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accounting policies General information Marshalls plc (the Company) is a public company limited by shares, incorporated in the United Kingdom under the Companies Act 2006, and is registered in England and Wales. The Consolidated Financial Statements of the Company for the year ended 31 December 2025 comprise the Company and its subsidiaries (together referred to as the Group). The Consolidated Financial Statements were authorised for issue by the Directors on 16 March 2026. The Company\u2019s registered address is Landscape House, Premier Way, Lowfields Business Park, Elland HX5 9HT. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report on pages 1 to 61. The financial position of the Group and its cash flows, liquidity position and borrowing facilities are also set out in the Strategic Report. In addition, Note 20 includes the Group\u2019s policies and procedures for managing its capital; its financial risk management objectives; details of its financial instruments; and its exposures to credit risk and liquidity risk. Basis of preparation The Group Consolidated Financial Statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards and International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB). The Parent Company has elected to prepare its Financial Statements in accordance with FRS 101 \u201cReduced Disclosure Framework\u201d and these are presented on pages 154 to 161. The Consolidated Financial Statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: employee benefits, derivative financial instruments and liabilities for cash settled share-based payments. The Consolidated Financial Statements are presented in Sterling, rounded to the nearest hundred thousand. Sterling is the currency of the primary economic environment in which the Group operates. The material accounting policies, which have been applied consistently, are set out later in the section. Going concern In assessing the appropriateness of adopting the going concern basis in the preparation of this Annual Report, the Board has considered the Group\u2019s financial forecasts and its principal risks for a period of at least twelve months from the date of this report. The forecasts included projected profit and loss, Balance Sheet, cash flows, headroom against debt facilities and covenant compliance. The financial forecasts have been stress tested in downside scenarios to assess the impact on future profitability, cash flows, funding requirements and covenant compliance. The scenarios comprise a more severe economic downturn (which represents the Group\u2019s most significant risk) than that included in the base case forecast, and a reverse stress test on our financial forecasts to assess the extent to which an economic downturn would need to impact on revenues in order to breach a covenant. This showed that revenue would need to deteriorate significantly from the financial forecast and the Directors have a reasonable expectation that it is unlikely to deteriorate to this extent. Details of the Group\u2019s funding position are set out in Note 20. The Group has a syndicated bank facility of \u00a3270 million that matures in November 2029 and at December 2025, \u00a3125 million of the facility was undrawn. There are two financial covenants in the bank facility that are tested on a semi-annual basis and the Group maintains good cover against these with pre-IFRS 16 net debt to EBITDA of 1.8 times (covenant maximum of three times) and interest cover of 5.7 times (covenant minimum of three times). Taking these factors into account, the Board has the reasonable expectation that the Group has adequate resources to continue in operation for the foreseeable future (a period of at least twelve months from the date these financial statements were authorised for issue) and for this reason, the Board has adopted the going concern basis in preparing this Annual Report. This report has been prepared based on the accounting policies detailed in the Group\u2019s Financial Statements for the year ended 31 December 2025 and is consistent with the policies applied in the previous year, except for the following new standards which were effective for an accounting period that begins on or after 1 January 2025. The new standards which are effective during the year (and have not had any material impact on the disclosures or on the amounts reported in these Financial Statements) are: \u2022 Amendments to IAS 21 \u2013 \u201cLack of exchangeability \u201d At the date of authorisation of these Consolidated Financial Statements, the Group has not applied the following new and revised IFRSs that have been issued but are not yet effective: \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 \u201cAmendments to the classification and measurement of financial instruments\u201d \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 \u201cContracts referencing nature-dependant electricity\u201d \u2022 Annual improvements to IFRS Accounting Standards \u2013 Volume 11 \u2013 \u201cAmendments to IFRS 1 First-time adoption of international financial reporting standards, IFRS 7 Financial instruments: disclosures and its accompanying guidance on implementing IFRS 7, IFRS 9 Financial instruments, IFRS 10 Consolidated financial statements and IAS 7 Statement of cash flows\u201d \u2022 IFRS 18 \u2013 \u201cPresentation and disclosures in financial statements\u201d \u2022 IFRS 19 \u2013 \u201cSubsidiaries without public accountability: disclosures\u201d The Directors do not expect that the adoption of the standards listed above will have a material impact on the Consolidated Financial Statements of the Group except as disclosed below. IFRS 18: Presentation and Disclosure in Financial Statements IFRS 18 will replace IAS 1 Presentation of Financial Statements and is effective for annual reporting periods beginning on or after 1 January 2027. The standard introduces new requirements for the presentation of income and expenses in defined categories within the Income Statement, including a newly specified operating profit subtotal, new disclosures for management-defined performance measures, enhanced requirements for the aggregation and disaggregation of information, and limited consequential changes to the Statement of Cash Flows, including use of operating profit as the starting point for operating cash flows presented under the indirect method. The Group does not intend to early adopt IFRS 18 and is continuing to assess the impact of the new standard on the presentation and disclosure of its financial statements. Based on the assessment performed to date, the principal areas expected to be affected are the structure of the Consolidated Income Statement, the presentation of the Consolidated Statement of Cash Flows and disclosure arising from the application of the enhanced aggregation and disaggregation requirements. Alternative performance measures and adjusting items The Group uses alternative performance measures (APMs) which are not defined or specified under IFRSs. The Group believes that these APMs, which are not considered to be a substitute for IFRS measures, provide additional helpful information. APMs are consistent with how business performance is planned, reported and assessed internally by management and the Board and provide additional comparative information. A glossary setting out the APMs that the Board uses, how they are used, an explanation of how they are calculated, and a reconciliation of the APMs to the statutory results, where relevant, is set out in Note 29.
Adjusting items are items that are unusual because of their size, nature or incidence and which the Directors
consider should be disclosed separately to enable a full understanding of the Group\u2019s results and to
demonstrate the Group\u2019s capacity to deliver dividends to shareholders. Details of the adjusting items are
disclosed in Note 4 and Note 29.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of Consolidated Financial Statements requires the Group to make estimates and
judgements that affect the application of policies and reported accounts. Critical judgements represent key
decisions made by the Board in the application of the Group accounting policies. Where a significant risk of
materially different outcomes exists due to the Board\u2019s assumptions or sources of estimation uncertainty,
this will represent a critical accounting estimate. Estimates and judgements are continually evaluated
and are based on historical experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances. Actual results may differ from these estimates. The
estimates and judgements which have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities are discussed below.
Critical accounting judgement
The following critical accounting judgement has been made in the preparation of the Consolidated
Financial Statements:
\u2022 As noted, adjusting items have been highlighted separately due to their size, nature or incidence to provide
a full understanding of the Group\u2019s results and to demonstrate the Group\u2019s capacity to deliver dividends
to shareholders. The determination of whether items merit treatment as an adjusting item is a matter of
judgement. Note 4 sets out details of the adjusting items
Sources of estimation uncertainty
The Directors consider the following to be key sources of estimation uncertainty:
\u2022 In arriving at the accounting value of the Group\u2019s defined benefit pension scheme, key assumptions have
to be made in respect of factors including discount rates and inflation rates. These are determined on
the basis of advice received from a qualified actuary. These estimates may be different to the actual
outcomes. See further information in Note 21
\u2022 The carrying value of goodwill is reviewed on an annual basis in accordance with IAS 36. This review
requires the use of cash flow projections based on a financial forecast that are discounted at an appropriate
market-based discount rate. The assumption on the market-based discount rate is determined based on
the advice of a third-party adviser. The actual cash flows generated by the business may be different to
the estimates included in the forecasts. See further information in Note 10
\u2022 The Group has assessed the impact of climate-related risks on the Financial Statements, in particular the
impact on the carrying amount of the Group\u2019s property, plant and equipment, going concern assessment
forecasts and impairment review forecasts. The Group does not consider there to be a material impact on its
judgements and estimates from the physical and transition climate-related risks. The Directors will continue to
assess the changing nature of the of climate-related risks and impact on the financial statements in the future
Material accounting policy information
Basis of consolidation
The Consolidated Financial Statements incorporate the Financial Statements of the Company and the entities
controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved when
the Company has power over the investee; is exposed, or has rights, to variable returns from its involvement
with the investee; and has the ability to use its power to affect its returns.
All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between Group companies are eliminated on consolidation. The accounting policies of the subsidiaries are consistent with the accounting policies of the Group. Revenue Revenue from the sale of goods is recognised in the Consolidated Income Statement when the performance obligations to customers have been satisfied. Revenue represents the invoiced value of sales to customers less returns, allowances, rebates and value added tax. Revenue is typically recorded on despatch of the Group\u2019s products, when performance obligations to customers are satisfied. Products are usually delivered on the same day. Amounts due from customers are payable by customers on standard credit terms and there is no significant financing component or variable consideration within amounts due from customers. There are no significant obligations arising in relation to returns, refunds, warranties or similar obligations. Revenue earned from any contractually distinct installation process is recognised when the Group has fulfilled all its obligations under the installation contract. Segmental reporting IFRS 8 \u201cOperating Segments\u201d requires operating segments to be identified on the basis of discrete financial information about components of the Group that are regularly reviewed by the Group\u2019s Chief Operating Decision Maker (CODM) to allocate resources to the segments and to assess their trading performance. As far as Marshalls is concerned, the CODM is regarded as being the Board. The Group has three reporting segments: Landscaping Products, Building Products and Roofing Products. Share-based payments The Group enters into equity settled share-based payment transactions with its employees. In particular, annual awards are made to employees under the Company\u2019s Management Incentive Plan (MIP). The fair value of options granted is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the employees become unconditionally entitled to the options. Where appropriate, the fair value of the options granted is measured using the Black-Scholes option valuation model, considering the terms and conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. Current tax relief is available as shares vest based on the value at the date of vesting. A deferred tax asset is recognised at grant date based on the number of shares expected to be issued, at the value at which they are expected to be issued, proportioned in line with the vesting period. Financial expenses Net financial expenses comprise interest on obligations under the defined benefit pension scheme, the expected return on scheme assets under the defined benefit pension scheme, interest payable on borrowings calculated using the effective interest rate method, interest expense arising on leases in accordance with IFRS 16, interest receivable on funds invested, foreign exchange gains and losses and gains and losses on hedging instruments that are recognised in the Consolidated Income Statement. Foreign currency translation Transactions in foreign currencies are translated to Sterling at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are translated to Sterling at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the Consolidated Income Statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction and are not retranslated. For the purposes of presenting Consolidated Financial Statements, the assets and liabilities of the Group\u2019s foreign operations are translated at exchange rates prevailing on the Balance Sheet date. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in a foreign exchange translation reserve (attributed to non-controlling interests as appropriate). Income tax Income tax on the profit or loss for the year comprises current and deferred taxation. Income tax is recognised in the Consolidated Income Statement except to the extent that it relates to items recognised directly in other comprehensive income or in equity, in which case it is recognised accordingly. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the Balance Sheet date, and any adjustment to tax payable in respect of previous years. Deferred taxation is provided using the Balance Sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit, other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred taxation provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates that are expected to apply when the temporary difference reverses, based on rates that have been enacted or substantively enacted at the Balance Sheet date. A deferred taxation asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred taxation assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses, if any. Cost comprises the aggregate amount paid and the fair value of any other consideration given to acquire the asset and includes costs directly attributable to making the asset capable of operating as intended (including appropriate elements of internal costs). Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. The Group recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied within the item will flow to the Group and the cost of the item can be measured reliably. All other costs are recognised in the Consolidated Income Statement as an expense as incurred. Depreciation is charged to the Consolidated Income Statement on a straight line basis over the estimated useful life of each part of an item of property, plant and equipment as follows: Freehold buildings 20 to 40 years Fixed plant and equipment 4 to 30 years Mobile plant and equipment 3 to 7 years Quarries are based on the rate of extraction. Freehold land is not depreciated. The residual values, useful economic lives and depreciation methods are reassessed annually. Estimated costs associated with the restoration of quarries are charged in accordance with IAS 37 when costs can be measured with an appropriate degree of precision. Right-of-use assets and leases IFRS 16 distinguishes leases and service contracts on the basis of whether an identified asset is controlled by a customer. A right-of-use asset and a corresponding liability are recognised for all leases except for short-term leases and leases of low-value assets. The right-of-use asset is initially measured at cost and subsequently measured at cost less accumulated depreciation and impairment losses, adjusted for any remeasurement of the lease liability. Right-of-use assets are depreciated on a straight line basis over the duration of the lease, which, excluding property leases, is typically between four and eight years. The Group\u2019s leases principally comprise commercial vehicles, forklift trucks, motor vehicles, certain property assets and fixed plant. The lease liability is initially measured at the present value of the lease payments that are not paid at that date. Subsequently, the lease liability is adjusted for interest and lease payments, as well as for the impact of lease modifications, amongst others. Lease liabilities are discounted at an incremental borrowing rate calculated as the rate of interest which the Group would have been able to borrow for a similar term with a similar security of funds necessary to obtain a similar asset in a similar market. Short-term leases, with a duration of less than twelve months, are accounted for in accordance with the recognition exemption in IFRS 16 and hence related payments are expensed as incurred. The Group also utilises the option to apply the recognition exemption for low-value assets (with a value of less than the equivalent of \u00a35,000), which means that related payments have been expensed as incurred. Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the identifiable net assets of the acquired subsidiary at the date of acquisition. Goodwill is recognised initially as an asset at cost, allocated to cash generating units, and is measured subsequently at cost less impairment losses. Goodwill is not amortised but is tested for impairment at least annually and whenever there is an indication that the asset may be impaired. Impairment is tested by comparing the recoverable amount of the cash generating unit (CGU) with the carrying value of certain net assets of the CGUs with any impairment charge being allocated initially to goodwill. The recoverable amount of assets of CGUs is the greater of their fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Any impairment arising is recognised immediately in the Income Statement and subsequent reversals of impairment losses for goodwill are not recognised. Details of the December 2025 impairment review are set out in Note 10. Intangible assets Intangible assets acquired separately are initially measured at cost. Intangible assets arising on business combinations are initially measured at fair value. Following initial recognition, intangible assets are carried at cost or fair value less accumulated amortisation and accumulated impairment losses, if any. Internally generated intangible assets, excluding software development and capitalised development costs, are not capitalised and expenditure is reflected in the Income Statement in the year in which the expenditure is incurred. All current intangible assets have finite lives and are amortised on a straight line basis over their expected useful lives and are assessed for impairment whenever there is an indication that the intangible asset may be impaired. Amortisation of intangible assets is provided over the following expected useful economic lives: brand names 20 to 25 years; customer and supplier relationships 5 to 20 years; patents, trademarks and know-how 2 to 20 years; development costs 10 to 20 years; and software 5 to 10 years. Post-retirement benefits Any net obligation in respect of the Group\u2019s defined benefit pension scheme is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value and the fair value of any scheme assets is deducted. The discount rate is the yield at the Balance Sheet date on AA credit-rated corporate bonds that have maturity dates approximating to the terms of the Group\u2019s obligations. The calculation is performed by a qualified actuary using the projected unit credit method. Net interest is calculated by applying a discount rate to the net defined benefit liability or asset. If the calculation results in a surplus, the resulting asset is measured at the present value of any economic benefits available in the form of refunds from the plan, or reductions in future contributions to the plan. The present value of these economic benefits is discounted by reference to market yields at the Balance Sheet date on high-quality corporate bonds. When the benefits of the scheme are improved, the portion of the increased benefit relating to past service by employees is recognised as an expense in the Income Statement in the period of the scheme amendment. Actuarial gains and losses that arise in calculating the Group\u2019s obligation in respect of a plan are recognised immediately within the Consolidated Statement of Comprehensive Income. Obligations for contributions to defined contribution schemes are recognised as an expense in the Income Statement as incurred. Inventories Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs to completion and selling expenses. The cost of inventories is based on the first-in, first-out principle and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of overheads based on normal operating capacity, which were incurred in bringing the inventories to their present location and condition. Trade and other receivables Trade and other receivables are stated at initial recognition, at their transaction price (as defined in IFRS 15) if the trade receivables do not contain a significant financial component in accordance with IFRS 15 (or when the entity applies the practical expedient in accordance with paragraph 63 of IFRS 15). Subsequent to initial recognition they are accounted for at amortised cost. Trade receivables are stated gross of a provision for expected credit losses. This provision has been determined using a lifetime expected credit loss calculation. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the Consolidated Cash Flow Statement. For the purposes of the statement of cash flows, cash and cash equivalents as defined above, net of outstanding bank overdrafts which are repayable and form an integral part of the Group\u2019s cash management. Such overdrafts are presented as short-term borrowings in the Balance Sheet to the extent the Group does not have the right and intention to settle net. Assets classified as held for sale Assets classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Assets are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and expected to be completed within one year from the date of classification, and the asset is available for immediate sale in its present condition. Trade and other payables Trade and other payables are stated at initial recognition, at their fair value and subsequently at amortised cost. Interest-bearing loans and borrowings Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest rate method. Provisions The Group recognises provisions for dilapidations and restoration where it has a present legal or constructive obligation arising from a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made. The provisions are measured at the best estimate of the expenditure required to settle the obligation at the reporting date. Dilapidations provisions are recognised for the expected cost of restoring leased properties to the condition required under lease agreements. Estimates are prepared using condition assessments and schedules of works, supported where appropriate by external surveyors, and reflect the expected scope of reinstatement at lease end (or earlier surrender/break where applicable). Expenditure incurred is charged against the provision when the works are undertaken. Restoration provisions are recognised for obligations to reinstate quarry and mineral sites in accordance with planning permissions and other statutory requirements. Estimates are based on approved restoration plans (including the expected scope and phasing of works) and current unit rates, with input from operational teams and specialist advisers where relevant. Progressive restoration is expensed as incurred; obligations relating to final reinstatement are provided for when a present obligation exists, the outflow is considered probable and a reliable estimate can be made. Where the effect of the time value of money is material, provisions are discounted using a current pre-tax risk-free discount rate (for example, a Government bond yield of appropriate duration). The Group applies a risk-free rate because the principal risks specific to the liabilities are reflected in the estimated cash flows used to measure the provisions. Estimates incorporate assumptions about timing, inflation and cost escalation where material. Provisions are reviewed at each reporting date and adjusted to reflect management\u2019s current best estimate of expenditures that will be required to settle the obligations. Changes in the estimated amount or timing of outflows are recognised in profit or loss, except where the obligation is associated with an asset for which the related cost is capitalised (for example, restoration obligations recognised at commencement of a lease), in which case the corresponding adjustment is made to the carrying amount of the related asset to the extent that asset continues to be recognised. Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to interest rate, foreign exchange and fuel pricing risks arising from operational, financing and investment activities. In accordance with its treasury policy, the Group does not hold or issue derivative financial instruments for speculative purposes. Derivative financial instruments are recognised at fair value and transaction costs are recognised in the Income Statement when incurred. The gain or loss on remeasurement to fair value is recognised immediately in the Consolidated Income Statement. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged (see below). Classification and measurement The classification of financial assets is based both on the business model within which the asset is held and the contractual cash flow characteristics of the asset. There are three principal classification categories for financial assets that are debt instruments: (i) amortised cost; (ii) fair value through other comprehensive income (FVTOCI); and (iii) fair value through profit or loss (FVTPL). Under IFRS 9, derivatives embedded in financial assets are not bifurcated but instead the whole hybrid contract is assessed for classification. Impairment Credit losses and expected credit losses are recognised in accordance with IFRS 9. The amount of expected credit losses is updated at each reporting date. The IFRS 9 impairment model has been applied to the Group\u2019s financial assets that are debt instruments measured at amortised cost or FVTOCI. The Group has applied the simplified approach to recognise lifetime expected credit losses for its trade receivables, as required or permitted by IFRS 9. Hedging The Group has elected to apply the IFRS 9 hedge accounting requirements because they align more closely with the Group\u2019s risk management policies. Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in the Consolidated Statement of Comprehensive Income. When the forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, the associated cumulative gain or loss is removed from equity and included in the initial cost or other carrying amount of the non-financial asset. For cash flow hedges, other than those covered by the preceding policy statement, the associated cumulative gain or loss is removed from equity and recognised in the Consolidated Income Statement in the same period or periods during which the hedged forecast transaction affects the income or expense. The ineffective part of any gain or loss is recognised immediately in the Consolidated Income Statement. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship, but the hedged forecast transaction is still expected to occur, it no longer meets the criteria for hedge accounting. The cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in equity is recognised immediately in the Consolidated Income Statement and cash flow hedge accounting is discontinued prospectively. Share capital Marshalls plc has only Ordinary Share capital. These shares, with a nominal value of 25 pence per share, are classified as equity. Transactions of the Group-sponsored Employee Benefit Trust are included in the Group Financial Statements. The Trust\u2019s purchases of shares in the Company are debited directly to equity and disclosed separately in the Balance Sheet as \u201cown shares\u201d. The following paragraphs summarise the significant accounting policies of the Group, which have been applied in dealing with items which are considered material in relation to the Group\u2019s Consolidated Financial Statements. The Group has applied all accounting standards and interpretations issued by the IASB and International Financial Reporting Committee relevant to its operations and which are effective in respect of these Financial Statements. Impairment The carrying amounts of the Group\u2019s assets, other than inventories and goodwill, are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. Any impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-534": { "value": "
General information
Marshalls plc (the Company) is a public company limited by shares, incorporated in the United Kingdom
under the Companies Act 2006, and is registered in England and Wales. The Consolidated Financial
Statements of the Company for the year ended 31 December 2025 comprise the Company and its
subsidiaries (together referred to as the Group).
The Consolidated Financial Statements were authorised for issue by the Directors on 16 March 2026.
The Company\u2019s registered address is Landscape House, Premier Way, Lowfields Business Park, Elland HX5 9HT.
The Group\u2019s business activities, together with the factors likely to affect its future development, performance
and position, are set out in the Strategic Report on pages 1 to 61. The financial position of the Group and
its cash flows, liquidity position and borrowing facilities are also set out in the Strategic Report. In addition,
Note 20 includes the Group\u2019s policies and procedures for managing its capital; its financial risk management
objectives; details of its financial instruments; and its exposures to credit risk and liquidity risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Marshalls plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-531": { "value": "Marshalls plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "Landscape House, Premier Way, Lowfields Business Park, Elland HX5 9HT", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-535": { "value": "
Basis of preparation
The Group Consolidated Financial Statements have been prepared and approved by the Directors in
accordance with UK-adopted International Accounting Standards and International Financial Reporting
Standards (IFRSs) as issued by the International Accounting Standards Board (IASB). The Parent Company
has elected to prepare its Financial Statements in accordance with FRS 101 \u201cReduced Disclosure Framework\u201d
and these are presented on pages 154 to 161.
The Consolidated Financial Statements are prepared on the historical cost basis except that the following
assets and liabilities are stated at their fair value: employee benefits, derivative financial instruments and
liabilities for cash settled share-based payments. The Consolidated Financial Statements are presented
in Sterling, rounded to the nearest hundred thousand. Sterling is the currency of the primary economic
environment in which the Group operates. The material accounting policies, which have been applied
consistently, are set out later in the section.
Going concern
In assessing the appropriateness of adopting the going concern basis in the preparation of this Annual
Report, the Board has considered the Group\u2019s financial forecasts and its principal risks for a period of at
least twelve months from the date of this report. The forecasts included projected profit and loss, Balance
Sheet, cash flows, headroom against debt facilities and covenant compliance. The financial forecasts have
been stress tested in downside scenarios to assess the impact on future profitability, cash flows, funding
requirements and covenant compliance. The scenarios comprise a more severe economic downturn (which
represents the Group\u2019s most significant risk) than that included in the base case forecast, and a reverse
stress test on our financial forecasts to assess the extent to which an economic downturn would need to
impact on revenues in order to breach a covenant. This showed that revenue would need to deteriorate
significantly from the financial forecast and the Directors have a reasonable expectation that it is unlikely
to deteriorate to this extent.
Details of the Group\u2019s funding position are set out in Note 20. The Group has a syndicated bank facility
of \u00a3270 million that matures in November 2029 and at December 2025, \u00a3125 million of the facility was
undrawn. There are two financial covenants in the bank facility that are tested on a semi-annual basis and
the Group maintains good cover against these with pre-IFRS 16 net debt to EBITDA of 1.8 times (covenant
maximum of three times) and interest cover of 5.7 times (covenant minimum of three times).
Taking these factors into account, the Board has the reasonable expectation that the Group has adequate resources to continue in operation for the foreseeable future (a period of at least twelve months from the date these financial statements were authorised for issue) and for this reason, the Board has adopted the going concern basis in preparing this Annual Report. This report has been prepared based on the accounting policies detailed in the Group\u2019s Financial Statements for the year ended 31 December 2025 and is consistent with the policies applied in the previous year, except for the following new standards which were effective for an accounting period that begins on or after 1 January 2025. The new standards which are effective during the year (and have not had any material impact on the disclosures or on the amounts reported in these Financial Statements) are: \u2022 Amendments to IAS 21 \u2013 \u201cLack of exchangeability \u201d At the date of authorisation of these Consolidated Financial Statements, the Group has not applied the following new and revised IFRSs that have been issued but are not yet effective: \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 \u201cAmendments to the classification and measurement of financial instruments\u201d \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 \u201cContracts referencing nature-dependant electricity\u201d \u2022 Annual improvements to IFRS Accounting Standards \u2013 Volume 11 \u2013 \u201cAmendments to IFRS 1 First-time adoption of international financial reporting standards, IFRS 7 Financial instruments: disclosures and its accompanying guidance on implementing IFRS 7, IFRS 9 Financial instruments, IFRS 10 Consolidated financial statements and IAS 7 Statement of cash flows\u201d \u2022 IFRS 18 \u2013 \u201cPresentation and disclosures in financial statements\u201d \u2022 IFRS 19 \u2013 \u201cSubsidiaries without public accountability: disclosures\u201d The Directors do not expect that the adoption of the standards listed above will have a material impact on the Consolidated Financial Statements of the Group except as disclosed below. IFRS 18: Presentation and Disclosure in Financial Statements IFRS 18 will replace IAS 1 Presentation of Financial Statements and is effective for annual reporting periods beginning on or after 1 January 2027. The standard introduces new requirements for the presentation of income and expenses in defined categories within the Income Statement, including a newly specified operating profit subtotal, new disclosures for management-defined performance measures, enhanced requirements for the aggregation and disaggregation of information, and limited consequential changes to the Statement of Cash Flows, including use of operating profit as the starting point for operating cash flows presented under the indirect method. The Group does not intend to early adopt IFRS 18 and is continuing to assess the impact of the new standard on the presentation and disclosure of its financial statements. Based on the assessment performed to date, the principal areas expected to be affected are the structure of the Consolidated Income Statement, the presentation of the Consolidated Statement of Cash Flows and disclosure arising from the application of the enhanced aggregation and disaggregation requirements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-581": { "value": "The Group Consolidated Financial Statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards and International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB). The Parent Company has elected to prepare its Financial Statements in accordance with FRS 101 \u201cReduced Disclosure Framework\u201d and these are presented on pages 154 to 161. The Consolidated Financial Statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: employee benefits, derivative financial instruments and liabilities for cash settled share-based payments. The Consolidated Financial Statements are presented in Sterling, rounded to the nearest hundred thousand. Sterling is the currency of the primary economic environment in which the Group operates. The material accounting policies, which have been applied consistently, are set out later in the section. Going concern In assessing the appropriateness of adopting the going concern basis in the preparation of this Annual Report, the Board has considered the Group\u2019s financial forecasts and its principal risks for a period of at least twelve months from the date of this report. The forecasts included projected profit and loss, Balance Sheet, cash flows, headroom against debt facilities and covenant compliance. The financial forecasts have been stress tested in downside scenarios to assess the impact on future profitability, cash flows, funding requirements and covenant compliance. The scenarios comprise a more severe economic downturn (which represents the Group\u2019s most significant risk) than that included in the base case forecast, and a reverse stress test on our financial forecasts to assess the extent to which an economic downturn would need to impact on revenues in order to breach a covenant. This showed that revenue would need to deteriorate significantly from the financial forecast and the Directors have a reasonable expectation that it is unlikely to deteriorate to this extent. Details of the Group\u2019s funding position are set out in Note 20. The Group has a syndicated bank facility of \u00a3270 million that matures in November 2029 and at December 2025, \u00a3125 million of the facility was undrawn. There are two financial covenants in the bank facility that are tested on a semi-annual basis and the Group maintains good cover against these with pre-IFRS 16 net debt to EBITDA of 1.8 times (covenant maximum of three times) and interest cover of 5.7 times (covenant minimum of three times).
Taking these factors into account, the Board has the reasonable expectation that the Group has adequate
resources to continue in operation for the foreseeable future (a period of at least twelve months from the
date these financial statements were authorised for issue) and for this reason, the Board has adopted the
going concern basis in preparing this Annual Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-615": { "value": "The Group Consolidated Financial Statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards and International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB). The Parent Company has elected to prepare its Financial Statements in accordance with FRS 101 \u201cReduced Disclosure Framework\u201d and these are presented on pages 154 to 161", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-616": { "value": "This report has been prepared based on the accounting policies detailed in the Group\u2019s Financial Statements for the year ended 31 December 2025 and is consistent with the policies applied in the previous year, except for the following new standards which were effective for an accounting period that begins on or after 1 January 2025. The new standards which are effective during the year (and have not had any material impact on the disclosures or on the amounts reported in these Financial Statements) are: \u2022 Amendments to IAS 21 \u2013 \u201cLack of exchangeability \u201d At the date of authorisation of these Consolidated Financial Statements, the Group has not applied the following new and revised IFRSs that have been issued but are not yet effective: \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 \u201cAmendments to the classification and measurement of financial instruments\u201d \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 \u201cContracts referencing nature-dependant electricity\u201d \u2022 Annual improvements to IFRS Accounting Standards \u2013 Volume 11 \u2013 \u201cAmendments to IFRS 1 First-time adoption of international financial reporting standards, IFRS 7 Financial instruments: disclosures and its accompanying guidance on implementing IFRS 7, IFRS 9 Financial instruments, IFRS 10 Consolidated financial statements and IAS 7 Statement of cash flows\u201d \u2022 IFRS 18 \u2013 \u201cPresentation and disclosures in financial statements\u201d \u2022 IFRS 19 \u2013 \u201cSubsidiaries without public accountability: disclosures\u201d The Directors do not expect that the adoption of the standards listed above will have a material impact on the Consolidated Financial Statements of the Group except as disclosed below. IFRS 18: Presentation and Disclosure in Financial Statements IFRS 18 will replace IAS 1 Presentation of Financial Statements and is effective for annual reporting periods beginning on or after 1 January 2027. The standard introduces new requirements for the presentation of income and expenses in defined categories within the Income Statement, including a newly specified operating profit subtotal, new disclosures for management-defined performance measures, enhanced requirements for the aggregation and disaggregation of information, and limited consequential changes to the Statement of Cash Flows, including use of operating profit as the starting point for operating cash flows presented under the indirect method. The Group does not intend to early adopt IFRS 18 and is continuing to assess the impact of the new standard on the presentation and disclosure of its financial statements. Based on the assessment performed to date, the principal areas expected to be affected are the structure of the Consolidated Income Statement, the presentation of the Consolidated Statement of Cash Flows and disclosure arising from the application of the enhanced aggregation and disaggregation requirements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-582": { "value": "This report has been prepared based on the accounting policies detailed in the Group\u2019s Financial Statements for the year ended 31 December 2025 and is consistent with the policies applied in the previous year, except for the following new standards which were effective for an accounting period that begins on or after 1 January 2025. The new standards which are effective during the year (and have not had any material impact on the disclosures or on the amounts reported in these Financial Statements) are: \u2022 Amendments to IAS 21 \u2013 \u201cLack of exchangeability ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-583": { "value": "
At the date of authorisation of these Consolidated Financial Statements, the Group has not applied the
following new and revised IFRSs that have been issued but are not yet effective:
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 \u201cAmendments to the classification and measurement of
financial instruments\u201d
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 \u201cContracts referencing nature-dependant electricity\u201d
\u2022 Annual improvements to IFRS Accounting Standards \u2013 Volume 11 \u2013 \u201cAmendments to IFRS 1 First-time
adoption of international financial reporting standards, IFRS 7 Financial instruments: disclosures and its
accompanying guidance on implementing IFRS 7, IFRS 9 Financial instruments, IFRS 10 Consolidated
financial statements and IAS 7 Statement of cash flows\u201d
\u2022 IFRS 18 \u2013 \u201cPresentation and disclosures in financial statements\u201d
\u2022 IFRS 19 \u2013 \u201cSubsidiaries without public accountability: disclosures\u201d
The Directors do not expect that the adoption of the standards listed above will have a material impact
on the Consolidated Financial Statements of the Group except as disclosed below.
IFRS 18: Presentation and Disclosure in Financial Statements
IFRS 18 will replace IAS 1 Presentation of Financial Statements and is effective for annual reporting periods
beginning on or after 1 January 2027. The standard introduces new requirements for the presentation
of income and expenses in defined categories within the Income Statement, including a newly specified
operating profit subtotal, new disclosures for management-defined performance measures, enhanced
requirements for the aggregation and disaggregation of information, and limited consequential changes to
the Statement of Cash Flows, including use of operating profit as the starting point for operating cash flows
presented under the indirect method. The Group does not intend to early adopt IFRS 18 and is continuing
to assess the impact of the new standard on the presentation and disclosure of its financial statements.
Based on the assessment performed to date, the principal areas expected to be affected are the structure
of the Consolidated Income Statement, the presentation of the Consolidated Statement of Cash Flows and
disclosure arising from the application of the enhanced aggregation and disaggregation requirements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-536": { "value": "
Alternative performance measures and adjusting items
The Group uses alternative performance measures (APMs) which are not defined or specified under IFRSs.
The Group believes that these APMs, which are not considered to be a substitute for IFRS measures, provide
additional helpful information. APMs are consistent with how business performance is planned, reported
and assessed internally by management and the Board and provide additional comparative information.
A glossary setting out the APMs that the Board uses, how they are used, an explanation of how they are
calculated, and a reconciliation of the APMs to the statutory results, where relevant, is set out in Note 29.
Adjusting items are items that are unusual because of their size, nature or incidence and which the Directors consider should be disclosed separately to enable a full understanding of the Group\u2019s results and to demonstrate the Group\u2019s capacity to deliver dividends to shareholders. Details of the adjusting items are disclosed in Note 4 and Note 29.", "dimensions": { "concept": "marshallsplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasuresAndAdjustingItems", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-585": { "value": "Critical accounting judgements and key sources of estimation uncertainty The preparation of Consolidated Financial Statements requires the Group to make estimates and judgements that affect the application of policies and reported accounts. Critical judgements represent key decisions made by the Board in the application of the Group accounting policies. Where a significant risk of materially different outcomes exists due to the Board\u2019s assumptions or sources of estimation uncertainty, this will represent a critical accounting estimate. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and judgements which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below. Critical accounting judgement The following critical accounting judgement has been made in the preparation of the Consolidated Financial Statements: \u2022 As noted, adjusting items have been highlighted separately due to their size, nature or incidence to provide a full understanding of the Group\u2019s results and to demonstrate the Group\u2019s capacity to deliver dividends to shareholders. The determination of whether items merit treatment as an adjusting item is a matter of judgement. Note 4 sets out details of the adjusting items Sources of estimation uncertainty The Directors consider the following to be key sources of estimation uncertainty: \u2022 In arriving at the accounting value of the Group\u2019s defined benefit pension scheme, key assumptions have to be made in respect of factors including discount rates and inflation rates. These are determined on the basis of advice received from a qualified actuary. These estimates may be different to the actual outcomes. See further information in Note 21 \u2022 The carrying value of goodwill is reviewed on an annual basis in accordance with IAS 36. This review requires the use of cash flow projections based on a financial forecast that are discounted at an appropriate market-based discount rate. The assumption on the market-based discount rate is determined based on the advice of a third-party adviser. The actual cash flows generated by the business may be different to the estimates included in the forecasts. See further information in Note 10 \u2022 The Group has assessed the impact of climate-related risks on the Financial Statements, in particular the impact on the carrying amount of the Group\u2019s property, plant and equipment, going concern assessment forecasts and impairment review forecasts. The Group does not consider there to be a material impact on its judgements and estimates from the physical and transition climate-related risks. The Directors will continue to assess the changing nature of the of climate-related risks and impact on the financial statements in the future ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-540": { "value": "Critical accounting judgements and key sources of estimation uncertainty The preparation of Consolidated Financial Statements requires the Group to make estimates and judgements that affect the application of policies and reported accounts. Critical judgements represent key decisions made by the Board in the application of the Group accounting policies. Where a significant risk of materially different outcomes exists due to the Board\u2019s assumptions or sources of estimation uncertainty, this will represent a critical accounting estimate. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and judgements which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below. Critical accounting judgement The following critical accounting judgement has been made in the preparation of the Consolidated Financial Statements: \u2022 As noted, adjusting items have been highlighted separately due to their size, nature or incidence to provide a full understanding of the Group\u2019s results and to demonstrate the Group\u2019s capacity to deliver dividends to shareholders. The determination of whether items merit treatment as an adjusting item is a matter of judgement. Note 4 sets out details of the adjusting items Sources of estimation uncertainty The Directors consider the following to be key sources of estimation uncertainty: \u2022 In arriving at the accounting value of the Group\u2019s defined benefit pension scheme, key assumptions have to be made in respect of factors including discount rates and inflation rates. These are determined on the basis of advice received from a qualified actuary. These estimates may be different to the actual outcomes. See further information in Note 21 \u2022 The carrying value of goodwill is reviewed on an annual basis in accordance with IAS 36. This review requires the use of cash flow projections based on a financial forecast that are discounted at an appropriate market-based discount rate. The assumption on the market-based discount rate is determined based on the advice of a third-party adviser. The actual cash flows generated by the business may be different to the estimates included in the forecasts. See further information in Note 10 \u2022 The Group has assessed the impact of climate-related risks on the Financial Statements, in particular the impact on the carrying amount of the Group\u2019s property, plant and equipment, going concern assessment forecasts and impairment review forecasts. The Group does not consider there to be a material impact on its judgements and estimates from the physical and transition climate-related risks. The Directors will continue to assess the changing nature of the of climate-related risks and impact on the financial statements in the future ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-541": { "value": "Basis of consolidation The Consolidated Financial Statements incorporate the Financial Statements of the Company and the entities controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved when the Company has power over the investee; is exposed, or has rights, to variable returns from its involvement with the investee; and has the ability to use its power to affect its returns.
All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between
Group companies are eliminated on consolidation. The accounting policies of the subsidiaries are consistent
with the accounting policies of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-542": { "value": "
Revenue
Revenue from the sale of goods is recognised in the Consolidated Income Statement when the performance
obligations to customers have been satisfied. Revenue represents the invoiced value of sales to customers
less returns, allowances, rebates and value added tax.
Revenue is typically recorded on despatch of the Group\u2019s products, when performance obligations to
customers are satisfied. Products are usually delivered on the same day. Amounts due from customers
are payable by customers on standard credit terms and there is no significant financing component or
variable consideration within amounts due from customers. There are no significant obligations arising
in relation to returns, refunds, warranties or similar obligations. Revenue earned from any contractually
distinct installation process is recognised when the Group has fulfilled all its obligations under the
installation contract.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-537": { "value": "
Segmental reporting
IFRS 8 \u201cOperating Segments\u201d requires operating segments to be identified on the basis of discrete financial
information about components of the Group that are regularly reviewed by the Group\u2019s Chief Operating
Decision Maker (CODM) to allocate resources to the segments and to assess their trading performance.
As far as Marshalls is concerned, the CODM is regarded as being the Board. The Group has three reporting
segments: Landscaping Products, Building Products and Roofing Products.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-538": { "value": "
Share-based payments
The Group enters into equity settled share-based payment transactions with its employees. In particular,
annual awards are made to employees under the Company\u2019s Management Incentive Plan (MIP).
The fair value of options granted is recognised as an employee expense with a corresponding increase in
equity. The fair value is measured at grant date and spread over the period during which the employees
become unconditionally entitled to the options. Where appropriate, the fair value of the options granted
is measured using the Black-Scholes option valuation model, considering the terms and conditions upon
which the options were granted. The amount recognised as an expense is adjusted to reflect the actual
number of awards for which the related service and non-market vesting conditions are expected to be met,
such that the amount ultimately recognised as an expense is based on the number of awards that do meet
the related service and non-market performance conditions at the vesting date.
Current tax relief is available as shares vest based on the value at the date of vesting. A deferred tax asset
is recognised at grant date based on the number of shares expected to be issued, at the value at which they
are expected to be issued, proportioned in line with the vesting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-539": { "value": "
Financial expenses
Net financial expenses comprise interest on obligations under the defined benefit pension scheme,
the expected return on scheme assets under the defined benefit pension scheme, interest payable on
borrowings calculated using the effective interest rate method, interest expense arising on leases in
accordance with IFRS 16, interest receivable on funds invested, foreign exchange gains and losses and
gains and losses on hedging instruments that are recognised in the Consolidated Income Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-617": { "value": "Financial expenses Net financial expenses comprise interest on obligations under the defined benefit pension scheme, the expected return on scheme assets under the defined benefit pension scheme, interest payable on borrowings calculated using the effective interest rate method, interest expense arising on leases in accordance with IFRS 16, interest receivable on funds invested, foreign exchange gains and losses and gains and losses on hedging instruments that are recognised in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-584": { "value": "Financial expenses Net financial expenses comprise interest on obligations under the defined benefit pension scheme, the expected return on scheme assets under the defined benefit pension scheme, interest payable on borrowings calculated using the effective interest rate method, interest expense arising on leases in accordance with IFRS 16, interest receivable on funds invested, foreign exchange gains and losses and gains and losses on hedging instruments that are recognised in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-543": { "value": "Foreign currency translation Transactions in foreign currencies are translated to Sterling at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are translated to Sterling at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the Consolidated Income Statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction and are not retranslated. For the purposes of presenting Consolidated Financial Statements, the assets and liabilities of the Group\u2019s foreign operations are translated at exchange rates prevailing on the Balance Sheet date. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in a foreign exchange translation reserve (attributed to non-controlling interests as appropriate). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-586": { "value": "Transactions in foreign currencies are translated to Sterling at the foreign exchange rate ruling at the date of the transaction.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-544": { "value": "
Income tax
Income tax on the profit or loss for the year comprises current and deferred taxation. Income tax is
recognised in the Consolidated Income Statement except to the extent that it relates to items recognised
directly in other comprehensive income or in equity, in which case it is recognised accordingly. Current tax
is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively
enacted at the Balance Sheet date, and any adjustment to tax payable in respect of previous years.
Deferred taxation is provided using the Balance Sheet liability method, providing for temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts
used for taxation purposes. The following temporary differences are not provided for: the initial recognition
of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit,
other than in a business combination, and differences relating to investments in subsidiaries to the extent
that they will probably not reverse in the foreseeable future. The amount of deferred taxation provided is
based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities,
using tax rates that are expected to apply when the temporary difference reverses, based on rates that have
been enacted or substantively enacted at the Balance Sheet date. A deferred taxation asset is recognised
only to the extent that it is probable that future taxable profits will be available against which the asset can
be utilised. Deferred taxation assets are reduced to the extent that it is no longer probable that the related
tax benefit will be realised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-587": { "value": "Deferred taxation is provided using the Balance Sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit, other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred taxation provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates that are expected to apply when the temporary difference reverses, based on rates that have been enacted or substantively enacted at the Balance Sheet date. A deferred taxation asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred taxation assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-546": { "value": "
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment
losses, if any. Cost comprises the aggregate amount paid and the fair value of any other consideration
given to acquire the asset and includes costs directly attributable to making the asset capable of operating
as intended (including appropriate elements of internal costs). Where parts of an item of property, plant
and equipment have different useful lives, they are accounted for as separate items of property, plant and
equipment. The Group recognises in the carrying amount of an item of property, plant and equipment the
cost of replacing part of such an item when that cost is incurred if it is probable that the future economic
benefits embodied within the item will flow to the Group and the cost of the item can be measured reliably.
All other costs are recognised in the Consolidated Income Statement as an expense as incurred.
Depreciation is charged to the Consolidated Income Statement on a straight line basis over the estimated
useful life of each part of an item of property, plant and equipment as follows:
Freehold buildings 20 to 40 years
Fixed plant and equipment 4 to 30 years
Mobile plant and equipment 3 to 7 years
Quarries are based on the rate of extraction.
Freehold land is not depreciated. The residual values, useful economic lives and depreciation methods are
reassessed annually. Estimated costs associated with the restoration of quarries are charged in accordance
with IAS 37 when costs can be measured with an appropriate degree of precision.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-588": { "value": "Depreciation is charged to the Consolidated Income Statement on a straight line basis over the estimated useful life of each part of an item of property, plant and equipment as follows: Freehold buildings 20 to 40 years Fixed plant and equipment 4 to 30 years Mobile plant and equipment 3 to 7 years Quarries are based on the rate of extraction. Freehold land is not depreciated. The residual values, useful economic lives and depreciation methods are reassessed annually. Estimated costs associated with the restoration of quarries are charged in accordance with IAS 37 when costs can be measured with an appropriate degree of precision.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-545": { "value": "
Right-of-use assets and leases
IFRS 16 distinguishes leases and service contracts on the basis of whether an identified asset is controlled
by a customer. A right-of-use asset and a corresponding liability are recognised for all leases except for
short-term leases and leases of low-value assets. The right-of-use asset is initially measured at cost and
subsequently measured at cost less accumulated depreciation and impairment losses, adjusted for any
remeasurement of the lease liability. Right-of-use assets are depreciated on a straight line basis over the
duration of the lease, which, excluding property leases, is typically between four and eight years. The Group\u2019s
leases principally comprise commercial vehicles, forklift trucks, motor vehicles, certain property assets and
fixed plant.
The lease liability is initially measured at the present value of the lease payments that are not paid at that
date. Subsequently, the lease liability is adjusted for interest and lease payments, as well as for the impact
of lease modifications, amongst others. Lease liabilities are discounted at an incremental borrowing rate
calculated as the rate of interest which the Group would have been able to borrow for a similar term with
a similar security of funds necessary to obtain a similar asset in a similar market.
Short-term leases, with a duration of less than twelve months, are accounted for in accordance with the
recognition exemption in IFRS 16 and hence related payments are expensed as incurred. The Group also
utilises the option to apply the recognition exemption for low-value assets (with a value of less than the
equivalent of \u00a35,000), which means that related payments have been expensed as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-589": { "value": "
Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the identifiable net assets
of the acquired subsidiary at the date of acquisition. Goodwill is recognised initially as an asset at cost,
allocated to cash generating units, and is measured subsequently at cost less impairment losses.
Goodwill is not amortised but is tested for impairment at least annually and whenever there is an indication
that the asset may be impaired. Impairment is tested by comparing the recoverable amount of the cash
generating unit (CGU) with the carrying value of certain net assets of the CGUs with any impairment charge
being allocated initially to goodwill. The recoverable amount of assets of CGUs is the greater of their fair
value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market assessments
of the time value of money and the risks specific to the asset. Any impairment arising is recognised
immediately in the Income Statement and subsequent reversals of impairment losses for goodwill are
not recognised. Details of the December 2025 impairment review are set out in Note 10.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-547": { "value": "Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the identifiable net assets of the acquired subsidiary at the date of acquisition. Goodwill is recognised initially as an asset at cost, allocated to cash generating units, and is measured subsequently at cost less impairment losses. Goodwill is not amortised but is tested for impairment at least annually and whenever there is an indication that the asset may be impaired. Impairment is tested by comparing the recoverable amount of the cash generating unit (CGU) with the carrying value of certain net assets of the CGUs with any impairment charge being allocated initially to goodwill. The recoverable amount of assets of CGUs is the greater of their fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Any impairment arising is recognised immediately in the Income Statement and subsequent reversals of impairment losses for goodwill are not recognised. Details of the December 2025 impairment review are set out in Note 10.
Intangible assets
Intangible assets acquired separately are initially measured at cost. Intangible assets arising on business
combinations are initially measured at fair value. Following initial recognition, intangible assets are carried at cost
or fair value less accumulated amortisation and accumulated impairment losses, if any. Internally generated
intangible assets, excluding software development and capitalised development costs, are not capitalised
and expenditure is reflected in the Income Statement in the year in which the expenditure is incurred.
All current intangible assets have finite lives and are amortised on a straight line basis over their expected
useful lives and are assessed for impairment whenever there is an indication that the intangible asset may
be impaired. Amortisation of intangible assets is provided over the following expected useful economic
lives: brand names 20 to 25 years; customer and supplier relationships 5 to 20 years; patents, trademarks
and know-how 2 to 20 years; development costs 10 to 20 years; and software 5 to 10 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-591": { "value": "Intangible assets Intangible assets acquired separately are initially measured at cost. Intangible assets arising on business combinations are initially measured at fair value. Following initial recognition, intangible assets are carried at cost or fair value less accumulated amortisation and accumulated impairment losses, if any. Internally generated intangible assets, excluding software development and capitalised development costs, are not capitalised and expenditure is reflected in the Income Statement in the year in which the expenditure is incurred. All current intangible assets have finite lives and are amortised on a straight line basis over their expected useful lives and are assessed for impairment whenever there is an indication that the intangible asset may be impaired. Amortisation of intangible assets is provided over the following expected useful economic lives: brand names 20 to 25 years; customer and supplier relationships 5 to 20 years; patents, trademarks and know-how 2 to 20 years; development costs 10 to 20 years; and software 5 to 10 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-548": { "value": "
Post-retirement benefits
Any net obligation in respect of the Group\u2019s defined benefit pension scheme is calculated by estimating
the amount of future benefit that employees have earned in return for their service in the current and prior
periods; that benefit is discounted to determine its present value and the fair value of any scheme assets is
deducted. The discount rate is the yield at the Balance Sheet date on AA credit-rated corporate bonds that
have maturity dates approximating to the terms of the Group\u2019s obligations. The calculation is performed by
a qualified actuary using the projected unit credit method. Net interest is calculated by applying a discount
rate to the net defined benefit liability or asset.
If the calculation results in a surplus, the resulting asset is measured at the present value of any economic
benefits available in the form of refunds from the plan, or reductions in future contributions to the plan.
The present value of these economic benefits is discounted by reference to market yields at the Balance
Sheet date on high-quality corporate bonds. When the benefits of the scheme are improved, the portion
of the increased benefit relating to past service by employees is recognised as an expense in the Income
Statement in the period of the scheme amendment. Actuarial gains and losses that arise in calculating the
Group\u2019s obligation in respect of a plan are recognised immediately within the Consolidated Statement of
Comprehensive Income.
Obligations for contributions to defined contribution schemes are recognised as an expense in the Income
Statement as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-549": { "value": "
Inventories
Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling
price in the ordinary course of business, less the estimated costs to completion and selling expenses. The
cost of inventories is based on the first-in, first-out principle and includes expenditure incurred in acquiring the
inventories and bringing them to their existing location and condition. In the case of manufactured inventories
and work in progress, cost includes an appropriate share of overheads based on normal operating capacity,
which were incurred in bringing the inventories to their present location and condition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-550": { "value": "
Trade and other receivables
Trade and other receivables are stated at initial recognition, at their transaction price (as defined in IFRS 15) if
the trade receivables do not contain a significant financial component in accordance with IFRS 15 (or when
the entity applies the practical expedient in accordance with paragraph 63 of IFRS 15). Subsequent to initial
recognition they are accounted for at amortised cost. Trade receivables are stated gross of a provision for
expected credit losses. This provision has been determined using a lifetime expected credit loss calculation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-554": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable
on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and
cash equivalents for the purpose of the Consolidated Cash Flow Statement. For the purposes of the statement of
cash flows, cash and cash equivalents as defined above, net of outstanding bank overdrafts which are repayable
and form an integral part of the Group\u2019s cash management. Such overdrafts are presented as short-term
borrowings in the Balance Sheet to the extent the Group does not have the right and intention to settle net.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-551": { "value": "
Assets classified as held for sale
Assets classified as held for sale are measured at the lower of carrying amount and fair value less costs
to sell. Assets are classified as held for sale if their carrying amount will be recovered through a sale
transaction rather than through continuing use. This condition is regarded as met only when the sale
is highly probable and expected to be completed within one year from the date of classification, and the
asset is available for immediate sale in its present condition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-619": { "value": "Assets classified as held for sale Assets classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Assets are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and expected to be completed within one year from the date of classification, and the asset is available for immediate sale in its present condition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-552": { "value": "
Trade and other payables
Trade and other payables are stated at initial recognition, at their fair value and subsequently at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-553": { "value": "
Interest-bearing loans and borrowings
Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to
initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest rate method.
Derivative financial instruments
The Group uses derivative financial instruments to hedge its exposure to interest rate, foreign exchange
and fuel pricing risks arising from operational, financing and investment activities. In accordance with its
treasury policy, the Group does not hold or issue derivative financial instruments for speculative purposes.
Derivative financial instruments are recognised at fair value and transaction costs are recognised in
the Income Statement when incurred. The gain or loss on remeasurement to fair value is recognised
immediately in the Consolidated Income Statement. However, where derivatives qualify for hedge
accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged
(see below).
Classification and measurement
The classification of financial assets is based both on the business model within which the asset is held
and the contractual cash flow characteristics of the asset. There are three principal classification categories
for financial assets that are debt instruments: (i) amortised cost; (ii) fair value through other comprehensive
income (FVTOCI); and (iii) fair value through profit or loss (FVTPL). Under IFRS 9, derivatives embedded in
financial assets are not bifurcated but instead the whole hybrid contract is assessed for classification.
Impairment
Credit losses and expected credit losses are recognised in accordance with IFRS 9. The amount of expected
credit losses is updated at each reporting date. The IFRS 9 impairment model has been applied to the
Group\u2019s financial assets that are debt instruments measured at amortised cost or FVTOCI. The Group has
applied the simplified approach to recognise lifetime expected credit losses for its trade receivables, as
required or permitted by IFRS 9.
Hedging
The Group has elected to apply the IFRS 9 hedge accounting requirements because they align more
closely with the Group\u2019s risk management policies. Where a derivative financial instrument is designated
as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast
transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly
in the Consolidated Statement of Comprehensive Income. When the forecast transaction subsequently
results in the recognition of a non-financial asset or non-financial liability, the associated cumulative gain
or loss is removed from equity and included in the initial cost or other carrying amount of the non-financial
asset. For cash flow hedges, other than those covered by the preceding policy statement, the associated
cumulative gain or loss is removed from equity and recognised in the Consolidated Income Statement in the
same period or periods during which the hedged forecast transaction affects the income or expense. The
ineffective part of any gain or loss is recognised immediately in the Consolidated Income Statement.
When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of
the hedge relationship, but the hedged forecast transaction is still expected to occur, it no longer meets the
criteria for hedge accounting. The cumulative gain or loss at that point remains in equity and is recognised in
accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected
to take place, the cumulative unrealised gain or loss recognised in equity is recognised immediately in the
Consolidated Income Statement and cash flow hedge accounting is discontinued prospectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-618": { "value": "Interest-bearing loans and borrowings Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-590": { "value": "Interest-bearing loans and borrowings Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-555": { "value": "
Provisions
The Group recognises provisions for dilapidations and restoration where it has a present legal or
constructive obligation arising from a past event, it is probable that an outflow of resources will be required
to settle the obligation and a reliable estimate can be made. The provisions are measured at the best
estimate of the expenditure required to settle the obligation at the reporting date.
Dilapidations provisions are recognised for the expected cost of restoring leased properties to the condition
required under lease agreements. Estimates are prepared using condition assessments and schedules of
works, supported where appropriate by external surveyors, and reflect the expected scope of reinstatement
at lease end (or earlier surrender/break where applicable). Expenditure incurred is charged against the
provision when the works are undertaken.
Restoration provisions are recognised for obligations to reinstate quarry and mineral sites in accordance
with planning permissions and other statutory requirements. Estimates are based on approved restoration
plans (including the expected scope and phasing of works) and current unit rates, with input from operational
teams and specialist advisers where relevant. Progressive restoration is expensed as incurred; obligations
relating to final reinstatement are provided for when a present obligation exists, the outflow is considered
probable and a reliable estimate can be made.
Where the effect of the time value of money is material, provisions are discounted using a current pre-tax
risk-free discount rate (for example, a Government bond yield of appropriate duration). The Group applies
a risk-free rate because the principal risks specific to the liabilities are reflected in the estimated cash flows
used to measure the provisions. Estimates incorporate assumptions about timing, inflation and cost
escalation where material.
Provisions are reviewed at each reporting date and adjusted to reflect management\u2019s current best estimate
of expenditures that will be required to settle the obligations. Changes in the estimated amount or timing of
outflows are recognised in profit or loss, except where the obligation is associated with an asset for which
the related cost is capitalised (for example, restoration obligations recognised at commencement of a lease),
in which case the corresponding adjustment is made to the carrying amount of the related asset to the
extent that asset continues to be recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-620": { "value": "Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to interest rate, foreign exchange and fuel pricing risks arising from operational, financing and investment activities. In accordance with its treasury policy, the Group does not hold or issue derivative financial instruments for speculative purposes. Derivative financial instruments are recognised at fair value and transaction costs are recognised in the Income Statement when incurred. The gain or loss on remeasurement to fair value is recognised immediately in the Consolidated Income Statement. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged (see below). Classification and measurement The classification of financial assets is based both on the business model within which the asset is held and the contractual cash flow characteristics of the asset. There are three principal classification categories for financial assets that are debt instruments: (i) amortised cost; (ii) fair value through other comprehensive income (FVTOCI); and (iii) fair value through profit or loss (FVTPL). Under IFRS 9, derivatives embedded in financial assets are not bifurcated but instead the whole hybrid contract is assessed for classification. Impairment Credit losses and expected credit losses are recognised in accordance with IFRS 9. The amount of expected credit losses is updated at each reporting date. The IFRS 9 impairment model has been applied to the Group\u2019s financial assets that are debt instruments measured at amortised cost or FVTOCI. The Group has applied the simplified approach to recognise lifetime expected credit losses for its trade receivables, as required or permitted by IFRS 9. Hedging The Group has elected to apply the IFRS 9 hedge accounting requirements because they align more closely with the Group\u2019s risk management policies. Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in the Consolidated Statement of Comprehensive Income. When the forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, the associated cumulative gain or loss is removed from equity and included in the initial cost or other carrying amount of the non-financial asset. For cash flow hedges, other than those covered by the preceding policy statement, the associated cumulative gain or loss is removed from equity and recognised in the Consolidated Income Statement in the same period or periods during which the hedged forecast transaction affects the income or expense. The ineffective part of any gain or loss is recognised immediately in the Consolidated Income Statement. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship, but the hedged forecast transaction is still expected to occur, it no longer meets the criteria for hedge accounting. The cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in equity is recognised immediately in the Consolidated Income Statement and cash flow hedge accounting is discontinued prospectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-631": { "value": "Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to interest rate, foreign exchange and fuel pricing risks arising from operational, financing and investment activities. In accordance with its treasury policy, the Group does not hold or issue derivative financial instruments for speculative purposes. Derivative financial instruments are recognised at fair value and transaction costs are recognised in the Income Statement when incurred. The gain or loss on remeasurement to fair value is recognised immediately in the Consolidated Income Statement. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged (see below). Classification and measurement The classification of financial assets is based both on the business model within which the asset is held and the contractual cash flow characteristics of the asset. There are three principal classification categories for financial assets that are debt instruments: (i) amortised cost; (ii) fair value through other comprehensive income (FVTOCI); and (iii) fair value through profit or loss (FVTPL). Under IFRS 9, derivatives embedded in financial assets are not bifurcated but instead the whole hybrid contract is assessed for classification. Impairment Credit losses and expected credit losses are recognised in accordance with IFRS 9. The amount of expected credit losses is updated at each reporting date. The IFRS 9 impairment model has been applied to the Group\u2019s financial assets that are debt instruments measured at amortised cost or FVTOCI. The Group has applied the simplified approach to recognise lifetime expected credit losses for its trade receivables, as required or permitted by IFRS 9. Hedging The Group has elected to apply the IFRS 9 hedge accounting requirements because they align more closely with the Group\u2019s risk management policies. Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in the Consolidated Statement of Comprehensive Income. When the forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, the associated cumulative gain or loss is removed from equity and included in the initial cost or other carrying amount of the non-financial asset. For cash flow hedges, other than those covered by the preceding policy statement, the associated cumulative gain or loss is removed from equity and recognised in the Consolidated Income Statement in the same period or periods during which the hedged forecast transaction affects the income or expense. The ineffective part of any gain or loss is recognised immediately in the Consolidated Income Statement. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship, but the hedged forecast transaction is still expected to occur, it no longer meets the criteria for hedge accounting. The cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in equity is recognised immediately in the Consolidated Income Statement and cash flow hedge accounting is discontinued prospectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-592": { "value": "Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to interest rate, foreign exchange and fuel pricing risks arising from operational, financing and investment activities. In accordance with its treasury policy, the Group does not hold or issue derivative financial instruments for speculative purposes. Derivative financial instruments are recognised at fair value and transaction costs are recognised in the Income Statement when incurred. The gain or loss on remeasurement to fair value is recognised immediately in the Consolidated Income Statement. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged (see below). Classification and measurement The classification of financial assets is based both on the business model within which the asset is held and the contractual cash flow characteristics of the asset. There are three principal classification categories for financial assets that are debt instruments: (i) amortised cost; (ii) fair value through other comprehensive income (FVTOCI); and (iii) fair value through profit or loss (FVTPL). Under IFRS 9, derivatives embedded in financial assets are not bifurcated but instead the whole hybrid contract is assessed for classification. Impairment Credit losses and expected credit losses are recognised in accordance with IFRS 9. The amount of expected credit losses is updated at each reporting date. The IFRS 9 impairment model has been applied to the Group\u2019s financial assets that are debt instruments measured at amortised cost or FVTOCI. The Group has applied the simplified approach to recognise lifetime expected credit losses for its trade receivables, as required or permitted by IFRS 9. Hedging The Group has elected to apply the IFRS 9 hedge accounting requirements because they align more closely with the Group\u2019s risk management policies. Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in the Consolidated Statement of Comprehensive Income. When the forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, the associated cumulative gain or loss is removed from equity and included in the initial cost or other carrying amount of the non-financial asset. For cash flow hedges, other than those covered by the preceding policy statement, the associated cumulative gain or loss is removed from equity and recognised in the Consolidated Income Statement in the same period or periods during which the hedged forecast transaction affects the income or expense. The ineffective part of any gain or loss is recognised immediately in the Consolidated Income Statement. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship, but the hedged forecast transaction is still expected to occur, it no longer meets the criteria for hedge accounting. The cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in equity is recognised immediately in the Consolidated Income Statement and cash flow hedge accounting is discontinued prospectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-636": { "value": "Classification and measurement The classification of financial assets is based both on the business model within which the asset is held and the contractual cash flow characteristics of the asset. There are three principal classification categories for financial assets that are debt instruments: (i) amortised cost; (ii) fair value through other comprehensive income (FVTOCI); and (iii) fair value through profit or loss (FVTPL). Under IFRS 9, derivatives embedded in financial assets are not bifurcated but instead the whole hybrid contract is assessed for classification. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-556": { "value": "
Share capital
Marshalls plc has only Ordinary Share capital. These shares, with a nominal value of 25 pence per share, are
classified as equity. Transactions of the Group-sponsored Employee Benefit Trust are included in the Group
Financial Statements. The Trust\u2019s purchases of shares in the Company are debited directly to equity and
disclosed separately in the Balance Sheet as \u201cown shares\u201d.
The following paragraphs summarise the significant accounting policies of the Group, which have
been applied in dealing with items which are considered material in relation to the Group\u2019s Consolidated
Financial Statements.
The Group has applied all accounting standards and interpretations issued by the IASB and International
Financial Reporting Committee relevant to its operations and which are effective in respect of these
Financial Statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-557": { "value": "
Impairment
The carrying amounts of the Group\u2019s assets, other than inventories and goodwill, are reviewed at each
Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists,
the asset\u2019s recoverable amount is estimated. An impairment loss is reversed if there has been a change in
the estimates used to determine the recoverable amount. Any impairment loss is reversed only to the extent
that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net
of depreciation or amortisation, if no impairment loss had been recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-558": { "value": "
2 Segmental analysis
Segment revenues and operating profit
2025 2024
\u00a3\u2019m \u00a3\u2019m
Revenue
Landscaping Products
265.8
268.3
Building Products
172.0
164.6
Roofing Products
194.3
186.3
Revenue
632.1
619.2
Operating profit
Landscaping Products
0.6
10.7
Building Products
13.0
14.1
Roofing Products
50.2
49.4
Central costs
(7.4)
(7.5)
Adjusted operating profit
56.4
66.7
Adjusting items (see Note 4)
(24.4)
(12.8)
Reported operating profit
32.0
53.9
Net finance charges (Note 6)
(14.3)
(14.5)
Profit before tax
17.7
39.4
Taxation (Note 7)
(3.3)
(8.4)
Profit after tax
14.4
31.0
The Group has two customers which each contributed more than 10% of total revenue in the current and
prior year.
The accounting policies of the three operating segments are the same as the Group\u2019s accounting policies.
Segment profit represents the profit earned without allocation of certain central administration costs that
are not capable of allocation. Centrally administered overhead costs that relate directly to the reportable
segment are included within the segment\u2019s results.
Geographical destinations of revenue
The geographical destinations of revenue are the United Kingdom \u00a3631.1 million (2024: \u00a3617.8 million)
and Rest of the World \u00a31.0 million (2024: \u00a31.4 million).
Segment assets
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Property, plant and equipment, right-of-use assets, intangible assets
and inventory:
Landscaping Products
212.9
222.6
Building Products
139.4
142.2
Roofing Products
578.8
584.3
Total segment property, plant and equipment, right-of-use assets,
intangible assets and inventory
931.1
949.1
Unallocated assets
110.3
127.0
Consolidated total assets
1,041.4
1,076.1
For the purpose of monitoring segment performance and allocating resources between segments, the
Group\u2019s CODM monitors the property, plant and equipment, right-of-use assets, intangible assets and
inventory. Assets used jointly by reportable segments are not allocated to individual reportable segments.
Other segment information
Depreciation Property, plant and equipment, right-of-use
and amortisation asset and intangible asset additions
2025
2024
2025
2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Landscaping Products
14.9
17.8
10.6
21.2
Building Products
8.0
8.0
6.5
8.2
Roofing Products
5.7
5.3
8.4
3.8
Included in adjusting items
28.6
31.1
25.5
33.2
(Note\ue2934)
10.3
10.4
\u2014
\u2014
38.9
41.5
25.5
33.2
Depreciation and amortisation includes \u00a310.3 million (2024: \u00a310.4 million) of amortisation of intangible assets
arising from the purchase price allocation exercises comprising \u00a3nil (2024: \u00a30.1 million) in Landscaping
Products, \u00a31.1 million (2024: \u00a31.1 million) in Building Products and \u00a39.2 million (2024: \u00a39.2 million) in Roofing
Products. The amortisation has been treated as an adjusting item (Note 4).
Impairments of \u00a34.5 million (2024: \u00a3nil) within property, plant and equipment all relate to the Landscape
Products operating segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-593": { "value": "2 Segmental analysis Segment revenues and operating profit
2025 2024
\u00a3\u2019m \u00a3\u2019m
Revenue
Landscaping Products
265.8
268.3
Building Products
172.0
164.6
Roofing Products
194.3
186.3
Revenue
632.1
619.2
Operating profit
Landscaping Products
0.6
10.7
Building Products
13.0
14.1
Roofing Products
50.2
49.4
Central costs
(7.4)
(7.5)
Adjusted operating profit
56.4
66.7
Adjusting items (see Note 4)
(24.4)
(12.8)
Reported operating profit
32.0
53.9
Net finance charges (Note 6)
(14.3)
(14.5)
Profit before tax
17.7
39.4
Taxation (Note 7)
(3.3)
(8.4)
Profit after tax
14.4
31.0
The Group has two customers which each contributed more than 10% of total revenue in the current and prior year. The accounting policies of the three operating segments are the same as the Group\u2019s accounting policies. Segment profit represents the profit earned without allocation of certain central administration costs that are not capable of allocation. Centrally administered overhead costs that relate directly to the reportable segment are included within the segment\u2019s results. Geographical destinations of revenue The geographical destinations of revenue are the United Kingdom \u00a3631.1 million (2024: \u00a3617.8 million) and Rest of the World \u00a31.0 million (2024: \u00a31.4 million). Segment assets
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Property, plant and equipment, right-of-use assets, intangible assets
and inventory:
Landscaping Products
212.9
222.6
Building Products
139.4
142.2
Roofing Products
578.8
584.3
Total segment property, plant and equipment, right-of-use assets,
intangible assets and inventory
931.1
949.1
Unallocated assets
110.3
127.0
Consolidated total assets
1,041.4
1,076.1
For the purpose of monitoring segment performance and allocating resources between segments, the Group\u2019s CODM monitors the property, plant and equipment, right-of-use assets, intangible assets and inventory. Assets used jointly by reportable segments are not allocated to individual reportable segments. Other segment information
Depreciation Property, plant and equipment, right-of-use
and amortisation asset and intangible asset additions
2025
2024
2025
2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Landscaping Products
14.9
17.8
10.6
21.2
Building Products
8.0
8.0
6.5
8.2
Roofing Products
5.7
5.3
8.4
3.8
Included in adjusting items
28.6
31.1
25.5
33.2
(Note\ue2934)
10.3
10.4
\u2014
\u2014
38.9
41.5
25.5
33.2
Depreciation and amortisation includes \u00a310.3 million (2024: \u00a310.4 million) of amortisation of intangible assets arising from the purchase price allocation exercises comprising \u00a3nil (2024: \u00a30.1 million) in Landscaping Products, \u00a31.1 million (2024: \u00a31.1 million) in Building Products and \u00a39.2 million (2024: \u00a39.2 million) in Roofing Products. The amortisation has been treated as an adjusting item (Note 4). Impairments of \u00a34.5 million (2024: \u00a3nil) within property, plant and equipment all relate to the Landscape Products operating segment.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-621": { "value": "Geographical destinations of revenue The geographical destinations of revenue are the United Kingdom \u00a3631.1 million (2024: \u00a3617.8 million) and Rest of the World \u00a31.0 million (2024: \u00a31.4 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-559": { "value": "
3 Net operating costs
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Raw materials and consumables
238.8
237.5
Changes in inventories of finished goods and work in progress
0.9
(14.4)
Personnel costs (Note 5)
133.7
132.8
Depreciation of property, plant and equipment
19.8
22.1
Depreciation of right-of-use assets
6.8
7.3
Amortisation of intangible assets
12.3
12.1
Asset impairments (Note 4)
4.5
\u2014
Own work capitalised
(0.2)
(1.3)
Other operating costs
175.4
174.0
Redundancy and other similar costs (Note 4)
9.6
\u2014
Operating costs
601.6
570.1
Other operating income
(1.6)
(2.9)
Net gain on asset and property disposals
0.1
(1.9)
Net operating costs
600.1
565.3
Adjusting items (Note 4)
(24.4)
(12.8)
Adjusted net operating costs
575.7
552.5
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Net operating costs include:
Auditor\u2019s remuneration (see below)
0.8
0.8
Short-term and low-value lease costs
5.1
2.7
Research and development costs
1.3
1.8
In respect of the year under review, Deloitte LLP carried out work in relation to:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Audit of Financial Statements of Marshalls plc
0.1
0.1
Audit of Financial Statements of subsidiaries of the Company
0.7
0.7
0.8
0.8
These fees include a cost of \u00a342,000 associated with Deloitte LLP\u2019s review of the Group\u2019s Half Year
Report (2024: \u00a340,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-637": { "value": "3 Net operating costs
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Raw materials and consumables
238.8
237.5
Changes in inventories of finished goods and work in progress
0.9
(14.4)
Personnel costs (Note 5)
133.7
132.8
Depreciation of property, plant and equipment
19.8
22.1
Depreciation of right-of-use assets
6.8
7.3
Amortisation of intangible assets
12.3
12.1
Asset impairments (Note 4)
4.5
\u2014
Own work capitalised
(0.2)
(1.3)
Other operating costs
175.4
174.0
Redundancy and other similar costs (Note 4)
9.6
\u2014
Operating costs
601.6
570.1
Other operating income
(1.6)
(2.9)
Net gain on asset and property disposals
0.1
(1.9)
Net operating costs
600.1
565.3
Adjusting items (Note 4)
(24.4)
(12.8)
Adjusted net operating costs
575.7
552.5
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Net operating costs include:
Auditor\u2019s remuneration (see below)
0.8
0.8
Short-term and low-value lease costs
5.1
2.7
Research and development costs
1.3
1.8
In respect of the year under review, Deloitte LLP carried out work in relation to:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Audit of Financial Statements of Marshalls plc
0.1
0.1
Audit of Financial Statements of subsidiaries of the Company
0.7
0.7
0.8
0.8
These fees include a cost of \u00a342,000 associated with Deloitte LLP\u2019s review of the Group\u2019s Half Year Report (2024: \u00a340,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-632": { "value": "3 Net operating costs
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Raw materials and consumables
238.8
237.5
Changes in inventories of finished goods and work in progress
0.9
(14.4)
Personnel costs (Note 5)
133.7
132.8
Depreciation of property, plant and equipment
19.8
22.1
Depreciation of right-of-use assets
6.8
7.3
Amortisation of intangible assets
12.3
12.1
Asset impairments (Note 4)
4.5
\u2014
Own work capitalised
(0.2)
(1.3)
Other operating costs
175.4
174.0
Redundancy and other similar costs (Note 4)
9.6
\u2014
Operating costs
601.6
570.1
Other operating income
(1.6)
(2.9)
Net gain on asset and property disposals
0.1
(1.9)
Net operating costs
600.1
565.3
Adjusting items (Note 4)
(24.4)
(12.8)
Adjusted net operating costs
575.7
552.5
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Net operating costs include:
Auditor\u2019s remuneration (see below)
0.8
0.8
Short-term and low-value lease costs
5.1
2.7
Research and development costs
1.3
1.8
In respect of the year under review, Deloitte LLP carried out work in relation to:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Audit of Financial Statements of Marshalls plc
0.1
0.1
Audit of Financial Statements of subsidiaries of the Company
0.7
0.7
0.8
0.8
These fees include a cost of \u00a342,000 associated with Deloitte LLP\u2019s review of the Group\u2019s Half Year Report (2024: \u00a340,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-622": { "value": "3 Net operating costs
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Raw materials and consumables
238.8
237.5
Changes in inventories of finished goods and work in progress
0.9
(14.4)
Personnel costs (Note 5)
133.7
132.8
Depreciation of property, plant and equipment
19.8
22.1
Depreciation of right-of-use assets
6.8
7.3
Amortisation of intangible assets
12.3
12.1
Asset impairments (Note 4)
4.5
\u2014
Own work capitalised
(0.2)
(1.3)
Other operating costs
175.4
174.0
Redundancy and other similar costs (Note 4)
9.6
\u2014
Operating costs
601.6
570.1
Other operating income
(1.6)
(2.9)
Net gain on asset and property disposals
0.1
(1.9)
Net operating costs
600.1
565.3
Adjusting items (Note 4)
(24.4)
(12.8)
Adjusted net operating costs
575.7
552.5
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Net operating costs include:
Auditor\u2019s remuneration (see below)
0.8
0.8
Short-term and low-value lease costs
5.1
2.7
Research and development costs
1.3
1.8
In respect of the year under review, Deloitte LLP carried out work in relation to:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Audit of Financial Statements of Marshalls plc
0.1
0.1
Audit of Financial Statements of subsidiaries of the Company
0.7
0.7
0.8
0.8
These fees include a cost of \u00a342,000 associated with Deloitte LLP\u2019s review of the Group\u2019s Half Year Report (2024: \u00a340,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-595": { "value": "
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Raw materials and consumables
238.8
237.5
Changes in inventories of finished goods and work in progress
0.9
(14.4)
Personnel costs (Note 5)
133.7
132.8
Depreciation of property, plant and equipment
19.8
22.1
Depreciation of right-of-use assets
6.8
7.3
Amortisation of intangible assets
12.3
12.1
Asset impairments (Note 4)
4.5
\u2014
Own work capitalised
(0.2)
(1.3)
Other operating costs
175.4
174.0
Redundancy and other similar costs (Note 4)
9.6
\u2014
Operating costs
601.6
570.1
Other operating income
(1.6)
(2.9)
Net gain on asset and property disposals
0.1
(1.9)
Net operating costs
600.1
565.3
Adjusting items (Note 4)
(24.4)
(12.8)
Adjusted net operating costs
575.7
552.5
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Net operating costs include:
Auditor\u2019s remuneration (see below)
0.8
0.8
Short-term and low-value lease costs
5.1
2.7
Research and development costs
1.3
1.8
12 Property, plant and equipment
Land and
Plant, machinery
buildings
Quarries
and vehicles
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Cost
At 1 January 2024
153.4
24.8
440.9
619.1
Additions
0.6
\u2014
8.6
9.2
Reclassifications
1.6
(1.5)
(0.1)
\u2014
Reclassified as held for sale
(0.7)
(0.1)
\u2014
(0.8)
Disposals
(0.9)
(3.9)
(7.2)
(12.0)
At 31 December 2024
154.0
19.3
442.2
615.5
At 1 January 2025
154.0
19.3
442.2
615.5
Additions
2.5
\u2014
10.8
13.3
Reclassifications from
right-of-use-assets
\u2014
0.4
\u2014
0.4
Reclassified as held for sale
(0.2)
\u2014
\u2014
(0.2)
Disposals
\u2014
\u2014
(0.8)
(0.8)
At 31 December 2025
156.3
19.7
452.2
628.2
Depreciation and impairment losses
At 1 January 2024
47.3
12.8
309.6
369.7
Depreciation charge for the year
2.8
0.5
18.8
22.1
Reclassified as held for sale
(0.1)
\u2014
\u2014
(0.1)
Reclassifications
1.4
(1.4)
\u2014
\u2014
Disposals
(1.0)
(3.5)
(6.5)
(11.0)
At 31 December 2024
50.4
8.4
321.9
380.7
At 1 January 2025
50.4
8.4
321.9
380.7
Depreciation charge for the year
2.5
0.1
17.2
19.8
Reclassified as held for sale
\u2014
\u2014
\u2014
\u2014
Impairments
\u2014
\u2014
4.5
4.5
Disposals
\u2014
\u2014
(0.7)
(0.7)
At 31 December 2025
52.9
8.5
342.9
404.3
Net book value
At 31 December 2024
103.6
10.9
120.3
234.8
At 31 December 2025
103.4
11.2
109.3
223.9
The impairments in 2025, totalling \u00a34.5 million, represent the assets being written down to recoverable value in relation to major restructuring exercises when the Group took steps to reduce manufacturing capacity and the cost base in response to a reduction in market demand. During the year ended 31 December 2025, property, plant and equipment with a book value of \u00a30.2 million (2024: \u00a30.7 million) has been reclassified as held for sale in accordance with IFRS 5 \u201cNon-current Assets Held for Sale and Discontinued Operations\u201d. Total assets classified as held for sale at 31 December 2025 amounted to \u00a30.9 million (2024: \u00a31.5 million). Group cost of land and buildings and plant and machinery includes \u00a30.5 million (2024: \u00a3nil) and \u00a35.2 million (2024: \u00a32.0 million) respectively for assets in the course of construction. Capital commitments
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Capital expenditure that has been contracted for but for which no
provision has been made in the Consolidated Financial Statements
3.1
2.2
Depreciation charge The depreciation charge is recognised in the following line item in the Consolidated Income Statement:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Net operating costs (Note 3)
19.8
22.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-594": { "value": "In respect of the year under review, Deloitte LLP carried out work in relation to:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Audit of Financial Statements of Marshalls plc
0.1
0.1
Audit of Financial Statements of subsidiaries of the Company
0.7
0.7
0.8
0.8
These fees include a cost of \u00a342,000 associated with Deloitte LLP\u2019s review of the Group\u2019s Half Year Report (2024: \u00a340,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-561": { "value": "
4 Adjusting items
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Amortisation of intangible assets arising on acquisition (i)
10.3
10.4
Redundancy and similar costs (ii)
9.6
\u2014
Impairment of property, plant and equipment (iii)
4.5
\u2014
Transformation costs (iv)
\u2014
2.5
Contingent consideration (v)
\u2014
1.6
Significant property disposal (vi)
\u2014
(1.7)
Adjusting items within operating profit (Note 3)
24.4
12.8
Adjusting items within financial expenses (vii) (Note 6)
1.6
\u2014
Adjusting items before taxation
26.0
12.8
Current tax on adjusting items (Note 7)
(2.7)
(0.7)
Deferred tax on adjusting items (Note 7)
(3.7)
(2.6)
Adjusting items after taxation
19.6
9.5
Notes:
(i) Amortisation of intangible assets arising on acquisitions is principally in respect of values recognised for the Marley brand
and its customer relationships.
(ii) Restructuring and similar costs arose during major restructuring exercises conducted when the Group took steps to
reduce the cost base as part of the Landscaping Products improvement plan.
(iii) The impairment of property, plant and equipment arose in connection with the major restructuring exercise noted above.
(iv) Transformation costs represent costs incurred in respect of the \u2018Transform & Grow\u2019 strategy.
(v) The additional contingent consideration relates to the reassessment of the amounts that will become payable to vendors
arising in relation to Marley\u2019s acquisition of Viridian Solar Limited in 2021.
(vi) The significant property disposal gain arose on the disposal of the Group\u2019s former manufacturing site in Carluke.
(vii) Loan refinancing costs connected with renewal of banking facilities.
", "dimensions": { "concept": "marshallsplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-560": { "value": "
5 Personnel costs
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Personnel costs (including amounts charged in the year in relation
to Directors):
Wages and salaries
108.2
108.2
Social security costs
13.4
11.7
Share-based payments
1.0
1.8
Contributions to defined contribution pension scheme
11.1
11.1
Included in net operating costs (Note 3)
133.7
132.8
Personnel costs relating to redundancy and other costs
6.1
\u2014
Total personnel costs
139.8
132.8
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Remuneration of Directors:
Salary
1.4
1.5
Other benefits
0.1
0.1
MIP Element A bonus
0.2
0.7
MIP Element B bonus
0.1
0.4
Amounts receivable under the MIP at the end of cycle 3
0.3
0.5
Salary supplement in lieu of pension
0.1
0.1
Non-Executive Directors\u2019 fees and fixed allowances
0.6
0.5
2.8
3.8
The aggregate of emoluments and amounts receivable under the Management Incentive Plan (MIP) of the
highest-paid Director was \u00a30.8 million (2024: \u00a31.0 million), including a salary supplement in lieu of pension
of \u00a3nil (2024: \u00a3nil).
There are no Directors to whom retirement benefits are accruing in respect of qualifying services. As set out
in the Annual Remuneration Report on page 97, the Executive Directors receive a salary supplement in lieu
of pension equal to their contractual entitlements.
Further details of Directors\u2019 remuneration, share options, Long-term Incentive Plans (LTIPs) and pension
entitlements are disclosed in the Remuneration Committee Report on pages 96 to 103.
The average monthly number of persons employed by the Group during the year was:
2025
2024
Number
Number
Continuing operations
Landscaping Products
1,113
1,213
Building Products
652
621
Roofing Products
539
526
Plc
120
121
2,424
2,481
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-563": { "value": "
6 Financial expenses and income
2025
2024
\u00a3\u2019m
\u00a3\u2019m
(a) Financial expenses
Interest expense on bank loans
11.3
12.5
Interest expense on lease liabilities
2.0
1.7
Net interest expense on defined benefit pension scheme
\u2014
0.3
(b) Adjusting items
Adjusting interest expense on refinancing of bank loans (Note 4)
1.6
\u2014
(c) Financial income
Net interest income on defined benefit pension scheme
(0.6)
\u2014
Interest receivable and similar income
\u2014
\u2014
Net financial expenses
14.3
14.5
Net interest expense on the defined benefit pension scheme is disclosed net of Company recharges for
scheme administration (Note 21).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-640": { "value": "6 Financial expenses and income
2025
2024
\u00a3\u2019m
\u00a3\u2019m
(a) Financial expenses
Interest expense on bank loans
11.3
12.5
Interest expense on lease liabilities
2.0
1.7
Net interest expense on defined benefit pension scheme
\u2014
0.3
(b) Adjusting items
Adjusting interest expense on refinancing of bank loans (Note 4)
1.6
\u2014
(c) Financial income
Net interest income on defined benefit pension scheme
(0.6)
\u2014
Interest receivable and similar income
\u2014
\u2014
Net financial expenses
14.3
14.5
Net interest expense on the defined benefit pension scheme is disclosed net of Company recharges for scheme administration (Note 21).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-638": { "value": "6 Financial expenses and income
2025
2024
\u00a3\u2019m
\u00a3\u2019m
(a) Financial expenses
Interest expense on bank loans
11.3
12.5
Interest expense on lease liabilities
2.0
1.7
Net interest expense on defined benefit pension scheme
\u2014
0.3
(b) Adjusting items
Adjusting interest expense on refinancing of bank loans (Note 4)
1.6
\u2014
(c) Financial income
Net interest income on defined benefit pension scheme
(0.6)
\u2014
Interest receivable and similar income
\u2014
\u2014
Net financial expenses
14.3
14.5
Net interest expense on the defined benefit pension scheme is disclosed net of Company recharges for scheme administration (Note 21).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-633": { "value": "6 Financial expenses and income
2025
2024
\u00a3\u2019m
\u00a3\u2019m
(a) Financial expenses
Interest expense on bank loans
11.3
12.5
Interest expense on lease liabilities
2.0
1.7
Net interest expense on defined benefit pension scheme
\u2014
0.3
(b) Adjusting items
Adjusting interest expense on refinancing of bank loans (Note 4)
1.6
\u2014
(c) Financial income
Net interest income on defined benefit pension scheme
(0.6)
\u2014
Interest receivable and similar income
\u2014
\u2014
Net financial expenses
14.3
14.5
Net interest expense on the defined benefit pension scheme is disclosed net of Company recharges for scheme administration (Note 21).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-623": { "value": "6 Financial expenses and income
2025
2024
\u00a3\u2019m
\u00a3\u2019m
(a) Financial expenses
Interest expense on bank loans
11.3
12.5
Interest expense on lease liabilities
2.0
1.7
Net interest expense on defined benefit pension scheme
\u2014
0.3
(b) Adjusting items
Adjusting interest expense on refinancing of bank loans (Note 4)
1.6
\u2014
(c) Financial income
Net interest income on defined benefit pension scheme
(0.6)
\u2014
Interest receivable and similar income
\u2014
\u2014
Net financial expenses
14.3
14.5
Net interest expense on the defined benefit pension scheme is disclosed net of Company recharges for scheme administration (Note 21).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-596": { "value": "6 Financial expenses and income
2025
2024
\u00a3\u2019m
\u00a3\u2019m
(a) Financial expenses
Interest expense on bank loans
11.3
12.5
Interest expense on lease liabilities
2.0
1.7
Net interest expense on defined benefit pension scheme
\u2014
0.3
(b) Adjusting items
Adjusting interest expense on refinancing of bank loans (Note 4)
1.6
\u2014
(c) Financial income
Net interest income on defined benefit pension scheme
(0.6)
\u2014
Interest receivable and similar income
\u2014
\u2014
Net financial expenses
14.3
14.5
Net interest expense on the defined benefit pension scheme is disclosed net of Company recharges for scheme administration (Note 21).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-562": { "value": "
7 Income tax expense
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Current tax expense
Current year
7.8
13.7
Adjustments for prior years
(1.2)
\u2014
Deferred tax expense
6.6
13.7
Origination and reversal of temporary differences:
Current year
(3.5)
(4.0)
Adjustments for prior years
0.2
(1.3)
Total tax expense
3.3
8.4
Current tax on adjusting items (Note 4)
2.7
0.7
Deferred tax on adjusting items (Note 4)
3.7
2.6
Total adjusted tax expense
9.7
11.7
2025
2025
2024
2024
%
\u00a3\u2019m
%
\u00a3\u2019m
Reconciliation of effective tax rate
Profit before tax
100.0
17.7
100.0
39.4
Tax using domestic corporation
tax rate
24.9
4.4
25.0
9.9
Impact of capital allowances in
excess of depreciation
8.5
1.5
1.5
0.6
Non-taxable income
(15.3)
(2.7)
(1.2)
(0.5)
Short-term timing differences
1.7
0.3
2.1
0.8
Adjustment to tax charge in
prior year
(6.8)
(1.2)
\u2014
\u2014
Expenses not deductible for
tax purposes
24.3
4.3
7.4
2.9
Corporation tax charge for the year
37.3
6.6
34.8
13.7
Impact of capital allowances in
excess of depreciation
(8.5)
(1.5)
(1.5)
(0.6)
Impact of intangible amortisation
(15.8)
(2.8)
(7.2)
(2.8)
Short-term timing differences
3.4
0.6
(1.2)
(0.5)
Pension scheme movements
1.1
0.2
(0.2)
(0.1)
Adjustment to tax charge in
prior year
1.1
0.2
(3.4)
(1.3)
Total tax charge for the year
18.6
3.3
21.3
8.4
The net amount of deferred taxation debited to the Consolidated Statement of Comprehensive Income in
the year was \u00a30.1 million (2024: credited \u00a33.2 million).
The majority of the Group\u2019s profits are earned in the UK, which has a corporation tax of 25% for the year
to 31 December 2025.
The adjustment for prior years relating to the deferred tax expense arises from a cautious view of capital
allowances claimable. The corresponding amount in the corporation tax charge is offset by patent box and
R&D claims made.
The Group operates in the United Kingdom and the Netherlands which have enacted new legislation to
implement the global minimum top-up tax. The Group does not expect to be subject to the top-up tax in
relation to its operations in these jurisdictions as both the statutory tax rates and adjusted effective tax rates
are expected to continue to be above 15%. The newly enacted legislation was effective from 1 January 2024
but there is no current tax impact for the year ended 31 December 2025.
The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the
top-up tax and will account for it as current tax when it is incurred. If top-up tax had applied in 2025 the
Group would not expect that any top-up tax would have arisen.
23 Deferred taxation
Recognised deferred taxation assets and liabilities
Assets
Liabilities
2025
2024
2025
2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Property, plant and equipment
\u2014
\u2014
(20.1)
(21.6)
Intangible assets
\u2014
\u2014
(50.5)
(53.3)
Inventories
\u2014
\u2014
(0.5)
(0.3)
Employee benefits
\u2014
\u2014
(6.2)
(6.0)
Equity settled share-based
payments
0.2
0.8
\u2014
\u2014
Other items
0.5
1.3
(1.8)
(2.5)
Tax assets/(liabilities)
0.7
2.1
(79.1)
(83.7)
The deferred taxation liability at 31 December 2025 has been calculated at 25.0% based on the rate at which
the deferred tax is expected to unwind in the future using rates enacted at the Balance Sheet date.
The deferred taxation liability of \u00a36.2 million (2024: \u00a36.0 million) in relation to employee benefits is in
respect of the net surplus for the defined benefit obligations of \u00a324.9 million (2024: \u00a324.1 million) (Note 21)
calculated at 25.0% (2024: 25.0%).
Deferred taxation liabilities represent sums that might become payable as tax in future years as a result of
transactions that have occurred in the current year. The explanation as to why such liabilities may arise is
included in the notes to the tax reconciliation (Note 7).
The deferred tax liabilities disclosed in the year ended 31 December 2025 include the deferred tax relating to
the Group\u2019s pension scheme assets. Deferred tax assets on capital losses and overseas trading losses have
not been recognised due to uncertainty around the future use of the losses.
Movement in temporary differences
Year ended 31 December 2025
Recognised
Recognised
in other
in Statement
1 January
Recognised
Prior year
comprehensive
of Changes
31 December
2025
in income
adjustment
income
in Equity 2025
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Property, plant and equipment
(21.6)
1.4
0.1
\u2014
\u2014
(20.1)
Intangible assets
(53.3)
2.8
\u2014
\u2014
\u2014
(50.5)
Inventories
(0.3)
\u2014
(0.2)
\u2014
\u2014
(0.5)
Employee benefits
(6.0)
(0.1)
\u2014
(0.1)
\u2014
(6.2)
Equity settled share-based
payments
0.8
(0.6)
\u2014
\u2014
\u2014
0.2
Other items
(1.2)
\u2014
(0.2)
0.2
(0.1)
(1.3)
(81.6)
3.5
(0.3)
0.1
(0.1)
(78.4)
Year ended 31 December 2024
Recognised
Recognised
in other
in Statement
1 January
Recognised
Prior year
comprehensive
of Changes
31 December
2024
in income
adjustment
income
in Equity 2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Property, plant and equipment
(23.3)
0.6
1.1
\u2014
\u2014
(21.6)
Intangible assets
(56.1)
2.8
\u2014
\u2014
\u2014
(53.3)
Inventories
(0.5)
0.2
\u2014
\u2014
\u2014
(0.3)
Employee benefits
(2.7)
0.1
\u2014
(3.4)
\u2014
(6.0)
Equity settled share-based
payments
0.5
0.3
\u2014
\u2014
\u2014
0.8
Other items
(2.0)
\u2014
0.2
0.2
0.4
(1.2)
(84.1)
4.0
1.3
(3.2)
0.4
(81.6)
The deferred tax balances on short-term timing differences are expected to reverse within one to
three years.
Based on the current investment programme of the Group and assuming that current rates of capital
allowances on fixed asset expenditure continue into the future, there is little prospect of any significant
part of the deferred taxation liability of the Company becoming payable over the next three years. It is not
realistic to make any projection after a three-year period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-564": { "value": "
8 Earnings per share
Basic earnings per share from total operations of 5.7 pence (2024: 12.3 pence) per share is calculated by
dividing the profit attributable to Ordinary Shareholders for the financial year, after adjusting for non-controlling
interests, of \u00a314.4 million (2024: \u00a331.0 million) by the weighted average number of shares in issue during
the period of 252,868,921 (2024: 252,807,833).
Basic earnings per share after adding back adjusting items of 13.4 pence (2024: 16.0 pence) per share
is calculated by dividing the adjusted profit attributable to Ordinary Shareholders for the financial year,
after adjusting for non-controlling interests, of \u00a334.0 million (2024: \u00a340.5 million) by the weighted average
number of shares in issue during the period of 252,868,921 (2024: 252,807,833).
Profit attributable to Ordinary Shareholders
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Profit before adding back adjusting items
34.0
40.5
Adjusting items
(19.6)
(9.5)
Profit for the financial year
14.4
31.0
Weighted average number of Ordinary Shares
2025
2024
Number
Number
Number of issued Ordinary Shares
252,968,728
252,968,728
Effect of shares transferred into Employee Benefit Trust
(99,807)
(160,895)
Weighted average number of Ordinary Shares at the end of the year
252,868,921
252,807,833
Diluted earnings per share from total operations of 5.6 pence (2024: 12.2 pence) per share is calculated by dividing
the profit for the financial year, after adjusting for non-controlling interests, of \u00a314.4 million (2024: \u00a331.0 million)
by the weighted average number of shares in issue during the period of 252,868,921 (2024: 252,807,833)
plus potentially dilutive shares of 1,636,634 (2024: 999,738), which totals 254,505,555 (2024: 253,807,571).
Diluted earnings per share after adding back adjusting items of 13.3 pence (2024: 16.0 pence) per share
is calculated by dividing the adjusted profit for the financial year, after adjusting for non-controlling interests,
of \u00a334.0 million (2024: \u00a340.5 million) by the weighted average number of shares in issue during the period
of 252,868,921 (2024: 252,807,833) plus potentially dilutive shares of 1,636,634 (2024: 999,738), which
totals 254,505,555 (2024: 253,807,571).
Weighted average number of Ordinary Shares (diluted)
2025
2024
Number
Number
Weighted average number of Ordinary Shares
252,868,921
252,807,833
Potentially dilutive shares
1,636,634
999,738
Weighted average number of Ordinary Shares (diluted)
254,505,555
253,807,571
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-565": { "value": "
9 Dividends
After the Balance Sheet date, a final dividend of 4.5 pence was proposed by the Directors. This dividend has
not been provided for and there are no income tax consequences.
Pence per
2025
2024
qualifying share
\u00a3\u2019m
\u00a3\u2019m
2025 final
4.5
11.4
2025 interim
2.2
5.5
6.7
16.9
2024 final
5.4
13.7
2024 interim
2.6
6.6
8.0
20.3
The following dividends were approved by the shareholders and recognised in the Financial Statements:
Pence per
2025
2024
qualifying share
\u00a3\u2019m
\u00a3\u2019m
2025 interim
2.2
5.5
2024 final
5.4
13.7
7.6
19.2
2024 interim
2.6
6.6
2023 final
5.7
14.4
8.3
21.0
The Board recommends a final dividend for 2025 of 4.5 pence per qualifying Ordinary Share amounting to
\u00a311.4 million, to be paid on 1 July 2026 to shareholders registered at the close of business on 5 June 2026.
The shares will be marked ex-dividend on 4 June 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-597": { "value": "0.045", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-566": { "value": "
10 Goodwill
Goodwill
\u00a3\u2019m
Cost
At 1 January 2024
333.3
Recognised on acquisition of subsidiary
\u2014
At 31 December 2024
333.3
At 1 January 2025
333.3
Recognised on acquisition of subsidiary
\u2014
At 31 December 2025
333.3
Amortisation and impairment losses
At 1 January and 31 December 2024
8.9
At 1 January and 31 December 2025
8.9
Carrying amounts
At 1 January 2024
324.4
At 31 December 2024
324.4
At 31 December 2025
324.4
All goodwill has arisen from business combinations. The carrying amount of goodwill is allocated across
cash generating units (CGUs) which represent the lowest level within the Group at which the associated
goodwill is monitored for management purposes and is consistent with the operating segments set out
in Note 2. The Group has three material CGUs: Landscaping Products, Building Products and Roofing
Products. The carrying amount of goodwill has been allocated to CGUs as follows:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Landscaping Products
34.8
34.8
Building Products
43.7
43.7
Roofing Products
245.9
245.9
324.4
324.4
The Group conducted a full impairment review in the year to determine the recoverable amount based on a
value in use calculation for each CGU compared to the carrying amounts to which goodwill is allocated. This
assessment concluded that the recoverable amount exceeded the carrying amount for each CGU and no
impairment was required. The value-in-use calculation uses cash flow projections based on management\u2019s
latest forecasts covering a five-year period and a post-tax discount rate of 9.9% (2024: 10.0%). Cash flows
beyond that five-year period have been extrapolated using a 2.4% (2024: 2.4%) growth rate. This growth rate
reflects the long-term structural growth in demand for our products.
At the end of the financial year, the recoverable amount of the Landscaping Products CGU exceeded the carrying
amount by \u00a360 million. During 2025, the performance of the Marshalls Landscaping CGU was impacted by
subdued market conditions leading to profits being below expectation. Within the five-year forecast period,
cash flows are dependent on the successful execution of the Landscaping Products improvement plan and
the \u2018Transform & Grow\u2019 strategy. This plan includes operational efficiency improvements, delivering commercial
excellence, a normalisation of competitive dynamics, and growth in volumes aligned with industry consensus
for the market. The combination of these assumptions is included within the value-in-use of the Landscaping
Products CGU, which forecasts a revenue CAGR of 6%, and given the subjective nature of these assumptions
it is reasonably possible that they will not occur as the directors forecast. The Group has performed
a sensitivity analysis on the reasonably possible changes in key assumptions which illustrates that a
reduction in forecast revenue CAGR of around 2ppts would be required before the carrying amounts
exceeded the value in use. The impairment review is also sensitive to changes in the discount rate with
an increase of 140 basis points in the post-tax discount rate to reduce the headroom to \u00a3nil.
At the end of 2025, the recoverable amount of the Roofing Products CGU was \u00a380 million higher than the
carrying amount and assumed a revenue CAGR of 8%. The CAGR in the Roofing Products CGU is sensitive to
future political and regulatory decisions and the industry\u2019s interpretation of the most effective solution to building
regulations requirements regarding the use of roof-integrated solar in new homes. These factors could affect
growth rates within the residential solar PV market and may have a corresponding impact on profit margins.
Changes in regulations regarding both the UK\u2019s ambitions for energy efficiency of residential properties and
specificity on how they should be achieved represent reasonably possible downside risks that could give rise to
a future impairment charge. The Group has performed a sensitivity analysis on the reasonably possible changes
in key assumptions which illustrates that a reduction in revenue CAGR of around 3ppts would be required to
before the carrying amounts exceeded the value in use. The impairment review is also sensitive to changes in the
discount rate with an increase of 110 basis points in the post-rate discount rate to reduce the headroom to \u00a3nil.
The Directors believe that any reasonably possible change in the key assumptions on which the recoverable
amounts of Building Products CGU are based on would not cause the aggregate carrying amounts to
exceed the aggregate recoverable amounts.
11 Intangible assets
Patents,
Customer
Supplier
trademarks
Development
Brand
relationships
relationships
and know-how
costs
Software
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Cost
At 1 January 2024
82.8
158.2
1.6
1.7
0.7
28.4
273.4
Additions
\u2014
\u2014
\u2014
\u2014
\u2014
2.4
2.4
At 31 December 2024
82.8
158.2
1.6
1.7
0.7
30.8
275.8
At 1 January 2025
82.8
158.2
1.6
1.7
0.7
30.8
275.8
Additions
\u2014
\u2014
\u2014
\u2014
\u2014
0.5
0.5
At 31 December 2025
82.8
158.2
1.6
1.7
0.7
31.3
276.3
Amortisation and
impairment losses
At 1 January 2024
4.8
18.9
1.5
1.6
0.6
18.5
45.9
Amortisation for
the year
2.4
7.9
0.1
\u2014
0.1
1.6
12.1
At 31 December 2024
7.2
26.8
1.6
1.6
0.7
20.1
58.0
At 1 January 2025
7.2
26.8
1.6
1.6
0.7
20.1
58.0
Amortisation for
the year
2.4
7.9
\u2014
0.1
\u2014
1.9
12.3
At 31 December 2025
9.6
34.7
1.6
1.7
0.7
22.0
70.3
Net book value
At 31 December 2024
75.6
131.4
\u2014
0.1
\u2014
10.7
217.8
At 31 December 2025
73.2
123.5
\u2014
\u2014
\u2014
9.3
206.0
Included in software additions is \u00a30.2 million (2024: \u00a31.0 million) of own work capitalised.
Group cost of software includes \u00a30.2 million (2024: \u00a31.9 million) in respect of assets in the course
of construction.
There is no capital expenditure that has been contracted for, but for which no provision has been made
in the Consolidated Financial Statements.
Amortisation charge
The amortisation charge is recognised in the following line item in the Consolidated Income Statement:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Net operating costs (Note 3)
12.3
12.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-598": { "value": "10 Goodwill
Goodwill
\u00a3\u2019m
Cost
At 1 January 2024
333.3
Recognised on acquisition of subsidiary
\u2014
At 31 December 2024
333.3
At 1 January 2025
333.3
Recognised on acquisition of subsidiary
\u2014
At 31 December 2025
333.3
Amortisation and impairment losses
At 1 January and 31 December 2024
8.9
At 1 January and 31 December 2025
8.9
Carrying amounts
At 1 January 2024
324.4
At 31 December 2024
324.4
At 31 December 2025
324.4
All goodwill has arisen from business combinations. The carrying amount of goodwill is allocated across cash generating units (CGUs) which represent the lowest level within the Group at which the associated goodwill is monitored for management purposes and is consistent with the operating segments set out in Note 2. The Group has three material CGUs: Landscaping Products, Building Products and Roofing Products. The carrying amount of goodwill has been allocated to CGUs as follows:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Landscaping Products
34.8
34.8
Building Products
43.7
43.7
Roofing Products
245.9
245.9
324.4
324.4
The Group conducted a full impairment review in the year to determine the recoverable amount based on a value in use calculation for each CGU compared to the carrying amounts to which goodwill is allocated. This assessment concluded that the recoverable amount exceeded the carrying amount for each CGU and no impairment was required. The value-in-use calculation uses cash flow projections based on management\u2019s latest forecasts covering a five-year period and a post-tax discount rate of 9.9% (2024: 10.0%). Cash flows beyond that five-year period have been extrapolated using a 2.4% (2024: 2.4%) growth rate. This growth rate reflects the long-term structural growth in demand for our products. At the end of the financial year, the recoverable amount of the Landscaping Products CGU exceeded the carrying amount by \u00a360 million. During 2025, the performance of the Marshalls Landscaping CGU was impacted by subdued market conditions leading to profits being below expectation. Within the five-year forecast period, cash flows are dependent on the successful execution of the Landscaping Products improvement plan and the \u2018Transform & Grow\u2019 strategy. This plan includes operational efficiency improvements, delivering commercial excellence, a normalisation of competitive dynamics, and growth in volumes aligned with industry consensus for the market. The combination of these assumptions is included within the value-in-use of the Landscaping Products CGU, which forecasts a revenue CAGR of 6%, and given the subjective nature of these assumptions it is reasonably possible that they will not occur as the directors forecast. The Group has performed a sensitivity analysis on the reasonably possible changes in key assumptions which illustrates that a reduction in forecast revenue CAGR of around 2ppts would be required before the carrying amounts exceeded the value in use. The impairment review is also sensitive to changes in the discount rate with an increase of 140 basis points in the post-tax discount rate to reduce the headroom to \u00a3nil. At the end of 2025, the recoverable amount of the Roofing Products CGU was \u00a380 million higher than the carrying amount and assumed a revenue CAGR of 8%. The CAGR in the Roofing Products CGU is sensitive to future political and regulatory decisions and the industry\u2019s interpretation of the most effective solution to building regulations requirements regarding the use of roof-integrated solar in new homes. These factors could affect growth rates within the residential solar PV market and may have a corresponding impact on profit margins. Changes in regulations regarding both the UK\u2019s ambitions for energy efficiency of residential properties and specificity on how they should be achieved represent reasonably possible downside risks that could give rise to a future impairment charge. The Group has performed a sensitivity analysis on the reasonably possible changes in key assumptions which illustrates that a reduction in revenue CAGR of around 3ppts would be required to before the carrying amounts exceeded the value in use. The impairment review is also sensitive to changes in the discount rate with an increase of 110 basis points in the post-rate discount rate to reduce the headroom to \u00a3nil. The Directors believe that any reasonably possible change in the key assumptions on which the recoverable amounts of Building Products CGU are based on would not cause the aggregate carrying amounts to exceed the aggregate recoverable amounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-599": { "value": "11 Intangible assets
Patents,
Customer
Supplier
trademarks
Development
Brand
relationships
relationships
and know-how
costs
Software
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Cost
At 1 January 2024
82.8
158.2
1.6
1.7
0.7
28.4
273.4
Additions
\u2014
\u2014
\u2014
\u2014
\u2014
2.4
2.4
At 31 December 2024
82.8
158.2
1.6
1.7
0.7
30.8
275.8
At 1 January 2025
82.8
158.2
1.6
1.7
0.7
30.8
275.8
Additions
\u2014
\u2014
\u2014
\u2014
\u2014
0.5
0.5
At 31 December 2025
82.8
158.2
1.6
1.7
0.7
31.3
276.3
Amortisation and
impairment losses
At 1 January 2024
4.8
18.9
1.5
1.6
0.6
18.5
45.9
Amortisation for
the year
2.4
7.9
0.1
\u2014
0.1
1.6
12.1
At 31 December 2024
7.2
26.8
1.6
1.6
0.7
20.1
58.0
At 1 January 2025
7.2
26.8
1.6
1.6
0.7
20.1
58.0
Amortisation for
the year
2.4
7.9
\u2014
0.1
\u2014
1.9
12.3
At 31 December 2025
9.6
34.7
1.6
1.7
0.7
22.0
70.3
Net book value
At 31 December 2024
75.6
131.4
\u2014
0.1
\u2014
10.7
217.8
At 31 December 2025
73.2
123.5
\u2014
\u2014
\u2014
9.3
206.0
Included in software additions is \u00a30.2 million (2024: \u00a31.0 million) of own work capitalised. Group cost of software includes \u00a30.2 million (2024: \u00a31.9 million) in respect of assets in the course of construction. There is no capital expenditure that has been contracted for, but for which no provision has been made in the Consolidated Financial Statements. Amortisation charge The amortisation charge is recognised in the following line item in the Consolidated Income Statement:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Net operating costs (Note 3)
12.3
12.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-567": { "value": "
12 Property, plant and equipment
Land and
Plant, machinery
buildings
Quarries
and vehicles
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Cost
At 1 January 2024
153.4
24.8
440.9
619.1
Additions
0.6
\u2014
8.6
9.2
Reclassifications
1.6
(1.5)
(0.1)
\u2014
Reclassified as held for sale
(0.7)
(0.1)
\u2014
(0.8)
Disposals
(0.9)
(3.9)
(7.2)
(12.0)
At 31 December 2024
154.0
19.3
442.2
615.5
At 1 January 2025
154.0
19.3
442.2
615.5
Additions
2.5
\u2014
10.8
13.3
Reclassifications from
right-of-use-assets
\u2014
0.4
\u2014
0.4
Reclassified as held for sale
(0.2)
\u2014
\u2014
(0.2)
Disposals
\u2014
\u2014
(0.8)
(0.8)
At 31 December 2025
156.3
19.7
452.2
628.2
Depreciation and impairment losses
At 1 January 2024
47.3
12.8
309.6
369.7
Depreciation charge for the year
2.8
0.5
18.8
22.1
Reclassified as held for sale
(0.1)
\u2014
\u2014
(0.1)
Reclassifications
1.4
(1.4)
\u2014
\u2014
Disposals
(1.0)
(3.5)
(6.5)
(11.0)
At 31 December 2024
50.4
8.4
321.9
380.7
At 1 January 2025
50.4
8.4
321.9
380.7
Depreciation charge for the year
2.5
0.1
17.2
19.8
Reclassified as held for sale
\u2014
\u2014
\u2014
\u2014
Impairments
\u2014
\u2014
4.5
4.5
Disposals
\u2014
\u2014
(0.7)
(0.7)
At 31 December 2025
52.9
8.5
342.9
404.3
Net book value
At 31 December 2024
103.6
10.9
120.3
234.8
At 31 December 2025
103.4
11.2
109.3
223.9
The impairments in 2025, totalling \u00a34.5 million, represent the assets being written down to recoverable value
in relation to major restructuring exercises when the Group took steps to reduce manufacturing capacity
and the cost base in response to a reduction in market demand.
During the year ended 31 December 2025, property, plant and equipment with a book value of \u00a30.2 million
(2024: \u00a30.7 million) has been reclassified as held for sale in accordance with IFRS 5 \u201cNon-current Assets
Held for Sale and Discontinued Operations\u201d. Total assets classified as held for sale at 31 December 2025
amounted to \u00a30.9 million (2024: \u00a31.5 million).
Group cost of land and buildings and plant and machinery includes \u00a30.5 million (2024: \u00a3nil) and \u00a35.2 million
(2024: \u00a32.0 million) respectively for assets in the course of construction.
Capital commitments
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Capital expenditure that has been contracted for but for which no
provision has been made in the Consolidated Financial Statements
3.1
2.2
Depreciation charge
The depreciation charge is recognised in the following line item in the Consolidated Income Statement:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Net operating costs (Note 3)
19.8
22.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-571": { "value": "
13 Right-of-use assets
Land and Plant and
buildings
equipment
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Cost
At 1 January 2024
19.2
52.4
71.6
Additions
2.9
18.7
21.6
Disposals
(0.7)
(34.7)
(35.4)
Modifications
0.4
(0.6)
(0.2)
At 31 December 2024
21.8
35.8
57.6
At 1 January 2025
21.8
35.8
57.6
Additions
3.2
8.5
11.7
Reclassified to property, plant and equipment
(0.4)
\u2014
(0.4)
Disposals
(5.2)
(11.7)
(16.9)
Modifications
5.0
(1.9)
3.1
At 31 December 2025
24.4
30.7
55.1
Depreciation and impairment losses
At 1 January 2024
3.2
26.7
29.9
Depreciation charge for the year
1.8
5.5
7.3
Disposals
(0.6)
(11.4)
(12.0)
At 31 December 2024
4.4
20.8
25.2
At 1 January 2025
4.4
20.8
25.2
Depreciation charge for the year
1.7
5.1
6.8
Disposals
(4.7)
(10.9)
(15.6)
At 31 December 2025
1.4
15.0
16.4
Net book value
At 31 December 2024
17.4
15.0
32.4
At 31 December 2025
23.0
15.7
38.7
Depreciation charge
The depreciation charge is recognised in the following line item in the Consolidated Income Statement:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Net operating costs (Note 3)
6.8
7.3
Lease commitments
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Lease commitments that have been contracted for but have not yet
commenced
0.6
2.6
In the year ended 31 December 2024, disposal of right-of-use assets principally arose in connection with
the outsourcing of the Group\u2019s logistics function.
19 Lease liabilities
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Analysed as:
Amounts due for settlement within twelve months (shown under
current liabilities)
5.6
5.7
Amounts due for settlement after twelve months
33.5
29.7
39.1
35.4
2025
2024
Minimum
Minimum
lease
lease
payments
Interest
Principal
payments
Interest
Principal
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Less than 1 year
7.5
1.9
5.6
7.2
1.5
5.7
1 to 2 years
6.7
1.7
5.0
6.0
1.4
4.6
2 to 5 years
14.3
3.2
11.1
13.6
2.9
10.7
In more than 5 years
26.5
9.1
17.4
19.9
5.5
14.4
55.0
15.9
39.1
46.7
11.3
35.4
As at 31 December 2025, the total minimum lease payments (above) comprised property of \u00a337.0 million
(2024: \u00a328.7 million) and plant, machinery and vehicles of \u00a318.0 million (2024: \u00a318.0 million).
Certain leased properties have been sublet by the Group. Sublease payments of \u00a30.1 million (2024: \u00a30.2 million)
are expected to be received during the following financial year. An amount of \u00a30.1 million (2024: \u00a30.2 million)
was recognised as income in the Consolidated Income Statement within net operating costs in respect
of subleases.
The Group does not face a significant liquidity risk with regard to its lease liabilities. For the year ended
31 December 2025, the interest expense on lease liabilities amounted to \u00a32.0 million (2024: \u00a31.7 million).
Lease liabilities are calculated at the present value of the lease payments that are not paid at the
commencement date.
For the year ended 31 December 2025, the average effective borrowing rate was 4.9% (2024: 5.0%). Interest
rates are fixed at the contract date. All leases are on a fixed repayment basis and no arrangements have
been entered into for contingent rental payments.
The vast majority of lease obligations are denominated in Sterling.
For the year ended 31 December 2025, the total cash outflow in relation to leases amounts to \u00a39.1 million
(2024: \u00a37.0 million). The total cash outflow in relation to short-term and low-value leases was \u00a35.1 million
(2024: \u00a32.7 million).
For the year ended 31 December 2024, lease liabilities totalling \u00a324.4 million were derecognised as a result
of the outsourcing of the Group\u2019s logistics function.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-601": { "value": "13 Right-of-use assets
Land and Plant and
buildings
equipment
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Cost
At 1 January 2024
19.2
52.4
71.6
Additions
2.9
18.7
21.6
Disposals
(0.7)
(34.7)
(35.4)
Modifications
0.4
(0.6)
(0.2)
At 31 December 2024
21.8
35.8
57.6
At 1 January 2025
21.8
35.8
57.6
Additions
3.2
8.5
11.7
Reclassified to property, plant and equipment
(0.4)
\u2014
(0.4)
Disposals
(5.2)
(11.7)
(16.9)
Modifications
5.0
(1.9)
3.1
At 31 December 2025
24.4
30.7
55.1
Depreciation and impairment losses
At 1 January 2024
3.2
26.7
29.9
Depreciation charge for the year
1.8
5.5
7.3
Disposals
(0.6)
(11.4)
(12.0)
At 31 December 2024
4.4
20.8
25.2
At 1 January 2025
4.4
20.8
25.2
Depreciation charge for the year
1.7
5.1
6.8
Disposals
(4.7)
(10.9)
(15.6)
At 31 December 2025
1.4
15.0
16.4
Net book value
At 31 December 2024
17.4
15.0
32.4
At 31 December 2025
23.0
15.7
38.7
Depreciation charge The depreciation charge is recognised in the following line item in the Consolidated Income Statement:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Net operating costs (Note 3)
6.8
7.3
Lease commitments
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Lease commitments that have been contracted for but have not yet
commenced
0.6
2.6
In the year ended 31 December 2024, disposal of right-of-use assets principally arose in connection with the outsourcing of the Group\u2019s logistics function. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-568": { "value": "
14 Inventories
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Raw materials and consumables
28.0
28.2
Finished goods and goods for resale
109.2
110.0
137.2
138.2
Inventories stated at a net realisable value less than cost at 31 December 2025 amounted to \u00a312.2 million
(2024: \u00a311.7 million). The write down of inventories made during the year amounted to \u00a35.5 million (2024:
\u00a33.8 million), including \u00a32.4 million in relation to an impairment relating to the closure of the Natural Stone
processing site and partial closure of a Landscaping Products site (Note 4). There were \u00a32.5 million of
reversals of inventory write downs made in previous years in 2025 (2024: \u00a31.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-569": { "value": "
15 Trade and other receivables
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Trade receivables
72.3
72.7
Other receivables
2.9
3.4
Prepayments and accrued income
4.4
4.7
79.6
80.8
Ageing of trade receivables
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Not past due
58.0
57.3
Overdue by less than 30 days
14.2
13.3
Overdue by between 30 and 60 days
0.7
1.0
Overdue by more than 60 days
0.4
2.2
73.3
73.8
There were no net receivables due after more than one year (2024: \u00a3nil). All amounts above are disclosed
gross of a provision for expected credit losses of \u00a31.0 million (2024: \u00a31.1 million). This provision has been
determined using a lifetime expected credit loss calculation. Assumptions made regarding the recoverability
of balances have been determined with reference to past default experiences in line with our policies and
understanding. Balances are only written off if deemed irrecoverable after all credit control procedures have
been exhausted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-600": { "value": "15 Trade and other receivables
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Trade receivables
72.3
72.7
Other receivables
2.9
3.4
Prepayments and accrued income
4.4
4.7
79.6
80.8
Ageing of trade receivables
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Not past due
58.0
57.3
Overdue by less than 30 days
14.2
13.3
Overdue by between 30 and 60 days
0.7
1.0
Overdue by more than 60 days
0.4
2.2
73.3
73.8
There were no net receivables due after more than one year (2024: \u00a3nil). All amounts above are disclosed gross of a provision for expected credit losses of \u00a31.0 million (2024: \u00a31.1 million). This provision has been determined using a lifetime expected credit loss calculation. Assumptions made regarding the recoverability of balances have been determined with reference to past default experiences in line with our policies and understanding. Balances are only written off if deemed irrecoverable after all credit control procedures have been exhausted.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-570": { "value": "
16 Cash and cash equivalents
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Cash and cash equivalents
4.9
18.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-573": { "value": "
17 Trade and other payables
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Current liabilities
Trade payables
66.2
72.5
Taxation and social security
10.0
9.5
Other payables
9.3
9.9
Accruals
31.8
40.2
117.3
132.1
All trade payables are due in six months or less.
Included within accruals is \u00a30.9 million (2024: \u00a31.1 million) in relation to outstanding insurance claim
liabilities and \u00a33.3 million (2024: \u00a30.2 million) in relation to an accrual for redundancy costs.
During the year, following a review of the underlying obligations, \u00a33.9 million of liabilities relating to
restoration & dilapidation obligations were re-presented as provisions (previously accruals) to better reflect
the uncertainties associated with these balances (see Note 22).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-603": { "value": "17 Trade and other payables
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Current liabilities
Trade payables
66.2
72.5
Taxation and social security
10.0
9.5
Other payables
9.3
9.9
Accruals
31.8
40.2
117.3
132.1
All trade payables are due in six months or less. Included within accruals is \u00a30.9 million (2024: \u00a31.1 million) in relation to outstanding insurance claim liabilities and \u00a33.3 million (2024: \u00a30.2 million) in relation to an accrual for redundancy costs. During the year, following a review of the underlying obligations, \u00a33.9 million of liabilities relating to restoration & dilapidation obligations were re-presented as provisions (previously accruals) to better reflect the uncertainties associated with these balances (see Note 22).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-572": { "value": "
18 Interest-bearing loans and borrowings
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Analysed as:
Non-current liabilities
142.8
152.8
142.8
152.8
Bank loans
The bank loans are subject to intra-Group guarantees by certain subsidiary undertakings.
20 Financial instruments
The Group holds and uses financial instruments to finance its operations and to manage its interest rate, liquidity
and currency risks. The Group primarily finances its operations using share capital, retained profits and borrowings.
The Group\u2019s bank loans are non-equity funding instruments, further details of which are set out on page 144.
As directed by the Board, the Group does not engage in speculative activities using derivative financial
instruments. Group cash reserves are held centrally to take advantage of the most rewarding short-term
investment opportunities. Forward foreign currency contracts are used in the management of currency risk.
The main risks arising from the Group\u2019s financial instruments are interest rate risk, liquidity risk, foreign
currency risk and pricing risk. The Board reviews and agrees the policies for managing each of these risks
and they have remained unchanged since 2024.
Capital management
The Group defines the capital that it manages as its total equity and net debt balances. The Group manages
its capital structure in light of current economic conditions and its strategic objectives to ensure that it is
able to continue as a going concern whilst maximising the return to stakeholders through the optimisation
of debt and equity balances.
The Group manages its medium-term bank debt to ensure continuity of funding and the policy is to arrange
funding ahead of requirements and to maintain sufficient undrawn committed facilities. A key objective is to
ensure compliance with the covenants set out in the Group\u2019s bank facility agreements.
From time to time the Group purchases its own shares on the market; the timing of these purchases
depends on market prices. Primarily the shares are intended to be used for issuing shares under the Group\u2019s
incentive schemes. Buy and sell decisions are made on a specific transaction basis by the Board.
There has been no change in the objectives, policies or processes with regard to capital management
during the years ended 31 December 2025 and 31 December 2024.
Financial risks The Group has exposure to a number of financial risks through the conduct of its operations. Risk management is governed by the Group\u2019s operational policies, guidelines and authorisation procedures, which are outlined in the Strategic Report on pages 52 to 60. The key financial risks resulting from financial instruments are liquidity risk, interest rate risk, credit risk, foreign currency risk and pricing risk. In managing interest rate and currency risks the Group aims to reduce the impact of short-term fluctuations on the Group\u2019s earnings. Over the longer term, however, permanent changes in foreign exchange and interest rates would have an impact on consolidated earnings. For instance, a weakening of Pound Sterling on the foreign currency market would increase the cost of certain raw materials, whereas a strengthening would have the opposite effect. (a) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Board is responsible for ensuring that the Group has sufficient liquidity to meet its financial liabilities as they fall due and does so by monitoring cash flow forecasts and budgets. Cash resources are largely and normally generated through operations and short-term flexibility is achieved by bank facilities. Bank debt is raised centrally and the Group aims to maintain a balance between flexibility and continuity of funding by having a range of maturities on its borrowings. Details of the Group borrowing facility are provided on pages 144 and 145. (b) Interest rate risk The Group has a single syndicated debt facility comprising a term loan of \u00a3120 million and revolving credit facility of \u00a3150 million. The Group borrows at floating rates of interest and, where appropriate, uses interest rate swaps and interest rate caps to generate the desired interest rate profile, thereby managing the Group\u2019s exposure to interest rate fluctuations. 80% of the \u00a3120 million term loan is covered by interest rate swaps and caps of varying maturities up until 2027, which reflects the maturity date of the related loans and medium-term requirements, in accordance with Group policy. The Group classifies its interest rate swaps as cash flow hedges and states them at fair value. The fair value of interest rate swaps is \u00a30.3 million asset (2024: \u00a31.0 million asset) and is recognised within the hedge reserve where effective on an ongoing basis. The period that the swaps cover is matched against the debt maturity in order to fix the impact on the Income Statement. During the year \u00a30.3 million (2024: \u00a31.4 million) has been recognised in other comprehensive income for the year with \u00a31.1 million (2024: \u00a32.2 million) being reclassified from equity to the Income Statement. The interest rate swaps have been fully effective in the period. Sensitivity analysis A change of 100 basis points in interest rates at the Balance Sheet date would have decreased equity and profit by the amounts shown below. The sensitivity analysis has been undertaken before the effect of tax. The sensitivity analysis of the Group\u2019s exposure to interest rate risk has been determined based on the change taking place at the beginning of the financial year and held constant throughout the reporting period. This analysis assumes that all other variables, in particular foreign currency rates, remain constant and considers the effect of financial instruments with variable interest rates, financial instruments at fair value through profit or loss or available for sale with fixed interest rates and the fixed rate element of interest rate swaps. The analysis was performed on the same basis for 2024.
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Increase of 100 basis points
(0.7)
(0.7)
Decrease of 100 basis points
0.7
0.7
(c) Credit risk Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a certain amount and, where appropriate, credit insurance cover is obtained. This provides excellent intelligence to minimise the number and value of bad debts and ultimately provides compensation if bad debts are incurred. An ageing of trade receivables is shown in Note 15 on page 140. Cash and cash equivalents of \u00a34.9 million (2024: \u00a318.9 million) are held with financial institutions that have an A+ credit rating. Investments are allowed only in liquid securities and only with counterparties that have a credit rating equal to or better than the Group. Transactions involving derivative financial instruments are with counterparties with which the Group has a signed netting agreement as well as sound credit ratings. Derivative financial instruments of \u00a30.3 million (2024: \u00a31.1 million) are all held with financial institutions that have an A+ credit rating. Given their high credit ratings, management does not expect any counterparty to fail to meet its obligations. At the Balance Sheet date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset, including derivative financial instruments, in the Balance Sheet. (d) Foreign currency risk The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than Sterling. The currencies giving rise to this risk are primarily Euros and US Dollars. The Group\u2019s policy is to cover all significant foreign currency commitments in respect of trade receivables and trade payables by using forward foreign currency contracts. All the forward exchange contracts have maturities of less than one year after the Balance Sheet date. Where necessary, the forward exchange contracts are rolled over at maturity. The Group classifies its forward exchange contracts as cash flow hedges and states them at fair value. The fair value of forward exchange contracts is a \u00a30.1 million liability (2024: \u00a30.2 million) and is adjusted against the hedging reserve on an ongoing basis. During the year \u00a30.2 million (2024: \u00a30.2 million) has been recognised in other comprehensive income for the year, with \u00a3nil (2024: \u00a30.1 million) being reclassified from equity to the Income Statement. At 31 December 2025 all outstanding forward exchange contracts had a maturity date within twelve months. The foreign currency profile of monetary items was:
2025
2024
Sterling
Euro
US Dollar
Total
Sterling
Euro
US Dollar
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Cash and cash equivalents
1.8
0.5
2.6
4.9
14.1
1.1
3.7
18.9
Trade receivables
71.6
0.1
0.6
72.3
72.8
\u2014
\u2014
72.8
Secured bank loans
(142.8)
\u2014
\u2014
(142.8)
(152.8)
\u2014
\u2014
(152.8)
Trade payables
(64.8)
(1.0)
(0.4)
(66.2)
(70.7)
(1.6)
(0.2)
(72.5)
Lease liabilities
(39.1)
\u2014
\u2014
(39.1)
(35.4)
\u2014
\u2014
(35.4)
Derivative financial instruments
0.3
\u2014
(0.1)
0.2
1.1
\u2014
\u2014
1.1
Balance Sheet exposure
(173.0)
(0.4)
2.7
(170.7)
(170.9)
(0.5)
3.5
(167.9)
A 10% strengthening and weakening of the following currencies against the Pound Sterling at 31 December 2025 would have increased/(decreased) equity and profit or loss by the amounts shown below. This calculation assumes that the change occurred at the Balance Sheet date and had been applied to risk exposures existing at that date. This analysis assumes that all other variables, in particular other exchange rates and interest rates, remain constant. The analysis was performed on the same basis for 2024:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
10% strengthening of \u00a3 against \u20ac
\u2014
0.1
10% weakening of \u00a3 against \u20ac
\u2014
(0.1)
10% strengthening of \u00a3 against $
(0.2)
(0.3)
10% weakening of \u00a3 against $
0.2
0.3
(e) Pricing risks Where appropriate the Group used hedging instruments to mitigate the risks of significant forward price rises of fuel in relation to expected consumption. Fuel hedges were in place until August 2024. There are no fuel hedges in place at 31 December 2025. During the year \u00a3nil (2024: \u00a30.1 million) has been recognised in other comprehensive income, with \u00a3nil (2024: \u00a30.2 million) being reclassified from equity to the Income Statement. The fuel hedges were fully effective in the period to 31 December 2024. When combining interest rate swaps, fuel hedges and forward contracts, this gives a total of \u00a30.1 million credit (2024: \u00a31.6 million credit) recognised in other comprehensive income for the year, with \u00a31.1 million credit (2024: \u00a32.4 million credit) being reclassified from equity to the Income Statement.
(f) Other risks
Further information about the Group\u2019s strategic and financial risks is contained in the Strategic Report on pages 52 to 60.
Effective interest rates and maturity of liabilities
At 31 December 2025 there was \u00a339.1 million (2024: \u00a335.4 million) of Group borrowings on a fixed rate. The interest rate profile of the financial liabilities is set out below. The tables also disclose cash and cash equivalents
in order to reconcile to net debt (Note 25).
Fixed or
Effective
6 months
6\u201312
1\u20132
2\u20135
More than
variable
interest rate
Total
or less
months
years
years
5 years
rate
%
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
31 December 2025
Cash and cash equivalents (Note 16)
Variable
6.3
(4.9)
(4.9)
\u2014
\u2014
\u2014
\u2014
Interest-bearing loans and borrowings (Note 18)
Variable
6.3
142.8
\u2014
\u2014
\u2014
142.8
\u2014
Lease liabilities (Note 19)
Fixed
4.9
39.1
2.8
2.8
5.0
11.1
17.4
177.0
(2.1)
2.8
5.0
153.9
17.4
Fixed or
Effective
6 months
6\u201312
1\u20132
2\u20135
More than
variable
interest rate
Total
or less
months
years
years
5 years
rate
%
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
31 December 2024
Cash and cash equivalents (Note 16)
Variable
5.8
(18.9)
(18.9)
\u2014
\u2014
\u2014
\u2014
Interest-bearing loans and borrowings (Note 18)
Variable
5.8
152.8
\u2014
\u2014
8.4
144.4
\u2014
Lease liabilities (Note 19)
Fixed
5.0
35.4
2.9
2.8
4.6
10.7
14.4
169.3
(16.0)
2.8
13.0
155.1
14.4
At 31 December the undiscounted outstanding contractual payments (including interest) of financial liabilities were as follows:
Fixed or
Carrying
6 months
6\u201312
1\u20132
2\u20135
More than
variable
value
Total
or less
months
years
years
5 years
rate
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
31 December 2025
Interest-bearing loans and borrowings
Variable
142.8
173.5
4.0
3.9
7.9
157.7
\u2014
Trade and other payables
Variable
112.7
112.7
112.7
\u2014
\u2014
\u2014
\u2014
Lease liabilities
Fixed
39.1
55.0
3.7
3.8
6.7
14.3
26.5
Derivative financial assets
Fixed
(0.2)
(0.2)
\u2014
(0.1)
(0.1)
\u2014
\u2014
294.4
341.0
120.4
7.6
14.5
172.0
26.5
Fixed or
Carrying
6 months
6\u201312
1\u20132
2\u20135
More than
variable
value
Total
or less
months
years
years
5 years
rate
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
31 December 2024
Interest-bearing loans and borrowings
Variable
152.8
174.7
4.8
4.8
17.7
147.4
\u2014
Trade and other payables
Variable
122.8
122.8
122.8
\u2014
\u2014
\u2014
\u2014
Lease liabilities
Fixed
35.4
46.7
3.6
3.6
6.0
13.6
19.9
Derivative financial assets
Fixed
(1.1)
(1.1)
(0.3)
\u2014
(0.8)
\u2014
\u2014
309.9
343.1
130.9
8.4
22.9
161.0
19.9
Borrowing facilities
The total bank borrowing facility at 31 December 2025 amounted to \u00a3270.0 million (2024: \u00a3315.0 million),
of which \u00a3125.0 million (2024: \u00a3160.0 million) remained unutilised. The undrawn facility available at
31 December 2025, in respect of which all conditions precedent had been met, was as follows:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Committed:
Expiring in more than 5 years
\u2014
\u2014
Expiring in more than 2 years but not more than 5 years
125.0
160.0
Expiring in 1 year or less
\u2014
\u2014
Uncommitted:
\u2014
\u2014
Expiring in 1 year or less
\u2014
\u2014
125.0
160.0
The Group\u2019s committed bank facilities are charged at variable rates based on SONIA plus a margin. The
Group\u2019s bank facility continues to be aligned with the current strategy to ensure that headroom against the
available facility remains at appropriate levels and is structured to provide committed medium-term debt.
Marshalls has a receivables purchase agreement with a UK bank and is party to a reverse factoring
finance arrangement between a third-party UK bank and one of the Group\u2019s key customers (the principal
relationship is between the customer and its partner bank). Under these agreements, Marshalls has the
option of transferring the ownership of certain customer receivables to the bank or to receive advance
payment of approved invoices from the key customer, respectively. Utilising either agreement results in the
derecognition of receivables from the Group\u2019s Balance Sheet. The Group utilises these facilities periodically
in order to help manage its short-term funding requirements and pays a finance charge on utilisation.
Fair values of financial assets and financial liabilities
A comparison by category of the book values and fair values of the financial assets and liabilities of the
Group at 31 December 2025 is shown below:
2025
2024
Book amount
Fair value
Book amount
Fair value
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Trade and other receivables
75.2
75.2
76.1
76.1
Cash and cash equivalents
4.9
4.9
18.9
18.9
Bank loans
(142.8)
(142.0)
(152.8)
(146.1)
Trade payables, other payables and provisions
(112.7)
(112.7)
(122.8)
(122.8)
Interest rate swaps, forward contracts
and fuel hedges
0.2
0.2
1.1
1.1
Contingent consideration
\u2014
\u2014
(6.6)
(6.6)
Financial instrument assets
and liabilities \u2013 net
(175.2)
(186.1)
Non-financial instrument assets
and liabilities \u2013 net
830.9
847.4
655.7
661.3
Estimation of fair values The following summarises the major methods and assumptions used in estimating the fair values of financial instruments reflected in the table. Other than contingent consideration, which uses a level 3 basis, all use level 2 valuation techniques. (a) Derivatives Derivative contracts are either marked to market using listed market prices or by discounting the contractual forward price at the relevant rate and deducting the current spot rate. For interest rate swaps, broker quotes are used. (b) Interest-bearing loans and borrowings Fair value is calculated based on the expected future principal and interest cash flows discounted at the market rate of interest at the Balance Sheet date. (c) Trade and other receivables/payables For receivables/payables with a remaining life of less than one year, the notional amount is deemed to reflect the fair value. All other receivables/payables are discounted to determine the fair value. (d) Contingent consideration The basis of calculating contingent consideration is set out in Note 22 on pages 148 and 149. (e) Fair value hierarchy The table below analyses financial instruments, measured at fair value, into a fair value hierarchy based on the valuation techniques used to determine fair value. \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2022 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
Level 1
Level 2
Level 3
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
31 December 2025
Derivative financial assets
\u2014
0.2
\u2014
0.2
Contingent consideration (Note 22)
\u2014
\u2014
\u2014
\u2014
\u2014
0.2
\u2014
0.2
31 December 2024
Derivative financial assets
\u2014
1.1
\u2014
1.1
Contingent consideration (Note 22)
\u2014
\u2014
(6.6)
(6.6)
\u2014
1.1
(6.6)
(5.5)
25 Analysis of net debt
1 January
Movement
Other
31 December
2025
Cash flow
in leases
changes*
2025
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Cash at bank and in hand
18.9
(13.8)
\u2014
(0.2)
4.9
Debt due after 1 year
(152.8)
10.0
\u2014
\u2014
(142.8)
Lease liabilities
(35.4)
6.9
(10.6)
\u2014
(39.1)
(169.3)
3.1
(10.6)
(0.2)
(177.0)
* Other changes include foreign currency movements on cash and loan balances.
Movement in the net debt is shown net of bank arrangement fees. The amounts above exclude an impact
of derivative instruments.
Reconciliation of net cash flow to movement in net debt
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Net decrease in cash equivalents
(13.8)
(15.7)
Cash outflow from decrease in bank borrowings
10.0
55.0
Cash outflow from principal lease repayments
6.9
5.3
New leases entered into
(10.6)
(20.4)
Lease liability derecognised (Note 19)
\u2014
24.4
Effect of exchange rate fluctuations
(0.2)
(0.3)
Movement in net debt in the year
(7.7)
48.3
Net debt at 1 January
(169.3)
(217.6)
Net debt at 31 December
(177.0)
(169.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-602": { "value": "18 Interest-bearing loans and borrowings
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Analysed as:
Non-current liabilities
142.8
152.8
142.8
152.8
Bank loans The bank loans are subject to intra-Group guarantees by certain subsidiary undertakings. Borrowing facilities The total bank borrowing facility at 31 December 2025 amounted to \u00a3270.0 million (2024: \u00a3315.0 million), of which \u00a3125.0 million (2024: \u00a3160.0 million) remained unutilised. The undrawn facility available at 31 December 2025, in respect of which all conditions precedent had been met, was as follows:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Committed:
Expiring in more than 5 years
\u2014
\u2014
Expiring in more than 2 years but not more than 5 years
125.0
160.0
Expiring in 1 year or less
\u2014
\u2014
Uncommitted:
\u2014
\u2014
Expiring in 1 year or less
\u2014
\u2014
125.0
160.0
The Group\u2019s committed bank facilities are charged at variable rates based on SONIA plus a margin. The Group\u2019s bank facility continues to be aligned with the current strategy to ensure that headroom against the available facility remains at appropriate levels and is structured to provide committed medium-term debt. Marshalls has a receivables purchase agreement with a UK bank and is party to a reverse factoring finance arrangement between a third-party UK bank and one of the Group\u2019s key customers (the principal relationship is between the customer and its partner bank). Under these agreements, Marshalls has the option of transferring the ownership of certain customer receivables to the bank or to receive advance payment of approved invoices from the key customer, respectively. Utilising either agreement results in the derecognition of receivables from the Group\u2019s Balance Sheet. The Group utilises these facilities periodically in order to help manage its short-term funding requirements and pays a finance charge on utilisation. Fair values of financial assets and financial liabilities A comparison by category of the book values and fair values of the financial assets and liabilities of the Group at 31 December 2025 is shown below:
2025
2024
Book amount
Fair value
Book amount
Fair value
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Trade and other receivables
75.2
75.2
76.1
76.1
Cash and cash equivalents
4.9
4.9
18.9
18.9
Bank loans
(142.8)
(142.0)
(152.8)
(146.1)
Trade payables, other payables and provisions
(112.7)
(112.7)
(122.8)
(122.8)
Interest rate swaps, forward contracts
and fuel hedges
0.2
0.2
1.1
1.1
Contingent consideration
\u2014
\u2014
(6.6)
(6.6)
Financial instrument assets
and liabilities \u2013 net
(175.2)
(186.1)
Non-financial instrument assets
and liabilities \u2013 net
830.9
847.4
655.7
661.3
Estimation of fair values The following summarises the major methods and assumptions used in estimating the fair values of financial instruments reflected in the table. Other than contingent consideration, which uses a level 3 basis, all use level 2 valuation techniques. (a) Derivatives Derivative contracts are either marked to market using listed market prices or by discounting the contractual forward price at the relevant rate and deducting the current spot rate. For interest rate swaps, broker quotes are used. (b) Interest-bearing loans and borrowings Fair value is calculated based on the expected future principal and interest cash flows discounted at the market rate of interest at the Balance Sheet date. (c) Trade and other receivables/payables For receivables/payables with a remaining life of less than one year, the notional amount is deemed to reflect the fair value. All other receivables/payables are discounted to determine the fair value. (d) Contingent consideration The basis of calculating contingent consideration is set out in Note 22 on pages 148 and 149. (e) Fair value hierarchy The table below analyses financial instruments, measured at fair value, into a fair value hierarchy based on the valuation techniques used to determine fair value. \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2022 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
Level 1
Level 2
Level 3
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
31 December 2025
Derivative financial assets
\u2014
0.2
\u2014
0.2
Contingent consideration (Note 22)
\u2014
\u2014
\u2014
\u2014
\u2014
0.2
\u2014
0.2
31 December 2024
Derivative financial assets
\u2014
1.1
\u2014
1.1
Contingent consideration (Note 22)
\u2014
\u2014
(6.6)
(6.6)
\u2014
1.1
(6.6)
(5.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-624": { "value": "Capital management The Group defines the capital that it manages as its total equity and net debt balances. The Group manages its capital structure in light of current economic conditions and its strategic objectives to ensure that it is able to continue as a going concern whilst maximising the return to stakeholders through the optimisation of debt and equity balances. The Group manages its medium-term bank debt to ensure continuity of funding and the policy is to arrange funding ahead of requirements and to maintain sufficient undrawn committed facilities. A key objective is to ensure compliance with the covenants set out in the Group\u2019s bank facility agreements. From time to time the Group purchases its own shares on the market; the timing of these purchases depends on market prices. Primarily the shares are intended to be used for issuing shares under the Group\u2019s incentive schemes. Buy and sell decisions are made on a specific transaction basis by the Board. There has been no change in the objectives, policies or processes with regard to capital management during the years ended 31 December 2025 and 31 December 2024. Financial risks The Group has exposure to a number of financial risks through the conduct of its operations. Risk management is governed by the Group\u2019s operational policies, guidelines and authorisation procedures, which are outlined in the Strategic Report on pages 52 to 60. The key financial risks resulting from financial instruments are liquidity risk, interest rate risk, credit risk, foreign currency risk and pricing risk. In managing interest rate and currency risks the Group aims to reduce the impact of short-term fluctuations on the Group\u2019s earnings. Over the longer term, however, permanent changes in foreign exchange and interest rates would have an impact on consolidated earnings. For instance, a weakening of Pound Sterling on the foreign currency market would increase the cost of certain raw materials, whereas a strengthening would have the opposite effect. (a) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Board is responsible for ensuring that the Group has sufficient liquidity to meet its financial liabilities as they fall due and does so by monitoring cash flow forecasts and budgets. Cash resources are largely and normally generated through operations and short-term flexibility is achieved by bank facilities. Bank debt is raised centrally and the Group aims to maintain a balance between flexibility and continuity of funding by having a range of maturities on its borrowings. Details of the Group borrowing facility are provided on pages 144 and 145. (b) Interest rate risk The Group has a single syndicated debt facility comprising a term loan of \u00a3120 million and revolving credit facility of \u00a3150 million. The Group borrows at floating rates of interest and, where appropriate, uses interest rate swaps and interest rate caps to generate the desired interest rate profile, thereby managing the Group\u2019s exposure to interest rate fluctuations. 80% of the \u00a3120 million term loan is covered by interest rate swaps and caps of varying maturities up until 2027, which reflects the maturity date of the related loans and medium-term requirements, in accordance with Group policy. The Group classifies its interest rate swaps as cash flow hedges and states them at fair value. The fair value of interest rate swaps is \u00a30.3 million asset (2024: \u00a31.0 million asset) and is recognised within the hedge reserve where effective on an ongoing basis. The period that the swaps cover is matched against the debt maturity in order to fix the impact on the Income Statement. During the year \u00a30.3 million (2024: \u00a31.4 million) has been recognised in other comprehensive income for the year with \u00a31.1 million (2024: \u00a32.2 million) being reclassified from equity to the Income Statement. The interest rate swaps have been fully effective in the period. Sensitivity analysis A change of 100 basis points in interest rates at the Balance Sheet date would have decreased equity and profit by the amounts shown below. The sensitivity analysis has been undertaken before the effect of tax. The sensitivity analysis of the Group\u2019s exposure to interest rate risk has been determined based on the change taking place at the beginning of the financial year and held constant throughout the reporting period. This analysis assumes that all other variables, in particular foreign currency rates, remain constant and considers the effect of financial instruments with variable interest rates, financial instruments at fair value through profit or loss or available for sale with fixed interest rates and the fixed rate element of interest rate swaps. The analysis was performed on the same basis for 2024.
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Increase of 100 basis points
(0.7)
(0.7)
Decrease of 100 basis points
0.7
0.7
(c) Credit risk Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a certain amount and, where appropriate, credit insurance cover is obtained. This provides excellent intelligence to minimise the number and value of bad debts and ultimately provides compensation if bad debts are incurred. An ageing of trade receivables is shown in Note 15 on page 140. Cash and cash equivalents of \u00a34.9 million (2024: \u00a318.9 million) are held with financial institutions that have an A+ credit rating. Investments are allowed only in liquid securities and only with counterparties that have a credit rating equal to or better than the Group. Transactions involving derivative financial instruments are with counterparties with which the Group has a signed netting agreement as well as sound credit ratings. Derivative financial instruments of \u00a30.3 million (2024: \u00a31.1 million) are all held with financial institutions that have an A+ credit rating. Given their high credit ratings, management does not expect any counterparty to fail to meet its obligations. At the Balance Sheet date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset, including derivative financial instruments, in the Balance Sheet. (d) Foreign currency risk The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than Sterling. The currencies giving rise to this risk are primarily Euros and US Dollars. The Group\u2019s policy is to cover all significant foreign currency commitments in respect of trade receivables and trade payables by using forward foreign currency contracts. All the forward exchange contracts have maturities of less than one year after the Balance Sheet date. Where necessary, the forward exchange contracts are rolled over at maturity. The Group classifies its forward exchange contracts as cash flow hedges and states them at fair value. The fair value of forward exchange contracts is a \u00a30.1 million liability (2024: \u00a30.2 million) and is adjusted against the hedging reserve on an ongoing basis. During the year \u00a30.2 million (2024: \u00a30.2 million) has been recognised in other comprehensive income for the year, with \u00a3nil (2024: \u00a30.1 million) being reclassified from equity to the Income Statement. At 31 December 2025 all outstanding forward exchange contracts had a maturity date within twelve months.
The foreign currency profile of monetary items was:
2025
2024
Sterling
Euro
US Dollar
Total
Sterling
Euro
US Dollar
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Cash and cash equivalents
1.8
0.5
2.6
4.9
14.1
1.1
3.7
18.9
Trade receivables
71.6
0.1
0.6
72.3
72.8
\u2014
\u2014
72.8
Secured bank loans
(142.8)
\u2014
\u2014
(142.8)
(152.8)
\u2014
\u2014
(152.8)
Trade payables
(64.8)
(1.0)
(0.4)
(66.2)
(70.7)
(1.6)
(0.2)
(72.5)
Lease liabilities
(39.1)
\u2014
\u2014
(39.1)
(35.4)
\u2014
\u2014
(35.4)
Derivative financial instruments
0.3
\u2014
(0.1)
0.2
1.1
\u2014
\u2014
1.1
Balance Sheet exposure
(173.0)
(0.4)
2.7
(170.7)
(170.9)
(0.5)
3.5
(167.9)
A 10% strengthening and weakening of the following currencies against the Pound Sterling at 31 December 2025 would have increased/(decreased) equity and profit or loss by the amounts shown below. This calculation assumes that the change occurred at the Balance Sheet date and had been applied to risk exposures existing at that date. This analysis assumes that all other variables, in particular other exchange rates and interest rates, remain constant. The analysis was performed on the same basis for 2024:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
10% strengthening of \u00a3 against \u20ac
\u2014
0.1
10% weakening of \u00a3 against \u20ac
\u2014
(0.1)
10% strengthening of \u00a3 against $
(0.2)
(0.3)
10% weakening of \u00a3 against $
0.2
0.3
(e) Pricing risks Where appropriate the Group used hedging instruments to mitigate the risks of significant forward price rises of fuel in relation to expected consumption. Fuel hedges were in place until August 2024. There are no fuel hedges in place at 31 December 2025. During the year \u00a3nil (2024: \u00a30.1 million) has been recognised in other comprehensive income, with \u00a3nil (2024: \u00a30.2 million) being reclassified from equity to the Income Statement. The fuel hedges were fully effective in the period to 31 December 2024. When combining interest rate swaps, fuel hedges and forward contracts, this gives a total of \u00a30.1 million credit (2024: \u00a31.6 million credit) recognised in other comprehensive income for the year, with \u00a31.1 million credit (2024: \u00a32.4 million credit) being reclassified from equity to the Income Statement. (f) Other risks Further information about the Group\u2019s strategic and financial risks is contained in the Strategic Report on pages 52 to 60. Effective interest rates and maturity of liabilities At 31 December 2025 there was \u00a339.1 million (2024: \u00a335.4 million) of Group borrowings on a fixed rate. The interest rate profile of the financial liabilities is set out below. The tables also disclose cash and cash equivalents in order to reconcile to net debt (Note 25).
Fixed or
Effective
6 months
6\u201312
1\u20132
2\u20135
More than
variable
interest rate
Total
or less
months
years
years
5 years
rate
%
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
31 December 2025
Cash and cash equivalents (Note 16)
Variable
6.3
(4.9)
(4.9)
\u2014
\u2014
\u2014
\u2014
Interest-bearing loans and borrowings (Note 18)
Variable
6.3
142.8
\u2014
\u2014
\u2014
142.8
\u2014
Lease liabilities (Note 19)
Fixed
4.9
39.1
2.8
2.8
5.0
11.1
17.4
177.0
(2.1)
2.8
5.0
153.9
17.4
Fixed or
Effective
6 months
6\u201312
1\u20132
2\u20135
More than
variable
interest rate
Total
or less
months
years
years
5 years
rate
%
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
31 December 2024
Cash and cash equivalents (Note 16)
Variable
5.8
(18.9)
(18.9)
\u2014
\u2014
\u2014
\u2014
Interest-bearing loans and borrowings (Note 18)
Variable
5.8
152.8
\u2014
\u2014
8.4
144.4
\u2014
Lease liabilities (Note 19)
Fixed
5.0
35.4
2.9
2.8
4.6
10.7
14.4
169.3
(16.0)
2.8
13.0
155.1
14.4
At 31 December the undiscounted outstanding contractual payments (including interest) of financial liabilities were as follows:
Fixed or
Carrying
6 months
6\u201312
1\u20132
2\u20135
More than
variable
value
Total
or less
months
years
years
5 years
rate
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
31 December 2025
Interest-bearing loans and borrowings
Variable
142.8
173.5
4.0
3.9
7.9
157.7
\u2014
Trade and other payables
Variable
112.7
112.7
112.7
\u2014
\u2014
\u2014
\u2014
Lease liabilities
Fixed
39.1
55.0
3.7
3.8
6.7
14.3
26.5
Derivative financial assets
Fixed
(0.2)
(0.2)
\u2014
(0.1)
(0.1)
\u2014
\u2014
294.4
341.0
120.4
7.6
14.5
172.0
26.5
Fixed or
Carrying
6 months
6\u201312
1\u20132
2\u20135
More than
variable
value
Total
or less
months
years
years
5 years
rate
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
31 December 2024
Interest-bearing loans and borrowings
Variable
152.8
174.7
4.8
4.8
17.7
147.4
\u2014
Trade and other payables
Variable
122.8
122.8
122.8
\u2014
\u2014
\u2014
\u2014
Lease liabilities
Fixed
35.4
46.7
3.6
3.6
6.0
13.6
19.9
Derivative financial assets
Fixed
(1.1)
(1.1)
(0.3)
\u2014
(0.8)
\u2014
\u2014
309.9
343.1
130.9
8.4
22.9
161.0
19.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-604": { "value": "Capital management The Group defines the capital that it manages as its total equity and net debt balances. The Group manages its capital structure in light of current economic conditions and its strategic objectives to ensure that it is able to continue as a going concern whilst maximising the return to stakeholders through the optimisation of debt and equity balances. The Group manages its medium-term bank debt to ensure continuity of funding and the policy is to arrange funding ahead of requirements and to maintain sufficient undrawn committed facilities. A key objective is to ensure compliance with the covenants set out in the Group\u2019s bank facility agreements. From time to time the Group purchases its own shares on the market; the timing of these purchases depends on market prices. Primarily the shares are intended to be used for issuing shares under the Group\u2019s incentive schemes. Buy and sell decisions are made on a specific transaction basis by the Board. There has been no change in the objectives, policies or processes with regard to capital management during the years ended 31 December 2025 and 31 December 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-605": { "value": "
(a) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
The Board is responsible for ensuring that the Group has sufficient liquidity to meet its financial liabilities
as they fall due and does so by monitoring cash flow forecasts and budgets. Cash resources are largely and
normally generated through operations and short-term flexibility is achieved by bank facilities. Bank debt
is raised centrally and the Group aims to maintain a balance between flexibility and continuity of funding
by having a range of maturities on its borrowings. Details of the Group borrowing facility are provided on
pages 144 and 145.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-634": { "value": "
(b) Interest rate risk
The Group has a single syndicated debt facility comprising a term loan of \u00a3120 million and revolving credit
facility of \u00a3150 million. The Group borrows at floating rates of interest and, where appropriate, uses interest
rate swaps and interest rate caps to generate the desired interest rate profile, thereby managing the Group\u2019s
exposure to interest rate fluctuations.
80% of the \u00a3120 million term loan is covered by interest rate swaps and caps of varying maturities up until
2027, which reflects the maturity date of the related loans and medium-term requirements, in accordance
with Group policy. The Group classifies its interest rate swaps as cash flow hedges and states them at fair
value. The fair value of interest rate swaps is \u00a30.3 million asset (2024: \u00a31.0 million asset) and is recognised
within the hedge reserve where effective on an ongoing basis. The period that the swaps cover is matched
against the debt maturity in order to fix the impact on the Income Statement. During the year \u00a30.3 million
(2024: \u00a31.4 million) has been recognised in other comprehensive income for the year with \u00a31.1 million
(2024: \u00a32.2 million) being reclassified from equity to the Income Statement. The interest rate swaps have
been fully effective in the period.
Sensitivity analysis
A change of 100 basis points in interest rates at the Balance Sheet date would have decreased equity and
profit by the amounts shown below. The sensitivity analysis has been undertaken before the effect of tax.
The sensitivity analysis of the Group\u2019s exposure to interest rate risk has been determined based on the
change taking place at the beginning of the financial year and held constant throughout the reporting period.
This analysis assumes that all other variables, in particular foreign currency rates, remain constant and
considers the effect of financial instruments with variable interest rates, financial instruments at fair value
through profit or loss or available for sale with fixed interest rates and the fixed rate element of interest rate
swaps. The analysis was performed on the same basis for 2024.
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Increase of 100 basis points
(0.7)
(0.7)
Decrease of 100 basis points
0.7
0.7
(d) Foreign currency risk
The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency
other than Sterling. The currencies giving rise to this risk are primarily Euros and US Dollars.
The Group\u2019s policy is to cover all significant foreign currency commitments in respect of trade receivables
and trade payables by using forward foreign currency contracts. All the forward exchange contracts have
maturities of less than one year after the Balance Sheet date. Where necessary, the forward exchange
contracts are rolled over at maturity.
The Group classifies its forward exchange contracts as cash flow hedges and states them at fair value.
The fair value of forward exchange contracts is a \u00a30.1 million liability (2024: \u00a30.2 million) and is adjusted
against the hedging reserve on an ongoing basis. During the year \u00a30.2 million (2024: \u00a30.2 million) has been
recognised in other comprehensive income for the year, with \u00a3nil (2024: \u00a30.1 million) being reclassified from
equity to the Income Statement. At 31 December 2025 all outstanding forward exchange contracts had a
maturity date within twelve months.
The foreign currency profile of monetary items was:
2025
2024
Sterling
Euro
US Dollar
Total
Sterling
Euro
US Dollar
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Cash and cash equivalents
1.8
0.5
2.6
4.9
14.1
1.1
3.7
18.9
Trade receivables
71.6
0.1
0.6
72.3
72.8
\u2014
\u2014
72.8
Secured bank loans
(142.8)
\u2014
\u2014
(142.8)
(152.8)
\u2014
\u2014
(152.8)
Trade payables
(64.8)
(1.0)
(0.4)
(66.2)
(70.7)
(1.6)
(0.2)
(72.5)
Lease liabilities
(39.1)
\u2014
\u2014
(39.1)
(35.4)
\u2014
\u2014
(35.4)
Derivative financial instruments
0.3
\u2014
(0.1)
0.2
1.1
\u2014
\u2014
1.1
Balance Sheet exposure
(173.0)
(0.4)
2.7
(170.7)
(170.9)
(0.5)
3.5
(167.9)
A 10% strengthening and weakening of the following currencies against the Pound Sterling at 31 December 2025 would have increased/(decreased) equity and profit or loss by the amounts shown below. This calculation assumes that the change occurred at the Balance Sheet date and had been applied to risk exposures existing at that date. This analysis assumes that all other variables, in particular other exchange rates and interest rates, remain constant. The analysis was performed on the same basis for 2024:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
10% strengthening of \u00a3 against \u20ac
\u2014
0.1
10% weakening of \u00a3 against \u20ac
\u2014
(0.1)
10% strengthening of \u00a3 against $
(0.2)
(0.3)
10% weakening of \u00a3 against $
0.2
0.3
(e) Pricing risks Where appropriate the Group used hedging instruments to mitigate the risks of significant forward price rises of fuel in relation to expected consumption. Fuel hedges were in place until August 2024. There are no fuel hedges in place at 31 December 2025. During the year \u00a3nil (2024: \u00a30.1 million) has been recognised in other comprehensive income, with \u00a3nil (2024: \u00a30.2 million) being reclassified from equity to the Income Statement. The fuel hedges were fully effective in the period to 31 December 2024. When combining interest rate swaps, fuel hedges and forward contracts, this gives a total of \u00a30.1 million credit (2024: \u00a31.6 million credit) recognised in other comprehensive income for the year, with \u00a31.1 million credit (2024: \u00a32.4 million credit) being reclassified from equity to the Income Statement. (f) Other risks Further information about the Group\u2019s strategic and financial risks is contained in the Strategic Report on pages 52 to 60. Effective interest rates and maturity of liabilities At 31 December 2025 there was \u00a339.1 million (2024: \u00a335.4 million) of Group borrowings on a fixed rate. The interest rate profile of the financial liabilities is set out below. The tables also disclose cash and cash equivalents in order to reconcile to net debt (Note 25).
Fixed or
Effective
6 months
6\u201312
1\u20132
2\u20135
More than
variable
interest rate
Total
or less
months
years
years
5 years
rate
%
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
31 December 2025
Cash and cash equivalents (Note 16)
Variable
6.3
(4.9)
(4.9)
\u2014
\u2014
\u2014
\u2014
Interest-bearing loans and borrowings (Note 18)
Variable
6.3
142.8
\u2014
\u2014
\u2014
142.8
\u2014
Lease liabilities (Note 19)
Fixed
4.9
39.1
2.8
2.8
5.0
11.1
17.4
177.0
(2.1)
2.8
5.0
153.9
17.4
Fixed or
Effective
6 months
6\u201312
1\u20132
2\u20135
More than
variable
interest rate
Total
or less
months
years
years
5 years
rate
%
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
31 December 2024
Cash and cash equivalents (Note 16)
Variable
5.8
(18.9)
(18.9)
\u2014
\u2014
\u2014
\u2014
Interest-bearing loans and borrowings (Note 18)
Variable
5.8
152.8
\u2014
\u2014
8.4
144.4
\u2014
Lease liabilities (Note 19)
Fixed
5.0
35.4
2.9
2.8
4.6
10.7
14.4
169.3
(16.0)
2.8
13.0
155.1
14.4
At 31 December the undiscounted outstanding contractual payments (including interest) of financial liabilities were as follows:
Fixed or
Carrying
6 months
6\u201312
1\u20132
2\u20135
More than
variable
value
Total
or less
months
years
years
5 years
rate
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
31 December 2025
Interest-bearing loans and borrowings
Variable
142.8
173.5
4.0
3.9
7.9
157.7
\u2014
Trade and other payables
Variable
112.7
112.7
112.7
\u2014
\u2014
\u2014
\u2014
Lease liabilities
Fixed
39.1
55.0
3.7
3.8
6.7
14.3
26.5
Derivative financial assets
Fixed
(0.2)
(0.2)
\u2014
(0.1)
(0.1)
\u2014
\u2014
294.4
341.0
120.4
7.6
14.5
172.0
26.5
Fixed or
Carrying
6 months
6\u201312
1\u20132
2\u20135
More than
variable
value
Total
or less
months
years
years
5 years
rate
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
31 December 2024
Interest-bearing loans and borrowings
Variable
152.8
174.7
4.8
4.8
17.7
147.4
\u2014
Trade and other payables
Variable
122.8
122.8
122.8
\u2014
\u2014
\u2014
\u2014
Lease liabilities
Fixed
35.4
46.7
3.6
3.6
6.0
13.6
19.9
Derivative financial assets
Fixed
(1.1)
(1.1)
(0.3)
\u2014
(0.8)
\u2014
\u2014
309.9
343.1
130.9
8.4
22.9
161.0
19.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-639": { "value": "Sensitivity analysis A change of 100 basis points in interest rates at the Balance Sheet date would have decreased equity and profit by the amounts shown below. The sensitivity analysis has been undertaken before the effect of tax. The sensitivity analysis of the Group\u2019s exposure to interest rate risk has been determined based on the change taking place at the beginning of the financial year and held constant throughout the reporting period. This analysis assumes that all other variables, in particular foreign currency rates, remain constant and considers the effect of financial instruments with variable interest rates, financial instruments at fair value through profit or loss or available for sale with fixed interest rates and the fixed rate element of interest rate swaps. The analysis was performed on the same basis for 2024.
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Increase of 100 basis points
(0.7)
(0.7)
Decrease of 100 basis points
0.7
0.7
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-606": { "value": "
(c) Credit risk
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis.
Credit evaluations are performed on all customers requiring credit over a certain amount and, where appropriate,
credit insurance cover is obtained. This provides excellent intelligence to minimise the number and value of
bad debts and ultimately provides compensation if bad debts are incurred. An ageing of trade receivables
is shown in Note 15 on page 140.
Cash and cash equivalents of \u00a34.9 million (2024: \u00a318.9 million) are held with financial institutions that have
an A+ credit rating.
Investments are allowed only in liquid securities and only with counterparties that have a credit rating equal
to or better than the Group. Transactions involving derivative financial instruments are with counterparties
with which the Group has a signed netting agreement as well as sound credit ratings. Derivative financial
instruments of \u00a30.3 million (2024: \u00a31.1 million) are all held with financial institutions that have an A+ credit
rating. Given their high credit ratings, management does not expect any counterparty to fail to meet
its obligations.
At the Balance Sheet date there were no significant concentrations of credit risk. The maximum exposure
to credit risk is represented by the carrying amount of each financial asset, including derivative financial
instruments, in the Balance Sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-607": { "value": "
(e) Pricing risks
Where appropriate the Group used hedging instruments to mitigate the risks of significant forward price rises of fuel in relation to expected consumption. Fuel hedges were in place until August 2024. There are no fuel
hedges in place at 31 December 2025. During the year \u00a3nil (2024: \u00a30.1 million) has been recognised in other comprehensive income, with \u00a3nil (2024: \u00a30.2 million) being reclassified from equity to the Income Statement.
The fuel hedges were fully effective in the period to 31 December 2024.
When combining interest rate swaps, fuel hedges and forward contracts, this gives a total of \u00a30.1 million credit (2024: \u00a31.6 million credit) recognised in other comprehensive income for the year, with \u00a31.1 million credit
(2024: \u00a32.4 million credit) being reclassified from equity to the Income Statement.
", "dimensions": { "concept": "marshallsplc:DisclosureOfPricingRisks", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-625": { "value": "
Estimation of fair values
The following summarises the major methods and assumptions used in estimating the fair values of
financial instruments reflected in the table. Other than contingent consideration, which uses a level 3 basis,
all use level 2 valuation techniques.
(a) Derivatives
Derivative contracts are either marked to market using listed market prices or by discounting the contractual
forward price at the relevant rate and deducting the current spot rate. For interest rate swaps, broker
quotes are used.
(b) Interest-bearing loans and borrowings
Fair value is calculated based on the expected future principal and interest cash flows discounted at the
market rate of interest at the Balance Sheet date.
(c) Trade and other receivables/payables
For receivables/payables with a remaining life of less than one year, the notional amount is deemed to
reflect the fair value. All other receivables/payables are discounted to determine the fair value.
(d) Contingent consideration
The basis of calculating contingent consideration is set out in Note 22 on pages 148 and 149.
(e) Fair value hierarchy
The table below analyses financial instruments, measured at fair value, into a fair value hierarchy based on
the valuation techniques used to determine fair value.
\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices)
\u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
Level 1
Level 2
Level 3
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
31 December 2025
Derivative financial assets
\u2014
0.2
\u2014
0.2
Contingent consideration (Note 22)
\u2014
\u2014
\u2014
\u2014
\u2014
0.2
\u2014
0.2
31 December 2024
Derivative financial assets
\u2014
1.1
\u2014
1.1
Contingent consideration (Note 22)
\u2014
\u2014
(6.6)
(6.6)
\u2014
1.1
(6.6)
(5.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-635": { "value": "Estimation of fair values The following summarises the major methods and assumptions used in estimating the fair values of financial instruments reflected in the table. Other than contingent consideration, which uses a level 3 basis, all use level 2 valuation techniques. (a) Derivatives Derivative contracts are either marked to market using listed market prices or by discounting the contractual forward price at the relevant rate and deducting the current spot rate. For interest rate swaps, broker quotes are used. (b) Interest-bearing loans and borrowings Fair value is calculated based on the expected future principal and interest cash flows discounted at the market rate of interest at the Balance Sheet date. (c) Trade and other receivables/payables For receivables/payables with a remaining life of less than one year, the notional amount is deemed to reflect the fair value. All other receivables/payables are discounted to determine the fair value. (d) Contingent consideration The basis of calculating contingent consideration is set out in Note 22 on pages 148 and 149. (e) Fair value hierarchy The table below analyses financial instruments, measured at fair value, into a fair value hierarchy based on the valuation techniques used to determine fair value. \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2022 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
Level 1
Level 2
Level 3
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
31 December 2025
Derivative financial assets
\u2014
0.2
\u2014
0.2
Contingent consideration (Note 22)
\u2014
\u2014
\u2014
\u2014
\u2014
0.2
\u2014
0.2
31 December 2024
Derivative financial assets
\u2014
1.1
\u2014
1.1
Contingent consideration (Note 22)
\u2014
\u2014
(6.6)
(6.6)
\u2014
1.1
(6.6)
(5.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-574": { "value": "
21 Employee benefits
Marshalls Group Limited sponsors a funded defined benefit pension scheme in the UK (the Scheme). The
Scheme is administered within a trust which is legally separate from the Company. The Trustee Board is
appointed by both the Company and the Scheme\u2019s membership and acts in the interest of the Scheme and
all relevant stakeholders, including the members and the Company. The Trustee is also responsible for the
investment of the Scheme\u2019s assets.
The defined benefit section of the Scheme provides pension and lump sums to members on retirement and
to dependants on death. The defined benefit section closed to future accrual of benefits on 30 June 2006
with the active members becoming entitled to a deferred pension. Members no longer pay contributions to
the defined benefit section. Company contributions to the defined benefit section after this date are used to
fund any deficit in the Scheme and the expenses associated with administering the Scheme, as determined
by regular actuarial valuations.
The Trustee is required to use prudent assumptions to value the liabilities and costs of the Scheme whereas
the accounting assumptions must be best estimates.
The defined benefit section of the Scheme poses a number of risks to the Company, for example, longevity
risk, investment risk, interest rate risk, inflation risk and salary risk. The Trustee is aware of these risks and
uses various techniques to control them. The Trustee has a number of internal control policies, including a
Risk Register, which are in place to manage and monitor the various risks it faces. The Trustee\u2019s investment
strategy incorporates the use of liability-driven investments (LDIs) to minimise the sensitivity of the actuarial
funding position to movements in interest rates and inflation rates.
The defined benefit section of the Scheme is subject to regular actuarial valuations, which are usually
carried out every three years. These actuarial valuations are carried out in accordance with the requirements
of the Pensions Act 2004 and so include deliberate margins for prudence. This contrasts with these accounting
disclosures which are determined using best estimate assumptions. A formal actuarial valuation was
carried out as at 5 April 2024. The results of that valuation have been projected to 31 December 2025 by
a qualified independent actuary. The Scheme is in a surplus position and the Company does not expect
cash contributions to be payable during the year to 31 December 2026.
The figures in the following disclosure were measured using the projected unit method.
The amounts recognised in the Consolidated Balance Sheet were as follows:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Present value of Scheme liabilities
(200.9)
(204.2)
Fair value of Scheme assets
225.8
228.3
Net amount recognised at the year end (before any adjustments for
deferred tax)
24.9
24.1
The current and past service costs, settlements and curtailments, together with the net interest expense for
the year, are included in the employee benefits expense in the Consolidated Statement of Comprehensive
Income. Remeasurements of the net defined benefit surplus are included in other comprehensive income.
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Net interest (income)/expense recognised in the Consolidated
Income Statement
(0.6)
0.3
Remeasurements of the net liability:
Return on Scheme assets (excluding amount included in
interest expense)
0.6
18.9
Gain arising from changes in financial assumptions
(4.0)
(22.3)
Loss/(gain) arising from changes in demographic assumptions
1.9
(3.1)
Experience loss/(gain)
1.3
(6.9)
Debit recorded in other comprehensive income
(0.2)
(13.4)
Total defined benefit credit
(0.8)
(13.1)
The principal actuarial assumptions used were:
2025
2024
Liability discount rate
5.5%
5.4%
Inflation assumption \u2013 RPI
2.9%
3.2%
Inflation assumption \u2013 CPI
2.5%
2.8%
Rate of increase in salaries
n/a
n/a
Revaluation of deferred pensions
2.5%
2.8%
Increases for pensions in payment:
CPI pension increases (maximum 5% p.a.)
2.5%
2.7%
CPI pension increases (maximum 5% p.a., minimum 3% p.a.)
3.4%
3.5%
CPI pension increases (maximum 3% p.a.)
2.0%
2.1%
Proportion of employees opting for early retirement
0%
0%
Proportion of employees commuting pension for cash
80%
80%
Mortality assumption \u2013 before retirement
Same as post-
Same as post-
retirement retirement
Mortality assumption \u2013 after retirement (males)
S4PXA tables
S4PXA tables
Loading
116%
116%
Projection basis
Year of birth
Year of birth
CMI_2024 CMI_2023
1.0%
1.0%
Mortality assumption \u2013 after retirement (females)
S4PXA tables
S4PXA tables
Loading
116%
116%
Projection basis
Year of birth
Year of birth
CMI_2024 CMI_2023
Future expected lifetime of current pensioner at age 65:
1.0%
1.0%
Male aged 65 at year end
85.2
84.8
Female aged 65 at year end
87.5
87.3
Future expected lifetime of future pensioner at age 65:
Male aged 45 at year end
86.1
85.7
Female aged 45 at year end
88.6
88.4
Changes in the present value of assets over the year
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Fair value of assets at the start of the year
228.3
250.4
Interest income
12.1
11.2
Return on assets (excluding amount included in net interest expense)
(0.6)
(18.9)
Benefits paid
(13.2)
(13.6)
Administration expenses
(0.8)
(0.8)
Fair value of assets at the end of the year
225.8
228.3
Changes in the present value of liabilities over the year
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Liabilities at the start of the year
204.2
239.4
Past service cost
\u2014
\u2014
Interest cost
10.8
10.7
Remeasurement:
Actuarial gain arising from changes in financial assumptions
(4.0)
(22.3)
Actuarial loss/(gain) arising from changes in demographic assumptions
1.9
(3.1)
Experience loss/(gain)
1.3
(6.9)
Benefits paid
(13.3)
(13.6)
Liabilities at the end of the year
200.9
204.2
The split of the Scheme\u2019s liabilities by category of membership is as follows:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Deferred pensioners
88.3
79.9
Pensioners in payment
112.6
124.3
200.9
204.2
Average duration of the Scheme\u2019s liabilities at the end of the year (in
years)
12
12
The major categories of Scheme assets are as follows:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Return-seeking assets
UK equities
\u2014
0.8
Overseas equities
\u2014
24.3
Asset backed securities
35.6
17.1
Other equity type investments
26.9
26.9
Total return-seeking assets
62.5
69.1
Other
Insured pensioners
0.3
0.3
Cash
5.2
4.1
Property
\u2014
28.9
Liability-driven investments and bonds
157.8
125.9
Total matching assets
163.3
159.2
Total market value of assets
225.8
228.3
The return-seeking assets and LDI assets have quoted prices in active markets. The valuation of the insured
pensions has been taken as the value of the corresponding liabilities assessed using the assumptions set
out above.
The Scheme has no investments in the Company or in property occupied by the Company.
The Company expects to pay no contributions to the defined benefit section of the Scheme during the year
ended 31 December 2026.
Sensitivity of the liability value to changes in the principal assumptions
If the discount rate were 0.5% higher/(lower), the defined benefit section Scheme liabilities would decrease
by approximately \u00a311.0 million (increase by \u00a311.0 million) if all the other assumptions remained unchanged.
If the inflation assumption were 0.5% higher/(lower), the Scheme liabilities would increase by \u00a34.8 million
(decrease by \u00a34.8 million). In this calculation all assumptions related to the inflation assumption have been
appropriately adjusted: that is salary, the deferred pension and pension in payment increases. The other
assumptions remain unchanged.
If life expectancies were to increase/(decrease) by one year, the Scheme liabilities would increase by
\u00a35.0 million/(decrease by \u00a35.0 million) if all the other assumptions remained unchanged.
Virgin Media vs NTL Pension Trustees II Limited
In June 2023, the High Court judged that amendments made to the Virgin Media pension scheme were
invalid because the necessary S37 certification associated to these historic amendments was not prepared
or documented appropriately. The case was subsequently reviewed by the Court of Appeal in July 2024
which upheld the High Court\u2019s decision.
The High Court\u2019s decision has wide ranging implications, affecting other schemes that were contracted
out on a salary-related basis and made amendments between April 1997 and April 2016. Historic scheme
amendments without the appropriate certification might now be considered invalid, leading to additional,
unforeseen liabilities. The Marshalls plc Pension Scheme was not contracted out on a salary-related basis
over the relevant period. As such, the ruling has no implications for the Scheme.
Share based payments
Management Incentive Plan (MIP)
Share-based payment awards have been made during the year in accordance with the rules of the MIP.
Full details of the performance criteria and the basis of operation of the MIP are set out in the Remuneration
Committee Report on pages 96 to 103.
Equity settled awards are settled by physical delivery of shares. The following equity settled awards have
been granted:
Number of
instruments
\u00a3\u2019m
Plan year
Equity settled awards granted to other employees
6,046
\u2014
2019
Equity settled awards granted to other employees
25,138
0.1
2021
Equity settled awards granted to Directors of Marshalls plc
88,679
0.3
2022
Equity settled awards granted to other employees
97,317
0.3
2022
Equity settled awards granted to Directors of Marshalls plc
85,714
0.3
2023
Equity settled awards granted to other employees
67,951
0.2
2023
Equity settled awards granted to Directors of Marshalls plc
179,690
0.5
2024
Equity settled awards granted to other employees
147,689
0.5
2024
Equity settled awards granted to Directors of Marshalls plc
299,377
0.5
2025
Equity settled awards granted to other employees
277,303
0.5
2025
1,274,904
3.2
Plan years 2019 to 2022 vested at the end of cycle 3 which was March 2024. Plan years 2023 to 2026 vest
at the end of cycle 4 which is in March 2027.
Analysis of closing balance (deferred into shares):
2025
2024
\u00a3\u2019m
Shares
\u00a3\u2019m
Shares
Equity settled awards granted to Directors of
Marshalls plc
1.6
653,460
2.2
694,900
Equity settled awards granted to other
employees
1.6
621,444
3.1
787,462
3.2
1,274,904
5.3
1,482,362
2025
2024
Value
Number of
Value
Number of
\u00a3\u2019m
options
\u00a3\u2019m
options
Outstanding at 1 January
5.3
1,482,362
3.8
966,157
Granted
1.0
576,680
2.4
777,636
Change in value of notional shares
(0.4)
(212,611)
0.3
122,752
Lapsed
\u2014
\u2014
\u2014
\u2014
Element released
(2.7)
(571,527)
(1.2)
(384,183)
Outstanding at 31 December
3.2
1,274,904
5.3
1,482,362
The total expenses recognised for the period arising from share-based payments were as follows:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Awards granted and total expense recognised as employee costs
1.6
4.0
Further details in relation to the Directors are set out in the Remuneration Committee Report on pages 96
to 103. Included in the total expense of \u00a31.6 million (2024: \u00a34.0 million) is an amount of \u00a30.8 million (2024:
\u00a32.4 million) settled as interim cash payments under the terms of the Scheme and which has been included
within wages and salaries in Note 5.
Employee Bonus Share Plan
A Bonus Share Plan was approved by shareholders in May 2015 under which a number of senior management
employees were granted performance related bonuses with an element of this bonus being in the form of
shares. The bonus performance criteria are the same as those applicable to the MIP awards. The bonus
shares take the form of nil-cost options to acquire shares at the end of a three-year vesting period from the
date of grant, and vesting is conditional on continued employment at the end of the vesting period. Awards
are made to participants following publication of the Group\u2019s year-end results. In addition, certain discretionary
share awards have been granted to certain employees in the form of nil-cost options to acquire Ordinary Shares
in Marshalls plc at the end of a three-year period. The total awards outstanding at 31 December 2025 were
over 159,374 shares (31 December 2024: 146,611). The total expenses recognised for the year arising from
share-based payments were \u00a30.6 million (2024: \u00a31.0 million).
Employee profit sharing scheme
At 31 December 2025 the scheme held 42,245 (2024: 42,245) Ordinary Shares in the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-626": { "value": "21 Employee benefits Marshalls Group Limited sponsors a funded defined benefit pension scheme in the UK (the Scheme). The Scheme is administered within a trust which is legally separate from the Company. The Trustee Board is appointed by both the Company and the Scheme\u2019s membership and acts in the interest of the Scheme and all relevant stakeholders, including the members and the Company. The Trustee is also responsible for the investment of the Scheme\u2019s assets. The defined benefit section of the Scheme provides pension and lump sums to members on retirement and to dependants on death. The defined benefit section closed to future accrual of benefits on 30 June 2006 with the active members becoming entitled to a deferred pension. Members no longer pay contributions to the defined benefit section. Company contributions to the defined benefit section after this date are used to fund any deficit in the Scheme and the expenses associated with administering the Scheme, as determined by regular actuarial valuations. The Trustee is required to use prudent assumptions to value the liabilities and costs of the Scheme whereas the accounting assumptions must be best estimates. The defined benefit section of the Scheme poses a number of risks to the Company, for example, longevity risk, investment risk, interest rate risk, inflation risk and salary risk. The Trustee is aware of these risks and uses various techniques to control them. The Trustee has a number of internal control policies, including a Risk Register, which are in place to manage and monitor the various risks it faces. The Trustee\u2019s investment strategy incorporates the use of liability-driven investments (LDIs) to minimise the sensitivity of the actuarial funding position to movements in interest rates and inflation rates. The defined benefit section of the Scheme is subject to regular actuarial valuations, which are usually carried out every three years. These actuarial valuations are carried out in accordance with the requirements of the Pensions Act 2004 and so include deliberate margins for prudence. This contrasts with these accounting disclosures which are determined using best estimate assumptions. A formal actuarial valuation was carried out as at 5 April 2024. The results of that valuation have been projected to 31 December 2025 by a qualified independent actuary. The Scheme is in a surplus position and the Company does not expect cash contributions to be payable during the year to 31 December 2026. The figures in the following disclosure were measured using the projected unit method. The amounts recognised in the Consolidated Balance Sheet were as follows:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Present value of Scheme liabilities
(200.9)
(204.2)
Fair value of Scheme assets
225.8
228.3
Net amount recognised at the year end (before any adjustments for
deferred tax)
24.9
24.1
The current and past service costs, settlements and curtailments, together with the net interest expense for the year, are included in the employee benefits expense in the Consolidated Statement of Comprehensive Income. Remeasurements of the net defined benefit surplus are included in other comprehensive income.
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Net interest (income)/expense recognised in the Consolidated
Income Statement
(0.6)
0.3
Remeasurements of the net liability:
Return on Scheme assets (excluding amount included in
interest expense)
0.6
18.9
Gain arising from changes in financial assumptions
(4.0)
(22.3)
Loss/(gain) arising from changes in demographic assumptions
1.9
(3.1)
Experience loss/(gain)
1.3
(6.9)
Debit recorded in other comprehensive income
(0.2)
(13.4)
Total defined benefit credit
(0.8)
(13.1)
The principal actuarial assumptions used were:
2025
2024
Liability discount rate
5.5%
5.4%
Inflation assumption \u2013 RPI
2.9%
3.2%
Inflation assumption \u2013 CPI
2.5%
2.8%
Rate of increase in salaries
n/a
n/a
Revaluation of deferred pensions
2.5%
2.8%
Increases for pensions in payment:
CPI pension increases (maximum 5% p.a.)
2.5%
2.7%
CPI pension increases (maximum 5% p.a., minimum 3% p.a.)
3.4%
3.5%
CPI pension increases (maximum 3% p.a.)
2.0%
2.1%
Proportion of employees opting for early retirement
0%
0%
Proportion of employees commuting pension for cash
80%
80%
Mortality assumption \u2013 before retirement
Same as post-
Same as post-
retirement retirement
Mortality assumption \u2013 after retirement (males)
S4PXA tables
S4PXA tables
Loading
116%
116%
Projection basis
Year of birth
Year of birth
CMI_2024 CMI_2023
1.0%
1.0%
Mortality assumption \u2013 after retirement (females)
S4PXA tables
S4PXA tables
Loading
116%
116%
Projection basis
Year of birth
Year of birth
CMI_2024 CMI_2023
Future expected lifetime of current pensioner at age 65:
1.0%
1.0%
Male aged 65 at year end
85.2
84.8
Female aged 65 at year end
87.5
87.3
Future expected lifetime of future pensioner at age 65:
Male aged 45 at year end
86.1
85.7
Female aged 45 at year end
88.6
88.4
Changes in the present value of assets over the year
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Fair value of assets at the start of the year
228.3
250.4
Interest income
12.1
11.2
Return on assets (excluding amount included in net interest expense)
(0.6)
(18.9)
Benefits paid
(13.2)
(13.6)
Administration expenses
(0.8)
(0.8)
Fair value of assets at the end of the year
225.8
228.3
Changes in the present value of liabilities over the year
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Liabilities at the start of the year
204.2
239.4
Past service cost
\u2014
\u2014
Interest cost
10.8
10.7
Remeasurement:
Actuarial gain arising from changes in financial assumptions
(4.0)
(22.3)
Actuarial loss/(gain) arising from changes in demographic assumptions
1.9
(3.1)
Experience loss/(gain)
1.3
(6.9)
Benefits paid
(13.3)
(13.6)
Liabilities at the end of the year
200.9
204.2
The split of the Scheme\u2019s liabilities by category of membership is as follows:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Deferred pensioners
88.3
79.9
Pensioners in payment
112.6
124.3
200.9
204.2
Average duration of the Scheme\u2019s liabilities at the end of the year (in
years)
12
12
The major categories of Scheme assets are as follows:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Return-seeking assets
UK equities
\u2014
0.8
Overseas equities
\u2014
24.3
Asset backed securities
35.6
17.1
Other equity type investments
26.9
26.9
Total return-seeking assets
62.5
69.1
Other
Insured pensioners
0.3
0.3
Cash
5.2
4.1
Property
\u2014
28.9
Liability-driven investments and bonds
157.8
125.9
Total matching assets
163.3
159.2
Total market value of assets
225.8
228.3
The return-seeking assets and LDI assets have quoted prices in active markets. The valuation of the insured pensions has been taken as the value of the corresponding liabilities assessed using the assumptions set out above. The Scheme has no investments in the Company or in property occupied by the Company. The Company expects to pay no contributions to the defined benefit section of the Scheme during the year ended 31 December 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-608": { "value": "21 Employee benefits Marshalls Group Limited sponsors a funded defined benefit pension scheme in the UK (the Scheme). The Scheme is administered within a trust which is legally separate from the Company. The Trustee Board is appointed by both the Company and the Scheme\u2019s membership and acts in the interest of the Scheme and all relevant stakeholders, including the members and the Company. The Trustee is also responsible for the investment of the Scheme\u2019s assets. The defined benefit section of the Scheme provides pension and lump sums to members on retirement and to dependants on death. The defined benefit section closed to future accrual of benefits on 30 June 2006 with the active members becoming entitled to a deferred pension. Members no longer pay contributions to the defined benefit section. Company contributions to the defined benefit section after this date are used to fund any deficit in the Scheme and the expenses associated with administering the Scheme, as determined by regular actuarial valuations. The Trustee is required to use prudent assumptions to value the liabilities and costs of the Scheme whereas the accounting assumptions must be best estimates. The defined benefit section of the Scheme poses a number of risks to the Company, for example, longevity risk, investment risk, interest rate risk, inflation risk and salary risk. The Trustee is aware of these risks and uses various techniques to control them. The Trustee has a number of internal control policies, including a Risk Register, which are in place to manage and monitor the various risks it faces. The Trustee\u2019s investment strategy incorporates the use of liability-driven investments (LDIs) to minimise the sensitivity of the actuarial funding position to movements in interest rates and inflation rates. The defined benefit section of the Scheme is subject to regular actuarial valuations, which are usually carried out every three years. These actuarial valuations are carried out in accordance with the requirements of the Pensions Act 2004 and so include deliberate margins for prudence. This contrasts with these accounting disclosures which are determined using best estimate assumptions. A formal actuarial valuation was carried out as at 5 April 2024. The results of that valuation have been projected to 31 December 2025 by a qualified independent actuary. The Scheme is in a surplus position and the Company does not expect cash contributions to be payable during the year to 31 December 2026. The figures in the following disclosure were measured using the projected unit method. The amounts recognised in the Consolidated Balance Sheet were as follows:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Present value of Scheme liabilities
(200.9)
(204.2)
Fair value of Scheme assets
225.8
228.3
Net amount recognised at the year end (before any adjustments for
deferred tax)
24.9
24.1
The current and past service costs, settlements and curtailments, together with the net interest expense for the year, are included in the employee benefits expense in the Consolidated Statement of Comprehensive Income. Remeasurements of the net defined benefit surplus are included in other comprehensive income.
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Net interest (income)/expense recognised in the Consolidated
Income Statement
(0.6)
0.3
Remeasurements of the net liability:
Return on Scheme assets (excluding amount included in
interest expense)
0.6
18.9
Gain arising from changes in financial assumptions
(4.0)
(22.3)
Loss/(gain) arising from changes in demographic assumptions
1.9
(3.1)
Experience loss/(gain)
1.3
(6.9)
Debit recorded in other comprehensive income
(0.2)
(13.4)
Total defined benefit credit
(0.8)
(13.1)
The principal actuarial assumptions used were:
2025
2024
Liability discount rate
5.5%
5.4%
Inflation assumption \u2013 RPI
2.9%
3.2%
Inflation assumption \u2013 CPI
2.5%
2.8%
Rate of increase in salaries
n/a
n/a
Revaluation of deferred pensions
2.5%
2.8%
Increases for pensions in payment:
CPI pension increases (maximum 5% p.a.)
2.5%
2.7%
CPI pension increases (maximum 5% p.a., minimum 3% p.a.)
3.4%
3.5%
CPI pension increases (maximum 3% p.a.)
2.0%
2.1%
Proportion of employees opting for early retirement
0%
0%
Proportion of employees commuting pension for cash
80%
80%
Mortality assumption \u2013 before retirement
Same as post-
Same as post-
retirement retirement
Mortality assumption \u2013 after retirement (males)
S4PXA tables
S4PXA tables
Loading
116%
116%
Projection basis
Year of birth
Year of birth
CMI_2024 CMI_2023
1.0%
1.0%
Mortality assumption \u2013 after retirement (females)
S4PXA tables
S4PXA tables
Loading
116%
116%
Projection basis
Year of birth
Year of birth
CMI_2024 CMI_2023
Future expected lifetime of current pensioner at age 65:
1.0%
1.0%
Male aged 65 at year end
85.2
84.8
Female aged 65 at year end
87.5
87.3
Future expected lifetime of future pensioner at age 65:
Male aged 45 at year end
86.1
85.7
Female aged 45 at year end
88.6
88.4
Changes in the present value of assets over the year
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Fair value of assets at the start of the year
228.3
250.4
Interest income
12.1
11.2
Return on assets (excluding amount included in net interest expense)
(0.6)
(18.9)
Benefits paid
(13.2)
(13.6)
Administration expenses
(0.8)
(0.8)
Fair value of assets at the end of the year
225.8
228.3
Changes in the present value of liabilities over the year
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Liabilities at the start of the year
204.2
239.4
Past service cost
\u2014
\u2014
Interest cost
10.8
10.7
Remeasurement:
Actuarial gain arising from changes in financial assumptions
(4.0)
(22.3)
Actuarial loss/(gain) arising from changes in demographic assumptions
1.9
(3.1)
Experience loss/(gain)
1.3
(6.9)
Benefits paid
(13.3)
(13.6)
Liabilities at the end of the year
200.9
204.2
The split of the Scheme\u2019s liabilities by category of membership is as follows:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Deferred pensioners
88.3
79.9
Pensioners in payment
112.6
124.3
200.9
204.2
Average duration of the Scheme\u2019s liabilities at the end of the year (in
years)
12
12
The major categories of Scheme assets are as follows:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Return-seeking assets
UK equities
\u2014
0.8
Overseas equities
\u2014
24.3
Asset backed securities
35.6
17.1
Other equity type investments
26.9
26.9
Total return-seeking assets
62.5
69.1
Other
Insured pensioners
0.3
0.3
Cash
5.2
4.1
Property
\u2014
28.9
Liability-driven investments and bonds
157.8
125.9
Total matching assets
163.3
159.2
Total market value of assets
225.8
228.3
The return-seeking assets and LDI assets have quoted prices in active markets. The valuation of the insured pensions has been taken as the value of the corresponding liabilities assessed using the assumptions set out above. The Scheme has no investments in the Company or in property occupied by the Company. The Company expects to pay no contributions to the defined benefit section of the Scheme during the year ended 31 December 2026. Sensitivity of the liability value to changes in the principal assumptions If the discount rate were 0.5% higher/(lower), the defined benefit section Scheme liabilities would decrease by approximately \u00a311.0 million (increase by \u00a311.0 million) if all the other assumptions remained unchanged. If the inflation assumption were 0.5% higher/(lower), the Scheme liabilities would increase by \u00a34.8 million (decrease by \u00a34.8 million). In this calculation all assumptions related to the inflation assumption have been appropriately adjusted: that is salary, the deferred pension and pension in payment increases. The other assumptions remain unchanged. If life expectancies were to increase/(decrease) by one year, the Scheme liabilities would increase by \u00a35.0 million/(decrease by \u00a35.0 million) if all the other assumptions remained unchanged. Virgin Media vs NTL Pension Trustees II Limited In June 2023, the High Court judged that amendments made to the Virgin Media pension scheme were invalid because the necessary S37 certification associated to these historic amendments was not prepared or documented appropriately. The case was subsequently reviewed by the Court of Appeal in July 2024 which upheld the High Court\u2019s decision. The High Court\u2019s decision has wide ranging implications, affecting other schemes that were contracted out on a salary-related basis and made amendments between April 1997 and April 2016. Historic scheme amendments without the appropriate certification might now be considered invalid, leading to additional, unforeseen liabilities. The Marshalls plc Pension Scheme was not contracted out on a salary-related basis over the relevant period. As such, the ruling has no implications for the Scheme. Share based payments Management Incentive Plan (MIP) Share-based payment awards have been made during the year in accordance with the rules of the MIP. Full details of the performance criteria and the basis of operation of the MIP are set out in the Remuneration Committee Report on pages 96 to 103. Equity settled awards are settled by physical delivery of shares. The following equity settled awards have been granted:
Number of
instruments
\u00a3\u2019m
Plan year
Equity settled awards granted to other employees
6,046
\u2014
2019
Equity settled awards granted to other employees
25,138
0.1
2021
Equity settled awards granted to Directors of Marshalls plc
88,679
0.3
2022
Equity settled awards granted to other employees
97,317
0.3
2022
Equity settled awards granted to Directors of Marshalls plc
85,714
0.3
2023
Equity settled awards granted to other employees
67,951
0.2
2023
Equity settled awards granted to Directors of Marshalls plc
179,690
0.5
2024
Equity settled awards granted to other employees
147,689
0.5
2024
Equity settled awards granted to Directors of Marshalls plc
299,377
0.5
2025
Equity settled awards granted to other employees
277,303
0.5
2025
1,274,904
3.2
Plan years 2019 to 2022 vested at the end of cycle 3 which was March 2024. Plan years 2023 to 2026 vest at the end of cycle 4 which is in March 2027. Analysis of closing balance (deferred into shares):
2025
2024
\u00a3\u2019m
Shares
\u00a3\u2019m
Shares
Equity settled awards granted to Directors of
Marshalls plc
1.6
653,460
2.2
694,900
Equity settled awards granted to other
employees
1.6
621,444
3.1
787,462
3.2
1,274,904
5.3
1,482,362
2025
2024
Value
Number of
Value
Number of
\u00a3\u2019m
options
\u00a3\u2019m
options
Outstanding at 1 January
5.3
1,482,362
3.8
966,157
Granted
1.0
576,680
2.4
777,636
Change in value of notional shares
(0.4)
(212,611)
0.3
122,752
Lapsed
\u2014
\u2014
\u2014
\u2014
Element released
(2.7)
(571,527)
(1.2)
(384,183)
Outstanding at 31 December
3.2
1,274,904
5.3
1,482,362
The total expenses recognised for the period arising from share-based payments were as follows:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Awards granted and total expense recognised as employee costs
1.6
4.0
Further details in relation to the Directors are set out in the Remuneration Committee Report on pages 96 to 103. Included in the total expense of \u00a31.6 million (2024: \u00a34.0 million) is an amount of \u00a30.8 million (2024: \u00a32.4 million) settled as interim cash payments under the terms of the Scheme and which has been included within wages and salaries in Note 5. Employee Bonus Share Plan A Bonus Share Plan was approved by shareholders in May 2015 under which a number of senior management employees were granted performance related bonuses with an element of this bonus being in the form of shares. The bonus performance criteria are the same as those applicable to the MIP awards. The bonus shares take the form of nil-cost options to acquire shares at the end of a three-year vesting period from the date of grant, and vesting is conditional on continued employment at the end of the vesting period. Awards are made to participants following publication of the Group\u2019s year-end results. In addition, certain discretionary share awards have been granted to certain employees in the form of nil-cost options to acquire Ordinary Shares in Marshalls plc at the end of a three-year period. The total awards outstanding at 31 December 2025 were over 159,374 shares (31 December 2024: 146,611). The total expenses recognised for the year arising from share-based payments were \u00a30.6 million (2024: \u00a31.0 million). Employee profit sharing scheme At 31 December 2025 the scheme held 42,245 (2024: 42,245) Ordinary Shares in the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-627": { "value": "Sensitivity of the liability value to changes in the principal assumptions If the discount rate were 0.5% higher/(lower), the defined benefit section Scheme liabilities would decrease by approximately \u00a311.0 million (increase by \u00a311.0 million) if all the other assumptions remained unchanged. If the inflation assumption were 0.5% higher/(lower), the Scheme liabilities would increase by \u00a34.8 million (decrease by \u00a34.8 million). In this calculation all assumptions related to the inflation assumption have been appropriately adjusted: that is salary, the deferred pension and pension in payment increases. The other assumptions remain unchanged. If life expectancies were to increase/(decrease) by one year, the Scheme liabilities would increase by \u00a35.0 million/(decrease by \u00a35.0 million) if all the other assumptions remained unchanged. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-575": { "value": "
22 Provisions
Other leasehold
Contingent dilapidations and
consideration
quarry restoration
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 1 January 2024
8.0
\u2014
8.0
Payments made
(3.0)
\u2014
(3.0)
Increase in the provision in the period (Note 4)
1.6
\u2014
1.6
At 31 December 2024
6.6
\u2014
6.6
At 1 January 2025
6.6
\u2014
6.6
Reclassification
\u2014
3.9
3.9
Payments made
(6.6)
(0.1)
(6.7)
Increase in the provision in the period
\u2014
1.4
1.4
At 31 December 2025
\u2014
5.2
5.2
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Analysed as:
Current liabilities
\u2014
6.6
Non-current liabilities
5.2
\u2014
5.2
6.6
The Group recognises provisions for leasehold dilapidations and quarry restoration obligations, representing
the estimated expenditure required to settle the present obligations arising from past events associated with
our sites. Dilapidations provisions reflect the expected cost of reinstating leased properties to the condition
required under lease agreements at the end of the lease term. Restoration provisions reflect the expected cost
of reinstating quarry and mineral sites in accordance with planning consents and other statutory requirements.
Both sets of provisions are measured at management\u2019s best estimate of the expenditure required to settle the
obligation at the reporting date, based on internal and external professional assessments, and are discounted
using UK Government bond rates with similar maturities. The timing and amount of outflows depend on the
lease expiry profile and quarry restoration plans and are subject to uncertainty, principally relating to the scope
of works, future contractor pricing, inflation and any changes in regulatory requirements; actual outcomes may
differ from estimates.
As part of the acquisition of Marley, there was an obligation to pay the vendors of Viridian Solar Limited
deferred consideration which was contingent on the achievement of certain performance targets in the period
post-acquisition. As at 31 December 2024 the Group included \u00a36.6 million as contingent consideration.
The relevant targets were met and \u00a36.6 million was paid in cash to the vendors during 2025.
A charge of \u00a3nil (2024: \u00a31.6 million) has been included in adjusting items (Note 4).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-609": { "value": "22 Provisions
Other leasehold
Contingent dilapidations and
consideration
quarry restoration
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 1 January 2024
8.0
\u2014
8.0
Payments made
(3.0)
\u2014
(3.0)
Increase in the provision in the period (Note 4)
1.6
\u2014
1.6
At 31 December 2024
6.6
\u2014
6.6
At 1 January 2025
6.6
\u2014
6.6
Reclassification
\u2014
3.9
3.9
Payments made
(6.6)
(0.1)
(6.7)
Increase in the provision in the period
\u2014
1.4
1.4
At 31 December 2025
\u2014
5.2
5.2
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Analysed as:
Current liabilities
\u2014
6.6
Non-current liabilities
5.2
\u2014
5.2
6.6
The Group recognises provisions for leasehold dilapidations and quarry restoration obligations, representing the estimated expenditure required to settle the present obligations arising from past events associated with our sites. Dilapidations provisions reflect the expected cost of reinstating leased properties to the condition required under lease agreements at the end of the lease term. Restoration provisions reflect the expected cost of reinstating quarry and mineral sites in accordance with planning consents and other statutory requirements. Both sets of provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date, based on internal and external professional assessments, and are discounted using UK Government bond rates with similar maturities. The timing and amount of outflows depend on the lease expiry profile and quarry restoration plans and are subject to uncertainty, principally relating to the scope of works, future contractor pricing, inflation and any changes in regulatory requirements; actual outcomes may differ from estimates. As part of the acquisition of Marley, there was an obligation to pay the vendors of Viridian Solar Limited deferred consideration which was contingent on the achievement of certain performance targets in the period post-acquisition. As at 31 December 2024 the Group included \u00a36.6 million as contingent consideration. The relevant targets were met and \u00a36.6 million was paid in cash to the vendors during 2025. A charge of \u00a3nil (2024: \u00a31.6 million) has been included in adjusting items (Note 4). 27 Contingent liabilities National Westminster Bank plc has issued, on behalf of Marshalls plc, the following irrevocable letters of credit relating to the Group\u2019s cap on self-insurance for employer\u2019s liability and vehicle insurance:
Beneficiary
Amount
Period
Purpose
HDI Global SE \u2013 UK
\u00a30.5 million
14 Dec 2020 to 30 Oct 2026
Employer\u2019s liability
AIOI Nissay Dowa Insurance UK Limited
\u00a30.6 million
22 Dec 2020 to 30 Oct 2026
Vehicle insurance
M S Amlin Limited
\u00a30.8 million
10 Feb 2020 to 9 Feb 2027
Employer\u2019s liability
Marshalls plc has provided a statutory Parent Company guarantee to those subsidiaries listed below in order that they are exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of Section 479A of the Act.
Registered
number
Marshalls Building Products Limited
00113882
Marshalls Properties Limited
04349470
Marshalls EBT Limited
05472428
CPM Group Limited
01005164
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-628": { "value": "23 Deferred taxation Recognised deferred taxation assets and liabilities
Assets
Liabilities
2025
2024
2025
2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Property, plant and equipment
\u2014
\u2014
(20.1)
(21.6)
Intangible assets
\u2014
\u2014
(50.5)
(53.3)
Inventories
\u2014
\u2014
(0.5)
(0.3)
Employee benefits
\u2014
\u2014
(6.2)
(6.0)
Equity settled share-based
payments
0.2
0.8
\u2014
\u2014
Other items
0.5
1.3
(1.8)
(2.5)
Tax assets/(liabilities)
0.7
2.1
(79.1)
(83.7)
The deferred taxation liability at 31 December 2025 has been calculated at 25.0% based on the rate at which the deferred tax is expected to unwind in the future using rates enacted at the Balance Sheet date. The deferred taxation liability of \u00a36.2 million (2024: \u00a36.0 million) in relation to employee benefits is in respect of the net surplus for the defined benefit obligations of \u00a324.9 million (2024: \u00a324.1 million) (Note 21) calculated at 25.0% (2024: 25.0%). Deferred taxation liabilities represent sums that might become payable as tax in future years as a result of transactions that have occurred in the current year. The explanation as to why such liabilities may arise is included in the notes to the tax reconciliation (Note 7). The deferred tax liabilities disclosed in the year ended 31 December 2025 include the deferred tax relating to the Group\u2019s pension scheme assets. Deferred tax assets on capital losses and overseas trading losses have not been recognised due to uncertainty around the future use of the losses. Movement in temporary differences Year ended 31 December 2025
Recognised
Recognised
in other
in Statement
1 January
Recognised
Prior year
comprehensive
of Changes
31 December
2025
in income
adjustment
income
in Equity 2025
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Property, plant and equipment
(21.6)
1.4
0.1
\u2014
\u2014
(20.1)
Intangible assets
(53.3)
2.8
\u2014
\u2014
\u2014
(50.5)
Inventories
(0.3)
\u2014
(0.2)
\u2014
\u2014
(0.5)
Employee benefits
(6.0)
(0.1)
\u2014
(0.1)
\u2014
(6.2)
Equity settled share-based
payments
0.8
(0.6)
\u2014
\u2014
\u2014
0.2
Other items
(1.2)
\u2014
(0.2)
0.2
(0.1)
(1.3)
(81.6)
3.5
(0.3)
0.1
(0.1)
(78.4)
Year ended 31 December 2024
Recognised
Recognised
in other
in Statement
1 January
Recognised
Prior year
comprehensive
of Changes
31 December
2024
in income
adjustment
income
in Equity 2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Property, plant and equipment
(23.3)
0.6
1.1
\u2014
\u2014
(21.6)
Intangible assets
(56.1)
2.8
\u2014
\u2014
\u2014
(53.3)
Inventories
(0.5)
0.2
\u2014
\u2014
\u2014
(0.3)
Employee benefits
(2.7)
0.1
\u2014
(3.4)
\u2014
(6.0)
Equity settled share-based
payments
0.5
0.3
\u2014
\u2014
\u2014
0.8
Other items
(2.0)
\u2014
0.2
0.2
0.4
(1.2)
(84.1)
4.0
1.3
(3.2)
0.4
(81.6)
The deferred tax balances on short-term timing differences are expected to reverse within one to three years. Based on the current investment programme of the Group and assuming that current rates of capital allowances on fixed asset expenditure continue into the future, there is little prospect of any significant part of the deferred taxation liability of the Company becoming payable over the next three years. It is not realistic to make any projection after a three-year period.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-610": { "value": "23 Deferred taxation Recognised deferred taxation assets and liabilities
Assets
Liabilities
2025
2024
2025
2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Property, plant and equipment
\u2014
\u2014
(20.1)
(21.6)
Intangible assets
\u2014
\u2014
(50.5)
(53.3)
Inventories
\u2014
\u2014
(0.5)
(0.3)
Employee benefits
\u2014
\u2014
(6.2)
(6.0)
Equity settled share-based
payments
0.2
0.8
\u2014
\u2014
Other items
0.5
1.3
(1.8)
(2.5)
Tax assets/(liabilities)
0.7
2.1
(79.1)
(83.7)
The deferred taxation liability at 31 December 2025 has been calculated at 25.0% based on the rate at which the deferred tax is expected to unwind in the future using rates enacted at the Balance Sheet date. The deferred taxation liability of \u00a36.2 million (2024: \u00a36.0 million) in relation to employee benefits is in respect of the net surplus for the defined benefit obligations of \u00a324.9 million (2024: \u00a324.1 million) (Note 21) calculated at 25.0% (2024: 25.0%). Deferred taxation liabilities represent sums that might become payable as tax in future years as a result of transactions that have occurred in the current year. The explanation as to why such liabilities may arise is included in the notes to the tax reconciliation (Note 7). The deferred tax liabilities disclosed in the year ended 31 December 2025 include the deferred tax relating to the Group\u2019s pension scheme assets. Deferred tax assets on capital losses and overseas trading losses have not been recognised due to uncertainty around the future use of the losses. Movement in temporary differences Year ended 31 December 2025
Recognised
Recognised
in other
in Statement
1 January
Recognised
Prior year
comprehensive
of Changes
31 December
2025
in income
adjustment
income
in Equity 2025
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Property, plant and equipment
(21.6)
1.4
0.1
\u2014
\u2014
(20.1)
Intangible assets
(53.3)
2.8
\u2014
\u2014
\u2014
(50.5)
Inventories
(0.3)
\u2014
(0.2)
\u2014
\u2014
(0.5)
Employee benefits
(6.0)
(0.1)
\u2014
(0.1)
\u2014
(6.2)
Equity settled share-based
payments
0.8
(0.6)
\u2014
\u2014
\u2014
0.2
Other items
(1.2)
\u2014
(0.2)
0.2
(0.1)
(1.3)
(81.6)
3.5
(0.3)
0.1
(0.1)
(78.4)
Year ended 31 December 2024
Recognised
Recognised
in other
in Statement
1 January
Recognised
Prior year
comprehensive
of Changes
31 December
2024
in income
adjustment
income
in Equity 2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Property, plant and equipment
(23.3)
0.6
1.1
\u2014
\u2014
(21.6)
Intangible assets
(56.1)
2.8
\u2014
\u2014
\u2014
(53.3)
Inventories
(0.5)
0.2
\u2014
\u2014
\u2014
(0.3)
Employee benefits
(2.7)
0.1
\u2014
(3.4)
\u2014
(6.0)
Equity settled share-based
payments
0.5
0.3
\u2014
\u2014
\u2014
0.8
Other items
(2.0)
\u2014
0.2
0.2
0.4
(1.2)
(84.1)
4.0
1.3
(3.2)
0.4
(81.6)
The deferred tax balances on short-term timing differences are expected to reverse within one to three years. Based on the current investment programme of the Group and assuming that current rates of capital allowances on fixed asset expenditure continue into the future, there is little prospect of any significant part of the deferred taxation liability of the Company becoming payable over the next three years. It is not realistic to make any projection after a three-year period.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-576": { "value": "24 Called-up share capital The authorised, issued and fully paid up Ordinary Share capital was as follows:
Authorised
Issued and paid up
Value
Value
Ordinary Shares (25 pence nominal)
Number
\u00a3\u2019m
Number
\u00a3\u2019m
At 1 January and
31 December 2025
300,000,000
75.0
252,968,728
63.2
Share premium account and merger reserve
Share premium account
Merger reserve
2025
2024
2025
2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 1 January and 31 December
200.0
200.0
141.6
141.6
Merger reserve The merger reserve relates to the issue of new Ordinary Shares as consideration for the acquisition of Marley Group Limited in 2022. An amount of \u00a3141.6 million was credited to the merger reserve in relation to the issue of these shares and reflects the fair value of the shares at the date of acquisition. Own shares reserve Transactions of the Group-sponsored Employee Benefit Trust are included in the Group Financial Statements. The Trust\u2019s purchases of shares in the Company are debited directly to equity and disclosed separately in the Balance Sheet as \u201cown shares\u201d. Further details are included on pages 113 and 114. Capital redemption reserve The capital redemption reserve records the nominal value of shares repurchased by the Company. Consolidation reserve On 8 July 2004 Marshalls plc was introduced as the new holding company of the Group by way of a court- approved Scheme of Arrangement under Section 425 of the Companies Act 1985. The restructuring was accounted for as a capital reorganisation and accounting principles were applied as if the Company had always been the holding company of the Group. The difference between the aggregate nominal value of the new shares issued by the Company and the called-up share capital, capital redemption reserve and share premium account of Marshalls Group plc (the previous holding company) was transferred to a consolidation reserve. Hedging reserve This represents the gains and losses arising on derivatives used for cash flow hedging, principally from the Group\u2019s interest rate swaps, energy price contracts and forward exchange contracts. Dividends After the Balance Sheet date, the following dividends were proposed by the Directors. The dividends have not been provided for and there were no income tax consequences.
2025
2024
\u00a3\u2019m
\u00a3\u2019m
4.5 pence final dividend (2024: 5.4 pence) per Ordinary Share
11.4
13.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-611": { "value": "
The authorised, issued and fully paid up Ordinary Share capital was as follows:
Authorised
Issued and paid up
Value
Value
Ordinary Shares (25 pence nominal)
Number
\u00a3\u2019m
Number
\u00a3\u2019m
At 1 January and
31 December 2025
300,000,000
75.0
252,968,728
63.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-612": { "value": "
Share premium account and merger reserve
Share premium account
Merger reserve
2025
2024
2025
2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 1 January and 31 December
200.0
200.0
141.6
141.6
Merger reserve
The merger reserve relates to the issue of new Ordinary Shares as consideration for the acquisition of
Marley Group Limited in 2022. An amount of \u00a3141.6 million was credited to the merger reserve in relation
to the issue of these shares and reflects the fair value of the shares at the date of acquisition.
Own shares reserve
Transactions of the Group-sponsored Employee Benefit Trust are included in the Group Financial
Statements. The Trust\u2019s purchases of shares in the Company are debited directly to equity and disclosed
separately in the Balance Sheet as \u201cown shares\u201d. Further details are included on pages 113 and 114.
Capital redemption reserve
The capital redemption reserve records the nominal value of shares repurchased by the Company.
Consolidation reserve
On 8 July 2004 Marshalls plc was introduced as the new holding company of the Group by way of a court-
approved Scheme of Arrangement under Section 425 of the Companies Act 1985. The restructuring was
accounted for as a capital reorganisation and accounting principles were applied as if the Company had
always been the holding company of the Group. The difference between the aggregate nominal value of
the new shares issued by the Company and the called-up share capital, capital redemption reserve and
share premium account of Marshalls Group plc (the previous holding company) was transferred to a
consolidation reserve.
Hedging reserve
This represents the gains and losses arising on derivatives used for cash flow hedging, principally from the
Group\u2019s interest rate swaps, energy price contracts and forward exchange contracts.
Dividends
After the Balance Sheet date, the following dividends were proposed by the Directors. The dividends have
not been provided for and there were no income tax consequences.
2025
2024
\u00a3\u2019m
\u00a3\u2019m
4.5 pence final dividend (2024: 5.4 pence) per Ordinary Share
11.4
13.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-613": { "value": "25 Analysis of net debt
1 January
Movement
Other
31 December
2025
Cash flow
in leases
changes*
2025
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Cash at bank and in hand
18.9
(13.8)
\u2014
(0.2)
4.9
Debt due after 1 year
(152.8)
10.0
\u2014
\u2014
(142.8)
Lease liabilities
(35.4)
6.9
(10.6)
\u2014
(39.1)
(169.3)
3.1
(10.6)
(0.2)
(177.0)
* Other changes include foreign currency movements on cash and loan balances. Movement in the net debt is shown net of bank arrangement fees. The amounts above exclude an impact of derivative instruments. Reconciliation of net cash flow to movement in net debt
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Net decrease in cash equivalents
(13.8)
(15.7)
Cash outflow from decrease in bank borrowings
10.0
55.0
Cash outflow from principal lease repayments
6.9
5.3
New leases entered into
(10.6)
(20.4)
Lease liability derecognised (Note 19)
\u2014
24.4
Effect of exchange rate fluctuations
(0.2)
(0.3)
Movement in net debt in the year
(7.7)
48.3
Net debt at 1 January
(169.3)
(217.6)
Net debt at 31 December
(177.0)
(169.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-577": { "value": "
26 Changes in liabilities arising from financing activities
The table below details changes in the Group\u2019s liabilities arising from financing activities, including both cash
and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or
future cash flows will be, classified in the Group\u2019s Consolidated Cash Flow Statement as cash flows from
financing activities.
Non-cash changes
Derecognition
1 January
Financing
of liabilities
Other
31 December
2025
cash flows\u200a*
(Note 19)
changes\u200a**
2025
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Interest-bearing loans and
borrowings (Note 18)
(152.8)
10.0
\u2014
\u2014
(142.8)
Lease liabilities (Note 19)
(35.4)
6.9
\u2014
(10.6)
(39.1)
Total liabilities from
financing activities
(188.2)
16.9
\u2014
(10.6)
(181.9)
Non-cash changes
Derecognition
1 January
Financing
of liabilities
Other
31 December
2024
cash flows\u200a*
(Note 19)
changes\u200a**
2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Interest-bearing loans and
borrowings (Note 18)
(207.4)
55.0
\u2014
(0.4)
(152.8)
Lease liabilities (Note 19)
(44.7)
5.3
24.4
(20.4)
(35.4)
Total liabilities from
financing activities
(252.1)
60.3
24.4
(20.8)
(188.2)
* The cash flows from bank loans, overdrafts and other borrowings make up the net amount of proceeds from borrowings
and repayments of borrowings in the Consolidated Cash Flow Statement.
** New leases and foreign currency movements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-578": { "value": "
27 Contingent liabilities
National Westminster Bank plc has issued, on behalf of Marshalls plc, the following irrevocable letters of
credit relating to the Group\u2019s cap on self-insurance for employer\u2019s liability and vehicle insurance:
Beneficiary
Amount
Period
Purpose
HDI Global SE \u2013 UK
\u00a30.5 million
14 Dec 2020 to 30 Oct 2026
Employer\u2019s liability
AIOI Nissay Dowa Insurance UK Limited
\u00a30.6 million
22 Dec 2020 to 30 Oct 2026
Vehicle insurance
M S Amlin Limited
\u00a30.8 million
10 Feb 2020 to 9 Feb 2027
Employer\u2019s liability
Marshalls plc has provided a statutory Parent Company guarantee to those subsidiaries listed below in order
that they are exempt from the requirements of the Companies Act 2006 relating to the audit of individual
accounts by virtue of Section 479A of the Act.
Registered
number
Marshalls Building Products Limited
00113882
Marshalls Properties Limited
04349470
Marshalls EBT Limited
05472428
CPM Group Limited
01005164
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-630": { "value": "27 Contingent liabilities National Westminster Bank plc has issued, on behalf of Marshalls plc, the following irrevocable letters of credit relating to the Group\u2019s cap on self-insurance for employer\u2019s liability and vehicle insurance:
Beneficiary
Amount
Period
Purpose
HDI Global SE \u2013 UK
\u00a30.5 million
14 Dec 2020 to 30 Oct 2026
Employer\u2019s liability
AIOI Nissay Dowa Insurance UK Limited
\u00a30.6 million
22 Dec 2020 to 30 Oct 2026
Vehicle insurance
M S Amlin Limited
\u00a30.8 million
10 Feb 2020 to 9 Feb 2027
Employer\u2019s liability
Marshalls plc has provided a statutory Parent Company guarantee to those subsidiaries listed below in order that they are exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of Section 479A of the Act.
Registered
number
Marshalls Building Products Limited
00113882
Marshalls Properties Limited
04349470
Marshalls EBT Limited
05472428
CPM Group Limited
01005164
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-614": { "value": "28 Related parties Identity of related parties The Group has a related party relationship with its Directors. Transactions with key management personnel Other than the Directors, there are no senior managers in the Group who are relevant for establishing that Marshalls plc has the appropriate expertise and experience for the management of its business. The Directors of the Company as at 31 December 2025 and their immediate relatives control 0.1186% (2024: 0.1096%) of the voting shares of the Company. In addition to their salaries and pension allowances, the Group also provides non-cash benefits to Directors. Further details in relation to Directors are disclosed in the Remuneration Committee Report on pages 96 to 103.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-579": { "value": "28 Related parties Identity of related parties The Group has a related party relationship with its Directors. Transactions with key management personnel Other than the Directors, there are no senior managers in the Group who are relevant for establishing that Marshalls plc has the appropriate expertise and experience for the management of its business. The Directors of the Company as at 31 December 2025 and their immediate relatives control 0.1186% (2024: 0.1096%) of the voting shares of the Company. In addition to their salaries and pension allowances, the Group also provides non-cash benefits to Directors. Further details in relation to Directors are disclosed in the Remuneration Committee Report on pages 96 to 103.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-629": { "value": "
Transactions with key management personnel
Other than the Directors, there are no senior managers in the Group who are relevant for establishing that
Marshalls plc has the appropriate expertise and experience for the management of its business.
The Directors of the Company as at 31 December 2025 and their immediate relatives control 0.1186%
(2024: 0.1096%) of the voting shares of the Company.
In addition to their salaries and pension allowances, the Group also provides non-cash benefits to Directors.
Further details in relation to Directors are disclosed in the Remuneration Committee Report on pages 96 to 103.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-580": { "value": "
29 Alternative performance measures
The APMs set out by the Group are made up of earnings-based measures and ratio measures with
a selection of these measures being stated after adjusting items.
APM
Definition and/or purpose
Adjusted operating profit, adjusted The Directors assess the performance of the Group using these
profit before tax, adjusted profit after
tax, adjusted earnings per share,
adjusted EBITA, adjusted EBITDA and
adjusted operating cash flow
measures including when considering dividend payments.
Adjusted return on capital employed
Adjusted return on capital employed is calculated as adjusted
EBITA (on an annualised basis) divided by shareholders\u2019 funds plus
net debt at the period end. It is designed to give further information
about the returns being generated by the Group as a proportion
of capital employed.
Adjusted operating cash flow Operating cash flow conversion is calculated by dividing adjusted
conversion operating cash flow by adjusted EBITDA (both on an annualised
basis). Adjusted operating cash flow is calculated by adding back
adjusting items paid, net financial expenses paid and taxation paid.
It illustrates the rate of conversion of profitability into cash flow.
Pre-IFRS 16 measures
The Group\u2019s banking covenants are assessed on a pre-IFRS 16 basis. In order to provide transparency and
clarity regarding the Group\u2019s compliance with banking covenants, the following performance measures and
their calculations have been presented:
APM
Definition and purpose
Pre-IFRS 16 adjusted EBITDA
Pre-IFRS 16 adjusted EBITDA is adjusted EBITDA excluding
right-of-use asset depreciation and profit or loss on the sale of
property, plant and equipment.
Pre-IFRS 16 net debt
Pre-IFRS 16 net debt comprises cash at bank and in hand and bank
loans but excludes lease liabilities. It shows the overall net
indebtedness of the Group on a pre-IFRS 16 basis.
Pre-IFRS 16 net debt leverage
This is calculated by dividing pre-IFRS 16 net debt by adjusted
pre-IFRS 16 EBITDA (on an annualised basis) to provide a measure
of leverage.
Other definitions
APM
Definition and purpose
EBITDA
EBITDA is earnings before interest, taxation, depreciation and
amortisation and provides users with further information about the
profitability of the business before financing costs, taxation and
non-cash charges.
EBITA
EBITA is earnings before interest, taxation and amortisation and
provides users with further information about the profitability of the
business before financing costs, taxation and amortisation.
Reconciliations of IFRS reported Income Statement measures to Income Statement APMs are set out in the
following three tables. A reconciliation of operating profit to pre-IFRS 16 adjusted EBITDA is set out below:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Operating profit
32.0
53.9
Adjusting items (Note 4)
24.4
12.8
Adjusted operating profit
56.4
66.7
Amortisation (excluding amortisation of intangible assets arising
on acquisitions)
2.0
1.7
Adjusted EBITA
58.4
68.4
Depreciation
26.6
29.4
Adjusted EBITDA
85.0
97.8
Loss/(profit) on sale of property, plant and equipment
0.1
(0.2)
Right-of-use asset principal payments
(6.9)
(5.3)
Pre-IFRS 16 adjusted EBITDA
78.2
92.3
Disclosures required under IFRS are referred to as on a reported basis. Disclosures referred to after adding
back adjusting items are restated and are used to provide additional information and a more detailed
understanding of the Group\u2019s results. Certain measures are reported on an annualised basis to show
the preceding twelve-month period where seasonality can impact on the measure.
Pre-IFRS 16 net debt and pre-IFRS 16 net debt leverage
Net debt comprises cash at bank and in hand, bank loans and leasing liabilities. An analysis of net debt is
provided in Note 25. Net debt on a pre-IFRS 16 basis has been disclosed to provide additional information
and to align with reporting required for the Group\u2019s banking covenants. Pre-IFRS 16 net debt leverage is
defined as pre-IFRS 16 net debt divided by adjusted pre-IFRS 16 EBITDA. Net debt as reported in Note 25
is reconciled to pre-IFRS 16 net debt and pre-IFRS 16 net debt leverage below:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Net debt
177.0
169.3
IFRS 16 leases
(39.1)
(35.4)
Net debt on a pre-IFRS 16 basis
137.9
133.9
Adjusted pre-IFRS 16 EBITDA
78.2
92.3
Pre-IFRS 16 net debt leverage
1.8
1.5
Return on capital employed (ROCE)
ROCE is defined as adjusted EBITA divided by shareholders\u2019 funds plus net debt.
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Adjusted EBITA
58.4
68.4
Shareholders\u2019 funds
655.7
661.3
Net debt
177.0
169.3
Capital employed
832.7
830.6
ROCE
7.0%
8.2%
Adjusted operating cash flow conversion
Adjusted operating cash flow conversion is the ratio of adjusted operating cash flow to adjusted EBITDA
(on an annualised basis) and is calculated as set out below:
2025
2024
\u00a3\u2019m
\u00a3\u2019m
Net cash flow from operating activities
38.9
76.8
Adjusting items paid
10.9
6.4
Net financial expenses paid
16.1
11.7
Taxation paid
9.0
8.8
Adjusted operating cash flow
74.9
103.7
Adjusted EBITDA
85.0
97.8
Operating cash flow conversion
88%
106%
", "dimensions": { "concept": "marshallsplc:DisclosureOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800S21IFC367J5V62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }