in an active market:
Equities and property
Domestic
\u2013
0.1
Foreign
\u2013
2.0
\u2013
2.1
Fixed interest bonds
Unspecified
\u2013
13.0
\u2013
13.0
Index linked gilts
Domestic
\u2013
25.9
\u2013
25.9
Alternatives
Unspecified
0.1
0.5
0.1
0.5
Property
Unspecified
\u2013
\u2013
\u2013
\u2013
Insured annuities
Domestic
33.3
0.8
33.3
0.8
Cash and other
Domestic
3.2
0.1
Foreign
\u2013
\u2013
Unspecified
\u2013
\u2013
3.2
0.1
Fair value of plan assets
37.0
42.4
A full actuarial valuation was carried out as at 30 June 2025. The results of that valuation were received in February 2026 by a qualified
independent actuary. The principal assumptions selected by Airwair International Limited and used by the actuary to calculate the Plan\u2019s
defined benefit obligation were:
FY26
FY25
Discount rate
6.1%
5.7%
Inflation assumption (RPI)
3.4%
3.2%
Inflation assumption (CPI)
2.7%
2.5%
LPI pension increases subject to 5% cap
3.2%
3.1%
LPI pension increases subject to 3% cap
2.5%
2.5%
Revaluation in deferment
2.7%
2.5%
Post-retirement mortality assumption
105% (males) and 111% (females)
105% (males) and 111% (females)
of S3PA tables, with allowance of S3PA tables, with allowance for
for future improvements in line future improvements in line with the
with the CMI_2024 core projection CMI_2022 core projection model using
model using a long-term rate of 0% 2020 and 2021 weight parameters,
improvement of 1.0% p.a., an initial a 15% 2022 weight parameter, a
addition of 0.2% and a half-life of 1.0 long-term rate of improvement of 1.0%
p.a. and an initial addition of 0.2%
Tax free cash
Members are assumed to take 75%
Members are assumed to take 50% of
of the maximum tax free cash the maximum tax free cash possible
Proportion married at retirement or earlier death
Deferred members: 70% of male
80% of male members and 65% of
members and 80% of female female members are assumed to be
members are assumed to married at retirement or earlier death
be married at 30 June 2025.
Pensioner members: 80% of male
members and 60% of female
members are assumed to be
married at 30 June 2025
Age difference
Deferred members: Males 1.5 years
Males three years older than
older than dependant, females dependant, females one year
1.5 years younger than dependant younger than dependant
Pensioner members: Males
2.5 years older than dependant,
females 3 years younger
than dependant
Assumed life expectancies on retirement at age 65 are:
Retiring today:
Male
21.5
21.1
Female
23.4
23.3
Retiring in 20 years\u2019 time:
Male
22.4
22.2
Female
24.5
24.4
The key sensitivities of the defined benefit obligation to the actuarial assumptions are shown below:
FY26 FY25
\u00a3m \u00a3m
Discount rate
Plus 0.5%
(1.6)
(1.7)
Minus 0.5%
1.7
1.9
Plus 1.0%
(3.2)
(3.2)
Minus 1.0%
3.8
3.9
Rate of inflation
Plus 0.5%
1.4
1.4
Minus 0.5%
(1.3)
(1.5)
Life expectancy
Plus 1.0 year
1.2
1.4
Minus 1.0 year
(1.2)
(1.4)
The sensitivity illustrations set out above are approximate. They show the likely effect of an assumption being adjusted while all other
assumptions remain the same. Only the impact on the liability value (i.e. the defined benefit obligation) is considered \u2013 in particular:
+ no allowance is made for any changes to the value of the Plan\u2019s invested assets in scenarios where interest rates or market inflation
expectations change; and
+ no allowance is made for changes in the value of the annuity policies held by the Plan, which is calculated using the same actuarial
assumptions as for the Plan\u2019s defined benefit obligation.
Such changes to the asset values would be likely to partially offset the changes in the defined benefit obligation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-427": { "value": "DEFINED CONTRIBUTION SCHEME The Group operates a defined contribution pension scheme for its employees. The Group\u2019s expenses in relation to this scheme were \u00a34.9m for the period ended 29 March 2026 (FY25: \u00a35.2m) and at 29 March 2026 \u00a30.2m (FY25: \u00a30.2m) remained payable to the pension fund. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-428": { "value": "DEFINED BENEFIT SCHEME Dr Martens Airwair Group Limited and Airwair International Limited (subsidiaries of the Group) operate a pension arrangement called the Dr Martens Airwair Group Pension Plan (the Plan). The Plan has a defined benefit section that provides benefits based on final salary and length of service on retirement, leaving service or death. The defined benefit section closed to new members on 6 April 2002 and closed to future accrual with effect from 31 January 2006. The Plan also has a defined contribution section that provides money purchase benefits to some current and former employees. The Plan is managed by a board of Trustees appointed in part by Airwair International Limited and in part from elections by members of the Plan. The Trustees have responsibility for obtaining valuations of the fund, administering benefit payments and investing the Plan\u2019s assets. The Trustees delegate some of these functions to their professional advisers where appropriate. During December 2025, the Trustees purchased a bulk annuity contract with Pension Insurance Corporation (PIC) to insure the Plan\u2019s non-annuitant benefits in full (excluding any additional benefits arising due to GMP equalisation which will be insured as part of a future top-up premium discount). The buy-in transaction has been recognised in the 29 March 2026 disclosures as a remeasurement, with the value of the buy-in policy set equal to the IAS 19 value of the liabilities insured. The defined benefit section of the Plan is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Plan is carried out at least once every three years to determine whether the Statutory Funding Objective is met. A full actuarial valuation was carried out as at 30 June 2025. The results of that valuation were received in February 2026 by a qualified independent actuary and confirmed that the Plan had sufficient assets to meet the Statutory Funding Objective. The Statutory Funding Objective does not currently impact on the recognition of the Plan in these financial statements. The weighted average duration of the defined benefit obligation is approximately 11 years (FY25: 11 years). Around 50% of the undiscounted benefits are due to be paid beyond 17 years\u2019 time, with the projected actuarial cash flows declining to zero in about 70 years. KEY RISKS As a consequence of the buy-in the following key risks have been transferred to PIC: + Investment risk. The Plan holds investments in asset classes, such as equities, which have volatile market values and while these assets are expected to provide real returns over the long term, the short-term volatility can cause additional funding to be required if a deficit emerges + Interest rate risk. The value of the Plan\u2019s liabilities is assessed using market yields on high-quality corporate bonds to discount the liabilities. As the Plan holds assets such as equities, the value of the assets and liabilities may not move in the same way. The Plan holds derivatives to manage a proportion of the interest rate risk + Inflation risk. A significant proportion of the benefits under the Plan are linked to inflation. Although the Plan\u2019s assets are expected to provide a good hedge against inflation over the long term, movements in inflation expectations over the short term could lead to a deficit emerging. The Plan holds some derivatives to hedge a proportion of the potential changes in the value of the liabilities due to changes in market inflation expectations + Mortality risk. In the event that members live longer than assumed, a deficit could emerge in the Plan Although the Lloyds Banking Group Pensions Trustees Limited vs Lloyds Bank plc (and others) court judgment on 26 October 2018 (and the subsequent court judgment on 20 November 2020) provided some clarity in respect of GMP equalisation and the obligations that this places on schemes, the actual impact of equalising the Plan\u2019s GMPs remains uncertain. An approximate allowance equivalent to 1.1% (FY25: 1.1%) of the value of the liabilities has been made in the disclosures for the impact of GMP equalisation. There were no other plan amendments, curtailments or settlements during the period. The Group\u2019s Annual Report and Accounts for the period ended 30 March 2025 disclosed the dismissal on 25 July 2024 of the appeal by Virgin Media to the judgment in the High Court case of Virgin Media vs NTL Trustees which was handed down on 16 June 2023. The judge ruled that where benefit changes were made without a valid \u2018section 37\u2019 certificate from the Scheme Actuary, those changes could be considered void. This judgment could have material consequences for some defined benefit schemes. On 5 June 2025 the Government announced that in light of this uncertainty, it would introduce legislation into the Pension Schemes Bill which will allow affected schemes to obtain retrospective actuarial confirmation that historical benefit changes in scope of section 37 were valid (subject to various provisions). Provisions were published on 18 September 2025 in the amended Pension Schemes Bill to allow for this. The Group has considered the extent to which it should investigate the implications of the Virgin Media ruling on its IAS 19 disclosures as at 29 March 2026 in relation to the Dr Martens Airwair Group Pension Plan. The Plan was contracted-out of the State Pension during the relevant period and therefore is in scope of the ruling. The Group is not aware of any evidence that there are any amendments that were made during the relevant period that did not receive the appropriate actuarial confirmation. In light of the above and the draft legislation, disclosures have been prepared assuming that the ruling will not affect the Plan\u2019s benefits. Airwair International Limited is required to agree a Schedule of Contributions with the Trustees of the Plan following a valuation, which must be carried out at least once every three years. Following the valuation of the Plan as at 30 June 2025, a Schedule of Contributions was agreed under which Airwair International Limited was not required to make any contributions to the defined benefit section of the Plan (other than payments in respect of administrative expenses). Accordingly, Airwair International Limited does not expect to contribute to the defined benefit section of the Plan, although it will continue to contribute to the defined contribution section in line with the Schedule of Contributions. Due to the buy-in transaction with PIC and the resultant surplus assets in the Plan, the company does not expect to need to pay any contributions to the Plan following the conclusion of the valuation. The amounts recognised in the Balance Sheet (under IAS 19 Employee Benefits) are determined as follows:
FY26 FY25
\u00a3m \u00a3m
Fair value of plan assets \u2013 defined benefit section
37.0
42.4
Present value of funded obligations \u2013 defined benefit section
(34.0)
(33.7)
Surplus of funded plans
3.0
8.7
Impact of asset ceiling
\u2013
(8.7)
Net pension asset
3.0
\u2013
Prior to the buy-in transaction, any surplus in the Plan was not recognised on the grounds that Airwair International Limited was unlikely to derive any future economic benefits from the surplus. As such, an asset ceiling was applied to the Balance Sheet. However, post buy-in, the surplus now reflects a true economic surplus and the Company has an unconditional right to this surplus. A reconciliation of the net defined benefit asset over the period is given below:
FY26 FY25
\u00a3m \u00a3m
Net defined benefit asset at beginning of the period
\u2013
\u2013
Total defined benefit charge in the Statement of Profit or Loss
(0.6)
\u2013
Remeasurement gains in the Statement of Comprehensive Income
3.6
\u2013
Employer\u2019s contributions
\u2013
\u2013
Net defined benefit asset at end of the period
3.0
\u2013
The amount charged to the Consolidated Statement of Profit or Loss in respect of the defined benefit section of the Plan is shown below:
FY26 FY25
\u00a3m \u00a3m
Net interest charge in the P&L account
\u2013
\u2013
Past service costs
0.6
\u2013
Total defined benefit charge
0.6
\u2013
As part of the buy-in transaction, the pension adopted changes to insurer factors for converting pension into a lump sum at retirement. This enhancement resulted in a past service cost of \u00a30.6m. Administration costs related to the buy-in were \u00a30.4m. The amount charged to the Consolidated Statement of Profit or Loss and Consolidated Statement of Comprehensive Income in respect of the defined benefit section of the Plan was \u00a3nil (FY25: \u00a316k). Costs in respect of the defined contribution section of the Plan, and other defined contribution arrangements operated by Airwair International Limited, are allowed for separately. The remeasurements in respect of the defined benefit section of the Plan, to be shown in the Consolidated Statement of Comprehensive Income, are shown below:
FY26 FY25
\u00a3m \u00a3m
Losses on defined benefit assets in excess of interest
5.5
4.3
Experience loss on defined benefit obligation
0.5
\u2013
Losses from changes to demographic assumptions
0.3
\u2013
Gains from changes to financial assumptions
(0.9)
(3.4)
Change in effect of asset ceiling
(9.0)
(0.9)
Total remeasurements to be shown in other comprehensive income
(3.6)
\u2013
The buy-in transaction reduced the Plan\u2019s assets for IAS 19 purposes, contributing to the loss on defined benefit assets in excess of interest shown above. This is because the buy-in policy asset value is set equal to the value of the liabilities under IAS 19, not the amount paid across to the insurer. The associated loss is viewed as investment loss for the purpose of the disclosure. The removal of the asset ceiling results in a significant remeasurement gain. The change in defined benefit scheme assets over the period was:
FY26 FY25
\u00a3m \u00a3m
At 31 March 2025 and 1 April 2024
42.4
46.7
Interest on defined benefit assets
2.2
2.2
Movement on defined benefit section assets less interest
(5.5)
(4.3)
Benefits paid from the defined benefit section
(2.1)
(2.2)
At 29 March 2026 and 30 March 2025
37.0
42.4
The change in the defined benefit scheme funded obligations over the period was:
FY26 FY25
\u00a3m \u00a3m
At 31 March 2025 and 1 April 2024
33.7
37.6
Past service cost
0.6
\u2013
Interest cost on defined benefit obligation
1.9
1.7
Experience loss on defined benefit obligation
0.5
\u2013
Changes to demographic assumptions
0.3
\u2013
Changes to financial assumptions
(0.9)
(3.4)
Benefits paid from the defined benefit section
(2.1)
(2.2)
At 29 March 2026 and 30 March 2025
34.0
33.7
The change in the effect of the asset ceiling over the period was as follows:
FY26 FY25
\u00a3m \u00a3m
At 31 March 2025 and 1 April 2024
8.7
9.1
Net interest charge on asset ceiling
0.3
0.5
Changes in the effect of the asset ceiling excluding interest
(9.0)
(0.9)
At 29 March 2026 and 30 March 2025
\u2013
8.7
A breakdown of the assets is set out below, split between those assets that have a quoted market value in an active market and those that do not. The assets do not include any investment in shares of Airwair International Limited, nor any property owned or occupied by the Group.
FY26 FY25
\u00a3m \u00a3m
Assets with a quoted market value in an active market:
Cash and other
Domestic
0.4
\u2013
0.4
\u2013
Assets without a quoted market value in an active market:
Equities and property
Domestic
\u2013
0.1
Foreign
\u2013
2.0
\u2013
2.1
Fixed interest bonds
Unspecified
\u2013
13.0
\u2013
13.0
Index linked gilts
Domestic
\u2013
25.9
\u2013
25.9
Alternatives
Unspecified
0.1
0.5
0.1
0.5
Property
Unspecified
\u2013
\u2013
\u2013
\u2013
Insured annuities
Domestic
33.3
0.8
33.3
0.8
Cash and other
Domestic
3.2
0.1
Foreign
\u2013
\u2013
Unspecified
\u2013
\u2013
3.2
0.1
Fair value of plan assets
37.0
42.4
A full actuarial valuation was carried out as at 30 June 2025. The results of that valuation were received in February 2026 by a qualified independent actuary. The principal assumptions selected by Airwair International Limited and used by the actuary to calculate the Plan\u2019s defined benefit obligation were:
FY26
FY25
Discount rate
6.1%
5.7%
Inflation assumption (RPI)
3.4%
3.2%
Inflation assumption (CPI)
2.7%
2.5%
LPI pension increases subject to 5% cap
3.2%
3.1%
LPI pension increases subject to 3% cap
2.5%
2.5%
Revaluation in deferment
2.7%
2.5%
Post-retirement mortality assumption
105% (males) and 111% (females)
105% (males) and 111% (females)
of S3PA tables, with allowance of S3PA tables, with allowance for
for future improvements in line future improvements in line with the
with the CMI_2024 core projection CMI_2022 core projection model using
model using a long-term rate of 0% 2020 and 2021 weight parameters,
improvement of 1.0% p.a., an initial a 15% 2022 weight parameter, a
addition of 0.2% and a half-life of 1.0 long-term rate of improvement of 1.0%
p.a. and an initial addition of 0.2%
Tax free cash
Members are assumed to take 75%
Members are assumed to take 50% of
of the maximum tax free cash the maximum tax free cash possible
Proportion married at retirement or earlier death
Deferred members: 70% of male
80% of male members and 65% of
members and 80% of female female members are assumed to be
members are assumed to married at retirement or earlier death
be married at 30 June 2025.
Pensioner members: 80% of male
members and 60% of female
members are assumed to be
married at 30 June 2025
Age difference
Deferred members: Males 1.5 years
Males three years older than
older than dependant, females dependant, females one year
1.5 years younger than dependant younger than dependant
Pensioner members: Males
2.5 years older than dependant,
females 3 years younger
than dependant
Assumed life expectancies on retirement at age 65 are:
Retiring today:
Male
21.5
21.1
Female
23.4
23.3
Retiring in 20 years\u2019 time:
Male
22.4
22.2
Female
24.5
24.4
The key sensitivities of the defined benefit obligation to the actuarial assumptions are shown below:
FY26 FY25
\u00a3m \u00a3m
Discount rate
Plus 0.5%
(1.6)
(1.7)
Minus 0.5%
1.7
1.9
Plus 1.0%
(3.2)
(3.2)
Minus 1.0%
3.8
3.9
Rate of inflation
Plus 0.5%
1.4
1.4
Minus 0.5%
(1.3)
(1.5)
Life expectancy
Plus 1.0 year
1.2
1.4
Minus 1.0 year
(1.2)
(1.4)
The sensitivity illustrations set out above are approximate. They show the likely effect of an assumption being adjusted while all other assumptions remain the same. Only the impact on the liability value (i.e. the defined benefit obligation) is considered \u2013 in particular: + no allowance is made for any changes to the value of the Plan\u2019s invested assets in scenarios where interest rates or market inflation expectations change; and + no allowance is made for changes in the value of the annuity policies held by the Plan, which is calculated using the same actuarial assumptions as for the Plan\u2019s defined benefit obligation. Such changes to the asset values would be likely to partially offset the changes in the defined benefit obligation.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-378": { "value": "
31. Contingent assets
As an importer of record to the US, the Group paid IEEPA-related US tariffs via its customs broker during the reporting period. In February
2026 however, the US Supreme Court clarified the legal foundation for tariffs, constraining the executive branch\u2019s ability to rely on IEEPA
as a stand-alone basis for tariff authority. The ruling declared existing IEEPA tariffs to be unlawful. Subsequently, in March 2026 the US
Court of International Trade (\u2018CIT\u2019) ruled that the IEEPA tariffs were to be refunded for unliquidated entries, and liquidated entries for which
liquidation was not final. At the time of the CIT ruling all IEEPA-related US tariffs charged to the Group were unliquidated
During the period, the Group paid \u00a39.9m in IEEPA-related US tariffs affected by both the Supreme Court and CIT rulings. Whilst the Group
expects to make a claim for the full amount paid, as at the reporting date the expectation for a recovery does not meet the virtually certain
threshold required for asset recognition.
", "dimensions": { "concept": "drmartensplc:DisclosureOfContigentAssets", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-379": { "value": "
32. Related party transactions
Transactions between the Company and its wholly owned subsidiaries, which are related parties of the Company, have been eliminated
on consolidation and are not disclosed in this note. A list of investments in subsidiary undertakings can be found in note 14 to the Parent
Company financial statements.
FY26 FY25
\u00a3000 \u00a3000
GFM GmbH Trademarks
1
Amounts incurred
88.3
80.0
Amounts payable by/(owed) at the period end
0.7
\u2013
1. GFM GmbH Trademarks is related to the Group as it is an equity-accounted joint venture under joint control of the Group.
The compensation of key management (including Executive and Non-Executive Directors) for the period was as follows:
FY26 FY25
\u00a3m \u00a3m
Salaries and benefits
11.3
9.1
Termination benefits
\u2013
0.3
Pensions
0.2
0.2
LTIPs \u2013 Share-based payments
1.3
3.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-429": { "value": "32. Related party transactions Transactions between the Company and its wholly owned subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. A list of investments in subsidiary undertakings can be found in note 14 to the Parent Company financial statements.
FY26 FY25
\u00a3000 \u00a3000
GFM GmbH Trademarks
1
Amounts incurred
88.3
80.0
Amounts payable by/(owed) at the period end
0.7
\u2013
1. GFM GmbH Trademarks is related to the Group as it is an equity-accounted joint venture under joint control of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-449": { "value": "Transactions between the Company and its wholly owned subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. A list of investments in subsidiary undertakings can be found in note 14 to the Parent Company financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-430": { "value": "The compensation of key management (including Executive and Non-Executive Directors) for the period was as follows:
FY26 FY25
\u00a3m \u00a3m
Salaries and benefits
11.3
9.1
Termination benefits
\u2013
0.3
Pensions
0.2
0.2
LTIPs \u2013 Share-based payments
1.3
3.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } }, "fact-380": { "value": "
33. Post balance sheet events
In April 2026, the lending syndicate approved the Group\u2019s request to exercise the one year extension option on both the Term Loan and the
RCF, extending the maturity of these facilities to 14 November 2028, effective from 1 May 2026. On 30 March 2026, the Group also cancelled
\u00a326.5m of commitments under the RCF, thereby reducing the total size of the facility to \u00a3100.0m. All other terms remain unchanged.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800QPT8YM6NQZPH28", "period": "2025-03-31T00:00:00/2026-03-30T00:00:00" } } } }