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"fact-326": { "value": "-151200000.0", "decimals": -5, "dimensions": { "concept": "qinetiqgroupplc:NetDebtAsDefinedByGroupAtTheEndOfTheYear", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-327": { "value": "335000000.0", "decimals": -5, "dimensions": { "concept": "qinetiqgroupplc:LessBorrowings", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-328": { "value": "336300000.0", "decimals": -5, "dimensions": { "concept": "qinetiqgroupplc:LessBorrowings", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-329": { "value": "88800000.0", "decimals": -5, "dimensions": { "concept": "qinetiqgroupplc:LessTotalNetDerivativeFinancialInstrumentsCapitalisedBorrowingCostsAndLeaseLiabilities", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-330": { "value": "45900000.0", "decimals": -5, "dimensions": { "concept": "qinetiqgroupplc:LessTotalNetDerivativeFinancialInstrumentsCapitalisedBorrowingCostsAndLeaseLiabilities", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-331": { "value": "290600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-332": { "value": "231000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-382": { "value": "1. Significant changes in the current reporting period The financial position and performance of the Group was particularly affected by the following events and transactions during the reporting period: 1) A \u00a3151.6m decrease in Goodwill predominantly due to an impairment charge against the US Sector CGU (note 13) 2) A \u00a374.9m reduction in equity due to the ongoing purchase to acquire own shares as part of the share buy back programme 3) The sale and leaseback transaction of Cody Technology park which generated net proceeds of \u00a3108.5m, created new lease liabilities of \u00a339.1m and had a net impact on the net book value of property, plant and equipment of \u00a385.1m 4) A \u00a359.7m increase in the balance of cash and cash equivalents following strong operating cash performance and the sale and leaseback transaction, offset by capex, tax, dividends and share buy back. For a detailed discussion of the Group\u2019s performance and financial position refer to the Strategic Report on pages 1 to 73. \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective from 1 January 2025. Recent accounting developments Developments adopted by the Group for the year ended 31 March 2025 with no material impact on the Group\u2019s financial statements The following standards, interpretations and amendments to existing standards became effective on 1 January 2024 and have not had a material impact on the Group: \u2022 Amendments to IAS 1 Presentation of Financial Statements \u2013 Non-current Liabilities with Covenants and Deferral of Effective Date of the Amendment Classification of Liabilities as Current, effective from 1 January 2024; \u2022 Amendments to IFRS 16 Lessee Lease \u2013 Liability in a Sale and Leaseback, effective from 1 January 2024; and \u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements, effective from 1 January 2024 Developments expected in future periods of which are not expected to have a material impact on the Group\u2019s financial statements The following other standards, interpretations and amendments to existing standards have been issued but were not mandatory for accounting periods beginning on 1 April 2024. These either have been, or are expected to be endorsed by the UK Endorsement Board and are not expected to have a material impact on the Group: ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-383": { "value": "
2. Revenue from contracts with customers and other income
Revenue and other income is analysed as follows:
Revenue by category
For the year ended 31 March
* Alternative performance measures are used to supplement the statutory figures. These are additional financial indicators used by management internally to assess the
underlying performance of the Group. Definitions can be found on page 202.
Other income
Revenue and profit after tax of associates and joint ventures was \u00a35.9m and \u00a30.3m respectively (FY24: revenue of \u00a35.9m and profit after
tax of \u00a31.0m). The figures in the table above represent the Group share of this profit after tax.
Other income is in respect of property rentals and the recovery of other related property costs.
Revenue by customer geographic location
All figures in \u00a3 million
FY25
FY24
Services contracts with customers
1,810.9
1,811.2
Sale of goods contracts with customers
110.6
95.7
Royalties and licences
10.1
5.2
Total revenue
1,931.6
1,912.1
Adjust to constant prior year exchange rates
10.9
-
Total revenue on an organic, constant currency basis
*
1,942.5
1,912.1
Organic revenue growth at constant currency
*
2%
14%
All figures in \u00a3 million
FY25
FY24
Share of joint ventures\u2019 profit after tax
0.3
0.8
Research and development expenditure credits (RDEC)
30.0
27.2
Other income
8.9
12.1
Underlying other income
39.2
40.1
Specific adjusting item: gain on sale of property (note 4)
-
2.1
Total other income
39.2
42.2
All figures in \u00a3 million
FY25
FY24
United Kingdom (UK)
1,311.0
1,265.8
United States of America (US)
348.4
401.9
Australia
147.9
130.6
Home countries
1,807.3
1,798.3
Europe
64.7
52.8
Rest of world
59.6
61.0
Total revenue
1,931.6
1,912.1
Home countries revenue %
94%
94%
International (non-UK) revenue %
32%
34%
Revenue by major customer type \u2018Other\u2019 does not contain any customers with revenue in excess of 10% of total Group revenue. The following table shows the aggregate amount of revenue allocated to performance obligations that are unsatisfied (or partially satisfied) as at the end of the reporting period: Management expects that 49% (\u00a31,393.3m) of revenue allocated to un-satisfied contracts as of 31 March 2025 will be recognised as revenue during the next reporting period. The following table shows the aggregate amount of revenue allocated to performance obligations that were unsatisfied (or partially satisfied) as at the end of the prior reporting period: Revenue of \u00a3212.6m was recognised during the year that was previously unrecognised as at the previous year end and reported as a contract liability.
All figures in \u00a3 million
FY25
FY24
UK government
1,205.3
1,184.9
US government
338.1
389.3
Other
388.2
337.9
Total revenue
1,931.6
1,912.1
All figures in \u00a3 million
FY26
FY27
FY28
FY29+
Total
Total forecast revenue allocated to unsatisfied performance obligations 1,393.3 645.8 453.0 353.0 2,845.1
All figures in \u00a3 million
FY25
FY26
FY27
FY28+
Total
Total forecast revenue allocated to unsatisfied performance obligations
1,304.6
621.0
401.9
545.5
2,873.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-438": { "value": "2. Revenue from contracts with customers and other income Revenue and other income is analysed as follows: Revenue by category For the year ended 31 March * Alternative performance measures are used to supplement the statutory figures. These are additional financial indicators used by management internally to assess the underlying performance of the Group. Definitions can be found on page 202. Other income Revenue and profit after tax of associates and joint ventures was \u00a35.9m and \u00a30.3m respectively (FY24: revenue of \u00a35.9m and profit after tax of \u00a31.0m). The figures in the table above represent the Group share of this profit after tax. Other income is in respect of property rentals and the recovery of other related property costs. Revenue by customer geographic location
All figures in \u00a3 million
FY25
FY24
Services contracts with customers
1,810.9
1,811.2
Sale of goods contracts with customers
110.6
95.7
Royalties and licences
10.1
5.2
Total revenue
1,931.6
1,912.1
Adjust to constant prior year exchange rates
10.9
-
Total revenue on an organic, constant currency basis
*
1,942.5
1,912.1
Organic revenue growth at constant currency
*
2%
14%
All figures in \u00a3 million
FY25
FY24
Share of joint ventures\u2019 profit after tax
0.3
0.8
Research and development expenditure credits (RDEC)
30.0
27.2
Other income
8.9
12.1
Underlying other income
39.2
40.1
Specific adjusting item: gain on sale of property (note 4)
-
2.1
Total other income
39.2
42.2
All figures in \u00a3 million
FY25
FY24
United Kingdom (UK)
1,311.0
1,265.8
United States of America (US)
348.4
401.9
Australia
147.9
130.6
Home countries
1,807.3
1,798.3
Europe
64.7
52.8
Rest of world
59.6
61.0
Total revenue
1,931.6
1,912.1
Home countries revenue %
94%
94%
International (non-UK) revenue %
32%
34%
Revenue by major customer type \u2018Other\u2019 does not contain any customers with revenue in excess of 10% of total Group revenue. The following table shows the aggregate amount of revenue allocated to performance obligations that are unsatisfied (or partially satisfied) as at the end of the reporting period: Management expects that 49% (\u00a31,393.3m) of revenue allocated to un-satisfied contracts as of 31 March 2025 will be recognised as revenue during the next reporting period. The following table shows the aggregate amount of revenue allocated to performance obligations that were unsatisfied (or partially satisfied) as at the end of the prior reporting period: Revenue of \u00a3212.6m was recognised during the year that was previously unrecognised as at the previous year end and reported as a contract liability.
All figures in \u00a3 million
FY25
FY24
UK government
1,205.3
1,184.9
US government
338.1
389.3
Other
388.2
337.9
Total revenue
1,931.6
1,912.1
All figures in \u00a3 million
FY26
FY27
FY28
FY29+
Total
Total forecast revenue allocated to unsatisfied performance obligations 1,393.3 645.8 453.0 353.0 2,845.1
All figures in \u00a3 million
FY25
FY26
FY27
FY28+
Total
Total forecast revenue allocated to unsatisfied performance obligations
1,304.6
621.0
401.9
545.5
2,873.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-480": { "value": "Revenue by customer geographic location
All figures in \u00a3 million
FY25
FY24
United Kingdom (UK)
1,311.0
1,265.8
United States of America (US)
348.4
401.9
Australia
147.9
130.6
Home countries
1,807.3
1,798.3
Europe
64.7
52.8
Rest of world
59.6
61.0
Total revenue
1,931.6
1,912.1
Home countries revenue %
94%
94%
International (non-UK) revenue %
32%
34%
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-481": { "value": "Revenue by major customer type \u2018Other\u2019 does not contain any customers with revenue in excess of 10% of total Group revenue. The following table shows the aggregate amount of revenue allocated to performance obligations that are unsatisfied (or partially satisfied) as at the end of the reporting period: Management expects that 49% (\u00a31,393.3m) of revenue allocated to un-satisfied contracts as of 31 March 2025 will be recognised as revenue during the next reporting period. The following table shows the aggregate amount of revenue allocated to performance obligations that were unsatisfied (or partially satisfied) as at the end of the prior reporting period: Revenue of \u00a3212.6m was recognised during the year that was previously unrecognised as at the previous year end and reported as a contract liability.
All figures in \u00a3 million
FY25
FY24
UK government
1,205.3
1,184.9
US government
338.1
389.3
Other
388.2
337.9
Total revenue
1,931.6
1,912.1
All figures in \u00a3 million
FY26
FY27
FY28
FY29+
Total
Total forecast revenue allocated to unsatisfied performance obligations 1,393.3 645.8 453.0 353.0 2,845.1
All figures in \u00a3 million
FY25
FY26
FY27
FY28+
Total
Total forecast revenue allocated to unsatisfied performance obligations
1,304.6
621.0
401.9
545.5
2,873.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-384": { "value": "3. Segmental analysis The analysis by business segment is presented in accordance with IFRS 8 Operating Segments, on the basis of those reportable segments whose operating results are regularly reviewed by the Board (the Chief Operating Decision Maker as defined by IFRS 8) and are aligned with the Group\u2019s strategic direction, determined with reference to the products and services they provide, as follows: EMEA Services provides technical assurance, test and evaluation and training services, underpinned by long-term contracts. EMEA Services comprises the following business units which are not considered reportable segments as defined by IFRS 8: UK Defence, UK Intelligence and the Australia sector. Global Solutions combines all other business units not aggregated within EMEA Services, including the QinetiQ US Sector and Other Products (which includes QinetiQ Target Systems). Generally these business units (which are not considered reportable segments as defined by IFRS 8) deliver innovative solutions and products which includes contract-funded research and development and developing intellectual property in partnership with key customers and through internal funding with potential for new revenue streams. Operating segments 1 The measure of profit presented to the Chief Operating Decision Maker is Operating profit from segments, stated before specific adjusting items and research and development expenditure credits. The specific adjusting items are detailed in note 4. 2 Definitions of the Group\u2019s \u2018Alternative performance measures\u2019 can be found on page 202.
FY25
FY24
Revenue
Underlying
Revenue
Underlying
from external
operating
from external
operating
All figures in \u00a3 million
customers
profit
1,2
customers
profit
1,2
EMEA Services
1,477.7
169.0
1,417.4
163.4
Global Solutions
453.9
16.4
494.7
51.8
Revenue/Operating profit from segments
1,2
1,931.6
185.4
1,912.1
215.2
Research and development expenditure credits (RDEC)
30.0
27.2
Underlying operating profit
2
215.4
242.4
Operating profit
margin from segments
2
9.6%
11.3%
No measure of segmental assets and liabilities is reported as this information is not regularly provided to the Chief Operating Decision
Maker. Transactions between segments are included within the operating profit and revenue of each segment as appropriate.
Reconciliation of segmental results to total (loss)/profit
1 The measure of profit presented to the Chief Operating Decision Maker is Operating profit from segments, stated before specific adjusting items and research and
development expenditure credits. The specific adjusting items are detailed in note 4.
2 Definitions of the Group\u2019s \u2018Alternative performance measures\u2019 can be found on page 202.
Non-current assets* by geographic location
* Excluding deferred tax, financial instruments, equity accounted investments and net pension asset.
Depreciation and amortisation by business segment \u2013 excluding specific adjusting items
For the year ended 31 March 2025
For the year ended 31 March 2024
All figures in \u00a3 million
Note
FY25
FY24
Operating profit from segments
1,2
185.4
215.2
Research and development expenditure credits (RDEC)
30.0
27.2
UUnnddeerrllyyiinngg ooppeerraattiinngg pprrooffiit
2
215.4
242.4
Specific adjusting items operating loss
4
(305.9)
(49.9)
Operating (loss)/profit
(90.5
)
192.5
Net finance expense
7
(15.8)
(9.8)
(Loss)/profit before tax
(106.3
)
182.7
Taxation expense
9
(79.4
)
(43.1)
(Loss)/profit for the year
(185.7)
139.6
Rest of
All figures in \u00a3 million
UK
US
Australia
Germany
world
Total
As at year ended 31 March 2025
508.3
392.1
39.8
65.8
11.0
1,017.0
As at year ended 31 March 2024
576.1
572.8
46.5
46.3
13.3
1,255.0
EMEA
Global
All figures in \u00a3 million Services
Solutions
Total
Underlying depreciation and impairment of property, plant and equipment
63.1
7.5
70.6
Underlying amortisation and impairment of purchased or internally developed intangible assets
7.5
8.2
15.7
70.6
15.7
86.3
EMEA
Global
All figures in \u00a3 million
Services
Solutions
Total
Underlying depreciation and impairment of property, plant and equipment
50.8
7.3
58.1
Underlying amortisation and impairment of purchased or internally developed intangible assets
4.2
3.2
7.4
55.0
10.5
65.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-385": { "value": "4. Specific adjusting items In the income statement, the Group presents specific adjusting items separately. In the judgement of the Directors, for the reader to obtain a proper understanding of the financial information, specific adjusting items need to be disclosed separately because of their size and nature. Further explanation of this rationale is provided in note 35 (Accounting Policies). Underlying measures of performance exclude specific adjusting items. The following specific adjusting items have been (charged)/credited in the consolidated income statement: Reconciliation of underlying profit for the year to total (loss)/profit for the year The total impact of specific adjusting items (which are excluded from underlying performance due to their distorting nature) on operating profit was a \u00a3305.9m cost (FY24: cost of \u00a349.9m). Our US operations performed below expectations for orders, revenue, profit and cash flow in the year with some key contract losses. The goodwill impairment charge of \u00a3143.9m relates to the US Sector and is driven by a combination of an increase in the discount rate and a reduction in the forecast cash flows used to calculate the recoverable amount predominately in our legacy US operations. During the second half of the financial year the change in administration, together with the new US Sector CEO\u2019s perspective on the US business performance and outlook led to a material impact on the future projections of the business and an associated restructuring plan. These factors, together with the impact of the discount rate which increased significantly in H2, has a knock-on impact for future years\u2019 profitability and cash flow and hence an impairment. Restructuring costs and other impacts of \u00a364.5m includes approximately \u00a320m of costs relating to restructuring to create efficiency and competitiveness in our functions and sectors. The remaining \u00a345m relates to a number of one-off, largely non-cash charges and provisions primarily relating to inventory and cost recovery in our legacy US operations. These items are predominantly a consequence of the developments referred to above which happened in the second half of the financial year, including the restructuring of our US sector against the backdrop of challenging US market conditions. Acquisition, disposal and integration costs of \u00a314.9m (FY24: \u00a39.2m) primarily comprise residual costs associated with integrating the Avantus and Air Affairs acquisitions into their respective sectors and specific post-deal retention arrangements relating to Avantus employees. In FY25 the non-recurring cost of the discrete digital investment programme is \u00a320.8m (FY24: \u00a316.9m). We continue to roll out this project to modernise the IT infrastructure to support our future growth ambitions which will continue over the next two to three years. The non- recurring costs are reported as specific adjusting items in the P&L, with ongoing recurring operating costs (such as licence costs and overheads) remaining within underlying operating costs. The loss on sale of property of \u00a336.6m relates to the sale and leaseback of Cody Technology Park which was announced in September 2024. A gross cash receipt of \u00a3112m was received and a new 15 year lease was entered into. The sale and leaseback accounting under IFRS16, results in a one-off, non-cash, accounting loss, which is calculated based on the varying values of assets which were sold and those which are being leased back. Also included within specific adjusting items are net finance income from pensions of \u00a31.0m (FY24: \u00a35.6m), impairment of right of use lease assets in the US following space relocation of \u00a31.0m, and amortisation of acquisition intangibles of \u00a324.2m (FY24: \u00a325.2m). All figures in \u00a3 million NoteFY25FY24 Acquisition and disposal costs (10.7)(2.7) Acquisition integration costs (4.0)(5.3) Acquisition related remuneration costs (0.2)(1.2) One-off period of digital investment (20.8)(16.9) Restructuring costs and associated impacts (64.5) -- (Loss)/g ain on sale of property (36.6) 2.1 Specific adjusting items loss before interest, tax, depreciation and amortisation (136.8)(24.0) mpairment of property (1.0) (0.7) mpairment of goodwill 13 (143.9) - Amortisation of intangible assets arising from acquisitions (24.2) (25.2) Specific adjusting items operating loss (305.9) (49.9) Defined benefit pension scheme net finance income 27 1.0 5.6 Specific adjusting items loss before tax (304.9)(44.3) Tax impact of the above specific adjusting items 917.2 14.3 De-recognition of US deferred tax asset 9(45.0) - Total specific adjusting items loss after tax (332.7)(30.0)
All figures in \u00a3 million
FY25
FY24
Underlying profit after tax
147.0
169.6
Total specific adjusting items loss after tax
(332.7)
(30.0)
Total
(loss)/profit for the year
(185.7) 139.6
Specific adjusting items Specific adjusting items include the following: The financial impact of each item is reported in note 4 to these financial statements.
Distorting due to
Distorting due to
Does not reflect in-year
irregular nature
fluctuating nature
operational performance
Item
year on year
(size and sign)
of continuing business
Amortisation of intangible assets arising from acquisitions
P
Pension net finance income
P P
Gains/losses on disposal of businesses, property and investments
P P P
Transaction, integration and on-off remuneration costs in respect of business
acquisitions and disposals
P P
Impairment of property and goodwill
P
One-off period of digital investment
P
 P P
Costs and other impacts of group-wide restructuring programmes
P
P
The tax impact of the above
P P P
Other significant non-recurring tax and RDEC movements
P P P
These \u2018specific adjusting items\u2019 are of a \u2018non-operational\u2019 nature and do not include all significant, irregular items that are of an operational nature, for example contract risk provisions and gains/losses on disposal of plant and equipment. ", "dimensions": { "concept": "qinetiqgroupplc:DisclosureOfSpecificAdjustingItems", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-386": { "value": "5. Analysis of employee costs and numbers The largest component of operating expenses is employee costs. The year-end and average monthly number of persons employed by the Group, including Executive Directors, analysed by business segment, were: The aggregate payroll costs of these persons were as follows:
As at 31 March
Monthly average
2025
2024
FY25
FY24
Number
Number
Number
Number
EMEA Services
6,903
6,936
6,955
6,735
Global
Solutions
1,500
1,652
1,575
1,724
Total
employees
8,403
8,588
8,530
8,459
A
ll figures in \u00a3 million
Note
FY25
FY24
Wages and salaries
569.4
562.1
Social security costs
54.5
55.7
Other pension costs
73.4
65.0
Share-based payments costs
29
9.8
10.2
Total employee costs
707.1 693.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-387": { "value": "6. Key management personnel The Key management personnel of the Group during the year to 31 March 2025 comprise the Board of Directors and the QinetiQLeadership Team. Their remuneration and benefits are summarised below: Short-term employee remuneration and benefits include salary, bonus and benefits. Post-employment benefits relate to pension amounts. The highest paid director is the Group Chief Executive Officer, details of whose remuneration is provided on page 113 of the Directors\u2019 Remuneration Report. Payments to past Directors and payment for loss of office are set out on pages 117 and 122 of the Directors\u2019 Remuneration Report.
All figures in \u00a3 million
FY25
FY24
Short-term employee remuneration including benefits
6.9
9.1
Post-employment benefits
0.1
0.1
Share
-based payments costs
3.3
2.1
Total
10.3
11.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-388": { "value": "7. Finance income and expense
All figures in \u00a3 million
FY25
FY24
Bank interest receivable
6.6
5.3
Finance income before specific adjusting items
6.6 5.3
Amortisation of
deferred financing costs
(1.4) (1.2)
Bank interest and commitment fees
(17.8
)
(16.6)
Lease expense
 (4.2) (2.8)
Unwinding of discount on financial liabilities
-
(0.1)
Finance expense
(23.4)
(20.7)
Underlying net finance expense
(16.8)
(15.4)
Specific adjusting item: defined benefit pension scheme net finance income
1.0
5.6
Net finance expense
(15.8)
(9.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-439": { "value": "7. Finance income and expense
All figures in \u00a3 million
FY25
FY24
Bank interest receivable
6.6
5.3
Finance income before specific adjusting items
6.6 5.3
Amortisation of
deferred financing costs
(1.4) (1.2)
Bank interest and commitment fees
(17.8
)
(16.6)
Lease expense
 (4.2) (2.8)
Unwinding of discount on financial liabilities
-
(0.1)
Finance expense
(23.4)
(20.7)
Underlying net finance expense
(16.8)
(15.4)
Specific adjusting item: defined benefit pension scheme net finance income
1.0
5.6
Net finance expense
(15.8)
(9.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-482": { "value": "7. Finance income and expense
All figures in \u00a3 million
FY25
FY24
Bank interest receivable
6.6
5.3
Finance income before specific adjusting items
6.6 5.3
Amortisation of
deferred financing costs
(1.4) (1.2)
Bank interest and commitment fees
(17.8
)
(16.6)
Lease expense
 (4.2) (2.8)
Unwinding of discount on financial liabilities
-
(0.1)
Finance expense
(23.4)
(20.7)
Underlying net finance expense
(16.8)
(15.4)
Specific adjusting item: defined benefit pension scheme net finance income
1.0
5.6
Net finance expense
(15.8)
(9.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-501": { "value": "7. Finance income and expense
All figures in \u00a3 million
FY25
FY24
Bank interest receivable
6.6
5.3
Finance income before specific adjusting items
6.6 5.3
Amortisation of
deferred financing costs
(1.4) (1.2)
Bank interest and commitment fees
(17.8
)
(16.6)
Lease expense
 (4.2) (2.8)
Unwinding of discount on financial liabilities
-
(0.1)
Finance expense
(23.4)
(20.7)
Underlying net finance expense
(16.8)
(15.4)
Specific adjusting item: defined benefit pension scheme net finance income
1.0
5.6
Net finance expense
(15.8)
(9.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-511": { "value": "7. Finance income and expense
All figures in \u00a3 million
FY25
FY24
Bank interest receivable
6.6
5.3
Finance income before specific adjusting items
6.6 5.3
Amortisation of
deferred financing costs
(1.4) (1.2)
Bank interest and commitment fees
(17.8
)
(16.6)
Lease expense
 (4.2) (2.8)
Unwinding of discount on financial liabilities
-
(0.1)
Finance expense
(23.4)
(20.7)
Underlying net finance expense
(16.8)
(15.4)
Specific adjusting item: defined benefit pension scheme net finance income
1.0
5.6
Net finance expense
(15.8)
(9.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-516": { "value": "7. Finance income and expense
All figures in \u00a3 million
FY25
FY24
Bank interest receivable
6.6
5.3
Finance income before specific adjusting items
6.6 5.3
Amortisation of
deferred financing costs
(1.4) (1.2)
Bank interest and commitment fees
(17.8
)
(16.6)
Lease expense
 (4.2) (2.8)
Unwinding of discount on financial liabilities
-
(0.1)
Finance expense
(23.4)
(20.7)
Underlying net finance expense
(16.8)
(15.4)
Specific adjusting item: defined benefit pension scheme net finance income
1.0
5.6
Net finance expense
(15.8)
(9.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-389": { "value": "8. Profit/(loss) before tax The following auditors\u2019 remuneration has been charged in arriving at profit/(loss) before tax: The following items have also been charged in arriving at profit/(loss) before tax:
All figures in \u00a3 million
FY25
FY24
Cost of inventories expensed - underlying
53.8
59.4
Cost of inventories written down - specific adjusting item (restructuring costs and associated impacts)
18.5
-
Owned assets: depreciation
57.2
49.3
Leased assets: depreciation
10.9
8.8
Foreign exchange loss
0.4
0.6
Research and development expenditure \u2013 customer funded contracts
332.9
315.4
Research and development expenditure \u2013 Group funded
12.0
12.8
All figures in \u00a3 million
FY25
FY24
Fees payable to the auditors and its associates:
Audit of the Group\u2019s annual accounts
1.0
1.0
Audit of the accounts of subsidiaries of the Company 0.9 0.8
Total audit fees
1.9
1.8
Audit-related assurance services (Interim financial statements)
0.1
0.1
Other assurance services
0.1
0.1
Total non-audit fees
0.2
0.2
Total auditors\u2019 remuneration
2.1
2.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-512": { "value": "8. Profit/(loss) before tax The following auditors\u2019 remuneration has been charged in arriving at profit/(loss) before tax: The following items have also been charged in arriving at profit/(loss) before tax:
All figures in \u00a3 million
FY25
FY24
Cost of inventories expensed - underlying
53.8
59.4
Cost of inventories written down - specific adjusting item (restructuring costs and associated impacts)
18.5
-
Owned assets: depreciation
57.2
49.3
Leased assets: depreciation
10.9
8.8
Foreign exchange loss
0.4
0.6
Research and development expenditure \u2013 customer funded contracts
332.9
315.4
Research and development expenditure \u2013 Group funded
12.0
12.8
All figures in \u00a3 million
FY25
FY24
Fees payable to the auditors and its associates:
Audit of the Group\u2019s annual accounts
1.0
1.0
Audit of the accounts of subsidiaries of the Company 0.9 0.8
Total audit fees
1.9
1.8
Audit-related assurance services (Interim financial statements)
0.1
0.1
Other assurance services
0.1
0.1
Total non-audit fees
0.2
0.2
Total auditors\u2019 remuneration
2.1
2.0
14. Intangible assets For the year ended 31 March 2025 1 Includes Assets In Course Of Construction of closing net book value of \u00a331.7m as at 31 March 2025 (2024: \u00a322.6m). 2 Additions per the table above are different to the capital expenditure included in the cash flow statement due to the relative timing of cash payments compared to the recognition of balance sheet assets. 'Other acquired \u2019 consists primarily of intellectual property and existing technology arising on past acquisition of businesses. Significant individual assets from past acquisitions include: customer relationships associated with US Avantus, US C5ISR, Germany and QinetiQ Training & Simulation Limited (NBV: \u00a3157.7m; \u00a39.6m; \u00a316.2m; \u00a32.2m respectively) with remaining amortisation periods of approximately 14 years, 5 years, 8 years and 6 years respectively, and acquired technology associated with US Avantus, US C5ISR, Germany, and QinetiQ Training & Simulation Limited (\u00a31.1m; \u00a38.2m; \u00a32.8m; \u00a31.3m respectively) all with remaining amortisation periods of approximately 6 years. For the year ended 31 March 2024 * Additions per the table above are different to the capital expenditure included in the cash flow statement due to the relative timing of cash payments compared to the recognition of balance sheet assets.
Acquired intangibles
Other
Customer Other Development internally
A
ll figures in \u00a3 million
relationships acquired costs
generated
1
 Total
Cost
At 1 April 2024
303.8
92.6
51.1
80.4
527.9
Reclassifications from PPE
-
-
8.1
0.6
8.7
Reclassifications between categories
-
-
0.1
(0.1)
-
Additions \u2013 internally developed
2
-
-
2.5
9.0
11.5
Additions \u2013 purchased
2
-
-
1.2
0.4
1.6
Disposals
-
-
(0.7)
(14.3)
(15.0)
Foreign exchange
(5.9)
(1.7)
(0.4) (0.7) (8.7)
At 31 March 2025
297.9
90.9
61.9
75.3
526.0
Accumulated a
mortisation and impairment
At 1 April 2024
(79.6)
(65.6)
(24.1)
(36.8)
(206.1)
Amortisation charge for year
(18.6)
(5.6)
(6.2)
(5.5)
(35.9)
Disposals
-
-
0.6
10.2
10.8
Impairment
-
-
(4.0)
-
(4.0)
Foreign exchange
1.6
1.4
0.1
-
3.1
At 31 March 2025
(96.6)
(69.8)
(33.6)
(32.1)
(232.1)
Net book value at 31 March 2025
201.3
21.1
28.3
43.2
293.9
Acquired intangibles
Other
Customer Other Development internally
A
ll figures in \u00a3 million
relationships acquired costs
generated
Total
Cost
At
1 April 2023
308.5
96.0
37.3
82.5
524.3
Reclassifications from PPE
 - - 7.4 (0.2) 7.2
Reclassifications between categories
-
-
1.5
(1.5)
-
Additions \u2013 internally developed*
-
-
6.1
1.1
7.2
Additions \u2013 purchased*
-
-
0.8
3.3
4.1
Disposals
-
-
(2.0)
(4.1)
(6.1)
Foreign exchange
(4.7)
(3.4)
-
(0.7)
(8.8)
At 31 March
2024
303.8
92.6
51.1
80.4
527.9
Accumulated amortisation and impairment
At 1 April 2023
(59.4)
(63.1)
(22.3)
(36.5)
(181.3)
Amortisation charge for year
(19.0) (6.2) (3.5) (3.9) (32.6)
Reclassifications between categories
-
-
-
-
-
Disposals
-
-
1.7
3.5
5.2
Foreign exchange
(1.2)
3.7
-
0.1
2.6
At
31 March 2024
(79.6) (65.6) (24.1) (36.8) (206.1)
Net book value at 31 March 2024
224.2
27.0
27.0
43.6
321.8
15. Property, plant and equipment For the year ended 31 March 2025 * Additions per the table above are different to the capital expenditure included in the cash flow statement due to the relative timing of cash payments compared to the recognition of balance sheet assets. During the year a \u00a336.6m loss (\u00a32.1m gain) was recognised on the sale and leaseback of Cody Technology Park, this is included within operating costs as a specific adjusting item (see note 4). Whilst the Group will likely be impacted by climate change in the future to an extent, the impact on the carrying value of property, plant and equipment is not considered to be material. For the year ended 31 March 2024
Owned assets
Right of use assets
Plant,
Computers
Plant,
Computers
Land and
machinery
and office
Assets under
Land and
machinery
and office
All figures in \u00a3 million buildings and vehicles equipment construction buildings and vehicles equipment
Total
Cost
At 1 April 2023
365.7
309.3
124.3
115.5
68.7
6.5
0.4
990.4
Reclassifications to intangibles
-
-
0.2
(7.4)
-
-
-
(7.2)
Reclassifications/transfers
7.3
14.6
20.6
(42.5)
-
-
-
-
Additions \u2013 purchased*
4.2
3.8
6.5
79.5
31.4
-
-
125.4
Disposals
(1.3)
(1.2)
(10.4)
(2.4)
(5.6)
(3.1)
-
(24.0)
Foreign exchange
(0.2)
(2.1)
(0.3)
(0.4)
(2.1)
-
-
(5.1)
At 31 March 2024
375.7
324.4
140.9
142.3
92.4
3.4
0.4
1,079.5
Accumulated depreciation and impairment
At 1 April 2023
(215.6)
(177.7)
(70.8)
-
(41.9)
(6.2)
(0.4)
(512.6)
Charge
(12.9)
(18.3)
(18.1)
-
(8.7)
(0.1)
-
(58.1)
Disposals
1.3
1.1
10.4
-
5.6
3.1
-
21.5
Impairment
-
-
-
-
(0.7)
-
-
(0.7)
Foreign exchange
0.2
0.6
0.1
-
1.3
-
-
2.2
At 31 March 2024
(227.0)
(194.3)
(78.4)
-
(44.4)
(3.2)
(0.4)
(547.7)
Net book value at 31 March 2024
148.7
130.1
62.5
142.3
48.0
0.2
-
531.8
* Additions per the table above are different to the capital expenditure included in the cash flow statement due to the relative timing of cash payments compared to the recognition of balance sheet assets.
Owned assets
Right of use assets
Plant,
Computers
Land and
Plant,
Computers
Land and
machinery
and office
Assets under
buildings
machinery
and office
All figures in \u00a3 million
buildings
and vehicles
equipment
construction
and vehicles
equipment
Total
Cost
At 1 April 2024
375.7
324.4
140.9
142.3
92.4
3.4
0.4
1,079.5
Reclassifications to intangibles
-
-
(0.9)
(7.8)
-
-
-
(8.7)
Reclassifications/transfers
29.7
23.7
15.4
(68.8)
-
-
-
-
Additions \u2013 purchased*
5.9
24.8
5.6
67.5
23.9
2.3
-
130.0
Disposals
(240.6)
(25.0)
(4.7)
(3.6)
(14.5)
-
-
(288.4)
Foreign exchange
(0.8)
(2.7)
(0.6)
(0.2)
(1.9)
-
-
(6.2)
At 31 March 2025
169.9
345.2
155.7
129.4
99.9
5.7
0.4
906.2
Accumulated depreciation and impairment
At 1 April 2024
(227.0)
(194.3)
(78.4)
-
(44.4)
(3.2)
(0.4)
(547.7)
Charge
(13.7)
(22.7)
(20.8)
-
(10.6)
(0.3)
-
(68.1)
Disposals
149.3
16.5
4.0
-
14.5
-
-
184.3
Impairment
-
(2.5)
-
-
(1.0)
-
-
(3.5)
Foreign exchange
0.1
0.9
0.3
-
0.8
-
-
2.1
At 31 March 2025
(91.3)
(202.1)
(94.9)
-
(40.7)
(3.5)
(0.4)
(432.9)
Opening Net Book Value
148.7
130.1
62.5
142.3
48.0
0.2
-
531.8
Closing Net Book Value
78.6
143.1
60.8
129.4
59.2
2.2
-
473.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-441": { "value": "
All figures in \u00a3 million
FY25
FY24
Cost of inventories expensed - underlying
53.8
59.4
Cost of inventories written down - specific adjusting item (restructuring costs and associated impacts)
18.5
-
Owned assets: depreciation
57.2
49.3
Leased assets: depreciation
10.9
8.8
Foreign exchange loss
0.4
0.6
Research and development expenditure \u2013 customer funded contracts
332.9
315.4
Research and development expenditure \u2013 Group funded
12.0
12.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-440": { "value": "
All figures in \u00a3 million
FY25
FY24
Fees payable to the auditors and its associates:
Audit of the Group\u2019s annual accounts
1.0
1.0
Audit of the accounts of subsidiaries of the Company 0.9 0.8
Total audit fees
1.9
1.8
Audit-related assurance services (Interim financial statements)
0.1
0.1
Other assurance services
0.1
0.1
Total non-audit fees
0.2
0.2
Total auditors\u2019 remuneration
2.1
2.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-390": { "value": "9. Taxation charge The total tax charge was \u00a379.4m (FY24: \u00a343.1m). The underlying tax charge was \u00a351.6m (FY24: \u00a357.4m), on a lower underlying profit before tax, with an underlying effective tax rate of 26.0% for the year ending 31 March 2025 (FY24: 25.3%). The underlying effective tax rate is slightly above the UK statutory rate of 25% (FY24: 25%) primarily as a result of prior year adjustments to returns.
FY25
FY24
Specific
Specific
adjusting adjusting
All figures in \u00a3 million
Underlying
items Total
Underlying
Items Total
Analysis of charge
Current UK tax expense/(income)
51.0
(6.2)
44.8
41.9
(4.1)
37.8
Current UK tax in respect of prior years
2.2
-
2.2
(0.8)
(0.7)
(1.5)
Overseas corporation tax
Current year
3.5
(0.9)
2.6
1.7
-
1.7
In respect of prior years
1.0
-
1.0
0.6
(0.6)
-
Current tax expense/(income)
57.7
(7.1)
50.6
43.4
(5.4)
38.0
Deferred tax (income)/expense
(5.0)
5.3
0.3
17.2
(7.6)
9.6
Deferred tax impact of change in rates
-
-
-
0.1
0.2
0.3
Deferred tax impact of de-recognition of prior year US
deferred tax
-
29.6
29.6
-
-
-
asset
Deferred tax in respect of prior years
(1.1)
-
(1.1)
(3.3)
(1.5)
(4.8)
Deferred tax (income)/expense
(6.1)
34.9
28.8
14.0
(8.9)
5.1
Taxation expense/(income)
51.6
27.8
79.4
57.4
(14.3)
43.1
Factors affecting tax expense in the year
Principal factors reducing the Group\u2019s current year tax charge
below the UK statutory rate are explained below:
Profit/(loss) before tax
198.6
(304.9)
(106.3
)
227.0
(44.3)
182.7
Tax on profit/(loss) before tax at 25% (FY24: 25%)
49.7
(76.2)
(26.5)
56.8
(11.1)
45.7
Effect of:
Expenses not deductible for tax purposes and non-taxable items
0.8
1.2
2.0
3.5
0.1
3.6
De-recognition of US deferred tax asset
-
45.0
45.0
-
-
-
Non-deductible US goodwill impairment
-
36.0
36.0
-
-
-
Non-recognition of deductible restructuring impacts
-
13.1
13.1
-
-
-
Non-deductible loss on sale of property
-
9.1
9.1
-
-
-
Tax in respect of prior years
2.0
-
2.0
(3.5)
(2.8)
(6.3)
Deferred tax impact of change in rates
-
-
-
0.1
0.2
0.3
Different tax rates in overseas jurisdictions
(0.9)
(0.4)
(1.3)
0.5
(0.7)
(0.2)
Taxation expense/(income)
51.6
27.8
79.4
57.4
(14.3)
43.1
Effective tax rate
26.0%
(74.7)%
25.3%
23.6%
Tax on specific adjusting items The total specific adjusting items tax charge was \u00a327.8m (FY24 credit: \u00a314.3m). The tax charge primarily arises on the de- recognition of the brought forward US deferred tax asset (\u00a329.6m). It is a charge rather than a credit primarily due to the de- recognition of US deferred tax assets (\u00a345.0m, being \u00a329.6m brought forward and \u00a315.4m current year), the significant non-tax deductible impairment of goodwill (\u00a336.0m), the non-recognition of deferred tax assets created by deductible restructuring costs (\u00a313.1m) and the non-deductible loss onsale of Cody Technology Park (\u00a39.1m). Amounts recognised directly in equity Current and deferred tax not recognised in net profit or loss or other comprehensive income but directly credited to equity was \u00a30.8m (FY24: \u00a30.2m). Factors affecting future tax charges The underlying effective tax rate is expected to remain marginally above the UK statutory rate, subject to the impact of any taxlegislation changes and the geographic mix of profits. The Group has engaged with advisers to assess any potential impact on the ta x charge by the UK's enactment of the OECD's Global Anti- Base Erosion Model Rules (Pillar Two). The Group performed an assessment of the potential exposure to Pillar Two income taxes based on current period data. The Group believes it qualifies for one of the transitional safe harbours provided in the rules in all territories in which it operates. The Group has not accrued a Pillar Two top up tax for FY25. The Group has applied the temporary exemption issued by the International Accounting Standards Board from the accounting for deferred taxes under I AS12 and neither recognises nor discloses information about deferred taxes related to Pillar Two income taxes . The Group does not anticipate a material quantitative impact from Pillar Two legislation, however, there are expected to be significant compliance obligations. Tax risk management and tax cash For details of the Group\u2019s approach to tax risk management and discussion of tax cash-flows in the year see \u2018Additional Financial Information\u2019. 17. Deferred tax For the year ended 31 March 2025 Deferred tax asset Deferred tax liability Deferred tax has been calculated at the rate at which the timing difference is expected to reverse using enacted future statutory rates. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. At 31 March 2025 the Group had unused tax losses and carried forward interest expense of \u00a3305.3m (2024: \u00a3212.3m) which are available for offset against future taxable profits. With our US operations performing below-expectations in the year, the change in the administration and the change in US Sector CEO, re- alignment of strategy and required restructuring, there has been a material impact on the future projections of the business. As a result, the Group de-recognised the deferred tax assets previously recognised in respect of net operating losses. No deferred tax asset is recognised in respect of \u00a3183.8m (2024: \u00a3109.8m) of US net operating losses and \u00a385.9m (2024: \u00a371.5m) of US interest deductions. There is also no deferred tax asset recognised in respect of \u00a38.8m (2024: nil) of UK capital losses due to uncertainty over the timing and extent of their utilisation. Full recognition of the US and UK losses would increase the deferred tax asset by \u00a372.7m. Of the \u00a3183.8m (2024:109.8m) of US net operating losses, \u00a331.1m (2024: \u00a332.4m) are time-limited of which \u00a322.0m will expire in 2035 and \u00a39.1m in 2036. Deferred tax assets are recognised on the balance sheet of \u00a36.9m (2024: \u00a329.0m), being \u00a34.1m in respect of \u00a317.8m of Canadian net operating losses and excess interest, and \u00a32.8m in respect of \u00a39.0m of German trade losses and excess interest.
Carried
Short-
term
forward
timing
interest
Lease Tax
All figures in \u00a3 million differences expense liabilities
losses
Total
At 1 April 2024
20.1
1.0
8.9
35.9
65.9
Charged to income statement
(8.8)
1.1
-
(30.7)
(38.4)
Credited to other comprehensive income
1.8
-
-
-
1.8
Foreign exchange
(1.0)
-
(0.1)
(0.4)
(1.5)
Gross deferred tax asset at 31 March 2025
12.1
2.1
8.8
4.8
27.8
Less: liability available for offset
(17.1)
Net deferred tax asset at 31 March 2025
10.7
Owned
property,
Pension
plant &
Right of use
Acquisition
All figures in \u00a3 million surplus equipment assets intangibles
Total
At 1 April 2024
(9.6)
(80.4)
(7.6)
(26.0)
(123.6)
Credited to income statement
(0.6)
(2.4)
-
12.6
9.6
Charged to other comprehensive income
(4.4)
-
-
-
(4.4)
Foreign exchange
-
-
(0.2)
0.5
0.3
Gross deferred tax liability at 31 March 2025
(14.6)
(82.8)
(7.8)
(12.9)
(118.1)
Less: asset available for offset 17.1
Net deferred tax liability at 31 March 2025
101.0
Based on the current forecasts the losses will be fully utilised over the next 2-5 years. A 10% change in the forecast profits would alter the utilisation period by 2 years. There are no material temporary differences associated with investments in subsidiaries or interests in joint ventures for which deferred tax liabilities have not been recognised. For the year ended 31 March 2024 Deferred tax asset Deferred tax liability 18. Current tax As at 31 March
Carried
Short-
term
forward
timing
interest
Lease
Tax
All figures in \u00a3 million differences expense liabilities losses Total
At 1 April 2023
17.5
-
7.4
30.6
55.5
Credited to income statement
6.4
1.0
1.5
6.0
14.9
Charged to other comprehensive income
0.1
-
-
-
0.1
Reclassification to right of use assets
(3.2)
-
-
-
(3.2)
Foreign exchange
(0.7)
-
-
(0.7)
(1.4)
Gross deferred tax asset at 31 March 2024 20.1
1.0
8.9
35.9
65.9
Less: liability available for offset
(29.2)
Net deferred tax asset at 31 March 2024 36.7
Owned
property,
Pension
plant &
Right of use
Acquisition
All figures in \u00a3 million surplus equipment assets intangibles
Total
At 1 April 2023
(35.4)
(65.7)
(9.7)
(24.1)
(134.9)
Charged to income statement
(1.4)
(14.8)
(1.4)
(2.4)
(20.0)
Credited to other comprehensive income
27.2
-
-
-
27.2
Reclassification from short-term timing differences
-
-
3.2
-
3.2
Foreign exchange
-
0.1
0.3
0.5
0.9
Gross deferred tax liability at 31 March 2024 (9.6)
(80.4)
(7.6)
(26.0)
(123.6)
Less: asset available for offset
29.2
Net deferred tax liability at 31 March 2024
(94.4)
31 March
31 March
All figures in \u00a3 million 2025 2024
Current tax receivable
1.6
5.8
Current tax payable
(3.6
)
(6.6)
Net current tax payable
(2.0)
(0.8)
The Group made overseas losses in the period ended 31 March 2025 and recognition of deferred tax assets is dependent on future forecast taxable profits. The Group has reviewed the latest forecasts for these businesses which incorporate the unsystematic risks of operating in the defence business. In the period beyond the 5 year forecast we have reviewed the terminal period profits and based on these and our expectations for these businesses. We believe it is probable the losses, with the exception of the US and UK, will be fully utilised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-391": { "value": "10. Earnings/(loss) per share Basic earnings/(loss) per share (EPS) is calculated by dividing the profit attributable to equity shareholders by the weighted average number of ordinary shares in issue during the year. The weighted average number of shares used excludes those shares bought by the G roup and held as own shares (see note 28). For diluted earnings (but not losses)per share the weighted average number of shares in issue is adjusted to assume conversion of all potentially dilutive ordinary shares arising from unvested share-based awards including share options. Weighted average and diluted number of shares Underlying basic earnings per share figures are presented below, in addition to the basic and diluted earnings per share, because the Directors consider this gives a more relevant indication of underlying businessperformance and reflects the adjustments to basic earnings per share for the impact of specific adjusting items (see note 4) and tax thereon. Underlying EPS Basic and diluted EPS
FY25
FY24
Weighted average number of shares Million 563.4 577.0
Effect of dilutive securities
Million
7.4 8.7
Diluted number of shares
Million
570.8
585.7
FY25 FY24
(Loss)/profit attributable to the owners of the Company
\u00a3 million
(185.7)
139.6
Remove loss after tax in respect of specific adjusting items
\u00a3 million
332.7
30.0
Underlying profit after taxation
\u00a3 million
147.0
169.6
Weighted average number of shares
Million
563.4
577.0
Underlying basic EPS
Pence
26.1
29.4
Diluted number of shares
Million
570.8
585.7
Underlying diluted EPS
Pence
25.8
29.0
FY25
FY24
(Loss)/profit attributable to the owners of the Company
\u00a3 million
(185.7
)
139.6
Weighted average number of shares
Million
563.4
577.0
Basic EPS Pence
(33.0
)
24.2
Diluted number of shares
Million
563.4
585.7
Diluted EPS
Pence
(33.0)
23.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-392": { "value": "11. Dividends An analysis of the dividends paid and proposed in respect of the years ended 31 March 2025 and 31 March 2024 is provided below: The proposed final dividend in respect of the year ending 31 March 2025 will be paid on 21 August 2025. The ex-dividend date is 24 July 2025 and the record date is 25 July 2025 .
Pence
Date paid/
per share
\u00a3m
payable
Interim 2025
2.80
15.7
Feb 2025*
Final 2025 (proposed)
6.05
33.4
Aug 2025
Total for the year ended 31 March 2025
8.85
49.1
Interim 2024
2.60
15.0
Feb 2024
Final 2024
5.65
32.2
Aug 2024*
Total for the year ended 31 March 2024
8.25
47.2
* Total cash paid in the year to 31 March 2025 was \u00a347.9m (FY24: \u00a345.6m). 28. Share capital and other reserves Shares allotted, called up and fully paid: During the year, the Group continued its share buyback programme. \u00a3102.9m was completed in cash in FY25 (FY24: \u00a316.0m), which is shown in the table above as the 20,865,436 cancelled shares (FY24: 4,361,230). As at 31 March 2024 a further \u00a334m (31 March 2025: \u00a3nil) had been committed to and was recognised as a liability. Except as noted below all shares in issue at 31 March 2025 rank pari-passu in all respects.
Ordinary shares Special Share
of 1p each (equity)
of \u00a31 (non-equity)
Total
\u00a3
Number
\u00a3
Number
\u00a3
Number
As at 1 April 2024
5,743,959
574,395,891
1
1
5,743,960
574,395,892
Cancellation of shares
(208,654)
(20,865,436)
-
-
(208,654)
(20,865,436)
At
31 March 2025
5,535,305
553,530,455
1
1
5,535,306
553,530,456
Ordinary shares
Special Share
of 1p each (equity)
of \u00a31 (non-equity)
Total
\u00a3
Number
\u00a3
Number
\u00a3
Number
As at 1 April 2023
5,787,571
578,757,121
1
1
5,787,572
578,757,122
Cancellation of shares
(43,612)
(4,361,230)
-
-
(43,612)
(4,361,230)
At 31 March 2024
5,743,959
574,395,891
1
1
5,743,960
574,395,892
Rights attaching to the Special Share QinetiQ carries out activities which are important to UK defence and security interests. To protect these interests in the context of the ongoing commercial relationship between the MOD and QinetiQ, and to promote and reinforce the Compliance Principles, the MOD holds a Special Share in QinetiQ. QinetiQ obtained MOD consent to changes in its Special Shareholder rights, which were approved by shareholders at the 2012 AGM. The changes to the Special Share were disclosed in the 2012 Annual Report. Subsequent to the changes approved at the 2012 AGM the Special Share confers certain rights on the holder: a) to require the Group to implement and maintain the Compliance System (as defined in the Articles of Association) so as to make at all times effective its and each member of QinetiQ Controlled Group\u2019s application of the Compliance Principles, in a manner acceptable to the Special Shareholder b) to refer matters to the Board for its consideration in relation to the application of the Compliance Principles c) to require the Board to obtain Special Shareholder\u2019s consent: i) if at any time when the chairman is not a British citizen, it is proposed to appoint any person to the office of chief executive, who is not a British citizen ii) if at any time when the chief executive is not a British citizen, it is proposed to appoint any person to the office of chairman, who is not a British citizen d) to require the Board to take action to rectify any omission in the application of the Compliance Principles, if the Special Shareholder is of the opinion that such steps are necessary to protect the defence or security interests of the United Kingdom e) to demand a poll at any of QinetiQ\u2019s meetings (even though it may have no voting rights except those specifically set out in the Articles). The Special Shareholder has an option to purchase defined Strategic Assets of the Group in certain circumstances. The Special Shareholder has, inter alia, the right to purchase any Strategic Assets which the Group wishes to sell. Strategic Assets are normally testing and research facilities (see note 30 for further details). The Special Share may only be issued to, held by and transferred to HM Government (or as it directs). At any time the Special Shareholder may require QinetiQ to redeem the Special Share at par. If QinetiQ is wound up the Special Shareholder will be entitled to be repaid the capital paid up on the Special Share before other shareholders receive any payment. The Special Shareholder has no other right to share in the capital or profits of QinetiQ and the Special Shareholder must give consent to a general meeting held on short notice. The Special Share entitles the Special Shareholder to require certain persons who hold (together with any person acting in concert with them) a material interest in QinetiQ to dispose of some or all of their ordinary shares in certain prescribed circumstances on the grounds of national security or conflict of interest. The Directors must register any transfer of the Special Share within seven days. Other reserves The translation reserve includes the cumulative foreign exchange difference arising on translation. Movements on hedging instruments, where the hedge is effective, are recorded in the hedge reserve until the hedge ceases. The capital redemption reserve, which was created following the redemption of preference share capital and the bonus issue of shares, cannot be distributed. Own shares Own shares represent shares in the Company that are held by independent trusts and include treasury shares and shares held by the employee share ownership plan. Included in retained earnings at 31 March 2025 are 3,442,435 shares (2024: 2,767,125 shares).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-442": { "value": "11. Dividends An analysis of the dividends paid and proposed in respect of the years ended 31 March 2025 and 31 March 2024 is provided below: The proposed final dividend in respect of the year ending 31 March 2025 will be paid on 21 August 2025. The ex-dividend date is 24 July 2025 and the record date is 25 July 2025 . Pence Date paid/ per share \u00a3m payable nterim 2025 2.8015.7Feb 2025* Final 2025 (proposed) 6.0533.4Aug 2025 Total for the year ended 31 March 2025 8.85 49.1 nterim 2024 2.60 15.0Feb 2024 Final 2024 5.6532.2Aug 2024* Total for the year ended 31 March 2024 8.2547.2 * Total cash paid in the year to 31 March 2025 was \u00a347.9m (FY24: \u00a345.6m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-483": { "value": "0.0885", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-484": { "value": "0.0825", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-393": { "value": "12. Business combinations There were no acquisitions in the year ended 31 March 2025. In the year ended 31 March 2024, \u00a35.1m of deferred consideration payments were made in respect of the Air Affairs acquisition and legacy acquisitions within Avantus. The specific adjusting items operating result for the year includes various acquisition related items as set out in note 4. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-485": { "value": "12. Business combinations There were no acquisitions in the year ended 31 March 2025. In the year ended 31 March 2024, \u00a35.1m of deferred consideration payments were made in respect of the Air Affairs acquisition and legacy acquisitions within Avantus. The specific adjusting items operating result for the year includes various acquisition related items as set out in note 4. 16. Equity accounted investments As at 31 March The profit from the Group\u2019s share of joint ventures for the year ended 31 March 2025 was \u00a30.3m (FY24: \u00a30.8m).
31 March 2025
31 March 2024
Joint
Group net
Joint
Group net
Ventures\u2019 share of Ventures\u2019 share of
financial Joint financial Joint
All figures in \u00a3 million results Ventures results Ventures
Non-current assets
0.9
0.5
1.1
0.6
Current assets
3.4
2.4
5.9
3.7
4.3
2.9
7.0
4.3
Current liabilities
(0.3)
(0.1)
(0.3)
(0.1)
Non-current liabilities
(1.5)
(0.7)
(4.1)
(2.0)
(1.8)
(0.8)
(4.4)
(2.1)
Net assets of joint ventures
2.5
2.1
2.6
2.2
34. Subsidiaries and other related undertakings In accordance with section 409 of the Companies Act 2006, a full list of subsidiaries and other related undertakings as at 31 March 2025 is detailed below. Unless stated otherwise, the Group\u2019s holding comprises ordinary shares which are held indirectly by QinetiQ Group plc, with the exception of QinetiQ Group Holdings Limited which is held directly by QinetiQ Group plc.
Name of company
Country of incorporation
Registered office
Subsidiaries
1,6
Aerospace Training Services Pty Ltd*
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Air Affairs (Australia) Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Air Affairs Aviation Pty Ltd.
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Air Target Services Pty Ltd.
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Astra Aerospace Pty Ltd.
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Avantus Federal LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Avantus Federal Services LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Avantus
National Security Solutions LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
cueSim Limited
 England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
E3 Federal Solutions PR LLC
 USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Far Ridgeline Engagements LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Foster-Miller Inc
2
USA
350 2
nd
Avenue, Waltham, Massachusetts, MA 02451, USA
Hirose Holdings Pty Ltd.
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Inzpire Group Limited
 England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Inzpire Holdings
Limited
England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Inzpire
Limited
England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Lucid Perspectives LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Metrix UK Limited
 England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Naimuri Limited
 England & Wales
Farnborough
3
Occam\u2019s Razor Technologies LLC
 USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Operational Intelligence LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Precis (2187) Limited
England & Wales
C/O FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Qinetic Limited
England & Wales
Farnborough
3
QinetiQ Aerostructures Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Australia Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Consulting Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Estates Limited
England & Wales
Farnborough
3
QinetiQ GmbH
 Germany
Flughafenstra\u00dfe 65, 41066, M\u00f6nchengladbach, Germany
QinetiQ GP Limited
 Scotland
50 Lothian Road,
Festival Square, Edinburgh, EH3 9WJ, Scotland
QinetiQ Group Canada Inc.
2
 Canada
5300
Commerce Court West, 199 Bay Street, Toronto ON M5L 1A9,
Canada
QinetiQ Group Holdings Limited
England & Wales
Farnborough
3
QinetiQ Holdings Limited
England & Wales
Farnborough
3
QinetiQ Inc
2,
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
QinetiQ Insurance PCC Limited
Guernsey
Mill Court, La Charroterie, St Peter Port, GY1 4ET Guernsey
QinetiQ Limited
England & Wales
Farnborough
3
QinetiQ Novare
Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Overseas Holdings Limited
England & Wales
Farnborough
3
QinetiQ Overseas Trading Limited
 England & Wales
Farnborough
3
* Aerospace Training Services Pty Ltd was renamed QinetiQ Training Australia Pty Ltd on 30 April 2025. 1 As at 31 March 2025 the Group owned 100% of the ordinary shares of all subsidiary undertakings. 2 The class of shares is \u2018common share\u2019. 3 Cody Technology Park, Ively Road, Farnborough, Hampshire, GU14 OLX. 4 Limited partnership. The partners are all wholly-owned Group companies. 5 As at 31 March 2025 the Group owned 90% of Avantus CTA, LLC, 49% of Federal Mission Solutions, LLC, LLC, 49% of Houbara Defence & Security LLC, 49% of QinetiQ Dar Massader QDM Limited, and 49% of Quick Services LLC. 6 The financial year end of each undertaking is 31 March other than Houbara Defence & Security LLC (31 December) and QinetiQ Dar Massader QDM Limited (31 December).
Name of company
Country of incorporation
Registered office
QinetiQ Pension Scheme Trustee Limited
England & Wales
Farnborough
3
QinetiQ PFP Limited Partnership
4
Scotland
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ, Scotland
QinetiQ Philippines Company, Inc
Philippines
22
nd
Floor Corporate Centre, 139 Valero Street, Salcedo Village,
Makati City, Philippines
QinetiQ Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Services Holdings Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Solutions Sdn. Bhd.
Malaysia
Suite 6.01, 6
th
Floor, Plaza See Hoy Chan, Jalan Raja Chulan 50200,
Kuala Lumpur, W.P. Kuala Lumpur, Malaysia
QinetiQ Sweden AB
Sweden
c/o MAQS Advokatbyra, Stureplan 19, 111 45 Stockholm Sweden
QinetiQ Target Services Limited
England & Wales
Farnborough
3
QinetiQ Target Systems Limited
England & Wales
Farnborough
3
QinetiQ Training and Simulation Limited
England & Wales
Farnborough
3
QinetiQ US Holdings, Inc.
USA
5885
Trinity Parkway, Suite 130, Centreville, Virginia 20120-1969, USA
RubiKon Group Pty Limited
Australia
Level 33, 101
Collins Street, Melbourne, Victoria 3000, Australia
TSG International LLC
USA
350 2
nd
Avenue, Waltham, Massachusetts 02451, USA
Name of company
Country of incorporation
Registered office
Joint ventures
6
Avantus CTA, LLC
5
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Federal Mission Solutions, LLC
5
USA
58 W Main Street, Suite B, Luray, VA 22835 USA
Houbara Defence & Security LLC
5,6
United Arab Emirates
Emirates, PO Box 128220
Unit 3, Zone 4, Tawazun Industrial Park, Abu Dhabi, United Arab
QinetiQ Dar Massader QDM Limited
5,6
Saudi Arabia
Al Nakhla Tower, 3026-Prince Saud Bin Mohamed Bin Muqin Road, PO
Box 2985,
Riyadh 13321,
Kingdom of Saudi Arabia
Quick Services LLC
5
USA
409
Chicago Drive Suite 103 in Fayetteville, NC 28306
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-394": { "value": "13. Goodwill Goodwill analysed by cash-generating unit (CGU) Goodwill is allocated across six cash-generating units within the EMEA Services segment and two CGUs within the Global Solutions segment. During the year, the Group determined that the US CGU is more appropriately defined at the Sector level. This avoids the need to allocate goodwill on an increasingly arbitrary basis and represents the lowest level at which business performance is now monitored by management. This followed the completion of post-acquisition integration activities, a market-led strategic review and new restructuring programme. Increasing numbers of new customer contracts and opportunities deliver capabilities and use resources which span the three legacy CGUs (Avantus, C5ISR and Technology Solutions). The full list of CGUs that have goodwill allocated to them is as follows: All figures in \u00a3 million 31 March 31 March 2025 2024 Cost At 1 April 551.7562.7 Foreign exchange (10.7)(11.0) At 31 March 541.0551.7 Accumulated impairment At 1 April (150.3)(153.7) mpairment charge (143.9) - Foreign exchange 3.0 3.4 At 31 March (291.2 ) (150.3) Net book value at 31 March 249.8 401.4 All figures in \u00a3 million Primary reporting segments31 March31 March 2025 2024 US Sector (previously Avantus, C5ISR and Technology Solutions) Global Solutions 181.1 331.6 Target Systems Global Solutions 24.0 24.4 Germany EMEA Services 2.6 2.7 Naimuri EMEA Services 14.8 14.8 nzpire EMEA Services 11.7 11.7 QinetiQ Training & Simulation EMEA Services 7.8 7.8 QinetiQ Australia PTY EMEA Services 5.2 5.6 Air Affairs Australia EMEA Services 2.6 2.8 Net book value at 31 March 249.8401.4 Goodwill is attributable to the excess of consideration over the fair value of net assets acquired and includes expected synergies, future growth prospects and employee knowledge, expertise and security clearances. The Group tests each CGU for impairment annually, or more frequently if there are indications that goodwill might be impaired. Impairment testing is dependent on management\u2019s estimates and judgements, particularly as they relate to the forecasting of future cash flows, the discount rates selected and expected long-term growth rates. During the year an impairment charge has been recognised in respect of the combined US Sector CGU. Given that this resets the amount of headroom to nil, any downward revision to the key assumptions (which would be reasonably possible) would result in a further impairment. There are no likely variations in the key assumptions used for any of the other CGUs which would lead to an impairment being recognised. Key assumptions Cash flows The value-in-use and fair value less costs to dispose calculations generally use discounted future cash flows based on financial plans approved by the Board covering a five-year period (aligned with the Group\u2019s Integrated Strategic Plan process and the longer-term viability assessment period). These are generally \u2018bottom-up\u2019 forecasts based on detailed analysis by contract for the revenue under contract and by opportunity for the pipeline, or with growth rates assumed based on market benchmarks. Pipeline opportunities are categorised as \u2018base case\u2019 and \u2018high case\u2019 by management and only \u2018base case\u2019 opportunities are included in the financial plans used for the value-in-use calculations. Cash flows beyond these periods are extrapolated based on the last year of the plans, with a terminal growth-rate assumption applied. Whilst the Group will likely be impacted by climate change in the future to an extent, the impacts on future cash flows used in the value-in-use calculations are not considered to be material. Terminal growth rates and discount rates The specific plans for each of the CGUs have been extrapolated using the terminal growth rates as detailed in the following table. Growth rates are based on management\u2019s estimates which take into consideration the long-term nature of the industry in which the CGUs operate and external forecasts as to the likely growth of the industry in the longer term. The discount rates used are calculated based on the weighted average cost of capital of a portfolio of comparable companies, adjusted for risks specific to the market characteristics of each CGU, and converted to a pre-tax basis where relevant. This is considered an appropriate estimate of a market participant discount rate. *All discount rates stated are on a pre-tax basis, except for the US which is on a post-tax basis per the fair value less costs to dispose calculation. To aid comparability the prior year discount rate has been re-presented on a consistent post tax basis. The pre-tax discount rate used in the calculation as at 31 March 2024 was 10.7%. Sensitivity analysis shows that the value of the terminal year cash flow, the discount rate and the terminal growth rates have a significant impact on the value of the discounted cash flows. Sensitivities are provided below for each of the CGUs. Results of impairment testing by CGU US Sector The carrying value of the goodwill for the US Sector CGU as at 31 March 2025 was \u00a3325.0m (2024: \u00a3331.6m) prior to the impairment charge. The recoverable amount of this CGU as at 31 March 2025 is based on a fair value less costs to dispose calculation which is derived from the latest cash flow projections. This better reflects the transaction structure and tax treatment of the historical acquisitions and hence gives a higher value than the equivalent value in use calculation. The calculation uses the assumptions noted above and is lower than the carrying value of the net operating assets (of \u00a3581.4m), and hence an impairment of \u00a3143.9m has been recognised. Our US operations performed below expectations for orders, revenue, profit and cash flow in the year with some key contract losses. During the second half of the financial year the change in US administration, together with the change in US Sector CEO and resultant change in strategy and start of required restructuring, has had a material impact on the future projections of the business. These factors, together with the impact of the discount rate which increased significantly in H2, has a knock-on impact for future years\u2019 profitability and cash flow and hence an impairment. The key sensitivity impacting on the recoverable amount calculations is the terminal year cash flows. The key assumptions impacting those terminal year cash flows are the revenue growth rate applied over the period of the calculation, which is based on market growth rates for the high growth segments in which the business operates in, and the operating profit margin applied. A 400 basis point reduction in the compound annual revenue growth rate, or a 100 basis point reduction in operating margins, over the plan period which are considered reasonably possible changes, would further reduce the recoverable amount and result in an additional impairment of \u00a348.9m and \u00a345.9m respectively. An increase in the discount rate of 1% or a decrease in the terminal growth rate of 0.5%, both of which are also reasonably possible changes, would cause a further impairment of \u00a353.3m and \u00a322.1m respectively.
All figures %
US Sector*
Target
Inzpire
QinetiQ
Air Affairs
QinetiQ QinetiQ Training & Naimuri
31 March 2025: (2024) Systems Australia PTY Australia Germany Simulation
Terminal growth rate
2.3
(2.3)
2.3
(2.2)
2.3
(2.2)
2.3
(2.4)
2.3
(2.4)
2.4
(2.2)
2.3
(2.2)
2.3
(2.2)
Discount rate*
9.4
(9.0)
12.2
(11.1)
12.1
(11.1)
13.8
(13.0)
13.6
(12.8)
9.4
(8.8)
12.2
(11.1)
12.1
(11.0)
Target Systems The carrying value of the goodwill for the Target Systems CGU as at 31 March 2025 was \u00a324.0m (2024: \u00a324.4m). The recoverable amount of this CGU as at 31 March 2025, based on value in use and calculated using the assumptions noted above, is higher than the carrying value of net operating assets (of \u00a376.4m). The key sensitivity impacting on the value in use calculations is the terminal year cash flows. An increase in the discount rate of 1%, a decrease in the terminal growth rate of 0.5% or a decrease in the terminal year cash flows of \u00a32.0m, all of which are reasonably possible changes, would not cause the net operating assets to exceed their recoverable amount. Germany The carrying value of the goodwill for the Germany CGU as at 31 March 2025 was \u00a32.6m (2024: \u00a32.7m). The recoverable amount of this CGU as at 31 March 2025, based on value in use and calculated using the assumptions noted above, is higher than the carrying value of net operating assets (of \u00a364.5m). The key sensitivity impacting on the value in use calculations is the terminal year cash flows. An increase in the discount rate of 1%, a decrease in the terminal growth rate of 0.5% or a decrease in the terminal year cash flows of \u20ac2.0m, all of which are reasonably possible changes, would not cause the net operating assets to exceed their recoverable amount. Naimuri The carrying value of the goodwill for the Naimuri CGU as at 31 March 2025 was \u00a314.8m (2024: \u00a314.8m). The recoverable amount of this CGU as at 31 March 2025, based on value in use and calculated using the assumptions noted above, is higher than the carrying value of net operating assets (of \u00a320.8m). The key sensitivity affecting on the value in use calculations is the terminal year cash flows. An increase in the discount rate of 1%, a decrease in the terminal growth rate of 0.5% or a decrease in the terminal year cash flows of \u00a31.0m, all of which are reasonably possible changes, would not cause the net operating assets to exceed their recoverable amount. Inzpire The carrying value of the goodwill for the Inzpire CGU as at 31 March 2025 was \u00a311.7m (2024: \u00a311.7m). The recoverable amount of this CGU as at 31 March 2025, based on value in use and calculated using the assumptions noted above, is higher than the carrying value of net operating assets (of \u00a320.5m). The key sensitivity impacting on the value in use calculations is the terminal year cash flows. An increase in the discount rate of 1%, a decrease in the terminal growth rate of 0.5% or a decrease in the terminal year cash flows of \u00a31.0m, all of which are reasonably possible changes, would not cause the net operating assets to exceed their recoverable amount. QinetiQ Training & Simulation The carrying value of the goodwill for the QinetiQ Training and Simulation CGU as at 31 March 2025 was \u00a37.8m (2024: \u00a37.8m). The recoverable amount of this CGU as at 31 March 2025, based on value in use and calculated using the assumptions noted above, is higher than the carrying value of net operating assets (of \u00a311.8m). The key sensitivity impacting on the value in use calculations is the terminal year cash flows. An increase in the discount rate of 1%, a decrease in the terminal growth rate of 1% or a decrease in the terminal year cash flows of \u00a31.0m, all of which are reasonably possible changes, would not cause the net operating assets to exceed their recoverable amount. QinetiQ Australia PTY The carrying value of the goodwill for the QinetiQ Australia PTY CGU, as at 31 March 2025 was \u00a35.2m (2024: \u00a35.6m). The recoverable amount of this CGU as at 31 March 2025, based on value in use and calculated using the assumptions noted above, is higher than the carrying value of net operating assets (of \u00a37.2m). The key sensitivity impacting on the value in use calculations is the terminal year cash flows. An increase in the discount rate of 1%, a decrease in the terminal growth rate of 0.5% or a decrease in the terminal year cash flows of A$2.0m, all of which are reasonably possible changes, would not cause the net operating assets to exceed their recoverable amount. Air Affairs Australia The carrying value of the goodwill for the Air Affairs Australia CGU as at 31 March 2025 was \u00a32.6m (2024: \u00a32.8m). The recoverable amount of this CGU as at 31 March 2025, based on value in use and calculated using the assumptions noted above, is higher than the carrying value of net operating assets (of \u00a329.2m). The key sensitivity impacting on the value in use calculations is the terminal year cash flows. An increase in the discount rate of 1% or a decrease in the terminal growth rate of 0.5% or a decrease in the terminal year cash flows of A$1.0m, all of which are reasonably possible changes, would not cause the net operating assets to exceed their recoverable amount. 14. Intangible assets For the year ended 31 March 2025 1 Includes Assets In Course Of Construction of closing net book value of \u00a331.7m as at 31 March 2025 (2024: \u00a322.6m). 2 Additions per the table above are different to the capital expenditure included in the cash flow statement due to the relative timing of cash payments compared to the recognition of balance sheet assets. 'Other acquired \u2019 consists primarily of intellectual property and existing technology arising on past acquisition of businesses. Significant individual assets from past acquisitions include: customer relationships associated with US Avantus, US C5ISR, Germany and QinetiQ Training & Simulation Limited (NBV: \u00a3157.7m; \u00a39.6m; \u00a316.2m; \u00a32.2m respectively) with remaining amortisation periods of approximately 14 years, 5 years, 8 years and 6 years respectively, and acquired technology associated with US Avantus, US C5ISR, Germany, and QinetiQ Training & Simulation Limited (\u00a31.1m; \u00a38.2m; \u00a32.8m; \u00a31.3m respectively) all with remaining amortisation periods of approximately 6 years. For the year ended 31 March 2024 * Additions per the table above are different to the capital expenditure included in the cash flow statement due to the relative timing of cash payments compared to the recognition of balance sheet assets.
Acquired intangibles
Other
Customer Other Development internally
A
ll figures in \u00a3 million
relationships acquired costs
generated
1
 Total
Cost
At 1 April 2024
303.8
92.6
51.1
80.4
527.9
Reclassifications from PPE
-
-
8.1
0.6
8.7
Reclassifications between categories
-
-
0.1
(0.1)
-
Additions \u2013 internally developed
2
-
-
2.5
9.0
11.5
Additions \u2013 purchased
2
-
-
1.2
0.4
1.6
Disposals
-
-
(0.7)
(14.3)
(15.0)
Foreign exchange
(5.9)
(1.7)
(0.4) (0.7) (8.7)
At 31 March 2025
297.9
90.9
61.9
75.3
526.0
Accumulated a
mortisation and impairment
At 1 April 2024
(79.6)
(65.6)
(24.1)
(36.8)
(206.1)
Amortisation charge for year
(18.6)
(5.6)
(6.2)
(5.5)
(35.9)
Disposals
-
-
0.6
10.2
10.8
Impairment
-
-
(4.0)
-
(4.0)
Foreign exchange
1.6
1.4
0.1
-
3.1
At 31 March 2025
(96.6)
(69.8)
(33.6)
(32.1)
(232.1)
Net book value at 31 March 2025
201.3
21.1
28.3
43.2
293.9
Acquired intangibles
Other
Customer Other Development internally
A
ll figures in \u00a3 million
relationships acquired costs
generated
Total
Cost
At
1 April 2023
308.5
96.0
37.3
82.5
524.3
Reclassifications from PPE
 - - 7.4 (0.2) 7.2
Reclassifications between categories
-
-
1.5
(1.5)
-
Additions \u2013 internally developed*
-
-
6.1
1.1
7.2
Additions \u2013 purchased*
-
-
0.8
3.3
4.1
Disposals
-
-
(2.0)
(4.1)
(6.1)
Foreign exchange
(4.7)
(3.4)
-
(0.7)
(8.8)
At 31 March
2024
303.8
92.6
51.1
80.4
527.9
Accumulated amortisation and impairment
At 1 April 2023
(59.4)
(63.1)
(22.3)
(36.5)
(181.3)
Amortisation charge for year
(19.0) (6.2) (3.5) (3.9) (32.6)
Reclassifications between categories
-
-
-
-
-
Disposals
-
-
1.7
3.5
5.2
Foreign exchange
(1.2)
3.7
-
0.1
2.6
At
31 March 2024
(79.6) (65.6) (24.1) (36.8) (206.1)
Net book value at 31 March 2024
224.2
27.0
27.0
43.6
321.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-443": { "value": "13. Goodwill Goodwill analysed by cash-generating unit (CGU) Goodwill is allocated across six cash-generating units within the EMEA Services segment and two CGUs within the Global Solutions segment. During the year, the Group determined that the US CGU is more appropriately defined at the Sector level. This avoids the need to allocate goodwill on an increasingly arbitrary basis and represents the lowest level at which business performance is now monitored by management. This followed the completion of post-acquisition integration activities, a market-led strategic review and new restructuring programme. Increasing numbers of new customer contracts and opportunities deliver capabilities and use resources which span the three legacy CGUs (Avantus, C5ISR and Technology Solutions). The full list of CGUs that have goodwill allocated to them is as follows:
All figures in \u00a3 million
31 March
31 March
2025
2024
Cost
At 1 April
551.7
562.7
Foreign exchange
(10.7)
(11.0)
At 31 March
541.0
551.7
Accumulated impairment
At 1 April
(150.3)
(153.7)
Impairment charge
(143.9)
-
Foreign exchange
3.0
3.4
At 31 March
(291.2
)
(150.3)
Net book value at 31 March
249.8
401.4
All figures in \u00a3 million
Primary reporting segments
31 March
31 March
2025 2024
US Sector (previously Avantus, C5ISR and Technology Solutions)
Global Solutions
181.1 331.6
Target Systems
Global Solutions
24.0 24.4
Germany
EMEA Services
2.6
2.7
Naimuri
EMEA Services
14.8
14.8
Inzpire
EMEA Services
11.7
11.7
QinetiQ Training & Simulation
EMEA Services
7.8
7.8
QinetiQ Australia PTY
EMEA Services
5.2
5.6
Air Affairs Australia
EMEA Services
2.6
2.8
Net book value at 31 March
249.8
401.4
Goodwill is attributable to the excess of consideration over the fair value of net assets acquired and includes expected synergies, future growth prospects and employee knowledge, expertise and security clearances. The Group tests each CGU for impairment annually, or more frequently if there are indications that goodwill might be impaired. Impairment testing is dependent on management\u2019s estimates and judgements, particularly as they relate to the forecasting of future cash flows, the discount rates selected and expected long-term growth rates. During the year an impairment charge has been recognised in respect of the combined US Sector CGU. Given that this resets the amount of headroom to nil, any downward revision to the key assumptions (which would be reasonably possible) would result in a further impairment. There are no likely variations in the key assumptions used for any of the other CGUs which would lead to an impairment being recognised. Key assumptions Cash flows The value-in-use and fair value less costs to dispose calculations generally use discounted future cash flows based on financial plans approved by the Board covering a five-year period (aligned with the Group\u2019s Integrated Strategic Plan process and the longer-term viability assessment period). These are generally \u2018bottom-up\u2019 forecasts based on detailed analysis by contract for the revenue under contract and by opportunity for the pipeline, or with growth rates assumed based on market benchmarks. Pipeline opportunities are categorised as \u2018base case\u2019 and \u2018high case\u2019 by management and only \u2018base case\u2019 opportunities are included in the financial plans used for the value-in-use calculations. Cash flows beyond these periods are extrapolated based on the last year of the plans, with a terminal growth-rate assumption applied. Whilst the Group will likely be impacted by climate change in the future to an extent, the impacts on future cash flows used in the value-in-use calculations are not considered to be material. Terminal growth rates and discount rates The specific plans for each of the CGUs have been extrapolated using the terminal growth rates as detailed in the following table. Growth rates are based on management\u2019s estimates which take into consideration the long-term nature of the industry in which the CGUs operate and external forecasts as to the likely growth of the industry in the longer term. The discount rates used are calculated based on the weighted average cost of capital of a portfolio of comparable companies, adjusted for risks specific to the market characteristics of each CGU, and converted to a pre-tax basis where relevant. This is considered an appropriate estimate of a market participant discount rate. *All discount rates stated are on a pre-tax basis, except for the US which is on a post-tax basis per the fair value less costs to dispose calculation. To aid comparability the prior year discount rate has been re-presented on a consistent post tax basis. The pre-tax discount rate used in the calculation as at 31 March 2024 was 10.7%. Sensitivity analysis shows that the value of the terminal year cash flow, the discount rate and the terminal growth rates have a significant impact on the value of the discounted cash flows. Sensitivities are provided below for each of the CGUs. Results of impairment testing by CGU US Sector The carrying value of the goodwill for the US Sector CGU as at 31 March 2025 was \u00a3325.0m (2024: \u00a3331.6m) prior to the impairment charge. The recoverable amount of this CGU as at 31 March 2025 is based on a fair value less costs to dispose calculation which is derived from the latest cash flow projections. This better reflects the transaction structure and tax treatment of the historical acquisitions and hence gives a higher value than the equivalent value in use calculation. The calculation uses the assumptions noted above and is lower than the carrying value of the net operating assets (of \u00a3581.4m), and hence an impairment of \u00a3143.9m has been recognised. Our US operations performed below expectations for orders, revenue, profit and cash flow in the year with some key contract losses. During the second half of the financial year the change in US administration, together with the change in US Sector CEO and resultant change in strategy and start of required restructuring, has had a material impact on the future projections of the business. These factors, together with the impact of the discount rate which increased significantly in H2, has a knock-on impact for future years\u2019 profitability and cash flow and hence an impairment. The key sensitivity impacting on the recoverable amount calculations is the terminal year cash flows. The key assumptions impacting those terminal year cash flows are the revenue growth rate applied over the period of the calculation, which is based on market growth rates for the high growth segments in which the business operates in, and the operating profit margin applied. A 400 basis point reduction in the compound annual revenue growth rate, or a 100 basis point reduction in operating margins, over the plan period which are considered reasonably possible changes, would further reduce the recoverable amount and result in an additional impairment of \u00a348.9m and \u00a345.9m respectively. An increase in the discount rate of 1% or a decrease in the terminal growth rate of 0.5%, both of which are also reasonably possible changes, would cause a further impairment of \u00a353.3m and \u00a322.1m respectively.
All figures %
US Sector*
Target
Inzpire
QinetiQ
Air Affairs
QinetiQ QinetiQ Training & Naimuri
31 March 2025: (2024) Systems Australia PTY Australia Germany Simulation
Terminal growth rate
2.3
(2.3)
2.3
(2.2)
2.3
(2.2)
2.3
(2.4)
2.3
(2.4)
2.4
(2.2)
2.3
(2.2)
2.3
(2.2)
Discount rate*
9.4
(9.0)
12.2
(11.1)
12.1
(11.1)
13.8
(13.0)
13.6
(12.8)
9.4
(8.8)
12.2
(11.1)
12.1
(11.0)
Target Systems
The carrying value of the goodwill for the Target Systems CGU as at 31 March 2025 was \u00a324.0m (2024: \u00a324.4m). The recoverable amount
of this CGU as at 31 March 2025, based on value in use and calculated using the assumptions noted above, is higher than the carrying value
of net operating assets (of \u00a376.4m). The key sensitivity impacting on the value in use calculations is the terminal year cash flows. An increase
in the discount rate of 1%, a decrease in the terminal growth rate of 0.5% or a decrease in the terminal year cash flows of \u00a32.0m, all of which
are reasonably possible changes, would not cause the net operating assets to exceed their recoverable amount.
Germany
The carrying value of the goodwill for the Germany CGU as at 31 March 2025 was \u00a32.6m (2024: \u00a32.7m). The recoverable amount of this CGU
as at 31 March 2025, based on value in use and calculated using the assumptions noted above, is higher than the carrying value of net
operating assets (of \u00a364.5m). The key sensitivity impacting on the value in use calculations is the terminal year cash flows. An increase in
the discount rate of 1%, a decrease in the terminal growth rate of 0.5% or a decrease in the terminal year cash flows of \u20ac2.0m, all of which are
reasonably possible changes, would not cause the net operating assets to exceed their recoverable amount.
Naimuri
The carrying value of the goodwill for the Naimuri CGU as at 31 March 2025 was \u00a314.8m (2024: \u00a314.8m). The recoverable amount of this
CGU as at 31 March 2025, based on value in use and calculated using the assumptions noted above, is higher than the carrying value of net
operating assets (of \u00a320.8m). The key sensitivity affecting on the value in use calculations is the terminal year cash flows. An increase in the
discount rate of 1%, a decrease in the terminal growth rate of 0.5% or a decrease in the terminal year cash flows of \u00a31.0m, all of which are
reasonably possible changes, would not cause the net operating assets to exceed their recoverable amount.
Inzpire
The carrying value of the goodwill for the Inzpire CGU as at 31 March 2025 was \u00a311.7m (2024: \u00a311.7m). The recoverable amount of this CGU
as at 31 March 2025, based on value in use and calculated using the assumptions noted above, is higher than the carrying value of net
operating assets (of \u00a320.5m). The key sensitivity impacting on the value in use calculations is the terminal year cash flows. An increase in
the discount rate of 1%, a decrease in the terminal growth rate of 0.5% or a decrease in the terminal year cash flows of \u00a31.0m, all of which are
reasonably possible changes, would not cause the net operating assets to exceed their recoverable amount.
QinetiQ Training & Simulation
The carrying value of the goodwill for the QinetiQ Training and Simulation CGU as at 31 March 2025 was \u00a37.8m (2024: \u00a37.8m). The recoverable
amount of this CGU as at 31 March 2025, based on value in use and calculated using the assumptions noted above, is higher than the carrying
value of net operating assets (of \u00a311.8m). The key sensitivity impacting on the value in use calculations is the terminal year cash flows. An
increase in the discount rate of 1%, a decrease in the terminal growth rate of 1% or a decrease in the terminal year cash flows of \u00a31.0m, all of
which are reasonably possible changes, would not cause the net operating assets to exceed their recoverable amount.
QinetiQ Australia PTY
The carrying value of the goodwill for the QinetiQ Australia PTY CGU, as at 31 March 2025 was \u00a35.2m (2024: \u00a35.6m). The recoverable amount
of this CGU as at 31 March 2025, based on value in use and calculated using the assumptions noted above, is higher than the carrying value
of net operating assets (of \u00a37.2m). The key sensitivity impacting on the value in use calculations is the terminal year cash flows. An increase
in the discount rate of 1%, a decrease in the terminal growth rate of 0.5% or a decrease in the terminal year cash flows of A$2.0m, all of which
are reasonably possible changes, would not cause the net operating assets to exceed their recoverable amount.
Air Affairs Australia
The carrying value of the goodwill for the Air Affairs Australia CGU as at 31 March 2025 was \u00a32.6m (2024: \u00a32.8m). The recoverable amount
of this CGU as at 31 March 2025, based on value in use and calculated using the assumptions noted above, is higher than the carrying value
of net operating assets (of \u00a329.2m). The key sensitivity impacting on the value in use calculations is the terminal year cash flows. An increase
in the discount rate of 1% or a decrease in the terminal growth rate of 0.5% or a decrease in the terminal year cash flows of A$1.0m, all of
which are reasonably possible changes, would not cause the net operating assets to exceed their recoverable amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-486": { "value": "
All figures in \u00a3 million
31 March
31 March
2025
2024
Cost
At 1 April
551.7
562.7
Foreign exchange
(10.7)
(11.0)
At 31 March
541.0
551.7
Accumulated impairment
At 1 April
(150.3)
(153.7)
Impairment charge
(143.9)
-
Foreign exchange
3.0
3.4
At 31 March
(291.2
)
(150.3)
Net book value at 31 March
249.8
401.4
14. Intangible assets For the year ended 31 March 2025 1 Includes Assets In Course Of Construction of closing net book value of \u00a331.7m as at 31 March 2025 (2024: \u00a322.6m). 2 Additions per the table above are different to the capital expenditure included in the cash flow statement due to the relative timing of cash payments compared to the recognition of balance sheet assets. 'Other acquired \u2019 consists primarily of intellectual property and existing technology arising on past acquisition of businesses. Significant individual assets from past acquisitions include: customer relationships associated with US Avantus, US C5ISR, Germany and QinetiQ Training & Simulation Limited (NBV: \u00a3157.7m; \u00a39.6m; \u00a316.2m; \u00a32.2m respectively) with remaining amortisation periods of approximately 14 years, 5 years, 8 years and 6 years respectively, and acquired technology associated with US Avantus, US C5ISR, Germany, and QinetiQ Training & Simulation Limited (\u00a31.1m; \u00a38.2m; \u00a32.8m; \u00a31.3m respectively) all with remaining amortisation periods of approximately 6 years. For the year ended 31 March 2024 * Additions per the table above are different to the capital expenditure included in the cash flow statement due to the relative timing of cash payments compared to the recognition of balance sheet assets.
Acquired intangibles
Other
Customer Other Development internally
A
ll figures in \u00a3 million
relationships acquired costs
generated
1
 Total
Cost
At 1 April 2024
303.8
92.6
51.1
80.4
527.9
Reclassifications from PPE
-
-
8.1
0.6
8.7
Reclassifications between categories
-
-
0.1
(0.1)
-
Additions \u2013 internally developed
2
-
-
2.5
9.0
11.5
Additions \u2013 purchased
2
-
-
1.2
0.4
1.6
Disposals
-
-
(0.7)
(14.3)
(15.0)
Foreign exchange
(5.9)
(1.7)
(0.4) (0.7) (8.7)
At 31 March 2025
297.9
90.9
61.9
75.3
526.0
Accumulated a
mortisation and impairment
At 1 April 2024
(79.6)
(65.6)
(24.1)
(36.8)
(206.1)
Amortisation charge for year
(18.6)
(5.6)
(6.2)
(5.5)
(35.9)
Disposals
-
-
0.6
10.2
10.8
Impairment
-
-
(4.0)
-
(4.0)
Foreign exchange
1.6
1.4
0.1
-
3.1
At 31 March 2025
(96.6)
(69.8)
(33.6)
(32.1)
(232.1)
Net book value at 31 March 2025
201.3
21.1
28.3
43.2
293.9
Acquired intangibles
Other
Customer Other Development internally
A
ll figures in \u00a3 million
relationships acquired costs
generated
Total
Cost
At
1 April 2023
308.5
96.0
37.3
82.5
524.3
Reclassifications from PPE
 - - 7.4 (0.2) 7.2
Reclassifications between categories
-
-
1.5
(1.5)
-
Additions \u2013 internally developed*
-
-
6.1
1.1
7.2
Additions \u2013 purchased*
-
-
0.8
3.3
4.1
Disposals
-
-
(2.0)
(4.1)
(6.1)
Foreign exchange
(4.7)
(3.4)
-
(0.7)
(8.8)
At 31 March
2024
303.8
92.6
51.1
80.4
527.9
Accumulated amortisation and impairment
At 1 April 2023
(59.4)
(63.1)
(22.3)
(36.5)
(181.3)
Amortisation charge for year
(19.0) (6.2) (3.5) (3.9) (32.6)
Reclassifications between categories
-
-
-
-
-
Disposals
-
-
1.7
3.5
5.2
Foreign exchange
(1.2)
3.7
-
0.1
2.6
At
31 March 2024
(79.6) (65.6) (24.1) (36.8) (206.1)
Net book value at 31 March 2024
224.2
27.0
27.0
43.6
321.8
15. Property, plant and equipment For the year ended 31 March 2025 * Additions per the table above are different to the capital expenditure included in the cash flow statement due to the relative timing of cash payments compared to the recognition of balance sheet assets. During the year a \u00a336.6m loss (\u00a32.1m gain) was recognised on the sale and leaseback of Cody Technology Park, this is included within operating costs as a specific adjusting item (see note 4). Whilst the Group will likely be impacted by climate change in the future to an extent, the impact on the carrying value of property, plant and equipment is not considered to be material. For the year ended 31 March 2024 Owned assets Right of use assets Plant, Computers Plant, Computers Land and machinery and office Assets underLand and machinery and office All figures in \u00a3 million buildings and vehicles equipment construction buildings and vehicles equipment Total Cost At 1 April 2023 365.7309.3124.3115.5 68.7 6.5 0.4990.4 Reclassifications to intangibles - - 0.2 (7.4) - - - (7.2) Reclassifications/transfers 7.3 14.6 20.6(42.5) - - - - Additions \u2013 purchased* 4.2 3.8 6.5 79.5 31.4 - -125.4 Disposals (1.3) (1.2)(10.4)(2.4) (5.6) (3.1) - (24.0) Foreign exchange (0.2) (2.1)(0.3) (0.4) (2.1) - - (5.1) At 31 March 2024 375.7324.4140.9142.3 92.4 3.4 0.4 1,079.5 Accumulated depreciation and impairment At 1 April 2023 (215.6)(177.7)(70.8) -(41.9) (6.2) (0.4)(512.6) Charge (12.9)(18.3)(18.1) - (8.7) (0.1) - (58.1) Disposals 1.3 1.1 10.4 - 5.6 3.1 - 21.5 mpairment - - - - (0.7) - - (0.7) Foreign exchange 0.2 0.6 0.1 - 1.3 - - 2.2 At 31 March 2024 (227.0)(194.3)(78.4) - (44.4) (3.2)(0.4) (547.7) Net book value at 31 March 2024 148.7130.1 62.5142.3 48.0 0.2 - 531.8 * Additions per the table above are different to the capital expenditure included in the cash flow statement due to the relative timing of cash payments compared to the recognition of balance sheet assets. Owned assets Right of use assets Plant,Computers Land and Plant, Computers Land and machineryand office Assets underbuildings machinery and office All figures in \u00a3 million buildings and vehicles equipment construction and vehicles equipment Total Cost At 1 April 2024 375.7 324.4 140.9 142.3 92.4 3.4 0.4 1,079.5 Reclassifications to intangibles - - (0.9) (7.8) - - - (8.7) Reclassifications/transfers 29.7 23.7 15.4(68.8) - - - - Additions \u2013 purchased* 5.9 24.8 5.6 67.5 23.9 2.3 -130.0 Disposals (240.6)(25.0) (4.7) (3.6)(14.5) - -(288.4) Foreign exchange (0.8) (2.7)(0.6) (0.2) (1.9) - - (6.2) At 31 March 2025 169.9345.2155.7129.4 99.9 5.7 0.4 906.2 Accumulated depreciation and impairment At 1 April 2024 (227.0)(194.3)(78.4) -(44.4) (3.2)(0.4)(547.7) Charge (13.7)(22.7)(20.8) -(10.6) (0.3) -(68.1) Disposals 149.3 16.5 4.0 - 14.5 - -184.3 mpairment - (2.5) - - (1.0) - - (3.5) Foreign exchange 0.1 0.9 0.3 - 0.8 - - 2.1 At 31 March 2025 (91.3)(202.1)(94.9) -(40.7)(3.5)(0.4)(432.9) Opening Net Book Value 148.7130.1 62.5142.3 48.0 0.2 - 531.8 Closing Net Book Value 78.6143.1 60.8129.4 59.2 2.2 - 473.3", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-444": { "value": "14. Intangible assets For the year ended 31 March 2025 1 Includes Assets In Course Of Construction of closing net book value of \u00a331.7m as at 31 March 2025 (2024: \u00a322.6m). 2 Additions per the table above are different to the capital expenditure included in the cash flow statement due to the relative timing of cash payments compared to the recognition of balance sheet assets. 'Other acquired \u2019 consists primarily of intellectual property and existing technology arising on past acquisition of businesses. Significant individual assets from past acquisitions include: customer relationships associated with US Avantus, US C5ISR, Germany and QinetiQ Training & Simulation Limited (NBV: \u00a3157.7m; \u00a39.6m; \u00a316.2m; \u00a32.2m respectively) with remaining amortisation periods of approximately 14 years, 5 years, 8 years and 6 years respectively, and acquired technology associated with US Avantus, US C5ISR, Germany, and QinetiQ Training & Simulation Limited (\u00a31.1m; \u00a38.2m; \u00a32.8m; \u00a31.3m respectively) all with remaining amortisation periods of approximately 6 years. For the year ended 31 March 2024 * Additions per the table above are different to the capital expenditure included in the cash flow statement due to the relative timing of cash payments compared to the recognition of balance sheet assets.
Acquired intangibles
Other
Customer Other Development internally
A
ll figures in \u00a3 million
relationships acquired costs
generated
1
 Total
Cost
At 1 April 2024
303.8
92.6
51.1
80.4
527.9
Reclassifications from PPE
-
-
8.1
0.6
8.7
Reclassifications between categories
-
-
0.1
(0.1)
-
Additions \u2013 internally developed
2
-
-
2.5
9.0
11.5
Additions \u2013 purchased
2
-
-
1.2
0.4
1.6
Disposals
-
-
(0.7)
(14.3)
(15.0)
Foreign exchange
(5.9)
(1.7)
(0.4) (0.7) (8.7)
At 31 March 2025
297.9
90.9
61.9
75.3
526.0
Accumulated a
mortisation and impairment
At 1 April 2024
(79.6)
(65.6)
(24.1)
(36.8)
(206.1)
Amortisation charge for year
(18.6)
(5.6)
(6.2)
(5.5)
(35.9)
Disposals
-
-
0.6
10.2
10.8
Impairment
-
-
(4.0)
-
(4.0)
Foreign exchange
1.6
1.4
0.1
-
3.1
At 31 March 2025
(96.6)
(69.8)
(33.6)
(32.1)
(232.1)
Net book value at 31 March 2025
201.3
21.1
28.3
43.2
293.9
Acquired intangibles
Other
Customer Other Development internally
A
ll figures in \u00a3 million
relationships acquired costs
generated
Total
Cost
At
1 April 2023
308.5
96.0
37.3
82.5
524.3
Reclassifications from PPE
 - - 7.4 (0.2) 7.2
Reclassifications between categories
-
-
1.5
(1.5)
-
Additions \u2013 internally developed*
-
-
6.1
1.1
7.2
Additions \u2013 purchased*
-
-
0.8
3.3
4.1
Disposals
-
-
(2.0)
(4.1)
(6.1)
Foreign exchange
(4.7)
(3.4)
-
(0.7)
(8.8)
At 31 March
2024
303.8
92.6
51.1
80.4
527.9
Accumulated amortisation and impairment
At 1 April 2023
(59.4)
(63.1)
(22.3)
(36.5)
(181.3)
Amortisation charge for year
(19.0) (6.2) (3.5) (3.9) (32.6)
Reclassifications between categories
-
-
-
-
-
Disposals
-
-
1.7
3.5
5.2
Foreign exchange
(1.2)
3.7
-
0.1
2.6
At
31 March 2024
(79.6) (65.6) (24.1) (36.8) (206.1)
Net book value at 31 March 2024
224.2
27.0
27.0
43.6
321.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-502": { "value": "14. Intangible assets For the year ended 31 March 2025 1 Includes Assets In Course Of Construction of closing net book value of \u00a331.7m as at 31 March 2025 (2024: \u00a322.6m). 2 Additions per the table above are different to the capital expenditure included in the cash flow statement due to the relative timing of cash payments compared to the recognition of balance sheet assets. 'Other acquired \u2019 consists primarily of intellectual property and existing technology arising on past acquisition of businesses. Significant individual assets from past acquisitions include: customer relationships associated with US Avantus, US C5ISR, Germany and QinetiQ Training & Simulation Limited (NBV: \u00a3157.7m; \u00a39.6m; \u00a316.2m; \u00a32.2m respectively) with remaining amortisation periods of approximately 14 years, 5 years, 8 years and 6 years respectively, and acquired technology associated with US Avantus, US C5ISR, Germany, and QinetiQ Training & Simulation Limited (\u00a31.1m; \u00a38.2m; \u00a32.8m; \u00a31.3m respectively) all with remaining amortisation periods of approximately 6 years. For the year ended 31 March 2024 * Additions per the table above are different to the capital expenditure included in the cash flow statement due to the relative timing of cash payments compared to the recognition of balance sheet assets.
Acquired intangibles
Other
Customer Other Development internally
A
ll figures in \u00a3 million
relationships acquired costs
generated
1
 Total
Cost
At 1 April 2024
303.8
92.6
51.1
80.4
527.9
Reclassifications from PPE
-
-
8.1
0.6
8.7
Reclassifications between categories
-
-
0.1
(0.1)
-
Additions \u2013 internally developed
2
-
-
2.5
9.0
11.5
Additions \u2013 purchased
2
-
-
1.2
0.4
1.6
Disposals
-
-
(0.7)
(14.3)
(15.0)
Foreign exchange
(5.9)
(1.7)
(0.4) (0.7) (8.7)
At 31 March 2025
297.9
90.9
61.9
75.3
526.0
Accumulated a
mortisation and impairment
At 1 April 2024
(79.6)
(65.6)
(24.1)
(36.8)
(206.1)
Amortisation charge for year
(18.6)
(5.6)
(6.2)
(5.5)
(35.9)
Disposals
-
-
0.6
10.2
10.8
Impairment
-
-
(4.0)
-
(4.0)
Foreign exchange
1.6
1.4
0.1
-
3.1
At 31 March 2025
(96.6)
(69.8)
(33.6)
(32.1)
(232.1)
Net book value at 31 March 2025
201.3
21.1
28.3
43.2
293.9
Acquired intangibles
Other
Customer Other Development internally
A
ll figures in \u00a3 million
relationships acquired costs
generated
Total
Cost
At
1 April 2023
308.5
96.0
37.3
82.5
524.3
Reclassifications from PPE
 - - 7.4 (0.2) 7.2
Reclassifications between categories
-
-
1.5
(1.5)
-
Additions \u2013 internally developed*
-
-
6.1
1.1
7.2
Additions \u2013 purchased*
-
-
0.8
3.3
4.1
Disposals
-
-
(2.0)
(4.1)
(6.1)
Foreign exchange
(4.7)
(3.4)
-
(0.7)
(8.8)
At 31 March
2024
303.8
92.6
51.1
80.4
527.9
Accumulated amortisation and impairment
At 1 April 2023
(59.4)
(63.1)
(22.3)
(36.5)
(181.3)
Amortisation charge for year
(19.0) (6.2) (3.5) (3.9) (32.6)
Reclassifications between categories
-
-
-
-
-
Disposals
-
-
1.7
3.5
5.2
Foreign exchange
(1.2)
3.7
-
0.1
2.6
At
31 March 2024
(79.6) (65.6) (24.1) (36.8) (206.1)
Net book value at 31 March 2024
224.2
27.0
27.0
43.6
321.8
15. Property, plant and equipment
For the year ended 31 March 2025
* Additions per the table above are different to the capital expenditure included in the cash flow statement due to the relative timing of cash payments compared to the
recognition of balance sheet assets.
During the year a \u00a336.6m loss (\u00a32.1m gain) was recognised on the sale and leaseback of Cody Technology Park, this is included within
operating costs as a specific adjusting item (see note 4). Whilst the Group will likely be impacted by climate change in the future to an extent,
the impact on the carrying value of property, plant and equipment is not considered to be material.
For the year ended 31 March 2024
Owned assets
Right of use assets
Plant,
Computers
Plant,
Computers
Land and
machinery
and office
Assets under
Land and
machinery
and office
All figures in \u00a3 million buildings and vehicles equipment construction buildings and vehicles equipment
Total
Cost
At 1 April 2023
365.7
309.3
124.3
115.5
68.7
6.5
0.4
990.4
Reclassifications to intangibles
-
-
0.2
(7.4)
-
-
-
(7.2)
Reclassifications/transfers
7.3
14.6
20.6
(42.5)
-
-
-
-
Additions \u2013 purchased*
4.2
3.8
6.5
79.5
31.4
-
-
125.4
Disposals
(1.3)
(1.2)
(10.4)
(2.4)
(5.6)
(3.1)
-
(24.0)
Foreign exchange
(0.2)
(2.1)
(0.3)
(0.4)
(2.1)
-
-
(5.1)
At 31 March 2024
375.7
324.4
140.9
142.3
92.4
3.4
0.4
1,079.5
Accumulated depreciation and impairment
At 1 April 2023
(215.6)
(177.7)
(70.8)
-
(41.9)
(6.2)
(0.4)
(512.6)
Charge
(12.9)
(18.3)
(18.1)
-
(8.7)
(0.1)
-
(58.1)
Disposals
1.3
1.1
10.4
-
5.6
3.1
-
21.5
Impairment
-
-
-
-
(0.7)
-
-
(0.7)
Foreign exchange
0.2
0.6
0.1
-
1.3
-
-
2.2
At 31 March 2024
(227.0)
(194.3)
(78.4)
-
(44.4)
(3.2)
(0.4)
(547.7)
Net book value at 31 March 2024
148.7
130.1
62.5
142.3
48.0
0.2
-
531.8
* Additions per the table above are different to the capital expenditure included in the cash flow statement due to the relative timing of cash payments compared to the
recognition of balance sheet assets.
Owned assets
Right of use assets
Plant,
Computers
Land and
Plant,
Computers
Land and
machinery
and office
Assets under
buildings
machinery
and office
All figures in \u00a3 million
buildings
and vehicles
equipment
construction
and vehicles
equipment
Total
Cost
At 1 April 2024
375.7
324.4
140.9
142.3
92.4
3.4
0.4
1,079.5
Reclassifications to intangibles
-
-
(0.9)
(7.8)
-
-
-
(8.7)
Reclassifications/transfers
29.7
23.7
15.4
(68.8)
-
-
-
-
Additions \u2013 purchased*
5.9
24.8
5.6
67.5
23.9
2.3
-
130.0
Disposals
(240.6)
(25.0)
(4.7)
(3.6)
(14.5)
-
-
(288.4)
Foreign exchange
(0.8)
(2.7)
(0.6)
(0.2)
(1.9)
-
-
(6.2)
At 31 March 2025
169.9
345.2
155.7
129.4
99.9
5.7
0.4
906.2
Accumulated depreciation and impairment
At 1 April 2024
(227.0)
(194.3)
(78.4)
-
(44.4)
(3.2)
(0.4)
(547.7)
Charge
(13.7)
(22.7)
(20.8)
-
(10.6)
(0.3)
-
(68.1)
Disposals
149.3
16.5
4.0
-
14.5
-
-
184.3
Impairment
-
(2.5)
-
-
(1.0)
-
-
(3.5)
Foreign exchange
0.1
0.9
0.3
-
0.8
-
-
2.1
At 31 March 2025
(91.3)
(202.1)
(94.9)
-
(40.7)
(3.5)
(0.4)
(432.9)
Opening Net Book Value
148.7
130.1
62.5
142.3
48.0
0.2
-
531.8
Closing Net Book Value
78.6
143.1
60.8
129.4
59.2
2.2
-
473.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-395": { "value": "15. Property, plant and equipment For the year ended 31 March 2025 * Additions per the table above are different to the capital expenditure included in the cash flow statement due to the relative timing of cash payments compared to the recognition of balance sheet assets. During the year a \u00a336.6m loss (\u00a32.1m gain) was recognised on the sale and leaseback of Cody Technology Park, this is included within operating costs as a specific adjusting item (see note 4). Whilst the Group will likely be impacted by climate change in the future to an extent, the impact on the carrying value of property, plant and equipment is not considered to be material. For the year ended 31 March 2024 Owned assets Right of use assets Plant, Computers Plant, Computers Land and machinery and office Assets underLand and machinery and office All figures in \u00a3 million buildings and vehicles equipment construction buildings and vehicles equipment Total Cost At 1 April 2023 365.7309.3124.3115.5 68.7 6.5 0.4990.4 Reclassifications to intangibles - - 0.2 (7.4) - - - (7.2) Reclassifications/transfers 7.3 14.6 20.6(42.5) - - - - Additions \u2013 purchased* 4.2 3.8 6.5 79.5 31.4 - -125.4 Disposals (1.3) (1.2)(10.4)(2.4) (5.6) (3.1) - (24.0) Foreign exchange (0.2) (2.1)(0.3) (0.4) (2.1) - - (5.1) At 31 March 2024 375.7324.4140.9142.3 92.4 3.4 0.4 1,079.5 Accumulated depreciation and impairment At 1 April 2023 (215.6)(177.7)(70.8) -(41.9) (6.2) (0.4)(512.6) Charge (12.9)(18.3)(18.1) - (8.7) (0.1) - (58.1) Disposals 1.3 1.1 10.4 - 5.6 3.1 - 21.5 mpairment - - - - (0.7) - - (0.7) Foreign exchange 0.2 0.6 0.1 - 1.3 - - 2.2 At 31 March 2024 (227.0)(194.3)(78.4) - (44.4) (3.2)(0.4) (547.7) Net book value at 31 March 2024 148.7130.1 62.5142.3 48.0 0.2 - 531.8 * Additions per the table above are different to the capital expenditure included in the cash flow statement due to the relative timing of cash payments compared to the recognition of balance sheet assets. Owned assets Right of use assets Plant,Computers Land and Plant, Computers Land and machineryand office Assets underbuildings machinery and office All figures in \u00a3 million buildings and vehicles equipment construction and vehicles equipment Total Cost At 1 April 2024 375.7 324.4 140.9 142.3 92.4 3.4 0.4 1,079.5 Reclassifications to intangibles - - (0.9) (7.8) - - - (8.7) Reclassifications/transfers 29.7 23.7 15.4(68.8) - - - - Additions \u2013 purchased* 5.9 24.8 5.6 67.5 23.9 2.3 -130.0 Disposals (240.6)(25.0) (4.7) (3.6)(14.5) - -(288.4) Foreign exchange (0.8) (2.7)(0.6) (0.2) (1.9) - - (6.2) At 31 March 2025 169.9345.2155.7129.4 99.9 5.7 0.4 906.2 Accumulated depreciation and impairment At 1 April 2024 (227.0)(194.3)(78.4) -(44.4) (3.2)(0.4)(547.7) Charge (13.7)(22.7)(20.8) -(10.6) (0.3) -(68.1) Disposals 149.3 16.5 4.0 - 14.5 - -184.3 mpairment - (2.5) - - (1.0) - - (3.5) Foreign exchange 0.1 0.9 0.3 - 0.8 - - 2.1 At 31 March 2025 (91.3)(202.1)(94.9) -(40.7)(3.5)(0.4)(432.9) Opening Net Book Value 148.7130.1 62.5142.3 48.0 0.2 - 531.8 Closing Net Book Value 78.6143.1 60.8129.4 59.2 2.2 - 473.3", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-396": { "value": "16. Equity accounted investments As at 31 March The profit from the Group\u2019s share of joint ventures for the year ended 31 March 2025 was \u00a30.3m (FY24: \u00a30.8m).
31 March 2025
31 March 2024
Joint
Group net
Joint
Group net
Ventures\u2019 share of Ventures\u2019 share of
financial Joint financial Joint
All figures in \u00a3 million results Ventures results Ventures
Non-current assets
0.9
0.5
1.1
0.6
Current assets
3.4
2.4
5.9
3.7
4.3
2.9
7.0
4.3
Current liabilities
(0.3)
(0.1)
(0.3)
(0.1)
Non-current liabilities
(1.5)
(0.7)
(4.1)
(2.0)
(1.8)
(0.8)
(4.4)
(2.1)
Net assets of joint ventures
2.5
2.1
2.6
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-445": { "value": "16. Equity accounted investments As at 31 March The profit from the Group\u2019s share of joint ventures for the year ended 31 March 2025 was \u00a30.3m (FY24: \u00a30.8m).
31 March 2025
31 March 2024
Joint
Group net
Joint
Group net
Ventures\u2019 share of Ventures\u2019 share of
financial Joint financial Joint
All figures in \u00a3 million results Ventures results Ventures
Non-current assets
0.9
0.5
1.1
0.6
Current assets
3.4
2.4
5.9
3.7
4.3
2.9
7.0
4.3
Current liabilities
(0.3)
(0.1)
(0.3)
(0.1)
Non-current liabilities
(1.5)
(0.7)
(4.1)
(2.0)
(1.8)
(0.8)
(4.4)
(2.1)
Net assets of joint ventures
2.5
2.1
2.6
2.2
34. Subsidiaries and other related undertakings In accordance with section 409 of the Companies Act 2006, a full list of subsidiaries and other related undertakings as at 31 March 2025 is detailed below. Unless stated otherwise, the Group\u2019s holding comprises ordinary shares which are held indirectly by QinetiQ Group plc, with the exception of QinetiQ Group Holdings Limited which is held directly by QinetiQ Group plc.
Name of company
Country of incorporation
Registered office
Subsidiaries
1,6
Aerospace Training Services Pty Ltd*
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Air Affairs (Australia) Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Air Affairs Aviation Pty Ltd.
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Air Target Services Pty Ltd.
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Astra Aerospace Pty Ltd.
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Avantus Federal LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Avantus Federal Services LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Avantus
National Security Solutions LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
cueSim Limited
 England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
E3 Federal Solutions PR LLC
 USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Far Ridgeline Engagements LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Foster-Miller Inc
2
USA
350 2
nd
Avenue, Waltham, Massachusetts, MA 02451, USA
Hirose Holdings Pty Ltd.
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Inzpire Group Limited
 England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Inzpire Holdings
Limited
England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Inzpire
Limited
England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Lucid Perspectives LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Metrix UK Limited
 England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Naimuri Limited
 England & Wales
Farnborough
3
Occam\u2019s Razor Technologies LLC
 USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Operational Intelligence LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Precis (2187) Limited
England & Wales
C/O FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Qinetic Limited
England & Wales
Farnborough
3
QinetiQ Aerostructures Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Australia Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Consulting Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Estates Limited
England & Wales
Farnborough
3
QinetiQ GmbH
 Germany
Flughafenstra\u00dfe 65, 41066, M\u00f6nchengladbach, Germany
QinetiQ GP Limited
 Scotland
50 Lothian Road,
Festival Square, Edinburgh, EH3 9WJ, Scotland
QinetiQ Group Canada Inc.
2
 Canada
5300
Commerce Court West, 199 Bay Street, Toronto ON M5L 1A9,
Canada
QinetiQ Group Holdings Limited
England & Wales
Farnborough
3
QinetiQ Holdings Limited
England & Wales
Farnborough
3
QinetiQ Inc
2,
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
QinetiQ Insurance PCC Limited
Guernsey
Mill Court, La Charroterie, St Peter Port, GY1 4ET Guernsey
QinetiQ Limited
England & Wales
Farnborough
3
QinetiQ Novare
Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Overseas Holdings Limited
England & Wales
Farnborough
3
QinetiQ Overseas Trading Limited
 England & Wales
Farnborough
3
* Aerospace Training Services Pty Ltd was renamed QinetiQ Training Australia Pty Ltd on 30 April 2025. 1 As at 31 March 2025 the Group owned 100% of the ordinary shares of all subsidiary undertakings. 2 The class of shares is \u2018common share\u2019. 3 Cody Technology Park, Ively Road, Farnborough, Hampshire, GU14 OLX. 4 Limited partnership. The partners are all wholly-owned Group companies. 5 As at 31 March 2025 the Group owned 90% of Avantus CTA, LLC, 49% of Federal Mission Solutions, LLC, LLC, 49% of Houbara Defence & Security LLC, 49% of QinetiQ Dar Massader QDM Limited, and 49% of Quick Services LLC. 6 The financial year end of each undertaking is 31 March other than Houbara Defence & Security LLC (31 December) and QinetiQ Dar Massader QDM Limited (31 December).
Name of company
Country of incorporation
Registered office
QinetiQ Pension Scheme Trustee Limited
England & Wales
Farnborough
3
QinetiQ PFP Limited Partnership
4
Scotland
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ, Scotland
QinetiQ Philippines Company, Inc
Philippines
22
nd
Floor Corporate Centre, 139 Valero Street, Salcedo Village,
Makati City, Philippines
QinetiQ Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Services Holdings Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Solutions Sdn. Bhd.
Malaysia
Suite 6.01, 6
th
Floor, Plaza See Hoy Chan, Jalan Raja Chulan 50200,
Kuala Lumpur, W.P. Kuala Lumpur, Malaysia
QinetiQ Sweden AB
Sweden
c/o MAQS Advokatbyra, Stureplan 19, 111 45 Stockholm Sweden
QinetiQ Target Services Limited
England & Wales
Farnborough
3
QinetiQ Target Systems Limited
England & Wales
Farnborough
3
QinetiQ Training and Simulation Limited
England & Wales
Farnborough
3
QinetiQ US Holdings, Inc.
USA
5885
Trinity Parkway, Suite 130, Centreville, Virginia 20120-1969, USA
RubiKon Group Pty Limited
Australia
Level 33, 101
Collins Street, Melbourne, Victoria 3000, Australia
TSG International LLC
USA
350 2
nd
Avenue, Waltham, Massachusetts 02451, USA
Name of company
Country of incorporation
Registered office
Joint ventures
6
Avantus CTA, LLC
5
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Federal Mission Solutions, LLC
5
USA
58 W Main Street, Suite B, Luray, VA 22835 USA
Houbara Defence & Security LLC
5,6
United Arab Emirates
Emirates, PO Box 128220
Unit 3, Zone 4, Tawazun Industrial Park, Abu Dhabi, United Arab
QinetiQ Dar Massader QDM Limited
5,6
Saudi Arabia
Al Nakhla Tower, 3026-Prince Saud Bin Mohamed Bin Muqin Road, PO
Box 2985,
Riyadh 13321,
Kingdom of Saudi Arabia
Quick Services LLC
5
USA
409
Chicago Drive Suite 103 in Fayetteville, NC 28306
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-503": { "value": "16. Equity accounted investments As at 31 March The profit from the Group\u2019s share of joint ventures for the year ended 31 March 2025 was \u00a30.3m (FY24: \u00a30.8m).
31 March 2025
31 March 2024
Joint
Group net
Joint
Group net
Ventures\u2019 share of Ventures\u2019 share of
financial Joint financial Joint
All figures in \u00a3 million results Ventures results Ventures
Non-current assets
0.9
0.5
1.1
0.6
Current assets
3.4
2.4
5.9
3.7
4.3
2.9
7.0
4.3
Current liabilities
(0.3)
(0.1)
(0.3)
(0.1)
Non-current liabilities
(1.5)
(0.7)
(4.1)
(2.0)
(1.8)
(0.8)
(4.4)
(2.1)
Net assets of joint ventures
2.5
2.1
2.6
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-446": { "value": "17. Deferred tax For the year ended 31 March 2025 Deferred tax asset Deferred tax liability Deferred tax has been calculated at the rate at which the timing difference is expected to reverse using enacted future statutory rates. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. At 31 March 2025 the Group had unused tax losses and carried forward interest expense of \u00a3305.3m (2024: \u00a3212.3m) which are available for offset against future taxable profits. With our US operations performing below-expectations in the year, the change in the administration and the change in US Sector CEO, re- alignment of strategy and required restructuring, there has been a material impact on the future projections of the business. As a result, the Group de-recognised the deferred tax assets previously recognised in respect of net operating losses. No deferred tax asset is recognised in respect of \u00a3183.8m (2024: \u00a3109.8m) of US net operating losses and \u00a385.9m (2024: \u00a371.5m) of US interest deductions. There is also no deferred tax asset recognised in respect of \u00a38.8m (2024: nil) of UK capital losses due to uncertainty over the timing and extent of their utilisation. Full recognition of the US and UK losses would increase the deferred tax asset by \u00a372.7m. Of the \u00a3183.8m (2024:109.8m) of US net operating losses, \u00a331.1m (2024: \u00a332.4m) are time-limited of which \u00a322.0m will expire in 2035 and \u00a39.1m in 2036. Deferred tax assets are recognised on the balance sheet of \u00a36.9m (2024: \u00a329.0m), being \u00a34.1m in respect of \u00a317.8m of Canadian net operating losses and excess interest, and \u00a32.8m in respect of \u00a39.0m of German trade losses and excess interest.
Carried
Short-
term
forward
timing
interest
Lease Tax
All figures in \u00a3 million differences expense liabilities
losses
Total
At 1 April 2024
20.1
1.0
8.9
35.9
65.9
Charged to income statement
(8.8)
1.1
-
(30.7)
(38.4)
Credited to other comprehensive income
1.8
-
-
-
1.8
Foreign exchange
(1.0)
-
(0.1)
(0.4)
(1.5)
Gross deferred tax asset at 31 March 2025
12.1
2.1
8.8
4.8
27.8
Less: liability available for offset
(17.1)
Net deferred tax asset at 31 March 2025
10.7
Owned
property,
Pension
plant &
Right of use
Acquisition
All figures in \u00a3 million surplus equipment assets intangibles
Total
At 1 April 2024
(9.6)
(80.4)
(7.6)
(26.0)
(123.6)
Credited to income statement
(0.6)
(2.4)
-
12.6
9.6
Charged to other comprehensive income
(4.4)
-
-
-
(4.4)
Foreign exchange
-
-
(0.2)
0.5
0.3
Gross deferred tax liability at 31 March 2025
(14.6)
(82.8)
(7.8)
(12.9)
(118.1)
Less: asset available for offset 17.1
Net deferred tax liability at 31 March 2025
101.0
Based on the current forecasts the losses will be fully utilised over the next 2-5 years. A 10% change in the forecast profits would alter the utilisation period by 2 years. There are no material temporary differences associated with investments in subsidiaries or interests in joint ventures for which deferred tax liabilities have not been recognised. For the year ended 31 March 2024 Deferred tax asset Deferred tax liability 18. Current tax As at 31 March
Carried
Short-
term
forward
timing
interest
Lease
Tax
All figures in \u00a3 million differences expense liabilities losses Total
At 1 April 2023
17.5
-
7.4
30.6
55.5
Credited to income statement
6.4
1.0
1.5
6.0
14.9
Charged to other comprehensive income
0.1
-
-
-
0.1
Reclassification to right of use assets
(3.2)
-
-
-
(3.2)
Foreign exchange
(0.7)
-
-
(0.7)
(1.4)
Gross deferred tax asset at 31 March 2024 20.1
1.0
8.9
35.9
65.9
Less: liability available for offset
(29.2)
Net deferred tax asset at 31 March 2024 36.7
Owned
property,
Pension
plant &
Right of use
Acquisition
All figures in \u00a3 million surplus equipment assets intangibles
Total
At 1 April 2023
(35.4)
(65.7)
(9.7)
(24.1)
(134.9)
Charged to income statement
(1.4)
(14.8)
(1.4)
(2.4)
(20.0)
Credited to other comprehensive income
27.2
-
-
-
27.2
Reclassification from short-term timing differences
-
-
3.2
-
3.2
Foreign exchange
-
0.1
0.3
0.5
0.9
Gross deferred tax liability at 31 March 2024 (9.6)
(80.4)
(7.6)
(26.0)
(123.6)
Less: asset available for offset
29.2
Net deferred tax liability at 31 March 2024
(94.4)
31 March
31 March
All figures in \u00a3 million 2025 2024
Current tax receivable
1.6
5.8
Current tax payable
(3.6
)
(6.6)
Net current tax payable
(2.0)
(0.8)
The Group made overseas losses in the period ended 31 March 2025 and recognition of deferred tax assets is dependent on future forecast taxable profits. The Group has reviewed the latest forecasts for these businesses which incorporate the unsystematic risks of operating in the defence business. In the period beyond the 5 year forecast we have reviewed the terminal period profits and based on these and our expectations for these businesses. We believe it is probable the losses, with the exception of the US and UK, will be fully utilised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-487": { "value": "17. Deferred tax For the year ended 31 March 2025 Deferred tax asset Deferred tax liability Deferred tax has been calculated at the rate at which the timing difference is expected to reverse using enacted future statutory rates. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. At 31 March 2025 the Group had unused tax losses and carried forward interest expense of \u00a3305.3m (2024: \u00a3212.3m) which are available for offset against future taxable profits. With our US operations performing below-expectations in the year, the change in the administration and the change in US Sector CEO, re- alignment of strategy and required restructuring, there has been a material impact on the future projections of the business. As a result, the Group de-recognised the deferred tax assets previously recognised in respect of net operating losses. No deferred tax asset is recognised in respect of \u00a3183.8m (2024: \u00a3109.8m) of US net operating losses and \u00a385.9m (2024: \u00a371.5m) of US interest deductions. There is also no deferred tax asset recognised in respect of \u00a38.8m (2024: nil) of UK capital losses due to uncertainty over the timing and extent of their utilisation. Full recognition of the US and UK losses would increase the deferred tax asset by \u00a372.7m. Of the \u00a3183.8m (2024:109.8m) of US net operating losses, \u00a331.1m (2024: \u00a332.4m) are time-limited of which \u00a322.0m will expire in 2035 and \u00a39.1m in 2036. Deferred tax assets are recognised on the balance sheet of \u00a36.9m (2024: \u00a329.0m), being \u00a34.1m in respect of \u00a317.8m of Canadian net operating losses and excess interest, and \u00a32.8m in respect of \u00a39.0m of German trade losses and excess interest.
Carried
Short-
term
forward
timing
interest
Lease Tax
All figures in \u00a3 million differences expense liabilities
losses
Total
At 1 April 2024
20.1
1.0
8.9
35.9
65.9
Charged to income statement
(8.8)
1.1
-
(30.7)
(38.4)
Credited to other comprehensive income
1.8
-
-
-
1.8
Foreign exchange
(1.0)
-
(0.1)
(0.4)
(1.5)
Gross deferred tax asset at 31 March 2025
12.1
2.1
8.8
4.8
27.8
Less: liability available for offset
(17.1)
Net deferred tax asset at 31 March 2025
10.7
Owned
property,
Pension
plant &
Right of use
Acquisition
All figures in \u00a3 million surplus equipment assets intangibles
Total
At 1 April 2024
(9.6)
(80.4)
(7.6)
(26.0)
(123.6)
Credited to income statement
(0.6)
(2.4)
-
12.6
9.6
Charged to other comprehensive income
(4.4)
-
-
-
(4.4)
Foreign exchange
-
-
(0.2)
0.5
0.3
Gross deferred tax liability at 31 March 2025
(14.6)
(82.8)
(7.8)
(12.9)
(118.1)
Less: asset available for offset 17.1
Net deferred tax liability at 31 March 2025
101.0
Based on the current forecasts the losses will be fully utilised over the next 2-5 years. A 10% change in the forecast profits would alter the utilisation period by 2 years. There are no material temporary differences associated with investments in subsidiaries or interests in joint ventures for which deferred tax liabilities have not been recognised. For the year ended 31 March 2024 Deferred tax asset Deferred tax liability 18. Current tax As at 31 March
Carried
Short-
term
forward
timing
interest
Lease
Tax
All figures in \u00a3 million differences expense liabilities losses Total
At 1 April 2023
17.5
-
7.4
30.6
55.5
Credited to income statement
6.4
1.0
1.5
6.0
14.9
Charged to other comprehensive income
0.1
-
-
-
0.1
Reclassification to right of use assets
(3.2)
-
-
-
(3.2)
Foreign exchange
(0.7)
-
-
(0.7)
(1.4)
Gross deferred tax asset at 31 March 2024 20.1
1.0
8.9
35.9
65.9
Less: liability available for offset
(29.2)
Net deferred tax asset at 31 March 2024 36.7
Owned
property,
Pension
plant &
Right of use
Acquisition
All figures in \u00a3 million surplus equipment assets intangibles
Total
At 1 April 2023
(35.4)
(65.7)
(9.7)
(24.1)
(134.9)
Charged to income statement
(1.4)
(14.8)
(1.4)
(2.4)
(20.0)
Credited to other comprehensive income
27.2
-
-
-
27.2
Reclassification from short-term timing differences
-
-
3.2
-
3.2
Foreign exchange
-
0.1
0.3
0.5
0.9
Gross deferred tax liability at 31 March 2024 (9.6)
(80.4)
(7.6)
(26.0)
(123.6)
Less: asset available for offset
29.2
Net deferred tax liability at 31 March 2024
(94.4)
31 March
31 March
All figures in \u00a3 million 2025 2024
Current tax receivable
1.6
5.8
Current tax payable
(3.6
)
(6.6)
Net current tax payable
(2.0)
(0.8)
The Group made overseas losses in the period ended 31 March 2025 and recognition of deferred tax assets is dependent on future forecast taxable profits. The Group has reviewed the latest forecasts for these businesses which incorporate the unsystematic risks of operating in the defence business. In the period beyond the 5 year forecast we have reviewed the terminal period profits and based on these and our expectations for these businesses. We believe it is probable the losses, with the exception of the US and UK, will be fully utilised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-513": { "value": "17. Deferred tax For the year ended 31 March 2025 Deferred tax asset Deferred tax liability Deferred tax has been calculated at the rate at which the timing difference is expected to reverse using enacted future statutory rates. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. At 31 March 2025 the Group had unused tax losses and carried forward interest expense of \u00a3305.3m (2024: \u00a3212.3m) which are available for offset against future taxable profits. With our US operations performing below-expectations in the year, the change in the administration and the change in US Sector CEO, re- alignment of strategy and required restructuring, there has been a material impact on the future projections of the business. As a result, the Group de-recognised the deferred tax assets previously recognised in respect of net operating losses. No deferred tax asset is recognised in respect of \u00a3183.8m (2024: \u00a3109.8m) of US net operating losses and \u00a385.9m (2024: \u00a371.5m) of US interest deductions. There is also no deferred tax asset recognised in respect of \u00a38.8m (2024: nil) of UK capital losses due to uncertainty over the timing and extent of their utilisation. Full recognition of the US and UK losses would increase the deferred tax asset by \u00a372.7m. Of the \u00a3183.8m (2024:109.8m) of US net operating losses, \u00a331.1m (2024: \u00a332.4m) are time-limited of which \u00a322.0m will expire in 2035 and \u00a39.1m in 2036. Deferred tax assets are recognised on the balance sheet of \u00a36.9m (2024: \u00a329.0m), being \u00a34.1m in respect of \u00a317.8m of Canadian net operating losses and excess interest, and \u00a32.8m in respect of \u00a39.0m of German trade losses and excess interest.
Carried
Short-
term
forward
timing
interest
Lease Tax
All figures in \u00a3 million differences expense liabilities
losses
Total
At 1 April 2024
20.1
1.0
8.9
35.9
65.9
Charged to income statement
(8.8)
1.1
-
(30.7)
(38.4)
Credited to other comprehensive income
1.8
-
-
-
1.8
Foreign exchange
(1.0)
-
(0.1)
(0.4)
(1.5)
Gross deferred tax asset at 31 March 2025
12.1
2.1
8.8
4.8
27.8
Less: liability available for offset
(17.1)
Net deferred tax asset at 31 March 2025
10.7
Owned
property,
Pension
plant &
Right of use
Acquisition
All figures in \u00a3 million surplus equipment assets intangibles
Total
At 1 April 2024
(9.6)
(80.4)
(7.6)
(26.0)
(123.6)
Credited to income statement
(0.6)
(2.4)
-
12.6
9.6
Charged to other comprehensive income
(4.4)
-
-
-
(4.4)
Foreign exchange
-
-
(0.2)
0.5
0.3
Gross deferred tax liability at 31 March 2025
(14.6)
(82.8)
(7.8)
(12.9)
(118.1)
Less: asset available for offset 17.1
Net deferred tax liability at 31 March 2025
101.0
Based on the current forecasts the losses will be fully utilised over the next 2-5 years. A 10% change in the forecast profits would alter the utilisation period by 2 years. There are no material temporary differences associated with investments in subsidiaries or interests in joint ventures for which deferred tax liabilities have not been recognised. For the year ended 31 March 2024 Deferred tax asset Deferred tax liability 18. Current tax As at 31 March
Carried
Short-
term
forward
timing
interest
Lease
Tax
All figures in \u00a3 million differences expense liabilities losses Total
At 1 April 2023
17.5
-
7.4
30.6
55.5
Credited to income statement
6.4
1.0
1.5
6.0
14.9
Charged to other comprehensive income
0.1
-
-
-
0.1
Reclassification to right of use assets
(3.2)
-
-
-
(3.2)
Foreign exchange
(0.7)
-
-
(0.7)
(1.4)
Gross deferred tax asset at 31 March 2024 20.1
1.0
8.9
35.9
65.9
Less: liability available for offset
(29.2)
Net deferred tax asset at 31 March 2024 36.7
Owned
property,
Pension
plant &
Right of use
Acquisition
All figures in \u00a3 million surplus equipment assets intangibles
Total
At 1 April 2023
(35.4)
(65.7)
(9.7)
(24.1)
(134.9)
Charged to income statement
(1.4)
(14.8)
(1.4)
(2.4)
(20.0)
Credited to other comprehensive income
27.2
-
-
-
27.2
Reclassification from short-term timing differences
-
-
3.2
-
3.2
Foreign exchange
-
0.1
0.3
0.5
0.9
Gross deferred tax liability at 31 March 2024 (9.6)
(80.4)
(7.6)
(26.0)
(123.6)
Less: asset available for offset
29.2
Net deferred tax liability at 31 March 2024
(94.4)
31 March
31 March
All figures in \u00a3 million 2025 2024
Current tax receivable
1.6
5.8
Current tax payable
(3.6
)
(6.6)
Net current tax payable
(2.0)
(0.8)
The Group made overseas losses in the period ended 31 March 2025 and recognition of deferred tax assets is dependent on future forecast taxable profits. The Group has reviewed the latest forecasts for these businesses which incorporate the unsystematic risks of operating in the defence business. In the period beyond the 5 year forecast we have reviewed the terminal period profits and based on these and our expectations for these businesses. We believe it is probable the losses, with the exception of the US and UK, will be fully utilised. 20. Trade and other receivables As at 31 March Trade and other receivables includes assets that are realised as part of the business\u2019s normal operating cycle, including amounts of \u00a3nil (2024: \u00a30.8m) that are not expected to be realised within 12 months of the year end. Credit risk is limited as a result of the high percentage of revenue derived from UK and US government agencies. Accordingly, the Directors believe that no credit provision in excess of the allowance for doubtful debts is required. As at 31 March 2025 the Group carried a loss allowance in respect of expected credit risk of \u00a31.4m (2024: \u00a31.7m). Contract assets decreased during the year due to the timing of invoicing. Contract assets represents unbilled amounts recoverable under customer contracts (refer to accounting policies note 35). Ageing of receivables and associated loss allowance for expected credit risk As at 31 March 2025 As at 31 March 2024 Movements in the provision for expected credit loss The maximum exposure to credit risk in relation to trade and other receivables at the reporting date is the fair value of trade and other receivables. The Group does not hold any collateral as security.
31 March
31 March
All figures in \u00a3 million 2025 2024
Trade receivables
148.9
179.5
Contract assets
154.5
171.6
Other receivables
48.1
58.1
Prepayments
36.9
47.6
Total trade and other receivables
388.4
456.8
Current
Up to 30 days
30-120 days
>120 days
Total
past due past due past due
Gross carrying amount - trade receivables (\u00a3m)
120.1
23.1
2.4
4.7
150.3
Gross carrying amount - contract assets (\u00a3m)
154.5
-
-
-
154.5
Expected loss rate (%)
0.0%
0.0%
0.0%
29.8%
0.5%
Loss allowance (\u00a3m)
-
-
-
1.4
1.4
Current
Up to 30 days
30-120 days
>120 days
Total
past due
past due
past due
Gross carrying amount - trade receivables (\u00a3m)
141.9
24.8
9.6
4.9
181.2
Gross carrying amount - contract assets (\u00a3m)
171.6
-
-
-
171.6
Expected loss rate (%)
-
-
-
34.7%
0.5%
Loss allowance (\u00a3m)
-
-
-
1.7
1.7
FY25
FY24
Trade
Contract
Trade Contract
All figures in \u00a3 million receivables assets receivables assets
At 1 April
1.7
-
1.6
-
Increase in loss allowance recognised in income statement
0.2
-
0.1
-
Unutilised amount reversed through income statement
(0.1)
-
-
-
Utilised (receivables written off)
(0.4)
-
-
-
At 31 March
1.4
-
1.7
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-517": { "value": "17. Deferred tax For the year ended 31 March 2025 Deferred tax asset Deferred tax liability Deferred tax has been calculated at the rate at which the timing difference is expected to reverse using enacted future statutory rates. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. At 31 March 2025 the Group had unused tax losses and carried forward interest expense of \u00a3305.3m (2024: \u00a3212.3m) which are available for offset against future taxable profits. With our US operations performing below-expectations in the year, the change in the administration and the change in US Sector CEO, re- alignment of strategy and required restructuring, there has been a material impact on the future projections of the business. As a result, the Group de-recognised the deferred tax assets previously recognised in respect of net operating losses. No deferred tax asset is recognised in respect of \u00a3183.8m (2024: \u00a3109.8m) of US net operating losses and \u00a385.9m (2024: \u00a371.5m) of US interest deductions. There is also no deferred tax asset recognised in respect of \u00a38.8m (2024: nil) of UK capital losses due to uncertainty over the timing and extent of their utilisation. Full recognition of the US and UK losses would increase the deferred tax asset by \u00a372.7m. Of the \u00a3183.8m (2024:109.8m) of US net operating losses, \u00a331.1m (2024: \u00a332.4m) are time-limited of which \u00a322.0m will expire in 2035 and \u00a39.1m in 2036. Deferred tax assets are recognised on the balance sheet of \u00a36.9m (2024: \u00a329.0m), being \u00a34.1m in respect of \u00a317.8m of Canadian net operating losses and excess interest, and \u00a32.8m in respect of \u00a39.0m of German trade losses and excess interest.
Carried
Short-
term
forward
timing
interest
Lease Tax
All figures in \u00a3 million differences expense liabilities
losses
Total
At 1 April 2024
20.1
1.0
8.9
35.9
65.9
Charged to income statement
(8.8)
1.1
-
(30.7)
(38.4)
Credited to other comprehensive income
1.8
-
-
-
1.8
Foreign exchange
(1.0)
-
(0.1)
(0.4)
(1.5)
Gross deferred tax asset at 31 March 2025
12.1
2.1
8.8
4.8
27.8
Less: liability available for offset
(17.1)
Net deferred tax asset at 31 March 2025
10.7
Owned
property,
Pension
plant &
Right of use
Acquisition
All figures in \u00a3 million surplus equipment assets intangibles
Total
At 1 April 2024
(9.6)
(80.4)
(7.6)
(26.0)
(123.6)
Credited to income statement
(0.6)
(2.4)
-
12.6
9.6
Charged to other comprehensive income
(4.4)
-
-
-
(4.4)
Foreign exchange
-
-
(0.2)
0.5
0.3
Gross deferred tax liability at 31 March 2025
(14.6)
(82.8)
(7.8)
(12.9)
(118.1)
Less: asset available for offset 17.1
Net deferred tax liability at 31 March 2025
101.0
Based on the current forecasts the losses will be fully utilised over the next 2-5 years. A 10% change in the forecast profits would alter the utilisation period by 2 years. There are no material temporary differences associated with investments in subsidiaries or interests in joint ventures for which deferred tax liabilities have not been recognised. For the year ended 31 March 2024 Deferred tax asset Deferred tax liability 18. Current tax As at 31 March
Carried
Short-
term
forward
timing
interest
Lease
Tax
All figures in \u00a3 million differences expense liabilities losses Total
At 1 April 2023
17.5
-
7.4
30.6
55.5
Credited to income statement
6.4
1.0
1.5
6.0
14.9
Charged to other comprehensive income
0.1
-
-
-
0.1
Reclassification to right of use assets
(3.2)
-
-
-
(3.2)
Foreign exchange
(0.7)
-
-
(0.7)
(1.4)
Gross deferred tax asset at 31 March 2024 20.1
1.0
8.9
35.9
65.9
Less: liability available for offset
(29.2)
Net deferred tax asset at 31 March 2024 36.7
Owned
property,
Pension
plant &
Right of use
Acquisition
All figures in \u00a3 million surplus equipment assets intangibles
Total
At 1 April 2023
(35.4)
(65.7)
(9.7)
(24.1)
(134.9)
Charged to income statement
(1.4)
(14.8)
(1.4)
(2.4)
(20.0)
Credited to other comprehensive income
27.2
-
-
-
27.2
Reclassification from short-term timing differences
-
-
3.2
-
3.2
Foreign exchange
-
0.1
0.3
0.5
0.9
Gross deferred tax liability at 31 March 2024 (9.6)
(80.4)
(7.6)
(26.0)
(123.6)
Less: asset available for offset
29.2
Net deferred tax liability at 31 March 2024
(94.4)
31 March
31 March
All figures in \u00a3 million 2025 2024
Current tax receivable
1.6
5.8
Current tax payable
(3.6
)
(6.6)
Net current tax payable
(2.0)
(0.8)
The Group made overseas losses in the period ended 31 March 2025 and recognition of deferred tax assets is dependent on future forecast taxable profits. The Group has reviewed the latest forecasts for these businesses which incorporate the unsystematic risks of operating in the defence business. In the period beyond the 5 year forecast we have reviewed the terminal period profits and based on these and our expectations for these businesses. We believe it is probable the losses, with the exception of the US and UK, will be fully utilised. 21. Trade and other payables As at 31 March Accrued expenses and other payables includes \u00a3nil at 31 March 2025 (31 March 2024: \u00a334.0m) relating to an irrevocable contract to purchase shares as part of the ongoing share buyback programme. This liability related to financing activities and was settled via a financing cash flow during FY25. Contract liabilities, which are influenced by the timing of revenue recognition and invoicing on contracts, were broadly consistent with the prior year.
31 March
31 March
All figures in \u00a3 million 2025 2024
Trade payables
152.1
175.9
Other tax and social security
56.7
50.4
Contract liabilities
207.0
212.6
Accrued expenses and other payables 181.7 215.8
Total current trade and other payables
597.5
654.7
Contract liabilities
6.4
10.2
Other payables
2.0
1.4
Total non-current trade and other payables
8.4
11.6
Total trade and other payables 605.9 666.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-397": { "value": "19. Inventories As at 31 March
31 March
31 March
All figures in \u00a3 million 2025 2024
Raw materials
28.7
46.2
Work in progress
8.7
6.5
Finished goods
33.3
36.5
Total inventories
70.7
89.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-398": { "value": "20. Trade and other receivables As at 31 March Trade and other receivables includes assets that are realised as part of the business\u2019s normal operating cycle, including amounts of \u00a3nil (2024: \u00a30.8m) that are not expected to be realised within 12 months of the year end. Credit risk is limited as a result of the high percentage of revenue derived from UK and US government agencies. Accordingly, the Directors believe that no credit provision in excess of the allowance for doubtful debts is required. As at 31 March 2025 the Group carried a loss allowance in respect of expected credit risk of \u00a31.4m (2024: \u00a31.7m). Contract assets decreased during the year due to the timing of invoicing. Contract assets represents unbilled amounts recoverable under customer contracts (refer to accounting policies note 35). Ageing of receivables and associated loss allowance for expected credit risk As at 31 March 2025 As at 31 March 2024 Movements in the provision for expected credit loss The maximum exposure to credit risk in relation to trade and other receivables at the reporting date is the fair value of trade and other receivables. The Group does not hold any collateral as security.
31 March
31 March
All figures in \u00a3 million 2025 2024
Trade receivables
148.9
179.5
Contract assets
154.5
171.6
Other receivables
48.1
58.1
Prepayments
36.9
47.6
Total trade and other receivables
388.4
456.8
Current
Up to 30 days
30-120 days
>120 days
Total
past due past due past due
Gross carrying amount - trade receivables (\u00a3m)
120.1
23.1
2.4
4.7
150.3
Gross carrying amount - contract assets (\u00a3m)
154.5
-
-
-
154.5
Expected loss rate (%)
0.0%
0.0%
0.0%
29.8%
0.5%
Loss allowance (\u00a3m)
-
-
-
1.4
1.4
Current
Up to 30 days
30-120 days
>120 days
Total
past due
past due
past due
Gross carrying amount - trade receivables (\u00a3m)
141.9
24.8
9.6
4.9
181.2
Gross carrying amount - contract assets (\u00a3m)
171.6
-
-
-
171.6
Expected loss rate (%)
-
-
-
34.7%
0.5%
Loss allowance (\u00a3m)
-
-
-
1.7
1.7
FY25
FY24
Trade
Contract
Trade Contract
All figures in \u00a3 million receivables assets receivables assets
At 1 April
1.7
-
1.6
-
Increase in loss allowance recognised in income statement
0.2
-
0.1
-
Unutilised amount reversed through income statement
(0.1)
-
-
-
Utilised (receivables written off)
(0.4)
-
-
-
At 31 March
1.4
-
1.7
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-448": { "value": "Trade and other receivables includes assets that are realised as part of the business\u2019s normal operating cycle, including amounts of \u00a3nil (2024: \u00a30.8m) that are not expected to be realised within 12 months of the year end. Credit risk is limited as a result of the high percentage of revenue derived from UK and US government agencies. Accordingly, the Directors believe that no credit provision in excess of the allowance for doubtful debts is required. As at 31 March 2025 the Group carried a loss allowance in respect of expected credit risk of \u00a31.4m (2024: \u00a31.7m). Contract assets decreased during the year due to the timing of invoicing. Contract assets represents unbilled amounts recoverable under customer contracts (refer to accounting policies note 35). Ageing of receivables and associated loss allowance for expected credit risk As at 31 March 2025 As at 31 March 2024 Movements in the provision for expected credit loss The maximum exposure to credit risk in relation to trade and other receivables at the reporting date is the fair value of trade and other receivables. The Group does not hold any collateral as security.
Current
Up to 30 days
30-120 days
>120 days
Total
past due past due past due
Gross carrying amount - trade receivables (\u00a3m)
120.1
23.1
2.4
4.7
150.3
Gross carrying amount - contract assets (\u00a3m)
154.5
-
-
-
154.5
Expected loss rate (%)
0.0%
0.0%
0.0%
29.8%
0.5%
Loss allowance (\u00a3m)
-
-
-
1.4
1.4
Current
Up to 30 days
30-120 days
>120 days
Total
past due
past due
past due
Gross carrying amount - trade receivables (\u00a3m)
141.9
24.8
9.6
4.9
181.2
Gross carrying amount - contract assets (\u00a3m)
171.6
-
-
-
171.6
Expected loss rate (%)
-
-
-
34.7%
0.5%
Loss allowance (\u00a3m)
-
-
-
1.7
1.7
FY25 FY24 Trade Contract Trade Contract All figures in \u00a3 million receivables assets receivables assets At 1 April 1.7 - 1.6 - ncrease in loss allowance recognised in income statement 0.2 - 0.1 - Unutilised amount reversed through income statement (0.1) - - - Utilised (receivables written off) (0.4) - - - At 31 March 1.4 - 1.7 -", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-447": { "value": "
31 March
31 March
All figures in \u00a3 million 2025 2024
Trade receivables
148.9
179.5
Contract assets
154.5
171.6
Other receivables
48.1
58.1
Prepayments
36.9
47.6
Total trade and other receivables
388.4
456.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-399": { "value": "21. Trade and other payables As at 31 March Accrued expenses and other payables includes \u00a3nil at 31 March 2025 (31 March 2024: \u00a334.0m) relating to an irrevocable contract to purchase shares as part of the ongoing share buyback programme. This liability related to financing activities and was settled via a financing cash flow during FY25. Contract liabilities, which are influenced by the timing of revenue recognition and invoicing on contracts, were broadly consistent with the prior year.
31 March
31 March
All figures in \u00a3 million 2025 2024
Trade payables
152.1
175.9
Other tax and social security
56.7
50.4
Contract liabilities
207.0
212.6
Accrued expenses and other payables 181.7 215.8
Total current trade and other payables
597.5
654.7
Contract liabilities
6.4
10.2
Other payables
2.0
1.4
Total non-current trade and other payables
8.4
11.6
Total trade and other payables 605.9 666.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-449": { "value": "As at 31 March
31 March
31 March
All figures in \u00a3 million 2025 2024
Trade payables
152.1
175.9
Other tax and social security
56.7
50.4
Contract liabilities
207.0
212.6
Accrued expenses and other payables 181.7 215.8
Total current trade and other payables
597.5
654.7
Contract liabilities
6.4
10.2
Other payables
2.0
1.4
Total non-current trade and other payables
8.4
11.6
Total trade and other payables 605.9 666.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-488": { "value": "As at 31 March
31 March
31 March
All figures in \u00a3 million 2025 2024
Trade payables
152.1
175.9
Other tax and social security
56.7
50.4
Contract liabilities
207.0
212.6
Accrued expenses and other payables 181.7 215.8
Total current trade and other payables
597.5
654.7
Contract liabilities
6.4
10.2
Other payables
2.0
1.4
Total non-current trade and other payables
8.4
11.6
Total trade and other payables 605.9 666.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-504": { "value": "As at 31 March
31 March
31 March
All figures in \u00a3 million 2025 2024
Trade payables
152.1
175.9
Other tax and social security
56.7
50.4
Contract liabilities
207.0
212.6
Accrued expenses and other payables 181.7 215.8
Total current trade and other payables
597.5
654.7
Contract liabilities
6.4
10.2
Other payables
2.0
1.4
Total non-current trade and other payables
8.4
11.6
Total trade and other payables 605.9 666.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-400": { "value": "22. Provisions For the year ended 31 March 2025 Property provisions relate to obligations relating to the sale and leaseback transaction, dilapidations and under-utilised properties. The under- utilised property provision is affected by the timing of when properties can be sub-let and the proportion of space that can be sub-let. Other provisions includes \u00a312.1m (2024: \u00a312.8m) in respect of a civil liability for the Pendine incident. There is an equivalent balance in Other Receivables for an insurance recoverable. There is uncertainty around the timing of the utilisation of this balance although this will not impact cash or the P&L. Other provisions also includes \u00a314.3m relating to the group-wide restructuring programme, the cost of which is included as a specific adjusting item. The remaining balance relates to environmental and other liabilities, the magnitude and timing of utilisation of which are determined by a variety of factors. For the year ended 31 March 2024
All figures in \u00a3 million
Property
Other
Total
At 1 April 2024
2.5
17.0
19.5
Created in year
24.3
21.7
46.0
Released in year
-
(1.2
)
(1.2
)
Utilised in year
(2.0
)
 (2.5)
(4.5
)
Foreign exchange
-
(0.1)
(0.1)
At 31 March 2025
24.8
34.9
59.7
Current liability
23.0
33.2
56.2
Non-current liability
1.8
1.7
3.5
At 31 March 2025
24.8
34.9
59.7
All figures in \u00a3 million
Property
Other
Total
At 1 April 2023
6.6
20.2
26.8
Created in year
0.4
0.8
1.2
Released in year
(3.2)
(0.2)
(3.4)
Unwinding of discount
0.1
-
0.1
Reclassified
(0.9)
-
(0.9)
Utilised in year
(0.5)
(3.7)
(4.2)
Foreign exchange
-
(0.1)
(0.1)
At 31 March 2024
2.5
17.0
19.5
Current liability
-
15.3
15.3
Non-current liability
2.5
1.7
4.2
At 31 March 2024
2.5
17.0
19.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-450": { "value": "23. Net debt As at 31 March At 31 March 2025 the Group held \u00a30.7m (2024: \u00a31.5m) of cash which is restricted in its use. The term loan was issued at floating rates as Tranche A \u00a3273.3m and Tranche B USD 79.6m. A proportion of Tranche A has been converted to fixed rate using interest rate swaps. Further analysis of the terms and maturity dates for financial liabilities are set out in note 26.
31 March 2025
31 March 2024
All figures in \u00a3 million
Assets
Liabilities
Net
Assets
Liabilities
Net
Current financial assets/(liabilities)
Deferred financing costs
1.3
-
1.3
1.0
-
1.0
Lease liabilities
-
(13.3)
(13.3)
-
(8.1)
(8.1)
Derivative financial instruments
3.6
(1.8)
1.8
5.2
(1.1)
4.1
Total current financial assets/(liabilities)
4.9
(15.1)
(10.2)
6.2
(9.2)
(3.0)
Non
-current assets/(liabilities)
Deferred financing costs
1.0
-
1.0
1.1
-
1.1
Borrowings \u2013 Term loan
-
(335.0)
(335.0)
-
(336.3)
(336.3)
Lease liabilities
-
(80.6)
(80.6)
-
(47.4)
(47.4)
Derivative financial instruments
2.0
(1.0)
1.0
3.8
(0.4)
3.4
Total non
-current financial assets/(liabilities)
3.0
(416.6)
(413.6)
4.9
(384.1)
(379.2)
Total financial assets/(liabilities)
7.9
(431.7)
(423.8)
11.1
(393.3)
(382.2)
Cash
120.2
-
120.2
109.5
-
109.5
Cash equivalents
170.4
-
170.4
121.5
-
121.5
Total cash and cash equivalents
290.6
-
290.6
231.0
-
231.0
Total net
debt as defined by the Group
 (133.2) (151.2)
E) Liquidity risk Borrowing facilities As at 31 March 2025 the Group had a revolving credit facility (RCF) of \u00a3290.0m (2024: \u00a3275.0m) and a floating rate term loan of \u00a3335.0m (2024: \u00a3336.3m). The RCF, which is unutilised, was refinanced in April 2024 and will mature on 22 April 2028. The term loan will mature on 27 September 2027. Total available funds, comprising the RCF, term loan and the Group\u2019s freely available cash and cash equivalents, are shown in the table below: * Reference rate refers to SONIA for GBP and SOFR for USD.
Interest rate:
Reference Total Drawn Undrawn
rate* plus
\u00a3m
\u00a3m
\u00a3m
As at 31 March 2025
Committed facilities \u2013 RCF
0.60%
290.0
-
290.0
Committed facilities \u2013 term loan
1.00%
335.0
335.0
-
Freely available cash and cash equivalents
289.9
Available funds 31 March 2025
579.9
As at 31 March 2024
Committed facilities \u2013 RCF
0.53%
275.0
-
275.0
Committed facilities \u2013 term loan
1.00%
336.3
336.3
-
Freely available cash and cash equivalents
229.5
Available funds 31 March 2024
504.5
G) Maturity of financial liabilities The contractual maturity of the Group\u2019s financial liabilities is shown below: As at 31 March 2025 As at 31 March 2024 * Trade payables and other similar items includes \u00a3nil (FY24: \u00a334.0m) irrevocable share buyback liability
Trade
Bank
payables and borrowings Derivative
similar items and loan financial Lease
All figures in \u00a3 million payables notes instruments
liabilities
Total
Due in one year or less
302.5
-
1.8
13.3
317.6
Due in more than one year but not more than two years
-
-
0.7 13.5 14.2
Due in more than two years but not more than five years
-
335.0
0.3 41.3 376.6
Due in five years or more
-
-
- 25.8 25.8
Total
302.5
335.0
2.8
93.9
734.2
Trade
Bank
payables and borrowings Derivative
similar items and loan financial Lease
All figures in \u00a3 million payables* notes instruments
liabilities
Total
Due in one year or less
356.5
-
1.1
8.1
365.7
Due in more than one year but not more than two years
-
-
0.1
7.4
7.5
Due in more than two years but not more than five years
-
336.3
0.3
18.0
354.6
Due in five years or more
-
-
-
22.0
22.0
Total
356.5
336.3
1.5
55.5
749.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-489": { "value": "23. Net debt As at 31 March At 31 March 2025 the Group held \u00a30.7m (2024: \u00a31.5m) of cash which is restricted in its use. The term loan was issued at floating rates as Tranche A \u00a3273.3m and Tranche B USD 79.6m. A proportion of Tranche A has been converted to fixed rate using interest rate swaps. Further analysis of the terms and maturity dates for financial liabilities are set out in note 26.
31 March 2025
31 March 2024
All figures in \u00a3 million
Assets
Liabilities
Net
Assets
Liabilities
Net
Current financial assets/(liabilities)
Deferred financing costs
1.3
-
1.3
1.0
-
1.0
Lease liabilities
-
(13.3)
(13.3)
-
(8.1)
(8.1)
Derivative financial instruments
3.6
(1.8)
1.8
5.2
(1.1)
4.1
Total current financial assets/(liabilities)
4.9
(15.1)
(10.2)
6.2
(9.2)
(3.0)
Non
-current assets/(liabilities)
Deferred financing costs
1.0
-
1.0
1.1
-
1.1
Borrowings \u2013 Term loan
-
(335.0)
(335.0)
-
(336.3)
(336.3)
Lease liabilities
-
(80.6)
(80.6)
-
(47.4)
(47.4)
Derivative financial instruments
2.0
(1.0)
1.0
3.8
(0.4)
3.4
Total non
-current financial assets/(liabilities)
3.0
(416.6)
(413.6)
4.9
(384.1)
(379.2)
Total financial assets/(liabilities)
7.9
(431.7)
(423.8)
11.1
(393.3)
(382.2)
Cash
120.2
-
120.2
109.5
-
109.5
Cash equivalents
170.4
-
170.4
121.5
-
121.5
Total cash and cash equivalents
290.6
-
290.6
231.0
-
231.0
Total net
debt as defined by the Group
 (133.2) (151.2)
E) Liquidity risk Borrowing facilities As at 31 March 2025 the Group had a revolving credit facility (RCF) of \u00a3290.0m (2024: \u00a3275.0m) and a floating rate term loan of \u00a3335.0m (2024: \u00a3336.3m). The RCF, which is unutilised, was refinanced in April 2024 and will mature on 22 April 2028. The term loan will mature on 27 September 2027. Total available funds, comprising the RCF, term loan and the Group\u2019s freely available cash and cash equivalents, are shown in the table below: * Reference rate refers to SONIA for GBP and SOFR for USD.
Interest rate:
Reference Total Drawn Undrawn
rate* plus
\u00a3m
\u00a3m
\u00a3m
As at 31 March 2025
Committed facilities \u2013 RCF
0.60%
290.0
-
290.0
Committed facilities \u2013 term loan
1.00%
335.0
335.0
-
Freely available cash and cash equivalents
289.9
Available funds 31 March 2025
579.9
As at 31 March 2024
Committed facilities \u2013 RCF
0.53%
275.0
-
275.0
Committed facilities \u2013 term loan
1.00%
336.3
336.3
-
Freely available cash and cash equivalents
229.5
Available funds 31 March 2024
504.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-505": { "value": "23. Net debt As at 31 March At 31 March 2025 the Group held \u00a30.7m (2024: \u00a31.5m) of cash which is restricted in its use. The term loan was issued at floating rates as Tranche A \u00a3273.3m and Tranche B USD 79.6m. A proportion of Tranche A has been converted to fixed rate using interest rate swaps. Further analysis of the terms and maturity dates for financial liabilities are set out in note 26.
31 March 2025
31 March 2024
All figures in \u00a3 million
Assets
Liabilities
Net
Assets
Liabilities
Net
Current financial assets/(liabilities)
Deferred financing costs
1.3
-
1.3
1.0
-
1.0
Lease liabilities
-
(13.3)
(13.3)
-
(8.1)
(8.1)
Derivative financial instruments
3.6
(1.8)
1.8
5.2
(1.1)
4.1
Total current financial assets/(liabilities)
4.9
(15.1)
(10.2)
6.2
(9.2)
(3.0)
Non
-current assets/(liabilities)
Deferred financing costs
1.0
-
1.0
1.1
-
1.1
Borrowings \u2013 Term loan
-
(335.0)
(335.0)
-
(336.3)
(336.3)
Lease liabilities
-
(80.6)
(80.6)
-
(47.4)
(47.4)
Derivative financial instruments
2.0
(1.0)
1.0
3.8
(0.4)
3.4
Total non
-current financial assets/(liabilities)
3.0
(416.6)
(413.6)
4.9
(384.1)
(379.2)
Total financial assets/(liabilities)
7.9
(431.7)
(423.8)
11.1
(393.3)
(382.2)
Cash
120.2
-
120.2
109.5
-
109.5
Cash equivalents
170.4
-
170.4
121.5
-
121.5
Total cash and cash equivalents
290.6
-
290.6
231.0
-
231.0
Total net
debt as defined by the Group
 (133.2) (151.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-514": { "value": "23. Net debt As at 31 March At 31 March 2025 the Group held \u00a30.7m (2024: \u00a31.5m) of cash which is restricted in its use. The term loan was issued at floating rates as Tranche A \u00a3273.3m and Tranche B USD 79.6m. A proportion of Tranche A has been converted to fixed rate using interest rate swaps. Further analysis of the terms and maturity dates for financial liabilities are set out in note 26.
31 March 2025
31 March 2024
All figures in \u00a3 million
Assets
Liabilities
Net
Assets
Liabilities
Net
Current financial assets/(liabilities)
Deferred financing costs
1.3
-
1.3
1.0
-
1.0
Lease liabilities
-
(13.3)
(13.3)
-
(8.1)
(8.1)
Derivative financial instruments
3.6
(1.8)
1.8
5.2
(1.1)
4.1
Total current financial assets/(liabilities)
4.9
(15.1)
(10.2)
6.2
(9.2)
(3.0)
Non
-current assets/(liabilities)
Deferred financing costs
1.0
-
1.0
1.1
-
1.1
Borrowings \u2013 Term loan
-
(335.0)
(335.0)
-
(336.3)
(336.3)
Lease liabilities
-
(80.6)
(80.6)
-
(47.4)
(47.4)
Derivative financial instruments
2.0
(1.0)
1.0
3.8
(0.4)
3.4
Total non
-current financial assets/(liabilities)
3.0
(416.6)
(413.6)
4.9
(384.1)
(379.2)
Total financial assets/(liabilities)
7.9
(431.7)
(423.8)
11.1
(393.3)
(382.2)
Cash
120.2
-
120.2
109.5
-
109.5
Cash equivalents
170.4
-
170.4
121.5
-
121.5
Total cash and cash equivalents
290.6
-
290.6
231.0
-
231.0
Total net
debt as defined by the Group
 (133.2) (151.2)
26. Financial risk management The Group\u2019s international operations expose it to financial risks that include the effects of changes in foreign exchange rates, interest rates, credit risks and liquidity risks. Treasury and risk management policies, which are set by the Board, specify guidelines on financial risks and the use of financial instruments to manage risk. The instruments and techniques used to manage exposures include foreign currency and interest rate swap derivatives. Group treasury monitors financial risks and compliance with risk management policies during the year. There have been no changes in any risk management policies during the year or since the year end. For details of the Group\u2019s Treasury policy and management of financial instruments see \u2018Additional Financial Information\u2019 on page 199. The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt, cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity. The Group has a revolving credit facility and floating rate term loan with its relationship banks with a requirement for the half yearly testing period that the ratio of Net Debt to EBITDA will not exceed 3.5:1 and the ratio of EBITDA to net finance charges will not be less than 4:1. The Group complied with both covenants during the year. As at 31 March 2025, the ratio of Net Debt to EBITDA was 0.4:1 and the ratio of EBITDA to net finance charges was 20:1. The revolving credit facility is undrawn at the year end and matures in 2028. The floating rate term loan is repayable in 2027. A) Fair values of financial instruments The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: Level 1 \u2013 measured using quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 \u2013 measured using 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). Level 2 derivatives comprise forward foreign exchange contracts which have been fair valued using forward exchange rates that are quoted in an active market; and interest rate swaps which have been fair valued using interest rates that are quoted in an active market Level 3 \u2013 measured using inputs for the assets or liability that are not based on observable market data (i.e. unobservable inputs). The following table presents the Group\u2019s assets and liabilities that are measured at fair value as at 31 March 2025: The following table presents the Group\u2019s assets and liabilities that are measured at fair value as at 31 March 2024: For cash and cash equivalents, trade and other receivables and bank and current borrowings, the fair value of the financial instruments approximate to their carrying value as a result of the short maturity periods of these financial instruments. For trade and other receivables, allowances are made within the carrying value for credit risk. For other financial instruments, the fair value is based on market value, where available. Where market values are not available, the fair values have been calculated by discounting cash flows to net present value using prevailing market-based interest rates translated at the year-end rates. There have been no transfers between levels. All financial assets and liabilities had a fair value that is identical to book value at 31 March 2025 and 31 March 2024, other than lease liabilities where the book value is not reflective of changes in interest rates. Detailed analysis is provided in the following tables: As at 31 March 2025
All figures in \u00a3 million
Note
Level 1
Level 2
Level 3
Total
Assets
Current derivative financial instruments
23
-
3.6
-
3.6
Non-current derivative financial instruments
23
-
2.0
-
2.0
Liabilities
Current derivative financial instruments
23
-
(1.8)
-
(1.8)
Non-current derivative financial instruments
23
-
(1.0)
-
(1.0)
Total -
2.8
-
2.8
All figures in \u00a3 million
Note
Level 1
Level 2
Level 3
Total
Assets
Current derivative financial instruments
23
-
5.2
-
5.2
Non-current derivative financial instruments
23
-
3.8
-
3.8
Liabilities
Current derivative financial instruments
23
-
(1.1)
-
(1.1)
Non-current derivative financial instruments
23
-
(0.4)
-
(0.4)
Total -
7.5
-
7.5
Financial
Financial
Financial
Total
assets at fair
assets at
liabilities at
Derivatives carrying
value profit
amortised
amortised
used as value and
All figures in \u00a3 million
Note
and loss
cost
cost
hedges
Other
fair value
Financial assets
Non-current
Derivative financial instruments
23
-
-
-
2.0
-
2.0
Deferred financing costs
23
-
1.0
-
-
-
1.0
Current
Trade receivables and similar items
-
161.0
-
-
-
161.0
Derivative financial instruments
23
-
-
-
3.6
-
3.6
Deferred financing costs
23
-
1.3
-
-
-
1.3
Cash and cash equivalents
23
290.6
-
-
-
-
290.6
Total financial assets
290.6
163.3
-
5.6 -
459.5
Financial liabilities
Non-current
Bank borrowings
23
-
-
(335.0)
-
-
(335.0)
Derivative financial instruments
23
-
-
-
(1.0)
-
(1.0)
Lease liabilities
23
-
-
-
-
(80.6)
(80.6)
Current
Trade payables and similar items
-
-
(302.5)
-
-
(302.5)
Derivative financial instruments
23
-
-
-
(1.8)
-
(1.8)
Lease liabilities
23
-
-
-
-
(13.3)
(13.3)
Total financial liabilities
-
-
(637.5)
(2.8)
(93.9)
(734.2)
Total
290.6 163.3
(637.5)
2.8
(93.9)
(274.7)
As at 31 March 2024
Financial Financial Financial Total
assets at fair assets at liabilities at Derivatives carrying
value profit amortised amortised used as value and
A
ll figures in \u00a3 million
Note
and loss cost cost
hedges
Other
fair value
Financial assets
Non-current
Derivative financial instruments
23
-
-
-
3.8
-
3.8
Deferred financing costs
23
-
1.1
-
-
-
1.1
Current
Trade receivables and similar items
-
192.3
-
-
-
192.3
Derivative financial instruments
23
-
-
-
5.2
-
5.2
Deferred financing costs
23
-
1.0
-
-
-
1.0
Cash and cash equivalents
23
231.0
-
-
-
-
231.0
Total financial assets
231.0
194.4
-
9.0
-
434.4
Financial liabilities
Non
-current
Bank borrowings
23
-
-
(336.3)
-
-
(336.3)
Derivative financial instruments
23
-
-
-
(0.4)
-
(0.4)
Lease liabilities
23
-
-
-
-
(47.4)
(47.4)
Current
Trade payables
and similar items
-
-
(322.5)
-
-
(322.5)
Irrevocable share buyback
-
-
(34.0)
-
-
(34.0)
Derivative financial instruments
23
-
-
-
(1.1)
-
(1.1)
Lease liabilities
23
-
-
-
-
(8.1)
(8.1)
Total financial
liabilities
-
-
(692.8)
(1.5)
(55.5)
(749.8)
Total
 231.0
194.4
(692.8) 7.5 (55.5)
(315.4)
B) Interest rate risk The Group\u2019s objective is to manage its exposure to interest rate fluctuations on borrowings through varying theproportion of fixed rate debt relative to floating rate debt with debt-related derivative financial instruments, including interest rate and cross-currency swaps. The Group operates an interest rate policy designed to optimise interest costs and to reduce volatility in reported earnings. The Group\u2019s current policy is to require rates to be fixed for 30%\u201380% of the level of borrowings, which is achieved primarily through fixed-rate borrowings or debt- related derivative financial instruments. Where there are significant changes in the level and/or structure of debt, the poli cy permits borrowings to be 100% fixed, with regular Board reviews of the appropriateness of this fixed percentage. At 31 March 2025, the Group had 80% (2024: 80%) of fixed rate debt and 20 % (2024: 20%) of floating rate debt based on gross debt of \u00a3335.0m (2024: \u00a3336.3m) after including the impact of debt-related derivative financial assets (interest rate swaps). Financial assets/(liabilities) As at 31 March 2025 As at 31 March 2024
Financial assets
Financial liabilities
Fixed or Non-interest Fixed or Non-interest
All figures in \u00a3 million
capped
Floating
bearing
capped
Floating
bearing
Sterling
4.2
226.9
1.4
(63.8)
(273.3)
(2.6)
US dollar
-
45.2
-
(19.5)
(61.7)
-
Euro
-
3.0
-
(1.8)
-
-
Australian dollar
-
13.2
-
(8.8)
-
-
Other
-
2.3
-
(0.2)
-
-
Total
4.2
290.6
1.4
(94.1)
(335.0)
(2.6)
Financial assets
Financial liabilities
Fixed or Non-interest Fixed or
Floating
Non-interest
All figures in \u00a3 million
capped
Floating
bearing capped bearing
Sterling
8.5
173.6
0.5
(24.0)
(273.3)
(35.5)
US dollar
-
37.4
-
(19.5)
(63.0)
-
Euro
-
1.3
-
-
-
-
Australian dollar
-
14.9
-
(11.6)
-
-
Other
-
3.8
-
(0.4)
-
-
Total
8.5
231.0
0.5
(55.5)
(336.3)
(35.5)
Floating rate financial assets attract interest based on the relevant reference rate. Floating rate financial liabilities bear interest at the relevant reference rate. Trade and other receivables/payables and deferred finance costs are excluded from this analysis. For the fixed or capped rate financial assets and liabilities, the average interest rates (including the relevant marginal cost of borrowing) and the average period for which the rates are fixed are: Sterling assets consist of debt-related derivative financial instruments. Sterling liabilities consist primarily of finance leases with the weighted average interest rate reflecting the internal rate of return of those leases. Interest rate risk management The revolving credit facility (note 26E) is floating-rate and undrawn as at 31 March 2025. As at 31 March 2025, the majority of the Group\u2019s floating rate bank borrowings were fixed through interest rate swaps which swap the Sterling floating rate interest payable into fixed rate Sterling. The notional principal amount of the outstanding interest rate swap contracts as at 31 March 2025 is \u00a3310m (2024: \u00a3270m), of which \u00a340m (2024: nil) is effective from September 2025 replacing two \u00a320m maturing contracts. The swaps have the economic effect of converting floating rate borrowings into fixed rate borrowings and are accounted for as cash flow hedges. C) Currency risk Transactional currency exposure The Group is exposed to foreign currency risks arising from sales or purchases by businesses in currencies other than their functional currency. It is Group policy that when such a sale or purchase is certain, the net foreign exchange exposure is hedged using forward foreign exchange contracts. Hedge accounting documentation and effectiveness testing are undertaken for all the Group\u2019s transactional hedge contracts. The currency and notional amount of the designated hedging instruments match the currency and principal amounts of the transactions being hedged, therefore the hedging instruments and hedged items have values which will generally move in opposite directions because of the same hedged risk. As the critical terms of the hedging instruments match those of the hedged items, an economic relationship can be demonstrated on an ongoing basis. The hedge ratio is 1:1 on the basis that the notional amount of the designated hedging instruments matches the principal amount of the foreign currency sales/purchases designated as the hedged items. The Group does not designate groups of items with offsetting risk positions as hedged items. The Group considers the potential sources of hedge ineffectiveness to be: \u2022 valuation adjustments for credit risk made to derivative hedging instruments at each hedge effectiveness measurement date; \u2022 changes to the timing and amount of transactions; and \u2022 non-occurrence of the designated hedged items. Ineffectiveness due to foreign currency basis was highly immaterial. The table below shows the Group\u2019s currency exposures (based on functional currency of the operating company), being exposures on currency transactions that give rise to net currency gains and losses recognised in the income statement. Such exposures comprise the monetary assets and liabilities of the Group that are not denominated in the functional currency of the operating company involved.
31 March 2025
31 March 2024
Weighted
Weighted
Fixed or
average
Weighted
Fixed or
average
Weighted
capped
interest rate
average years
capped interest rate
average years
\u00a3m
%
to maturity
\u00a3m
%
to maturity
FFiinnaanncciiaall aasssseettss::
Sterling
4.2
3.5
2.4
8.5
3.1
2.2
F
i
n
a
n
c
i
a
l
l
i
a
b
i
l
i
t
i
i
e
s
:
Sterling
(63.8)
7.0
8.0
(24.0)
5.4
2.0
US dollar
(19.5)
5.1
5.1
(19.5)
5.9
11.4
Euro
(1.8)
2.6
4.7
-
-
-
Australian dollar
(8.8)
4.7
4.4
(11.6)
4.7
5.2
Other
(0.2)
4.6
1.9
(0.4)
4.8
2.8
Total financial liabilities
(94.1)
6.3
7.0
(55.5)
4.9
6.2
:
Net foreign currency monetary assets/(liabilities)
All figures in \u00a3 millions
US$
Euro
A$
Other
Total
31 March 2025 \u2013 Sterling
14.4
(2.3)
2.8
7.6
22.5
31 March 2024\u2013 Sterling
0.6
(0.3)
1.1
(0.5)
0.9
The amounts shown in the table take into account the effect of the forward contracts entered into to manage these currency exposures. The Group enters into forward foreign currency contracts to hedge the currency exposures that arise on sales and purchases denominated in foreign currencies, as the transaction occurs. The principal contract amounts of the outstanding forward currency contracts as at 31 March 2025 against Sterling are net US dollars sold of \u00a3105.7m (USD 136.1m), net Euros sold \u00a332.5m (EUR 40.5m), net Canadian dollars sold \u00a35.4m (CAD 12.2m), net Swiss Francs bought of \u00a33.6m (CHF 3.6m), net Swedish Krona sold of \u00a30.1m (SEK 0.8m), and net Australian dollars sold \u00a333.7m (AUD 68.7m). Translational currency exposure The Group has significant investments in overseas operations, particularly in the US. As a result, the Sterling value of the Group\u2019s balance sheet can be affected by movement in exchange rates. The Group does not hedge against translational currency exposure to overseas net assets. D) Financial credit risk The Group is exposed to credit-related losses in the event of non-performance by counterparties to financial instruments, but does not currently expect any counterparties to fail to meet their obligations. Credit risk is mitigated by a Board-approved policy of only selecting counterparties with a strong investment grade long-term credit rating for cash deposits and setting a utilisation credit limit based on the credit rating. The cash and cash equivalents of the Group are invested in non-speculative financial instruments which are usually highly liquid, such as short- term deposits. Therefore, the Group believes it has reduced its exposure to counterparty credit risk through this process. The cash and cash equivalents balance is subject to review for impairment, and due to the high credit ratings of the counterparties set out below, no impairment has been recognised within the year: The Group uses 3 year cumulative default rate metrics to determine the estimated credit-rated losses on our financial instruments. Based on the expected default rates, the financial instruments have an immaterial risk of credit impairment. In the normal course of business the Group operates notional cash pooling systems and master netting agreements for derivatives, where a legal right of set-off applies. The maximum credit-risk exposure in the event of other parties failing to perform their obligations under financial assets, excluding trade and other receivables, totals \u00a3296.2m (2024: \u00a3240.0m). This balance includes cash and cash equivalents and derivative financial assets. The cash and cash equivalents of \u00a3290.6m at 31 March 2025 (2024: \u00a3231.0m) represents the maximum credit exposure on these assets. The cash and cash equivalents were held with different financial institutions which were rated single A or better. Cash equivalents comprise \u00a3170.4m (2024: \u00a3121.5m) invested in AAA-rated money market funds. The Group\u2019s assessment is that credit risk is limited as a result of the high percentage of revenue derived from UK and US government agencies. Therefore the provision for expected credit losses is immaterial in respect of receivables from these customers. E) Liquidity risk Borrowing facilities As at 31 March 2025 the Group had a revolving credit facility (RCF) of \u00a3290.0m (2024: \u00a3275.0m) and a floating rate term loan of \u00a3335.0m (2024: \u00a3336.3m). The RCF, which is unutilised, was refinanced in April 2024 and will mature on 22 April 2028. The term loan will mature on 27 September 2027. Total available funds, comprising the RCF, term loan and the Group\u2019s freely available cash and cash equivalents, are shown in the table below:
Counterparty credit rating
31 March 2025
31 March 2024
AAA to AA-
78%
69%
A+ to A-
22%
30%
BBB+ to BBB-
-
1%
* Reference rate refers to SONIA for GBP and SOFR for USD.
Interest rate:
Reference Total Drawn Undrawn
rate* plus
\u00a3m
\u00a3m
\u00a3m
As at 31 March 2025
Committed facilities \u2013 RCF
0.60%
290.0
-
290.0
Committed facilities \u2013 term loan
1.00%
335.0
335.0
-
Freely available cash and cash equivalents
289.9
Available funds 31 March 2025
579.9
As at 31 March 2024
Committed facilities \u2013 RCF
0.53%
275.0
-
275.0
Committed facilities \u2013 term loan
1.00%
336.3
336.3
-
Freely available cash and cash equivalents
229.5
Available funds 31 March 2024
504.5
Gross contractual cash flows for borrowings and other financial liabilities The following are the undiscounted contractual maturities of financial liabilities, including interest payments. The cash flows associated with derivatives that are cash flow hedges are expected to have an impact on profit or loss in the periods shown. The \u00a3335.0m term loan is repayable on 27 September 2027, with interest periods set to three months. The loan bears interest at a variable margin over the relevant reference rate of between 1.00% and 2.50% dependent on the ratio of Net Debt to EBITDA. As at 31 March 2025 As at 31 March 2024
Contractual
1 year
More than
All figures in \u00a3 million
Book value
cash flows
or less
1\u20132 years
2\u20135 years
5 years
Non-derivative financial liabilities
Term loan
(336.3)
(356.8)
(7.4)
(8.8)
(340.6)
-
Revolving credit facility
-
-
-
-
-
-
Trade payables and similar items
(322.5)
(322.5)
(322.5)
-
-
-
Irrevocable share buyback
(34.0)
(34.0)
(34.0)
-
-
-
Leases
(55.5)
(70.4)
(10.8)
(9.7)
(23.0)
(26.9)
Derivative financial liabilities
Forward foreign currency contracts \u2013 cash flow hedges
(1.5)
(1.5)
(1.1)
(0.1)
(0.3)
-
Interest rate swaps
-
-
-
-
-
-
Total
(749.8)
(785.2)
(375.8)
(18.6)
(363.9)
(26.9)
F) Derivative financial instruments The Group has the following derivative financial instruments on the balance sheet, reported within the \u2018Other financial assets\u2019 line items. The maturity of these derivative financial instruments is as follows:
Contractual
1 year
More than
All figures in \u00a3 million
Book value
cash flows
or less
1\u20132 years
2\u20135 years
5 years
Non-derivative financial liabilities
Term loan
(335.0)
(375.8)
(15.7)
(15.7)
(344.4)
-
Revolving credit facility
-
-
-
-
-
-
Trade payables and similar items
(302.5
)
(302.5
)
(302.5)
-
-
-
Leases
(93.9)
(120.0)
(18.7)
(18.1)
(39.6)
(43.6)
Derivative financial liabilities
Forward foreign currency contracts \u2013 cash flow hedges
(2.6)
(2.6)
(1.8)
(0.6)
(0.2)
-
Interest rate swaps
(0.2)
(0.2)
-
(0.1)
(0.1)
-
Total
(734.2)
(801.1)
(338.7)
(34.5)
(384.3)
(43.6)
31 March 2025
31 March 2024
Asset
Liability
Asset
Liability
All figures in \u00a3 million
gains
losses
Net
gains
losses
Net
Forward foreign currency contracts \u2013 cash flow hedges
1.4
(2.6)
(1.2)
0.5
(1.5)
(1.0)
Interest rate swaps
4.2
(0.2)
4.0
8.5
-
8.5
Derivative assets/(liabilities) at the end of the year
5.6
(2.8)
2.8
9.0
(1.5)
7.5
31 March 2025
31 March 2024
Asset
Liability
Asset
Liability
All figures in \u00a3 million
gains
losses
Net
gains
losses
Net
Expected to be recognised:
In one year or less
3.6
(1.8)
1.8
5.2
(1.1)
4.1
Between one and two years
1.3
(0.7)
0.6
2.7
(0.1)
2.6
More than two years
0.7
(0.3)
0.4
1.1
(0.3)
0.8
Derivative assets/(liabilities) at the end of the year
5.6
(2.8)
2.8
9.0
(1.5)
7.5
The effects of these derivatives on the Group\u2019s financial position and performance are as follows: * The weighted average hedged rate for the year for cash flow hedges is based on GBP:USD, being the most significant currency pair. The Group also has cash flow hedges relating to a number of other currency pairs aligned to its global operations. G) Maturity of financial liabilities The contractual maturity of the Group\u2019s financial liabilities is shown below: As at 31 March 2025 As at 31 March 2024 * Trade payables and other similar items includes \u00a3nil (FY24: \u00a334.0m) irrevocable share buyback liability
31 March 2025 31 March 2024
Cash flow
Interest rate
Cash flow
Interest rate
All figures in \u00a3 million hedges
swaps
Total
hedges swaps Total
Notional amount (gross)
515.8
310.0
825.8
410.3
270.0
680.3
Carrying value (current and non-current assets and (liabilities))
(1.2)
4.0
2.8
(1.0)
8.5
7.5
Maturity date
2025-2028
2025-2027
2025-2028
2024-2027
2025-2027
2024-2027
Hedge ratio
1:1
1:1
1:1
1:1
1:1
1:1
Change in fair value of outstanding hedging instruments in the year (0.2)
(4.5)
(4.7)
(1.1)
0.6
(0.5)
Change in value of hedged item used to determine hedge effectiveness
(0.2)
(4.5)
(4.7)
(1.1)
0.6
(0.5)
Weighted average hedged rate for the year*
1.29%
3.5%
1.26%
3.1%
Trade
Bank
payables and borrowings Derivative
similar items and loan financial Lease
All figures in \u00a3 million payables notes instruments
liabilities
Total
Due in one year or less
302.5
-
1.8
13.3
317.6
Due in more than one year but not more than two years
-
-
0.7 13.5 14.2
Due in more than two years but not more than five years
-
335.0
0.3 41.3 376.6
Due in five years or more
-
-
- 25.8 25.8
Total
302.5
335.0
2.8
93.9
734.2
Trade
Bank
payables and borrowings Derivative
similar items and loan financial Lease
All figures in \u00a3 million payables* notes instruments
liabilities
Total
Due in one year or less
356.5
-
1.1
8.1
365.7
Due in more than one year but not more than two years
-
-
0.1
7.4
7.5
Due in more than two years but not more than five years
-
336.3
0.3
18.0
354.6
Due in five years or more
-
-
-
22.0
22.0
Total
356.5
336.3
1.5
55.5
749.8
H) Sensitivity analysis The Group\u2019s sensitivity to changes in foreign exchange rates and interest rates on financial assets and liabilities as at 31 March 2025 is set out in the following table. The impact of a weakening in Sterling on the Group\u2019s financial assets and liabilities would be more than offset in equity and income by its impact on the Group\u2019s overseas net assets and earnings respectively. Sensitivity on Group\u2019s assets other than financial assets and liabilities is not included in this analysis. As at 31 March 2025 * This relates to the impact on items charged directly to equity and excludes the impact on profit/loss for the year flowing into equity.
1% decrease in 10% weakening
interest rates in Sterling
Profit before
Profit before
All figures in \u00a3 million
Equity
*
tax
Equity
tax
Sterling
-
0.5
-
-
US dollar
-
0.2
(4.0)
0.9
Other
-
(0.2)
0.7
-
1% increase in
10% strengthening
interest rates
in Sterling
Profit before
Profit before
All figures in \u00a3 million
Equity
*
tax
Equity
tax
Sterling
-
(0.5)
-
-
US dollar
-
(0.2)
3.2
0.1
Other
-
0.2
(0.4)
-
As at 31 March 2024 * This relates to the impact on items charged directly to equity and excludes the impact on profit/loss for the year flowing into equity. The amounts generated from the sensitivity analysis are forward-looking estimates of market risk assuming that certain market conditions occur. Actual results in the future may differ materially from those projected as a result of developments in global financial markets that may cause fluctuations in interest and exchange rates to vary from the hypothetical amounts disclosed in the previous tables, which should not, therefore, be considered to be a projection of likely future events and losses. The estimated changes for interest rate movements are based on an instantaneous decrease or increase of 1% (100 basis points) in the specific rate of interest applicable to each class of financial instruments from the levels effective at 31 March 2025, with all other variables remaining constant. The estimated changes for foreign exchange rates are based on an instantaneous 10% weakening or strengthening in Sterling against all other currencies from the levels applicable at 31 March 2025, with all other variables remaining constant. Such analysis is for illustrative purposes only \u2013 in practice market rates rarely change in isolation. The impact of transactional risk on the Group\u2019s monetary assets/liabilities that are not held in the functional currency of the entity holding those assets/liabilities is minimal.
1% decrease in
10% weakening
interest rates
in Sterling
Profit before
Profit before
All figures in \u00a3 million
Equity
tax Equity tax
Sterling
(0.1)
1.0
-
-
US dollar
-
0.3
1.6
0.4
Other
-
(0.2)
1.1
-
*
1% increase in 10% strengthening
interest rates
in Sterling
Profit before
Profit
before
All figures in \u00a3 million
Equity
tax Equity tax
Sterling
0.1
(1.0)
-
-
US dollar
-
(0.3)
(1.2)
(0.4)
Other
-
0.2
(1.0)
-
*", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-401": { "value": "23. Net debt As at 31 March At 31 March 2025 the Group held \u00a30.7m (2024: \u00a31.5m) of cash which is restricted in its use. The term loan was issued at floating rates as Tranche A \u00a3273.3m and Tranche B USD 79.6m. A proportion of Tranche A has been converted to fixed rate using interest rate swaps. Further analysis of the terms and maturity dates for financial liabilities are set out in note 26. 24. Cash flows from operations The working capital movements in the cash flow statement do not agree directly to the balance sheet due to impact of foreign exchange movements, deferred consideration, accrued interest, share buyback liability and the timing of capex payments.
31 March 2025
31 March 2024
All figures in \u00a3 million
Assets
Liabilities
Net
Assets
Liabilities
Net
Current financial assets/(liabilities)
Deferred financing costs
1.3
-
1.3
1.0
-
1.0
Lease liabilities
-
(13.3)
(13.3)
-
(8.1)
(8.1)
Derivative financial instruments
3.6
(1.8)
1.8
5.2
(1.1)
4.1
Total current financial assets/(liabilities)
4.9
(15.1)
(10.2)
6.2
(9.2)
(3.0)
Non
-current assets/(liabilities)
Deferred financing costs
1.0
-
1.0
1.1
-
1.1
Borrowings \u2013 Term loan
-
(335.0)
(335.0)
-
(336.3)
(336.3)
Lease liabilities
-
(80.6)
(80.6)
-
(47.4)
(47.4)
Derivative financial instruments
2.0
(1.0)
1.0
3.8
(0.4)
3.4
Total non
-current financial assets/(liabilities)
3.0
(416.6)
(413.6)
4.9
(384.1)
(379.2)
Total financial assets/(liabilities)
7.9
(431.7)
(423.8)
11.1
(393.3)
(382.2)
Cash
120.2
-
120.2
109.5
-
109.5
Cash equivalents
170.4
-
170.4
121.5
-
121.5
Total cash and cash equivalents
290.6
-
290.6
231.0
-
231.0
Total net
debt as defined by the Group
 (133.2) (151.2)
All figures in \u00a3 million
FY25
FY24
(Loss)/
profit after tax for the year
(185.7
)
139.6
Adjustments for:
Taxation expense
79.4
43.1
Net finance expense
15.8
9.8
Impairment of Goodwill
143.9
-
Loss/(gain) on sale of property
36.6
(2.1)
Loss on disposal of plant and equipment
4.6
-
Loss on disposal of intangibles
4.2
0.9
Impairment of property
1.0
0.7
Amortisation of purchased or internally developed intangible assets
15.7
7.4
Amortisation of intangible assets arising from acquisitions
24.2
25.2
Depreciation of property, plant and equipment
70.6
58.1
Share of post-tax profit of equity accounted entities
(0.3)
(0.8)
Share-based payments charge
9.8
9.4
Retirement benefit contributions in excess of income statement expense
(2.3)
(1.9)
Net movement in provisions
19.4
(5.1)
236.9
284.3
Decrease/(increase) in inventories
16.5
(21.4)
Decrease/(increase) in receivables
56.3
(10.0)
(Decrease)/increase in payables
(23.0)
41.2
Changes in working capital
49.8
9.8
Net cash inflow from operations
286.7
294.1
Reconciliation of net cash flow from operations to underlying net cash flow from operations to free cash flow Underlying cash conversion ratio
FY25
FY24
Underlying EBITDA \u2013 \u00a3 million
301.7
307.9
Underlying net cash flow from operations \u2013 \u00a3 million
316.2
320.2
Underlying cash conversion ratio \u2013 %
105% 104%
All figures in \u00a3 million
FY25
FY24
Net cash flow from operations
286.7
294.1
Specific adjusting items:
Add back specific adjusting item: digital investment
20.8
16.9
Add back specific adjusting item: restructuring costs
3.4
-
Add back specific adjusting item: acquisition integration and remuneration costs
4.2
6.5
Add back specific adjusting item: acquisition and disposal costs
1.1
2.7
Total specific adjusting items
29.5
26.1
Underlying net cash flow from operations
316.2
320.2
Less: tax and net interest payments
(65.4)
(51.0)
Less: net purchases of intangible assets and property plant and equipment
(108.4)
(96.1)
Free cash flow
142.4
173.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-451": { "value": "24. Cash flows from operations The working capital movements in the cash flow statement do not agree directly to the balance sheet due to impact of foreign exchange movements, deferred consideration, accrued interest, share buyback liability and the timing of capex payments.
All figures in \u00a3 million
FY25
FY24
(Loss)/
profit after tax for the year
(185.7
)
139.6
Adjustments for:
Taxation expense
79.4
43.1
Net finance expense
15.8
9.8
Impairment of Goodwill
143.9
-
Loss/(gain) on sale of property
36.6
(2.1)
Loss on disposal of plant and equipment
4.6
-
Loss on disposal of intangibles
4.2
0.9
Impairment of property
1.0
0.7
Amortisation of purchased or internally developed intangible assets
15.7
7.4
Amortisation of intangible assets arising from acquisitions
24.2
25.2
Depreciation of property, plant and equipment
70.6
58.1
Share of post-tax profit of equity accounted entities
(0.3)
(0.8)
Share-based payments charge
9.8
9.4
Retirement benefit contributions in excess of income statement expense
(2.3)
(1.9)
Net movement in provisions
19.4
(5.1)
236.9
284.3
Decrease/(increase) in inventories
16.5
(21.4)
Decrease/(increase) in receivables
56.3
(10.0)
(Decrease)/increase in payables
(23.0)
41.2
Changes in working capital
49.8
9.8
Net cash inflow from operations
286.7
294.1
Reconciliation of net cash flow from operations to underlying net cash flow from operations to free cash flow Underlying cash conversion ratio
FY25
FY24
Underlying EBITDA \u2013 \u00a3 million
301.7
307.9
Underlying net cash flow from operations \u2013 \u00a3 million
316.2
320.2
Underlying cash conversion ratio \u2013 %
105% 104%
All figures in \u00a3 million
FY25
FY24
Net cash flow from operations
286.7
294.1
Specific adjusting items:
Add back specific adjusting item: digital investment
20.8
16.9
Add back specific adjusting item: restructuring costs
3.4
-
Add back specific adjusting item: acquisition integration and remuneration costs
4.2
6.5
Add back specific adjusting item: acquisition and disposal costs
1.1
2.7
Total specific adjusting items
29.5
26.1
Underlying net cash flow from operations
316.2
320.2
Less: tax and net interest payments
(65.4)
(51.0)
Less: net purchases of intangible assets and property plant and equipment
(108.4)
(96.1)
Free cash flow
142.4
173.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-402": { "value": "25. Leases Group as a lessor The Group receives rental income on certain properties. Primarily these are properties partially occupied by Group companies, with vacant space sub-let to third-party tenants. There was \u00a30.7m (FY24: \u00a3nil) of sublease income which related to right of use assets, following the sale and leaseback transaction of Cody Technology Park. The Group had contracted with tenants for the following future minimum lease payments: Group as a lessee Amounts recognised in the balance sheet The balance sheet shows the following amounts relating to leases: Right-of-use assets (included within Property, Plant & Equipment \u2013 see note 15) Lease liabilities (included within Net debt \u2013 see note 23) Additions to the right-of-use assets during FY25 were \u00a326.2m (FY24: \u00a331.4m). The total cash outflow for leases in FY25 was \u00a315.0m (FY24: \u00a39.6m). The Group had no expense relating to variable lease payments not included in the measurement of lease liabilities.
31 March
31 March
All figures in \u00a3 million
2025
2024
Within one year
1.0
5.2
In the second to fifth years inclusive
2.3
6.6
Greater than five years
0.4
1.7
Total future minimum lease payments
3.7
13.5
31 March
31 March
All figures in \u00a3 million
2025
2024
Land and buildings 59.2 48.0
Plant, machinery and vehicles
2.2
0.2
Total right of use assets net book value
61.4
48.2
31 March
31 March
All figures in \u00a3 million
2025
2024
Current
13.3
8.1
Non-current
80.6
47.4
Total lease liabilities
93.9
55.5
Amounts recognised in the consolidated income statement The consolidated income statement includes the following amounts relating to leases: Minimum lease payment commitments The Group has the following total future minimum lease payment commitments: Lease payments represent capital and interest payable by the Group on certain property, plant and equipment. Principal leases are negotiated for a term of approximately 10 years.
All figures in \u00a3 million
FY25
FY24
Depreciation charge
Land and buildings
10.6
8.7
Plant, machinery and vehicles
0.3
0.1
Total depreciation charge (see note 15)
10.9
8.8
Interest expense (included in finance cost - see note 7)
4.2
2.8
Expense relating to short-term leases (included in operating costs)
0.8
0.6
Expense relating to low value leases (included in operating costs)
0.4
0.3
Total lease expense charged to profit before tax
16.3
12.5
31 March
31 March
All figures in \u00a3 million 2025 2024
Within one year
13.3
8.1
In the second to fifth years inclusive
54.8
25.4
Greater than five years
25.8
22.0
Total future minimum lease payment commitments
93.9
55.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-403": { "value": "26. Financial risk management The Group\u2019s international operations expose it to financial risks that include the effects of changes in foreign exchange rates, interest rates, credit risks and liquidity risks. Treasury and risk management policies, which are set by the Board, specify guidelines on financial risks and the use of financial instruments to manage risk. The instruments and techniques used to manage exposures include foreign currency and interest rate swap derivatives. Group treasury monitors financial risks and compliance with risk management policies during the year. There have been no changes in any risk management policies during the year or since the year end. For details of the Group\u2019s Treasury policy and management of financial instruments see \u2018Additional Financial Information\u2019 on page 199. The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt, cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity. The Group has a revolving credit facility and floating rate term loan with its relationship banks with a requirement for the half yearly testing period that the ratio of Net Debt to EBITDA will not exceed 3.5:1 and the ratio of EBITDA to net finance charges will not be less than 4:1. The Group complied with both covenants during the year. As at 31 March 2025, the ratio of Net Debt to EBITDA was 0.4:1 and the ratio of EBITDA to net finance charges was 20:1. The revolving credit facility is undrawn at the year end and matures in 2028. The floating rate term loan is repayable in 2027. A) Fair values of financial instruments The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: Level 1 \u2013 measured using quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 \u2013 measured using 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). Level 2 derivatives comprise forward foreign exchange contracts which have been fair valued using forward exchange rates that are quoted in an active market; and interest rate swaps which have been fair valued using interest rates that are quoted in an active market Level 3 \u2013 measured using inputs for the assets or liability that are not based on observable market data (i.e. unobservable inputs). The following table presents the Group\u2019s assets and liabilities that are measured at fair value as at 31 March 2025: The following table presents the Group\u2019s assets and liabilities that are measured at fair value as at 31 March 2024: For cash and cash equivalents, trade and other receivables and bank and current borrowings, the fair value of the financial instruments approximate to their carrying value as a result of the short maturity periods of these financial instruments. For trade and other receivables, allowances are made within the carrying value for credit risk. For other financial instruments, the fair value is based on market value, where available. Where market values are not available, the fair values have been calculated by discounting cash flows to net present value using prevailing market-based interest rates translated at the year-end rates. There have been no transfers between levels. All financial assets and liabilities had a fair value that is identical to book value at 31 March 2025 and 31 March 2024, other than lease liabilities where the book value is not reflective of changes in interest rates. Detailed analysis is provided in the following tables: As at 31 March 2025
All figures in \u00a3 million
Note
Level 1
Level 2
Level 3
Total
Assets
Current derivative financial instruments
23
-
3.6
-
3.6
Non-current derivative financial instruments
23
-
2.0
-
2.0
Liabilities
Current derivative financial instruments
23
-
(1.8)
-
(1.8)
Non-current derivative financial instruments
23
-
(1.0)
-
(1.0)
Total -
2.8
-
2.8
All figures in \u00a3 million
Note
Level 1
Level 2
Level 3
Total
Assets
Current derivative financial instruments
23
-
5.2
-
5.2
Non-current derivative financial instruments
23
-
3.8
-
3.8
Liabilities
Current derivative financial instruments
23
-
(1.1)
-
(1.1)
Non-current derivative financial instruments
23
-
(0.4)
-
(0.4)
Total -
7.5
-
7.5
Financial
Financial
Financial
Total
assets at fair
assets at
liabilities at
Derivatives carrying
value profit
amortised
amortised
used as value and
All figures in \u00a3 million
Note
and loss
cost
cost
hedges
Other
fair value
Financial assets
Non-current
Derivative financial instruments
23
-
-
-
2.0
-
2.0
Deferred financing costs
23
-
1.0
-
-
-
1.0
Current
Trade receivables and similar items
-
161.0
-
-
-
161.0
Derivative financial instruments
23
-
-
-
3.6
-
3.6
Deferred financing costs
23
-
1.3
-
-
-
1.3
Cash and cash equivalents
23
290.6
-
-
-
-
290.6
Total financial assets
290.6
163.3
-
5.6 -
459.5
Financial liabilities
Non-current
Bank borrowings
23
-
-
(335.0)
-
-
(335.0)
Derivative financial instruments
23
-
-
-
(1.0)
-
(1.0)
Lease liabilities
23
-
-
-
-
(80.6)
(80.6)
Current
Trade payables and similar items
-
-
(302.5)
-
-
(302.5)
Derivative financial instruments
23
-
-
-
(1.8)
-
(1.8)
Lease liabilities
23
-
-
-
-
(13.3)
(13.3)
Total financial liabilities
-
-
(637.5)
(2.8)
(93.9)
(734.2)
Total
290.6 163.3
(637.5)
2.8
(93.9)
(274.7)
As at 31 March 2024
Financial Financial Financial Total
assets at fair assets at liabilities at Derivatives carrying
value profit amortised amortised used as value and
A
ll figures in \u00a3 million
Note
and loss cost cost
hedges
Other
fair value
Financial assets
Non-current
Derivative financial instruments
23
-
-
-
3.8
-
3.8
Deferred financing costs
23
-
1.1
-
-
-
1.1
Current
Trade receivables and similar items
-
192.3
-
-
-
192.3
Derivative financial instruments
23
-
-
-
5.2
-
5.2
Deferred financing costs
23
-
1.0
-
-
-
1.0
Cash and cash equivalents
23
231.0
-
-
-
-
231.0
Total financial assets
231.0
194.4
-
9.0
-
434.4
Financial liabilities
Non
-current
Bank borrowings
23
-
-
(336.3)
-
-
(336.3)
Derivative financial instruments
23
-
-
-
(0.4)
-
(0.4)
Lease liabilities
23
-
-
-
-
(47.4)
(47.4)
Current
Trade payables
and similar items
-
-
(322.5)
-
-
(322.5)
Irrevocable share buyback
-
-
(34.0)
-
-
(34.0)
Derivative financial instruments
23
-
-
-
(1.1)
-
(1.1)
Lease liabilities
23
-
-
-
-
(8.1)
(8.1)
Total financial
liabilities
-
-
(692.8)
(1.5)
(55.5)
(749.8)
Total
 231.0
194.4
(692.8) 7.5 (55.5)
(315.4)
B) Interest rate risk The Group\u2019s objective is to manage its exposure to interest rate fluctuations on borrowings through varying theproportion of fixed rate debt relative to floating rate debt with debt-related derivative financial instruments, including interest rate and cross-currency swaps. The Group operates an interest rate policy designed to optimise interest costs and to reduce volatility in reported earnings. The Group\u2019s current policy is to require rates to be fixed for 30%\u201380% of the level of borrowings, which is achieved primarily through fixed-rate borrowings or debt- related derivative financial instruments. Where there are significant changes in the level and/or structure of debt, the poli cy permits borrowings to be 100% fixed, with regular Board reviews of the appropriateness of this fixed percentage. At 31 March 2025, the Group had 80% (2024: 80%) of fixed rate debt and 20 % (2024: 20%) of floating rate debt based on gross debt of \u00a3335.0m (2024: \u00a3336.3m) after including the impact of debt-related derivative financial assets (interest rate swaps). Financial assets/(liabilities) As at 31 March 2025 As at 31 March 2024
Financial assets
Financial liabilities
Fixed or Non-interest Fixed or Non-interest
All figures in \u00a3 million
capped
Floating
bearing
capped
Floating
bearing
Sterling
4.2
226.9
1.4
(63.8)
(273.3)
(2.6)
US dollar
-
45.2
-
(19.5)
(61.7)
-
Euro
-
3.0
-
(1.8)
-
-
Australian dollar
-
13.2
-
(8.8)
-
-
Other
-
2.3
-
(0.2)
-
-
Total
4.2
290.6
1.4
(94.1)
(335.0)
(2.6)
Financial assets
Financial liabilities
Fixed or Non-interest Fixed or
Floating
Non-interest
All figures in \u00a3 million
capped
Floating
bearing capped bearing
Sterling
8.5
173.6
0.5
(24.0)
(273.3)
(35.5)
US dollar
-
37.4
-
(19.5)
(63.0)
-
Euro
-
1.3
-
-
-
-
Australian dollar
-
14.9
-
(11.6)
-
-
Other
-
3.8
-
(0.4)
-
-
Total
8.5
231.0
0.5
(55.5)
(336.3)
(35.5)
Floating rate financial assets attract interest based on the relevant reference rate. Floating rate financial liabilities bear interest at the relevant reference rate. Trade and other receivables/payables and deferred finance costs are excluded from this analysis. For the fixed or capped rate financial assets and liabilities, the average interest rates (including the relevant marginal cost of borrowing) and the average period for which the rates are fixed are: Sterling assets consist of debt-related derivative financial instruments. Sterling liabilities consist primarily of finance leases with the weighted average interest rate reflecting the internal rate of return of those leases. Interest rate risk management The revolving credit facility (note 26E) is floating-rate and undrawn as at 31 March 2025. As at 31 March 2025, the majority of the Group\u2019s floating rate bank borrowings were fixed through interest rate swaps which swap the Sterling floating rate interest payable into fixed rate Sterling. The notional principal amount of the outstanding interest rate swap contracts as at 31 March 2025 is \u00a3310m (2024: \u00a3270m), of which \u00a340m (2024: nil) is effective from September 2025 replacing two \u00a320m maturing contracts. The swaps have the economic effect of converting floating rate borrowings into fixed rate borrowings and are accounted for as cash flow hedges. C) Currency risk Transactional currency exposure The Group is exposed to foreign currency risks arising from sales or purchases by businesses in currencies other than their functional currency. It is Group policy that when such a sale or purchase is certain, the net foreign exchange exposure is hedged using forward foreign exchange contracts. Hedge accounting documentation and effectiveness testing are undertaken for all the Group\u2019s transactional hedge contracts. The currency and notional amount of the designated hedging instruments match the currency and principal amounts of the transactions being hedged, therefore the hedging instruments and hedged items have values which will generally move in opposite directions because of the same hedged risk. As the critical terms of the hedging instruments match those of the hedged items, an economic relationship can be demonstrated on an ongoing basis. The hedge ratio is 1:1 on the basis that the notional amount of the designated hedging instruments matches the principal amount of the foreign currency sales/purchases designated as the hedged items. The Group does not designate groups of items with offsetting risk positions as hedged items. The Group considers the potential sources of hedge ineffectiveness to be: \u2022 valuation adjustments for credit risk made to derivative hedging instruments at each hedge effectiveness measurement date; \u2022 changes to the timing and amount of transactions; and \u2022 non-occurrence of the designated hedged items. Ineffectiveness due to foreign currency basis was highly immaterial. The table below shows the Group\u2019s currency exposures (based on functional currency of the operating company), being exposures on currency transactions that give rise to net currency gains and losses recognised in the income statement. Such exposures comprise the monetary assets and liabilities of the Group that are not denominated in the functional currency of the operating company involved.
31 March 2025
31 March 2024
Weighted
Weighted
Fixed or
average
Weighted
Fixed or
average
Weighted
capped
interest rate
average years
capped interest rate
average years
\u00a3m
%
to maturity
\u00a3m
%
to maturity
FFiinnaanncciiaall aasssseettss::
Sterling
4.2
3.5
2.4
8.5
3.1
2.2
F
i
n
a
n
c
i
a
l
l
i
a
b
i
l
i
t
i
i
e
s
:
Sterling
(63.8)
7.0
8.0
(24.0)
5.4
2.0
US dollar
(19.5)
5.1
5.1
(19.5)
5.9
11.4
Euro
(1.8)
2.6
4.7
-
-
-
Australian dollar
(8.8)
4.7
4.4
(11.6)
4.7
5.2
Other
(0.2)
4.6
1.9
(0.4)
4.8
2.8
Total financial liabilities
(94.1)
6.3
7.0
(55.5)
4.9
6.2
:
Net foreign currency monetary assets/(liabilities)
All figures in \u00a3 millions
US$
Euro
A$
Other
Total
31 March 2025 \u2013 Sterling
14.4
(2.3)
2.8
7.6
22.5
31 March 2024\u2013 Sterling
0.6
(0.3)
1.1
(0.5)
0.9
The amounts shown in the table take into account the effect of the forward contracts entered into to manage these currency exposures. The Group enters into forward foreign currency contracts to hedge the currency exposures that arise on sales and purchases denominated in foreign currencies, as the transaction occurs. The principal contract amounts of the outstanding forward currency contracts as at 31 March 2025 against Sterling are net US dollars sold of \u00a3105.7m (USD 136.1m), net Euros sold \u00a332.5m (EUR 40.5m), net Canadian dollars sold \u00a35.4m (CAD 12.2m), net Swiss Francs bought of \u00a33.6m (CHF 3.6m), net Swedish Krona sold of \u00a30.1m (SEK 0.8m), and net Australian dollars sold \u00a333.7m (AUD 68.7m). Translational currency exposure The Group has significant investments in overseas operations, particularly in the US. As a result, the Sterling value of the Group\u2019s balance sheet can be affected by movement in exchange rates. The Group does not hedge against translational currency exposure to overseas net assets. D) Financial credit risk The Group is exposed to credit-related losses in the event of non-performance by counterparties to financial instruments, but does not currently expect any counterparties to fail to meet their obligations. Credit risk is mitigated by a Board-approved policy of only selecting counterparties with a strong investment grade long-term credit rating for cash deposits and setting a utilisation credit limit based on the credit rating. The cash and cash equivalents of the Group are invested in non-speculative financial instruments which are usually highly liquid, such as short- term deposits. Therefore, the Group believes it has reduced its exposure to counterparty credit risk through this process. The cash and cash equivalents balance is subject to review for impairment, and due to the high credit ratings of the counterparties set out below, no impairment has been recognised within the year: The Group uses 3 year cumulative default rate metrics to determine the estimated credit-rated losses on our financial instruments. Based on the expected default rates, the financial instruments have an immaterial risk of credit impairment. In the normal course of business the Group operates notional cash pooling systems and master netting agreements for derivatives, where a legal right of set-off applies. The maximum credit-risk exposure in the event of other parties failing to perform their obligations under financial assets, excluding trade and other receivables, totals \u00a3296.2m (2024: \u00a3240.0m). This balance includes cash and cash equivalents and derivative financial assets. The cash and cash equivalents of \u00a3290.6m at 31 March 2025 (2024: \u00a3231.0m) represents the maximum credit exposure on these assets. The cash and cash equivalents were held with different financial institutions which were rated single A or better. Cash equivalents comprise \u00a3170.4m (2024: \u00a3121.5m) invested in AAA-rated money market funds. The Group\u2019s assessment is that credit risk is limited as a result of the high percentage of revenue derived from UK and US government agencies. Therefore the provision for expected credit losses is immaterial in respect of receivables from these customers. E) Liquidity risk Borrowing facilities As at 31 March 2025 the Group had a revolving credit facility (RCF) of \u00a3290.0m (2024: \u00a3275.0m) and a floating rate term loan of \u00a3335.0m (2024: \u00a3336.3m). The RCF, which is unutilised, was refinanced in April 2024 and will mature on 22 April 2028. The term loan will mature on 27 September 2027. Total available funds, comprising the RCF, term loan and the Group\u2019s freely available cash and cash equivalents, are shown in the table below:
Counterparty credit rating
31 March 2025
31 March 2024
AAA to AA-
78%
69%
A+ to A-
22%
30%
BBB+ to BBB-
-
1%
* Reference rate refers to SONIA for GBP and SOFR for USD.
Interest rate:
Reference Total Drawn Undrawn
rate* plus
\u00a3m
\u00a3m
\u00a3m
As at 31 March 2025
Committed facilities \u2013 RCF
0.60%
290.0
-
290.0
Committed facilities \u2013 term loan
1.00%
335.0
335.0
-
Freely available cash and cash equivalents
289.9
Available funds 31 March 2025
579.9
As at 31 March 2024
Committed facilities \u2013 RCF
0.53%
275.0
-
275.0
Committed facilities \u2013 term loan
1.00%
336.3
336.3
-
Freely available cash and cash equivalents
229.5
Available funds 31 March 2024
504.5
Gross contractual cash flows for borrowings and other financial liabilities The following are the undiscounted contractual maturities of financial liabilities, including interest payments. The cash flows associated with derivatives that are cash flow hedges are expected to have an impact on profit or loss in the periods shown. The \u00a3335.0m term loan is repayable on 27 September 2027, with interest periods set to three months. The loan bears interest at a variable margin over the relevant reference rate of between 1.00% and 2.50% dependent on the ratio of Net Debt to EBITDA. As at 31 March 2025 As at 31 March 2024
Contractual
1 year
More than
All figures in \u00a3 million
Book value
cash flows
or less
1\u20132 years
2\u20135 years
5 years
Non-derivative financial liabilities
Term loan
(336.3)
(356.8)
(7.4)
(8.8)
(340.6)
-
Revolving credit facility
-
-
-
-
-
-
Trade payables and similar items
(322.5)
(322.5)
(322.5)
-
-
-
Irrevocable share buyback
(34.0)
(34.0)
(34.0)
-
-
-
Leases
(55.5)
(70.4)
(10.8)
(9.7)
(23.0)
(26.9)
Derivative financial liabilities
Forward foreign currency contracts \u2013 cash flow hedges
(1.5)
(1.5)
(1.1)
(0.1)
(0.3)
-
Interest rate swaps
-
-
-
-
-
-
Total
(749.8)
(785.2)
(375.8)
(18.6)
(363.9)
(26.9)
F) Derivative financial instruments The Group has the following derivative financial instruments on the balance sheet, reported within the \u2018Other financial assets\u2019 line items. The maturity of these derivative financial instruments is as follows:
Contractual
1 year
More than
All figures in \u00a3 million
Book value
cash flows
or less
1\u20132 years
2\u20135 years
5 years
Non-derivative financial liabilities
Term loan
(335.0)
(375.8)
(15.7)
(15.7)
(344.4)
-
Revolving credit facility
-
-
-
-
-
-
Trade payables and similar items
(302.5
)
(302.5
)
(302.5)
-
-
-
Leases
(93.9)
(120.0)
(18.7)
(18.1)
(39.6)
(43.6)
Derivative financial liabilities
Forward foreign currency contracts \u2013 cash flow hedges
(2.6)
(2.6)
(1.8)
(0.6)
(0.2)
-
Interest rate swaps
(0.2)
(0.2)
-
(0.1)
(0.1)
-
Total
(734.2)
(801.1)
(338.7)
(34.5)
(384.3)
(43.6)
31 March 2025
31 March 2024
Asset
Liability
Asset
Liability
All figures in \u00a3 million
gains
losses
Net
gains
losses
Net
Forward foreign currency contracts \u2013 cash flow hedges
1.4
(2.6)
(1.2)
0.5
(1.5)
(1.0)
Interest rate swaps
4.2
(0.2)
4.0
8.5
-
8.5
Derivative assets/(liabilities) at the end of the year
5.6
(2.8)
2.8
9.0
(1.5)
7.5
31 March 2025
31 March 2024
Asset
Liability
Asset
Liability
All figures in \u00a3 million
gains
losses
Net
gains
losses
Net
Expected to be recognised:
In one year or less
3.6
(1.8)
1.8
5.2
(1.1)
4.1
Between one and two years
1.3
(0.7)
0.6
2.7
(0.1)
2.6
More than two years
0.7
(0.3)
0.4
1.1
(0.3)
0.8
Derivative assets/(liabilities) at the end of the year
5.6
(2.8)
2.8
9.0
(1.5)
7.5
The effects of these derivatives on the Group\u2019s financial position and performance are as follows: * The weighted average hedged rate for the year for cash flow hedges is based on GBP:USD, being the most significant currency pair. The Group also has cash flow hedges relating to a number of other currency pairs aligned to its global operations. G) Maturity of financial liabilities The contractual maturity of the Group\u2019s financial liabilities is shown below: As at 31 March 2025 As at 31 March 2024 * Trade payables and other similar items includes \u00a3nil (FY24: \u00a334.0m) irrevocable share buyback liability
31 March 2025 31 March 2024
Cash flow
Interest rate
Cash flow
Interest rate
All figures in \u00a3 million hedges
swaps
Total
hedges swaps Total
Notional amount (gross)
515.8
310.0
825.8
410.3
270.0
680.3
Carrying value (current and non-current assets and (liabilities))
(1.2)
4.0
2.8
(1.0)
8.5
7.5
Maturity date
2025-2028
2025-2027
2025-2028
2024-2027
2025-2027
2024-2027
Hedge ratio
1:1
1:1
1:1
1:1
1:1
1:1
Change in fair value of outstanding hedging instruments in the year (0.2)
(4.5)
(4.7)
(1.1)
0.6
(0.5)
Change in value of hedged item used to determine hedge effectiveness
(0.2)
(4.5)
(4.7)
(1.1)
0.6
(0.5)
Weighted average hedged rate for the year*
1.29%
3.5%
1.26%
3.1%
Trade
Bank
payables and borrowings Derivative
similar items and loan financial Lease
All figures in \u00a3 million payables notes instruments
liabilities
Total
Due in one year or less
302.5
-
1.8
13.3
317.6
Due in more than one year but not more than two years
-
-
0.7 13.5 14.2
Due in more than two years but not more than five years
-
335.0
0.3 41.3 376.6
Due in five years or more
-
-
- 25.8 25.8
Total
302.5
335.0
2.8
93.9
734.2
Trade
Bank
payables and borrowings Derivative
similar items and loan financial Lease
All figures in \u00a3 million payables* notes instruments
liabilities
Total
Due in one year or less
356.5
-
1.1
8.1
365.7
Due in more than one year but not more than two years
-
-
0.1
7.4
7.5
Due in more than two years but not more than five years
-
336.3
0.3
18.0
354.6
Due in five years or more
-
-
-
22.0
22.0
Total
356.5
336.3
1.5
55.5
749.8
H) Sensitivity analysis The Group\u2019s sensitivity to changes in foreign exchange rates and interest rates on financial assets and liabilities as at 31 March 2025 is set out in the following table. The impact of a weakening in Sterling on the Group\u2019s financial assets and liabilities would be more than offset in equity and income by its impact on the Group\u2019s overseas net assets and earnings respectively. Sensitivity on Group\u2019s assets other than financial assets and liabilities is not included in this analysis. As at 31 March 2025 * This relates to the impact on items charged directly to equity and excludes the impact on profit/loss for the year flowing into equity.
1% decrease in 10% weakening
interest rates in Sterling
Profit before
Profit before
All figures in \u00a3 million
Equity
*
tax
Equity
tax
Sterling
-
0.5
-
-
US dollar
-
0.2
(4.0)
0.9
Other
-
(0.2)
0.7
-
1% increase in
10% strengthening
interest rates
in Sterling
Profit before
Profit before
All figures in \u00a3 million
Equity
*
tax
Equity
tax
Sterling
-
(0.5)
-
-
US dollar
-
(0.2)
3.2
0.1
Other
-
0.2
(0.4)
-
As at 31 March 2024 * This relates to the impact on items charged directly to equity and excludes the impact on profit/loss for the year flowing into equity. The amounts generated from the sensitivity analysis are forward-looking estimates of market risk assuming that certain market conditions occur. Actual results in the future may differ materially from those projected as a result of developments in global financial markets that may cause fluctuations in interest and exchange rates to vary from the hypothetical amounts disclosed in the previous tables, which should not, therefore, be considered to be a projection of likely future events and losses. The estimated changes for interest rate movements are based on an instantaneous decrease or increase of 1% (100 basis points) in the specific rate of interest applicable to each class of financial instruments from the levels effective at 31 March 2025, with all other variables remaining constant. The estimated changes for foreign exchange rates are based on an instantaneous 10% weakening or strengthening in Sterling against all other currencies from the levels applicable at 31 March 2025, with all other variables remaining constant. Such analysis is for illustrative purposes only \u2013 in practice market rates rarely change in isolation. The impact of transactional risk on the Group\u2019s monetary assets/liabilities that are not held in the functional currency of the entity holding those assets/liabilities is minimal.
1% decrease in
10% weakening
interest rates
in Sterling
Profit before
Profit before
All figures in \u00a3 million
Equity
tax Equity tax
Sterling
(0.1)
1.0
-
-
US dollar
-
0.3
1.6
0.4
Other
-
(0.2)
1.1
-
*
1% increase in 10% strengthening
interest rates
in Sterling
Profit before
Profit
before
All figures in \u00a3 million
Equity
tax Equity tax
Sterling
0.1
(1.0)
-
-
US dollar
-
(0.3)
(1.2)
(0.4)
Other
-
0.2
(1.0)
-
*", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-452": { "value": "
A) Fair values of financial instruments
The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:
Level 1 \u2013 measured using quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 \u2013 measured using 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). Level 2 derivatives comprise forward foreign exchange contracts which have been fair
valued using forward exchange rates that are quoted in an active market; and interest rate swaps which have been fair valued using interest
rates that are quoted in an active market
Level 3 \u2013 measured using inputs for the assets or liability that are not based on observable market data (i.e. unobservable inputs).
The following table presents the Group\u2019s assets and liabilities that are measured at fair value as at 31 March 2025: The following table presents the Group\u2019s assets and liabilities that are measured at fair value as at 31 March 2024: For cash and cash equivalents, trade and other receivables and bank and current borrowings, the fair value of the financial instruments approximate to their carrying value as a result of the short maturity periods of these financial instruments. For trade and other receivables, allowances are made within the carrying value for credit risk. For other financial instruments, the fair value is based on market value, where available. Where market values are not available, the fair values have been calculated by discounting cash flows to net present value using prevailing market-based interest rates translated at the year-end rates. There have been no transfers between levels. All financial assets and liabilities had a fair value that is identical to book value at 31 March 2025 and 31 March 2024, other than lease liabilities where the book value is not reflective of changes in interest rates. Detailed analysis is provided in the following tables: As at 31 March 2025
All figures in \u00a3 million
Note
Level 1
Level 2
Level 3
Total
Assets
Current derivative financial instruments
23
-
3.6
-
3.6
Non-current derivative financial instruments
23
-
2.0
-
2.0
Liabilities
Current derivative financial instruments
23
-
(1.8)
-
(1.8)
Non-current derivative financial instruments
23
-
(1.0)
-
(1.0)
Total -
2.8
-
2.8
All figures in \u00a3 million
Note
Level 1
Level 2
Level 3
Total
Assets
Current derivative financial instruments
23
-
5.2
-
5.2
Non-current derivative financial instruments
23
-
3.8
-
3.8
Liabilities
Current derivative financial instruments
23
-
(1.1)
-
(1.1)
Non-current derivative financial instruments
23
-
(0.4)
-
(0.4)
Total -
7.5
-
7.5
Financial
Financial
Financial
Total
assets at fair
assets at
liabilities at
Derivatives carrying
value profit
amortised
amortised
used as value and
All figures in \u00a3 million
Note
and loss
cost
cost
hedges
Other
fair value
Financial assets
Non-current
Derivative financial instruments
23
-
-
-
2.0
-
2.0
Deferred financing costs
23
-
1.0
-
-
-
1.0
Current
Trade receivables and similar items
-
161.0
-
-
-
161.0
Derivative financial instruments
23
-
-
-
3.6
-
3.6
Deferred financing costs
23
-
1.3
-
-
-
1.3
Cash and cash equivalents
23
290.6
-
-
-
-
290.6
Total financial assets
290.6
163.3
-
5.6 -
459.5
Financial liabilities
Non-current
Bank borrowings
23
-
-
(335.0)
-
-
(335.0)
Derivative financial instruments
23
-
-
-
(1.0)
-
(1.0)
Lease liabilities
23
-
-
-
-
(80.6)
(80.6)
Current
Trade payables and similar items
-
-
(302.5)
-
-
(302.5)
Derivative financial instruments
23
-
-
-
(1.8)
-
(1.8)
Lease liabilities
23
-
-
-
-
(13.3)
(13.3)
Total financial liabilities
-
-
(637.5)
(2.8)
(93.9)
(734.2)
Total
290.6 163.3
(637.5)
2.8
(93.9)
(274.7)
As at 31 March 2024
Financial Financial Financial Total
assets at fair assets at liabilities at Derivatives carrying
value profit amortised amortised used as value and
A
ll figures in \u00a3 million
Note
and loss cost cost
hedges
Other
fair value
Financial assets
Non-current
Derivative financial instruments
23
-
-
-
3.8
-
3.8
Deferred financing costs
23
-
1.1
-
-
-
1.1
Current
Trade receivables and similar items
-
192.3
-
-
-
192.3
Derivative financial instruments
23
-
-
-
5.2
-
5.2
Deferred financing costs
23
-
1.0
-
-
-
1.0
Cash and cash equivalents
23
231.0
-
-
-
-
231.0
Total financial assets
231.0
194.4
-
9.0
-
434.4
Financial liabilities
Non
-current
Bank borrowings
23
-
-
(336.3)
-
-
(336.3)
Derivative financial instruments
23
-
-
-
(0.4)
-
(0.4)
Lease liabilities
23
-
-
-
-
(47.4)
(47.4)
Current
Trade payables
and similar items
-
-
(322.5)
-
-
(322.5)
Irrevocable share buyback
-
-
(34.0)
-
-
(34.0)
Derivative financial instruments
23
-
-
-
(1.1)
-
(1.1)
Lease liabilities
23
-
-
-
-
(8.1)
(8.1)
Total financial
liabilities
-
-
(692.8)
(1.5)
(55.5)
(749.8)
Total
 231.0
194.4
(692.8) 7.5 (55.5)
(315.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-490": { "value": "A) Fair values of financial instruments The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: Level 1 \u2013 measured using quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 \u2013 measured using 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). Level 2 derivatives comprise forward foreign exchange contracts which have been fair valued using forward exchange rates that are quoted in an active market; and interest rate swaps which have been fair valued using interest rates that are quoted in an active market Level 3 \u2013 measured using inputs for the assets or liability that are not based on observable market data (i.e. unobservable inputs).
The following table presents the Group\u2019s assets and liabilities that are measured at fair value as at 31 March 2025:
The following table presents the Group\u2019s assets and liabilities that are measured at fair value as at 31 March 2024:
For cash and cash equivalents, trade and other receivables and bank and current borrowings, the fair value of the financial instruments
approximate to their carrying value as a result of the short maturity periods of these financial instruments. For trade and other receivables,
allowances are made within the carrying value for credit risk. For other financial instruments, the fair value is based on market value, where
available. Where market values are not available, the fair values have been calculated by discounting cash flows to net present value using
prevailing market-based interest rates translated at the year-end rates. There have been no transfers between levels.
All financial assets and liabilities had a fair value that is identical to book value at 31 March 2025 and 31 March 2024, other than lease liabilities
where the book value is not reflective of changes in interest rates. Detailed analysis is provided in the following tables:
As at 31 March 2025
All figures in \u00a3 million
Note
Level 1
Level 2
Level 3
Total
Assets
Current derivative financial instruments
23
-
3.6
-
3.6
Non-current derivative financial instruments
23
-
2.0
-
2.0
Liabilities
Current derivative financial instruments
23
-
(1.8)
-
(1.8)
Non-current derivative financial instruments
23
-
(1.0)
-
(1.0)
Total -
2.8
-
2.8
All figures in \u00a3 million
Note
Level 1
Level 2
Level 3
Total
Assets
Current derivative financial instruments
23
-
5.2
-
5.2
Non-current derivative financial instruments
23
-
3.8
-
3.8
Liabilities
Current derivative financial instruments
23
-
(1.1)
-
(1.1)
Non-current derivative financial instruments
23
-
(0.4)
-
(0.4)
Total -
7.5
-
7.5
Financial
Financial
Financial
Total
assets at fair
assets at
liabilities at
Derivatives carrying
value profit
amortised
amortised
used as value and
All figures in \u00a3 million
Note
and loss
cost
cost
hedges
Other
fair value
Financial assets
Non-current
Derivative financial instruments
23
-
-
-
2.0
-
2.0
Deferred financing costs
23
-
1.0
-
-
-
1.0
Current
Trade receivables and similar items
-
161.0
-
-
-
161.0
Derivative financial instruments
23
-
-
-
3.6
-
3.6
Deferred financing costs
23
-
1.3
-
-
-
1.3
Cash and cash equivalents
23
290.6
-
-
-
-
290.6
Total financial assets
290.6
163.3
-
5.6 -
459.5
Financial liabilities
Non-current
Bank borrowings
23
-
-
(335.0)
-
-
(335.0)
Derivative financial instruments
23
-
-
-
(1.0)
-
(1.0)
Lease liabilities
23
-
-
-
-
(80.6)
(80.6)
Current
Trade payables and similar items
-
-
(302.5)
-
-
(302.5)
Derivative financial instruments
23
-
-
-
(1.8)
-
(1.8)
Lease liabilities
23
-
-
-
-
(13.3)
(13.3)
Total financial liabilities
-
-
(637.5)
(2.8)
(93.9)
(734.2)
Total
290.6 163.3
(637.5)
2.8
(93.9)
(274.7)
As at 31 March 2024
Financial Financial Financial Total
assets at fair assets at liabilities at Derivatives carrying
value profit amortised amortised used as value and
A
ll figures in \u00a3 million
Note
and loss cost cost
hedges
Other
fair value
Financial assets
Non-current
Derivative financial instruments
23
-
-
-
3.8
-
3.8
Deferred financing costs
23
-
1.1
-
-
-
1.1
Current
Trade receivables and similar items
-
192.3
-
-
-
192.3
Derivative financial instruments
23
-
-
-
5.2
-
5.2
Deferred financing costs
23
-
1.0
-
-
-
1.0
Cash and cash equivalents
23
231.0
-
-
-
-
231.0
Total financial assets
231.0
194.4
-
9.0
-
434.4
Financial liabilities
Non
-current
Bank borrowings
23
-
-
(336.3)
-
-
(336.3)
Derivative financial instruments
23
-
-
-
(0.4)
-
(0.4)
Lease liabilities
23
-
-
-
-
(47.4)
(47.4)
Current
Trade payables
and similar items
-
-
(322.5)
-
-
(322.5)
Irrevocable share buyback
-
-
(34.0)
-
-
(34.0)
Derivative financial instruments
23
-
-
-
(1.1)
-
(1.1)
Lease liabilities
23
-
-
-
-
(8.1)
(8.1)
Total financial
liabilities
-
-
(692.8)
(1.5)
(55.5)
(749.8)
Total
 231.0
194.4
(692.8) 7.5 (55.5)
(315.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-506": { "value": "As at 31 March 2025
Financial
Financial
Financial
Total
assets at fair
assets at
liabilities at
Derivatives carrying
value profit
amortised
amortised
used as value and
All figures in \u00a3 million
Note
and loss
cost
cost
hedges
Other
fair value
Financial assets
Non-current
Derivative financial instruments
23
-
-
-
2.0
-
2.0
Deferred financing costs
23
-
1.0
-
-
-
1.0
Current
Trade receivables and similar items
-
161.0
-
-
-
161.0
Derivative financial instruments
23
-
-
-
3.6
-
3.6
Deferred financing costs
23
-
1.3
-
-
-
1.3
Cash and cash equivalents
23
290.6
-
-
-
-
290.6
Total financial assets
290.6
163.3
-
5.6 -
459.5
Financial liabilities
Non-current
Bank borrowings
23
-
-
(335.0)
-
-
(335.0)
Derivative financial instruments
23
-
-
-
(1.0)
-
(1.0)
Lease liabilities
23
-
-
-
-
(80.6)
(80.6)
Current
Trade payables and similar items
-
-
(302.5)
-
-
(302.5)
Derivative financial instruments
23
-
-
-
(1.8)
-
(1.8)
Lease liabilities
23
-
-
-
-
(13.3)
(13.3)
Total financial liabilities
-
-
(637.5)
(2.8)
(93.9)
(734.2)
Total
290.6 163.3
(637.5)
2.8
(93.9)
(274.7)
As at 31 March 2024
Financial Financial Financial Total
assets at fair assets at liabilities at Derivatives carrying
value profit amortised amortised used as value and
A
ll figures in \u00a3 million
Note
and loss cost cost
hedges
Other
fair value
Financial assets
Non-current
Derivative financial instruments
23
-
-
-
3.8
-
3.8
Deferred financing costs
23
-
1.1
-
-
-
1.1
Current
Trade receivables and similar items
-
192.3
-
-
-
192.3
Derivative financial instruments
23
-
-
-
5.2
-
5.2
Deferred financing costs
23
-
1.0
-
-
-
1.0
Cash and cash equivalents
23
231.0
-
-
-
-
231.0
Total financial assets
231.0
194.4
-
9.0
-
434.4
Financial liabilities
Non
-current
Bank borrowings
23
-
-
(336.3)
-
-
(336.3)
Derivative financial instruments
23
-
-
-
(0.4)
-
(0.4)
Lease liabilities
23
-
-
-
-
(47.4)
(47.4)
Current
Trade payables
and similar items
-
-
(322.5)
-
-
(322.5)
Irrevocable share buyback
-
-
(34.0)
-
-
(34.0)
Derivative financial instruments
23
-
-
-
(1.1)
-
(1.1)
Lease liabilities
23
-
-
-
-
(8.1)
(8.1)
Total financial
liabilities
-
-
(692.8)
(1.5)
(55.5)
(749.8)
Total
 231.0
194.4
(692.8) 7.5 (55.5)
(315.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-453": { "value": "B) Interest rate risk The Group\u2019s objective is to manage its exposure to interest rate fluctuations on borrowings through varying the proportion of fixed rate debt relative to floating rate debt with debt-related derivative financial instruments, including interest rate and cross-currency swaps. The Group operates an interest rate policy designed to optimise interest costs and to reduce volatility in reported earnings. The Group\u2019s current policy is to require rates to be fixed for 30%\u201380% of the level of borrowings, which is achieved primarily through fixed-rate borrowings or debt- related derivative financial instruments. Where there are significant changes in the level and/or structure of debt, the poli cy permits borrowings to be 100% fixed, with regular Board reviews of the appropriateness of this fixed percentage. At 31 March 2025, the Group had 80% (2024: 80%) of fixed rate debt and 20 % (2024: 20%) of floating rate debt based on gross debt of \u00a3335.0m (2024: \u00a3336.3m) after including the impact of debt-related derivative financial assets (interest rate swaps). Financial assets/(liabilities) As at 31 March 2025 As at 31 March 2024
Financial assets
Financial liabilities
Fixed or Non-interest Fixed or Non-interest
All figures in \u00a3 million
capped
Floating
bearing
capped
Floating
bearing
Sterling
4.2
226.9
1.4
(63.8)
(273.3)
(2.6)
US dollar
-
45.2
-
(19.5)
(61.7)
-
Euro
-
3.0
-
(1.8)
-
-
Australian dollar
-
13.2
-
(8.8)
-
-
Other
-
2.3
-
(0.2)
-
-
Total
4.2
290.6
1.4
(94.1)
(335.0)
(2.6)
Financial assets
Financial liabilities
Fixed or Non-interest Fixed or
Floating
Non-interest
All figures in \u00a3 million
capped
Floating
bearing capped bearing
Sterling
8.5
173.6
0.5
(24.0)
(273.3)
(35.5)
US dollar
-
37.4
-
(19.5)
(63.0)
-
Euro
-
1.3
-
-
-
-
Australian dollar
-
14.9
-
(11.6)
-
-
Other
-
3.8
-
(0.4)
-
-
Total
8.5
231.0
0.5
(55.5)
(336.3)
(35.5)
Floating rate financial assets attract interest based on the relevant reference rate. Floating rate financial liabilities bear interest at the relevant reference rate. Trade and other receivables/payables and deferred finance costs are excluded from this analysis. For the fixed or capped rate financial assets and liabilities, the average interest rates (including the relevant marginal cost of borrowing) and the average period for which the rates are fixed are: Sterling assets consist of debt-related derivative financial instruments. Sterling liabilities consist primarily of finance leases with the weighted average interest rate reflecting the internal rate of return of those leases. Interest rate risk management The revolving credit facility (note 26E) is floating-rate and undrawn as at 31 March 2025. As at 31 March 2025, the majority of the Group\u2019s floating rate bank borrowings were fixed through interest rate swaps which swap the Sterling floating rate interest payable into fixed rate Sterling. The notional principal amount of the outstanding interest rate swap contracts as at 31 March 2025 is \u00a3310m (2024: \u00a3270m), of which \u00a340m (2024: nil) is effective from September 2025 replacing two \u00a320m maturing contracts. The swaps have the economic effect of converting floating rate borrowings into fixed rate borrowings and are accounted for as cash flow hedges. C) Currency risk Transactional currency exposure The Group is exposed to foreign currency risks arising from sales or purchases by businesses in currencies other than their functional currency. It is Group policy that when such a sale or purchase is certain, the net foreign exchange exposure is hedged using forward foreign exchange contracts. Hedge accounting documentation and effectiveness testing are undertaken for all the Group\u2019s transactional hedge contracts. The currency and notional amount of the designated hedging instruments match the currency and principal amounts of the transactions being hedged, therefore the hedging instruments and hedged items have values which will generally move in opposite directions because of the same hedged risk. As the critical terms of the hedging instruments match those of the hedged items, an economic relationship can be demonstrated on an ongoing basis. The hedge ratio is 1:1 on the basis that the notional amount of the designated hedging instruments matches the principal amount of the foreign currency sales/purchases designated as the hedged items. The Group does not designate groups of items with offsetting risk positions as hedged items. The Group considers the potential sources of hedge ineffectiveness to be: \u2022 valuation adjustments for credit risk made to derivative hedging instruments at each hedge effectiveness measurement date; \u2022 changes to the timing and amount of transactions; and \u2022 non-occurrence of the designated hedged items. Ineffectiveness due to foreign currency basis was highly immaterial. The table below shows the Group\u2019s currency exposures (based on functional currency of the operating company), being exposures on currency transactions that give rise to net currency gains and losses recognised in the income statement. Such exposures comprise the monetary assets and liabilities of the Group that are not denominated in the functional currency of the operating company involved.
31 March 2025
31 March 2024
Weighted
Weighted
Fixed or
average
Weighted
Fixed or
average
Weighted
capped
interest rate
average years
capped interest rate
average years
\u00a3m
%
to maturity
\u00a3m
%
to maturity
FFiinnaanncciiaall aasssseettss::
Sterling
4.2
3.5
2.4
8.5
3.1
2.2
F
i
n
a
n
c
i
a
l
l
i
a
b
i
l
i
t
i
i
e
s
:
Sterling
(63.8)
7.0
8.0
(24.0)
5.4
2.0
US dollar
(19.5)
5.1
5.1
(19.5)
5.9
11.4
Euro
(1.8)
2.6
4.7
-
-
-
Australian dollar
(8.8)
4.7
4.4
(11.6)
4.7
5.2
Other
(0.2)
4.6
1.9
(0.4)
4.8
2.8
Total financial liabilities
(94.1)
6.3
7.0
(55.5)
4.9
6.2
:
Net foreign currency monetary assets/(liabilities)
All figures in \u00a3 millions
US$
Euro
A$
Other
Total
31 March 2025 \u2013 Sterling
14.4
(2.3)
2.8
7.6
22.5
31 March 2024\u2013 Sterling
0.6
(0.3)
1.1
(0.5)
0.9
The amounts shown in the table take into account the effect of the forward contracts entered into to manage these currency exposures. The Group enters into forward foreign currency contracts to hedge the currency exposures that arise on sales and purchases denominated in foreign currencies, as the transaction occurs. The principal contract amounts of the outstanding forward currency contracts as at 31 March 2025 against Sterling are net US dollars sold of \u00a3105.7m (USD 136.1m), net Euros sold \u00a332.5m (EUR 40.5m), net Canadian dollars sold \u00a35.4m (CAD 12.2m), net Swiss Francs bought of \u00a33.6m (CHF 3.6m), net Swedish Krona sold of \u00a30.1m (SEK 0.8m), and net Australian dollars sold \u00a333.7m (AUD 68.7m). Translational currency exposure The Group has significant investments in overseas operations, particularly in the US. As a result, the Sterling value of the Group\u2019s balance sheet can be affected by movement in exchange rates. The Group does not hedge against translational currency exposure to overseas net assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-454": { "value": "D) Financial credit risk The Group is exposed to credit-related losses in the event of non-performance by counterparties to financial instruments, but does not currently expect any counterparties to fail to meet their obligations. Credit risk is mitigated by a Board-approved policy of only selecting counterparties with a strong investment grade long-term credit rating for cash deposits and setting a utilisation credit limit based on the credit rating. The cash and cash equivalents of the Group are invested in non-speculative financial instruments which are usually highly liquid, such as short- term deposits. Therefore, the Group believes it has reduced its exposure to counterparty credit risk through this process. The cash and cash equivalents balance is subject to review for impairment, and due to the high credit ratings of the counterparties set out below, no impairment has been recognised within the year: The Group uses 3 year cumulative default rate metrics to determine the estimated credit-rated losses on our financial instruments. Based on the expected default rates, the financial instruments have an immaterial risk of credit impairment. In the normal course of business the Group operates notional cash pooling systems and master netting agreements for derivatives, where a legal right of set-off applies. The maximum credit-risk exposure in the event of other parties failing to perform their obligations under financial assets, excluding trade and other receivables, totals \u00a3296.2m (2024: \u00a3240.0m). This balance includes cash and cash equivalents and derivative financial assets. The cash and cash equivalents of \u00a3290.6m at 31 March 2025 (2024: \u00a3231.0m) represents the maximum credit exposure on these assets. The cash and cash equivalents were held with different financial institutions which were rated single A or better. Cash equivalents comprise \u00a3170.4m (2024: \u00a3121.5m) invested in AAA-rated money market funds. The Group\u2019s assessment is that credit risk is limited as a result of the high percentage of revenue derived from UK and US government agencies. Therefore the provision for expected credit losses is immaterial in respect of receivables from these customers.
Counterparty credit rating
31 March 2025
31 March 2024
AAA to AA-
78%
69%
A+ to A-
22%
30%
BBB+ to BBB-
-
1%
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-507": { "value": "E) Liquidity risk Borrowing facilities As at 31 March 2025 the Group had a revolving credit facility (RCF) of \u00a3290.0m (2024: \u00a3275.0m) and a floating rate term loan of \u00a3335.0m (2024: \u00a3336.3m). The RCF, which is unutilised, was refinanced in April 2024 and will mature on 22 April 2028. The term loan will mature on 27 September 2027. Total available funds, comprising the RCF, term loan and the Group\u2019s freely available cash and cash equivalents, are shown in the table below: * Reference rate refers to SONIA for GBP and SOFR for USD.
Interest rate:
Reference Total Drawn Undrawn
rate* plus
\u00a3m
\u00a3m
\u00a3m
As at 31 March 2025
Committed facilities \u2013 RCF
0.60%
290.0
-
290.0
Committed facilities \u2013 term loan
1.00%
335.0
335.0
-
Freely available cash and cash equivalents
289.9
Available funds 31 March 2025
579.9
As at 31 March 2024
Committed facilities \u2013 RCF
0.53%
275.0
-
275.0
Committed facilities \u2013 term loan
1.00%
336.3
336.3
-
Freely available cash and cash equivalents
229.5
Available funds 31 March 2024
504.5
Gross contractual cash flows for borrowings and other financial liabilities The following are the undiscounted contractual maturities of financial liabilities, including interest payments. The cash flows associated with derivatives that are cash flow hedges are expected to have an impact on profit or loss in the periods shown. The \u00a3335.0m term loan is repayable on 27 September 2027, with interest periods set to three months. The loan bears interest at a variable margin over the relevant reference rate of between 1.00% and 2.50% dependent on the ratio of Net Debt to EBITDA. As at 31 March 2025 As at 31 March 2024
Contractual
1 year
More than
All figures in \u00a3 million
Book value
cash flows
or less
1\u20132 years
2\u20135 years
5 years
Non-derivative financial liabilities
Term loan
(336.3)
(356.8)
(7.4)
(8.8)
(340.6)
-
Revolving credit facility
-
-
-
-
-
-
Trade payables and similar items
(322.5)
(322.5)
(322.5)
-
-
-
Irrevocable share buyback
(34.0)
(34.0)
(34.0)
-
-
-
Leases
(55.5)
(70.4)
(10.8)
(9.7)
(23.0)
(26.9)
Derivative financial liabilities
Forward foreign currency contracts \u2013 cash flow hedges
(1.5)
(1.5)
(1.1)
(0.1)
(0.3)
-
Interest rate swaps
-
-
-
-
-
-
Total
(749.8)
(785.2)
(375.8)
(18.6)
(363.9)
(26.9)
Contractual
1 year
More than
All figures in \u00a3 million
Book value
cash flows
or less
1\u20132 years
2\u20135 years
5 years
Non-derivative financial liabilities
Term loan
(335.0)
(375.8)
(15.7)
(15.7)
(344.4)
-
Revolving credit facility
-
-
-
-
-
-
Trade payables and similar items
(302.5
)
(302.5
)
(302.5)
-
-
-
Leases
(93.9)
(120.0)
(18.7)
(18.1)
(39.6)
(43.6)
Derivative financial liabilities
Forward foreign currency contracts \u2013 cash flow hedges
(2.6)
(2.6)
(1.8)
(0.6)
(0.2)
-
Interest rate swaps
(0.2)
(0.2)
-
(0.1)
(0.1)
-
Total
(734.2)
(801.1)
(338.7)
(34.5)
(384.3)
(43.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-455": { "value": "F) Derivative financial instruments The Group has the following derivative financial instruments on the balance sheet, reported within the \u2018Other financial assets\u2019 line items. The maturity of these derivative financial instruments is as follows:
31 March 2025
31 March 2024
Asset
Liability
Asset
Liability
All figures in \u00a3 million
gains
losses
Net
gains
losses
Net
Forward foreign currency contracts \u2013 cash flow hedges
1.4
(2.6)
(1.2)
0.5
(1.5)
(1.0)
Interest rate swaps
4.2
(0.2)
4.0
8.5
-
8.5
Derivative assets/(liabilities) at the end of the year
5.6
(2.8)
2.8
9.0
(1.5)
7.5
31 March 2025
31 March 2024
Asset
Liability
Asset
Liability
All figures in \u00a3 million
gains
losses
Net
gains
losses
Net
Expected to be recognised:
In one year or less
3.6
(1.8)
1.8
5.2
(1.1)
4.1
Between one and two years
1.3
(0.7)
0.6
2.7
(0.1)
2.6
More than two years
0.7
(0.3)
0.4
1.1
(0.3)
0.8
Derivative assets/(liabilities) at the end of the year
5.6
(2.8)
2.8
9.0
(1.5)
7.5
The effects of these derivatives on the Group\u2019s financial position and performance are as follows: * The weighted average hedged rate for the year for cash flow hedges is based on GBP:USD, being the most significant currency pair. The Group also has cash flow hedges relating to a number of other currency pairs aligned to its global operations.
31 March 2025 31 March 2024
Cash flow
Interest rate
Cash flow
Interest rate
All figures in \u00a3 million hedges
swaps
Total
hedges swaps Total
Notional amount (gross)
515.8
310.0
825.8
410.3
270.0
680.3
Carrying value (current and non-current assets and (liabilities))
(1.2)
4.0
2.8
(1.0)
8.5
7.5
Maturity date
2025-2028
2025-2027
2025-2028
2024-2027
2025-2027
2024-2027
Hedge ratio
1:1
1:1
1:1
1:1
1:1
1:1
Change in fair value of outstanding hedging instruments in the year (0.2)
(4.5)
(4.7)
(1.1)
0.6
(0.5)
Change in value of hedged item used to determine hedge effectiveness
(0.2)
(4.5)
(4.7)
(1.1)
0.6
(0.5)
Weighted average hedged rate for the year*
1.29%
3.5%
1.26%
3.1%
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-491": { "value": "G) Maturity of financial liabilities The contractual maturity of the Group\u2019s financial liabilities is shown below: As at 31 March 2025 As at 31 March 2024 * Trade payables and other similar items includes \u00a3nil (FY24: \u00a334.0m) irrevocable share buyback liability
Trade
Bank
payables and borrowings Derivative
similar items and loan financial Lease
All figures in \u00a3 million payables notes instruments
liabilities
Total
Due in one year or less
302.5
-
1.8
13.3
317.6
Due in more than one year but not more than two years
-
-
0.7 13.5 14.2
Due in more than two years but not more than five years
-
335.0
0.3 41.3 376.6
Due in five years or more
-
-
- 25.8 25.8
Total
302.5
335.0
2.8
93.9
734.2
Trade
Bank
payables and borrowings Derivative
similar items and loan financial Lease
All figures in \u00a3 million payables* notes instruments
liabilities
Total
Due in one year or less
356.5
-
1.1
8.1
365.7
Due in more than one year but not more than two years
-
-
0.1
7.4
7.5
Due in more than two years but not more than five years
-
336.3
0.3
18.0
354.6
Due in five years or more
-
-
-
22.0
22.0
Total
356.5
336.3
1.5
55.5
749.8
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-508": { "value": "G) Maturity of financial liabilities The contractual maturity of the Group\u2019s financial liabilities is shown below: As at 31 March 2025 As at 31 March 2024 * Trade payables and other similar items includes \u00a3nil (FY24: \u00a334.0m) irrevocable share buyback liability
Trade
Bank
payables and borrowings Derivative
similar items and loan financial Lease
All figures in \u00a3 million payables notes instruments
liabilities
Total
Due in one year or less
302.5
-
1.8
13.3
317.6
Due in more than one year but not more than two years
-
-
0.7 13.5 14.2
Due in more than two years but not more than five years
-
335.0
0.3 41.3 376.6
Due in five years or more
-
-
- 25.8 25.8
Total
302.5
335.0
2.8
93.9
734.2
Trade
Bank
payables and borrowings Derivative
similar items and loan financial Lease
All figures in \u00a3 million payables* notes instruments
liabilities
Total
Due in one year or less
356.5
-
1.1
8.1
365.7
Due in more than one year but not more than two years
-
-
0.1
7.4
7.5
Due in more than two years but not more than five years
-
336.3
0.3
18.0
354.6
Due in five years or more
-
-
-
22.0
22.0
Total
356.5
336.3
1.5
55.5
749.8
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-456": { "value": "H) Sensitivity analysis The Group\u2019s sensitivity to changes in foreign exchange rates and interest rates on financial assets and liabilities as at 31 March 2025 is set out in the following table. The impact of a weakening in Sterling on the Group\u2019s financial assets and liabilities would be more than offset in equity and income by its impact on the Group\u2019s overseas net assets and earnings respectively. Sensitivity on Group\u2019s assets other than financial assets and liabilities is not included in this analysis. As at 31 March 2025 * This relates to the impact on items charged directly to equity and excludes the impact on profit/loss for the year flowing into equity.
1% decrease in 10% weakening
interest rates in Sterling
Profit before
Profit before
All figures in \u00a3 million
Equity
*
tax
Equity
tax
Sterling
-
0.5
-
-
US dollar
-
0.2
(4.0)
0.9
Other
-
(0.2)
0.7
-
1% increase in
10% strengthening
interest rates
in Sterling
Profit before
Profit before
All figures in \u00a3 million
Equity
*
tax
Equity
tax
Sterling
-
(0.5)
-
-
US dollar
-
(0.2)
3.2
0.1
Other
-
0.2
(0.4)
-
As at 31 March 2024 * This relates to the impact on items charged directly to equity and excludes the impact on profit/loss for the year flowing into equity. The amounts generated from the sensitivity analysis are forward-looking estimates of market risk assuming that certain market conditions occur. Actual results in the future may differ materially from those projected as a result of developments in global financial markets that may cause fluctuations in interest and exchange rates to vary from the hypothetical amounts disclosed in the previous tables, which should not, therefore, be considered to be a projection of likely future events and losses. The estimated changes for interest rate movements are based on an instantaneous decrease or increase of 1% (100 basis points) in the specific rate of interest applicable to each class of financial instruments from the levels effective at 31 March 2025, with all other variables remaining constant. The estimated changes for foreign exchange rates are based on an instantaneous 10% weakening or strengthening in Sterling against all other currencies from the levels applicable at 31 March 2025, with all other variables remaining constant. Such analysis is for illustrative purposes only \u2013 in practice market rates rarely change in isolation. The impact of transactional risk on the Group\u2019s monetary assets/liabilities that are not held in the functional currency of the entity holding those assets/liabilities is minimal.
1% decrease in
10% weakening
interest rates
in Sterling
Profit before
Profit before
All figures in \u00a3 million
Equity
tax Equity tax
Sterling
(0.1)
1.0
-
-
US dollar
-
0.3
1.6
0.4
Other
-
(0.2)
1.1
-
*
1% increase in 10% strengthening
interest rates
in Sterling
Profit before
Profit
before
All figures in \u00a3 million
Equity
tax Equity tax
Sterling
0.1
(1.0)
-
-
US dollar
-
(0.3)
(1.2)
(0.4)
Other
-
0.2
(1.0)
-
*", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-404": { "value": "27. Post-retirement benefits Defined contribution plans The Group operates a number of defined contribution pension arrangements, the largest of which is in the UK and provided by the Mercer Master Trust. A defined contribution plan is a pension plan under which the Group and employees pay fixed contributions to a third-party financial provider. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The contributions are recognised as an employee benefit expense when they are due. The expense incurred during the year was \u00a373.4m (FY24: \u00a365.0m). Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. Defined benefit pension plan In the UK the Group operates the QinetiQ Pension Scheme (\u2018the Scheme\u2019) for approximately 15% of its UK employees. The Scheme closed to future accrual on 31 October 2013 and there is no on-going service cost. After this date, defined active benefit members transferred to a defined contribution section of the Scheme. The Scheme is a final salary plan, which provides benefits to members in the form of a guaranteed level of pension payable for life. The level of benefits provided depends on the members\u2019 length of service and their final pensionable earnings at closure to future accrual. In the Scheme, pensions in payment are generally updated in line with the Consumer Price Index (CPI). The benefit payments are made from Trustee-administered funds. Plan assets held in trusts are governed by UK regulations as is the nature of the relationship between the Group and the Trustees and their composition. Responsibility for the governance of the Scheme \u2013 including investment decisions and contribution schedules \u2013 lies with the Scheme Trustee with consultation with the Company as needed. Dalriada, one of the largest professional trustee firms in the UK, act as Professional Corporate Sole Trustee (PCST) for the Scheme. Being governed by a PCST is well suited to an ever-changing and highly regulated pension landscape. The asset recognised in the balance sheet in respect of the defined benefit pension plan is the fair value of plan assets less the present value of the defined benefit obligation at the end of the reporting period. The defined benefit obligation is calculated bi-annually by independent actuaries using the projected unit credit method. Future cash flows of the Scheme which are subject to inflation are calculated using a CPI inflation assumption for the majority of the cash flows, with a small proportion of cash flows linked to RPI. IAS 19 requires the inflation assumptions to be market-based assumptions, as opposed to being based on economic forecasts. The present value of the defined benefit obligation is determined by discounting the estimated, inflated future cash outflows using interest rates of high quality corporate bonds and that have terms to maturity approximating to the terms of the related pension obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Triennial funding valuation The most recent completed full actuarial valuation of the Scheme was undertaken as at 30 June 2023 and resulted in an actuarially assessed surplus of \u00a311.4m (relative to the technical provisions i.e. the level of assets agreed by the Trustee and the Company as being appropriate to meet member benefits, assuming the Scheme continues as a going concern). The next triennial valuation will be performed as at 30 June 2026. Under the new schedule of contributions agreed at the conclusion of the recent triennial valuation, and reflecting the Scheme being in surplus, there are no employer contributions required. Separately to the schedule of contributions the Company does have a cash commitment to the Scheme in respect of an asset-backed funding arrangement established in 2012, see QinetiQ Pension Funding Partnership below. QinetiQ\u2019s Pension Funding Partnership (PFP) structure On 26 March 2012 QinetiQ established the QinetiQ PFP Limited Partnership (the \u2018Partnership\u2019) with the Scheme. Under this arrangement, properties to the capitalised value of \u00a332.3m were transferred to the Partnership. The transfers were effected through a 20-year sale and leaseback agreement. The Scheme\u2019s interest in the Partnership entitles it to annual distributions from 2012. The annual distribution in the year to 31 March 2026 will be \u00a33.6m, which will increase thereafter, indexed by reference to CPI, until 2032. The Partnership is controlled by QinetiQ and its results are consolidated by the Group. Under IAS 19, the interest held by the Scheme in the Partnership does not qualify as a plan asset for the purposes of the Group\u2019s consolidated financial statements and is, therefore, not included within the fair value of plan assets. As a result, the Group\u2019s consolidated financial statements are unchanged by the Partnership. In addition, the value of the property transferred to the Partnership and leased back to QinetiQ remains on the balance sheet. QinetiQ retains the operational flexibility to substitute properties of equivalent value within the Partnership and has the option to settle outstanding amounts due under the interest before 2032 if it so chooses. Other UK schemes In the UK the Group has a small number of employees for whom benefits are secured through the Prudential Platinum Scheme (\u2018PPS\u2019). The PPS scheme is always fully funded and has a very small surplus at year end. QinetiQ also offers employees access to a Group Self Invested Personal Pension Plan, but no Company contributions are paid to this arrangement. Defined benefit pension plan (\u2018Scheme\u2019) net pension asset The Scheme is in a net asset position with the market value of assets in excess of the present value of Scheme liabilities. These have the values set out below as at 31 March of each year end. The balance sheet net pension asset is a snapshot view which can be significantly influenced by short-term market factors. The calculation of the net asset depends on factors which are beyond the control of the Group \u2013 principally the value of the various categories of assets in which the Scheme has invested and long-term interest rates and inflation rates used to value the Scheme\u2019s liabilities. This is particularly pertinent at times when markets are volatile. Sensitivities and risks are described on page 176. The key driver for the increase in the net pension asset since the March 2024 year end was a net actuarial gain on the net pension asset. Total expense recognised in the income statement
31 March
31 March
All figures in \u00a3 million 2025 2024
Total market value of assets \u2013 see table below for analysis by category of asset
1,176.7
1,316.2
Present value of Scheme liabilities
(1,137.3)
(1,297.8)
Net pension asset before deferred tax
39.4
18.4
Deferred tax liability
(14.6)
(9.6)
Net pension asset after deferred tax
24.8
8.8
All figures in \u00a3 million
FY25
FY24
Net finance income
1.0
5.6
Administrative expenses
(1.2)
(1.5)
Total net (expense)/income recognised in the income statement (excluding tax)
(0.2)
4.1
Movement in the net pension asset The movement in the net pension asset (before deferred tax) is set out below: Fair value of Scheme assets by type of asset The fair value of the Scheme\u2019s assets, which are not intended to be realised in the short term and may be subject to significant changes before they are realised, were: 1 Primarily private market debt investments. 2 Includes unlisted corporate bonds with commercial property held as security. 3 The fair value of equity derivative financial instruments is -\u00a30.9m. This reflects the marked to market valuation of all equity derivatives held by the Scheme. Therefore, the Scheme has a significantly larger exposure to equities through the use of equity derivative contracts. The notional value of the quoted equity exposure was \u00a3180.0m as at 31 March 2025. The economic exposure (notional exposure + MTM) was \u00a3179.1m as at 31 March 2025. 4 The fair value of corporate credit derivative financial instruments is \u00a31.8m. This is in respect of various credit default swap financial instruments held by the Scheme. These instruments provide the Scheme with significantly greater exposure to corporate bonds. The notional value of the credit default swap contracts was \u00a397.9m as at 31 March 2025. The economic exposure (notional exposure +MTM) was \u00a399.7m as a 31 March 2025. 5 The fair value of other derivative financial instruments is \u00a310.0m. This is in respect of various foreign exchange contracts held by the Scheme. The exposure to foreign exchange risk is significantly greater than the \u00a310.0m marked to market value of the forward contracts. The notional value of these financial instruments was \u00a3311.1m as at 31 March 2025, with a total economic exposure value of \u00a3321.1m. 6 The \u00a3125m loan (arranged in September 2023 to facilitate an increase in liquidity to support increased levels of hedging) was partly repaid in the year. A further \u00a325m is due to be repaid by 30 September 2025 with the final \u00a370m due by 30 September 2026. The Scheme\u2019s assets do not include any of the Group\u2019s own transferable financial instruments, property occupied by, or other assets used by the Group. The insurance policies obtained by the pension scheme can only be used to pay or fund employee benefits under the Company\u2019s defined benefit plan. They are not available to the Company\u2019s own creditors and cannot be paid to another entity. These are the requirements of IAS 19 paragraph 7 and hence the Company\u2019s determination is that the insurance policies are qualifying insurance policies and require classification as a plan asset. The policies were issued by insurers that are not a related party. Per the Scheme rules the Company has an unconditional right to a refund of any surplus, assuming gradual settlement of all liabilities over time. Such surplus may arise on cessation of the Scheme in the context of IFRIC 14 paragraphs 11(b) and 12 and therefore the full net pension asset can be recognised on the Group\u2019s balance sheet and the Group\u2019s minimum funding commitments to the Scheme do not give rise to an additional balance sheet liability. Changes to the fair value of Scheme assets
All figures in \u00a3 million
FY25
FY24
Opening net pension asset
18.4
119.8
Net finance income
1.0
5.6
Net actuarial gain/loss & asset re-measurement gain/loss
17.7
(108.9)
Administrative expenses
(1.2)
(1.5)
Contributions by the employer
3.5
3.4
Closing net pension asset
39.4
18.4
31 March 2025
31 March 2024
Not quoted
in
Not quoted
in
an active
an active
All figures in \u00a3 million
Quoted
market
Total
Quoted
market
Total
Equities
-
11.2
11.2
-
21.8
21.8
Liability Driven Investment
351.1
-
351.1
414.9
-
414.9
Asset backed security investments
75.0
-
75.0
35.5
-
35.5
Alternative bonds
1
-
228.1
228.1
-
253.8
253.8
Corporate bonds
2
-
98.6
98.6
31.1
120.6
151.7
Cash and cash equivalents
-
46.1
46.1
-
36.5
36.5
Equity derivative financial instruments
3
(0.9)
-
(0.9)
15.8
-
15.8
Corporate credit derivative financial instruments
4
1.8
-
1.8
2.2
-
2.2
Other derivatives (forward FX contracts)
5
10.0
-
10.0
1.6
-
1.6
Insurance buy-in policies
-
450.7
450.7
-
507.4
507.4
Borrowings
6
-
(95.0)
(95.0)
-
(125.0)
(125.0)
Total market value of assets
437.0
739.7
1,176.7
501.1
815.1
1,316.2
All figures in \u00a3 million
FY25
FY24
Opening fair value of Scheme assets
1,316.2
1,355.2
Interest income on Scheme assets
62.0
62.6
Re-measurement loss on Scheme assets
(149.0)
(49.6)
Contributions by the employer
3.5
3.4
Net benefits paid out and transfers
(54.8)
(53.9)
Administrative expenses
(1.2)
(1.5)
Closing fair value of Scheme assets
1,176.7
1,316.2
Changes to the present value of Scheme liabilities The present value of the Scheme\u2019s liabilities, which are derived from cash flow projections over long periods, and thus inherently uncertain, were:
All figures in \u00a3 million
FY25
FY24
Opening present value of Scheme liabilities
(1,297.8)
(1,235.4)
Interest cost
(61.0)
(57.0)
Actuarial gain/(loss) on Scheme liabilities based on:
Change in demographic assumptions
17.4
(9.5)
Change in financial assumptions
149.6
28.1
Experience losses
(0.3)
(77.9)
Net benefits paid out and transfers
54.8
53.9
Cl
osing present value of Scheme liabilities
(1,137.3
)
(1,297.8)
Assumptions The major assumptions used in the IAS 19 valuation of the Scheme\u2019s liabilities were: The assumptions used by the actuary are the best estimates chosen from a range of possible actuarial assumptions which, becau se of the timescale covered, may not necessarily be borne out in practice. It is important to note that these assumptions are long term and, in the case of the discount rate and the inflation rate, are measured by reference to external market indicators. The discount rate is based on observable yields on corporate bonds but there is no direct, observable market rate for CPI. A \u2018market approach\u2019 to deriving CPI involves adjusting a market-based RPI rate downward by an \u2018inflation risk premium\u2019 and an RPI-CPI adjustment factor (determined from relevant market yield curves). This market- based approach is required by IAS 19 and results in a CPI inflation rate in excess of the Bank of England long term target and also in excess of a consensus view of CPI (based o n surveys of economists). However, adopting an economic consensus approach to setting CPI inflation is not acceptable under accounting standards. The mortality assumptions for both the current and prior year were based on the S3 Normal Lives base tables, with various sca ling factors based on sex and status. Allowance was made for improvements in mortality in line with CMI_2023 core projections (31 March 2024 : CMI_2022 projections) and a long-term rate of improvement of 1.0% per annum (31 March 2024: 1.25%). The funding of the Scheme is based on long- term trends and assumptions relating to market growth, as advised by qualified actuaries and investment advisors. The Scheme \u2018duration\u2019, calculated using discounted future cash flows, is an indicator of the weighted- average time until benefits are paid and is approximately 13 years for non-insured liabilities and 10 years for insured liabilities. The sensitivity of the Scheme liabilities to each of the key assumptions is shown in the following table. Sensitivity analysis of the principal assumptions The impact of movements in Scheme liabilities will, to an extent, be offset by movements in the value of Scheme assets as the Scheme has assets invested in a Liability Driven Investment Portfolio. As at 31 March 2025 this portfolio hedged against approximately 100% of the interest rate risk and also approximately 100% of the inflation rate risk, as measured on the actuarial funding valuation basis.
31 March 2025
31 March 2024
Insured
Uninsured
Insured
Uninsured
A
ll figures in \u00a3 million
members members members members
Discount rate applied to Scheme liabilities
5.70%
5.75%
4.80%
4.80%
CPI inflation assumption
2.45%
2.50%
2.55%
2.60%
Net
rate (discount rate less inflation)
3.25%
3.25%
2.25%
2.20%
Assumed life expectancies in years:
At 60 for males currently aged 40
n/a
27.8
n/a
28.3
At 60 for females currently aged 40
n/a 30.3 n/a 30.7
At 60 for males currently aged 60
n/a
26.5
n/a
26.7
At 60 for females currently aged 60
n/a
28.9
n/a
29.1
At 65 for males currently aged 65
22.1
n/a
22.3
n/a
At 65 for females currently aged 65
24.6
n/a
24.8
n/a
Assumption
Indicative impact on Scheme assets
Indicative impact on Scheme liabilities
Indicative impact on net pension asset
De
crease discount rate by 0.25%
Increase by \u00a310.2m
Increase by \u00a333.1m
Decrease by \u00a322.9m
I
ncrease rate of inflation by 0.25%
Increase by \u00a39.9m
Increase by \u00a332.6m
Decrease by \u00a322.7m
Increase life expectancy by one year
Increase by \u00a310.9m
Increase by \u00a326.8m
Decrease by \u00a315.9m
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (projected unit credit method) has been applied as when calculating the pension liability recognised within the statement of financial position. The methods and types of assumption did not change. In addition to the sensitivity of the liability side of the net pension asset (which will impact the value of the net pension asset) the net pension asset is also exposed to significant variation due to changes in the fair value of Scheme assets. A specific sensitivity on assets has not been included in the above table but any change in valuation of assets flows straight through to the value of the net pension asset e.g. if equities fall by \u00a310m then the net pension asset reduces by \u00a310m. The values of unquoted assets assume that an available buyer is willing to purchase those assets at that value. For the Group\u2019s portfolio of assets, the unquoted alternative bonds of \u00a3228.1m; the unquoted corporate bonds of \u00a398.6 and the unquoted equities of \u00a311.2m are the assets with most uncertainty as to valuation as at 31 March 2025. The accounting assumptions noted are used to calculate the year end net pension asset in accordance with the relevant accounting standard, IAS 19 (revised) \u2018Employee Benefits\u2019. Changes in these assumptions have no impact on the Group\u2019s cash payments into the Scheme. The payments into the Scheme are reassessed after every triennial valuation. The triennial valuations are calculated on a funding basis and use a different set of assumptions, as agreed with the pension Trustees. The key assumption that varies between the two methods of valuation is the discount rate. The funding basis valuation uses the risk-free rate from UK gilts as the base for calculating the discount rate, whilst the IAS 19 accounting basis valuation uses corporate bond yields as the base. Risks Through its defined benefit pension plan, the Group is exposed to a number of risks, the most significant of which are detailed below: In June 2023, in Virgin Media Limited v NTL Pension Trustees II Limited, the UK High Court ruled that specific historical amendments to contracted-out defined benefit schemes in the period from 6 April 1997 to 5 April 2016 were invalid as they lacked a confirmation under section 37 of the Pension Schemes Act 1993 from the scheme\u2019s actuary. Following a review of the equivalent documentation by the Scheme\u2019s lawyers, we consider that there is no need for any further investigation at this stage and that the probability of a significant financial impact is remote.
Volatility in market conditions
Results under IAS 19 can change dramatically depending on market conditions. The present value of Scheme liabilities
is linked to yields on corporate bonds, while many of the assets of the Scheme are invested in various forms of assets
subject to fluctuati
ng valuations. Changing markets in conjunction with discount rate volatility will lead to volatility in
the net pension asset on the Group\u2019s balance sheet and in other comprehensive income. To a lesser extent this will
also lead to volatility in the IAS 19
pension net finance income in the Group\u2019s income statement.
Choice of accounting
The calculation of the present value of Scheme liabilities involves projecting future cash flows from the Scheme many
assumptions
years into the future. This means that the assumptions used can have a material impact on the balance sheet position
and profit and loss c
harge. In practice future experience within the Scheme may not be in line with the assumptions
adopted. For example, members could live longer than foreseen or inflation could be higher or lower than allowed for in
the calculation of the liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-457": { "value": "
Defined contribution plans
The Group operates a number of defined contribution pension arrangements, the largest of which is in the UK and provided by the Mercer
Master Trust. A defined contribution plan is a pension plan under which the Group and employees pay fixed contributions to a third-party
financial provider. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets
to pay all employees the benefits relating to employee service in the current and prior periods. The contributions are recognised as an employee
benefit expense when they are due. The expense incurred during the year was \u00a373.4m (FY24: \u00a365.0m). Prepaid contributions are recognised
as an asset to the extent that a cash refund or a reduction in the future payments is available.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-458": { "value": "
Defined benefit pension plan
In the UK the Group operates the QinetiQ Pension Scheme (\u2018the Scheme\u2019) for approximately 15% of its UK employees. The Scheme closed to
future accrual on 31 October 2013 and there is no on-going service cost. After this date, defined active benefit members transferred to a defined
contribution section of the Scheme. The Scheme is a final salary plan, which provides benefits to members in the form of a guaranteed level of
pension payable for life.
The level of benefits provided depends on the members\u2019 length of service and their final pensionable earnings at closure to future accrual. In
the Scheme, pensions in payment are generally updated in line with the Consumer Price Index (CPI). The benefit payments are made from
Trustee-administered funds.
Plan assets held in trusts are governed by UK regulations as is the nature of the relationship between the Group and the Trustees and their
composition. Responsibility for the governance of the Scheme \u2013 including investment decisions and contribution schedules \u2013 lies with the
Scheme Trustee with consultation with the Company as needed. Dalriada, one of the largest professional trustee firms in the UK, act as
Professional Corporate Sole Trustee (PCST) for the Scheme. Being governed by a PCST is well suited to an ever-changing and highly regulated
pension landscape.
The asset recognised in the balance sheet in respect of the defined benefit pension plan is the fair value of plan assets less the present value
of the defined benefit obligation at the end of the reporting period. The defined benefit obligation is calculated bi-annually by independent
actuaries using the projected unit credit method. Future cash flows of the Scheme which are subject to inflation are calculated using a CPI
inflation assumption for the majority of the cash flows, with a small proportion of cash flows linked to RPI. IAS 19 requires the inflation
assumptions to be market-based assumptions, as opposed to being based on economic forecasts.
The present value of the defined benefit obligation is determined by discounting the estimated, inflated future cash outflows using interest rates of high quality corporate bonds and that have terms to maturity approximating to the terms of the related pension obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Triennial funding valuation The most recent completed full actuarial valuation of the Scheme was undertaken as at 30 June 2023 and resulted in an actuarially assessed surplus of \u00a311.4m (relative to the technical provisions i.e. the level of assets agreed by the Trustee and the Company as being appropriate to meet member benefits, assuming the Scheme continues as a going concern). The next triennial valuation will be performed as at 30 June 2026. Under the new schedule of contributions agreed at the conclusion of the recent triennial valuation, and reflecting the Scheme being in surplus, there are no employer contributions required. Separately to the schedule of contributions the Company does have a cash commitment to the Scheme in respect of an asset-backed funding arrangement established in 2012, see QinetiQ Pension Funding Partnership below. QinetiQ\u2019s Pension Funding Partnership (PFP) structure On 26 March 2012 QinetiQ established the QinetiQ PFP Limited Partnership (the \u2018Partnership\u2019) with the Scheme. Under this arrangement, properties to the capitalised value of \u00a332.3m were transferred to the Partnership. The transfers were effected through a 20-year sale and leaseback agreement. The Scheme\u2019s interest in the Partnership entitles it to annual distributions from 2012. The annual distribution in the year to 31 March 2026 will be \u00a33.6m, which will increase thereafter, indexed by reference to CPI, until 2032. The Partnership is controlled by QinetiQ and its results are consolidated by the Group. Under IAS 19, the interest held by the Scheme in the Partnership does not qualify as a plan asset for the purposes of the Group\u2019s consolidated financial statements and is, therefore, not included within the fair value of plan assets. As a result, the Group\u2019s consolidated financial statements are unchanged by the Partnership. In addition, the value of the property transferred to the Partnership and leased back to QinetiQ remains on the balance sheet. QinetiQ retains the operational flexibility to substitute properties of equivalent value within the Partnership and has the option to settle outstanding amounts due under the interest before 2032 if it so chooses. Other UK schemes In the UK the Group has a small number of employees for whom benefits are secured through the Prudential Platinum Scheme (\u2018PPS\u2019). The PPS scheme is always fully funded and has a very small surplus at year end. QinetiQ also offers employees access to a Group Self Invested Personal Pension Plan, but no Company contributions are paid to this arrangement. Defined benefit pension plan (\u2018Scheme\u2019) net pension asset The Scheme is in a net asset position with the market value of assets in excess of the present value of Scheme liabilities. These have the values set out below as at 31 March of each year end. The balance sheet net pension asset is a snapshot view which can be significantly influenced by short-term market factors. The calculation of the net asset depends on factors which are beyond the control of the Group \u2013 principally the value of the various categories of assets in which the Scheme has invested and long-term interest rates and inflation rates used to value the Scheme\u2019s liabilities. This is particularly pertinent at times when markets are volatile. Sensitivities and risks are described on page 176. The key driver for the increase in the net pension asset since the March 2024 year end was a net actuarial gain on the net pension asset. Total expense recognised in the income statement
31 March
31 March
All figures in \u00a3 million 2025 2024
Total market value of assets \u2013 see table below for analysis by category of asset
1,176.7
1,316.2
Present value of Scheme liabilities
(1,137.3)
(1,297.8)
Net pension asset before deferred tax
39.4
18.4
Deferred tax liability
(14.6)
(9.6)
Net pension asset after deferred tax
24.8
8.8
All figures in \u00a3 million
FY25
FY24
Net finance income
1.0
5.6
Administrative expenses
(1.2)
(1.5)
Total net (expense)/income recognised in the income statement (excluding tax)
(0.2)
4.1
Movement in the net pension asset
The movement in the net pension asset (before deferred tax) is set out below:
Fair value of Scheme assets by type of asset
The fair value of the Scheme\u2019s assets, which are not intended to be realised in the short term and may be subject to significant changes
before they are realised, were:
1
Primarily private market debt investments.
2
Includes unlisted corporate bonds with commercial property held as security.
3
The fair value of equity derivative financial instruments is -\u00a30.9m. This reflects the marked to market valuation of all equity derivatives held by the Scheme. Therefore, the
Scheme has a significantly larger exposure to equities through the use of equity derivative contracts. The notional value of the quoted equity exposure was \u00a3180.0m as at
31 March 2025. The economic exposure (notional exposure + MTM) was \u00a3179.1m as at 31 March 2025.
4
The fair value of corporate credit derivative financial instruments is \u00a31.8m. This is in respect of various credit default swap financial instruments held by the Scheme.
These instruments provide the Scheme with significantly greater exposure to corporate bonds. The notional value of the credit default swap contracts was \u00a397.9m as at
31 March 2025. The economic exposure (notional exposure +MTM) was \u00a399.7m as a 31 March 2025.
5
The fair value of other derivative financial instruments is \u00a310.0m. This is in respect of various foreign exchange contracts held by the Scheme. The exposure to foreign
exchange risk is significantly greater than the \u00a310.0m marked to market value of the forward contracts. The notional value of these financial instruments was \u00a3311.1m as
at 31 March 2025, with a total economic exposure value of \u00a3321.1m.
6
The \u00a3125m loan (arranged in September 2023 to facilitate an increase in liquidity to support increased levels of hedging) was partly repaid in the year. A further \u00a325m is
due to be repaid by 30 September 2025 with the final \u00a370m due by 30 September 2026.
The Scheme\u2019s assets do not include any of the Group\u2019s own transferable financial instruments, property occupied by, or other assets used
by the Group.
The insurance policies obtained by the pension scheme can only be used to pay or fund employee benefits under the Company\u2019s defined
benefit plan. They are not available to the Company\u2019s own creditors and cannot be paid to another entity. These are the requirements of IAS
19 paragraph 7 and hence the Company\u2019s determination is that the insurance policies are qualifying insurance policies and require
classification as a plan asset. The policies were issued by insurers that are not a related party.
Per the Scheme rules the Company has an unconditional right to a refund of any surplus, assuming gradual settlement of all liabilities over
time. Such surplus may arise on cessation of the Scheme in the context of IFRIC 14 paragraphs 11(b) and 12 and therefore the full net
pension asset can be recognised on the Group\u2019s balance sheet and the Group\u2019s minimum funding commitments to the Scheme do not give
rise to an additional balance sheet liability.
Changes to the fair value of Scheme assets
All figures in \u00a3 million
FY25
FY24
Opening net pension asset
18.4
119.8
Net finance income
1.0
5.6
Net actuarial gain/loss & asset re-measurement gain/loss
17.7
(108.9)
Administrative expenses
(1.2)
(1.5)
Contributions by the employer
3.5
3.4
Closing net pension asset
39.4
18.4
31 March 2025
31 March 2024
Not quoted
in
Not quoted
in
an active
an active
All figures in \u00a3 million
Quoted
market
Total
Quoted
market
Total
Equities
-
11.2
11.2
-
21.8
21.8
Liability Driven Investment
351.1
-
351.1
414.9
-
414.9
Asset backed security investments
75.0
-
75.0
35.5
-
35.5
Alternative bonds
1
-
228.1
228.1
-
253.8
253.8
Corporate bonds
2
-
98.6
98.6
31.1
120.6
151.7
Cash and cash equivalents
-
46.1
46.1
-
36.5
36.5
Equity derivative financial instruments
3
(0.9)
-
(0.9)
15.8
-
15.8
Corporate credit derivative financial instruments
4
1.8
-
1.8
2.2
-
2.2
Other derivatives (forward FX contracts)
5
10.0
-
10.0
1.6
-
1.6
Insurance buy-in policies
-
450.7
450.7
-
507.4
507.4
Borrowings
6
-
(95.0)
(95.0)
-
(125.0)
(125.0)
Total market value of assets
437.0
739.7
1,176.7
501.1
815.1
1,316.2
All figures in \u00a3 million
FY25
FY24
Opening fair value of Scheme assets
1,316.2
1,355.2
Interest income on Scheme assets
62.0
62.6
Re-measurement loss on Scheme assets
(149.0)
(49.6)
Contributions by the employer
3.5
3.4
Net benefits paid out and transfers
(54.8)
(53.9)
Administrative expenses
(1.2)
(1.5)
Closing fair value of Scheme assets
1,176.7
1,316.2
Changes to the present value of Scheme liabilities
The present value of the Scheme\u2019s liabilities, which are derived from cash flow projections over long periods, and thus inherently uncertain,
were:
All figures in \u00a3 million
FY25
FY24
Opening present value of Scheme liabilities
(1,297.8)
(1,235.4)
Interest cost
(61.0)
(57.0)
Actuarial gain/(loss) on Scheme liabilities based on:
Change in demographic assumptions
17.4
(9.5)
Change in financial assumptions
149.6
28.1
Experience losses
(0.3)
(77.9)
Net benefits paid out and transfers
54.8
53.9
Cl
osing present value of Scheme liabilities
(1,137.3
)
(1,297.8)
Assumptions
The major assumptions used in the IAS 19 valuation of the Scheme\u2019s liabilities were:
The assumptions used by the actuary are the best estimates chosen from a range of possible actuarial assumptions which, becau
se of the
timescale covered, may not necessarily be borne out in practice. It is important to note that these assumptions are long
term and, in the case
of the discount rate and the inflation rate, are measured by reference to external market indicators.
The discount rate is based on observable yields on corporate bonds but there is no direct, observable market rate for CPI. A
\u2018market approach\u2019
to deriving CPI involves adjusting a market-based RPI rate downward by an \u2018inflation risk premium\u2019 and an RPI-CPI
adjustment factor
(determined from relevant market yield curves). This market-
based approach is required by IAS 19 and results in a CPI inflation rate in excess
of the Bank of England long term target and also in excess of a consensus view of CPI (based o
n surveys of economists). However, adopting
an economic consensus approach to setting CPI inflation is not acceptable under accounting standards.
The mortality assumptions for both the current and prior year were based on the S3 Normal Lives base tables, with various sca
ling factors
based on sex and status. Allowance was made for improvements in mortality in line with CMI_2023 core projections (31 March 2024
:
CMI_2022 projections) and a long-term rate of improvement of 1.0% per annum (31 March 2024: 1.25%).
The funding of the Scheme is based on long-
term trends and assumptions relating to market growth, as advised by qualified actuaries and
investment advisors. The Scheme \u2018duration\u2019, calculated using discounted future cash flows, is an indicator of the weighted-
average time until
benefits are paid and is approximately 13 years for non-insured liabilities and 10 years for insured liabilities.
The sensitivity of the Scheme liabilities to each of the key assumptions is shown in the following table.
Sensitivity analysis of the principal assumptions
The impact of movements in Scheme liabilities will, to an extent, be offset by movements in the value of Scheme assets as the
Scheme has
assets invested in a Liability Driven Investment Portfolio. As at 31 March 2025 this portfolio hedged against approximately 100%
of the interest
rate risk and also approximately 100% of the inflation rate risk, as measured on the actuarial funding valuation basis.
31 March 2025
31 March 2024
Insured
Uninsured
Insured
Uninsured
A
ll figures in \u00a3 million
members members members members
Discount rate applied to Scheme liabilities
5.70%
5.75%
4.80%
4.80%
CPI inflation assumption
2.45%
2.50%
2.55%
2.60%
Net
rate (discount rate less inflation)
3.25%
3.25%
2.25%
2.20%
Assumed life expectancies in years:
At 60 for males currently aged 40
n/a
27.8
n/a
28.3
At 60 for females currently aged 40
n/a 30.3 n/a 30.7
At 60 for males currently aged 60
n/a
26.5
n/a
26.7
At 60 for females currently aged 60
n/a
28.9
n/a
29.1
At 65 for males currently aged 65
22.1
n/a
22.3
n/a
At 65 for females currently aged 65
24.6
n/a
24.8
n/a
Assumption
Indicative impact on Scheme assets
Indicative impact on Scheme liabilities
Indicative impact on net pension asset
De
crease discount rate by 0.25%
Increase by \u00a310.2m
Increase by \u00a333.1m
Decrease by \u00a322.9m
I
ncrease rate of inflation by 0.25%
Increase by \u00a39.9m
Increase by \u00a332.6m
Decrease by \u00a322.7m
Increase life expectancy by one year
Increase by \u00a310.9m
Increase by \u00a326.8m
Decrease by \u00a315.9m
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (projected unit credit method) has been applied as when calculating the pension liability recognised within the statement of financial position. The methods and types of assumption did not change. In addition to the sensitivity of the liability side of the net pension asset (which will impact the value of the net pension asset) the net pension asset is also exposed to significant variation due to changes in the fair value of Scheme assets. A specific sensitivity on assets has not been included in the above table but any change in valuation of assets flows straight through to the value of the net pension asset e.g. if equities fall by \u00a310m then the net pension asset reduces by \u00a310m. The values of unquoted assets assume that an available buyer is willing to purchase those assets at that value. For the Group\u2019s portfolio of assets, the unquoted alternative bonds of \u00a3228.1m; the unquoted corporate bonds of \u00a398.6 and the unquoted equities of \u00a311.2m are the assets with most uncertainty as to valuation as at 31 March 2025. The accounting assumptions noted are used to calculate the year end net pension asset in accordance with the relevant accounting standard, IAS 19 (revised) \u2018Employee Benefits\u2019. Changes in these assumptions have no impact on the Group\u2019s cash payments into the Scheme. The payments into the Scheme are reassessed after every triennial valuation. The triennial valuations are calculated on a funding basis and use a different set of assumptions, as agreed with the pension Trustees. The key assumption that varies between the two methods of valuation is the discount rate. The funding basis valuation uses the risk-free rate from UK gilts as the base for calculating the discount rate, whilst the IAS 19 accounting basis valuation uses corporate bond yields as the base. Risks Through its defined benefit pension plan, the Group is exposed to a number of risks, the most significant of which are detailed below: In June 2023, in Virgin Media Limited v NTL Pension Trustees II Limited, the UK High Court ruled that specific historical amendments to contracted-out defined benefit schemes in the period from 6 April 1997 to 5 April 2016 were invalid as they lacked a confirmation under section 37 of the Pension Schemes Act 1993 from the scheme\u2019s actuary. Following a review of the equivalent documentation by the Scheme\u2019s lawyers, we consider that there is no need for any further investigation at this stage and that the probability of a significant financial impact is remote.
Volatility in market conditions
Results under IAS 19 can change dramatically depending on market conditions. The present value of Scheme liabilities
is linked to yields on corporate bonds, while many of the assets of the Scheme are invested in various forms of assets
subject to fluctuati
ng valuations. Changing markets in conjunction with discount rate volatility will lead to volatility in
the net pension asset on the Group\u2019s balance sheet and in other comprehensive income. To a lesser extent this will
also lead to volatility in the IAS 19
pension net finance income in the Group\u2019s income statement.
Choice of accounting
The calculation of the present value of Scheme liabilities involves projecting future cash flows from the Scheme many
assumptions
years into the future. This means that the assumptions used can have a material impact on the balance sheet position
and profit and loss c
harge. In practice future experience within the Scheme may not be in line with the assumptions
adopted. For example, members could live longer than foreseen or inflation could be higher or lower than allowed for in
the calculation of the liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-492": { "value": "Defined benefit pension plan (\u2018Scheme\u2019) net pension asset The Scheme is in a net asset position with the market value of assets in excess of the present value of Scheme liabilities. These have the values set out below as at 31 March of each year end. The balance sheet net pension asset is a snapshot view which can be significantly influenced by short-term market factors. The calculation of the net asset depends on factors which are beyond the control of the Group \u2013 principally the value of the various categories of assets in which the Scheme has invested and long-term interest rates and inflation rates used to value the Scheme\u2019s liabilities. This is particularly pertinent at times when markets are volatile. Sensitivities and risks are described on page 176. The key driver for the increase in the net pension asset since the March 2024 year end was a net actuarial gain on the net pension asset. Total expense recognised in the income statement
31 March
31 March
All figures in \u00a3 million 2025 2024
Total market value of assets \u2013 see table below for analysis by category of asset
1,176.7
1,316.2
Present value of Scheme liabilities
(1,137.3)
(1,297.8)
Net pension asset before deferred tax
39.4
18.4
Deferred tax liability
(14.6)
(9.6)
Net pension asset after deferred tax
24.8
8.8
All figures in \u00a3 million
FY25
FY24
Net finance income
1.0
5.6
Administrative expenses
(1.2)
(1.5)
Total net (expense)/income recognised in the income statement (excluding tax)
(0.2)
4.1
Movement in the net pension asset The movement in the net pension asset (before deferred tax) is set out below:
All figures in \u00a3 million
FY25
FY24
Opening net pension asset
18.4
119.8
Net finance income
1.0
5.6
Net actuarial gain/loss & asset re-measurement gain/loss
17.7
(108.9)
Administrative expenses
(1.2)
(1.5)
Contributions by the employer
3.5
3.4
Closing net pension asset
39.4
18.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-493": { "value": "Sensitivity analysis of the principal assumptions The impact of movements in Scheme liabilities will, to an extent, be offset by movements in the value of Scheme assets as the Scheme has assets invested in a Liability Driven Investment Portfolio. As at 31 March 2025 this portfolio hedged against approximately 100% of the interest rate risk and also approximately 100% of the inflation rate risk, as measured on the actuarial funding valuation basis.
Assumption
Indicative impact on Scheme assets
Indicative impact on Scheme liabilities
Indicative impact on net pension asset
De
crease discount rate by 0.25%
Increase by \u00a310.2m
Increase by \u00a333.1m
Decrease by \u00a322.9m
I
ncrease rate of inflation by 0.25%
Increase by \u00a39.9m
Increase by \u00a332.6m
Decrease by \u00a322.7m
Increase life expectancy by one year
Increase by \u00a310.9m
Increase by \u00a326.8m
Decrease by \u00a315.9m
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (projected unit credit method) has been applied as when calculating the pension liability recognised within the statement of financial position. The methods and types of assumption did not change. In addition to the sensitivity of the liability side of the net pension asset (which will impact the value of the net pension asset) the net pension asset is also exposed to significant variation due to changes in the fair value of Scheme assets. A specific sensitivity on assets has not been included in the above table but any change in valuation of assets flows straight through to the value of the net pension asset e.g. if equities fall by \u00a310m then the net pension asset reduces by \u00a310m. The values of unquoted assets assume that an available buyer is willing to purchase those assets at that value. For the Group\u2019s portfolio of assets, the unquoted alternative bonds of \u00a3228.1m; the unquoted corporate bonds of \u00a398.6 and the unquoted equities of \u00a311.2m are the assets with most uncertainty as to valuation as at 31 March 2025. The accounting assumptions noted are used to calculate the year end net pension asset in accordance with the relevant accounting standard, IAS 19 (revised) \u2018Employee Benefits\u2019. Changes in these assumptions have no impact on the Group\u2019s cash payments into the Scheme. The payments into the Scheme are reassessed after every triennial valuation. The triennial valuations are calculated on a funding basis and use a different set of assumptions, as agreed with the pension Trustees. The key assumption that varies between the two methods of valuation is the discount rate. The funding basis valuation uses the risk-free rate from UK gilts as the base for calculating the discount rate, whilst the IAS 19 accounting basis valuation uses corporate bond yields as the base. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-459": { "value": "Shares allotted, called up and fully paid: During the year, the Group continued its share buyback programme. \u00a3102.9m was completed in cash in FY25 (FY24: \u00a316.0m), which is shown in the table above as the 20,865,436 cancelled shares (FY24: 4,361,230). As at 31 March 2024 a further \u00a334m (31 March 2025: \u00a3nil) had been committed to and was recognised as a liability. Except as noted below all shares in issue at 31 March 2025 rank pari-passu in all respects.
Ordinary shares Special Share
of 1p each (equity)
of \u00a31 (non-equity)
Total
\u00a3
Number
\u00a3
Number
\u00a3
Number
As at 1 April 2024
5,743,959
574,395,891
1
1
5,743,960
574,395,892
Cancellation of shares
(208,654)
(20,865,436)
-
-
(208,654)
(20,865,436)
At
31 March 2025
5,535,305
553,530,455
1
1
5,535,306
553,530,456
Ordinary shares
Special Share
of 1p each (equity)
of \u00a31 (non-equity)
Total
\u00a3
Number
\u00a3
Number
\u00a3
Number
As at 1 April 2023
5,787,571
578,757,121
1
1
5,787,572
578,757,122
Cancellation of shares
(43,612)
(4,361,230)
-
-
(43,612)
(4,361,230)
At 31 March 2024
5,743,959
574,395,891
1
1
5,743,960
574,395,892
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-460": { "value": "
Rights attaching to the Special Share
QinetiQ carries out activities which are important to UK defence and security interests. To protect these interests in the context of the ongoing
commercial relationship between the MOD and QinetiQ, and to promote and reinforce the Compliance Principles, the MOD holds a Special
Share in QinetiQ. QinetiQ obtained MOD consent to changes in its Special Shareholder rights, which were approved by shareholders at the
2012 AGM. The changes to the Special Share were disclosed in the 2012 Annual Report. Subsequent to the changes approved at the 2012
AGM the Special Share confers certain rights on the holder:
a) to require the Group to implement and maintain the Compliance System (as defined in the Articles of Association) so as to make at all
times effective its and each member of QinetiQ Controlled Group\u2019s application of the Compliance Principles, in a manner acceptable to
the Special Shareholder
b) to refer matters to the Board for its consideration in relation to the application of the Compliance Principles
c) to require the Board to obtain Special Shareholder\u2019s consent:
i) if at any time when the chairman is not a British citizen, it is proposed to appoint any person to the office of chief executive, who is
not a British citizen
ii) if at any time when the chief executive is not a British citizen, it is proposed to appoint any person to the office of chairman, who is
not a British citizen
d) to require the Board to take action to rectify any omission in the application of the Compliance Principles, if the Special Shareholder is of
the opinion that such steps are necessary to protect the defence or security interests of the United Kingdom
e) to demand a poll at any of QinetiQ\u2019s meetings (even though it may have no voting rights except those specifically set out in the Articles).
The Special Shareholder has an option to purchase defined Strategic Assets of the Group in certain circumstances. The Special Shareholder
has, inter alia, the right to purchase any Strategic Assets which the Group wishes to sell. Strategic Assets are normally testing and research
facilities (see note 30 for further details).
The Special Share may only be issued to, held by and transferred to HM Government (or as it directs). At any time the Special Shareholder
may require QinetiQ to redeem the Special Share at par. If QinetiQ is wound up the Special Shareholder will be entitled to be repaid the capital
paid up on the Special Share before other shareholders receive any payment. The Special Shareholder has no other right to share in the capital
or profits of QinetiQ and the Special Shareholder must give consent to a general meeting held on short notice.
The Special Share entitles the Special Shareholder to require certain persons who hold (together with any person acting in concert with them)
a material interest in QinetiQ to dispose of some or all of their ordinary shares in certain prescribed circumstances on the grounds of national
security or conflict of interest. The Directors must register any transfer of the Special Share within seven days.
Other reserves
The translation reserve includes the cumulative foreign exchange difference arising on translation. Movements on hedging instruments, where
the hedge is effective, are recorded in the hedge reserve until the hedge ceases.
The capital redemption reserve, which was created following the redemption of preference share capital and the bonus issue of shares, cannot
be distributed.
Own shares
Own shares represent shares in the Company that are held by independent trusts and include treasury shares and shares held by the employee
share ownership plan. Included in retained earnings at 31 March 2025 are 3,442,435 shares (2024: 2,767,125 shares).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-494": { "value": "Own shares Own shares represent shares in the Company that are held by independent trusts and include treasury shares and shares held by the employee share ownership plan. Included in retained earnings at 31 March 2025 are 3,442,435 shares (2024: 2,767,125 shares).", "dimensions": { "concept": "qinetiqgroupplc:DisclosureOfOwnShares", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-405": { "value": "29. Share-based payments The Group operates a number of share-based payment plans for employees. The total share-based payment expense in the year was \u00a39.8m, all relating to equity-settled schemes (FY24: \u00a310.2m, all relating to equity-settled schemes). The share-based payment charged to equity is \u00a38.9m consisting of the \u00a39.8m charge to the income statement offset by a \u00a30.9m charge to equity in respect of dividends accruing on unvested awards. Valuation of share-based awards Share-based awards that vest based on non-market performance conditions have been valued at the share price at grant date and are equity-settled. Group Share Incentive Plan (SIP) Under the QinetiQ SIP the Group offers UK employees the opportunity of purchasing up to \u00a3150 worth of shares a month at the prevailing market rate. The Group will make a matching share award of a third of the employee\u2019s payment. The Group\u2019s matching shares may be forfeited if the employee ceases to be employed by QinetiQ within three years of the award of the shares. There is no exercise price for these SIP awards. SIP matching shares are equity-settled awards; those outstanding at 31 March 2025 had an average remaining life of 1.5 years (2024 : 1.5 years). There is no exercise price for these SIP awards. Of the shares outstanding at the end of the year nil were exercisable (2024: nil). Bonus Banking Plan (BBP) During previous years the Group granted BBP awards to certain senior executives in the UK and US. The BBP is a remuneration scheme that runs in three-year performance cycles, with each cycle vesting over a four-year period.Under the BBP a contribution will be made by the Company into the participant\u2019s Plan account following the end of each Plan year. 50% of the value of a participant\u2019s Plan account will be paid out annually for three years with 100% of the residual value paid out at the end of year four. 50% of the unpaid balance of a participant\u2019s bonus account will be at risk of forfeiture. Refer to the Directors\u2019 Remuneration Report for further details. At 31 March 2025 the awards had an average remaining life of nil year (2024: 0.7 years). There is no exercise price for these awards. The fair value of the awards at 31 March 2025 was \u00a3nil (2024: \u00a33.67) being the Group\u2019s 30 day average on 31 March. The weighted average share price at date of exercise was nil (2024: \u00a3nil). Of the awards outstanding at the end of the year nil were exercisable. Deferred Share Plan (DSP) During the year, the Group did not provisionally award any DSP awards as this share scheme has been replaced by the LTIP share scheme. The number of awards is dependent on the Group\u2019s performance during the year (specifically with respect to the Group revenue growth). This is provisionally quantified at year end based on Group performance and also the number of eligible employees in employment as at 31 March. Actual awards are made in the following June and the final number awarded will be slightly different to the number provisionally calculated. Awards are then subject to a three-year vesting period and a further two-year holding period. V esting of the awards is contingent upon Group operating profit in the year prior to vesting being maintained at the level reported during the year prior to award. Refer to the Directors\u2019 Remuneration Report for further details. At 31 March 2025 the awards had an average remaining life of 0.6 years (2024: 1.3 years). There is no exercise price for these awards. The weighted average share price at date of exercise was \u00a34.47 (2024: nil). Of the awards outstanding at the end of the year nil were exercisable.
FY25
FY24
Number of
Number of
matching
matching
shares shares
Outstanding at start of the year
753,447
745,986
Awarded during the year
256,966
295,731
Exercised during the year
(262,526)
(243,681)
Forfeited during the year
(40,053)
(44,589)
Outstanding at end of the year
707,834
753,447
FY25
FY24
Number of
Number of
awards
awards
Outstanding at start of the year
892,416
892,416
Granted during the year
-
-
Exercised during the year
(833,623)
-
Forfeited during the year
(58,793)
-
Outstanding at end of the year - 892,416
-
FY25
FY24
Number of Number of
awards awards
Outstanding at start of the year
6,274,618
6,968,721
Granted during the year
9,795
-
Lapsed during the year
(502,662)
(142,194)
Exercised during the year
(2,021,364)
(551,909)
Outstanding at end of the year
3,760,387
6,274,618
Long Term Incentive Plan (LTIP) During the year the Group granted LTIP awards to replace the DSP awards. At 31 March 2025 the awards had an average remaining life of 2.0 years (2024: 2.5 years). There is no exercise price for these awards.The weighted average fair value of grants made during the year was \u00a34.44 (2024: \u00a33.22). The weighted average share price at date of exercise was nil. Of the options outstanding at the end of the year nil were exercisable. Restricted share plan (RSP) RSP is a share award made to senior executives on a discretionary basis. For example, to offset a new senior executive joiner on a loss of stock options from their previous employer and it is a fixed number of shares. During the year the Group granted RSP awards to certain senior executives in the UK and US. At 31 March 2025 the awards had an average remaining life of 0.7 years (2024: 1.3 years). There is no exercise price for these awards.The weighted average fair value of grants made during the year was \u00a34.11 (2024: \u00a33.28 ). The weighted average share price at date of exercise was \u00a34.02 (2024: \u00a33.12). Of the options outstanding at the end of the year nil were exercisable (2024: nil). Value Creation Plan (VCP) VCP is a share award made on a discretionary basis with unique performance conditions. In FY23, the Group granted awardsunder a Value Creation Plan to certain senior executives in the US. During the current year, all the awards were forfeited as the performance conditions were not met.
FY25
FY24
Number of
Number of
awards awards
Outstanding at start of the year
7,306,172
-
Granted during the year
6,519,447
7,556,268
Exercised during the year
-
-
Lapsed during the year
(1,693,863
)
(250,096)
Outstanding at end of the year
12,131,756
7,306,172
FY25 FY24
Number of
Number of
awards awards
Outstanding at start of the year
797,371
941,348
Granted during the year
263,186
213,277
Exercised during the year
(488,374)
(135,292)
Lapsed during the year
(98,127
)
(221,962)
Outstanding at end of the year
474,056
797,371
At 31 March 2025 the awards had an average remaining life of nil year (2024: nil). There is no exercise price for these awards. The weighted average fair value of grants made during the year was \u00a3nil (2024: nil). High Performance Share Award (HPSA) In a prior year, as one of eight initial measures in response to the COVID-19 pandemic, the senior leaders agreed to, on average, a temporary base salary reduction of 15%. To both recognise the senior leaders for their sacrifice and to incentivise them to lead the Gr oup through the crisis as quickly and effectively as possible, the Group adopted a new award called High Performance Share Award (HPSA). The HPSA was awarded in November 2020 as a \u2018Thank Q\u2019 to senior leaders for their sacrifice and enormous effo rts to lead their teams out of unprecedented crisis. The fair value of QinetiQ shares on grant date was \u00a32.70 and the awards vest in June 2023. At 31 March 2025 the awards ha d an average remaining life of nil year (2024: nil year). The weighted average share price at date of exercise was \u00a3nil (2024: \u00a33.54).
FY25
FY24
Number of
Number of
awards
awards
Outstanding at start of the year
-
175,099
Forfeited during the year
-
(175,099)
Outstanding at end of the year
-
-
FY25
FY24
Number of
Number of
awards
awards
Outstanding at start of the year
-
1,323,331
Granted during the year
-
13,041
Exercised during the year
-
(1,336,372)
Lapsed during the year
-
-
Outstanding at end of the year
-
-
Annual Bonus Plan (ABP) ABP is a share award made to senior executives. This award replaced the BBP. At 31 March 2025 the awards had an average remaining life of 1.3 years (2024: nil years). There is no exercise price for these awards. The weighted average fair value of grants made during the year was \u00a34.49 (2024: \u00a3nil). The weighted average share price at date of exercise was \u00a3nil (2024: \u00a3nil). Of the options outstanding at the end of the year nil were exercisable (2024: nil).
FY25
FY24
Number of
Number of
awards
awards
Outstanding at start of the year
292,067
-
Difference between actual awards in year and amount provisionally awarded in prior year
(64,891)
-
Lapsed during the year
-
-
Exercised during the year
-
-
Provisionally awarded during the year
-
292,067
Outstanding at end of the year
227,176
292,067
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-406": { "value": "30. Transactions with the Ministry of Defence (MOD) The MOD continues to own its Special Share in QinetiQ which conveys certain rights as set out in note 28. Transactions between the Group and the MOD are disclosed as follows: Freehold land and buildings and surplus properties Under the terms of the Group\u2019s acquisition of part of the business and certain assets of DERA from the MOD on 1 July 2001, the MOD retained certain rights in respect of the freehold land and buildings transferred. Restrictions on transfer of title The title deeds of those properties with strategic assets (see below) include a clause that prevents their transfer without the approval of the MOD. The MOD also has the right to purchase any strategic assets in certain circumstances. MOD\u2019s generic compliance regime Adherence to the generic compliance system is monitored by the Risk & Security Committee. Refer to the Committee\u2019s report within the Corporate Governance Statement on page 108. Strategic assets Under the Principal Agreement with the MOD, the QinetiQ controlled Group is not permitted without the written consent of the MOD, to: i) dispose of or destroy all or any part of a strategic asset; or ii) voluntarily undertake any closure of, or cease to provide a strategic capability by means of, all or any part of a strategic asset. The net book value of assets identified as being strategic assets as at 31 March 2025 was \u00a31.3m (2024: \u00a32.1m). Long Term Partnering Agreement On 27 February 2003 QinetiQ Limited entered into a Long Term Partnering Agreement (LTPA) to provide test and evaluation (T&E) facilities and training support services to the MOD. This is a 25-year contract with a total revenue value of up to \u00a35.6bn, dependent on the level of usage by the MOD, under which QinetiQ Limited is committed to providing T&E services with increasing efficiencies through cost saving and innovative service delivery. Following an amendment to the LTPA contract on 5 April 2019 this contract is no longer subject to re-pricing every five years and is now contracted at a fixed price to 31 March 2028. Other contracts with MOD The LTPA is the most significant contract QinetiQ has with the MOD. In total approximately 57% (FY24: 57%) of the Group\u2019s revenue comes directly from contracts with the MOD. ", "dimensions": { "concept": "qinetiqgroupplc:DisclosureOfTransactionsWiththeMinistryOfDefenceMOD", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-495": { "value": "
31. Contingent liabilities and assets
Subsidiary undertakings within the Group have given unsecured guarantees of \u00a349.7m at 31 March 2025 (2024: \u00a356.7m) in the ordinary
course of business, typically in respect of performance bonds and rental guarantees. The Company has on occasion been required to take
legal action to protect its intellectual property rights, to enforce commercial contracts or otherwise and similarly to defend itself against
proceedings brought by other parties, including in respect of environmental and regulatory issues. Provisions are made for the expected costs
associated with such matters, based on past experience of similar items and other known factors, taking into account professional advice
received, and represent management\u2019s best estimate of the likely outcome. The timing of utilisation of these provisions is uncertain pending
the outcome of various court proceedings, ongoing investigations and negotiations. However, no provision is made for proceedings which
have been or might be brought by other parties unless management, taking into account professional advice received, assesses that it is more
likely than not that such proceedings may be successful. Contingent liabilities associated with such proceedings have been identified but the
Directors are of the opinion that any associated claims that might be brought can be resisted successfully and therefore the possibility of any
outflow in settlement is assessed as remote.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-407": { "value": "31. Contingent liabilities and assets Subsidiary undertakings within the Group have given unsecured guarantees of \u00a349.7m at 31 March 2025 (2024: \u00a356.7m) in the ordinary course of business, typically in respect of performance bonds and rental guarantees. The Company has on occasion been required to take legal action to protect its intellectual property rights, to enforce commercial contracts or otherwise and similarly to defend itself against proceedings brought by other parties, including in respect of environmental and regulatory issues. Provisions are made for the expected costs associated with such matters, based on past experience of similar items and other known factors, taking into account professional advice received, and represent management\u2019s best estimate of the likely outcome. The timing of utilisation of these provisions is uncertain pending the outcome of various court proceedings, ongoing investigations and negotiations. However, no provision is made for proceedings which have been or might be brought by other parties unless management, taking into account professional advice received, assesses that it is more likely than not that such proceedings may be successful. Contingent liabilities associated with such proceedings have been identified but the Directors are of the opinion that any associated claims that might be brought can be resisted successfully and therefore the possibility of any outflow in settlement is assessed as remote. 32. Capital commitments The Group had the following capital commitments for which no provision has been made: Capital commitments at 31 March 2025 include \u00a347.2m (2024: \u00a349.7m ) in relation to property, plant and equipment that will be wholly funded by a third-party customer under long-term contract arrangements. These primarily relate to investments under the LTPA contract.
31 March
31 March
All figures in \u00a3 million
2025
2024
Total c
ontracted
51.3
57.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-461": { "value": "32. Capital commitments The Group had the following capital commitments for which no provision has been made: Capital commitments at 31 March 2025 include \u00a347.2m (2024: \u00a349.7m ) in relation to property, plant and equipment that will be wholly funded by a third-party customer under long-term contract arrangements. These primarily relate to investments under the LTPA contract.
31 March
31 March
All figures in \u00a3 million
2025
2024
Total c
ontracted
51.3
57.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-462": { "value": "
33. Related parties
During the year ended 31 March 2025 there were sales to joint ventures of \u00a30.2m (FY24: \u00a33.1m). At the year-
end there were outstanding
receivables from joint ventures of \u00a30.2m (FY24: \u00a32.8m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-408": { "value": "33. Related parties During the year ended 31 March 2025 there were sales to joint ventures of \u00a30.2m (FY24: \u00a33.1m). At the year- end there were outstanding receivables from joint ventures of \u00a30.2m (FY24: \u00a32.8m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-409": { "value": "34. Subsidiaries and other related undertakings In accordance with section 409 of the Companies Act 2006, a full list of subsidiaries and other related undertakings as at 31 March 2025 is detailed below. Unless stated otherwise, the Group\u2019s holding comprises ordinary shares which are held indirectly by QinetiQ Group plc, with the exception of QinetiQ Group Holdings Limited which is held directly by QinetiQ Group plc.
Name of company
Country of incorporation
Registered office
Subsidiaries
1,6
Aerospace Training Services Pty Ltd*
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Air Affairs (Australia) Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Air Affairs Aviation Pty Ltd.
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Air Target Services Pty Ltd.
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Astra Aerospace Pty Ltd.
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Avantus Federal LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Avantus Federal Services LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Avantus
National Security Solutions LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
cueSim Limited
 England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
E3 Federal Solutions PR LLC
 USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Far Ridgeline Engagements LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Foster-Miller Inc
2
USA
350 2
nd
Avenue, Waltham, Massachusetts, MA 02451, USA
Hirose Holdings Pty Ltd.
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Inzpire Group Limited
 England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Inzpire Holdings
Limited
England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Inzpire
Limited
England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Lucid Perspectives LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Metrix UK Limited
 England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Naimuri Limited
 England & Wales
Farnborough
3
Occam\u2019s Razor Technologies LLC
 USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Operational Intelligence LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Precis (2187) Limited
England & Wales
C/O FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Qinetic Limited
England & Wales
Farnborough
3
QinetiQ Aerostructures Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Australia Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Consulting Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Estates Limited
England & Wales
Farnborough
3
QinetiQ GmbH
 Germany
Flughafenstra\u00dfe 65, 41066, M\u00f6nchengladbach, Germany
QinetiQ GP Limited
 Scotland
50 Lothian Road,
Festival Square, Edinburgh, EH3 9WJ, Scotland
QinetiQ Group Canada Inc.
2
 Canada
5300
Commerce Court West, 199 Bay Street, Toronto ON M5L 1A9,
Canada
QinetiQ Group Holdings Limited
England & Wales
Farnborough
3
QinetiQ Holdings Limited
England & Wales
Farnborough
3
QinetiQ Inc
2,
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
QinetiQ Insurance PCC Limited
Guernsey
Mill Court, La Charroterie, St Peter Port, GY1 4ET Guernsey
QinetiQ Limited
England & Wales
Farnborough
3
QinetiQ Novare
Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Overseas Holdings Limited
England & Wales
Farnborough
3
QinetiQ Overseas Trading Limited
 England & Wales
Farnborough
3
* Aerospace Training Services Pty Ltd was renamed QinetiQ Training Australia Pty Ltd on 30 April 2025. 1 As at 31 March 2025 the Group owned 100% of the ordinary shares of all subsidiary undertakings. 2 The class of shares is \u2018common share\u2019. 3 Cody Technology Park, Ively Road, Farnborough, Hampshire, GU14 OLX. 4 Limited partnership. The partners are all wholly-owned Group companies. 5 As at 31 March 2025 the Group owned 90% of Avantus CTA, LLC, 49% of Federal Mission Solutions, LLC, LLC, 49% of Houbara Defence & Security LLC, 49% of QinetiQ Dar Massader QDM Limited, and 49% of Quick Services LLC. 6 The financial year end of each undertaking is 31 March other than Houbara Defence & Security LLC (31 December) and QinetiQ Dar Massader QDM Limited (31 December).
Name of company
Country of incorporation
Registered office
QinetiQ Pension Scheme Trustee Limited
England & Wales
Farnborough
3
QinetiQ PFP Limited Partnership
4
Scotland
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ, Scotland
QinetiQ Philippines Company, Inc
Philippines
22
nd
Floor Corporate Centre, 139 Valero Street, Salcedo Village,
Makati City, Philippines
QinetiQ Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Services Holdings Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Solutions Sdn. Bhd.
Malaysia
Suite 6.01, 6
th
Floor, Plaza See Hoy Chan, Jalan Raja Chulan 50200,
Kuala Lumpur, W.P. Kuala Lumpur, Malaysia
QinetiQ Sweden AB
Sweden
c/o MAQS Advokatbyra, Stureplan 19, 111 45 Stockholm Sweden
QinetiQ Target Services Limited
England & Wales
Farnborough
3
QinetiQ Target Systems Limited
England & Wales
Farnborough
3
QinetiQ Training and Simulation Limited
England & Wales
Farnborough
3
QinetiQ US Holdings, Inc.
USA
5885
Trinity Parkway, Suite 130, Centreville, Virginia 20120-1969, USA
RubiKon Group Pty Limited
Australia
Level 33, 101
Collins Street, Melbourne, Victoria 3000, Australia
TSG International LLC
USA
350 2
nd
Avenue, Waltham, Massachusetts 02451, USA
Name of company
Country of incorporation
Registered office
Joint ventures
6
Avantus CTA, LLC
5
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Federal Mission Solutions, LLC
5
USA
58 W Main Street, Suite B, Luray, VA 22835 USA
Houbara Defence & Security LLC
5,6
United Arab Emirates
Emirates, PO Box 128220
Unit 3, Zone 4, Tawazun Industrial Park, Abu Dhabi, United Arab
QinetiQ Dar Massader QDM Limited
5,6
Saudi Arabia
Al Nakhla Tower, 3026-Prince Saud Bin Mohamed Bin Muqin Road, PO
Box 2985,
Riyadh 13321,
Kingdom of Saudi Arabia
Quick Services LLC
5
USA
409
Chicago Drive Suite 103 in Fayetteville, NC 28306
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-509": { "value": "34. Subsidiaries and other related undertakings In accordance with section 409 of the Companies Act 2006, a full list of subsidiaries and other related undertakings as at 31 March 2025 is detailed below. Unless stated otherwise, the Group\u2019s holding comprises ordinary shares which are held indirectly by QinetiQ Group plc, with the exception of QinetiQ Group Holdings Limited which is held directly by QinetiQ Group plc.
Name of company
Country of incorporation
Registered office
Subsidiaries
1,6
Aerospace Training Services Pty Ltd*
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Air Affairs (Australia) Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Air Affairs Aviation Pty Ltd.
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Air Target Services Pty Ltd.
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Astra Aerospace Pty Ltd.
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Avantus Federal LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Avantus Federal Services LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Avantus
National Security Solutions LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
cueSim Limited
 England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
E3 Federal Solutions PR LLC
 USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Far Ridgeline Engagements LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Foster-Miller Inc
2
USA
350 2
nd
Avenue, Waltham, Massachusetts, MA 02451, USA
Hirose Holdings Pty Ltd.
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
Inzpire Group Limited
 England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Inzpire Holdings
Limited
England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Inzpire
Limited
England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Lucid Perspectives LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Metrix UK Limited
 England & Wales
C/O
FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Naimuri Limited
 England & Wales
Farnborough
3
Occam\u2019s Razor Technologies LLC
 USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Operational Intelligence LLC
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Precis (2187) Limited
England & Wales
C/O FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
Bristol, BS2 0HQ
Qinetic Limited
England & Wales
Farnborough
3
QinetiQ Aerostructures Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Australia Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Consulting Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Estates Limited
England & Wales
Farnborough
3
QinetiQ GmbH
 Germany
Flughafenstra\u00dfe 65, 41066, M\u00f6nchengladbach, Germany
QinetiQ GP Limited
 Scotland
50 Lothian Road,
Festival Square, Edinburgh, EH3 9WJ, Scotland
QinetiQ Group Canada Inc.
2
 Canada
5300
Commerce Court West, 199 Bay Street, Toronto ON M5L 1A9,
Canada
QinetiQ Group Holdings Limited
England & Wales
Farnborough
3
QinetiQ Holdings Limited
England & Wales
Farnborough
3
QinetiQ Inc
2,
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
QinetiQ Insurance PCC Limited
Guernsey
Mill Court, La Charroterie, St Peter Port, GY1 4ET Guernsey
QinetiQ Limited
England & Wales
Farnborough
3
QinetiQ Novare
Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Overseas Holdings Limited
England & Wales
Farnborough
3
QinetiQ Overseas Trading Limited
 England & Wales
Farnborough
3
* Aerospace Training Services Pty Ltd was renamed QinetiQ Training Australia Pty Ltd on 30 April 2025. 1 As at 31 March 2025 the Group owned 100% of the ordinary shares of all subsidiary undertakings. 2 The class of shares is \u2018common share\u2019. 3 Cody Technology Park, Ively Road, Farnborough, Hampshire, GU14 OLX. 4 Limited partnership. The partners are all wholly-owned Group companies. 5 As at 31 March 2025 the Group owned 90% of Avantus CTA, LLC, 49% of Federal Mission Solutions, LLC, LLC, 49% of Houbara Defence & Security LLC, 49% of QinetiQ Dar Massader QDM Limited, and 49% of Quick Services LLC. 6 The financial year end of each undertaking is 31 March other than Houbara Defence & Security LLC (31 December) and QinetiQ Dar Massader QDM Limited (31 December).
Name of company
Country of incorporation
Registered office
QinetiQ Pension Scheme Trustee Limited
England & Wales
Farnborough
3
QinetiQ PFP Limited Partnership
4
Scotland
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ, Scotland
QinetiQ Philippines Company, Inc
Philippines
22
nd
Floor Corporate Centre, 139 Valero Street, Salcedo Village,
Makati City, Philippines
QinetiQ Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Services Holdings Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008 Australia
QinetiQ Solutions Sdn. Bhd.
Malaysia
Suite 6.01, 6
th
Floor, Plaza See Hoy Chan, Jalan Raja Chulan 50200,
Kuala Lumpur, W.P. Kuala Lumpur, Malaysia
QinetiQ Sweden AB
Sweden
c/o MAQS Advokatbyra, Stureplan 19, 111 45 Stockholm Sweden
QinetiQ Target Services Limited
England & Wales
Farnborough
3
QinetiQ Target Systems Limited
England & Wales
Farnborough
3
QinetiQ Training and Simulation Limited
England & Wales
Farnborough
3
QinetiQ US Holdings, Inc.
USA
5885
Trinity Parkway, Suite 130, Centreville, Virginia 20120-1969, USA
RubiKon Group Pty Limited
Australia
Level 33, 101
Collins Street, Melbourne, Victoria 3000, Australia
TSG International LLC
USA
350 2
nd
Avenue, Waltham, Massachusetts 02451, USA
Name of company
Country of incorporation
Registered office
Joint ventures
6
Avantus CTA, LLC
5
USA
1800
Tysons Blvd, Ste 750, McLean, VA 22102, USA
Federal Mission Solutions, LLC
5
USA
58 W Main Street, Suite B, Luray, VA 22835 USA
Houbara Defence & Security LLC
5,6
United Arab Emirates
Emirates, PO Box 128220
Unit 3, Zone 4, Tawazun Industrial Park, Abu Dhabi, United Arab
QinetiQ Dar Massader QDM Limited
5,6
Saudi Arabia
Al Nakhla Tower, 3026-Prince Saud Bin Mohamed Bin Muqin Road, PO
Box 2985,
Riyadh 13321,
Kingdom of Saudi Arabia
Quick Services LLC
5
USA
409
Chicago Drive Suite 103 in Fayetteville, NC 28306
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-381": { "value": "35. Basis of preparation and material accounting policies QinetiQ Group plc (\u2018the Company\u2019) is a public limited company, which is listed on the London Stock Exchange and is incorporated and domiciled in England, United Kingdom. The consolidated financial statements of the Group comprise statements for the Company and its subsidiaries, together referred to as \u2018the Group\u2019. Accounting policies The following accounting policies have been applied consistently to all periods presented in dealing with items that are considered material in relation to the Group\u2019s financial statements. In the income statement, the Group presents \u2018specific adjusting items\u2019 separately. In the judgement of the Directors, for the reader to obtain a proper understanding of business performance, specific adjusting items need to be disclosed separately. Underlying measures of performance exclude specific adjusting items. Specific adjusting items Specific adjusting items include the following: The financial impact of each item is reported in note 4 to these financial statements.
Distorting due to
Distorting due to
Does not reflect in-year
irregular nature
fluctuating nature
operational performance
Item
year on year
(size and sign)
of continuing business
Amortisation of intangible assets arising from acquisitions
P
Pension net finance income
P P
Gains/losses on disposal of businesses, property and investments
P P P
Transaction, integration and on-off remuneration costs in respect of business
acquisitions and disposals
P P
Impairment of property and goodwill
P
One-off period of digital investment
P
 P P
Costs and other impacts of group-wide restructuring programmes
P
P
The tax impact of the above
P P P
Other significant non-recurring tax and RDEC movements
P P P
These \u2018specific adjusting items\u2019 are of a \u2018non-operational\u2019 nature and do not include all significant, irregular items that are of an operational nature, for example contract risk provisions and gains/losses on disposal of plant and equipment. \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective from 1 January 2025. Basis of preparation The Group\u2019s financial statements, approved by the Directors, have been prepared on a going concern basis as discussed in the Strategic Report on page 69 in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Company has elected to prepare its parent company financial statements in accordance with UK GAAP (FRS 101); these are presented on page 194. The financial statements have been prepared under the historical cost convention, except for certain financial assets and liabilities (such as derivative financial instruments) measures at fair value. The Group\u2019s reporting currency is Sterling and unless otherwise stated the financial statements are rounded to the nearest \u00a3100,000. Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiary undertakings to 31 March 2025. The purchase method of accounting has been adopted. Those subsidiary undertakings acquired or disposed of in the period are included in the consolidated income statement from the date control is obtained to the date that control is lost (usually on acquisition and disposal respectively). An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. This is the IFRS 10 definition of \u2018control\u2019. The Group comprises certain entities that are operated within the terms of a Special Security Arrangement (\u2018SSA\u2019). Details of the SSA and QinetiQ\u2019s management of US subsidiaries are set out in the Corporate Governance section of this Annual Report (on page 90). IFRS 10 is the accounting standard applicable in respect of consolidation of entities. This does not specifically deal with SSA\u2019s. However, having considered the terms of the SSA, the Directors consider that the Group meets the requirements of IFRS 10 in respect of control over such affected entities and, therefore, consolidates these entities in the consolidated accounts. The impact of this specific judgement is full consolidation as opposed to treatment as a 100% associated undertaking. An associate is an undertaking over which the Group exercises significant influence, usually from 20%\u201350% of the equity voting rights, in respect of financial and operating policy. A joint venture is an undertaking over which the Group exercises joint control. Joint ventures are accounted for using the equity method from the date of acquisition to the date of disposal. The Group\u2019s investments in Joint ventures are held at cost including goodwill on acquisition and any post-acquisition changes in the Group\u2019s share of the net assets of the joint venture less any impairment to the recoverable amount. Where a joint venture has net liabilities, full provision is made for the Group\u2019s share of liabilities where there is a constructive or legal obligation to provide additional funding to the joint venture. The financial statements of subsidiaries, joint ventures and associates are adjusted where necessary to ensure compliance with Group accounting policies. Consideration of climate change In preparing the financial statements, the Board have considered the impact to the organisation and its activities of climate change, particularly those risks highlighted on page 61 in line with the recommendations by the Task Force for Climate-related Disclosures (TCFD). The Board recognises its responsibilities for oversight of climate-related risks and opportunities. The QinetiQ Leadership Team support the Board through the implementation of a strategic led approach to monitor, assess and address climate transition risks and opportunities, which includes refining our capability to quantify, forecast and model financial statement impacts due to climate change. Specific aspects of the financial statements that could potentially be impacted by climate change are the carrying value and useful economic lives of tangible assets and goodwill, future capability development and the financial performance of customer contracts. Whilst the Group will likely be impacted by climate change in the future, the impacts on the financial statements as at 31 March 2025 are not considered to be material. Recent accounting developments Developments adopted by the Group for the year ended 31 March 2025 with no material impact on the Group\u2019s financial statements The following standards, interpretations and amendments to existing standards became effective on 1 January 2024 and have not had a material impact on the Group: \u2022 Amendments to IAS 1 Presentation of Financial Statements \u2013 Non-current Liabilities with Covenants and Deferral of Effective Date of the Amendment Classification of Liabilities as Current, effective from 1 January 2024; \u2022 Amendments to IFRS 16 Lessee Lease \u2013 Liability in a Sale and Leaseback, effective from 1 January 2024; and \u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements, effective from 1 January 2024 Developments expected in future periods of which are not expected to have a material impact on the Group\u2019s financial statements The following other standards, interpretations and amendments to existing standards have been issued but were not mandatory for accounting periods beginning on 1 April 2024. These either have been, or are expected to be endorsed by the UK Endorsement Board and are not expected to have a material impact on the Group: Material accounting policies Revenue from contracts with customers The Group recognises revenue primarily from the following major sources: \u2022 Through combining world-leading expertise with unique facilities to provide technical assurance, test and evaluation and training services underpinned by long-term contracts; \u2022 Through delivering innovative solutions and products to meet customer requirements by undertaking contract-funded research and development, developing intellectual property and by internal funding with potential for new revenue streams. Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer. The Group\u2019s revenue contracts are accounted for under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 taking into account the requirement to distinguish between the various performance obligations within a contract and treating these separately. The Group\u2019s methodology applies IFRS 15 on a contract-by-contract basis which includes considerations for contract modifications, variable consideration, the determination of distinct performance obligations, determination of agency and principal relationships and licences. Service contracts The Group\u2019s long-term service contracts are generally \u2018test and evaluation\u2019 or advice-based contracts where control of the service is transferred over a period of time as the Group performs. At contract inception the Group undertakes an assessment to determine how many distinct performance obligations exists within a contract. As part of the assessment the Group obtains an understanding of the overall deliverable to the customer through discussions with business units and project leads. Each individual deliverable in the contract is then assessed to determine if it is an input into the overall deliverable, and therefore part of a single performance obligation, or if it is a stand-alone separable deliverable with its own transaction price and therefore a distinct performance obligation in its own right. Each distinct performance obligation identified within a contract is accounted for separately. Certain service contracts have a similar pattern of transfer of control to the customer where each year is effectively the same from a performance obligation perspective. The Group has applied the series guidance as permitted within the Standard to these contracts and accounts for these as a series of distinct service performance obligations satisfied annually over the contract term. The transaction price for a contract is determined at contract inception based on a fixed-margin applied to the total forecast costs to complete the deliverable. Some long-term contracts include an excess profit clause which is a variable consideration factor that could impact the transaction price. Excess profits are estimated at contract inception and at the end of each reporting period to ensure that the transaction price is not under or over stated. Any required adjustment will be made against the transaction price in the period in which it occurred. The Group does not offer any right of return or refunds which could impact transaction price at inception. Certain contracts attract bonuses and/or penalties which are variable and will have an impact on transaction price at contract inception. The Group assesses variable consideration in relation to bonuses and penalties at contract inception using the most-likely method and this forms part of the transaction price and recognised over time as costs are incurred. The Group only includes bonuses and penalties into the transaction price to the extent that it is highly probable that a significant reversal of revenue will not occur in future periods. Historical evidence and experience shows that even where a reduction has been required, that reduction has been immaterial to the Group. The transaction price is allocated between each distinct performance obligation identified in a contract based on the stand-alone selling price of each performance obligation. Each performance obligation will be costed and the transaction price will be cost plus margin. This amount would be the stand-alone selling price of each performance obligation if contracted with a customer separately. Long-term service contracts allow for modifications to the original order. If a contract modification is determined to be distinct and the price of the contract increases by an amount of consideration that reflects the entity's stand-alone selling prices for the additional promised goods or services, the Group accounts for this as a separate contract. If a contract modification is not distinct, the Group accounts for this as if it were part of the existing contract. A cumulative catch-up adjustment to revenue is then recognised to disclose the effect that the contract modification has on the transaction price and the Group\u2019s measure of progress towards complete satisfaction of the performance obligation. Long-term service contracts also sometimes allow for extensions to the original order. A contract extension is determined to include either additional goods or services or no additional goods or service. If a contract extension with additional goods or services is determined to be distinct and the price of the contract increases by an amount of consideration that reflects the entity\u2019s stand-alone selling prices for the additional promised goods or services, the Group accounts for this as a separate performance obligation. If a contract extension with additional goods or services is not distinct, the Group accounts for this as if it were part of the existing contract. A cumulative catch-up adjustment to revenue is then recognised to disclose the effect that the contract extension has on the transaction price and the Group\u2019s measure of progress towards complete satisfaction of the performance obligation. When the outcome of a distinct performance obligation in delivering services can be reliably estimated, revenue associated with the performance obligation is recognised over time using the input method. The input method recognises revenue over time on the basis of costs incurred to date to the satisfaction of a performance obligation relative to the total forecast costs to complete the performance obligation. The Group has determined the input method to be appropriate as it best depicts the Group\u2019s performance in transferring control of the service to the customer as it incurs costs on a particular contract. No profit is recognised on contracts until the outcome of the contract can be reliably estimated. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately as an expense. Goods sold The Group recognises revenue on the sale of products at a point in time once control has been transferred to the customer. Control is generally transferred to customers on delivery of products or when the customer has the significant risks and rewards of ownership of the product. Payment is typically due within 30 days of invoice (within the UK) and customers typically do not have a right of return or refund. The transaction price for sale of products is agreed at contract inception. When the Group develops a bespoke product for a customer with no alternative use to the Group, revenue is recognised over time using the input method. Licence revenue Licence revenue is attributed to either \u2018right to use\u2019 or \u2018right to access\u2019 licences. \u2018Right to use\u2019 licence revenue is recognised at a point in time when the Group sells a licence to a customer and does not undertake significant further activities or involvement in developing the licence after the sale. \u2018Right to access\u2019 licence revenue is recognised over time when the Group maintains a significant level of involvement in developing and enhancing the licence after the sale. The level of involvement goes beyond general support, bug-fixing and upgrades which generally only maintain the current operating level. The transaction price for intellectual property is agreed at contract inception. The Group does not offer any right of return or refunds which could impact transaction price at inception. The Group recognises licence revenue through the supply of a range of security, messaging and connectivity software products. A licence fee is paid for each computer that uses the software and the customer can also purchase a support service contract for a fixed period. The sale of these types of licences is recognised at a point in time as a distinct performance obligation because the Group does not undertake any further activities in developing the licence after the sale. The support service contract is recognised over time as a separate performance obligation as this is an optional extra and is not integral into the functionality of the licence. The support service contract offers general support and maintenance of the licence to the customer over a fixed period. Contract assets Contract assets represent revenue recognised in excess of amounts invoiced. Revenue is recognised on service contracts by using a \u2018percentage complete\u2019 method, applying the proportion of contract costs incurred for work performed to date relative to the estimated total contract cost, after making suitable allowances for technical and other risks related to performance milestones yet to be achieved, and applying that proportion to total contract price. Payment for service contracts are not always due from the customer until certain milestones have been reached and, therefore, a contract asset is recognised over the period in which the services are performed representing the Group\u2019s right to consideration for services performed to date, to the extent that the customer has not yet been invoiced for those services. Contract liabilities The Group, on occasion, bills customers in advance of performing certain types of work which results in the Group recognising contract liabilities. Once the work has been performed these amounts will be reduced and recognised as revenue. For sale of goods, revenue is recognised in the income statement when control of the goods has been transferred to the customer; being at the point when the goods are delivered. Any transaction price received by the Group prior to that point is recognised as a contract liability. Principal-agent arrangements The Group enters into certain arrangements which involve a consortium of service providers. The Group acts as a \u2018Prime\u2019 contractor in certain contracts with customers and utilises sub-contractors to undertake the work. Under these contracts the Group is considered to be primarily responsible for fulfilling the service to the customer. The Group performs a technical assessment of the work before it is delivered to the customer and is responsible for quality and performance of the sub-contractor. As such the Group is considered to be the principal to the arrangement with the customer and includes sub-contractor costs within revenue. However, where the Group is merely acting as an agent of a sub-contractor then no revenue is recognised in respect of sub-contractor costs. All consortium arrangements are assessed by the Group to determine if it is the principal or agent. Contract bidding costs The Group recognises the \u2018incremental costs of obtaining a contract\u2019 with a customer as an asset if the Group expects to recover those costs. The \u2018incremental costs of obtaining a contract\u2019 are those costs that the Group incurs to obtain a contract with a customer that it would not have incurred if the contract had not been won. Costs to obtain a contract that would have been incurred regardless of whether the contract was won or lost shall be recognised as an expense when incurred, unless those costs are explicitly chargeable to the customer. Segmental information Segmental information is presented according to the Group\u2019s internal management reporting structure and the markets in which it operates. Segmental results represent the contribution of the different segments to the profit of the Group. Corporate expenses are allocated to the corresponding segments. Unallocated items mainly comprise Research and Development Expenditure Credits (RDEC) and specific adjusting items. Specific adjusting items are referred to in note 4. Segmental assets and liabilities information is not regularly provided to the Chief Operating Decision Maker. Research and development expenditure Research and development (R&D) costs incurred in respect of specific contracts placed by customers are recognised within operating costs and revenue is recognised in respect of the R&D services performed. Internally funded development expenditure is capitalised in the balance sheet where there is a clearly defined project, the expenditures are separately identifiable, the project is technically and commercially feasible, all costs are recoverable by future revenue and the resources are committed to complete the project. Such capitalised costs are amortised over the forecast period of sales resulting from the development. All other R&D costs are expensed to the income statement in the period in which they are incurred. If the research phase cannot be clearly distinguished from the development phase, the respective project-related costs are treated as if they were incurred in the research phase only and expensed. Borrowings and financing The Group has a term loan and access to a revolving credit facility with its relationship banks. Borrowings are initially recognised at fair value. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Borrowings are classified as non-current liabilities where the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. The Group pays in advance finance costs in relation to the multi-currency facility which are recognised as a deferred finance cost asset and amortised over the period of the facility, where it is probable that some or all of the facility will be drawn down. Costs of letters of credit are also charged to finance expense. Exchange differences on financial assets and liabilities and the income or expense from interest hedging instruments that are recognised in the income statement are included within finance income and finance expense. Financing also includes the net finance income or expense in respect of defined benefit pension schemes. Taxation The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Deferred tax assets are derecognised when that probability assessment changes. Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. The Group has applied the temporary exemption issued by the International Accounting Standards Board from the accounting for deferred taxes under IAS12 and neither recognises nor discloses information about deferred taxes related to OECD's Global Anti-Base Erosion Model Rules (Pillar Two) income taxes. Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. Research and Development Expenditure Credits (RDEC) are recognised within other operating income. Non-current assets held for sale Non-current assets are classified as held for sale if their carrying amount will be recovered primarily through a sales 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 a year of the balance sheet date. The assets should be available for immediate sale in their present condition and actively marketed at a price that is reasonable in relation to their current fair value. Non-current assets classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Any write-down to fair value less costs to sell shall be recognised directly through profit and loss as an impairment loss. No further depreciation is charged in respect of assets classified as held for sale. Goodwill Goodwill on acquisitions of subsidiaries is included in non-current assets. Goodwill on acquisitions of joint ventures is included in the carrying value of equity accounted investments. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill related to the entity sold. Intangible assets Intangible assets arising from business combinations are recognised at fair value and are amortised over their expected useful lives, typically between 1 and 16 years. Internally generated intangible assets are recorded at cost, including labour, directly attributable costs and any third- party expenses. The \u2018multi-period excess earnings\u2019 method and the \u2018relief-from-royalty\u2019 method are both used for fair valuing intangible assets arising from acquisitions. The multi-period excess earnings method considers the present value of net cash flows expected to be generated by customer relationships, by excluding any cash flows related to contributory assets. The relief-from-royalty method considers the discounted estimated royalty payments that are expected to be avoided as a result of the patents or trademarks being owned. Purchased intangible assets are recognised at cost less amortisation. Intangible assets are amortised over their respective useful lives on a straight-line basis as follows: Intellectual property rights 2\u201310 years Customer relationships 1\u201316 years Development costs 1\u20135 years Other 1\u201314 years Property, plant and equipment Property, plant and equipment are stated at cost less depreciation. Freehold land is not depreciated. Other tangible non-current assets are depreciated on a straight-line basis over their useful economic lives to their estimated residual value as follows: Freehold buildings 20\u201325 years Leasehold land and buildings Shorter of useful economic life and the period of the lease Plant and machinery 3\u201315 years Motor vehicles 3\u20135 years Aircraft 10\u201320 years Computers 3\u20135 years Office equipment 5\u201310 years Assets under construction are included in property, plant and equipment on the basis of expenditure incurred at the balance sheet date. In the case of assets constructed by the Group, the value includes the cost of own work completed, including directly attributable costs and interest. The useful lives, depreciation methods and residual values applied to property, plant and equipment are reviewed annually and, if appropriate, adjusted accordingly. Impairment of goodwill and tangible, intangible and held for sale assets At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If the carrying amount of any asset exceeds its recoverable amount an impairment loss is recognised immediately in the income statement. In addition, goodwill is tested for impairment annually irrespective of any indication of impairment. If the carrying amount exceeds the recoverable amount, the respective asset or the assets in the cash-generating unit (CGU) are written down to their recoverable amounts. The recoverable amount of an asset or CGU is the higher of its fair value less costs to sell and its value in use. The value in use is the present value of the future cash flows expected to be derived from an asset or CGU calculated using an appropriate pre-tax discount rate. Impairment losses are expensed to the income statement. Leases Leases \u2013 as a lessor Lease income from operating leases where the Group is a lessor is recognised in income on a straight-line basis over the lease term (note 25). Initial direct costs incurred in obtaining an operating leases are added to the carrying amount of the underlying asset and recognised as expense over the lease term on the same basis as lease income. The respective leased assets are included in the balance sheet based on their nature. Leases \u2013 as a lessee The Group leases various offices, aircraft, equipment and vehicles. Rental contracts are typically made for fixed periods of 6 months to 25 years, but may have extension options as described below. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non- lease components based on their relative stand-alone process. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leases assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Leases are recognised as a right-of-use asset and corresponding liability at the date at which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2022 variable lease payments based on an index or a rate, initially measured using the index or rate as at the commencement date; \u2022 amounts expected to be payable by the Group under residual value guarantees; \u2022 the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Lease payments to be made under reasonably certain options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If the rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. To determine the incremental borrowing rate, the Group: \u2022 where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received; \u2022 uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by QinetiQ Plc, which does not have recent third party financing, and \u2022 makes adjustments specific to the lease, for example to term, country, currency and security. The exposure by the Group to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect is not considered material. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability; \u2022 any lease payments made at or before the commencement date less any lease incentives received; \u2022 any initial direct costs, and \u2022 restoration costs. Inventories Inventory and work-in-progress are stated at the lower of cost and net realisable value, using the first-in-first-out cost formula. Work-in-progress and manufactured finished goods are valued at production cost. Production cost includes direct production costs and an appropriate proportion of production overheads. A provision is established when the net realisable value of any inventory item is lower than its cost. A \u2018market comparison\u2019 technique is used to fair value inventories acquired through a business combination. The fair value is determined based on the estimated selling price in the ordinary course of business less the estimated costs of completion and sale, and a reasonable profit margin based on the effort required to complete and sell the inventories. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. The Group does not revalue its land and buildings that are presented within property, plant and equipment and has chosen to do the same for right-of-use buildings by the Group. Payments associated with short-term leases of offices, equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low- value assets comprise lease assets under \u00a35,000. Lease extension and termination options Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. Judgements in determining the lease term In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). For leases of offices and equipment, the following factors are normally the most relevant: \u2022 if there are significant penalties to terminate (or extend), the group is typically reasonably certain to end (or not to terminate); \u2022 if any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate); \u2022 Otherwise, the Group considers other factors including historical lease durations and the costs and business disruptions required to replace the leased asset. Most extension options in office and vehicles leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption. As at 31 March 2025 no (undiscounted) potential future cash outflows have been included in the lease liability for extension or termination. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event of significant change in circumstance occurs, which affects this assessment, and that is within the control of the lessee. During the current financial year, the financial effect of revising lease terms to reflect the effect of exercising extension or termination options was nil (FY24: nil) in recognised lease liabilities and right-of-use assets. Sale and leaseback transactions The Group accounts for sale and leaseback transactions according to IFRS 16 \"Leases\", only recognising a sale if the criteria under IFRS 15 \"Revenue from Contracts with Customers\" are met. Upon meeting these criteria, the asset is derecognised from the balance sheet, and any resultant gain or loss is recognised immediately in the profit or loss statement, adjusted for any off-market terms present in the transaction. For the leaseback component, the Group recognises a lease liability based on the present value of future lease payments, typically using the lessee\u2019s incremental borrowing rate unless the rate implicit in the lease is readily determinable. Concurrently, a right-of-use asset is recognised, reflecting the portion of the asset\u2019s value retained through control or benefit. This asset is initially measured using the proceeds from the sale relative to the asset's fair value. Subsequently, the lease liability is adjusted to account for payments and finance charges, applying the effective interest method. The right-of- use asset is depreciated over the lesser of the asset\u2019s useful life or the lease term. Investments in debt and equity securities Investments held by the Group are classified as either a current asset or as a non-current asset. These are investments in debt and equity instruments that are classified as at fair value through other comprehensive income. When these investments are derecognised, the cumulative gain or loss previously recognised directly in equity is recognised in the income statement. The fair value of quoted financial instruments is their bid price at the balance sheet date. The fair value of unquoted equity investments is based on the price of the most recent investment by the Group or a third party, if available, or derived from the present value of forecast future cash flows. Trade and other receivables Trade and other receivables are measured at amortised cost less any impairment losses. Amounts recoverable on contracts are included in trade and other receivables and represent revenue recognised in excess of amounts invoiced. Other receivables will also include insurance recoveries where we are virtually certain of recovery. Impairment of trade and other receivables The Group applies the simplified approach when using the expected credit loss (ECL) impairment model for trade and other receivables. Under the simplified approach the Group always measures the loss allowance at an amount equal to the lifetime expected credit losses for trade receivables. The Group measures the expected credit losses of trade and other receivables in a way that reflects a probability-weighted amount that is determined by evaluating a range of possible outcomes, the time value of money and supportable information that is readily available at each reporting date about past events, current condition and forecasts of future economic conditions. The ECL\u2019s are updated each reporting period to reflect changes in credit risk since initial recognition. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and short-term, highly liquid investments that are readily convertible into a known amount of cash and which are subject to an insignificant risk of changes in value. The Group holds various short-maturity money market funds (see note 23) across numerous financial institutions which meet the IAS 7 criteria to be classified as cash equivalents. In the cash flow statement overdraft balances are included in cash and equivalents. Cash and cash equivalents includes an element that is restricted in use (note 23). Current and non-current liabilities Current liabilities include amounts due within the normal operating cycle of the Group. Deferred income, or \u2018contract liabilities\u2019, is included in trade and other payables and represents amounts invoiced in excess of revenue recognised. Interest-bearing current and non-current liabilities are initially recognised at fair value and then stated at amortised cost with any difference between the cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest rate basis. Costs associated with the arrangement of bank facilities or the issue of loans are held net of the associated liability presented in the balance sheet. Capitalised issue costs are released over the estimated life of the facility or instrument to which they relate using the effective interest rate method. If it becomes clear that the facility or instrument will be redeemed early, the amortisation of the issue costs will be accelerated. Provisions A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event which can be reliably estimated, and it is probable that an outflow of economic benefits will be required to settle the obligation. Where appropriate, provisions are determined by discounting the expected cash flows at an appropriate discount rate reflecting the level of risk and the time value of money. Where an exposure is highly likely to be covered by insurance an offsetting receivable is recorded. Financial instruments Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument at the trade date. The de-recognition of a financial instrument takes place when the Group no longer controls the contractual right that comprise the financial instrument, when the instrument expires, or when the instrument is sold, terminated or exercised. Financial assets and liabilities Financial assets are classified on the Group\u2019s balance sheet as subsequently measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss. This classification is made on the basis of both the Group\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. Financial liabilities are classified on the Group\u2019s balance sheet as subsequently measured at amortised cost except for financial liabilities at fair value through profit and loss. The Group may at initial recognition irrevocably designate a financial liability as measured at fair value through profit or loss if a contract contains one or more embedded derivatives and the host is not an asset within the scope of IFRS 9, or when doing so results in more relevant information. Derivative financial instruments Derivative financial instruments are initially recognised and thereafter held at fair value, being the market value for quoted instruments or valuation based on models and discounted cash flow calculations for unlisted instruments. Fair value hedging The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange contracts and interest rate swap contracts to hedge these exposures. The use of financial derivatives is governed by the Group\u2019s Treasury Policies as approved by the Board of Directors, which provides written principles on the use of derivatives. The Group does not use derivative instruments for speculative purposes. Certain derivative instruments do not qualify for hedge accounting. These are categorised as \u201cfair value through profit or loss\u201d and are stated at fair value, with any resultant gain or loss recognised in the income statement. The Group recognises non-controlling interest in an acquired entity either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. This decision is made on an acquisition-by-acquisition basis. For non-controlling interests that the Group holds, the Group elected to recognise the non-controlling interests at its proportionate share of the acquired net identifiable assets. The Group designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents, both at hedge inception and on an ongoing basis, whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item. For the Group\u2019s cash flow hedges of highly probable forecast transactions in foreign currencies, the hedge ratio is 100%, subject to a \u00a3100k de Minimis threshold. If the underlying exposure changes over time, either due to commercial factors or timing differences, the hedging instruments will be rebalanced to ensure that the hedge ratio of 100% is maintained. Cash flow hedging Changes in the fair value of derivatives designated as a cash flow hedge that are regarded as highly effective are recognised in equity. The ineffective portion is recognised immediately in the income statement. Where a hedged item results in an asset or a liability, gains and losses previously recognised in equity are included in the cost of the asset or liability. Gains and losses previously recognised in equity are removed and recognised in the income statement at the same time as the hedged transaction. Foreign currencies Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated at period-end rates. Any resulting exchange differences are taken to the income statement. Gains and losses on designated forward foreign exchange hedging contracts are matched against the foreign exchange movements on the underlying transaction. The individual financial statements of each Group company are presented in its functional currency. On consolidation, assets and liabilities of overseas subsidiaries, associated undertakings and joint ventures, including any related goodwill, are translated to Sterling at the rate of exchange at the balance sheet date. The results and cash flows of overseas subsidiaries, associated undertakings and joint ventures are translated to Sterling using the average rates of exchange during the period. Exchange adjustments arising from the re-translation of the opening net investment and the results for the period to the period-end rate are taken directly to equity and reported in the statement of comprehensive income. Post-retirement benefits The Group provides both defined contribution and defined benefit pension arrangements. The liabilities of the Group arising from defined benefit obligations are determined using the projected unit credit method. Valuations for accounting purposes are carried out bi-annually. Actuarial advice is provided by external consultants. For the funded defined benefit plans, the excess or deficit of the fair value of plan assets less the present value of the defined benefit obligation are recognised as an asset or a liability respectively. Per the Scheme rules the Company has an unconditional right to a refund of any surplus that may arise on cessation of the Scheme in the context of IFRIC 14 paragraphs 11(b) and 12 and, therefore, the full net pension asset can be recognised on the Group\u2019s balance sheet and the Group\u2019s minimum funding commitments to the Scheme do not give rise to an additional balance sheet liability. For defined benefit plans the cost charged to the income statement consists of administrative expenses and the net interest income. There is no service cost due to the fact the plans are closed to future accrual. The net interest income is reported within finance income and the administration cost element is charged as a component of operating costs in the income statement. Actuarial gains and losses and re- measurement gains and losses are recognised immediately in full through the statement of comprehensive income. Contributions to defined contribution plans are charged to the income statement as incurred. Share-based payments The Group operates share-based payment arrangements with employees. The fair value of equity-settled awards for share-based payments is determined on grant and expensed straight line over the period from grant to end of the service period. The charges for equity settled share- based payments are updated annually for non-market-based vesting conditions. Share capital Ordinary share capital of the Company is recorded as the proceeds received. Company shares held by the employee benefit trusts are held at the consideration paid. They are classified as own shares within equity. Any gain or loss on the purchase, sale or issue of Company shares is recorded in equity. Non-controlling interests 36. Critical accounting estimates and judgments in applying accounting policies Critical accounting estimates The following commentary is intended to highlight key sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the financial statements in the next financial year. Estimated goodwill impairment The Group tests annually whether goodwill has suffered any impairment. This process relies on the use of estimates of the future profitability and cash flows of its cash generating units which may differ from the actual results delivered. In addition, the Group reviews whether identified intangible assets have suffered any impairment. Further details on the sensitivity of the carrying value of goodwill to changes in the key assumptions are set out in note 13. Estimation of the Group\u2019s defined benefit pension net surplus The Group\u2019s defined benefit pension obligations (and hence the net surplus) are based on key assumptions, including discount rates, mortality and inflation. Management exercises its best judgement, in consultation with actuarial advisors, in selecting the values for these assumptions that are the most appropriate to the Group. Small changes in these assumptions at the balance sheet date, individually or collectively, may result in significant changes in the size of the net surplus/deficit. Further details of these assumptions and the sensitivity of the net pension surplus to changes in these assumptions are set out in note 27. In addition to the sensitivity of the liability side of the net pension surplus (which will impact the value of the net pension surplus) the net pension surplus is also exposed to significant variation due to changes in the fair value of Scheme assets. A specific sensitivity on assets has not been included in note 27 but any change in valuation of assets flows straight through to the value of the net pension surplus e.g. if equities fall by \u00a310m then the net pension surplus reduces by \u00a310m. The values of unquoted assets assume that an available buyer is willing to purchase those assets at that value. For the Group\u2019s portfolio of assets, the unquoted alternative bonds of \u00a3228.1m; the unquoted corporate bonds of \u00a398.6m and the unquoted equities of \u00a311.2m are the assets with most uncertainty as to valuation as at 31 March 2025. Estimates of costs to complete on long-term contracts The Group has a large number of contracts which span multiple years and are accounted for on a percentage of completion basis in accordance with IFRS 15. Long-term contract accounting requires a number of estimates to be made, particularly in calculating the forecast costs to complete the contract. These forecast costs will be impacted by various factors including numerous risks that could crystallise in the future (with a range of cost outcomes), particularly on contracts of a developmental nature. Across the Group\u2019s portfolio of long-term contracts there is a risk that the actual out-turn of these contracts could be different than assumed in the year end contract forecasts, impacting both revenue and operating profit. For firm price contracts the impact of actual costs being above or below estimated costs would generally impact the contract profitability and the timing of revenue recognition. Costs could increase or decrease based on the level of inflation and the outcome of assumed risk and identified savings positions. As an example, an increase in total forecast costs to complete of 1% in one of the Group\u2019s most significant contracts, would reduce profit by approximately \u00a31m to \u00a32m per annum, on average over the remaining contract duration. Depending on the timing of such cost increases there would be an adjustment to the timing of revenue recognition, which would have no impact on total contract revenue but could impact an individual years revenue by \u00a32m to \u00a33m. In many cases fixed price contracts include inflation uplift clauses, such that inflation of costs would create additional contract value and revenue, thus resulting in increased profit. Critical accounting judgements Specific, material judgements made by the Directors in applying the Group\u2019s accounting policies are set out below: Basis of consolidation The Group comprises certain entities that are operated within the terms of a Special Security Arrangement (\u2018SSA\u2019). Details of the SSA and QinetiQ\u2019s management of US subsidiaries are set out in the Corporate Governance section of this Annual Report. IFRS 10 is the accounting standard applicable in respect of consolidation of entities. This does not specifically deal with SSA\u2019s. However, having considered the terms of the SSA, the Directors consider that the Group meets the requirements of IFRS 10 in respect of control over such affected entities and, therefore, consolidates these entities in the consolidated accounts. The impact of this specific judgement is full consolidation as opposed to treatment as a 100% associated undertaking. Treatment as a 100% associated undertaking would reduce Group revenue by a material amount (c.\u00a3350m per annum) but would have no impact on reported profit, which would include an equivalent amount of profit reported within Other Income as \u2018Share of profits of joint ventures\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-410": { "value": "
QinetiQ Group plc (\u2018the Company\u2019) is a public limited company, which is listed on the London Stock Exchange and is incorporated and
domiciled in England, United Kingdom. The consolidated financial statements of the Group comprise statements for the Company and its
subsidiaries, together referred to as \u2018the Group\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-3": { "value": "QinetiQ Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-379": { "value": "QinetiQ Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-4": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-5": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-380": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-468": { "value": "\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective from 1 January 2025. Developments expected in future periods of which are not expected to have a material impact on the Group\u2019s financial statements The following other standards, interpretations and amendments to existing standards have been issued but were not mandatory for accounting periods beginning on 1 April 2024. These either have been, or are expected to be endorsed by the UK Endorsement Board and are not expected to have a material impact on the Group: ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-411": { "value": "
Basis of preparation
The Group\u2019s financial statements, approved by the Directors, have been prepared on a going concern basis as discussed in the Strategic
Report on page 69 in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006
as applicable to companies reporting under those standards. The Company has elected to prepare its parent company financial statements
in accordance with UK GAAP (FRS 101); these are presented on page 194. The financial statements have been prepared under the historical
cost convention, except for certain financial assets and liabilities (such as derivative financial instruments) measures at fair value. The Group\u2019s
reporting currency is Sterling and unless otherwise stated the financial statements are rounded to the nearest \u00a3100,000.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-463": { "value": "The Group\u2019s financial statements, approved by the Directors, have been prepared on a going concern basis as discussed in the Strategic Report on page 69 in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-464": { "value": "The Group\u2019s reporting currency is Sterling and unless otherwise stated the financial statements are rounded to the nearest \u00a3100,000. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-412": { "value": "
Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its subsidiary undertakings to 31 March 2025.
The purchase method of accounting has been adopted. Those subsidiary undertakings acquired or disposed of in the period are included in
the consolidated income statement from the date control is obtained to the date that control is lost (usually on acquisition and disposal
respectively). An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and
has the ability to affect those returns through its power over the investee. This is the IFRS 10 definition of \u2018control\u2019.
The Group comprises certain entities that are operated within the terms of a Special Security Arrangement (\u2018SSA\u2019). Details of the SSA and
QinetiQ\u2019s management of US subsidiaries are set out in the Corporate Governance section of this Annual Report (on page 90). IFRS 10 is the
accounting standard applicable in respect of consolidation of entities. This does not specifically deal with SSA\u2019s. However, having considered
the terms of the SSA, the Directors consider that the Group meets the requirements of IFRS 10 in respect of control over such affected entities
and, therefore, consolidates these entities in the consolidated accounts. The impact of this specific judgement is full consolidation as opposed
to treatment as a 100% associated undertaking.
An associate is an undertaking over which the Group exercises significant influence, usually from 20%\u201350% of the equity voting rights, in
respect of financial and operating policy. A joint venture is an undertaking over which the Group exercises joint control. Joint ventures are
accounted for using the equity method from the date of acquisition to the date of disposal. The Group\u2019s investments in Joint ventures are
held at cost including goodwill on acquisition and any post-acquisition changes in the Group\u2019s share of the net assets of the joint venture less
any impairment to the recoverable amount. Where a joint venture has net liabilities, full provision is made for the Group\u2019s share of liabilities
where there is a constructive or legal obligation to provide additional funding to the joint venture.
The financial statements of subsidiaries, joint ventures and associates are adjusted where necessary to ensure compliance with Group
accounting policies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-465": { "value": "The consolidated financial statements comprise the financial statements of the Company and its subsidiary undertakings to 31 March 2025. The purchase method of accounting has been adopted. Those subsidiary undertakings acquired or disposed of in the period are included in the consolidated income statement from the date control is obtained to the date that control is lost (usually on acquisition and disposal respectively). An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. This is the IFRS 10 definition of \u2018control\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-496": { "value": "An associate is an undertaking over which the Group exercises significant influence, usually from 20%\u201350% of the equity voting rights, in respect of financial and operating policy. A joint venture is an undertaking over which the Group exercises joint control. Joint ventures are accounted for using the equity method from the date of acquisition to the date of disposal. The Group\u2019s investments in Joint ventures are held at cost including goodwill on acquisition and any post-acquisition changes in the Group\u2019s share of the net assets of the joint venture less any impairment to the recoverable amount. Where a joint venture has net liabilities, full provision is made for the Group\u2019s share of liabilities where there is a constructive or legal obligation to provide additional funding to the joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-466": { "value": "An associate is an undertaking over which the Group exercises significant influence, usually from 20%\u201350% of the equity voting rights, in respect of financial and operating policy. A joint venture is an undertaking over which the Group exercises joint control. Joint ventures are accounted for using the equity method from the date of acquisition to the date of disposal. The Group\u2019s investments in Joint ventures are held at cost including goodwill on acquisition and any post-acquisition changes in the Group\u2019s share of the net assets of the joint venture less any impairment to the recoverable amount. Where a joint venture has net liabilities, full provision is made for the Group\u2019s share of liabilities where there is a constructive or legal obligation to provide additional funding to the joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-413": { "value": "Consideration of climate change In preparing the financial statements, the Board have considered the impact to the organisation and its activities of climate change, particularly those risks highlighted on page 61 in line with the recommendations by the Task Force for Climate-related Disclosures (TCFD). The Board recognises its responsibilities for oversight of climate-related risks and opportunities. The QinetiQ Leadership Team support the Board through the implementation of a strategic led approach to monitor, assess and address climate transition risks and opportunities, which includes refining our capability to quantify, forecast and model financial statement impacts due to climate change. Specific aspects of the financial statements that could potentially be impacted by climate change are the carrying value and useful economic lives of tangible assets and goodwill, future capability development and the financial performance of customer contracts. Whilst the Group will likely be impacted by climate change in the future, the impacts on the financial statements as at 31 March 2025 are not considered to be material. ", "dimensions": { "concept": "qinetiqgroupplc:DescriptionOfAccountingPolicyForConsiderationOfClimateChange", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-467": { "value": "
Developments adopted by the Group for the year ended 31 March 2025 with no material impact on the Group\u2019s financial statements
The following standards, interpretations and amendments to existing standards became effective on 1 January 2024 and have not had
a material impact on the Group:
\u2022 Amendments to IAS 1 Presentation of Financial Statements \u2013 Non-current Liabilities with Covenants and Deferral of Effective Date
of the Amendment Classification of Liabilities as Current, effective from 1 January 2024;
\u2022 Amendments to IFRS 16 Lessee Lease \u2013 Liability in a Sale and Leaseback, effective from 1 January 2024; and
\u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements, effective
from 1 January 2024
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-414": { "value": "Revenue from contracts with customers The Group recognises revenue primarily from the following major sources: \u2022 Through combining world-leading expertise with unique facilities to provide technical assurance, test and evaluation and training services underpinned by long-term contracts; \u2022 Through delivering innovative solutions and products to meet customer requirements by undertaking contract-funded research and development, developing intellectual property and by internal funding with potential for new revenue streams. Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer. The Group\u2019s revenue contracts are accounted for under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 taking into account the requirement to distinguish between the various performance obligations within a contract and treating these separately. The Group\u2019s methodology applies IFRS 15 on a contract-by-contract basis which includes considerations for contract modifications, variable consideration, the determination of distinct performance obligations, determination of agency and principal relationships and licences. Service contracts The Group\u2019s long-term service contracts are generally \u2018test and evaluation\u2019 or advice-based contracts where control of the service is transferred over a period of time as the Group performs. At contract inception the Group undertakes an assessment to determine how many distinct performance obligations exists within a contract. As part of the assessment the Group obtains an understanding of the overall deliverable to the customer through discussions with business units and project leads. Each individual deliverable in the contract is then assessed to determine if it is an input into the overall deliverable, and therefore part of a single performance obligation, or if it is a stand-alone separable deliverable with its own transaction price and therefore a distinct performance obligation in its own right. Each distinct performance obligation identified within a contract is accounted for separately. Certain service contracts have a similar pattern of transfer of control to the customer where each year is effectively the same from a performance obligation perspective. The Group has applied the series guidance as permitted within the Standard to these contracts and accounts for these as a series of distinct service performance obligations satisfied annually over the contract term. The transaction price for a contract is determined at contract inception based on a fixed-margin applied to the total forecast costs to complete the deliverable. Some long-term contracts include an excess profit clause which is a variable consideration factor that could impact the transaction price. Excess profits are estimated at contract inception and at the end of each reporting period to ensure that the transaction price is not under or over stated. Any required adjustment will be made against the transaction price in the period in which it occurred. The Group does not offer any right of return or refunds which could impact transaction price at inception. Certain contracts attract bonuses and/or penalties which are variable and will have an impact on transaction price at contract inception. The Group assesses variable consideration in relation to bonuses and penalties at contract inception using the most-likely method and this forms part of the transaction price and recognised over time as costs are incurred. The Group only includes bonuses and penalties into the transaction price to the extent that it is highly probable that a significant reversal of revenue will not occur in future periods. Historical evidence and experience shows that even where a reduction has been required, that reduction has been immaterial to the Group. The transaction price is allocated between each distinct performance obligation identified in a contract based on the stand-alone selling price of each performance obligation. Each performance obligation will be costed and the transaction price will be cost plus margin. This amount would be the stand-alone selling price of each performance obligation if contracted with a customer separately. Long-term service contracts allow for modifications to the original order. If a contract modification is determined to be distinct and the price of the contract increases by an amount of consideration that reflects the entity's stand-alone selling prices for the additional promised goods or services, the Group accounts for this as a separate contract. If a contract modification is not distinct, the Group accounts for this as if it were part of the existing contract. A cumulative catch-up adjustment to revenue is then recognised to disclose the effect that the contract modification has on the transaction price and the Group\u2019s measure of progress towards complete satisfaction of the performance obligation. Long-term service contracts also sometimes allow for extensions to the original order. A contract extension is determined to include either additional goods or services or no additional goods or service. If a contract extension with additional goods or services is determined to be distinct and the price of the contract increases by an amount of consideration that reflects the entity\u2019s stand-alone selling prices for the additional promised goods or services, the Group accounts for this as a separate performance obligation. If a contract extension with additional goods or services is not distinct, the Group accounts for this as if it were part of the existing contract. A cumulative catch-up adjustment to revenue is then recognised to disclose the effect that the contract extension has on the transaction price and the Group\u2019s measure of progress towards complete satisfaction of the performance obligation. When the outcome of a distinct performance obligation in delivering services can be reliably estimated, revenue associated with the performance obligation is recognised over time using the input method. The input method recognises revenue over time on the basis of costs incurred to date to the satisfaction of a performance obligation relative to the total forecast costs to complete the performance obligation.
The Group has determined the input method to be appropriate as it best depicts the Group\u2019s performance in transferring control of the service
to the customer as it incurs costs on a particular contract.
No profit is recognised on contracts until the outcome of the contract can be reliably estimated. When it is probable that total contract costs
will exceed total contract revenue, the expected loss is recognised immediately as an expense.
Goods sold
The Group recognises revenue on the sale of products at a point in time once control has been transferred to the customer. Control is generally
transferred to customers on delivery of products or when the customer has the significant risks and rewards of ownership of the product.
Payment is typically due within 30 days of invoice (within the UK) and customers typically do not have a right of return or refund. The
transaction price for sale of products is agreed at contract inception. When the Group develops a bespoke product for a customer with no
alternative use to the Group, revenue is recognised over time using the input method.
Licence revenue
Licence revenue is attributed to either \u2018right to use\u2019 or \u2018right to access\u2019 licences. \u2018Right to use\u2019 licence revenue is recognised at a point in time
when the Group sells a licence to a customer and does not undertake significant further activities or involvement in developing the licence
after the sale. \u2018Right to access\u2019 licence revenue is recognised over time when the Group maintains a significant level of involvement in
developing and enhancing the licence after the sale. The level of involvement goes beyond general support, bug-fixing and upgrades which
generally only maintain the current operating level. The transaction price for intellectual property is agreed at contract inception. The Group
does not offer any right of return or refunds which could impact transaction price at inception.
The Group recognises licence revenue through the supply of a range of security, messaging and connectivity software products. A licence fee
is paid for each computer that uses the software and the customer can also purchase a support service contract for a fixed period. The sale
of these types of licences is recognised at a point in time as a distinct performance obligation because the Group does not undertake any
further activities in developing the licence after the sale. The support service contract is recognised over time as a separate performance
obligation as this is an optional extra and is not integral into the functionality of the licence. The support service contract offers general support
and maintenance of the licence to the customer over a fixed period.
Contract assets
Contract assets represent revenue recognised in excess of amounts invoiced. Revenue is recognised on service contracts by using a
\u2018percentage complete\u2019 method, applying the proportion of contract costs incurred for work performed to date relative to the estimated total
contract cost, after making suitable allowances for technical and other risks related to performance milestones yet to be achieved, and
applying that proportion to total contract price. Payment for service contracts are not always due from the customer until certain milestones
have been reached and, therefore, a contract asset is recognised over the period in which the services are performed representing the Group\u2019s
right to consideration for services performed to date, to the extent that the customer has not yet been invoiced for those services.
Contract liabilities
The Group, on occasion, bills customers in advance of performing certain types of work which results in the Group recognising contract
liabilities. Once the work has been performed these amounts will be reduced and recognised as revenue. For sale of goods, revenue is
recognised in the income statement when control of the goods has been transferred to the customer; being at the point when the goods are
delivered. Any transaction price received by the Group prior to that point is recognised as a contract liability.
Principal-agent arrangements
The Group enters into certain arrangements which involve a consortium of service providers. The Group acts as a \u2018Prime\u2019 contractor in certain
contracts with customers and utilises sub-contractors to undertake the work. Under these contracts the Group is considered to be primarily
responsible for fulfilling the service to the customer. The Group performs a technical assessment of the work before it is delivered to the
customer and is responsible for quality and performance of the sub-contractor. As such the Group is considered to be the principal to the
arrangement with the customer and includes sub-contractor costs within revenue. However, where the Group is merely acting as an agent of
a sub-contractor then no revenue is recognised in respect of sub-contractor costs.
All consortium arrangements are assessed by the Group to determine if it is the principal or agent.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-415": { "value": "
Contract bidding costs
The Group recognises the \u2018incremental costs of obtaining a contract\u2019 with a customer as an asset if the Group expects to recover those costs.
The \u2018incremental costs of obtaining a contract\u2019 are those costs that the Group incurs to obtain a contract with a customer that it would not
have incurred if the contract had not been won. Costs to obtain a contract that would have been incurred regardless of whether the contract
was won or lost shall be recognised as an expense when incurred, unless those costs are explicitly chargeable to the customer.
", "dimensions": { "concept": "qinetiqgroupplc:DescriptionOfAccountingPolicyForContractBiddingCosts", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-416": { "value": " Segmental information Segmental information is presented according to the Group\u2019s internal management reporting structure and the markets in which it operates. Segmental results represent the contribution of the different segments to the profit of the Group. Corporate expenses are allocated to the corresponding segments. Unallocated items mainly comprise Research and Development Expenditure Credits (RDEC) and specific adjusting items. Specific adjusting items are referred to in note 4. Segmental assets and liabilities information is not regularly provided to the Chief Operating Decision Maker. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-417": { "value": "
Research and development expenditure
Research and development (R&D) costs incurred in respect of specific contracts placed by customers are recognised within operating costs
and revenue is recognised in respect of the R&D services performed. Internally funded development expenditure is capitalised in the balance
sheet where there is a clearly defined project, the expenditures are separately identifiable, the project is technically and commercially feasible,
all costs are recoverable by future revenue and the resources are committed to complete the project. Such capitalised costs are amortised
over the forecast period of sales resulting from the development. All other R&D costs are expensed to the income statement in the period in
which they are incurred. If the research phase cannot be clearly distinguished from the development phase, the respective project-related
costs are treated as if they were incurred in the research phase only and expensed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-418": { "value": "
Borrowings and financing
The Group has a term loan and access to a revolving credit facility with its relationship banks. Borrowings are initially recognised at fair value.
Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption
amount is recognised in profit or loss over the period of the borrowings using the effective interest method.
Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The
difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration
paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs.
Borrowings are classified as non-current liabilities where the group has an unconditional right to defer settlement of the liability for at least 12
months after the reporting period.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or
all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. The Group pays in advance finance costs in
relation to the multi-currency facility which are recognised as a deferred finance cost asset and amortised over the period of the facility, where
it is probable that some or all of the facility will be drawn down. Costs of letters of credit are also charged to finance expense.
Exchange differences on financial assets and liabilities and the income or expense from interest hedging instruments that are recognised in
the income statement are included within finance income and finance expense. Financing also includes the net finance income or expense in
respect of defined benefit pension schemes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-469": { "value": "Borrowings and financing The Group has a term loan and access to a revolving credit facility with its relationship banks. Borrowings are initially recognised at fair value. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Borrowings are classified as non-current liabilities where the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. The Group pays in advance finance costs in relation to the multi-currency facility which are recognised as a deferred finance cost asset and amortised over the period of the facility, where it is probable that some or all of the facility will be drawn down. Costs of letters of credit are also charged to finance expense. Exchange differences on financial assets and liabilities and the income or expense from interest hedging instruments that are recognised in the income statement are included within finance income and finance expense. Financing also includes the net finance income or expense in respect of defined benefit pension schemes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-497": { "value": "Borrowings and financing The Group has a term loan and access to a revolving credit facility with its relationship banks. Borrowings are initially recognised at fair value. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Borrowings are classified as non-current liabilities where the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. The Group pays in advance finance costs in relation to the multi-currency facility which are recognised as a deferred finance cost asset and amortised over the period of the facility, where it is probable that some or all of the facility will be drawn down. Costs of letters of credit are also charged to finance expense. Exchange differences on financial assets and liabilities and the income or expense from interest hedging instruments that are recognised in the income statement are included within finance income and finance expense. Financing also includes the net finance income or expense in respect of defined benefit pension schemes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-510": { "value": "Borrowings and financing The Group has a term loan and access to a revolving credit facility with its relationship banks. Borrowings are initially recognised at fair value. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Borrowings are classified as non-current liabilities where the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. The Group pays in advance finance costs in relation to the multi-currency facility which are recognised as a deferred finance cost asset and amortised over the period of the facility, where it is probable that some or all of the facility will be drawn down. Costs of letters of credit are also charged to finance expense. Exchange differences on financial assets and liabilities and the income or expense from interest hedging instruments that are recognised in the income statement are included within finance income and finance expense. Financing also includes the net finance income or expense in respect of defined benefit pension schemes. Financial instruments Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument at the trade date. The de-recognition of a financial instrument takes place when the Group no longer controls the contractual right that comprise the financial instrument, when the instrument expires, or when the instrument is sold, terminated or exercised. Financial assets and liabilities Financial assets are classified on the Group\u2019s balance sheet as subsequently measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss. This classification is made on the basis of both the Group\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. Financial liabilities are classified on the Group\u2019s balance sheet as subsequently measured at amortised cost except for financial liabilities at fair value through profit and loss. The Group may at initial recognition irrevocably designate a financial liability as measured at fair value through profit or loss if a contract contains one or more embedded derivatives and the host is not an asset within the scope of IFRS 9, or when doing so results in more relevant information. Derivative financial instruments Derivative financial instruments are initially recognised and thereafter held at fair value, being the market value for quoted instruments or valuation based on models and discounted cash flow calculations for unlisted instruments. Fair value hedging The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange contracts and interest rate swap contracts to hedge these exposures. The use of financial derivatives is governed by the Group\u2019s Treasury Policies as approved by the Board of Directors, which provides written principles on the use of derivatives. The Group does not use derivative instruments for speculative purposes. Certain derivative instruments do not qualify for hedge accounting. These are categorised as \u201cfair value through profit or loss\u201d and are stated at fair value, with any resultant gain or loss recognised in the income statement. The Group designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents, both at hedge inception and on an ongoing basis, whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item. For the Group\u2019s cash flow hedges of highly probable forecast transactions in foreign currencies, the hedge ratio is 100%, subject to a \u00a3100k de Minimis threshold. If the underlying exposure changes over time, either due to commercial factors or timing differences, the hedging instruments will be rebalanced to ensure that the hedge ratio of 100% is maintained. Cash flow hedging Changes in the fair value of derivatives designated as a cash flow hedge that are regarded as highly effective are recognised in equity. The ineffective portion is recognised immediately in the income statement. Where a hedged item results in an asset or a liability, gains and losses previously recognised in equity are included in the cost of the asset or liability. Gains and losses previously recognised in equity are removed and recognised in the income statement at the same time as the hedged transaction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-518": { "value": "Borrowings and financing The Group has a term loan and access to a revolving credit facility with its relationship banks. Borrowings are initially recognised at fair value. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Borrowings are classified as non-current liabilities where the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. The Group pays in advance finance costs in relation to the multi-currency facility which are recognised as a deferred finance cost asset and amortised over the period of the facility, where it is probable that some or all of the facility will be drawn down. Costs of letters of credit are also charged to finance expense. Exchange differences on financial assets and liabilities and the income or expense from interest hedging instruments that are recognised in the income statement are included within finance income and finance expense. Financing also includes the net finance income or expense in respect of defined benefit pension schemes. Financial assets and liabilities Financial assets are classified on the Group\u2019s balance sheet as subsequently measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss. This classification is made on the basis of both the Group\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. Financial liabilities are classified on the Group\u2019s balance sheet as subsequently measured at amortised cost except for financial liabilities at fair value through profit and loss. The Group may at initial recognition irrevocably designate a financial liability as measured at fair value through profit or loss if a contract contains one or more embedded derivatives and the host is not an asset within the scope of IFRS 9, or when doing so results in more relevant information. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-419": { "value": "Taxation The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Deferred tax assets are derecognised when that probability assessment changes. Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. The Group has applied the temporary exemption issued by the International Accounting Standards Board from the accounting for deferred taxes under IAS12 and neither recognises nor discloses information about deferred taxes related to OECD's Global Anti-Base Erosion Model Rules (Pillar Two) income taxes. Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. Research and Development Expenditure Credits (RDEC) are recognised within other operating income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-470": { "value": "Taxation The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Deferred tax assets are derecognised when that probability assessment changes. Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The Group has applied the temporary exemption issued by the International Accounting Standards Board from the accounting for deferred
taxes under IAS12 and neither recognises nor discloses information about deferred taxes related to OECD's Global Anti-Base Erosion Model
Rules (Pillar Two) income taxes.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive
income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
Research and Development Expenditure Credits (RDEC) are recognised within other operating income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-471": { "value": "
Non-current assets held for sale
Non-current assets are classified as held for sale if their carrying amount will be recovered primarily through a sales 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 a year
of the balance sheet date. The assets should be available for immediate sale in their present condition and actively marketed at a price that
is reasonable in relation to their current fair value.
Non-current assets classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Any write-down
to fair value less costs to sell shall be recognised directly through profit and loss as an impairment loss. No further depreciation is charged in
respect of assets classified as held for sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-420": { "value": "Non-current assets held for sale Non-current assets are classified as held for sale if their carrying amount will be recovered primarily through a sales 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 a year of the balance sheet date. The assets should be available for immediate sale in their present condition and actively marketed at a price that is reasonable in relation to their current fair value. Non-current assets classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Any write-down to fair value less costs to sell shall be recognised directly through profit and loss as an impairment loss. No further depreciation is charged in respect of assets classified as held for sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-473": { "value": "
Goodwill
Goodwill on acquisitions of subsidiaries is included in non-current assets. Goodwill on acquisitions of joint ventures is included in the carrying
value of equity accounted investments. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses.
Gains and losses on the disposal of an entity include the carrying amount of goodwill related to the entity sold.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-421": { "value": "Goodwill Goodwill on acquisitions of subsidiaries is included in non-current assets. Goodwill on acquisitions of joint ventures is included in the carrying value of equity accounted investments. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill related to the entity sold. Intangible assets Intangible assets arising from business combinations are recognised at fair value and are amortised over their expected useful lives, typically between 1 and 16 years. Internally generated intangible assets are recorded at cost, including labour, directly attributable costs and any third- party expenses. The \u2018multi-period excess earnings\u2019 method and the \u2018relief-from-royalty\u2019 method are both used for fair valuing intangible assets arising from acquisitions. The multi-period excess earnings method considers the present value of net cash flows expected to be generated by customer relationships, by excluding any cash flows related to contributory assets. The relief-from-royalty method considers the discounted estimated royalty payments that are expected to be avoided as a result of the patents or trademarks being owned. Purchased intangible assets are recognised at cost less amortisation. Intangible assets are amortised over their respective useful lives on a straight-line basis as follows: Intellectual property rights 2\u201310 years Customer relationships 1\u201316 years Development costs 1\u20135 years Other 1\u201314 years", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-498": { "value": "Goodwill Goodwill on acquisitions of subsidiaries is included in non-current assets. Goodwill on acquisitions of joint ventures is included in the carrying value of equity accounted investments. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill related to the entity sold. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-472": { "value": "
Intangible assets
Intangible assets arising from business combinations are recognised at fair value and are amortised over their expected useful lives, typically
between 1 and 16 years. Internally generated intangible assets are recorded at cost, including labour, directly attributable costs and any third-
party expenses.
The \u2018multi-period excess earnings\u2019 method and the \u2018relief-from-royalty\u2019 method are both used for fair valuing intangible assets arising from
acquisitions. The multi-period excess earnings method considers the present value of net cash flows expected to be generated by customer
relationships, by excluding any cash flows related to contributory assets. The relief-from-royalty method considers the discounted estimated
royalty payments that are expected to be avoided as a result of the patents or trademarks being owned. Purchased intangible assets are
recognised at cost less amortisation. Intangible assets are amortised over their respective useful lives on a straight-line basis as follows:
Intellectual property rights 2\u201310 years
Customer relationships 1\u201316 years
Development costs 1\u20135 years
Other 1\u201314 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-422": { "value": "
Property, plant and equipment
Property, plant and equipment are stated at cost less depreciation. Freehold land is not depreciated. Other tangible non-current assets are
depreciated on a straight-line basis over their useful economic lives to their estimated residual value as follows:
Freehold buildings 20\u201325 years
Leasehold land and buildings Shorter of useful economic life and the period of the lease
Plant and machinery 3\u201315 years
Motor vehicles 3\u20135 years
Aircraft 10\u201320 years
Computers 3\u20135 years
Office equipment 5\u201310 years
Assets under construction are included in property, plant and equipment on the basis of expenditure incurred at the balance sheet date. In
the case of assets constructed by the Group, the value includes the cost of own work completed, including directly attributable costs and
interest. The useful lives, depreciation methods and residual values applied to property, plant and equipment are reviewed annually and, if
appropriate, adjusted accordingly.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-474": { "value": "Property, plant and equipment are stated at cost less depreciation. Freehold land is not depreciated. Other tangible non-current assets are depreciated on a straight-line basis over their useful economic lives to their estimated residual value as follows: Freehold buildings 20\u201325 years Leasehold land and buildings Shorter of useful economic life and the period of the lease Plant and machinery 3\u201315 years Motor vehicles 3\u20135 years Aircraft 10\u201320 years Computers 3\u20135 years Office equipment 5\u201310 years Assets under construction are included in property, plant and equipment on the basis of expenditure incurred at the balance sheet date. In the case of assets constructed by the Group, the value includes the cost of own work completed, including directly attributable costs and interest. The useful lives, depreciation methods and residual values applied to property, plant and equipment are reviewed annually and, if appropriate, adjusted accordingly. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. The Group does not revalue its land and buildings that are presented within property, plant and equipment and has chosen to do the same for right-of-use buildings by the Group. Payments associated with short-term leases of offices, equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low- value assets comprise lease assets under \u00a35,000. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-499": { "value": "Assets under construction are included in property, plant and equipment on the basis of expenditure incurred at the balance sheet date. In the case of assets constructed by the Group, the value includes the cost of own work completed, including directly attributable costs and interest.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-423": { "value": "
Impairment of goodwill and tangible, intangible and held for sale assets
At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If the carrying amount of any asset
exceeds its recoverable amount an impairment loss is recognised immediately in the income statement. In addition, goodwill is tested for
impairment annually irrespective of any indication of impairment. If the carrying amount exceeds the recoverable amount, the respective asset
or the assets in the cash-generating unit (CGU) are written down to their recoverable amounts. The recoverable amount of an asset or CGU
is the higher of its fair value less costs to sell and its value in use. The value in use is the present value of the future cash flows expected to
be derived from an asset or CGU calculated using an appropriate pre-tax discount rate. Impairment losses are expensed to the income
statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-475": { "value": "Impairment of goodwill and tangible, intangible and held for sale assets At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If the carrying amount of any asset exceeds its recoverable amount an impairment loss is recognised immediately in the income statement. In addition, goodwill is tested for impairment annually irrespective of any indication of impairment. If the carrying amount exceeds the recoverable amount, the respective asset or the assets in the cash-generating unit (CGU) are written down to their recoverable amounts. The recoverable amount of an asset or CGU is the higher of its fair value less costs to sell and its value in use. The value in use is the present value of the future cash flows expected to be derived from an asset or CGU calculated using an appropriate pre-tax discount rate. Impairment losses are expensed to the income statement. Impairment of trade and other receivables The Group applies the simplified approach when using the expected credit loss (ECL) impairment model for trade and other receivables. Under the simplified approach the Group always measures the loss allowance at an amount equal to the lifetime expected credit losses for trade receivables. The Group measures the expected credit losses of trade and other receivables in a way that reflects a probability-weighted amount that is determined by evaluating a range of possible outcomes, the time value of money and supportable information that is readily available at each reporting date about past events, current condition and forecasts of future economic conditions. The ECL\u2019s are updated each reporting period to reflect changes in credit risk since initial recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-424": { "value": "Leases Leases \u2013 as a lessor Lease income from operating leases where the Group is a lessor is recognised in income on a straight-line basis over the lease term (note 25). Initial direct costs incurred in obtaining an operating leases are added to the carrying amount of the underlying asset and recognised as expense over the lease term on the same basis as lease income. The respective leased assets are included in the balance sheet based on their nature. Leases \u2013 as a lessee The Group leases various offices, aircraft, equipment and vehicles. Rental contracts are typically made for fixed periods of 6 months to 25 years, but may have extension options as described below. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non- lease components based on their relative stand-alone process. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leases assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Leases are recognised as a right-of-use asset and corresponding liability at the date at which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2022 variable lease payments based on an index or a rate, initially measured using the index or rate as at the commencement date; \u2022 amounts expected to be payable by the Group under residual value guarantees; \u2022 the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Lease payments to be made under reasonably certain options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If the rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. To determine the incremental borrowing rate, the Group: \u2022 where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received; \u2022 uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by QinetiQ Plc, which does not have recent third party financing, and \u2022 makes adjustments specific to the lease, for example to term, country, currency and security. The exposure by the Group to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect is not considered material. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability; \u2022 any lease payments made at or before the commencement date less any lease incentives received; \u2022 any initial direct costs, and \u2022 restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and lease term on a straight-line basis. If the Group is
reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. The Group does
not revalue its land and buildings that are presented within property, plant and equipment and has chosen to do the same for right-of-use
buildings by the Group. Payments associated with short-term leases of offices, equipment and vehicles and all leases of low-value assets are
recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-
value assets comprise lease assets under \u00a35,000.
Lease extension and termination options
Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise
operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held
are exercisable only by the Group and not by the respective lessor.
Judgements in determining the lease term
In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension
option or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the
lease is reasonably certain to be extended (or not terminated).
For leases of offices and equipment, the following factors are normally the most relevant:
\u2022 if there are significant penalties to terminate (or extend), the group is typically reasonably certain to end (or not to terminate);
\u2022 if any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend
(or not terminate);
\u2022 Otherwise, the Group considers other factors including historical lease durations and the costs and business disruptions required
to replace the leased asset.
Most extension options in office and vehicles leases have not been included in the lease liability, because the Group could replace the assets
without significant cost or business disruption.
As at 31 March 2025 no (undiscounted) potential future cash outflows have been included in the lease liability for extension or termination.
The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise)
it. The assessment of reasonable certainty is only revised if a significant event of significant change in circumstance occurs, which affects
this assessment, and that is within the control of the lessee. During the current financial year, the financial effect of revising lease terms to
reflect the effect of exercising extension or termination options was nil (FY24: nil) in recognised lease liabilities and right-of-use assets.
Sale and leaseback transactions
The Group accounts for sale and leaseback transactions according to IFRS 16 \"Leases\", only recognising a sale if the criteria under IFRS 15
\"Revenue from Contracts with Customers\" are met. Upon meeting these criteria, the asset is derecognised from the balance sheet, and any
resultant gain or loss is recognised immediately in the profit or loss statement, adjusted for any off-market terms present in the transaction.
For the leaseback component, the Group recognises a lease liability based on the present value of future lease payments, typically using the
lessee\u2019s incremental borrowing rate unless the rate implicit in the lease is readily determinable. Concurrently, a right-of-use asset is recognised,
reflecting the portion of the asset\u2019s value retained through control or benefit. This asset is initially measured using the proceeds from the sale
relative to the asset's fair value.
Subsequently, the lease liability is adjusted to account for payments and finance charges, applying the effective interest method. The right-of-
use asset is depreciated over the lesser of the asset\u2019s useful life or the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-426": { "value": "Inventories Inventory and work-in-progress are stated at the lower of cost and net realisable value, using the first-in-first-out cost formula. Work-in-progress and manufactured finished goods are valued at production cost. Production cost includes direct production costs and an appropriate proportion of production overheads. A provision is established when the net realisable value of any inventory item is lower than its cost. A \u2018market comparison\u2019 technique is used to fair value inventories acquired through a business combination. The fair value is determined based on the estimated selling price in the ordinary course of business less the estimated costs of completion and sale, and a reasonable profit margin based on the effort required to complete and sell the inventories. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-425": { "value": "Investments in debt and equity securities Investments held by the Group are classified as either a current asset or as a non-current asset. These are investments in debt and equity instruments that are classified as at fair value through other comprehensive income. When these investments are derecognised, the cumulative gain or loss previously recognised directly in equity is recognised in the income statement. The fair value of quoted financial instruments is their bid price at the balance sheet date. The fair value of unquoted equity investments is based on the price of the most recent investment by the Group or a third party, if available, or derived from the present value of forecast future cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-427": { "value": "Trade and other receivables Trade and other receivables are measured at amortised cost less any impairment losses. Amounts recoverable on contracts are included in trade and other receivables and represent revenue recognised in excess of amounts invoiced. Other receivables will also include insurance recoveries where we are virtually certain of recovery. Impairment of trade and other receivables The Group applies the simplified approach when using the expected credit loss (ECL) impairment model for trade and other receivables. Under the simplified approach the Group always measures the loss allowance at an amount equal to the lifetime expected credit losses for trade receivables. The Group measures the expected credit losses of trade and other receivables in a way that reflects a probability-weighted amount that is determined by evaluating a range of possible outcomes, the time value of money and supportable information that is readily available at each reporting date about past events, current condition and forecasts of future economic conditions. The ECL\u2019s are updated each reporting period to reflect changes in credit risk since initial recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-500": { "value": "Impairment of trade and other receivables The Group applies the simplified approach when using the expected credit loss (ECL) impairment model for trade and other receivables. Under the simplified approach the Group always measures the loss allowance at an amount equal to the lifetime expected credit losses for trade receivables. The Group measures the expected credit losses of trade and other receivables in a way that reflects a probability-weighted amount that is determined by evaluating a range of possible outcomes, the time value of money and supportable information that is readily available at each reporting date about past events, current condition and forecasts of future economic conditions. The ECL\u2019s are updated each reporting period to reflect changes in credit risk since initial recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-515": { "value": "Impairment of trade and other receivables The Group applies the simplified approach when using the expected credit loss (ECL) impairment model for trade and other receivables. Under the simplified approach the Group always measures the loss allowance at an amount equal to the lifetime expected credit losses for trade receivables. The Group measures the expected credit losses of trade and other receivables in a way that reflects a probability-weighted amount that is determined by evaluating a range of possible outcomes, the time value of money and supportable information that is readily available at each reporting date about past events, current condition and forecasts of future economic conditions. The ECL\u2019s are updated each reporting period to reflect changes in credit risk since initial recognition. Financial assets and liabilities Financial assets are classified on the Group\u2019s balance sheet as subsequently measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss. This classification is made on the basis of both the Group\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. Financial liabilities are classified on the Group\u2019s balance sheet as subsequently measured at amortised cost except for financial liabilities at fair value through profit and loss. The Group may at initial recognition irrevocably designate a financial liability as measured at fair value through profit or loss if a contract contains one or more embedded derivatives and the host is not an asset within the scope of IFRS 9, or when doing so results in more relevant information. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-428": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash at bank and short-term, highly liquid investments that are readily convertible into a known amount of cash and which are subject to an insignificant risk of changes in value. The Group holds various short-maturity money market funds (see note 23) across numerous financial institutions which meet the IAS 7 criteria to be classified as cash equivalents. In the cash flow statement overdraft balances are included in cash and equivalents. Cash and cash equivalents includes an element that is restricted in use (note 23). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-476": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash at bank and short-term, highly liquid investments that are readily convertible into a known amount of cash and which are subject to an insignificant risk of changes in value. The Group holds various short-maturity money market funds (see note 23) across numerous financial institutions which meet the IAS 7 criteria to be classified as cash equivalents. In the cash flow statement overdraft balances are included in cash and equivalents. Cash and cash equivalents includes an element that is restricted in use (note 23). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-429": { "value": "Current and non-current liabilities Current liabilities include amounts due within the normal operating cycle of the Group. Deferred income, or \u2018contract liabilities\u2019, is included in trade and other payables and represents amounts invoiced in excess of revenue recognised. Interest-bearing current and non-current liabilities are initially recognised at fair value and then stated at amortised cost with any difference between the cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest rate basis. Costs associated with the arrangement of bank facilities or the issue of loans are held net of the associated liability presented in the balance sheet. Capitalised issue costs are released over the estimated life of the facility or instrument to which they relate using the effective interest rate method. If it becomes clear that the facility or instrument will be redeemed early, the amortisation of the issue costs will be accelerated. ", "dimensions": { "concept": "qinetiqgroupplc:DisclosureOfCurrentAndNonCurrentLiabilities", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-430": { "value": "Provisions A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event which can be reliably estimated, and it is probable that an outflow of economic benefits will be required to settle the obligation. Where appropriate, provisions are determined by discounting the expected cash flows at an appropriate discount rate reflecting the level of risk and the time value of money. Where an exposure is highly likely to be covered by insurance an offsetting receivable is recorded. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-477": { "value": "
Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual
provisions of the instrument at the trade date. The de-recognition of a financial instrument takes place when the Group no longer controls the
contractual right that comprise the financial instrument, when the instrument expires, or when the instrument is sold, terminated or exercised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-478": { "value": "Derivative financial instruments Derivative financial instruments are initially recognised and thereafter held at fair value, being the market value for quoted instruments or valuation based on models and discounted cash flow calculations for unlisted instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-431": { "value": "Derivative financial instruments Derivative financial instruments are initially recognised and thereafter held at fair value, being the market value for quoted instruments or valuation based on models and discounted cash flow calculations for unlisted instruments. Fair value hedging The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange contracts and interest rate swap contracts to hedge these exposures. The use of financial derivatives is governed by the Group\u2019s Treasury Policies as approved by the Board of Directors, which provides written principles on the use of derivatives. The Group does not use derivative instruments for speculative purposes. Certain derivative instruments do not qualify for hedge accounting. These are categorised as \u201cfair value through profit or loss\u201d and are stated at fair value, with any resultant gain or loss recognised in the income statement. The Group designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents, both at hedge inception and on an ongoing basis, whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item. For the Group\u2019s cash flow hedges of highly probable forecast transactions in foreign currencies, the hedge ratio is 100%, subject to a \u00a3100k de Minimis threshold. If the underlying exposure changes over time, either due to commercial factors or timing differences, the hedging instruments will be rebalanced to ensure that the hedge ratio of 100% is maintained. Cash flow hedging Changes in the fair value of derivatives designated as a cash flow hedge that are regarded as highly effective are recognised in equity. The ineffective portion is recognised immediately in the income statement. Where a hedged item results in an asset or a liability, gains and losses previously recognised in equity are included in the cost of the asset or liability. Gains and losses previously recognised in equity are removed and recognised in the income statement at the same time as the hedged transaction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-479": { "value": "Fair value hedging The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange contracts and interest rate swap contracts to hedge these exposures. The use of financial derivatives is governed by the Group\u2019s Treasury Policies as approved by the Board of Directors, which provides written principles on the use of derivatives. The Group does not use derivative instruments for speculative purposes. Certain derivative instruments do not qualify for hedge accounting. These are categorised as \u201cfair value through profit or loss\u201d and are stated at fair value, with any resultant gain or loss recognised in the income statement.
The Group designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the inception of the hedge
relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management
objectives and strategy for undertaking various hedging transactions. The Group also documents, both at hedge inception and on an ongoing
basis, whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash
flows of the hedged item.
For the Group\u2019s cash flow hedges of highly probable forecast transactions in foreign currencies, the hedge ratio is 100%, subject to a \u00a3100k
de Minimis threshold. If the underlying exposure changes over time, either due to commercial factors or timing differences, the hedging
instruments will be rebalanced to ensure that the hedge ratio of 100% is maintained.
Cash flow hedging
Changes in the fair value of derivatives designated as a cash flow hedge that are regarded as highly effective are recognised in equity. The
ineffective portion is recognised immediately in the income statement. Where a hedged item results in an asset or a liability, gains and losses
previously recognised in equity are included in the cost of the asset or liability. Gains and losses previously recognised in equity are removed
and recognised in the income statement at the same time as the hedged transaction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-436": { "value": "The Group recognises non-controlling interest in an acquired entity either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. This decision is made on an acquisition-by-acquisition basis. For non-controlling interests that the Group holds, the Group elected to recognise the non-controlling interests at its proportionate share of the acquired net identifiable assets. Non-controlling interests ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-432": { "value": "Foreign currencies Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated at period-end rates. Any resulting exchange differences are taken to the income statement. Gains and losses on designated forward foreign exchange hedging contracts are matched against the foreign exchange movements on the underlying transaction. The individual financial statements of each Group company are presented in its functional currency. On consolidation, assets and liabilities of overseas subsidiaries, associated undertakings and joint ventures, including any related goodwill, are translated to Sterling at the rate of exchange at the balance sheet date. The results and cash flows of overseas subsidiaries, associated undertakings and joint ventures are translated to Sterling using the average rates of exchange during the period. Exchange adjustments arising from the re-translation of the opening net investment and the results for the period to the period-end rate are taken directly to equity and reported in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-433": { "value": "
Post-retirement benefits
The Group provides both defined contribution and defined benefit pension arrangements. The liabilities of the Group arising from defined
benefit obligations are determined using the projected unit credit method. Valuations for accounting purposes are carried out bi-annually.
Actuarial advice is provided by external consultants. For the funded defined benefit plans, the excess or deficit of the fair value of plan assets
less the present value of the defined benefit obligation are recognised as an asset or a liability respectively.
Per the Scheme rules the Company has an unconditional right to a refund of any surplus that may arise on cessation of the Scheme in the
context of IFRIC 14 paragraphs 11(b) and 12 and, therefore, the full net pension asset can be recognised on the Group\u2019s balance sheet and
the Group\u2019s minimum funding commitments to the Scheme do not give rise to an additional balance sheet liability.
For defined benefit plans the cost charged to the income statement consists of administrative expenses and the net interest income. There
is no service cost due to the fact the plans are closed to future accrual. The net interest income is reported within finance income and the
administration cost element is charged as a component of operating costs in the income statement. Actuarial gains and losses and re-
measurement gains and losses are recognised immediately in full through the statement of comprehensive income. Contributions to defined
contribution plans are charged to the income statement as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-434": { "value": "Share-based payments The Group operates share-based payment arrangements with employees. The fair value of equity-settled awards for share-based payments is determined on grant and expensed straight line over the period from grant to end of the service period. The charges for equity settled share- based payments are updated annually for non-market-based vesting conditions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-435": { "value": "Share capital Ordinary share capital of the Company is recorded as the proceeds received. Company shares held by the employee benefit trusts are held at the consideration paid. They are classified as own shares within equity. Any gain or loss on the purchase, sale or issue of Company shares is recorded in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-437": { "value": "36. Critical accounting estimates and judgments in applying accounting policies Critical accounting estimates The following commentary is intended to highlight key sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the financial statements in the next financial year. Estimated goodwill impairment The Group tests annually whether goodwill has suffered any impairment. This process relies on the use of estimates of the future profitability and cash flows of its cash generating units which may differ from the actual results delivered. In addition, the Group reviews whether identified intangible assets have suffered any impairment. Further details on the sensitivity of the carrying value of goodwill to changes in the key assumptions are set out in note 13. Estimation of the Group\u2019s defined benefit pension net surplus The Group\u2019s defined benefit pension obligations (and hence the net surplus) are based on key assumptions, including discount rates, mortality and inflation. Management exercises its best judgement, in consultation with actuarial advisors, in selecting the values for these assumptions that are the most appropriate to the Group. Small changes in these assumptions at the balance sheet date, individually or collectively, may result in significant changes in the size of the net surplus/deficit. Further details of these assumptions and the sensitivity of the net pension surplus to changes in these assumptions are set out in note 27. In addition to the sensitivity of the liability side of the net pension surplus (which will impact the value of the net pension surplus) the net pension surplus is also exposed to significant variation due to changes in the fair value of Scheme assets. A specific sensitivity on assets has not been included in note 27 but any change in valuation of assets flows straight through to the value of the net pension surplus e.g. if equities fall by \u00a310m then the net pension surplus reduces by \u00a310m. The values of unquoted assets assume that an available buyer is willing to purchase those assets at that value. For the Group\u2019s portfolio of assets, the unquoted alternative bonds of \u00a3228.1m; the unquoted corporate bonds of \u00a398.6m and the unquoted equities of \u00a311.2m are the assets with most uncertainty as to valuation as at 31 March 2025. Estimates of costs to complete on long-term contracts The Group has a large number of contracts which span multiple years and are accounted for on a percentage of completion basis in accordance with IFRS 15. Long-term contract accounting requires a number of estimates to be made, particularly in calculating the forecast costs to complete the contract. These forecast costs will be impacted by various factors including numerous risks that could crystallise in the future (with a range of cost outcomes), particularly on contracts of a developmental nature. Across the Group\u2019s portfolio of long-term contracts there is a risk that the actual out-turn of these contracts could be different than assumed in the year end contract forecasts, impacting both revenue and operating profit. For firm price contracts the impact of actual costs being above or below estimated costs would generally impact the contract profitability and the timing of revenue recognition. Costs could increase or decrease based on the level of inflation and the outcome of assumed risk and identified savings positions. As an example, an increase in total forecast costs to complete of 1% in one of the Group\u2019s most significant contracts, would reduce profit by approximately \u00a31m to \u00a32m per annum, on average over the remaining contract duration. Depending on the timing of such cost increases there would be an adjustment to the timing of revenue recognition, which would have no impact on total contract revenue but could impact an individual years revenue by \u00a32m to \u00a33m. In many cases fixed price contracts include inflation uplift clauses, such that inflation of costs would create additional contract value and revenue, thus resulting in increased profit. Critical accounting judgements Specific, material judgements made by the Directors in applying the Group\u2019s accounting policies are set out below: Basis of consolidation The Group comprises certain entities that are operated within the terms of a Special Security Arrangement (\u2018SSA\u2019). Details of the SSA and QinetiQ\u2019s management of US subsidiaries are set out in the Corporate Governance section of this Annual Report. IFRS 10 is the accounting standard applicable in respect of consolidation of entities. This does not specifically deal with SSA\u2019s. However, having considered the terms of the SSA, the Directors consider that the Group meets the requirements of IFRS 10 in respect of control over such affected entities and, therefore, consolidates these entities in the consolidated accounts. The impact of this specific judgement is full consolidation as opposed to treatment as a 100% associated undertaking. Treatment as a 100% associated undertaking would reduce Group revenue by a material amount (c.\u00a3350m per annum) but would have no impact on reported profit, which would include an equivalent amount of profit reported within Other Income as \u2018Share of profits of joint ventures\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-6": { "value": "Cody Technology Park Ively Road Farnborough Hampshire GU14 0LX", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } } } }