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"ConsolidatedCashFlowStatement_TotalLabel_00480": { "value": "-31000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00479": { "value": "63300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00481": { "value": "-400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00482": { "value": "-3700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00484": { "value": "290600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00483": { "value": "231000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00486": { "value": "259200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00485": { "value": "290600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_Label_00488": { "value": "-31000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_Label_00487": { "value": "63300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_Label_00490": { "value": "12900000.0", "decimals": -5, "dimensions": { "concept": "qq:NetCashFlowsNotImpactingNetCash", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_Label_00489": { "value": "12400000.0", "decimals": -5, "dimensions": { "concept": "qq:NetCashFlowsNotImpactingNetCash", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_TotalLabel_00491": { "value": "-18100000.0", "decimals": -5, "dimensions": { "concept": "qq:MovementInNetDebtCashResultingFromCashFlows", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_TotalLabel_00492": { "value": "75700000.0", "decimals": -5, "dimensions": { "concept": "qq:MovementInNetDebtCashResultingFromCashFlows", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_Label_00493": { "value": "-7300000.0", "decimals": -5, "dimensions": { "concept": "qq:NetIncreaseInLeaseObligation", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_Label_00494": { "value": "-50800000.0", "decimals": -5, "dimensions": { "concept": "qq:NetIncreaseInLeaseObligation", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_Label_00496": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "qq:NetMovementInDerivativeFinancialInstruments", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_Label_00495": { "value": "-4700000.0", "decimals": -5, "dimensions": { "concept": "qq:NetMovementInDerivativeFinancialInstruments", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_Label_00498": { "value": "-600000.0", "decimals": -5, "dimensions": { "concept": "qq:OtherMovementsIncludingForeignExchange", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_Label_00497": { "value": "-2200000.0", "decimals": -5, "dimensions": { "concept": "qq:OtherMovementsIncludingForeignExchange", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_TotalLabel_00499": { "value": "-25900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_TotalLabel_00500": { "value": "18000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_NegatedPeriodStartLabel_00502": { "value": "133200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetDebt", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_NegatedPeriodStartLabel_00501": { "value": "151200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetDebt", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_NegatedPeriodEndLabel_00504": { "value": "159100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetDebt", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_NegatedPeriodEndLabel_00503": { "value": "133200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetDebt", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_NegatedLabel_00506": { "value": "-333600000.0", "decimals": -5, "dimensions": { "concept": "qq:LessBorrowings", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_NegatedLabel_00505": { "value": "-335000000.0", "decimals": -5, "dimensions": { "concept": "qq:LessBorrowings", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_NegatedLabel_00507": { "value": "-84700000.0", "decimals": -5, "dimensions": { "concept": "qq:LessTotalNetDerivativeFinancialInstrumentsCapitalisedBorrowingCostsAndLeaseLiabilities", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_NegatedLabel_00508": { "value": "-88800000.0", "decimals": -5, "dimensions": { "concept": "qq:LessTotalNetDerivativeFinancialInstrumentsCapitalisedBorrowingCostsAndLeaseLiabilities", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_TotalLabel_00510": { "value": "259200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ReconciliationOfMovementsInNetDebt_TotalLabel_00509": { "value": "290600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_009": { "value": "1. Signi\ufb01cant changes in the current reporting period
The \ufb01nancial position and performance of the Group was particularly a\ufb00ected by the following events and transactions
during the reporting period:
1) A \u00a3146.9m (FY25: \u00a374.9m
) reduction in equity due to the ongoing purchase to acquire own shares as part of the share
buyback programme
2) A reduction in Goodwill and Other intangible assets in the US CGU following completion of the Fed IT disposal in H1 which
resulted in a modest gain on disposal
For a detailed discussion of the Group\u2019s performance and \ufb01nancial position refer to the Strategic Report on pages 1 to 76.", "dimensions": { "concept": "qq:DisclosureOfSignificantChangesInTheCurrentReportingPeriodTextBlock", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0011": { "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
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Services contracts with customers
1,842.3
1,810.9
Sale of goods contracts with customers
78.6
110.6
Royalties and licences
1.7
10.1
Total revenue
1,922.6
1,931.6
Adjust for disposed businesses
(9.7)
(25.8)
Adjust to constant prior year exchange rates
18.8
\u2013
Total revenue on an organic, constant currency basis*
1,931.7
1,905.8
Organic revenue growth at constant currency*
1%
2%
\n
*
Alternative performance measures are used to supplement the statutory \ufb01gures. These are additional \ufb01nancial indicators used by management
internally to assess the underlying performance of the Group. De\ufb01nitions can be found on page 220.
Other income
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Share of joint ventures\u2019 (loss)/pro\ufb01t after tax
(1.0)
0.3
Research and development expenditure credits (RDEC)
29.3
30.0
Other income
1.8
8.9
Total other income
30.1
39.2
\n
Revenue and loss after tax of associates and joint ventures was \u00a31.3m and \u00a31.2m respectively (FY25: revenue of \u00a35.9m and
pro\ufb01t after tax of \u00a30.3m). The \ufb01gures in the table above represent the Group share of this pro\ufb01t after tax.
Other income is in respect of property rentals and the recovery of other related property costs.
Revenue by customer geographic location
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
United Kingdom (UK)
1,416.4
1,311.0
United States of America (US)
288.0
348.4
Australia
93.5
147.9
Home countries
1,797.9
1,807.3
Europe
61.6
64.7
Rest of world
63.1
59.6
Total revenue
1,922.6
1,931.6
Home countries revenue %
94%
94%
International (non-UK) revenue %
26%
32%
\n
Revenue by major customer type
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
UK government
1,290.4
1,205.3
US government
248.8
338.1
Other
383.4
388.2
Total revenue
1,922.6
1,931.6
\n
\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 unsatis\ufb01ed (or
partially satis\ufb01ed) as at the end of the reporting period:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY27
FY28
FY29
FY30+
Total
Total forecast revenue allocated to unsatis\ufb01ed performance obligations
1,347.2
744.7
458.0
1,871.5
4,421.4
\n
Management expects that 30% (\u00a31,347.2m) of revenue allocated to unsatis\ufb01ed performance obligations as of 31 March
2026 will be recognised as revenue during the next reporting period. The amount disclosed above does not include variable
consideration which is constrained.
The following table shows the aggregate amount of revenue allocated to performance obligations that were unsatis\ufb01ed (or
partially satis\ufb01ed) as at the end of the prior reporting period:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY27
FY28
FY29+
Total
Total forecast revenue allocated to unsatis\ufb01ed performance obligations
1,393.3
645.8
453.0
353.0
2,845.1
\n
Revenue of \u00a3195.2m was recognised during the year that was previously unrecognised as at the previous year end and
reported as a contract liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0012": { "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
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Services contracts with customers
1,842.3
1,810.9
Sale of goods contracts with customers
78.6
110.6
Royalties and licences
1.7
10.1
Total revenue
1,922.6
1,931.6
Adjust for disposed businesses
(9.7)
(25.8)
Adjust to constant prior year exchange rates
18.8
\u2013
Total revenue on an organic, constant currency basis*
1,931.7
1,905.8
Organic revenue growth at constant currency*
1%
2%
\n
*
Alternative performance measures are used to supplement the statutory \ufb01gures. These are additional \ufb01nancial indicators used by management
internally to assess the underlying performance of the Group. De\ufb01nitions can be found on page 220.
Other income
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Share of joint ventures\u2019 (loss)/pro\ufb01t after tax
(1.0)
0.3
Research and development expenditure credits (RDEC)
29.3
30.0
Other income
1.8
8.9
Total other income
30.1
39.2
\n
Revenue and loss after tax of associates and joint ventures was \u00a31.3m and \u00a31.2m respectively (FY25: revenue of \u00a35.9m and
pro\ufb01t after tax of \u00a30.3m). The \ufb01gures in the table above represent the Group share of this pro\ufb01t after tax.
Other income is in respect of property rentals and the recovery of other related property costs.
Revenue by customer geographic location
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
United Kingdom (UK)
1,416.4
1,311.0
United States of America (US)
288.0
348.4
Australia
93.5
147.9
Home countries
1,797.9
1,807.3
Europe
61.6
64.7
Rest of world
63.1
59.6
Total revenue
1,922.6
1,931.6
Home countries revenue %
94%
94%
International (non-UK) revenue %
26%
32%
\n
Revenue by major customer type
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
UK government
1,290.4
1,205.3
US government
248.8
338.1
Other
383.4
388.2
Total revenue
1,922.6
1,931.6
\n
\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 unsatis\ufb01ed (or
partially satis\ufb01ed) as at the end of the reporting period:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY27
FY28
FY29
FY30+
Total
Total forecast revenue allocated to unsatis\ufb01ed performance obligations
1,347.2
744.7
458.0
1,871.5
4,421.4
\n
Management expects that 30% (\u00a31,347.2m) of revenue allocated to unsatis\ufb01ed performance obligations as of 31 March
2026 will be recognised as revenue during the next reporting period. The amount disclosed above does not include variable
consideration which is constrained.
The following table shows the aggregate amount of revenue allocated to performance obligations that were unsatis\ufb01ed (or
partially satis\ufb01ed) as at the end of the prior reporting period:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY27
FY28
FY29+
Total
Total forecast revenue allocated to unsatis\ufb01ed performance obligations
1,393.3
645.8
453.0
353.0
2,845.1
\n
Revenue of \u00a3195.2m was recognised during the year that was previously unrecognised as at the previous year end and
reported as a contract liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0013": { "value": "Revenue by customer geographic location \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
United Kingdom (UK)
1,416.4
1,311.0
United States of America (US)
288.0
348.4
Australia
93.5
147.9
Home countries
1,797.9
1,807.3
Europe
61.6
64.7
Rest of world
63.1
59.6
Total revenue
1,922.6
1,931.6
Home countries revenue %
94%
94%
International (non-UK) revenue %
26%
32%
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0014": { "value": "Revenue by major customer type \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
UK government
1,290.4
1,205.3
US government
248.8
338.1
Other
383.4
388.2
Total revenue
1,922.6
1,931.6
\n
\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 unsatis\ufb01ed (or
partially satis\ufb01ed) as at the end of the reporting period:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY27
FY28
FY29
FY30+
Total
Total forecast revenue allocated to unsatis\ufb01ed performance obligations
1,347.2
744.7
458.0
1,871.5
4,421.4
\n
Management expects that 30% (\u00a31,347.2m) of revenue allocated to unsatis\ufb01ed performance obligations as of 31 March
2026 will be recognised as revenue during the next reporting period. The amount disclosed above does not include variable
consideration which is constrained.
The following table shows the aggregate amount of revenue allocated to performance obligations that were unsatis\ufb01ed (or
partially satis\ufb01ed) as at the end of the prior reporting period:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY27
FY28
FY29+
Total
Total forecast revenue allocated to unsatis\ufb01ed performance obligations
1,393.3
645.8
453.0
353.0
2,845.1
\n
Revenue of \u00a3195.2m was recognised during the year that was previously unrecognised as at the previous year end and
reported as a contract liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0021": { "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 de\ufb01ned 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 de\ufb01ned
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 de\ufb01ned by IFRS 8) deliver innovative solutions and products which include 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
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
FY26
FY25
\u00a0
Revenue
Underlying
Revenue
Underlying
\u00a0
from external
operating
from external
operating
All \ufb01gures in \u00a3 million
customers
pro\ufb01t
1,2
customers
pro\ufb01t
1,2
EMEA Services
1,529.2
182.3
1,477.7
169.0
Global Solutions
393.4
35.6
453.9
16.4
Revenue/Operating pro\ufb01t from segments
1,2
1,922.6
217.9
1,931.6
185.4
Research and development expenditure credits (RDEC)
\u00a0
29.3
\u00a0
30.0
Underlying operating pro\ufb01t
2
\u00a0
247.2
\u00a0
215.4
Operating pro\ufb01t margin from segments
2
\u00a0
11.3%
\u00a0
9.6%
\n
1
The measure of pro\ufb01t presented to the Chief Operating Decision Maker is Operating pro\ufb01t from segments, stated before speci\ufb01c adjusting items
and research and development expenditure credits. The speci\ufb01c adjusting items are detailed in note 4.
2
De\ufb01nitions of the Group\u2019s \u2018Alternative performance measures\u2019 can be found on page 220.
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 pro\ufb01t and revenue of each segment
as appropriate.
Reconciliation of segmental results to total pro\ufb01t/(loss)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
Note
FY26
FY25
Underlying operating pro\ufb01t from segments
1,2
\u00a0
217.9
185.4
Research and development expenditure credits (RDEC)
\u00a0
29.3
30.0
Underlying operating pro\ufb01t
2
\u00a0
247.2
215.4
Speci\ufb01c adjusting items operating loss
4
(77.4)
(305.9)
Operating pro\ufb01t/(loss)
\u00a0
169.8
(90.5)
Net \ufb01nance expense
7
(15.2)
(15.8)
Gain on business divestment
12
0.5
\u2013
Pro\ufb01t/(loss) before tax
\u00a0
155.1
(106.3)
Taxation expense
9
(47.6)
(79.4)
Pro\ufb01t/(loss) for the year
\u00a0
107.5
(185.7)
\n
1
The measure of pro\ufb01t presented to the Chief Operating Decision Maker is Operating pro\ufb01t from segments, stated before speci\ufb01c adjusting items
and research and development expenditure credits. The speci\ufb01c adjusting items are detailed in note 4.
2
De\ufb01nitions of the Group\u2019s \u2018Alternative performance measures\u2019 can be found on page 220.
Non-current assets* by geographic location
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Rest of
\u00a0
All \ufb01gures in \u00a3 million
UK
US
Australia
Germany
world
Total
As at year ended 31 March 2026
483.1
340.6
36.4
63.9
6.9
930.9
As at year ended 31 March 2025
508.3
392.1
39.8
65.8
11.0
1,017.0
\n
*
Excluding deferred tax, \ufb01nancial instruments, equity accounted investments and net pension asset.
Depreciation and amortisation by business segment \u2013 excluding speci\ufb01c adjusting items
For the year ended 31 March 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
EMEA
Global
\u00a0
All \ufb01gures in \u00a3 million
Services
Solutions
Total
Underlying depreciation and impairment of property, plant and equipment
69.7
6.9
76.6
Underlying amortisation and impairment of purchased or internally developed intangible assets
19.6
0.3
19.9
\u00a0
89.3
7.2
96.5
\n
For the year ended 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
EMEA
Global
\u00a0
All \ufb01gures 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
\u00a0
70.6
15.7
86.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0022": { "value": "4. Speci\ufb01c adjusting items
In the income statement, the Group presents speci\ufb01c adjusting items separately. In the judgement of the Directors, for
the reader to obtain a proper understanding of the \ufb01nancial information, speci\ufb01c 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 speci\ufb01c adjusting items. The following speci\ufb01c adjusting items have been
(charged)/credited in the consolidated income statement:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
Note
FY26
FY25
One-o\ufb00 period of digital investment
\u00a0
(23.6)
(20.8)
Restructuring costs and associated impacts
\u00a0
(30.2)
(64.5)
Acquisition and disposal related costs
\u00a0
\u2013
(14.9)
Loss on sale of property
\u00a0
\u2013
(36.6)
Speci\ufb01c adjusting items loss before interest, tax, depreciation and amortisation
\u00a0
(53.8)
(136.8)
Impairment of property
\u00a0
(0.5)
(1.0)
Impairment of goodwill
13
\u2013
(143.9)
Amortisation of intangible assets arising from acquisitions
\u00a0
(23.1)
(24.2)
Speci\ufb01c adjusting items operating loss
\u00a0
(77.4)
(305.9)
De\ufb01ned bene\ufb01t pension scheme net \ufb01nance income
27
2.4
1.0
Gain on business divestment
12
0.5
\u2013
Speci\ufb01c adjusting items loss before tax
\u00a0
(74.5)
(304.9)
Tax impact of the above speci\ufb01c adjusting items
9
13.5
17.2
Derecognition of US deferred tax asset
9
\u2013
(45.0)
Total speci\ufb01c adjusting items loss after tax
\u00a0
(61.0)
(332.7)
\n
Reconciliation of underlying pro\ufb01t for the year to total pro\ufb01t/(loss) for the year
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Underlying pro\ufb01t after tax
168.5
147.0
Total speci\ufb01c adjusting items loss after tax
(61.0)
(332.7)
Total pro\ufb01t/(loss) for the year
107.5
(185.7)
\n
The total impact of speci\ufb01c adjusting items (which are excluded from underlying performance due to their distorting nature)
on operating pro\ufb01t was a cost of \u00a377.4m (FY25: cost of \u00a3305.9m). The improved position re\ufb02ects that FY25 included the
goodwill impairment charge of \u00a3143.9m relating to the US Sector and acquisition, disposal and integration costs of \u00a314.9m
associated with integrating the Avantus and Air A\ufb00airs acquisitions into their respective sectors, while this year there are
no charges against these line items.
In FY26 the non-recurring cost of the discrete digital investment programme is \u00a323.6m (FY25: \u00a320.8m). We continue to
roll out this project to modernise the IT infrastructure to support our future growth ambitions. The non-recurring costs
are reported as speci\ufb01c adjusting items in the P&L, with ongoing recurring operating costs (such as licence costs and
overheads) remaining within underlying operating costs. This year is expected to be the \ufb01nal year of digital investment.
Restructuring costs and other impacts were \u00a330.2m (FY25: \u00a364.5m). This includes the costs of e\ufb00iciency activity in UK and
Australia operations which is nearing completion, as well as the further non-cash charges in the US. The majority of these
costs were reported within the \ufb01rst half of FY26 and were a consequence of continued re\ufb01nement of the market-facing
strategy and ongoing restructuring of the US Sector against challenging market conditions.
Also included within speci\ufb01c adjusting items are net \ufb01nance income from pensions of \u00a32.4m (FY25: \u00a31.0m), amortisation
of acquisition intangibles of \u00a323.1m (FY25: \u00a324.2m) and the \u00a30.5m gain on disposal of the Federal IT business in the US,
which completed during the \ufb01rst half of the year.Speci\ufb01c adjusting items
Speci\ufb01c adjusting items include the following:
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Does not re\ufb02ect
\u00a0
Distorting due to
Distorting due to
in-year operational
\u00a0
irregular nature
\ufb02uctuating nature
performance of
Item
year on year
(size and sign)
continuing business
Amortisation of intangible assets arising from acquisitions
\u00a0\u00a0
\ue001
Pension net \ufb01nance income
\u00a0
\ue001
\ue001
Gains/losses on disposal of businesses, property and investments
\ue001
\ue001
\ue001
Transaction, integration and on-o\ufb00 remuneration costs in respect of business
\u00a0\u00a0\u00a0
acquisitions and disposals
\ue001
\u00a0
\ue001
Impairment of property and goodwill
\ue001
\u00a0\u00a0
One-o\ufb00 period of digital investment
\ue001
\ue001
\ue001
Costs and other impacts of group-wide restructuring programmes
\ue001
\ue001
\u00a0
The tax impact of the above
\ue001
\ue001
\ue001
Other signi\ufb01cant non-recurring tax and RDEC movements
\ue001
\ue001
\ue001
\n
The \ufb01nancial impact of each item is reported in note 4 to these \ufb01nancial statements.
These \u2018speci\ufb01c adjusting items\u2019 are of a \u2018non-operational\u2019 nature and do not include all signi\ufb01cant, irregular items that are of
an operational nature, for example contract risk provisions and gains/losses on disposal of plant and equipment.", "dimensions": { "concept": "qq:DisclosureOfSpecificAdjustingItemsTextBlock", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00168": { "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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
As at 31 March
Monthly average
\u00a0
2026
2025
FY26
FY25
\u00a0
Number
Number
Number
Number
EMEA Services
6,213
6,903
6,448
6,955
Global Solutions
1,165
1,500
1,274
1,575
Total employees
7,378
8,403
7,722
8,530
\n
The aggregate payroll costs of these persons were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
Note
FY26
FY25
Wages and salaries
\u00a0
533.9
569.4
Social security costs
\u00a0
60.1
54.5
Other pension costs
\u00a0
70.7
73.4
Share-based payments costs
29
11.5
9.8
Total employee costs
\u00a0
676.2
707.1
\n27. Post-retirement bene\ufb01ts
De\ufb01ned contribution plans
The Group operates a number of de\ufb01ned contribution pension arrangements, the largest of which is in the UK and provided
by the Mercer Master Trust. A de\ufb01ned contribution plan is a pension plan under which the Group and employees pay
\ufb01xed contributions to a third-party \ufb01nancial provider. The Group has no legal or constructive obligations to pay further
contributions if the fund does not hold su\ufb00icient assets to pay all employees the bene\ufb01ts relating to employee service
in the current and prior periods. The contributions are recognised as an employee bene\ufb01t expense when they are due.
The expense incurred during the year was \u00a370.7m (FY25: \u00a373.4m). Prepaid contributions are recognised as an asset to the
extent that a cash refund or a reduction in the future payments is available.
De\ufb01ned bene\ufb01t pension plan
In the UK the Group operates the QinetiQ Pension Scheme (\u2018the Scheme\u2019) for approximately 10% of its UK employees.
The Scheme closed to future accrual on 31 October 2013 and there is no ongoing service cost. After this date, de\ufb01ned active
bene\ufb01t members transferred to a de\ufb01ned contribution section of the Scheme. The Scheme is a \ufb01nal salary plan, which
provides bene\ufb01ts to members in the form of a guaranteed level of pension payable for life.
The level of bene\ufb01ts provided depends on the members\u2019 length of service and their \ufb01nal 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 bene\ufb01t 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
\n
Trustees and their composition. Responsibility for the governance of the Scheme \u2013 including investment decisions and
\n
contribution schedules \u2013 lies with the Scheme Trustee with consultation with the Company as needed. Dalriada, one of
\n
the largest professional trustee \ufb01rms in the UK, act as Professional Corporate Sole Trustee (PCST) for the Scheme. Being
\n
governed by a PCST is well suited to an ever-changing and highly regulated pension landscape.
\n
The asset recognised in the balance sheet in respect of the de\ufb01ned bene\ufb01t pension plan is the fair value of plan assets
\n
less the present value of the de\ufb01ned bene\ufb01t obligation at the end of the reporting period. The de\ufb01ned bene\ufb01t obligation is
\n
calculated bi-annually by independent actuaries using the projected unit credit method. Future cash \ufb02ows of the Scheme
\n
which are subject to in\ufb02ation are calculated using a CPI in\ufb02ation assumption for the majority of the cash \ufb02ows, with a
\n
small proportion of cash \ufb02ows linked to RPI. IAS 19 requires the in\ufb02ation assumptions to be market-based assumptions,
\n
as opposed to being based on economic forecasts.
\n
The present value of the de\ufb01ned bene\ufb01t obligation is determined by discounting the estimated, in\ufb02ated future cash
\n
out\ufb02ows using interest rates of high quality corporate bonds that have terms to maturity approximating to the terms of the
\n
related pension obligation.
\n
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or
\n
credited to equity in other comprehensive income in the period in which they arise.
\n
Triennial funding valuation
\n
The most recent completed full actuarial valuation of the Scheme was undertaken as at 30 June 2023 and resulted in an
\n
actuarially assessed surplus of \u00a311.4m (relative to the technical provisions, i.e. the level of assets agreed by the Trustee
\n
and the Company as being appropriate to meet member bene\ufb01ts, assuming the Scheme continues as a going concern).
\n
The next triennial valuation will be performed as at 30 June 2026. Under the new schedule of contributions agreed at the
\n
conclusion of the recent triennial valuation, and re\ufb02ecting the Scheme being in surplus, there are no employer contributions
\n
required. Separately to the schedule of contributions the Company does have a cash commitment to the Scheme in respect
\n
of an asset-backed funding arrangement established in 2012; see QinetiQ Pension Funding Partnership below.
\n
QinetiQ\u2019s Pension Funding Partnership (PFP) structure
\n
On 26 March 2012 QinetiQ established the QinetiQ PFP Limited Partnership (\u2018the Partnership\u2019) with the Scheme. Under
\n
this arrangement, properties to the capitalised value of \u00a332.3m were transferred to the Partnership. The transfers were
\n
e\ufb00ected through a 20-year sale and leaseback agreement. The Scheme\u2019s interest in the Partnership entitles it to annual
\n
distributions from 2012. The annual distribution in the year to 31 March 2027 will be \u00a33.7m, which will increase thereafter,
\n
indexed by reference to CPI, until 2032.
\n
The Partnership is controlled by QinetiQ and its results are consolidated by the Group. Under IAS 19, the interest held by
\n
the Scheme in the Partnership does not qualify as a plan asset for the purposes of the Group\u2019s consolidated \ufb01nancial
\n
statements and is, therefore, not included within the fair value of plan assets. As a result, the Group\u2019s consolidated \ufb01nancial
\n
statements are unchanged by the Partnership. In addition, the value of the property transferred to the Partnership and
\n
leased back to QinetiQ remains on the balance sheet. QinetiQ retains the operational \ufb02exibility to substitute properties of
\n
equivalent value within the Partnership and has the option to se\ue001le outstanding amounts due under the interest before
\n
2032 if it so chooses.
\n
Other UK schemes
\n
In the UK the Group has a small number of employees for whom bene\ufb01ts are secured through the Prudential Platinum
\n
Scheme (\u2018the PPS\u2019). The PPS scheme is always fully funded and has a very small surplus at year end. QinetiQ also
\n
o\ufb00ers employees access to a Group Self Invested Personal Pension Plan, but no Company contributions are paid to
\n
this arrangement.
De\ufb01ned bene\ufb01t 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Total market value of assets \u2013 see table below for analysis by category of asset
1,208.0
1,176.7
Present value of Scheme liabilities
(1,153.6)
(1,137.3)
Net pension asset before deferred tax
54.4
39.4
Deferred tax liability
(17.9)
(14.6)
Net pension asset after deferred tax
36.5
24.8
\n
The balance sheet net pension asset is a snapshot view which can be signi\ufb01cantly in\ufb02uenced 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 in\ufb02ation 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 193.
The key driver for the increase in the net pension asset since 31 March 2025 was a net actuarial gain on the net pension asset.
Total net income/(expense) recognised in the income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Net \ufb01nance income
2.4
1.0
Administrative expenses
(1.2)
(1.2)
Total net income/(expense) recognised in the income statement (excluding tax)
1.2
(0.2)
\n
Movement in the net pension asset
The movement in the net pension asset (before deferred tax) is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Opening net pension asset
39.4
18.4
Net \ufb01nance income
2.4
1.0
Net actuarial gain and asset re-measurement gain/(loss)
10.2
17.7
Administrative expenses
(1.2)
(1.2)
Contributions by the employer
3.6
3.5
Closing net pension asset
54.4
39.4
\n
Fair value of Scheme assets by type of asset
\n
The fair value of the Scheme\u2019s assets, which are not intended to be realised in the short term and may be subject to
\n
signi\ufb01cant changes before they are realised, were:
\n\n \n
31 March 2026
31 March 2025*
Not quoted
Not quoted
in an active
in an active
All \ufb01gures in \u00a3 million
Quoted
market
Total
Quoted
market
Total
Equities
\u2013
7.5
7.5
\u2013
11.2
11.2
Liability driven investment
223.3
\u2013
223.3
351.1
\u2013
351.1
Asset backed security investments
118.4
\u2013
118.4
75.0
\u2013
75.0
Alternative bonds
1
\u2013
185.4
185.4
\u2013
228.1
228.1
Corporate bonds
2
135.7
73.1
208.8
\u2013
98.6
98.6
Cash and cash equivalents
9.8
\u2013
9.8
46.1
\u2013
46.1
Equity derivative \ufb01nancial instruments
\u2013
\u2013
\u2013
(0.9)
\u2013
(0.9)
Corporate credit derivative \ufb01nancial instruments
3
(1.0)
\u2013
(1.0)
1.8
\u2013
1.8
Other derivatives (forward FX contracts)
4
(1.4)
\u2013
(1.4)
10.0
\u2013
10.0
Insurance buy-in policies
\u2013
457.2
457.2
\u2013
450.7
450.7
Borrowings
5
\u2013
\u2013
\u2013
\u2013
(95.0)
(95.0)
Total market value of assets
484.8
723.2
1,208.0
483.1
693.6
1,176.7
\n
*
The comparative cash and cash equivalents balance has been presented as quoted, to re\ufb02ect the observable nature of its fair value.
\n
1
Primarily private market debt investments.
\n
2
Includes unlisted corporate bonds with commercial property held as security.
\n
3
The fair value of corporate credit derivative \ufb01nancial instruments is recognised as a liability of \u00a31.0m. This is in respect of various credit default
\n
swap \ufb01nancial instruments held by the Scheme. These instruments provide the Scheme with signi\ufb01cantly greater exposure to corporate bonds.
\n
The notional value of the credit default swap contracts was \u00a3229.6m as at 31 March 2026. The economic exposure (notional exposure +MTM)
\n
was \u00a3228.6m as at 31 March 2026.
\n
4
The fair value of other derivative \ufb01nancial instruments is recognised as a liability of \u00a31.4m. This is in respect of various foreign exchange contracts
\n
held by the Scheme. The exposure to foreign exchange risk is signi\ufb01cantly greater than the \u00a310.0m marked to market value of the forward
\n
contracts. The notional value of these \ufb01nancial instruments was \u00a3114.5m as at 31 March 2026, with a total economic exposure value of \u00a3113.1m.
\n
5
The \u00a395m loan as at 31 March 2025 (originally arranged in September 2023 to facilitate an increase in liquidity to support increased levels of
\n
hedging) was repaid during the year.
\n
The Scheme\u2019s assets do not include any of the Group\u2019s own transferable \ufb01nancial instruments, property occupied by the
\n
Group or other assets used by the Group.
\n
The insurance policies obtained by the pension scheme can only be used to pay or fund employee bene\ufb01ts under the
\n
Company\u2019s de\ufb01ned bene\ufb01t plan. They are not available to the Company\u2019s own creditors and cannot be paid to another
\n
entity. These are the requirements of IAS 19 paragraph 7 and hence the Company\u2019s determination is that the insurance
\n
policies are qualifying insurance policies and require classi\ufb01cation as a plan asset. The policies were issued by insurers that
\n
are not a related party.
\n
Per the Scheme rules the Company has an unconditional right to a refund of any surplus, assuming gradual se\ue001lement of
\n
all liabilities over time. Such surplus may arise on cessation of the Scheme in the context of IFRIC 14 paragraphs 11(b) and 12
\n
and therefore the full net pension asset can be recognised on the Group\u2019s balance sheet and the Group\u2019s minimum funding
\n
commitments to the Scheme do not give rise to an additional balance sheet liability.
\n
Changes to the fair value of Scheme assets
\n\n \n
All \ufb01gures in \u00a3 million
FY26
FY25
Opening fair value of Scheme assets
1,176.7
1,316.2
Interest income on Scheme assets
65.9
62.0
Re-measurement gain/(loss) on Scheme assets
21.2
(149.0)
Contributions by the employer
3.6
3.5
Net bene\ufb01ts paid out and transfers
(58.2)
(54.8)
Administrative expenses
(1.2)
(1.2)
Closing fair value of Scheme assets
1,208.0
1,176.7
Changes to the present value of Scheme liabilities
\n
The present value of the Scheme\u2019s liabilities, which are derived from cash \ufb02ow projections over long periods, and thus
\n
inherently uncertain, were:
\n\n \n
All \ufb01gures in \u00a3 million
FY26
FY25
Opening present value of Scheme liabilities
(1,137.3)
(1,297.8)
Interest cost
(63.5)
(61.0)
Actuarial gain/(loss) on Scheme liabilities based on:
Change in demographic assumptions
(4.5)
17.4
Change in \ufb01nancial assumptions
2.4
149.6
Experience losses
(8.9)
(0.3)
Net bene\ufb01ts paid out and transfers
58.2
54.8
Closing present value of Scheme liabilities
(1,153.6)
(1,137.3)
\n
Assumptions
\n
The major assumptions used in the IAS 19 valuation of the Scheme\u2019s liabilities were:
\n\n \n
31 March 2026
31 March 2025
Insured
Uninsured
Insured
Uninsured
All \ufb01gures in \u00a3 million
members
members
members
members
Discount rate applied to Scheme liabilities
5.85%
6.15%
5.70%
5.75%
CPI in\ufb02ation assumption
2.80%
2.80%
2.45%
2.50%
Net rate (discount rate less in\ufb02ation)
3.05%
3.35%
3.25%
3.25%
Assumed life expectancies in years:
At 60 for males currently aged 40
n/a
28.2
n/a
27.8
At 60 for females currently aged 40
n/a
30.5
n/a
30.3
At 60 for males currently aged 60
n/a
26.9
n/a
26.5
At 60 for females currently aged 60
n/a
29.2
n/a
28.9
At 65 for males currently aged 65
22.6
n/a
22.1
n/a
At 65 for females currently aged 65
24.9
n/a
24.6
n/a
\n
The assumptions used by the actuary are the best estimates chosen from a range of possible actuarial assumptions
\n
which, because of the timescale covered, may not necessarily be borne out in practice. It is important to note that these
\n
assumptions are long term and, in the case of the discount rate and the in\ufb02ation rate, are measured by reference to external
\n
market indicators.
\n
The discount rate is based on observable yields on corporate bonds but there is no direct, observable market rate for CPI.
\n
A \u2018market approach\u2019 to deriving CPI involves adjusting a market-based RPI rate downward by an \u2018in\ufb02ation risk premium\u2019 and
\n
an RPI-CPI adjustment factor (determined from relevant market yield curves). This market
-based approach is required by
\n
IAS 19 and results in a CPI in\ufb02ation rate in excess of the Bank of England long-term target and also in excess of a consensus
\n
view of CPI (based on surveys of economists). However, adopting an economic consensus approach to se\ue001ing CPI in\ufb02ation
\n
is not acceptable under accounting standards.
\n
The mortality assumptions for both the current and prior year were based on the SAPS Normal S3 \u2018All Lives\u2019 base tables,
\n
with various scaling factors based on sex and status. Allowance was made for improvements in mortality in line with
\n
CMI_2025 core projections (31 March 2025: CMI_2023 projections) and a long-term rate of improvement of 1.0% per
\n
annum (31 March 2025: 1.0%).
\n
The funding of the Scheme is based on long-term trends and assumptions relating to market growth, as advised by quali\ufb01ed
\n
actuaries and investment advisors. The Scheme \u2018duration\u2019, calculated using discounted future cash \ufb02ows, is an indicator
\n
of the weighted average time until bene\ufb01ts are paid and is approximately 14 years for non-insured liabilities and 9 years for
\n
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
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Indicative impact on
Indicative impact on
Indicative impact on
Assumption
Scheme assets
Scheme liabilities
net pension asset
Decrease discount rate by 0.25%
Increase by \u00a310.6m
Increase by \u00a334.5m
Decrease by \u00a323.9m
Increase rate of in\ufb02ation by 0.25%
Increase by \u00a39.7m
Increase by \u00a332.7m
Decrease by \u00a323.0m
Increase life expectancy by one year
Increase by \u00a314.0m
Increase by \u00a324.8m
Decrease by \u00a310.8m
\n
The impact of movements in Scheme liabilities will, to an extent, be o\ufb00set by movements in the value of Scheme assets as
the Scheme has assets invested in a Liability Driven Investment Portfolio. As at 31 March 2026 this portfolio hedged against
approximately 100% of the interest rate risk and also approximately 100% of the in\ufb02ation rate risk, as measured on the
actuarial funding valuation basis.
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 de\ufb01ned bene\ufb01t obligation to signi\ufb01cant actuarial assumptions the same method (projected unit credit
method) has been applied as when calculating the pension liability recognised within the statement of \ufb01nancial 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 signi\ufb01cant variation due to changes in the fair value of Scheme assets.
A speci\ufb01c sensitivity on assets has not been included in the above table but any change in valuation of assets \ufb02ows 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 \u00a3185.4m, the unquoted corporate bonds of \u00a373.1m and the unquoted
equities of \u00a37.5m are the assets with most uncertainty as to valuation as at 31 March 2026.
The accounting assumptions noted are used to calculate the year-end net pension asset in accordance with the relevant
accounting standard, IAS 19 (revised) Employee Bene\ufb01ts. 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 di\ufb00erent 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, while the IAS 19 accounting basis valuation uses
corporate bond yields as the base.
Risks
Through its de\ufb01ned bene\ufb01t pension plan, the Group is exposed to a number of risks, the most signi\ufb01cant of which are
detailed below:
\n \n
Volatility in
Results under IAS 19 can change dramatically depending on market conditions. The present value of
market conditions
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 \ufb02uctuating 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 \ufb01nance income in the Group\u2019s
income statement.
Choice of accounting
The calculation of the present value of Scheme liabilities involves projecting future cash \ufb02ows from the Scheme
assumptions
many years into the future. This means that the assumptions used can have a material impact on the balance sheet
position and pro\ufb01t and loss charge. 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 in\ufb02ation could be higher or lower
than allowed for in the calculation of the liabilities.
In June 2023, in Virgin Media Limited v NTL Pension Trustees II Limited, the UK High Court ruled that speci\ufb01c historical
amendments to contracted-out de\ufb01ned bene\ufb01t schemes in the period from 6 April 1997 to 5 April 2016 were invalid as they
lacked a con\ufb01rmation 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 signi\ufb01cant \ufb01nancial impact is remote.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0023": { "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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
As at 31 March
Monthly average
\u00a0
2026
2025
FY26
FY25
\u00a0
Number
Number
Number
Number
EMEA Services
6,213
6,903
6,448
6,955
Global Solutions
1,165
1,500
1,274
1,575
Total employees
7,378
8,403
7,722
8,530
\n
The aggregate payroll costs of these persons were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
Note
FY26
FY25
Wages and salaries
\u00a0
533.9
569.4
Social security costs
\u00a0
60.1
54.5
Other pension costs
\u00a0
70.7
73.4
Share-based payments costs
29
11.5
9.8
Total employee costs
\u00a0
676.2
707.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0030": { "value": "6. Key management personnel
The key management personnel of the Group during the year to 31 March 2026 comprise the Board of Directors and the
QinetiQ Leadership Team. Their remuneration and bene\ufb01ts are summarised below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Short-term employee remuneration including bene\ufb01ts
8.4
6.9
Post-employment bene\ufb01ts
0.1
0.1
Share-based payments costs
3.3
3.3
Total
11.8
10.3
\n
Short-term employee remuneration and bene\ufb01ts include salary, bonus and bene\ufb01ts. Post-employment bene\ufb01ts relate to
pension amounts.
The highest paid director is the Group Chief Executive O\ufb00icer, details of whose remuneration are provided on page 129 of the
Directors\u2019 Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0031": { "value": "7. Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Bank interest receivable
5.2
6.6
Finance income before speci\ufb01c adjusting items
5.2
6.6
Amortisation of deferred \ufb01nancing costs
(1.2)
(1.4)
Bank interest and commitment fees
(16.2)
(17.8)
Lease expense
(5.4)
(4.2)
Finance expense
(22.8)
(23.4)
Underlying net \ufb01nance expense
(17.6)
(16.8)
Speci\ufb01c adjusting item: de\ufb01ned bene\ufb01t pension scheme net \ufb01nance income
2.4
1.0
Net \ufb01nance expense
(15.2)
(15.8)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0032": { "value": "7. Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Bank interest receivable
5.2
6.6
Finance income before speci\ufb01c adjusting items
5.2
6.6
Amortisation of deferred \ufb01nancing costs
(1.2)
(1.4)
Bank interest and commitment fees
(16.2)
(17.8)
Lease expense
(5.4)
(4.2)
Finance expense
(22.8)
(23.4)
Underlying net \ufb01nance expense
(17.6)
(16.8)
Speci\ufb01c adjusting item: de\ufb01ned bene\ufb01t pension scheme net \ufb01nance income
2.4
1.0
Net \ufb01nance expense
(15.2)
(15.8)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0033": { "value": "7. Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Bank interest receivable
5.2
6.6
Finance income before speci\ufb01c adjusting items
5.2
6.6
Amortisation of deferred \ufb01nancing costs
(1.2)
(1.4)
Bank interest and commitment fees
(16.2)
(17.8)
Lease expense
(5.4)
(4.2)
Finance expense
(22.8)
(23.4)
Underlying net \ufb01nance expense
(17.6)
(16.8)
Speci\ufb01c adjusting item: de\ufb01ned bene\ufb01t pension scheme net \ufb01nance income
2.4
1.0
Net \ufb01nance expense
(15.2)
(15.8)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0034": { "value": "7. Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Bank interest receivable
5.2
6.6
Finance income before speci\ufb01c adjusting items
5.2
6.6
Amortisation of deferred \ufb01nancing costs
(1.2)
(1.4)
Bank interest and commitment fees
(16.2)
(17.8)
Lease expense
(5.4)
(4.2)
Finance expense
(22.8)
(23.4)
Underlying net \ufb01nance expense
(17.6)
(16.8)
Speci\ufb01c adjusting item: de\ufb01ned bene\ufb01t pension scheme net \ufb01nance income
2.4
1.0
Net \ufb01nance expense
(15.2)
(15.8)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0042": { "value": "7. Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Bank interest receivable
5.2
6.6
Finance income before speci\ufb01c adjusting items
5.2
6.6
Amortisation of deferred \ufb01nancing costs
(1.2)
(1.4)
Bank interest and commitment fees
(16.2)
(17.8)
Lease expense
(5.4)
(4.2)
Finance expense
(22.8)
(23.4)
Underlying net \ufb01nance expense
(17.6)
(16.8)
Speci\ufb01c adjusting item: de\ufb01ned bene\ufb01t pension scheme net \ufb01nance income
2.4
1.0
Net \ufb01nance expense
(15.2)
(15.8)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0041": { "value": "7. Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Bank interest receivable
5.2
6.6
Finance income before speci\ufb01c adjusting items
5.2
6.6
Amortisation of deferred \ufb01nancing costs
(1.2)
(1.4)
Bank interest and commitment fees
(16.2)
(17.8)
Lease expense
(5.4)
(4.2)
Finance expense
(22.8)
(23.4)
Underlying net \ufb01nance expense
(17.6)
(16.8)
Speci\ufb01c adjusting item: de\ufb01ned bene\ufb01t pension scheme net \ufb01nance income
2.4
1.0
Net \ufb01nance expense
(15.2)
(15.8)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0044": { "value": "8. Pro\ufb01t/(loss) before tax
The following auditors\u2019 remuneration has been charged in arriving at pro\ufb01t/(loss) before tax:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Fees payable to the auditors and its associates:
\u00a0\u00a0
Audit of the Group\u2019s annual accounts
1.0
1.0
Audit of the accounts of subsidiaries of the Company
0.9
0.9
Total audit fees
1.9
1.9
Audit-related assurance services (Interim \ufb01nancial 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
2.1
\n
The following items have also been charged in arriving at pro\ufb01t/(loss) before tax:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Cost of inventories expensed \u2013 underlying
43.5
53.8
Cost of inventories wri\ue001en down \u2013 speci\ufb01c adjusting item (restructuring costs and associated impacts)
\u2013
18.5
Owned assets: depreciation
59.7
57.2
Leased assets: depreciation
11.6
10.9
Foreign exchange (gain)/loss
(0.6)
0.4
Research and development expenditure \u2013 customer funded contracts
330.6
332.9
Research and development expenditure \u2013 Group funded
10.6
12.0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0043": { "value": "8. Pro\ufb01t/(loss) before tax
The following auditors\u2019 remuneration has been charged in arriving at pro\ufb01t/(loss) before tax:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Fees payable to the auditors and its associates:
\u00a0\u00a0
Audit of the Group\u2019s annual accounts
1.0
1.0
Audit of the accounts of subsidiaries of the Company
0.9
0.9
Total audit fees
1.9
1.9
Audit-related assurance services (Interim \ufb01nancial 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
2.1
\n
The following items have also been charged in arriving at pro\ufb01t/(loss) before tax:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Cost of inventories expensed \u2013 underlying
43.5
53.8
Cost of inventories wri\ue001en down \u2013 speci\ufb01c adjusting item (restructuring costs and associated impacts)
\u2013
18.5
Owned assets: depreciation
59.7
57.2
Leased assets: depreciation
11.6
10.9
Foreign exchange (gain)/loss
(0.6)
0.4
Research and development expenditure \u2013 customer funded contracts
330.6
332.9
Research and development expenditure \u2013 Group funded
10.6
12.0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0045": { "value": "8. Pro\ufb01t/(loss) before tax
The following auditors\u2019 remuneration has been charged in arriving at pro\ufb01t/(loss) before tax:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Fees payable to the auditors and its associates:
\u00a0\u00a0
Audit of the Group\u2019s annual accounts
1.0
1.0
Audit of the accounts of subsidiaries of the Company
0.9
0.9
Total audit fees
1.9
1.9
Audit-related assurance services (Interim \ufb01nancial 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
2.1
\n
The following items have also been charged in arriving at pro\ufb01t/(loss) before tax:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Cost of inventories expensed \u2013 underlying
43.5
53.8
Cost of inventories wri\ue001en down \u2013 speci\ufb01c adjusting item (restructuring costs and associated impacts)
\u2013
18.5
Owned assets: depreciation
59.7
57.2
Leased assets: depreciation
11.6
10.9
Foreign exchange (gain)/loss
(0.6)
0.4
Research and development expenditure \u2013 customer funded contracts
330.6
332.9
Research and development expenditure \u2013 Group funded
10.6
12.0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0047": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Fees payable to the auditors and its associates:
\u00a0\u00a0
Audit of the Group\u2019s annual accounts
1.0
1.0
Audit of the accounts of subsidiaries of the Company
0.9
0.9
Total audit fees
1.9
1.9
Audit-related assurance services (Interim \ufb01nancial 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
2.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0046": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Cost of inventories expensed \u2013 underlying
43.5
53.8
Cost of inventories wri\ue001en down \u2013 speci\ufb01c adjusting item (restructuring costs and associated impacts)
\u2013
18.5
Owned assets: depreciation
59.7
57.2
Leased assets: depreciation
11.6
10.9
Foreign exchange (gain)/loss
(0.6)
0.4
Research and development expenditure \u2013 customer funded contracts
330.6
332.9
Research and development expenditure \u2013 Group funded
10.6
12.0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0048": { "value": "9. Taxation charge \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
FY26
FY25
\u00a0 \u00a0
Speci\ufb01c
\u00a0 \u00a0
Speci\ufb01c
\u00a0
\u00a0 \u00a0
adjusting
\u00a0 \u00a0
adjusting
\u00a0
All \ufb01gures in \u00a3 million
Underlying
items
Total
Underlying
Items
Total
Analysis of charge
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current UK tax expense/(income)
65.1
(6.2)
58.9
51.0
(6.2)
44.8
Current UK tax in respect of prior years
0.9
(2.5)
(1.6)
2.2
\u2013
2.2
Overseas corporation tax
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current year
0.2
\u2013
0.2
3.5
(0.9)
2.6
In respect of prior years
(2.0)
\u2013
(2.0)
1.0
\u2013
1.0
Current tax expense/(income)
64.2
(8.7)
55.5
57.7
(7.1)
50.6
Deferred tax (income)/expense
(5.5)
(4.8)
(10.3)
(5.0)
5.3
0.3
Deferred tax impact of derecognition of prior year
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
US deferred tax asset
\u2013
\u2013
\u2013
\u2013
29.6
29.6
Deferred tax in respect of prior years
2.4
\u2013
2.4
(1.1)
\u2013
(1.1)
Deferred tax (income)/expense
(3.1)
(4.8)
(7.9)
(6.1)
34.9
28.8
Taxation expense/(income)
61.1
(13.5)
47.6
51.6
27.8
79.4
Factors a\ufb00ecting tax expense in the year
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Principal factors reducing the Group\u2019s current year tax charge
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
below the UK statutory rate are explained below:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Pro\ufb01t/(loss) before tax
229.6
(74.5)
155.1
198.6
(304.9)
(106.3)
Tax on pro\ufb01t/(loss) before tax at 25%
(FY25: 25%)
57.4
(18.6)
38.8
49.7
(76.2)
(26.5)
E\ufb00ect of:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Expenses not deductible for tax purposes and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
non-taxable items
\u2013
\u2013
\u2013
0.8
1.2
2.0
Derecognition of US deferred tax asset
2.4
4.6
7.0
\u2013
45.0
45.0
Non-deductible US goodwill impairment
\u2013
\u2013
\u2013
\u2013
36.0
36.0
Non-recognition of deductible restructuring impacts
\u2013
4.6
4.6
\u2013
13.1
13.1
Non-deductible loss on sale of property
\u2013
\u2013
\u2013
\u2013
9.1
9.1
Tax in respect of prior years
1.3
(2.5)
(1.2)
2.0
\u2013
2.0
Di\ufb00erent tax rates in overseas jurisdictions
\u2013
(1.6)
(1.6)
(0.9)
(0.4)
(1.3)
Taxation expense/(income)
61.1
(13.5)
47.6
51.6
27.8
79.4
E\ufb00ective tax rate
26.6%
\u00a0
30.7%
26.0%
\u00a0
(74.7)%
\n
The total tax charge was \u00a347.6m (FY25: \u00a379.4m). The underlying tax charge was \u00a361.1m (FY25: \u00a351.6m), on a higher underlying
pro\ufb01t before tax, with an underlying e\ufb00ective tax rate of 26.6% for the year ended 31 March 2026 (FY25: 26.0%). The
underlying e\ufb00ective tax rate is above the UK statutory rate of 25% (FY25: 25%), primarily as a result of unrecognised tax
deductions and prior year adjustments to returns.
Tax on speci\ufb01c adjusting items
The total speci\ufb01c adjusting items tax credit was \u00a313.5m (FY25 charge: \u00a327.8m). The tax credit arises primarily due to the
deductible restructuring and digital investment costs, amortisation of acquired intangibles and o\ufb00set by a prior year
adjustment to the non-deductible loss on sale of Cody Technology Park.
Amounts recognised directly in equity
Current and deferred tax not recognised in net pro\ufb01t or loss or other comprehensive income but directly credited to equity
was \u00a30.7m (FY25: \u00a30.8m).
Factors a\ufb00ecting future tax charges
The underlying e\ufb00ective tax rate is expected to remain marginally above the UK statutory rate, subject to the impact of any
tax legislation changes and the geographic mix of pro\ufb01ts. The Group has engaged with advisers to assess any potential
impact on the tax charge by the UK\u2019s enactment of the OECD\u2019s 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 quali\ufb01es 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 charge for FY26. The Group has applied the temporary exemption issued by
the International Accounting Standards Board from the accounting for deferred taxes under IAS 12 and neither recognises
nor discloses information about deferred taxes related to Pillar Two income taxes. The Group does not expect a material
quantitative impact from Pillar Two legislation; however, there are expected to be signi\ufb01cant compliance obligations.
Tax risk management and tax cash
For details of the Group\u2019s approach to tax risk management and discussion of tax cash \ufb02ows in the year, see \u2018Additional
Financial Information\u2019. 17. Deferred tax
For the year ended 31 March 2026
Deferred tax asset
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Carried
\u00a0\u00a0\u00a0
\u00a0
Short-term
forward
\u00a0\u00a0\u00a0
\u00a0
timing
interest
Lease
\u00a0\u00a0
All \ufb01gures in \u00a3 million
di\ufb00erences
expense
liabilities
Tax losses
Total
At 1 April 2025
12.1
2.1
8.8
4.8
27.8
Credited/(charged) to income statement
(2.7)
2.3
(0.9)
4.7
3.4
Credited to other comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
Credited to equity
0.2
\u2013
\u2013
\u2013
0.2
Foreign exchange
0.5
0.2
\u2013
0.5
1.2
Gross deferred tax asset at 31 March 2026
10.1
4.6
7.9
10.0
32.6
Less: liability available for o\ufb00set
\u00a0\u00a0\u00a0\u00a0
(14.4)
Net deferred tax asset at 31 March 2026
\u00a0\u00a0\u00a0\u00a0
18.2
\n
Deferred tax liability
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Owned
\u00a0\u00a0\u00a0
\u00a0\u00a0
property,
\u00a0\u00a0\u00a0
\u00a0
Pension
plant &
Right-of-use
Acquisition
\u00a0
All \ufb01gures in \u00a3 million
surplus
equipment
assets
intangibles
Total
At 1 April 2025
(14.6)
(82.8)
(7.8)
(12.9)
(118.1)
Credited/(charged) to income statement
(0.7)
1.0
1.6
2.6
4.5
Charged to other comprehensive income
(2.6)
\u2013
\u2013
\u2013
(2.6)
Foreign exchange
\u2013
\u2013
\u2013
(0.4)
(0.4)
Gross deferred tax liability at 31 March 2026
(17.9)
(81.8)
(6.2)
(10.7)
(116.6)
Less: asset available for o\ufb00set
\u00a0\u00a0\u00a0\u00a0
14.4
Net deferred tax liability at 31 March 2026
\u00a0\u00a0\u00a0\u00a0
(102.2)
\n
Deferred tax has been calculated at the rate at which the timing di\ufb00erence is expected to reverse using enacted future
statutory rates. Deferred tax assets and liabilities are o\ufb00set where there is a legally enforceable right to o\ufb00set current tax
assets and liabilities and where the deferred tax balances relate to the same taxation authority.
At 31 March 2026 the Group had unused tax losses and carried forward interest expenses of \u00a3383.1m (2025: \u00a3305.3m) which
are available for o\ufb00set against future taxable pro\ufb01ts.
During FY25, with our US operations performing below expectations, the change in the Administration and the change in
US Sector CEO, re-alignment of strategy and required restructuring, there was a material impact on the future projections
of the US business. As a result, in FY25 the Group derecognised the deferred tax assets previously recognised in respect
of net operating losses in FY25. There is continued derecognition in FY26 due to the uncertainty over future taxable pro\ufb01ts
for the US business. No deferred tax asset is recognised in respect of \u00a3236.8m (2025: \u00a3183.8m) of US net operating losses
and \u00a386.2m (2025: \u00a385.9m) of US excess interest. There is also no deferred tax asset recognised in respect of \u00a39.5m
(2025: \u00a38.8m) 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 \u00a392.4m. Of the \u00a3236.8m (2025: \u00a3183.8m) of US net operating
losses, \u00a330.3m (2025: \u00a331.1m) are time-limited of which \u00a321.4m will expire in 2035 and \u00a38.9m in 2036.
Deferred tax assets in respect of losses and excess interest are recognised on the balance sheet of \u00a314.6m (2025: \u00a36.9m),
being \u00a33.6m in respect of \u00a315.7m of Canadian net operating losses and excess interest, \u00a37.2m in respect of \u00a322.3m of German
trade losses and excess interest, and \u00a33.8m in respect of \u00a312.7m of Australian trade losses and excess interest.
The Group made overseas losses in the year ended 31 March 2026 and recognition of deferred tax assets is dependent on
future forecast taxable pro\ufb01ts. 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 \ufb01ve-year forecast we have reviewed the
terminal period pro\ufb01ts 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 over the next 3\u201310 years. A 10% change in the forecast pro\ufb01ts would
alter the utilisation period by 2 years.
There are no material temporary di\ufb00erences 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 2025
Deferred tax asset
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Carried
\u00a0 \u00a0 \u00a0
\u00a0
Short-term
forward
\u00a0 \u00a0 \u00a0
\u00a0
timing
interest
Lease
Tax
\u00a0
All \ufb01gures in \u00a3 million
di\ufb00erences
expense
liabilities
losses
Total
At 1 April 2024
20.1
1.0
8.9
35.9
65.9
Credited to income statement
(8.8)
1.1
\u2013
(30.7)
(38.4)
Charged to other comprehensive income
1.8
\u2013
\u2013
\u2013
1.8
Foreign exchange
(1.0)
\u2013
(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 o\ufb00set
\u00a0 \u00a0 \u00a0 \u00a0
(17.1)
Net deferred tax asset at 31 March 2025
\u00a0 \u00a0 \u00a0 \u00a0
10.7
\n
Deferred tax liability
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Owned
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0
property,
\u00a0 \u00a0 \u00a0
\u00a0
Pension
plant &
Right-of-use
Acquisition
\u00a0
All \ufb01gures in \u00a3 million
surplus
equipment
assets
intangibles
Total
At 1 April 2024
(9.6)
(80.4)
(7.6)
(26.0)
(123.6)
Charged to income statement
(0.6)
(2.4)
\u2013
12.6
9.6
Credited to other comprehensive income
(4.4)
\u2013
\u2013
\u2013
(4.4)
Foreign exchange
\u2013
\u2013
(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 o\ufb00set
\u00a0 \u00a0 \u00a0 \u00a0
17.1
Net deferred tax liability at 31 March 2025
\u00a0 \u00a0 \u00a0 \u00a0
(101.0)
\n
18. Current tax
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Current tax receivable
0.4
1.6
Current tax payable
(13.4)
(3.6)
Net current tax payable
(13.0)
(2.0)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0049": { "value": "10. Earnings/(loss) per share
Basic earnings/(loss) per share
(EPS) is calculated by dividing the pro\ufb01t a\ue001ributable 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 Group 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
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
FY26
FY25
Weighted average number of shares
Million
535.4
563.4
E\ufb00ect of dilutive securities
Million
7.9
7.4
Diluted number of shares
Million
543.3
570.8
\n
Underlying basic earnings per share \ufb01gures 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 business performance and re\ufb02ects the
adjustments to basic earnings per share for the impact of speci\ufb01c adjusting items (see note 4) and tax thereon.
Underlying EPS
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FY26
FY25
Pro\ufb01t/(loss) a\ue001ributable to the owners of the Company
\u00a3 million
107.5
(185.7)
Remove loss after tax in respect of speci\ufb01c adjusting items
\u00a3 million
61.0
332.7
Underlying pro\ufb01t after taxation
\u00a3 million
168.5
147.0
Weighted average number of shares
Million
535.4
563.4
Underlying basic EPS
Pence
31.5
26.1
Diluted number of shares
Million
543.3
570.8
Underlying diluted EPS
Pence
31.0
25.8
\n
Basic and diluted EPS
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FY26
FY25
Proft/(loss) a\ue001ributable to the owners of the Company
\u00a3 million
107.5
(185.7)
Weighted average number of shares
Million
535.4
563.4
Basic EPS
Pence
20.1
(33.0)
Diluted number of shares
Million
543.3
563.4
Diluted EPS
Pence
19.8
(33.0)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0051": { "value": "11. Dividends
An analysis of the dividends paid and proposed in respect of the years ended 31 March 2026 and 31 March 2025 is
provided below:
\u00a0
Pence
\u00a0
Date paid/
\u00a0
per share
\u00a3m
payable
Interim 2026
3.00
15.9
Feb 2026*
Final 2026 (proposed)
8.00
40.7
Aug 2026
Total for the year ended 31 March 2026
11.00
56.6
\u00a0
Interim 2025
2.80
15.7
Feb 2025
Final 2025
6.05
32.8
Aug 2025*
Total for the year ended 31 March 2025
8.85
48.5
\u00a0
\n
*
Total cash paid in the year to 31 March 2026 was \u00a348.7m (FY25: \u00a347.9m).
The proposed \ufb01nal dividend in respect of the year ended 31 March 2026 will be paid on 20 August 2026. The ex-dividend date
is 23 July 2026 and the record date is 24 July 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0053": { "value": "0.08", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0054": { "value": "40700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0055": { "value": "0.11", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0056": { "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" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0052": { "value": "12. Business divestment
The gain on business divestment of \u00a30.5m (FY25: \u00a3nil) relates to the disposal of the non-core Federal IT Services business,
as part of the US restructuring programme, in the \ufb01rst half of the year. Proceeds received in the period, net of transaction
related costs of \u00a32.5m, were \u00a317.9m. The carrying value of the business was \u00a317.4m. All consideration received was in cash
and there is no deferred or contingent consideration.", "dimensions": { "concept": "qq:DisclosureOfBusinessDivestmentTextBlock", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0060": { "value": "13. Goodwill
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Cost
\u00a0 \u00a0
At 1 April
541.0
551.7
Disposals
(22.3)
\u2013
Foreign exchange
(7.4)
(10.7)
At 31 March
511.3
541.0
Accumulated impairment
\u00a0 \u00a0
At 1 April
(291.2)
(150.3)
Disposals
12.9
\u2013
Impairment charge
\u2013
(143.9)
Foreign exchange
3.9
3.0
At 31 March
(274.4)
(291.2)
Net book value at 31 March
236.9
249.8
\n
Goodwill analysed by cash-generating unit (CGU)
Goodwill is allocated across \ufb01ve cash-generating units within the EMEA Services segment and two CGUs within the Global
Solutions segment. During the year, the Group determined that the Australia CGU is more appropriately de\ufb01ned 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 the Air A\ufb00airs post-
acquisition integration activities and the cash in\ufb02ows no longer being independently generated.
The full list of CGUs that have goodwill allocated to them is as follows:
\n\n \n
31 March
31 March
All \ufb01gures in \u00a3 million
Primary reporting segments
2026
2025
US Sector
Global Solutions
167.5
181.1
Target Systems
Global Solutions
24.0
24.0
Naimuri
EMEA Services
14.8
14.8
Inzpire
EMEA Services
11.7
11.7
Australia Sector (previously QinetiQ Australia PTY and Air A\ufb00airs Australia)
EMEA Services
8.4
7.8
QinetiQ Training & Simulation
EMEA Services
7.8
7.8
Germany
EMEA Services
2.7
2.6
Net book value at 31 March
236.9
249.8
\n
Goodwill is a\ue001ributable to the excess of consideration over the fair value of net assets acquired and includes expected
\n
synergies, future growth prospects and employee knowledge, expertise and security clearances. The Group tests each
\n
CGU for impairment annually, or more frequently if there are indications that goodwill might be impaired. Impairment testing
\n
is dependent on management\u2019s estimates and judgements, particularly as they relate to the forecasting of future cash
\n
\ufb02ows, the discount rates selected and expected long-term growth rates.
\n
During the prior year an impairment charge was recognised in respect of the combined US Sector CGU. Given that this reset
\n
the amount of headroom to nil, the headroom remains tight and downward revisions to the key assumptions (which would be
\n
reasonably possible) could result in a further impairment. There are no likely variations in the key assumptions used for any
\n
of the other CGUs which would lead to an impairment being recognised.
\n
Key assumptions
\n
Cash \ufb02ows
\n
The value in use and fair value less costs to dispose calculations use discounted future cash \ufb02ows based on \ufb01nancial plans
\n
approved by the Board covering a \ufb01ve-year period (aligned with the Group\u2019s Integrated Strategic Plan process and the
\n
longer-term viability assessment period). These are \u2018bo\ue001om-up\u2019 forecasts based on detailed analysis by contract for the
\n
revenue under contract and by opportunity for the pipeline, or with growth rates assumed based on market benchmarks.
\n
Pipeline opportunities are categorised as \u2018base case\u2019 and \u2018high case\u2019 by management and only \u2018base case\u2019 opportunities are
\n
included in the \ufb01nancial plans used for the value in use calculations.
\n
Cash \ufb02ows beyond these periods are extrapolated based on the last year of the plans, with a terminal growth-rate
\n
assumption applied. While the Group will likely be impacted by climate change in the future to an extent, the impacts on
\n
future cash \ufb02ows used in the value in use calculations are not considered to be material.
\n
Terminal growth rates and discount rates
\n
The speci\ufb01c plans for each of the CGUs have been extrapolated using the terminal growth rates as detailed in the following
\n
table. Growth rates are based on management\u2019s estimates which take into consideration the long-term nature of the
\n
industry in which the CGUs operate and external forecasts as to the likely growth of the industry in the longer term. The
\n
discount rates used are calculated based on the weighted average cost of capital of a portfolio of comparable companies,
\n
adjusted for risks speci\ufb01c to the market characteristics of each CGU, and converted to a pre-tax basis where relevant. This
\n
is considered an appropriate estimate of a market participant discount rate.
\n\n \n
QinetiQ
All \ufb01gures %
Target
Australia
QinetiQ
Training &
31 March 2026: (2025)
US Sector*
Systems
Inzpire
Sector
Germany
Simulation
Naimuri
Terminal growth rate
2.5 (2.3)
2.3 (2.3)
2.3 (2.3)
2.5 (2.4)
2.0 (2.1)
2.3 (2.3)
2.3 (2.3)
Discount rate*
9.5 (9.4)
11.9 (12.2)
11.7 (12.1)
12.4 (13.8)
10.3 (9.4)
11.8 (12.2)
11.7 (12.1)
\n
*
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.
Sensitivity analysis shows that the value of the terminal year cash \ufb02ow, the discount rate and the terminal growth rates have
a signi\ufb01cant impact on the value of the discounted cash \ufb02ows. 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 2026 was \u00a3167.5m (2025: \u00a3181.1m). The recoverable
amount of this CGU as at 31 March 2026 is based on a fair value less costs to dispose calculation which is derived from the
latest cash \ufb02ow projections. This be\ue001er re\ufb02ects 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 higher than the carrying value of the net operating assets (of \u00a3395.0m). Our US operations have had a more
stable year and successfully completed a major restructuring programme.
The key assumption underpinning the recoverable amount is the revenue growth applied over the period of the calculation
which is required to achieve the terminal year cash \ufb02ows. The growth is based on market growth rates for the high growth
segments in which the business operates, as well as re\ufb02ecting the expectation of securing a number of key contract
renewals and signi\ufb01cant pipeline opportunities. In the event that assumed contract renewals and signi\ufb01cant pipeline
opportunities are not secured in line with the plan, this will result in a future signi\ufb01cant impairment charge. 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 reduce the recoverable amount and result in
an impairment of \u00a347.9m and \u00a330.6m respectively. A decrease in the terminal growth rate of 0.5% would not result in an
impairment however an increase in the discount rate of 1%, which is considered a reasonably possible change, would cause
an impairment of \u00a328.5m.
14. Other intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Acquired intangibles
\u00a0
Other
\u00a0
\u00a0
Customer
Other
Development
internally
\u00a0
All \ufb01gures in \u00a3 million
relationships
acquired
costs
generated
1
Total
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
297.9
90.9
61.9
75.3
526.0
Reclassi\ufb01cations from PPE
\u2013
\u2013
5.8
0.5
6.3
Reclassi\ufb01cations between categories
\u2013
\u2013
4.2
(4.2)
\u2013
Additions \u2013 internally developed
2
\u2013
\u2013
1.7
4.5
6.2
Additions \u2013 purchased
2
\u2013
\u2013
\u2013
6.7
6.7
Disposals
\u2013
\u2013
(3.6)
(9.7)
(13.3)
Disposal divestments
(15.3)
\u2013
\u2013
\u2013
(15.3)
Foreign exchange
(3.2)
(0.4)
\u2013
\u2013
(3.6)
At 31 March 2026
279.4
90.5
70.0
73.1
513.0
Accumulated amortisation and impairment
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
(96.6)
(69.8)
(33.6)
(32.1)
(232.1)
Amortisation charge for year
(18.1)
(5.1)
(11.1)
(2.6)
(36.9)
Disposals
\u2013
\u2013
1.2
4.0
5.2
Disposal divestments
6.4
\u2013
\u2013
\u2013
6.4
Impairment
\u2013
\u2013
\u2013
(6.1)
(6.1)
Foreign exchange
(0.3)
\u2013
0.2
\u2013
(0.1)
At 31 March 2026
(108.6)
(74.9)
(43.3)
(36.8)
(263.6)
Net book value at 31 March 2026
170.8
15.6
26.7
36.3
249.4
\n
1
Includes Assets In Course Of Construction of closing net book value of \u00a336.4m as at 31 March 2026 (2025: \u00a331.7m).
2
Additions per the table above are di\ufb00erent to the capital expenditure included in the cash \ufb02ow statement due to the relative timing of cash
payments compared to the recognition of balance sheet assets.
\u2018Other acquired\u2019 consists primarily of intellectual property and existing technology arising on past acquisition of
businesses. Signi\ufb01cant individual assets from past acquisitions include: customer relationships associated with US
Avantus, US C5ISR, Germany and QinetiQ Training & Simulation Limited (NBV: \u00a3142.8m; \u00a37.4m; \u00a314.7m; \u00a31.8m respectively)
with remaining amortisation periods of approximately 13 years, 4 years, 7 years and 5 years respectively, and acquired
technology associated with US Avantus, US C5ISR, Germany and QinetiQ Training & Simulation Limited (\u00a30.7m; \u00a36.3m; \u00a32.5m;
\u00a31.0m respectively) all with remaining amortisation periods of approximately \ufb01ve years.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Acquired intangibles
\u00a0
Other
\u00a0
\u00a0
Customer
Other
Development
internally
\u00a0
All \ufb01gures in \u00a3 million
relationships
acquired
costs
generated
Total
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2024
303.8
92.6
51.1
80.4
527.9
Reclassi\ufb01cations from PPE
\u2013
\u2013
8.1
0.6
8.7
Reclassi\ufb01cations between categories
\u2013
\u2013
0.1
(0.1)
\u2013
Additions \u2013 internally developed*
\u2013
\u2013
2.5
9.0
11.5
Additions \u2013 purchased*
\u2013
\u2013
1.2
0.4
1.6
Disposals
\u2013
\u2013
(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 amortisation and impairment
\u00a0\u00a0\u00a0\u00a0\u00a0
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
\u2013
\u2013
0.6
10.2
10.8
Impairment
\u2013
\u2013
(4.0)
\u2013
(4.0)
Foreign exchange
1.6
1.4
0.1
\u2013
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
\n
*
Additions per the table above are di\ufb00erent to the capital expenditure included in the cash \ufb02ow statement due to the relative timing of cash
payments compared to the recognition of balance sheet assets.
15. Property, plant and equipment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Owned assets
Right-of-use assets
\u00a0
\u00a0\u00a0
Plant,
Computers
\u00a0\u00a0
Plant,
Computers
\u00a0
\u00a0
Land and
machinery
and o\ufb00ice
Assets under
Land and
machinery
and o\ufb00ice
\u00a0
All \ufb01gures in \u00a3 million
buildings
and vehicles
equipment
construction
buildings
and vehicles
equipment
Total
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
169.9
345.2
155.7
129.4
99.9
5.7
0.4
906.2
Reclassi\ufb01cations to intangibles
\u2013
0.8
\u2013
(7.1)
\u2013
\u2013
\u2013
(6.3)
Reclassi\ufb01cations between categories
37.5
13.2
5.4
(56.1)
\u2013
\u2013
\u2013
\u2013
Additions \u2013 purchased*
0.3
5.4
1.3
47.9
13.2
0.4
\u2013
68.5
Disposals
(7.7)
(18.7)
(11.0)
(4.4)
(8.2)
\u2013
\u2013
(50.0)
Business divestment
\u2013
\u2013
\u2013
\u2013
(5.5)
\u2013
\u2013
(5.5)
Foreign exchange
(0.1)
3.0
0.3
0.5
(0.1)
0.1
\u2013
3.7
At 31 March 2026
199.9
348.9
151.7
110.2
99.3
6.2
0.4
916.6
Accumulated depreciation and
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
impairment
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
(91.3)
(202.1)
(94.9)
\u2013
(40.7)
(3.5)
(0.4)
(432.9)
Charge
(13.3)
(23.4)
(23.0)
\u2013
(11.0)
(0.6)
\u2013
(71.3)
Disposals
7.1
15.4
9.7
\u2013
4.1
\u2013
\u2013
36.3
Business divestment
\u2013
\u2013
\u2013
\u2013
2.0
\u2013
\u2013
2.0
Impairment
(3.3)
(2.0)
\u2013
\u2013
(0.5)
\u2013
\u2013
(5.8)
Foreign exchange
0.1
(0.5)
\u2013
\u2013
\u2013
0.1
\u2013
(0.3)
At 31 March 2026
(100.7)
(212.6)
(108.2)
\u2013
(46.1)
(4.0)
(0.4)
(472.0)
Net book value at 31 March 2026
99.2
136.3
43.5
110.2
53.2
2.2
\u2013
444.6
\n
*
Additions per the table above are di\ufb00erent to the capital expenditure included in the cash \ufb02ow statement due to the relative timing of cash
payments compared to the recognition of balance sheet assets.
During the prior year a \u00a336.6m loss was recognised on the sale and leaseback of Cody Technology Park; this was included
within operating costs as a speci\ufb01c adjusting item (see note 4). While 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Owned assets
Right-of-use assets
\u00a0
\u00a0 \u00a0
Plant,
Computers
\u00a0 \u00a0
Plant,
Computers
\u00a0
\u00a0
Land and
machinery
and o\ufb00ice
Assets under
Land and
machinery
and o\ufb00ice
\u00a0
All \ufb01gures in \u00a3 million
buildings
and vehicles
equipment
construction
buildings
and vehicles
equipment
Total
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 April 2024
375.7
324.4
140.9
142.3
92.4
3.4
0.4
1,079.5
Reclassi\ufb01cations to intangibles
\u2013
\u2013
(0.9)
(7.8)
\u2013
\u2013
\u2013
(8.7)
Reclassi\ufb01cations/transfers
29.7
23.7
15.4
(68.8)
\u2013
\u2013
\u2013
\u2013
Additions \u2013 purchased*
5.9
24.8
5.6
67.5
23.9
2.3
\u2013
130.0
Disposals
(240.6)
(25.0)
(4.7)
(3.6)
(14.5)
\u2013
\u2013
(288.4)
Foreign exchange
(0.8)
(2.7)
(0.6)
(0.2)
(1.9)
\u2013
\u2013
(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
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 April 2024
(227.0)
(194.3)
(78.4)
\u2013
(44.4)
(3.2)
(0.4)
(547.7)
Charge
(13.7)
(22.7)
(20.8)
\u2013
(10.6)
(0.3)
\u2013
(68.1)
Disposals
149.3
16.5
4.0
\u2013
14.5
\u2013
\u2013
184.3
Impairment
\u2013
(2.5)
\u2013
\u2013
(1.0)
\u2013
\u2013
(3.5)
Foreign exchange
0.1
0.9
0.3
\u2013
0.8
\u2013
\u2013
2.1
At 31 March 2025
(91.3)
(202.1)
(94.9)
\u2013
(40.7)
(3.5)
(0.4)
(432.9)
Net book value at 31 March 2025
78.6
143.1
60.8
129.4
59.2
2.2
\u2013
473.3
\n
*
Additions per the table above are di\ufb00erent to the capital expenditure included in the cash \ufb02ow statement due to the relative timing of cash
payments compared to the recognition of balance sheet assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0058": { "value": "13. Goodwill
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Cost
\u00a0 \u00a0
At 1 April
541.0
551.7
Disposals
(22.3)
\u2013
Foreign exchange
(7.4)
(10.7)
At 31 March
511.3
541.0
Accumulated impairment
\u00a0 \u00a0
At 1 April
(291.2)
(150.3)
Disposals
12.9
\u2013
Impairment charge
\u2013
(143.9)
Foreign exchange
3.9
3.0
At 31 March
(274.4)
(291.2)
Net book value at 31 March
236.9
249.8
\n
Goodwill analysed by cash-generating unit (CGU)
Goodwill is allocated across \ufb01ve cash-generating units within the EMEA Services segment and two CGUs within the Global
Solutions segment. During the year, the Group determined that the Australia CGU is more appropriately de\ufb01ned 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 the Air A\ufb00airs post-
acquisition integration activities and the cash in\ufb02ows no longer being independently generated.
\n\n\n
The full list of CGUs that have goodwill allocated to them is as follows:
\n\n \n
31 March
31 March
All \ufb01gures in \u00a3 million
Primary reporting segments
2026
2025
US Sector
Global Solutions
167.5
181.1
Target Systems
Global Solutions
24.0
24.0
Naimuri
EMEA Services
14.8
14.8
Inzpire
EMEA Services
11.7
11.7
Australia Sector (previously QinetiQ Australia PTY and Air A\ufb00airs Australia)
EMEA Services
8.4
7.8
QinetiQ Training & Simulation
EMEA Services
7.8
7.8
Germany
EMEA Services
2.7
2.6
Net book value at 31 March
236.9
249.8
\n
Goodwill is a\ue001ributable to the excess of consideration over the fair value of net assets acquired and includes expected
\n
synergies, future growth prospects and employee knowledge, expertise and security clearances. The Group tests each
\n
CGU for impairment annually, or more frequently if there are indications that goodwill might be impaired. Impairment testing
\n
is dependent on management\u2019s estimates and judgements, particularly as they relate to the forecasting of future cash
\n
\ufb02ows, the discount rates selected and expected long-term growth rates.
\n
During the prior year an impairment charge was recognised in respect of the combined US Sector CGU. Given that this reset
\n
the amount of headroom to nil, the headroom remains tight and downward revisions to the key assumptions (which would be
\n
reasonably possible) could result in a further impairment. There are no likely variations in the key assumptions used for any
\n
of the other CGUs which would lead to an impairment being recognised.
\n
Key assumptions
\n
Cash \ufb02ows
\n
The value in use and fair value less costs to dispose calculations use discounted future cash \ufb02ows based on \ufb01nancial plans
\n
approved by the Board covering a \ufb01ve-year period (aligned with the Group\u2019s Integrated Strategic Plan process and the
\n
longer-term viability assessment period). These are \u2018bo\ue001om-up\u2019 forecasts based on detailed analysis by contract for the
\n
revenue under contract and by opportunity for the pipeline, or with growth rates assumed based on market benchmarks.
\n
Pipeline opportunities are categorised as \u2018base case\u2019 and \u2018high case\u2019 by management and only \u2018base case\u2019 opportunities are
\n
included in the \ufb01nancial plans used for the value in use calculations.
\n
Cash \ufb02ows beyond these periods are extrapolated based on the last year of the plans, with a terminal growth-rate
\n
assumption applied. While the Group will likely be impacted by climate change in the future to an extent, the impacts on
\n
future cash \ufb02ows used in the value in use calculations are not considered to be material.
\n
Terminal growth rates and discount rates
\n
The speci\ufb01c plans for each of the CGUs have been extrapolated using the terminal growth rates as detailed in the following
\n
table. Growth rates are based on management\u2019s estimates which take into consideration the long-term nature of the
\n
industry in which the CGUs operate and external forecasts as to the likely growth of the industry in the longer term. The
\n
discount rates used are calculated based on the weighted average cost of capital of a portfolio of comparable companies,
\n
adjusted for risks speci\ufb01c to the market characteristics of each CGU, and converted to a pre-tax basis where relevant. This
\n
is considered an appropriate estimate of a market participant discount rate.
\n\n \n
QinetiQ
All \ufb01gures %
Target
Australia
QinetiQ
Training &
31 March 2026: (2025)
US Sector*
Systems
Inzpire
Sector
Germany
Simulation
Naimuri
Terminal growth rate
2.5 (2.3)
2.3 (2.3)
2.3 (2.3)
2.5 (2.4)
2.0 (2.1)
2.3 (2.3)
2.3 (2.3)
Discount rate*
9.5 (9.4)
11.9 (12.2)
11.7 (12.1)
12.4 (13.8)
10.3 (9.4)
11.8 (12.2)
11.7 (12.1)
\n
*
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.
Sensitivity analysis shows that the value of the terminal year cash \ufb02ow, the discount rate and the terminal growth rates have
a signi\ufb01cant impact on the value of the discounted cash \ufb02ows. 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 2026 was \u00a3167.5m (2025: \u00a3181.1m). The recoverable
amount of this CGU as at 31 March 2026 is based on a fair value less costs to dispose calculation which is derived from the
latest cash \ufb02ow projections. This be\ue001er re\ufb02ects 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 higher than the carrying value of the net operating assets (of \u00a3395.0m). Our US operations have had a more
stable year and successfully completed a major restructuring programme.
The key assumption underpinning the recoverable amount is the revenue growth applied over the period of the calculation
which is required to achieve the terminal year cash \ufb02ows. The growth is based on market growth rates for the high growth
segments in which the business operates, as well as re\ufb02ecting the expectation of securing a number of key contract
renewals and signi\ufb01cant pipeline opportunities. In the event that assumed contract renewals and signi\ufb01cant pipeline
opportunities are not secured in line with the plan, this will result in a future signi\ufb01cant impairment charge. 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 reduce the recoverable amount and result in
an impairment of \u00a347.9m and \u00a330.6m respectively. A decrease in the terminal growth rate of 0.5% would not result in an
impairment however an increase in the discount rate of 1%, which is considered a reasonably possible change, would cause
an impairment of \u00a328.5m.
14. Other intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Acquired intangibles
\u00a0
Other
\u00a0
\u00a0
Customer
Other
Development
internally
\u00a0
All \ufb01gures in \u00a3 million
relationships
acquired
costs
generated
1
Total
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
297.9
90.9
61.9
75.3
526.0
Reclassi\ufb01cations from PPE
\u2013
\u2013
5.8
0.5
6.3
Reclassi\ufb01cations between categories
\u2013
\u2013
4.2
(4.2)
\u2013
Additions \u2013 internally developed
2
\u2013
\u2013
1.7
4.5
6.2
Additions \u2013 purchased
2
\u2013
\u2013
\u2013
6.7
6.7
Disposals
\u2013
\u2013
(3.6)
(9.7)
(13.3)
Disposal divestments
(15.3)
\u2013
\u2013
\u2013
(15.3)
Foreign exchange
(3.2)
(0.4)
\u2013
\u2013
(3.6)
At 31 March 2026
279.4
90.5
70.0
73.1
513.0
Accumulated amortisation and impairment
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
(96.6)
(69.8)
(33.6)
(32.1)
(232.1)
Amortisation charge for year
(18.1)
(5.1)
(11.1)
(2.6)
(36.9)
Disposals
\u2013
\u2013
1.2
4.0
5.2
Disposal divestments
6.4
\u2013
\u2013
\u2013
6.4
Impairment
\u2013
\u2013
\u2013
(6.1)
(6.1)
Foreign exchange
(0.3)
\u2013
0.2
\u2013
(0.1)
At 31 March 2026
(108.6)
(74.9)
(43.3)
(36.8)
(263.6)
Net book value at 31 March 2026
170.8
15.6
26.7
36.3
249.4
\n
1
Includes Assets In Course Of Construction of closing net book value of \u00a336.4m as at 31 March 2026 (2025: \u00a331.7m).
2
Additions per the table above are di\ufb00erent to the capital expenditure included in the cash \ufb02ow statement due to the relative timing of cash
payments compared to the recognition of balance sheet assets.
\u2018Other acquired\u2019 consists primarily of intellectual property and existing technology arising on past acquisition of
businesses. Signi\ufb01cant individual assets from past acquisitions include: customer relationships associated with US
Avantus, US C5ISR, Germany and QinetiQ Training & Simulation Limited (NBV: \u00a3142.8m; \u00a37.4m; \u00a314.7m; \u00a31.8m respectively)
with remaining amortisation periods of approximately 13 years, 4 years, 7 years and 5 years respectively, and acquired
technology associated with US Avantus, US C5ISR, Germany and QinetiQ Training & Simulation Limited (\u00a30.7m; \u00a36.3m; \u00a32.5m;
\u00a31.0m respectively) all with remaining amortisation periods of approximately \ufb01ve years.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Acquired intangibles
\u00a0
Other
\u00a0
\u00a0
Customer
Other
Development
internally
\u00a0
All \ufb01gures in \u00a3 million
relationships
acquired
costs
generated
Total
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2024
303.8
92.6
51.1
80.4
527.9
Reclassi\ufb01cations from PPE
\u2013
\u2013
8.1
0.6
8.7
Reclassi\ufb01cations between categories
\u2013
\u2013
0.1
(0.1)
\u2013
Additions \u2013 internally developed*
\u2013
\u2013
2.5
9.0
11.5
Additions \u2013 purchased*
\u2013
\u2013
1.2
0.4
1.6
Disposals
\u2013
\u2013
(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 amortisation and impairment
\u00a0\u00a0\u00a0\u00a0\u00a0
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
\u2013
\u2013
0.6
10.2
10.8
Impairment
\u2013
\u2013
(4.0)
\u2013
(4.0)
Foreign exchange
1.6
1.4
0.1
\u2013
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
\n
*
Additions per the table above are di\ufb00erent to the capital expenditure included in the cash \ufb02ow statement due to the relative timing of cash
payments compared to the recognition of balance sheet assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0059": { "value": "13. Goodwill
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Cost
\u00a0 \u00a0
At 1 April
541.0
551.7
Disposals
(22.3)
\u2013
Foreign exchange
(7.4)
(10.7)
At 31 March
511.3
541.0
Accumulated impairment
\u00a0 \u00a0
At 1 April
(291.2)
(150.3)
Disposals
12.9
\u2013
Impairment charge
\u2013
(143.9)
Foreign exchange
3.9
3.0
At 31 March
(274.4)
(291.2)
Net book value at 31 March
236.9
249.8
\n
Goodwill analysed by cash-generating unit (CGU)
Goodwill is allocated across \ufb01ve cash-generating units within the EMEA Services segment and two CGUs within the Global
Solutions segment. During the year, the Group determined that the Australia CGU is more appropriately de\ufb01ned 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 the Air A\ufb00airs post-
acquisition integration activities and the cash in\ufb02ows no longer being independently generated.
\n\n\n
The full list of CGUs that have goodwill allocated to them is as follows:
\n\n \n
31 March
31 March
All \ufb01gures in \u00a3 million
Primary reporting segments
2026
2025
US Sector
Global Solutions
167.5
181.1
Target Systems
Global Solutions
24.0
24.0
Naimuri
EMEA Services
14.8
14.8
Inzpire
EMEA Services
11.7
11.7
Australia Sector (previously QinetiQ Australia PTY and Air A\ufb00airs Australia)
EMEA Services
8.4
7.8
QinetiQ Training & Simulation
EMEA Services
7.8
7.8
Germany
EMEA Services
2.7
2.6
Net book value at 31 March
236.9
249.8
\n
Goodwill is a\ue001ributable to the excess of consideration over the fair value of net assets acquired and includes expected
\n
synergies, future growth prospects and employee knowledge, expertise and security clearances. The Group tests each
\n
CGU for impairment annually, or more frequently if there are indications that goodwill might be impaired. Impairment testing
\n
is dependent on management\u2019s estimates and judgements, particularly as they relate to the forecasting of future cash
\n
\ufb02ows, the discount rates selected and expected long-term growth rates.
\n
During the prior year an impairment charge was recognised in respect of the combined US Sector CGU. Given that this reset
\n
the amount of headroom to nil, the headroom remains tight and downward revisions to the key assumptions (which would be
\n
reasonably possible) could result in a further impairment. There are no likely variations in the key assumptions used for any
\n
of the other CGUs which would lead to an impairment being recognised.
\n
Key assumptions
\n
Cash \ufb02ows
\n
The value in use and fair value less costs to dispose calculations use discounted future cash \ufb02ows based on \ufb01nancial plans
\n
approved by the Board covering a \ufb01ve-year period (aligned with the Group\u2019s Integrated Strategic Plan process and the
\n
longer-term viability assessment period). These are \u2018bo\ue001om-up\u2019 forecasts based on detailed analysis by contract for the
\n
revenue under contract and by opportunity for the pipeline, or with growth rates assumed based on market benchmarks.
\n
Pipeline opportunities are categorised as \u2018base case\u2019 and \u2018high case\u2019 by management and only \u2018base case\u2019 opportunities are
\n
included in the \ufb01nancial plans used for the value in use calculations.
\n
Cash \ufb02ows beyond these periods are extrapolated based on the last year of the plans, with a terminal growth-rate
\n
assumption applied. While the Group will likely be impacted by climate change in the future to an extent, the impacts on
\n
future cash \ufb02ows used in the value in use calculations are not considered to be material.
\n
Terminal growth rates and discount rates
\n
The speci\ufb01c plans for each of the CGUs have been extrapolated using the terminal growth rates as detailed in the following
\n
table. Growth rates are based on management\u2019s estimates which take into consideration the long-term nature of the
\n
industry in which the CGUs operate and external forecasts as to the likely growth of the industry in the longer term. The
\n
discount rates used are calculated based on the weighted average cost of capital of a portfolio of comparable companies,
\n
adjusted for risks speci\ufb01c to the market characteristics of each CGU, and converted to a pre-tax basis where relevant. This
\n
is considered an appropriate estimate of a market participant discount rate.
\n\n \n
QinetiQ
All \ufb01gures %
Target
Australia
QinetiQ
Training &
31 March 2026: (2025)
US Sector*
Systems
Inzpire
Sector
Germany
Simulation
Naimuri
Terminal growth rate
2.5 (2.3)
2.3 (2.3)
2.3 (2.3)
2.5 (2.4)
2.0 (2.1)
2.3 (2.3)
2.3 (2.3)
Discount rate*
9.5 (9.4)
11.9 (12.2)
11.7 (12.1)
12.4 (13.8)
10.3 (9.4)
11.8 (12.2)
11.7 (12.1)
\n
*
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.
Sensitivity analysis shows that the value of the terminal year cash \ufb02ow, the discount rate and the terminal growth rates have
a signi\ufb01cant impact on the value of the discounted cash \ufb02ows. 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 2026 was \u00a3167.5m (2025: \u00a3181.1m). The recoverable
amount of this CGU as at 31 March 2026 is based on a fair value less costs to dispose calculation which is derived from the
latest cash \ufb02ow projections. This be\ue001er re\ufb02ects 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 higher than the carrying value of the net operating assets (of \u00a3395.0m). Our US operations have had a more
stable year and successfully completed a major restructuring programme.
The key assumption underpinning the recoverable amount is the revenue growth applied over the period of the calculation
which is required to achieve the terminal year cash \ufb02ows. The growth is based on market growth rates for the high growth
segments in which the business operates, as well as re\ufb02ecting the expectation of securing a number of key contract
renewals and signi\ufb01cant pipeline opportunities. In the event that assumed contract renewals and signi\ufb01cant pipeline
opportunities are not secured in line with the plan, this will result in a future signi\ufb01cant impairment charge. 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 reduce the recoverable amount and result in
an impairment of \u00a347.9m and \u00a330.6m respectively. A decrease in the terminal growth rate of 0.5% would not result in an
impairment however an increase in the discount rate of 1%, which is considered a reasonably possible change, would cause
an impairment of \u00a328.5m.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0061": { "value": "14. Other intangible assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Acquired intangibles
\u00a0
Other
\u00a0
\u00a0
Customer
Other
Development
internally
\u00a0
All \ufb01gures in \u00a3 million
relationships
acquired
costs
generated
1
Total
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
297.9
90.9
61.9
75.3
526.0
Reclassi\ufb01cations from PPE
\u2013
\u2013
5.8
0.5
6.3
Reclassi\ufb01cations between categories
\u2013
\u2013
4.2
(4.2)
\u2013
Additions \u2013 internally developed
2
\u2013
\u2013
1.7
4.5
6.2
Additions \u2013 purchased
2
\u2013
\u2013
\u2013
6.7
6.7
Disposals
\u2013
\u2013
(3.6)
(9.7)
(13.3)
Disposal divestments
(15.3)
\u2013
\u2013
\u2013
(15.3)
Foreign exchange
(3.2)
(0.4)
\u2013
\u2013
(3.6)
At 31 March 2026
279.4
90.5
70.0
73.1
513.0
Accumulated amortisation and impairment
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
(96.6)
(69.8)
(33.6)
(32.1)
(232.1)
Amortisation charge for year
(18.1)
(5.1)
(11.1)
(2.6)
(36.9)
Disposals
\u2013
\u2013
1.2
4.0
5.2
Disposal divestments
6.4
\u2013
\u2013
\u2013
6.4
Impairment
\u2013
\u2013
\u2013
(6.1)
(6.1)
Foreign exchange
(0.3)
\u2013
0.2
\u2013
(0.1)
At 31 March 2026
(108.6)
(74.9)
(43.3)
(36.8)
(263.6)
Net book value at 31 March 2026
170.8
15.6
26.7
36.3
249.4
\n
1
Includes Assets In Course Of Construction of closing net book value of \u00a336.4m as at 31 March 2026 (2025: \u00a331.7m).
2
Additions per the table above are di\ufb00erent to the capital expenditure included in the cash \ufb02ow statement due to the relative timing of cash
payments compared to the recognition of balance sheet assets.
\u2018Other acquired\u2019 consists primarily of intellectual property and existing technology arising on past acquisition of
businesses. Signi\ufb01cant individual assets from past acquisitions include: customer relationships associated with US
Avantus, US C5ISR, Germany and QinetiQ Training & Simulation Limited (NBV: \u00a3142.8m; \u00a37.4m; \u00a314.7m; \u00a31.8m respectively)
with remaining amortisation periods of approximately 13 years, 4 years, 7 years and 5 years respectively, and acquired
technology associated with US Avantus, US C5ISR, Germany and QinetiQ Training & Simulation Limited (\u00a30.7m; \u00a36.3m; \u00a32.5m;
\u00a31.0m respectively) all with remaining amortisation periods of approximately \ufb01ve years.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Acquired intangibles
\u00a0
Other
\u00a0
\u00a0
Customer
Other
Development
internally
\u00a0
All \ufb01gures in \u00a3 million
relationships
acquired
costs
generated
Total
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2024
303.8
92.6
51.1
80.4
527.9
Reclassi\ufb01cations from PPE
\u2013
\u2013
8.1
0.6
8.7
Reclassi\ufb01cations between categories
\u2013
\u2013
0.1
(0.1)
\u2013
Additions \u2013 internally developed*
\u2013
\u2013
2.5
9.0
11.5
Additions \u2013 purchased*
\u2013
\u2013
1.2
0.4
1.6
Disposals
\u2013
\u2013
(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 amortisation and impairment
\u00a0\u00a0\u00a0\u00a0\u00a0
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
\u2013
\u2013
0.6
10.2
10.8
Impairment
\u2013
\u2013
(4.0)
\u2013
(4.0)
Foreign exchange
1.6
1.4
0.1
\u2013
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
\n
*
Additions per the table above are di\ufb00erent to the capital expenditure included in the cash \ufb02ow statement due to the relative timing of cash
payments compared to the recognition of balance sheet assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0062": { "value": "14. Other intangible assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Acquired intangibles
\u00a0
Other
\u00a0
\u00a0
Customer
Other
Development
internally
\u00a0
All \ufb01gures in \u00a3 million
relationships
acquired
costs
generated
1
Total
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
297.9
90.9
61.9
75.3
526.0
Reclassi\ufb01cations from PPE
\u2013
\u2013
5.8
0.5
6.3
Reclassi\ufb01cations between categories
\u2013
\u2013
4.2
(4.2)
\u2013
Additions \u2013 internally developed
2
\u2013
\u2013
1.7
4.5
6.2
Additions \u2013 purchased
2
\u2013
\u2013
\u2013
6.7
6.7
Disposals
\u2013
\u2013
(3.6)
(9.7)
(13.3)
Disposal divestments
(15.3)
\u2013
\u2013
\u2013
(15.3)
Foreign exchange
(3.2)
(0.4)
\u2013
\u2013
(3.6)
At 31 March 2026
279.4
90.5
70.0
73.1
513.0
Accumulated amortisation and impairment
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
(96.6)
(69.8)
(33.6)
(32.1)
(232.1)
Amortisation charge for year
(18.1)
(5.1)
(11.1)
(2.6)
(36.9)
Disposals
\u2013
\u2013
1.2
4.0
5.2
Disposal divestments
6.4
\u2013
\u2013
\u2013
6.4
Impairment
\u2013
\u2013
\u2013
(6.1)
(6.1)
Foreign exchange
(0.3)
\u2013
0.2
\u2013
(0.1)
At 31 March 2026
(108.6)
(74.9)
(43.3)
(36.8)
(263.6)
Net book value at 31 March 2026
170.8
15.6
26.7
36.3
249.4
\n
1
Includes Assets In Course Of Construction of closing net book value of \u00a336.4m as at 31 March 2026 (2025: \u00a331.7m).
2
Additions per the table above are di\ufb00erent to the capital expenditure included in the cash \ufb02ow statement due to the relative timing of cash
payments compared to the recognition of balance sheet assets.
\u2018Other acquired\u2019 consists primarily of intellectual property and existing technology arising on past acquisition of
businesses. Signi\ufb01cant individual assets from past acquisitions include: customer relationships associated with US
Avantus, US C5ISR, Germany and QinetiQ Training & Simulation Limited (NBV: \u00a3142.8m; \u00a37.4m; \u00a314.7m; \u00a31.8m respectively)
with remaining amortisation periods of approximately 13 years, 4 years, 7 years and 5 years respectively, and acquired
technology associated with US Avantus, US C5ISR, Germany and QinetiQ Training & Simulation Limited (\u00a30.7m; \u00a36.3m; \u00a32.5m;
\u00a31.0m respectively) all with remaining amortisation periods of approximately \ufb01ve years.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Acquired intangibles
\u00a0
Other
\u00a0
\u00a0
Customer
Other
Development
internally
\u00a0
All \ufb01gures in \u00a3 million
relationships
acquired
costs
generated
Total
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2024
303.8
92.6
51.1
80.4
527.9
Reclassi\ufb01cations from PPE
\u2013
\u2013
8.1
0.6
8.7
Reclassi\ufb01cations between categories
\u2013
\u2013
0.1
(0.1)
\u2013
Additions \u2013 internally developed*
\u2013
\u2013
2.5
9.0
11.5
Additions \u2013 purchased*
\u2013
\u2013
1.2
0.4
1.6
Disposals
\u2013
\u2013
(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 amortisation and impairment
\u00a0\u00a0\u00a0\u00a0\u00a0
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
\u2013
\u2013
0.6
10.2
10.8
Impairment
\u2013
\u2013
(4.0)
\u2013
(4.0)
Foreign exchange
1.6
1.4
0.1
\u2013
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
\n
*
Additions per the table above are di\ufb00erent to the capital expenditure included in the cash \ufb02ow statement due to the relative timing of cash
payments compared to the recognition of balance sheet assets.
15. Property, plant and equipment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Owned assets
Right-of-use assets
\u00a0
\u00a0\u00a0
Plant,
Computers
\u00a0\u00a0
Plant,
Computers
\u00a0
\u00a0
Land and
machinery
and o\ufb00ice
Assets under
Land and
machinery
and o\ufb00ice
\u00a0
All \ufb01gures in \u00a3 million
buildings
and vehicles
equipment
construction
buildings
and vehicles
equipment
Total
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
169.9
345.2
155.7
129.4
99.9
5.7
0.4
906.2
Reclassi\ufb01cations to intangibles
\u2013
0.8
\u2013
(7.1)
\u2013
\u2013
\u2013
(6.3)
Reclassi\ufb01cations between categories
37.5
13.2
5.4
(56.1)
\u2013
\u2013
\u2013
\u2013
Additions \u2013 purchased*
0.3
5.4
1.3
47.9
13.2
0.4
\u2013
68.5
Disposals
(7.7)
(18.7)
(11.0)
(4.4)
(8.2)
\u2013
\u2013
(50.0)
Business divestment
\u2013
\u2013
\u2013
\u2013
(5.5)
\u2013
\u2013
(5.5)
Foreign exchange
(0.1)
3.0
0.3
0.5
(0.1)
0.1
\u2013
3.7
At 31 March 2026
199.9
348.9
151.7
110.2
99.3
6.2
0.4
916.6
Accumulated depreciation and
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
impairment
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
(91.3)
(202.1)
(94.9)
\u2013
(40.7)
(3.5)
(0.4)
(432.9)
Charge
(13.3)
(23.4)
(23.0)
\u2013
(11.0)
(0.6)
\u2013
(71.3)
Disposals
7.1
15.4
9.7
\u2013
4.1
\u2013
\u2013
36.3
Business divestment
\u2013
\u2013
\u2013
\u2013
2.0
\u2013
\u2013
2.0
Impairment
(3.3)
(2.0)
\u2013
\u2013
(0.5)
\u2013
\u2013
(5.8)
Foreign exchange
0.1
(0.5)
\u2013
\u2013
\u2013
0.1
\u2013
(0.3)
At 31 March 2026
(100.7)
(212.6)
(108.2)
\u2013
(46.1)
(4.0)
(0.4)
(472.0)
Net book value at 31 March 2026
99.2
136.3
43.5
110.2
53.2
2.2
\u2013
444.6
\n
*
Additions per the table above are di\ufb00erent to the capital expenditure included in the cash \ufb02ow statement due to the relative timing of cash
payments compared to the recognition of balance sheet assets.
During the prior year a \u00a336.6m loss was recognised on the sale and leaseback of Cody Technology Park; this was included
within operating costs as a speci\ufb01c adjusting item (see note 4). While 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Owned assets
Right-of-use assets
\u00a0
\u00a0 \u00a0
Plant,
Computers
\u00a0 \u00a0
Plant,
Computers
\u00a0
\u00a0
Land and
machinery
and o\ufb00ice
Assets under
Land and
machinery
and o\ufb00ice
\u00a0
All \ufb01gures in \u00a3 million
buildings
and vehicles
equipment
construction
buildings
and vehicles
equipment
Total
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 April 2024
375.7
324.4
140.9
142.3
92.4
3.4
0.4
1,079.5
Reclassi\ufb01cations to intangibles
\u2013
\u2013
(0.9)
(7.8)
\u2013
\u2013
\u2013
(8.7)
Reclassi\ufb01cations/transfers
29.7
23.7
15.4
(68.8)
\u2013
\u2013
\u2013
\u2013
Additions \u2013 purchased*
5.9
24.8
5.6
67.5
23.9
2.3
\u2013
130.0
Disposals
(240.6)
(25.0)
(4.7)
(3.6)
(14.5)
\u2013
\u2013
(288.4)
Foreign exchange
(0.8)
(2.7)
(0.6)
(0.2)
(1.9)
\u2013
\u2013
(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
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 April 2024
(227.0)
(194.3)
(78.4)
\u2013
(44.4)
(3.2)
(0.4)
(547.7)
Charge
(13.7)
(22.7)
(20.8)
\u2013
(10.6)
(0.3)
\u2013
(68.1)
Disposals
149.3
16.5
4.0
\u2013
14.5
\u2013
\u2013
184.3
Impairment
\u2013
(2.5)
\u2013
\u2013
(1.0)
\u2013
\u2013
(3.5)
Foreign exchange
0.1
0.9
0.3
\u2013
0.8
\u2013
\u2013
2.1
At 31 March 2025
(91.3)
(202.1)
(94.9)
\u2013
(40.7)
(3.5)
(0.4)
(432.9)
Net book value at 31 March 2025
78.6
143.1
60.8
129.4
59.2
2.2
\u2013
473.3
\n
*
Additions per the table above are di\ufb00erent to the capital expenditure included in the cash \ufb02ow statement due to the relative timing of cash
payments compared to the recognition of balance sheet assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0063": { "value": "15. Property, plant and equipment \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Owned assets
Right-of-use assets
\u00a0
\u00a0\u00a0
Plant,
Computers
\u00a0\u00a0
Plant,
Computers
\u00a0
\u00a0
Land and
machinery
and o\ufb00ice
Assets under
Land and
machinery
and o\ufb00ice
\u00a0
All \ufb01gures in \u00a3 million
buildings
and vehicles
equipment
construction
buildings
and vehicles
equipment
Total
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
169.9
345.2
155.7
129.4
99.9
5.7
0.4
906.2
Reclassi\ufb01cations to intangibles
\u2013
0.8
\u2013
(7.1)
\u2013
\u2013
\u2013
(6.3)
Reclassi\ufb01cations between categories
37.5
13.2
5.4
(56.1)
\u2013
\u2013
\u2013
\u2013
Additions \u2013 purchased*
0.3
5.4
1.3
47.9
13.2
0.4
\u2013
68.5
Disposals
(7.7)
(18.7)
(11.0)
(4.4)
(8.2)
\u2013
\u2013
(50.0)
Business divestment
\u2013
\u2013
\u2013
\u2013
(5.5)
\u2013
\u2013
(5.5)
Foreign exchange
(0.1)
3.0
0.3
0.5
(0.1)
0.1
\u2013
3.7
At 31 March 2026
199.9
348.9
151.7
110.2
99.3
6.2
0.4
916.6
Accumulated depreciation and
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
impairment
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
(91.3)
(202.1)
(94.9)
\u2013
(40.7)
(3.5)
(0.4)
(432.9)
Charge
(13.3)
(23.4)
(23.0)
\u2013
(11.0)
(0.6)
\u2013
(71.3)
Disposals
7.1
15.4
9.7
\u2013
4.1
\u2013
\u2013
36.3
Business divestment
\u2013
\u2013
\u2013
\u2013
2.0
\u2013
\u2013
2.0
Impairment
(3.3)
(2.0)
\u2013
\u2013
(0.5)
\u2013
\u2013
(5.8)
Foreign exchange
0.1
(0.5)
\u2013
\u2013
\u2013
0.1
\u2013
(0.3)
At 31 March 2026
(100.7)
(212.6)
(108.2)
\u2013
(46.1)
(4.0)
(0.4)
(472.0)
Net book value at 31 March 2026
99.2
136.3
43.5
110.2
53.2
2.2
\u2013
444.6
\n
*
Additions per the table above are di\ufb00erent to the capital expenditure included in the cash \ufb02ow statement due to the relative timing of cash
payments compared to the recognition of balance sheet assets.
During the prior year a \u00a336.6m loss was recognised on the sale and leaseback of Cody Technology Park; this was included
within operating costs as a speci\ufb01c adjusting item (see note 4). While 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Owned assets
Right-of-use assets
\u00a0
\u00a0 \u00a0
Plant,
Computers
\u00a0 \u00a0
Plant,
Computers
\u00a0
\u00a0
Land and
machinery
and o\ufb00ice
Assets under
Land and
machinery
and o\ufb00ice
\u00a0
All \ufb01gures in \u00a3 million
buildings
and vehicles
equipment
construction
buildings
and vehicles
equipment
Total
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 April 2024
375.7
324.4
140.9
142.3
92.4
3.4
0.4
1,079.5
Reclassi\ufb01cations to intangibles
\u2013
\u2013
(0.9)
(7.8)
\u2013
\u2013
\u2013
(8.7)
Reclassi\ufb01cations/transfers
29.7
23.7
15.4
(68.8)
\u2013
\u2013
\u2013
\u2013
Additions \u2013 purchased*
5.9
24.8
5.6
67.5
23.9
2.3
\u2013
130.0
Disposals
(240.6)
(25.0)
(4.7)
(3.6)
(14.5)
\u2013
\u2013
(288.4)
Foreign exchange
(0.8)
(2.7)
(0.6)
(0.2)
(1.9)
\u2013
\u2013
(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
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 April 2024
(227.0)
(194.3)
(78.4)
\u2013
(44.4)
(3.2)
(0.4)
(547.7)
Charge
(13.7)
(22.7)
(20.8)
\u2013
(10.6)
(0.3)
\u2013
(68.1)
Disposals
149.3
16.5
4.0
\u2013
14.5
\u2013
\u2013
184.3
Impairment
\u2013
(2.5)
\u2013
\u2013
(1.0)
\u2013
\u2013
(3.5)
Foreign exchange
0.1
0.9
0.3
\u2013
0.8
\u2013
\u2013
2.1
At 31 March 2025
(91.3)
(202.1)
(94.9)
\u2013
(40.7)
(3.5)
(0.4)
(432.9)
Net book value at 31 March 2025
78.6
143.1
60.8
129.4
59.2
2.2
\u2013
473.3
\n
*
Additions per the table above are di\ufb00erent to the capital expenditure included in the cash \ufb02ow statement due to the relative timing of cash
payments compared to the recognition of balance sheet assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0057": { "value": "16. Equity accounted investments \n \n
31 March 2026
31 March 2025
Joint
Joint
Ventures\u2019
Group net
Ventures\u2019
Group net
\ufb01nancial
share of Joint
\ufb01nancial
share of Joint
All \ufb01gures in \u00a3 million
position
Ventures
position
Ventures
Non-current assets
0.5
0.4
0.9
0.5
Current assets
2.5
2.1
3.4
2.4
3.0
2.5
4.3
2.9
Current liabilities
(0.3)
(0.2)
(0.3)
(0.1)
Non-current liabilities
(1.6)
(1.2)
(1.5)
(0.7)
(1.9)
(1.4)
(1.8)
(0.8)
Net assets of joint ventures
1.1
1.1
2.5
2.1
\nThe loss from the Group\u2019s share of joint ventures for the year ended 31 March 2026 was \u00a31.0m (FY25: pro\ufb01t of \u00a30.3m).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 2026 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of company
Country of incorporation
Registered o\ufb00ice
Subsidiaries
1,6
\u00a0\u00a0
QinetiQ Training Australia Pty Ltd *
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Air A\ufb00airs (Australia) Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Air A\ufb00airs Aviation Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Air Target Services Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Astra Aerospace Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Avantus Federal LLC
USA
10440 Furnace Road Lorton, VA 22079
Avantus Federal Services LLC
USA
10440 Furnace Road Lorton, VA 22079
Avantus National Security Solutions LLC
USA
10440 Furnace Road Lorton, VA 22079
E3 Federal Solutions PR LLC
USA
10440 Furnace Road Lorton, VA 22079
Far Ridgeline Engagements LLC
USA
10440 Furnace Road Lorton, VA 22079
Foster-Miller Inc.
2
USA
358 2nd Ave, Waltham, Massachuse\ue001s, MA 02451-1104, USA
Hirose Holdings Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Inzpire Group Limited
England & Wales
C/O FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
\u00a0\u00a0
Bristol, BS2 0HQ
Inzpire Holdings Limited
England & Wales
C/O FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
\u00a0\u00a0
Bristol, BS2 0HQ
Inzpire Limited
England & Wales
Landmark House West Unit 1b, Alpha Court, Kingsley Road,
\u00a0\u00a0
Lincoln, Lincolnshire, LN6 3TA
Lucid Perspectives LLC
USA
10440 Furnace Road Lorton, VA 22079
Naimuri Limited
England & Wales
Farnborough
3
Occam\u2019s Razor Technologies LLC
USA
10440 Furnace Road Lorton, VA 22079
Operational Intelligence LLC
USA
10440 Furnace Road Lorton, VA 22079
Qinetic Limited
England & Wales
Farnborough
3
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of company
Country of incorporation
Registered o\ufb00ice
QinetiQ Australia Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0 \u00a0
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,
\u00a0 \u00a0
ON M5L 1A9, Canada
QinetiQ Group Holdings Limited
England & Wales
Farnborough
3
QinetiQ Holdings Limited
England & Wales
Farnborough
3
QinetiQ Inc.
2
USA
10440 Furnace Road Lorton, VA 22079
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,
\u00a0 \u00a0
VIC 3008, Australia
QinetiQ Overseas Holdings Limited
England & Wales
Farnborough
3
QinetiQ Overseas Trading Limited
England & Wales
Farnborough
3
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
22nd Floor Corporate Centre, 139 Valero Street, Salcedo Village,
\u00a0 \u00a0
Makati City, Philippines
QinetiQ Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008,
\u00a0 \u00a0
Australia
QinetiQ Services Holdings Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008,
\u00a0 \u00a0
Australia
QinetiQ Solutions Sdn. Bhd.
Malaysia
Suite 6.01, 6th Floor, Plaza See Hoy Chan, Jalan Raja Chulan
\u00a0 \u00a0
50200, Kuala Lumpur, W.P. Kuala Lumpur, Malaysia
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,
\u00a0 \u00a0
Virginia 20120-1969, USA
RubiKon Group Pty Limited
Australia
Level 33, 101 Collins Street, Melbourne, Victoria 3000, Australia
TSG International LLC
USA
358 2nd Ave, Waltham, Massachuse\ue001s MA 02451-1104, USA
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of company
Country of incorporation
Registered o\ufb00ice
Joint ventures
6
\u00a0 \u00a0
Avantus CTA, LLC
5
USA
10440 Furnace Road Lorton, VA 22079
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
Unit 3, Zone 4, Tawazun Industrial Park, Abu Dhabi,
\u00a0 \u00a0
United Arab Emirates, PO Box 128220
QinetiQ Dar Massader QDM Limited
5,6
Saudi Arabia
Al Nakhla Tower, 3026-Prince Saud Bin Mohamed Bin Muqin Road,
\u00a0 \u00a0
PO Box 2985, Riyadh 13321, Kingdom of Saudi Arabia
Quick Services LLC
5
USA
409 Chicago Drive Suite 103 in Faye\ue001eville, NC 28306
\n
*
Aerospace Training Services Pty Ltd was renamed QinetiQ Training Australia Pty Ltd on 30 April 2025.
1
As at 31 March 2026 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 2026 the Group owned 90% of Avantus CTA, LLC, 49% of Federal Mission Solutions, LLC, 49% of Houbara Defence & Security LLC,
49% of QinetiQ Dar Massader QDM Limited, and 49% of Quick Services LLC.
6
The \ufb01nancial year end of each undertaking is 31 March other than Houbara Defence & Security LLC (31 December) and QinetiQ Dar Massader QDM
Limited (31 December).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0064": { "value": "16. Equity accounted investments \n \n
31 March 2026
31 March 2025
Joint
Joint
Ventures\u2019
Group net
Ventures\u2019
Group net
\ufb01nancial
share of Joint
\ufb01nancial
share of Joint
All \ufb01gures in \u00a3 million
position
Ventures
position
Ventures
Non-current assets
0.5
0.4
0.9
0.5
Current assets
2.5
2.1
3.4
2.4
3.0
2.5
4.3
2.9
Current liabilities
(0.3)
(0.2)
(0.3)
(0.1)
Non-current liabilities
(1.6)
(1.2)
(1.5)
(0.7)
(1.9)
(1.4)
(1.8)
(0.8)
Net assets of joint ventures
1.1
1.1
2.5
2.1
\nThe loss from the Group\u2019s share of joint ventures for the year ended 31 March 2026 was \u00a31.0m (FY25: pro\ufb01t of \u00a30.3m).\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of company
Country of incorporation
Registered o\ufb00ice
Joint ventures
6
\u00a0 \u00a0
Avantus CTA, LLC
5
USA
10440 Furnace Road Lorton, VA 22079
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
Unit 3, Zone 4, Tawazun Industrial Park, Abu Dhabi,
\u00a0 \u00a0
United Arab Emirates, PO Box 128220
QinetiQ Dar Massader QDM Limited
5,6
Saudi Arabia
Al Nakhla Tower, 3026-Prince Saud Bin Mohamed Bin Muqin Road,
\u00a0 \u00a0
PO Box 2985, Riyadh 13321, Kingdom of Saudi Arabia
Quick Services LLC
5
USA
409 Chicago Drive Suite 103 in Faye\ue001eville, NC 28306
\n
*
Aerospace Training Services Pty Ltd was renamed QinetiQ Training Australia Pty Ltd on 30 April 2025.
1
As at 31 March 2026 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 2026 the Group owned 90% of Avantus CTA, LLC, 49% of Federal Mission Solutions, LLC, 49% of Houbara Defence & Security LLC,
49% of QinetiQ Dar Massader QDM Limited, and 49% of Quick Services LLC.
6
The \ufb01nancial year end of each undertaking is 31 March other than Houbara Defence & Security LLC (31 December) and QinetiQ Dar Massader QDM
Limited (31 December).", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0065": { "value": "16. Equity accounted investments \n \n
31 March 2026
31 March 2025
Joint
Joint
Ventures\u2019
Group net
Ventures\u2019
Group net
\ufb01nancial
share of Joint
\ufb01nancial
share of Joint
All \ufb01gures in \u00a3 million
position
Ventures
position
Ventures
Non-current assets
0.5
0.4
0.9
0.5
Current assets
2.5
2.1
3.4
2.4
3.0
2.5
4.3
2.9
Current liabilities
(0.3)
(0.2)
(0.3)
(0.1)
Non-current liabilities
(1.6)
(1.2)
(1.5)
(0.7)
(1.9)
(1.4)
(1.8)
(0.8)
Net assets of joint ventures
1.1
1.1
2.5
2.1
\nThe loss from the Group\u2019s share of joint ventures for the year ended 31 March 2026 was \u00a31.0m (FY25: pro\ufb01t of \u00a30.3m).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 2026 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of company
Country of incorporation
Registered o\ufb00ice
Subsidiaries
1,6
\u00a0\u00a0
QinetiQ Training Australia Pty Ltd *
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Air A\ufb00airs (Australia) Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Air A\ufb00airs Aviation Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Air Target Services Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Astra Aerospace Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Avantus Federal LLC
USA
10440 Furnace Road Lorton, VA 22079
Avantus Federal Services LLC
USA
10440 Furnace Road Lorton, VA 22079
Avantus National Security Solutions LLC
USA
10440 Furnace Road Lorton, VA 22079
E3 Federal Solutions PR LLC
USA
10440 Furnace Road Lorton, VA 22079
Far Ridgeline Engagements LLC
USA
10440 Furnace Road Lorton, VA 22079
Foster-Miller Inc.
2
USA
358 2nd Ave, Waltham, Massachuse\ue001s, MA 02451-1104, USA
Hirose Holdings Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Inzpire Group Limited
England & Wales
C/O FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
\u00a0\u00a0
Bristol, BS2 0HQ
Inzpire Holdings Limited
England & Wales
C/O FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
\u00a0\u00a0
Bristol, BS2 0HQ
Inzpire Limited
England & Wales
Landmark House West Unit 1b, Alpha Court, Kingsley Road,
\u00a0\u00a0
Lincoln, Lincolnshire, LN6 3TA
Lucid Perspectives LLC
USA
10440 Furnace Road Lorton, VA 22079
Naimuri Limited
England & Wales
Farnborough
3
Occam\u2019s Razor Technologies LLC
USA
10440 Furnace Road Lorton, VA 22079
Operational Intelligence LLC
USA
10440 Furnace Road Lorton, VA 22079
Qinetic Limited
England & Wales
Farnborough
3
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of company
Country of incorporation
Registered o\ufb00ice
QinetiQ Australia Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0 \u00a0
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,
\u00a0 \u00a0
ON M5L 1A9, Canada
QinetiQ Group Holdings Limited
England & Wales
Farnborough
3
QinetiQ Holdings Limited
England & Wales
Farnborough
3
QinetiQ Inc.
2
USA
10440 Furnace Road Lorton, VA 22079
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,
\u00a0 \u00a0
VIC 3008, Australia
QinetiQ Overseas Holdings Limited
England & Wales
Farnborough
3
QinetiQ Overseas Trading Limited
England & Wales
Farnborough
3
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
22nd Floor Corporate Centre, 139 Valero Street, Salcedo Village,
\u00a0 \u00a0
Makati City, Philippines
QinetiQ Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008,
\u00a0 \u00a0
Australia
QinetiQ Services Holdings Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008,
\u00a0 \u00a0
Australia
QinetiQ Solutions Sdn. Bhd.
Malaysia
Suite 6.01, 6th Floor, Plaza See Hoy Chan, Jalan Raja Chulan
\u00a0 \u00a0
50200, Kuala Lumpur, W.P. Kuala Lumpur, Malaysia
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,
\u00a0 \u00a0
Virginia 20120-1969, USA
RubiKon Group Pty Limited
Australia
Level 33, 101 Collins Street, Melbourne, Victoria 3000, Australia
TSG International LLC
USA
358 2nd Ave, Waltham, Massachuse\ue001s MA 02451-1104, USA
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of company
Country of incorporation
Registered o\ufb00ice
Joint ventures
6
\u00a0 \u00a0
Avantus CTA, LLC
5
USA
10440 Furnace Road Lorton, VA 22079
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
Unit 3, Zone 4, Tawazun Industrial Park, Abu Dhabi,
\u00a0 \u00a0
United Arab Emirates, PO Box 128220
QinetiQ Dar Massader QDM Limited
5,6
Saudi Arabia
Al Nakhla Tower, 3026-Prince Saud Bin Mohamed Bin Muqin Road,
\u00a0 \u00a0
PO Box 2985, Riyadh 13321, Kingdom of Saudi Arabia
Quick Services LLC
5
USA
409 Chicago Drive Suite 103 in Faye\ue001eville, NC 28306
\n
*
Aerospace Training Services Pty Ltd was renamed QinetiQ Training Australia Pty Ltd on 30 April 2025.
1
As at 31 March 2026 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 2026 the Group owned 90% of Avantus CTA, LLC, 49% of Federal Mission Solutions, LLC, 49% of Houbara Defence & Security LLC,
49% of QinetiQ Dar Massader QDM Limited, and 49% of Quick Services LLC.
6
The \ufb01nancial year end of each undertaking is 31 March other than Houbara Defence & Security LLC (31 December) and QinetiQ Dar Massader QDM
Limited (31 December).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0066": { "value": "17. Deferred tax
For the year ended 31 March 2026
Deferred tax asset
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Carried
\u00a0\u00a0\u00a0
\u00a0
Short-term
forward
\u00a0\u00a0\u00a0
\u00a0
timing
interest
Lease
\u00a0\u00a0
All \ufb01gures in \u00a3 million
di\ufb00erences
expense
liabilities
Tax losses
Total
At 1 April 2025
12.1
2.1
8.8
4.8
27.8
Credited/(charged) to income statement
(2.7)
2.3
(0.9)
4.7
3.4
Credited to other comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
Credited to equity
0.2
\u2013
\u2013
\u2013
0.2
Foreign exchange
0.5
0.2
\u2013
0.5
1.2
Gross deferred tax asset at 31 March 2026
10.1
4.6
7.9
10.0
32.6
Less: liability available for o\ufb00set
\u00a0\u00a0\u00a0\u00a0
(14.4)
Net deferred tax asset at 31 March 2026
\u00a0\u00a0\u00a0\u00a0
18.2
\n
Deferred tax liability
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Owned
\u00a0\u00a0\u00a0
\u00a0\u00a0
property,
\u00a0\u00a0\u00a0
\u00a0
Pension
plant &
Right-of-use
Acquisition
\u00a0
All \ufb01gures in \u00a3 million
surplus
equipment
assets
intangibles
Total
At 1 April 2025
(14.6)
(82.8)
(7.8)
(12.9)
(118.1)
Credited/(charged) to income statement
(0.7)
1.0
1.6
2.6
4.5
Charged to other comprehensive income
(2.6)
\u2013
\u2013
\u2013
(2.6)
Foreign exchange
\u2013
\u2013
\u2013
(0.4)
(0.4)
Gross deferred tax liability at 31 March 2026
(17.9)
(81.8)
(6.2)
(10.7)
(116.6)
Less: asset available for o\ufb00set
\u00a0\u00a0\u00a0\u00a0
14.4
Net deferred tax liability at 31 March 2026
\u00a0\u00a0\u00a0\u00a0
(102.2)
\n
Deferred tax has been calculated at the rate at which the timing di\ufb00erence is expected to reverse using enacted future
statutory rates. Deferred tax assets and liabilities are o\ufb00set where there is a legally enforceable right to o\ufb00set current tax
assets and liabilities and where the deferred tax balances relate to the same taxation authority.
At 31 March 2026 the Group had unused tax losses and carried forward interest expenses of \u00a3383.1m (2025: \u00a3305.3m) which
are available for o\ufb00set against future taxable pro\ufb01ts.
During FY25, with our US operations performing below expectations, the change in the Administration and the change in
US Sector CEO, re-alignment of strategy and required restructuring, there was a material impact on the future projections
of the US business. As a result, in FY25 the Group derecognised the deferred tax assets previously recognised in respect
of net operating losses in FY25. There is continued derecognition in FY26 due to the uncertainty over future taxable pro\ufb01ts
for the US business. No deferred tax asset is recognised in respect of \u00a3236.8m (2025: \u00a3183.8m) of US net operating losses
and \u00a386.2m (2025: \u00a385.9m) of US excess interest. There is also no deferred tax asset recognised in respect of \u00a39.5m
(2025: \u00a38.8m) 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 \u00a392.4m. Of the \u00a3236.8m (2025: \u00a3183.8m) of US net operating
losses, \u00a330.3m (2025: \u00a331.1m) are time-limited of which \u00a321.4m will expire in 2035 and \u00a38.9m in 2036.
Deferred tax assets in respect of losses and excess interest are recognised on the balance sheet of \u00a314.6m (2025: \u00a36.9m),
being \u00a33.6m in respect of \u00a315.7m of Canadian net operating losses and excess interest, \u00a37.2m in respect of \u00a322.3m of German
trade losses and excess interest, and \u00a33.8m in respect of \u00a312.7m of Australian trade losses and excess interest.
The Group made overseas losses in the year ended 31 March 2026 and recognition of deferred tax assets is dependent on
future forecast taxable pro\ufb01ts. 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 \ufb01ve-year forecast we have reviewed the
terminal period pro\ufb01ts 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 over the next 3\u201310 years. A 10% change in the forecast pro\ufb01ts would
alter the utilisation period by 2 years.
There are no material temporary di\ufb00erences 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 2025
Deferred tax asset
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Carried
\u00a0 \u00a0 \u00a0
\u00a0
Short-term
forward
\u00a0 \u00a0 \u00a0
\u00a0
timing
interest
Lease
Tax
\u00a0
All \ufb01gures in \u00a3 million
di\ufb00erences
expense
liabilities
losses
Total
At 1 April 2024
20.1
1.0
8.9
35.9
65.9
Credited to income statement
(8.8)
1.1
\u2013
(30.7)
(38.4)
Charged to other comprehensive income
1.8
\u2013
\u2013
\u2013
1.8
Foreign exchange
(1.0)
\u2013
(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 o\ufb00set
\u00a0 \u00a0 \u00a0 \u00a0
(17.1)
Net deferred tax asset at 31 March 2025
\u00a0 \u00a0 \u00a0 \u00a0
10.7
\n
Deferred tax liability
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Owned
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0
property,
\u00a0 \u00a0 \u00a0
\u00a0
Pension
plant &
Right-of-use
Acquisition
\u00a0
All \ufb01gures in \u00a3 million
surplus
equipment
assets
intangibles
Total
At 1 April 2024
(9.6)
(80.4)
(7.6)
(26.0)
(123.6)
Charged to income statement
(0.6)
(2.4)
\u2013
12.6
9.6
Credited to other comprehensive income
(4.4)
\u2013
\u2013
\u2013
(4.4)
Foreign exchange
\u2013
\u2013
(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 o\ufb00set
\u00a0 \u00a0 \u00a0 \u00a0
17.1
Net deferred tax liability at 31 March 2025
\u00a0 \u00a0 \u00a0 \u00a0
(101.0)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0067": { "value": "17. Deferred tax
For the year ended 31 March 2026
Deferred tax asset
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Carried
\u00a0\u00a0\u00a0
\u00a0
Short-term
forward
\u00a0\u00a0\u00a0
\u00a0
timing
interest
Lease
\u00a0\u00a0
All \ufb01gures in \u00a3 million
di\ufb00erences
expense
liabilities
Tax losses
Total
At 1 April 2025
12.1
2.1
8.8
4.8
27.8
Credited/(charged) to income statement
(2.7)
2.3
(0.9)
4.7
3.4
Credited to other comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
Credited to equity
0.2
\u2013
\u2013
\u2013
0.2
Foreign exchange
0.5
0.2
\u2013
0.5
1.2
Gross deferred tax asset at 31 March 2026
10.1
4.6
7.9
10.0
32.6
Less: liability available for o\ufb00set
\u00a0\u00a0\u00a0\u00a0
(14.4)
Net deferred tax asset at 31 March 2026
\u00a0\u00a0\u00a0\u00a0
18.2
\n
Deferred tax liability
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Owned
\u00a0\u00a0\u00a0
\u00a0\u00a0
property,
\u00a0\u00a0\u00a0
\u00a0
Pension
plant &
Right-of-use
Acquisition
\u00a0
All \ufb01gures in \u00a3 million
surplus
equipment
assets
intangibles
Total
At 1 April 2025
(14.6)
(82.8)
(7.8)
(12.9)
(118.1)
Credited/(charged) to income statement
(0.7)
1.0
1.6
2.6
4.5
Charged to other comprehensive income
(2.6)
\u2013
\u2013
\u2013
(2.6)
Foreign exchange
\u2013
\u2013
\u2013
(0.4)
(0.4)
Gross deferred tax liability at 31 March 2026
(17.9)
(81.8)
(6.2)
(10.7)
(116.6)
Less: asset available for o\ufb00set
\u00a0\u00a0\u00a0\u00a0
14.4
Net deferred tax liability at 31 March 2026
\u00a0\u00a0\u00a0\u00a0
(102.2)
\n
Deferred tax has been calculated at the rate at which the timing di\ufb00erence is expected to reverse using enacted future
statutory rates. Deferred tax assets and liabilities are o\ufb00set where there is a legally enforceable right to o\ufb00set current tax
assets and liabilities and where the deferred tax balances relate to the same taxation authority.
At 31 March 2026 the Group had unused tax losses and carried forward interest expenses of \u00a3383.1m (2025: \u00a3305.3m) which
are available for o\ufb00set against future taxable pro\ufb01ts.
During FY25, with our US operations performing below expectations, the change in the Administration and the change in
US Sector CEO, re-alignment of strategy and required restructuring, there was a material impact on the future projections
of the US business. As a result, in FY25 the Group derecognised the deferred tax assets previously recognised in respect
of net operating losses in FY25. There is continued derecognition in FY26 due to the uncertainty over future taxable pro\ufb01ts
for the US business. No deferred tax asset is recognised in respect of \u00a3236.8m (2025: \u00a3183.8m) of US net operating losses
and \u00a386.2m (2025: \u00a385.9m) of US excess interest. There is also no deferred tax asset recognised in respect of \u00a39.5m
(2025: \u00a38.8m) 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 \u00a392.4m. Of the \u00a3236.8m (2025: \u00a3183.8m) of US net operating
losses, \u00a330.3m (2025: \u00a331.1m) are time-limited of which \u00a321.4m will expire in 2035 and \u00a38.9m in 2036.
Deferred tax assets in respect of losses and excess interest are recognised on the balance sheet of \u00a314.6m (2025: \u00a36.9m),
being \u00a33.6m in respect of \u00a315.7m of Canadian net operating losses and excess interest, \u00a37.2m in respect of \u00a322.3m of German
trade losses and excess interest, and \u00a33.8m in respect of \u00a312.7m of Australian trade losses and excess interest.
The Group made overseas losses in the year ended 31 March 2026 and recognition of deferred tax assets is dependent on
future forecast taxable pro\ufb01ts. 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 \ufb01ve-year forecast we have reviewed the
terminal period pro\ufb01ts 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 over the next 3\u201310 years. A 10% change in the forecast pro\ufb01ts would
alter the utilisation period by 2 years.
There are no material temporary di\ufb00erences 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 2025
Deferred tax asset
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Carried
\u00a0 \u00a0 \u00a0
\u00a0
Short-term
forward
\u00a0 \u00a0 \u00a0
\u00a0
timing
interest
Lease
Tax
\u00a0
All \ufb01gures in \u00a3 million
di\ufb00erences
expense
liabilities
losses
Total
At 1 April 2024
20.1
1.0
8.9
35.9
65.9
Credited to income statement
(8.8)
1.1
\u2013
(30.7)
(38.4)
Charged to other comprehensive income
1.8
\u2013
\u2013
\u2013
1.8
Foreign exchange
(1.0)
\u2013
(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 o\ufb00set
\u00a0 \u00a0 \u00a0 \u00a0
(17.1)
Net deferred tax asset at 31 March 2025
\u00a0 \u00a0 \u00a0 \u00a0
10.7
\n
Deferred tax liability
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Owned
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0
property,
\u00a0 \u00a0 \u00a0
\u00a0
Pension
plant &
Right-of-use
Acquisition
\u00a0
All \ufb01gures in \u00a3 million
surplus
equipment
assets
intangibles
Total
At 1 April 2024
(9.6)
(80.4)
(7.6)
(26.0)
(123.6)
Charged to income statement
(0.6)
(2.4)
\u2013
12.6
9.6
Credited to other comprehensive income
(4.4)
\u2013
\u2013
\u2013
(4.4)
Foreign exchange
\u2013
\u2013
(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 o\ufb00set
\u00a0 \u00a0 \u00a0 \u00a0
17.1
Net deferred tax liability at 31 March 2025
\u00a0 \u00a0 \u00a0 \u00a0
(101.0)
\n
18. Current tax
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Current tax receivable
0.4
1.6
Current tax payable
(13.4)
(3.6)
Net current tax payable
(13.0)
(2.0)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0070": { "value": "19. Inventories \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Raw materials
28.1
28.7
Work in progress
7.1
8.7
Finished goods
38.5
33.3
Total inventories
73.7
70.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0071": { "value": "20. Trade and other receivables \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Trade receivables
143.3
148.9
Contract assets
178.2
154.5
Other receivables
44.2
48.1
Prepayments
29.2
36.9
Total trade and other receivables
394.9
388.4
\n
Trade and other receivables includes assets that are realised as part of the business\u2019s normal operating cycle, including
amounts of \u00a312.1m (2025: \u00a3nil) 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 2026 the Group carried a loss
allowance in respect of expected credit risk of \u00a31.6m (2025: \u00a31.4m).
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 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Up to 30 days
30-120 days
>120 days
\u00a0
\u00a0
Current
past due
past due
past due
Total
Gross carrying amount \u2013 trade receivables (\u00a3m)
126.1
11.1
4.7
3.0
144.9
Gross carrying amount \u2013 contract assets (\u00a3m)
178.2
\u2013
\u2013
\u2013
178.2
Expected loss rate (%)
0.0%
0.0%
0.0%
53.3%
0.5%
Loss allowance (\u00a3m)
\u2013
\u2013
\u2013
1.6
1.6
\n
As at 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Up to 30 days
30-120 days
>120 days
\u00a0
\u00a0
Current
past due
past due
past due
Total
Gross carrying amount \u2013 trade receivables (\u00a3m)
120.1
23.1
2.4
4.7
150.3
Gross carrying amount \u2013 contract assets (\u00a3m)
154.5
\u2013
\u2013
\u2013
154.5
Expected loss rate (%)
0.0%
0.0%
0.0%
29.8%
0.5%
Loss allowance (\u00a3m)
\u2013
\u2013
\u2013
1.4
1.4
\n
Movements in the provision for expected credit loss
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
FY26
FY25
\u00a0
Trade
Contract
Trade
Contract
All \ufb01gures in \u00a3 million
receivables
assets
receivables
assets
At 1 April
1.4
\u2013
1.7
\u2013
Increase in loss allowance recognised in income statement
0.3
\u2013
0.2
\u2013
Unutilised amount reversed through income statement
(0.1)
\u2013
(0.1)
\u2013
Utilised (receivables wri\ue001en o\ufb00)
\u2013
\u2013
(0.4)
\u2013
At 31 March
1.6
\u2013
1.4
\u2013
\n
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0068": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Trade receivables
143.3
148.9
Contract assets
178.2
154.5
Other receivables
44.2
48.1
Prepayments
29.2
36.9
Total trade and other receivables
394.9
388.4
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0079": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Trade receivables
143.3
148.9
Contract assets
178.2
154.5
Other receivables
44.2
48.1
Prepayments
29.2
36.9
Total trade and other receivables
394.9
388.4
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0072": { "value": "Trade and other receivables includes assets that are realised as part of the business\u2019s normal operating cycle, including
amounts of \u00a312.1m (2025: \u00a3nil) 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 2026 the Group carried a loss
allowance in respect of expected credit risk of \u00a31.6m (2025: \u00a31.4m).
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 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Up to 30 days
30-120 days
>120 days
\u00a0
\u00a0
Current
past due
past due
past due
Total
Gross carrying amount \u2013 trade receivables (\u00a3m)
126.1
11.1
4.7
3.0
144.9
Gross carrying amount \u2013 contract assets (\u00a3m)
178.2
\u2013
\u2013
\u2013
178.2
Expected loss rate (%)
0.0%
0.0%
0.0%
53.3%
0.5%
Loss allowance (\u00a3m)
\u2013
\u2013
\u2013
1.6
1.6
\n
As at 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Up to 30 days
30-120 days
>120 days
\u00a0
\u00a0
Current
past due
past due
past due
Total
Gross carrying amount \u2013 trade receivables (\u00a3m)
120.1
23.1
2.4
4.7
150.3
Gross carrying amount \u2013 contract assets (\u00a3m)
154.5
\u2013
\u2013
\u2013
154.5
Expected loss rate (%)
0.0%
0.0%
0.0%
29.8%
0.5%
Loss allowance (\u00a3m)
\u2013
\u2013
\u2013
1.4
1.4
\n
Movements in the provision for expected credit loss
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
FY26
FY25
\u00a0
Trade
Contract
Trade
Contract
All \ufb01gures in \u00a3 million
receivables
assets
receivables
assets
At 1 April
1.4
\u2013
1.7
\u2013
Increase in loss allowance recognised in income statement
0.3
\u2013
0.2
\u2013
Unutilised amount reversed through income statement
(0.1)
\u2013
(0.1)
\u2013
Utilised (receivables wri\ue001en o\ufb00)
\u2013
\u2013
(0.4)
\u2013
At 31 March
1.6
\u2013
1.4
\u2013
\n
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0080": { "value": "21. Trade and other payables \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Trade payables
184.2
152.1
Other tax and social security
54.6
56.7
Contract liabilities
158.3
207.0
Accrued expenses and other payables
188.5
181.7
Total current trade and other payables
585.6
597.5
Contract liabilities
5.6
6.4
Other payables
4.0
2.0
Total non-current trade and other payables
9.6
8.4
Total trade and other payables
595.2
605.9
\n
Trade payables include \u00a359.4m (2025: \u00a338.0m) of goods received not invoiced accruals where invoices had not been
processed as at the year end. Contract liabilities, which are in\ufb02uenced by the timing of revenue recognition and invoicing on
contracts, were broadly consistent with the prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0069": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Trade payables
184.2
152.1
Other tax and social security
54.6
56.7
Contract liabilities
158.3
207.0
Accrued expenses and other payables
188.5
181.7
Total current trade and other payables
585.6
597.5
Contract liabilities
5.6
6.4
Other payables
4.0
2.0
Total non-current trade and other payables
9.6
8.4
Total trade and other payables
595.2
605.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0083": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Trade payables
184.2
152.1
Other tax and social security
54.6
56.7
Contract liabilities
158.3
207.0
Accrued expenses and other payables
188.5
181.7
Total current trade and other payables
585.6
597.5
Contract liabilities
5.6
6.4
Other payables
4.0
2.0
Total non-current trade and other payables
9.6
8.4
Total trade and other payables
595.2
605.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0082": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Trade payables
184.2
152.1
Other tax and social security
54.6
56.7
Contract liabilities
158.3
207.0
Accrued expenses and other payables
188.5
181.7
Total current trade and other payables
585.6
597.5
Contract liabilities
5.6
6.4
Other payables
4.0
2.0
Total non-current trade and other payables
9.6
8.4
Total trade and other payables
595.2
605.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0081": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Trade payables
184.2
152.1
Other tax and social security
54.6
56.7
Contract liabilities
158.3
207.0
Accrued expenses and other payables
188.5
181.7
Total current trade and other payables
585.6
597.5
Contract liabilities
5.6
6.4
Other payables
4.0
2.0
Total non-current trade and other payables
9.6
8.4
Total trade and other payables
595.2
605.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0085": { "value": "22. Provisions
For the year ended 31 March 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
Property
Other
Total
At 1 April 2025
24.8
34.9
59.7
Created in year
0.6
15.9
16.5
Released in year
(0.1)
(1.6)
(1.7)
Utilised in year
(2.4)
(21.5)
(23.9)
Foreign exchange
\u2013
0.1
0.1
At 31 March 2026
22.9
27.8
50.7
Current liability
20.1
14.0
34.1
Non-current liability
2.8
13.8
16.6
At 31 March 2026
22.9
27.8
50.7
\n
For the year ended 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures 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
\u2013
(1.2)
(1.2)
Utilised in year
(2.0)
(2.5)
(4.5)
Foreign exchange
\u2013
(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
\n
Property provisions relate to obligations relating to the sale and leaseback transaction, dilapidations and under-utilised
properties. The under-utilised property provision is a\ufb00ected by the timing of when properties can be sub-let and the
proportion of space that can be sub-let. Other provisions includes \u00a310.7m (2025: \u00a312.1m) 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 \u00a38.4m (31 March 2025: \u00a314.3m) relating to the group-wide restructuring programme, the cost of which is included
as a speci\ufb01c adjusting item. The remaining balance consists of liabilities relating to legal, regulatory and other ma\ue001ers,
the magnitude and timing of utilisation of which are determined by a variety of factors.31. Contingent liabilities and assets
Subsidiary undertakings within the Group have given unsecured guarantees of \u00a353.7m at 31 March 2026 (2025: \u00a349.7m) 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 ma\ue001ers, 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 identi\ufb01ed 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 out\ufb02ow in se\ue001lement is assessed as remote.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0084": { "value": "22. Provisions
For the year ended 31 March 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
Property
Other
Total
At 1 April 2025
24.8
34.9
59.7
Created in year
0.6
15.9
16.5
Released in year
(0.1)
(1.6)
(1.7)
Utilised in year
(2.4)
(21.5)
(23.9)
Foreign exchange
\u2013
0.1
0.1
At 31 March 2026
22.9
27.8
50.7
Current liability
20.1
14.0
34.1
Non-current liability
2.8
13.8
16.6
At 31 March 2026
22.9
27.8
50.7
\n
For the year ended 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures 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
\u2013
(1.2)
(1.2)
Utilised in year
(2.0)
(2.5)
(4.5)
Foreign exchange
\u2013
(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
\n
Property provisions relate to obligations relating to the sale and leaseback transaction, dilapidations and under-utilised
properties. The under-utilised property provision is a\ufb00ected by the timing of when properties can be sub-let and the
proportion of space that can be sub-let. Other provisions includes \u00a310.7m (2025: \u00a312.1m) 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 \u00a38.4m (31 March 2025: \u00a314.3m) relating to the group-wide restructuring programme, the cost of which is included
as a speci\ufb01c adjusting item. The remaining balance consists of liabilities relating to legal, regulatory and other ma\ue001ers,
the magnitude and timing of utilisation of which are determined by a variety of factors.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0086": { "value": "23. Net debt \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
All \ufb01gures in \u00a3 million
Assets
Liabilities
Net
Assets
Liabilities
Net
Current \ufb01nancial assets/(liabilities)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Deferred \ufb01nancing costs
1.2
\u2013
1.2
1.3
\u2013
1.3
Lease liabilities
\u2013
(12.4)
(12.4)
\u2013
(13.3)
(13.3)
Derivative \ufb01nancial instruments
2.1
(1.1)
1.0
3.6
(1.8)
1.8
Total current \ufb01nancial assets/(liabilities)
3.3
(13.5)
(10.2)
4.9
(15.1)
(10.2)
Non-current assets/(liabilities)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Deferred \ufb01nancing costs
0.3
\u2013
0.3
1.0
\u2013
1.0
Borrowings \u2013 Term loan
\u2013
(333.6)
(333.6)
\u2013
(335.0)
(335.0)
Lease liabilities
\u2013
(76.7)
(76.7)
\u2013
(80.6)
(80.6)
Derivative \ufb01nancial instruments
2.0
(0.1)
1.9
2.0
(1.0)
1.0
Total non-current \ufb01nancial assets/(liabilities)
2.3
(410.4)
(408.1)
3.0
(416.6)
(413.6)
Total \ufb01nancial assets/(liabilities)
5.6
(423.9)
(418.3)
7.9
(431.7)
(423.8)
Cash
91.8
\u2013
91.8
120.2
\u2013
120.2
Cash equivalents
167.4
\u2013
167.4
170.4
\u2013
170.4
Total cash and cash equivalents
259.2
\u2013
259.2
290.6
\u2013
290.6
Total net debt as de\ufb01ned by the Group
\u00a0 \u00a0
(159.1)
\u00a0 \u00a0
(133.2)
\n
At 31 March 2026 the Group held \u00a30.6m (2025: \u00a30.7m) of cash which is restricted in its use. The term loan was issued at
\ufb02oating rates as Tranche A \u00a3273.3m and Tranche B USD 79.6m. A proportion of Tranche A has been converted to \ufb01xed rate
using interest rate swaps. Further analysis of the terms and maturity dates for \ufb01nancial liabilities are set out in note 26. E) Liquidity risk
Borrowing facilities
As at 31 March 2026 the Group had a revolving credit facility (RCF) of \u00a3290.0m (2025: \u00a3290.0m
) and a \ufb02oating rate term
loan of \u00a3333.6m (2025: \u00a3335.0m). The RCF, which is unutilised, will mature on 22 April 2029. 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Interest rate:
\u00a0 \u00a0 \u00a0
\u00a0
Reference
Total
Drawn
Undrawn
\u00a0
rate* plus
\u00a3m
\u00a3m
\u00a3m
As at 31 March 2026
\u00a0 \u00a0 \u00a0 \u00a0
Commi\ue001ed facilities \u2013 RCF
0.58%
290.0
\u2013
290.0
Commi\ue001ed facilities \u2013 term loan
1.00%
333.6
333.6
\u2013
Freely available cash and cash equivalents
\u2013
\u2013
\u2013
258.6
Available funds 31 March 2026
\u00a0 \u00a0 \u00a0
548.6
As at 31 March 2025
\u00a0 \u00a0 \u00a0 \u00a0
Commi\ue001ed facilities \u2013 RCF
0.60%
290.0
\u2013
290.0
Commi\ue001ed facilities \u2013 term loan
1.00%
335.0
335.0
\u2013
Freely available cash and cash equivalents
\u2013
\u2013
\u2013
289.9
Available funds 31 March 2025
\u00a0 \u00a0 \u00a0
579.9
\n
*
Reference rate refers to SONIA for GBP and SOFR for USD. G) Maturity of \ufb01nancial liabilities
The contractual maturity of the Group\u2019s \ufb01nancial liabilities is shown below:
As at 31 March 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade
Bank
\u00a0\u00a0\u00a0
\u00a0
payables and
borrowings
Derivative
\u00a0\u00a0
\u00a0
similar items
and loan
\ufb01nancial
Lease
\u00a0
All \ufb01gures in \u00a3 million
payables
notes
instruments
liabilities
Total
Due in one year or less
347.4
\u2013
1.1
12.4
365.3
Due in more than one year but not more than two years
\u2013
\u2013
0.1
11.9
11.9
Due in more than two years but not more than \ufb01ve years
\u2013
333.6
\u2013
43.3
376.6
Due in \ufb01ve years or more
\u2013
\u2013
\u2013
21.5
21.5
Total
347.4
333.6
1.2
89.1
771.3
\n
As at 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade
Bank
\u00a0 \u00a0 \u00a0
\u00a0
payables and
borrowings
Derivative
\u00a0 \u00a0
\u00a0
similar items
and loan
\ufb01nancial
Lease
\u00a0
All \ufb01gures in \u00a3 million
payables
notes
instruments
liabilities
Total
Due in one year or less
302.5
\u2013
1.8
13.3
317.6
Due in more than one year but not more than two years
\u2013
\u2013
0.7
13.5
14.2
Due in more than two years but not more than \ufb01ve years
\u2013
335.0
0.3
41.3
376.6
Due in \ufb01ve years or more
\u2013
\u2013
\u2013
25.8
25.8
Total
302.5
335.0
2.8
93.9
734.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0087": { "value": "23. Net debt \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
All \ufb01gures in \u00a3 million
Assets
Liabilities
Net
Assets
Liabilities
Net
Current \ufb01nancial assets/(liabilities)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Deferred \ufb01nancing costs
1.2
\u2013
1.2
1.3
\u2013
1.3
Lease liabilities
\u2013
(12.4)
(12.4)
\u2013
(13.3)
(13.3)
Derivative \ufb01nancial instruments
2.1
(1.1)
1.0
3.6
(1.8)
1.8
Total current \ufb01nancial assets/(liabilities)
3.3
(13.5)
(10.2)
4.9
(15.1)
(10.2)
Non-current assets/(liabilities)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Deferred \ufb01nancing costs
0.3
\u2013
0.3
1.0
\u2013
1.0
Borrowings \u2013 Term loan
\u2013
(333.6)
(333.6)
\u2013
(335.0)
(335.0)
Lease liabilities
\u2013
(76.7)
(76.7)
\u2013
(80.6)
(80.6)
Derivative \ufb01nancial instruments
2.0
(0.1)
1.9
2.0
(1.0)
1.0
Total non-current \ufb01nancial assets/(liabilities)
2.3
(410.4)
(408.1)
3.0
(416.6)
(413.6)
Total \ufb01nancial assets/(liabilities)
5.6
(423.9)
(418.3)
7.9
(431.7)
(423.8)
Cash
91.8
\u2013
91.8
120.2
\u2013
120.2
Cash equivalents
167.4
\u2013
167.4
170.4
\u2013
170.4
Total cash and cash equivalents
259.2
\u2013
259.2
290.6
\u2013
290.6
Total net debt as de\ufb01ned by the Group
\u00a0 \u00a0
(159.1)
\u00a0 \u00a0
(133.2)
\n
At 31 March 2026 the Group held \u00a30.6m (2025: \u00a30.7m) of cash which is restricted in its use. The term loan was issued at
\ufb02oating rates as Tranche A \u00a3273.3m and Tranche B USD 79.6m. A proportion of Tranche A has been converted to \ufb01xed rate
using interest rate swaps. Further analysis of the terms and maturity dates for \ufb01nancial liabilities are set out in note 26. E) Liquidity risk
Borrowing facilities
As at 31 March 2026 the Group had a revolving credit facility (RCF) of \u00a3290.0m (2025: \u00a3290.0m
) and a \ufb02oating rate term
loan of \u00a3333.6m (2025: \u00a3335.0m). The RCF, which is unutilised, will mature on 22 April 2029. 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Interest rate:
\u00a0 \u00a0 \u00a0
\u00a0
Reference
Total
Drawn
Undrawn
\u00a0
rate* plus
\u00a3m
\u00a3m
\u00a3m
As at 31 March 2026
\u00a0 \u00a0 \u00a0 \u00a0
Commi\ue001ed facilities \u2013 RCF
0.58%
290.0
\u2013
290.0
Commi\ue001ed facilities \u2013 term loan
1.00%
333.6
333.6
\u2013
Freely available cash and cash equivalents
\u2013
\u2013
\u2013
258.6
Available funds 31 March 2026
\u00a0 \u00a0 \u00a0
548.6
As at 31 March 2025
\u00a0 \u00a0 \u00a0 \u00a0
Commi\ue001ed facilities \u2013 RCF
0.60%
290.0
\u2013
290.0
Commi\ue001ed facilities \u2013 term loan
1.00%
335.0
335.0
\u2013
Freely available cash and cash equivalents
\u2013
\u2013
\u2013
289.9
Available funds 31 March 2025
\u00a0 \u00a0 \u00a0
579.9
\n
*
Reference rate refers to SONIA for GBP and SOFR for USD. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0088": { "value": "23. Net debt \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
All \ufb01gures in \u00a3 million
Assets
Liabilities
Net
Assets
Liabilities
Net
Current \ufb01nancial assets/(liabilities)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Deferred \ufb01nancing costs
1.2
\u2013
1.2
1.3
\u2013
1.3
Lease liabilities
\u2013
(12.4)
(12.4)
\u2013
(13.3)
(13.3)
Derivative \ufb01nancial instruments
2.1
(1.1)
1.0
3.6
(1.8)
1.8
Total current \ufb01nancial assets/(liabilities)
3.3
(13.5)
(10.2)
4.9
(15.1)
(10.2)
Non-current assets/(liabilities)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Deferred \ufb01nancing costs
0.3
\u2013
0.3
1.0
\u2013
1.0
Borrowings \u2013 Term loan
\u2013
(333.6)
(333.6)
\u2013
(335.0)
(335.0)
Lease liabilities
\u2013
(76.7)
(76.7)
\u2013
(80.6)
(80.6)
Derivative \ufb01nancial instruments
2.0
(0.1)
1.9
2.0
(1.0)
1.0
Total non-current \ufb01nancial assets/(liabilities)
2.3
(410.4)
(408.1)
3.0
(416.6)
(413.6)
Total \ufb01nancial assets/(liabilities)
5.6
(423.9)
(418.3)
7.9
(431.7)
(423.8)
Cash
91.8
\u2013
91.8
120.2
\u2013
120.2
Cash equivalents
167.4
\u2013
167.4
170.4
\u2013
170.4
Total cash and cash equivalents
259.2
\u2013
259.2
290.6
\u2013
290.6
Total net debt as de\ufb01ned by the Group
\u00a0 \u00a0
(159.1)
\u00a0 \u00a0
(133.2)
\n
At 31 March 2026 the Group held \u00a30.6m (2025: \u00a30.7m) of cash which is restricted in its use. The term loan was issued at
\ufb02oating rates as Tranche A \u00a3273.3m and Tranche B USD 79.6m. A proportion of Tranche A has been converted to \ufb01xed rate
using interest rate swaps. Further analysis of the terms and maturity dates for \ufb01nancial liabilities are set out in note 26. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00101": { "value": "23. Net debt \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
All \ufb01gures in \u00a3 million
Assets
Liabilities
Net
Assets
Liabilities
Net
Current \ufb01nancial assets/(liabilities)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Deferred \ufb01nancing costs
1.2
\u2013
1.2
1.3
\u2013
1.3
Lease liabilities
\u2013
(12.4)
(12.4)
\u2013
(13.3)
(13.3)
Derivative \ufb01nancial instruments
2.1
(1.1)
1.0
3.6
(1.8)
1.8
Total current \ufb01nancial assets/(liabilities)
3.3
(13.5)
(10.2)
4.9
(15.1)
(10.2)
Non-current assets/(liabilities)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Deferred \ufb01nancing costs
0.3
\u2013
0.3
1.0
\u2013
1.0
Borrowings \u2013 Term loan
\u2013
(333.6)
(333.6)
\u2013
(335.0)
(335.0)
Lease liabilities
\u2013
(76.7)
(76.7)
\u2013
(80.6)
(80.6)
Derivative \ufb01nancial instruments
2.0
(0.1)
1.9
2.0
(1.0)
1.0
Total non-current \ufb01nancial assets/(liabilities)
2.3
(410.4)
(408.1)
3.0
(416.6)
(413.6)
Total \ufb01nancial assets/(liabilities)
5.6
(423.9)
(418.3)
7.9
(431.7)
(423.8)
Cash
91.8
\u2013
91.8
120.2
\u2013
120.2
Cash equivalents
167.4
\u2013
167.4
170.4
\u2013
170.4
Total cash and cash equivalents
259.2
\u2013
259.2
290.6
\u2013
290.6
Total net debt as de\ufb01ned by the Group
\u00a0 \u00a0
(159.1)
\u00a0 \u00a0
(133.2)
\n
At 31 March 2026 the Group held \u00a30.6m (2025: \u00a30.7m) of cash which is restricted in its use. The term loan was issued at
\ufb02oating rates as Tranche A \u00a3273.3m and Tranche B USD 79.6m. A proportion of Tranche A has been converted to \ufb01xed rate
using interest rate swaps. Further analysis of the terms and maturity dates for \ufb01nancial liabilities are set out in note 26. 26. Financial risk management
The Group\u2019s international operations expose it to \ufb01nancial risks that include the e\ufb00ects 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 \ufb01nancial risks and the use of
\ufb01nancial instruments to manage risk. The instruments and techniques used to manage exposures include foreign currency
and interest rate swap derivatives. Group treasury monitors \ufb01nancial 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 \ufb01nancial instruments see \u2018Additional Financial Information\u2019 on
page 218.
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 a\ue001ributable 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 \ufb02oating 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 \ufb01nance charges will not
be less than 4:1. The Group complied with both covenants during the year. As at 31 March 2026, the ratio of Net Debt to EBITDA
was 0.5:1 and the ratio of EBITDA to net \ufb01nance charges was 22:1. The revolving credit facility is undrawn at the year end and
matures in 2029. The \ufb02oating rate term loan is repayable in 2027.
A) Fair values of \ufb01nancial instruments
The table below analyses \ufb01nancial instruments carried at fair value, by valuation method. The di\ufb00erent levels have been
de\ufb01ned 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 through the P&L as at
31 March 2026:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
Note
Level 1
Level 2
Level 3
Total
Assets
\u00a0\u00a0\u00a0\u00a0\u00a0
Current derivative \ufb01nancial instruments
23
\u2013
2.1
\u2013
2.1
Cash equivalents
\u00a0
\u2013
167.4
\u2013
167.4
Non-current derivative \ufb01nancial instruments
23
\u2013
2.0
\u2013
2.0
Liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0
Current derivative \ufb01nancial instruments
23
\u2013
(1.1)
\u2013
(1.1)
Non-current derivative \ufb01nancial instruments
23
\u2013
(0.1)
\u2013
(0.1)
Total
\u00a0
\u2013
170.3
\u2013
170.3
\n
The following table presents the Group\u2019s assets and liabilities that are measured at fair value through the P&L as at
31 March 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
Note
Level 1
Level 2*
Level 3
Total*
Assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current derivative \ufb01nancial instruments
\u00a0
\u2013
3.6
\u2013
3.6
Cash equivalents
\u00a0
\u2013
170.4
\u2013
170.4
Non-current derivative \ufb01nancial instruments
\u00a0
\u2013
2.0
\u2013
2.0
Liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current derivative \ufb01nancial instruments
\u00a0
\u2013
(1.8)
\u2013
(1.8)
Non-current derivative \ufb01nancial instruments
\u00a0
\u2013
(1.0)
\u2013
(1.0)
Total
\u00a0
\u2013
173.2
\u2013
173.2
\n
*
Restated to include cash equivalent balances which relate to money market fund investments which are held at fair value through the pro\ufb01t and
loss account.
For cash and cash equivalents, trade and other receivables and bank and current borrowings, the fair value of the \ufb01nancial
\n
instruments approximate to their carrying value as a result of the short maturity periods of these \ufb01nancial instruments. For
\n
trade and other receivables, allowances are made within the carrying value for credit risk. For other \ufb01nancial instruments,
\n
the fair value is based on market value, where available. Where market values are not available, the fair values have been
\n
calculated by discounting cash \ufb02ows to net present value using prevailing market-based interest rates translated at the
\n
year-end rates. There have been no transfers between levels.
\n
All \ufb01nancial assets and liabilities had a fair value that is identical to book value at 31 March 2026 and 31 March 2025, other
\n
than lease liabilities where the book value is not re\ufb02ective of changes in interest rates. Detailed analysis is provided in the
\n
following tables:
\n
As at 31 March 2026
\n\n \n
Financial
Financial
Financial
assets at fair
assets at
liabilities at
Derivatives
Total carrying
value pro\ufb01t
amortised
amortised
used as
value and
All \ufb01gures in \u00a3 million
Note
and loss
cost
cost
hedges
Other
fair value
Financial assets
Non-current
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
2.0
\u2013
2.0
Deferred \ufb01nancing costs
23
\u2013
0.3
\u2013
\u2013
\u2013
0.3
Current
Trade receivables and similar items
\u2013
154.0
\u2013
\u2013
\u2013
154.0
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
2.1
\u2013
2.1
Deferred \ufb01nancing costs
23
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cash and cash equivalents
23
167.4
91.8
\u2013
\u2013
\u2013
259.2
Total \ufb01nancial assets
167.4
247.3
\u2013
4.1
\u2013
418.8
Financial liabilities
Non-current
Bank borrowings
23
\u2013
\u2013
(333.6)
\u2013
\u2013
(333.6)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(76.7)
(76.7)
Current
Trade payables and similar items
\u2013
\u2013
(347.4)
\u2013
\u2013
(347.4)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(1.1)
\u2013
(1.1)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(12.4)
(12.4)
Total \ufb01nancial liabilities
\u2013
\u2013
(681.0)
(1.2)
(89.1)
(771.3)
Total
167.4
247.3
(681.0)
2.9
(89.1)
(352.5)
As at 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Financial
Financial
Financial
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0
assets at fair
assets at
liabilities at
Derivatives
\u00a0
Total carrying
\u00a0 \u00a0
value pro\ufb01t
amortised
amortised
used as
\u00a0
value and fair
All \ufb01gures in \u00a3 million
Note
and loss
cost
cost
hedges
Other
value
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Non-current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
2.0
\u2013
2.0
Deferred \ufb01nancing costs
23
\u2013
1.0
\u2013
\u2013
\u2013
1.0
Current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade receivables and similar items
\u00a0
\u2013
161.0
\u2013
\u2013
\u2013
161.0
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
3.6
\u2013
3.6
Deferred \ufb01nancing costs
23
\u2013
1.3
\u2013
\u2013
\u2013
1.3
Cash and cash equivalents*
23
170.4
120.2
\u2013
\u2013
\u2013
290.6
Total \ufb01nancial assets
\u00a0
170.4
283.5
\u2013
5.6
\u2013
459.5
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Non-current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank borrowings
23
\u2013
\u2013
(335.0)
\u2013
\u2013
(335.0)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(1.0)
\u2013
(1.0)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(80.6)
(80.6)
Current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade payables and similar items
\u00a0
\u2013
\u2013
(302.5)
\u2013
\u2013
(302.5)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(1.8)
\u2013
(1.8)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(13.3)
(13.3)
Total \ufb01nancial liabilities
\u00a0
\u2013
\u2013
(637.5)
(2.8)
(93.9)
(734.2)
Total
\u00a0
170.4
283.5
(637.5)
2.8
(93.9)
(274.7)
\n
*
Restated in respect of cash balances which are not held at fair value through the pro\ufb01t and loss account.
\n
B) Interest rate risk
\n
The Group\u2019s objective is to manage its exposure to interest rate \ufb02uctuations on borrowings through varying the proportion
\n
of \ufb01xed rate debt relative to \ufb02oating rate debt with debt-related derivative \ufb01nancial instruments, including interest rate and
\n
cross-currency swaps.
\n
The Group operates an interest rate policy designed to optimise interest costs and to reduce volatility in reported earnings.
\n
The Group\u2019s current policy requires rates to be \ufb01xed for 30\u201380% of the level of borrowings, which is achieved primarily
\n
through \ufb01xed-rate borrowings or debt-related derivative \ufb01nancial instruments. Where there are signi\ufb01cant changes
\n
in the level and/or structure of debt, the policy permits borrowings to be 100% \ufb01xed, with regular Board reviews of the
\n
appropriateness of this \ufb01xed percentage.
\n
At 31 March 2026, the Group had 81% (2025: 80%) of \ufb01xed rate debt and 19% (2025: 20%) of \ufb02oating rate debt based on gross
\n
debt of \u00a3333.6m (2025: \u00a3335.0m) after including the impact of debt-related derivative \ufb01nancial assets
(interest rate swaps).
\n
The table below shows the debt-related derivative \ufb01nancial assets as \ufb01xed rate and the gross debt as \ufb02oating rate.
\n
Financial assets/(liabilities)
\n
As at 31 March 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Financial assets
Financial liabilities
\u00a0
Fixed or
\u00a0
Non-interest
Fixed or
\u00a0
Non-interest
All \ufb01gures in \u00a3 million
capped
Floating
bearing
capped
Floating
bearing
Sterling
3.3
192.3
0.8
(58.9)
(273.3)
(1.2)
US dollar
\u2013
44.6
\u2013
(21.0)
(60.3)
\u2013
Euro
\u2013
6.9
\u2013
(1.5)
\u2013
\u2013
Australian dollar
\u2013
7.6
\u2013
(7.7)
\u2013
\u2013
Other
\u2013
7.8
\u2013
\u2013
\u2013
\u2013
Total
3.3
259.2
0.8
(89.1)
(333.6)
(1.2)
As at 31 March 2025
\n\n \n
Financial assets
Financial liabilities
Fixed or
Non-interest
Fixed or
Non-interest
All \ufb01gures in \u00a3 million
capped
Floating
bearing
capped
Floating
bearing
Sterling
4.2
226.9
1.4
(63.8)
(273.3)
(2.6)
US dollar
\u2013
45.2
\u2013
(19.5)
(61.7)
\u2013
Euro
\u2013
3.0
\u2013
(1.8)
\u2013
\u2013
Australian dollar
\u2013
13.2
\u2013
(8.8)
\u2013
\u2013
Other
\u2013
2.3
\u2013
(0.2)
\u2013
\u2013
Total
4.2
290.6
1.4
(94.1)
(335.0)
(2.6)
\n
Floating rate \ufb01nancial assets a\ue001ract interest based on the relevant reference rate. Floating rate \ufb01nancial liabilities bear
\n
interest at the relevant reference rate. Trade and other receivables/payables and deferred \ufb01nance costs are excluded from
\n
this analysis.
\n
For the \ufb01xed or capped rate \ufb01nancial assets and liabilities, the average interest rates (including the relevant marginal cost of
\n
borrowing) and the average period for which the rates are \ufb01xed are:
\n\n \n
31 March 2026
31 March 2025
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
Financial assets:
Sterling
3.3
3.5
1.5
4.2
3.5
2.4
Financial liabilities:
Sterling
(58.9)
7.0
7.6
(63.8)
7.0
8.0
US dollar
(21.0)
5.3
4.2
(19.5)
5.1
5.1
Euro
(1.5)
2.6
4.3
(1.8)
2.6
4.7
Australian dollar
(7.7)
4.8
4.1
(8.8)
4.7
4.4
Other
\u2013
5.3
0.7
(0.2)
4.6
1.9
Total \ufb01nancial liabilities
(89.1)
6.5
6.7
(94.1)
6.3
7.0
\n
Sterling assets consist of debt-related derivative \ufb01nancial instruments. Sterling liabilities consist primarily of \ufb01nance leases
\n
with the weighted average interest rate re\ufb02ecting the internal rate of return of those leases.
\n
Interest rate risk management
\n
The revolving credit facility (note 26E) is \ufb02oating rate and undrawn as at 31 March 2026.
\n
As at 31 March 2026, the majority of the Group\u2019s \ufb02oating rate bank borrowings were \ufb01xed through interest rate swaps which
\n
swap the Sterling \ufb02oating rate interest payable into \ufb01xed rate Sterling. The notional principal amount of the outstanding
\n
interest rate swap contracts as at 31 March 2026 is \u00a3270m (2025: \u00a3310m). The swaps have the economic e\ufb00ect of converting
\n
\ufb02oating rate borrowings into \ufb01xed rate borrowings and are accounted for as cash \ufb02ow hedges.
\n
C) Currency risk
\n
Transactional currency exposure
\n
The Group is exposed to foreign currency risks arising from sales or purchases by businesses in currencies other than their
\n
functional currency. It is Group policy that when such a sale or purchase is certain, the net foreign exchange exposure
\n
is hedged using forward foreign exchange contracts. Hedge accounting documentation and e\ufb00ectiveness testing are
\n
undertaken for all the Group\u2019s transactional hedge contracts.
\n
The currency and notional amount of the designated hedging instruments match the currency and principal amounts of the
\n
transactions being hedged, therefore the hedging instruments and hedged items have values which will generally move in
\n
opposite directions because of the same hedged risk. As the critical terms of the hedging instruments match those of the
\n
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 o\ufb00se\ue001ing risk positions as hedged items.
The Group considers the potential sources of hedge ine\ufb00ectiveness to be:
\u0270
Valuation adjustments for credit risk made to derivative hedging instruments at each hedge e\ufb00ectiveness
measurement date;
\u0270
Changes to the timing and amount of transactions; and
\u0270
Non-occurrence of the designated hedged items.
Ine\ufb00ectiveness 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Net foreign currency monetary assets/(liabilities)
All \ufb01gures in \u00a3 millions
US$
Euro
A$
Other
Total
31 March 2026 \u2013 Sterling
9.0
(0.5)
2.1
2.8
13.4
31 March 2025 \u2013 Sterling
14.4
(2.3)
2.8
7.6
22.5
\n
The amounts shown in the table take into account the e\ufb00ect 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 2026 against Sterling are net US dollars bought of \u00a35.3m
(USD 7.4m), net Euros sold of \u00a3113.6m (EUR 128.3m), net Canadian dollars sold of \u00a38.0m (CAD 15.6m), net Swiss Francs bought
of \u00a346.9m (CHF 44.9m) and net Australian dollars sold of \u00a339.5m (AUD 83.4m).
Translational currency exposure
The Group has signi\ufb01cant investments in overseas operations, particularly in the US. As a result, the Sterling value of the
Group\u2019s balance sheet can be a\ufb00ected 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 \ufb01nancial 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
se\ue001ing a utilisation credit limit based on the credit rating. The cash and cash equivalents of the Group are invested in
non-speculative \ufb01nancial 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
Counterparty credit rating
2026
2025
AAA to AA-
88%
78%
A+ to A-
12%
22%
BBB+ to BBB-
\u2013
\u2013
\n
The Group uses three-year cumulative default rate metrics to determine the estimated credit-rated losses on our \ufb01nancial
instruments. Based on the expected default rates, the \ufb01nancial instruments have an immaterial risk of credit impairment.
In the normal course of business the Group operates notional cash pooling systems and master ne\ue001ing agreements for
derivatives, where a legal right of set-o\ufb00 applies.
The maximum credit-risk exposure in the event of other parties failing to perform their obligations under \ufb01nancial assets,
excluding trade and other receivables, totals \u00a3263.2m (2025: \u00a3296.2m). This balance includes cash and cash equivalents
and derivative \ufb01nancial assets. The cash and cash equivalents of \u00a3259.2m at 31 March 2026 (2025: \u00a3290.6m) represents the
maximum credit exposure on these assets. The cash and cash equivalents were held with di\ufb00erent \ufb01nancial institutions
which were rated single A or be\ue001er. Cash equivalents comprise \u00a3167.4m (2025: \u00a3170.4m) 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 2026 the Group had a revolving credit facility (RCF) of \u00a3290.0m (2025: \u00a3290.0m
) and a \ufb02oating rate term
loan of \u00a3333.6m (2025: \u00a3335.0m). The RCF, which is unutilised, will mature on 22 April 2029. 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Interest rate:
\u00a0 \u00a0 \u00a0
\u00a0
Reference
Total
Drawn
Undrawn
\u00a0
rate* plus
\u00a3m
\u00a3m
\u00a3m
As at 31 March 2026
\u00a0 \u00a0 \u00a0 \u00a0
Commi\ue001ed facilities \u2013 RCF
0.58%
290.0
\u2013
290.0
Commi\ue001ed facilities \u2013 term loan
1.00%
333.6
333.6
\u2013
Freely available cash and cash equivalents
\u2013
\u2013
\u2013
258.6
Available funds 31 March 2026
\u00a0 \u00a0 \u00a0
548.6
As at 31 March 2025
\u00a0 \u00a0 \u00a0 \u00a0
Commi\ue001ed facilities \u2013 RCF
0.60%
290.0
\u2013
290.0
Commi\ue001ed facilities \u2013 term loan
1.00%
335.0
335.0
\u2013
Freely available cash and cash equivalents
\u2013
\u2013
\u2013
289.9
Available funds 31 March 2025
\u00a0 \u00a0 \u00a0
579.9
\n
*
Reference rate refers to SONIA for GBP and SOFR for USD.
Gross contractual cash \ufb02ows for borrowings and other \ufb01nancial liabilities
The following are the undiscounted contractual maturities of \ufb01nancial liabilities, including interest payments. The cash \ufb02ows
associated with derivatives that are cash \ufb02ow hedges are expected to have an impact on pro\ufb01t or loss in the periods shown.
The \u00a3333.6m 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 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Contractual
1 year
\u00a0\u00a0
More than
All \ufb01gures in \u00a3 million
Book value
cash \ufb02ows
or less
1\u20132 years
2\u20135 years
5 years
Non-derivative \ufb01nancial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Term loan
(333.6)
(357.9)
(15.2)
(342.7)
\u2013
\u2013
Revolving credit facility
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Trade payables and similar items
(347.4)
(347.4)
(347.4)
\u2013
\u2013
\u2013
Leases
(89.1)
(110.6)
(17.5)
(16.3)
(52.0)
(24.8)
Derivative \ufb01nancial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Forward foreign currency contracts \u2013 cash \ufb02ow hedges
(1.2)
(1.2)
(1.1)
(0.1)
\u2013
\u2013
Interest rate swaps
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
(771.3)
(817.1)
(381.2)
(359.1)
(52.0)
(24.8)
As at 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Contractual
1 year
\u00a0\u00a0
More than
All \ufb01gures in \u00a3 million
Book value
cash \ufb02ows
or less
1\u20132 years
2\u20135 years
5 years
Non-derivative \ufb01nancial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Term loan
(335.0)
(375.8)
(15.7)
(15.7)
(344.4)
\u2013
Revolving credit facility
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Trade payables and similar items
(302.5)
(302.5)
(302.5)
\u2013
\u2013
\u2013
Leases
(93.9)
(120.0)
(18.7)
(18.1)
(39.6)
(43.6)
Derivative \ufb01nancial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Forward foreign currency contracts \u2013 cash \ufb02ow hedges
(2.6)
(2.6)
(1.8)
(0.6)
(0.2)
\u2013
Interest rate swaps
(0.2)
(0.2)
\u2013
(0.1)
(0.1)
\u2013
Total
(734.2)
(801.1)
(338.7)
(34.5)
(384.3)
(43.6)
\n
F) Derivative \ufb01nancial instruments
The Group has the following derivative \ufb01nancial instruments on the balance sheet, reported within the \u2018Other \ufb01nancial
assets\u2019 line items.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0 \u00a0
Liability
\u00a0 \u00a0
Liability
\u00a0
All \ufb01gures in \u00a3 million
Asset gains
losses
Net
Asset gains
losses
Net
Forward foreign currency contracts \u2013 cash \ufb02ow hedges
0.8
(1.2)
(0.4)
1.4
(2.6)
(1.2)
Interest rate swaps
3.3
\u2013
3.3
4.2
(0.2)
4.0
Derivative assets/(liabilities) at the end of the year
4.1
(1.2)
2.9
5.6
(2.8)
2.8
\n
The maturity of these derivative \ufb01nancial instruments is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0 \u00a0
Liability
\u00a0 \u00a0
Liability
\u00a0
All \ufb01gures in \u00a3 million
Asset gains
losses
Net
Asset gains
losses
Net
Expected to be recognised:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
In one year or less
2.1
(1.1)
1.0
3.6
(1.8)
1.8
Between one and two years
1.5
(0.1)
1.4
1.3
(0.7)
0.6
More than two years
0.5
\u2013
0.5
0.7
(0.3)
0.4
Derivative assets/(liabilities) at the end of the year
4.1
(1.2)
2.9
5.6
(2.8)
2.8
\n
The e\ufb00ects of these derivatives on the Group\u2019s \ufb01nancial position and performance are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
Cash \ufb02ow
Interest rate
\u00a0
Cash \ufb02ow
Interest rate
\u00a0
All \ufb01gures in \u00a3 million
hedges
swaps
Total
hedges
swaps
Total
Notional amount (gross)
368.4
270.0
638.4
515.8
310.0
825.8
Carrying value (current and non-current assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and (liabilities))
(0.4)
3.3
2.9
(1.2)
4.0
2.8
Maturity date
2026-2029
2026-2027
2026-2029
2025-2028
2025-2027
2025-2028
Hedge ratio
1:1
1:1
1:1
1:1
1:1
1:1
Change in fair value of outstanding hedging instruments
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in the year
0.8
(0.7)
0.1
(0.2)
(4.5)
(4.7)
Change in value of hedged item used to determine
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
hedge e\ufb00ectiveness
0.8
(0.7)
0.1
(0.2)
(4.5)
(4.7)
Weighted average hedged rate for the year*
1.33%
3.5%
\u00a0
1.29%
3.5%
\u00a0
\n
*
The weighted average hedged rate for the year for cash \ufb02ow hedges is based on GBP:USD, being the most signi\ufb01cant currency pair. The Group also
has cash \ufb02ow hedges relating to a number of other currency pairs aligned to its global operations.
G) Maturity of \ufb01nancial liabilities
The contractual maturity of the Group\u2019s \ufb01nancial liabilities is shown below:
As at 31 March 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade
Bank
\u00a0\u00a0\u00a0
\u00a0
payables and
borrowings
Derivative
\u00a0\u00a0
\u00a0
similar items
and loan
\ufb01nancial
Lease
\u00a0
All \ufb01gures in \u00a3 million
payables
notes
instruments
liabilities
Total
Due in one year or less
347.4
\u2013
1.1
12.4
365.3
Due in more than one year but not more than two years
\u2013
\u2013
0.1
11.9
11.9
Due in more than two years but not more than \ufb01ve years
\u2013
333.6
\u2013
43.3
376.6
Due in \ufb01ve years or more
\u2013
\u2013
\u2013
21.5
21.5
Total
347.4
333.6
1.2
89.1
771.3
\n
As at 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade
Bank
\u00a0 \u00a0 \u00a0
\u00a0
payables and
borrowings
Derivative
\u00a0 \u00a0
\u00a0
similar items
and loan
\ufb01nancial
Lease
\u00a0
All \ufb01gures in \u00a3 million
payables
notes
instruments
liabilities
Total
Due in one year or less
302.5
\u2013
1.8
13.3
317.6
Due in more than one year but not more than two years
\u2013
\u2013
0.7
13.5
14.2
Due in more than two years but not more than \ufb01ve years
\u2013
335.0
0.3
41.3
376.6
Due in \ufb01ve years or more
\u2013
\u2013
\u2013
25.8
25.8
Total
302.5
335.0
2.8
93.9
734.2
\n
H) Sensitivity analysis
The Group\u2019s sensitivity to changes in foreign exchange rates and interest rates on \ufb01nancial assets and liabilities as at
31 March 2026 is set out in the following table. The impact of a weakening in Sterling on the Group\u2019s \ufb01nancial assets and
liabilities would be more than o\ufb00set in equity and income by its impact on the Group\u2019s overseas net assets and earnings
respectively. Sensitivity on Group\u2019s assets other than \ufb01nancial assets and liabilities is not included in this analysis.
As at 31 March 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1% decrease
10% weakening
\u00a0
in interest rates
in Sterling
\u00a0\u00a0
Pro\ufb01t
\u00a0
Pro\ufb01t
All \ufb01gures in \u00a3 million
Equity*
before tax
Equity
before tax
Sterling
\u2013
0.8
\u2013
\u2013
US dollar
\u2013
0.2
0.3
0.9
Other
\u2013
(0.2)
0.4
\u2013
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1% increase
10% strengthening
\u00a0
in interest rates
in Sterling
\u00a0\u00a0
Pro\ufb01t
\u00a0
Pro\ufb01t
All \ufb01gures in \u00a3 million
Equity*
before tax
Equity
before tax
Sterling
\u2013
(0.8)
\u2013
\u2013
US dollar
\u2013
(0.2)
(0.1)
0.2
Other
\u2013
0.2
(0.3)
\u2013
\n
*
This relates to the impact on items charged directly to equity and excludes the impact on pro\ufb01t/loss for the year \ufb02owing into equity.
As at 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1% decrease
10% weakening
\u00a0
in interest rates
in Sterling
\u00a0 \u00a0
Pro\ufb01t
\u00a0
Pro\ufb01t
All \ufb01gures in \u00a3 million
Equity*
before tax
Equity
before tax
Sterling
\u2013
0.5
\u2013
\u2013
US dollar
\u2013
0.2
(4.0)
0.9
Other
\u2013
(0.2)
0.7
\u2013
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1% increase
10% strengthening
\u00a0
in interest rates
in Sterling
\u00a0 \u00a0
Pro\ufb01t
\u00a0
Pro\ufb01t
All \ufb01gures in \u00a3 million
Equity*
before tax
Equity
before tax
Sterling
\u2013
(0.5)
\u2013
\u2013
US dollar
\u2013
(0.2)
3.2
0.1
Other
\u2013
0.2
(0.4)
\u2013
\n
*
This relates to the impact on items charged directly to equity and excludes the impact on pro\ufb01t/loss for the year \ufb02owing 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 di\ufb00er materially from those projected as a result of developments
in global \ufb01nancial markets that may cause \ufb02uctuations 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 speci\ufb01c rate of interest applicable to each class of \ufb01nancial instruments from the levels e\ufb00ective
at 31 March 2026, 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 2026, 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00102": { "value": "23. Net debt \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
All \ufb01gures in \u00a3 million
Assets
Liabilities
Net
Assets
Liabilities
Net
Current \ufb01nancial assets/(liabilities)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Deferred \ufb01nancing costs
1.2
\u2013
1.2
1.3
\u2013
1.3
Lease liabilities
\u2013
(12.4)
(12.4)
\u2013
(13.3)
(13.3)
Derivative \ufb01nancial instruments
2.1
(1.1)
1.0
3.6
(1.8)
1.8
Total current \ufb01nancial assets/(liabilities)
3.3
(13.5)
(10.2)
4.9
(15.1)
(10.2)
Non-current assets/(liabilities)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Deferred \ufb01nancing costs
0.3
\u2013
0.3
1.0
\u2013
1.0
Borrowings \u2013 Term loan
\u2013
(333.6)
(333.6)
\u2013
(335.0)
(335.0)
Lease liabilities
\u2013
(76.7)
(76.7)
\u2013
(80.6)
(80.6)
Derivative \ufb01nancial instruments
2.0
(0.1)
1.9
2.0
(1.0)
1.0
Total non-current \ufb01nancial assets/(liabilities)
2.3
(410.4)
(408.1)
3.0
(416.6)
(413.6)
Total \ufb01nancial assets/(liabilities)
5.6
(423.9)
(418.3)
7.9
(431.7)
(423.8)
Cash
91.8
\u2013
91.8
120.2
\u2013
120.2
Cash equivalents
167.4
\u2013
167.4
170.4
\u2013
170.4
Total cash and cash equivalents
259.2
\u2013
259.2
290.6
\u2013
290.6
Total net debt as de\ufb01ned by the Group
\u00a0 \u00a0
(159.1)
\u00a0 \u00a0
(133.2)
\n
At 31 March 2026 the Group held \u00a30.6m (2025: \u00a30.7m) of cash which is restricted in its use. The term loan was issued at
\ufb02oating rates as Tranche A \u00a3273.3m and Tranche B USD 79.6m. A proportion of Tranche A has been converted to \ufb01xed rate
using interest rate swaps. Further analysis of the terms and maturity dates for \ufb01nancial liabilities are set out in note 26.
24. Cash \ufb02ows from operations
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Pro\ufb01t/(loss) after tax for the year
107.5
(185.7)
Adjustments for:
\u00a0\u00a0
Taxation expense
47.6
79.4
Net \ufb01nance expense
15.2
15.8
Impairment of goodwill
\u2013
143.9
Gain on business divestment
(0.5)
\u2013
Loss on sale of property
\u2013
36.6
Loss on disposal of plant and equipment
8.4
4.6
Loss on disposal of intangibles
7.7
4.2
Impairment of property
0.5
1.0
Amortisation of purchased or internally developed intangible assets
19.9
15.7
Amortisation of intangible assets arising from acquisitions
23.1
24.2
Depreciation of property, plant and equipment
76.6
70.6
Share of post-tax loss/(pro\ufb01t) of equity accounted entities
1.0
(0.3)
Share-based payments charge
11.5
9.8
Retirement bene\ufb01t contributions in excess of income statement expense
(2.4)
(2.3)
Net movement in provisions
(9.0)
19.4
\u00a0
307.1
236.9
(Increase)/decrease in inventories
(3.2)
16.5
(Increase)/decrease in receivables
(4.9)
56.3
Decrease in payables
(7.4)
(23.0)
Changes in working capital
(15.5)
49.8
Net cash in\ufb02ow from operations
291.6
286.7
\n
The working capital movements in the cash \ufb02ow statement do not agree directly to the balance sheet due to impact of
foreign exchange movements, accrued interest and the timing of capex payments.
Reconciliation of net cash \ufb02ow from operations to underlying net cash \ufb02ow from operations
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Net cash \ufb02ow from operations
291.6
286.7
Speci\ufb01c adjusting items*:
\u00a0 \u00a0
Add back speci\ufb01c adjusting item: digital investment
23.6
20.8
Add back speci\ufb01c adjusting item: restructuring costs
24.8
3.4
Add back speci\ufb01c adjusting item: sale and leaseback obligations
1.0
\u2013
Add back speci\ufb01c adjusting item: acquisition and disposal related items
2.2
5.3
Total speci\ufb01c adjusting items
51.6
29.5
Underlying net cash \ufb02ow from operations*
343.2
316.2
\n
Reconciliation of net cash \ufb02ow from operations to free cash \ufb02ow
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25^
Net cash \ufb02ow from operations
291.6
286.7
Less: tax and net interest payments
(59.8)
(65.4)
Less: net purchases of intangible assets and property plant and equipment
(72.5)
(108.4)
Free cash \ufb02ow*
159.3
112.9
\n
Underlying cash conversion ratio
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
FY26
FY25
Underlying EBITDA* \u2013 \u00a3 million
343.7
301.7
Underlying net cash \ufb02ow from operations* \u2013 \u00a3 million
343.2
316.2
Underlying cash conversion ratio* \u2013 %
100%
105%
\n
*
De\ufb01nitions of the Group\u2019s \u2018Alternative performance measures\u2019 can be found on page 220.
^
The free cash \ufb02ow de\ufb01nition has been revised to include the cash \ufb02ow impact of speci\ufb01c adjusting items within operating pro\ufb01t as this is
considered to be a more appropriate re\ufb02ection of the Group\u2019s cash generation prior to shareholder return. The prior year comparative has been
restated accordingly.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00103": { "value": "24. Cash \ufb02ows from operations \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Pro\ufb01t/(loss) after tax for the year
107.5
(185.7)
Adjustments for:
\u00a0\u00a0
Taxation expense
47.6
79.4
Net \ufb01nance expense
15.2
15.8
Impairment of goodwill
\u2013
143.9
Gain on business divestment
(0.5)
\u2013
Loss on sale of property
\u2013
36.6
Loss on disposal of plant and equipment
8.4
4.6
Loss on disposal of intangibles
7.7
4.2
Impairment of property
0.5
1.0
Amortisation of purchased or internally developed intangible assets
19.9
15.7
Amortisation of intangible assets arising from acquisitions
23.1
24.2
Depreciation of property, plant and equipment
76.6
70.6
Share of post-tax loss/(pro\ufb01t) of equity accounted entities
1.0
(0.3)
Share-based payments charge
11.5
9.8
Retirement bene\ufb01t contributions in excess of income statement expense
(2.4)
(2.3)
Net movement in provisions
(9.0)
19.4
\u00a0
307.1
236.9
(Increase)/decrease in inventories
(3.2)
16.5
(Increase)/decrease in receivables
(4.9)
56.3
Decrease in payables
(7.4)
(23.0)
Changes in working capital
(15.5)
49.8
Net cash in\ufb02ow from operations
291.6
286.7
\n
The working capital movements in the cash \ufb02ow statement do not agree directly to the balance sheet due to impact of
foreign exchange movements, accrued interest and the timing of capex payments.
Reconciliation of net cash \ufb02ow from operations to underlying net cash \ufb02ow from operations
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Net cash \ufb02ow from operations
291.6
286.7
Speci\ufb01c adjusting items*:
\u00a0 \u00a0
Add back speci\ufb01c adjusting item: digital investment
23.6
20.8
Add back speci\ufb01c adjusting item: restructuring costs
24.8
3.4
Add back speci\ufb01c adjusting item: sale and leaseback obligations
1.0
\u2013
Add back speci\ufb01c adjusting item: acquisition and disposal related items
2.2
5.3
Total speci\ufb01c adjusting items
51.6
29.5
Underlying net cash \ufb02ow from operations*
343.2
316.2
\n
Reconciliation of net cash \ufb02ow from operations to free cash \ufb02ow
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25^
Net cash \ufb02ow from operations
291.6
286.7
Less: tax and net interest payments
(59.8)
(65.4)
Less: net purchases of intangible assets and property plant and equipment
(72.5)
(108.4)
Free cash \ufb02ow*
159.3
112.9
\n
Underlying cash conversion ratio
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
FY26
FY25
Underlying EBITDA* \u2013 \u00a3 million
343.7
301.7
Underlying net cash \ufb02ow from operations* \u2013 \u00a3 million
343.2
316.2
Underlying cash conversion ratio* \u2013 %
100%
105%
\n
*
De\ufb01nitions of the Group\u2019s \u2018Alternative performance measures\u2019 can be found on page 220.
^
The free cash \ufb02ow de\ufb01nition has been revised to include the cash \ufb02ow impact of speci\ufb01c adjusting items within operating pro\ufb01t as this is
considered to be a more appropriate re\ufb02ection of the Group\u2019s cash generation prior to shareholder return. The prior year comparative has been
restated accordingly.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00104": { "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 \u00a30.3m (FY25: \u00a30.7m) of sublease income which
related to right-of-use assets. The Group had contracted with tenants for the following future minimum lease payments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Within one year
1.1
1.0
In the second to \ufb01fth years inclusive
2.6
2.3
Greater than \ufb01ve years
0.5
0.4
Total future minimum lease payments
4.2
3.7
\n
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)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Land and buildings
53.2
59.2
Plant, machinery and vehicles
2.2
2.2
Total right-of-use assets net book value
55.4
61.4
Lease liabilities (included within Net debt \u2013 see note 23)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Current
12.4
13.3
Non-current
76.7
80.6
Total lease liabilities
89.1
93.9
\n
Additions to the right-of-use assets during FY26 were \u00a313.6m (FY25: \u00a326.2m). The total cash out\ufb02ow for leases in FY26 was
\u00a318.0m (FY25: \u00a315.0m). The Group had no expense relating to variable lease payments not included in the measurement of
lease liabilities.
Amounts recognised in the consolidated income statement
The consolidated income statement includes the following amounts relating to leases:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Depreciation charge
\u00a0\u00a0
Land and buildings
11.0
10.6
Plant, machinery and vehicles
0.6
0.3
Total depreciation charge (see note 15)
11.6
10.9
Interest expense (included in \ufb01nance cost \u2013 see note 7)
5.4
4.2
Expense relating to short-term leases (included in operating costs)
0.8
0.8
Expense relating to low value leases (included in operating costs)
0.3
0.4
Total lease expense charged to pro\ufb01t before tax
18.1
16.3
\nPrincipal leases are negotiated for a term of approximately 10 years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00105": { "value": "26. Financial risk management
The Group\u2019s international operations expose it to \ufb01nancial risks that include the e\ufb00ects 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 \ufb01nancial risks and the use of
\ufb01nancial instruments to manage risk. The instruments and techniques used to manage exposures include foreign currency
and interest rate swap derivatives. Group treasury monitors \ufb01nancial 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 \ufb01nancial instruments see \u2018Additional Financial Information\u2019 on
page 218.
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 a\ue001ributable 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 \ufb02oating 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 \ufb01nance charges will not
be less than 4:1. The Group complied with both covenants during the year. As at 31 March 2026, the ratio of Net Debt to EBITDA
was 0.5:1 and the ratio of EBITDA to net \ufb01nance charges was 22:1. The revolving credit facility is undrawn at the year end and
matures in 2029. The \ufb02oating rate term loan is repayable in 2027.
A) Fair values of \ufb01nancial instruments
The table below analyses \ufb01nancial instruments carried at fair value, by valuation method. The di\ufb00erent levels have been
de\ufb01ned 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 through the P&L as at
31 March 2026:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
Note
Level 1
Level 2
Level 3
Total
Assets
\u00a0\u00a0\u00a0\u00a0\u00a0
Current derivative \ufb01nancial instruments
23
\u2013
2.1
\u2013
2.1
Cash equivalents
\u00a0
\u2013
167.4
\u2013
167.4
Non-current derivative \ufb01nancial instruments
23
\u2013
2.0
\u2013
2.0
Liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0
Current derivative \ufb01nancial instruments
23
\u2013
(1.1)
\u2013
(1.1)
Non-current derivative \ufb01nancial instruments
23
\u2013
(0.1)
\u2013
(0.1)
Total
\u00a0
\u2013
170.3
\u2013
170.3
\n
The following table presents the Group\u2019s assets and liabilities that are measured at fair value through the P&L as at
31 March 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
Note
Level 1
Level 2*
Level 3
Total*
Assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current derivative \ufb01nancial instruments
\u00a0
\u2013
3.6
\u2013
3.6
Cash equivalents
\u00a0
\u2013
170.4
\u2013
170.4
Non-current derivative \ufb01nancial instruments
\u00a0
\u2013
2.0
\u2013
2.0
Liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current derivative \ufb01nancial instruments
\u00a0
\u2013
(1.8)
\u2013
(1.8)
Non-current derivative \ufb01nancial instruments
\u00a0
\u2013
(1.0)
\u2013
(1.0)
Total
\u00a0
\u2013
173.2
\u2013
173.2
\n
*
Restated to include cash equivalent balances which relate to money market fund investments which are held at fair value through the pro\ufb01t and
loss account.
\n\n\n
For cash and cash equivalents, trade and other receivables and bank and current borrowings, the fair value of the \ufb01nancial
\n
instruments approximate to their carrying value as a result of the short maturity periods of these \ufb01nancial instruments. For
\n
trade and other receivables, allowances are made within the carrying value for credit risk. For other \ufb01nancial instruments,
\n
the fair value is based on market value, where available. Where market values are not available, the fair values have been
\n
calculated by discounting cash \ufb02ows to net present value using prevailing market-based interest rates translated at the
\n
year-end rates. There have been no transfers between levels.
\n
All \ufb01nancial assets and liabilities had a fair value that is identical to book value at 31 March 2026 and 31 March 2025, other
\n
than lease liabilities where the book value is not re\ufb02ective of changes in interest rates. Detailed analysis is provided in the
\n
following tables:
\n
As at 31 March 2026
\n\n \n
Financial
Financial
Financial
assets at fair
assets at
liabilities at
Derivatives
Total carrying
value pro\ufb01t
amortised
amortised
used as
value and
All \ufb01gures in \u00a3 million
Note
and loss
cost
cost
hedges
Other
fair value
Financial assets
Non-current
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
2.0
\u2013
2.0
Deferred \ufb01nancing costs
23
\u2013
0.3
\u2013
\u2013
\u2013
0.3
Current
Trade receivables and similar items
\u2013
154.0
\u2013
\u2013
\u2013
154.0
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
2.1
\u2013
2.1
Deferred \ufb01nancing costs
23
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cash and cash equivalents
23
167.4
91.8
\u2013
\u2013
\u2013
259.2
Total \ufb01nancial assets
167.4
247.3
\u2013
4.1
\u2013
418.8
Financial liabilities
Non-current
Bank borrowings
23
\u2013
\u2013
(333.6)
\u2013
\u2013
(333.6)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(76.7)
(76.7)
Current
Trade payables and similar items
\u2013
\u2013
(347.4)
\u2013
\u2013
(347.4)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(1.1)
\u2013
(1.1)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(12.4)
(12.4)
Total \ufb01nancial liabilities
\u2013
\u2013
(681.0)
(1.2)
(89.1)
(771.3)
Total
167.4
247.3
(681.0)
2.9
(89.1)
(352.5)
\n\n\n
As at 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Financial
Financial
Financial
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0
assets at fair
assets at
liabilities at
Derivatives
\u00a0
Total carrying
\u00a0 \u00a0
value pro\ufb01t
amortised
amortised
used as
\u00a0
value and fair
All \ufb01gures in \u00a3 million
Note
and loss
cost
cost
hedges
Other
value
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Non-current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
2.0
\u2013
2.0
Deferred \ufb01nancing costs
23
\u2013
1.0
\u2013
\u2013
\u2013
1.0
Current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade receivables and similar items
\u00a0
\u2013
161.0
\u2013
\u2013
\u2013
161.0
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
3.6
\u2013
3.6
Deferred \ufb01nancing costs
23
\u2013
1.3
\u2013
\u2013
\u2013
1.3
Cash and cash equivalents*
23
170.4
120.2
\u2013
\u2013
\u2013
290.6
Total \ufb01nancial assets
\u00a0
170.4
283.5
\u2013
5.6
\u2013
459.5
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Non-current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank borrowings
23
\u2013
\u2013
(335.0)
\u2013
\u2013
(335.0)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(1.0)
\u2013
(1.0)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(80.6)
(80.6)
Current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade payables and similar items
\u00a0
\u2013
\u2013
(302.5)
\u2013
\u2013
(302.5)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(1.8)
\u2013
(1.8)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(13.3)
(13.3)
Total \ufb01nancial liabilities
\u00a0
\u2013
\u2013
(637.5)
(2.8)
(93.9)
(734.2)
Total
\u00a0
170.4
283.5
(637.5)
2.8
(93.9)
(274.7)
\n
*
Restated in respect of cash balances which are not held at fair value through the pro\ufb01t and loss account.
\n
B) Interest rate risk
\n
The Group\u2019s objective is to manage its exposure to interest rate \ufb02uctuations on borrowings through varying the proportion
\n
of \ufb01xed rate debt relative to \ufb02oating rate debt with debt-related derivative \ufb01nancial instruments, including interest rate and
\n
cross-currency swaps.
\n
The Group operates an interest rate policy designed to optimise interest costs and to reduce volatility in reported earnings.
\n
The Group\u2019s current policy requires rates to be \ufb01xed for 30\u201380% of the level of borrowings, which is achieved primarily
\n
through \ufb01xed-rate borrowings or debt-related derivative \ufb01nancial instruments. Where there are signi\ufb01cant changes
\n
in the level and/or structure of debt, the policy permits borrowings to be 100% \ufb01xed, with regular Board reviews of the
\n
appropriateness of this \ufb01xed percentage.
\n
At 31 March 2026, the Group had 81% (2025: 80%) of \ufb01xed rate debt and 19% (2025: 20%) of \ufb02oating rate debt based on gross
\n
debt of \u00a3333.6m (2025: \u00a3335.0m) after including the impact of debt-related derivative \ufb01nancial assets
(interest rate swaps).
\n
The table below shows the debt-related derivative \ufb01nancial assets as \ufb01xed rate and the gross debt as \ufb02oating rate.
\n
Financial assets/(liabilities)
\n
As at 31 March 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Financial assets
Financial liabilities
\u00a0
Fixed or
\u00a0
Non-interest
Fixed or
\u00a0
Non-interest
All \ufb01gures in \u00a3 million
capped
Floating
bearing
capped
Floating
bearing
Sterling
3.3
192.3
0.8
(58.9)
(273.3)
(1.2)
US dollar
\u2013
44.6
\u2013
(21.0)
(60.3)
\u2013
Euro
\u2013
6.9
\u2013
(1.5)
\u2013
\u2013
Australian dollar
\u2013
7.6
\u2013
(7.7)
\u2013
\u2013
Other
\u2013
7.8
\u2013
\u2013
\u2013
\u2013
Total
3.3
259.2
0.8
(89.1)
(333.6)
(1.2)
\n\n\n
As at 31 March 2025
\n\n \n
Financial assets
Financial liabilities
Fixed or
Non-interest
Fixed or
Non-interest
All \ufb01gures in \u00a3 million
capped
Floating
bearing
capped
Floating
bearing
Sterling
4.2
226.9
1.4
(63.8)
(273.3)
(2.6)
US dollar
\u2013
45.2
\u2013
(19.5)
(61.7)
\u2013
Euro
\u2013
3.0
\u2013
(1.8)
\u2013
\u2013
Australian dollar
\u2013
13.2
\u2013
(8.8)
\u2013
\u2013
Other
\u2013
2.3
\u2013
(0.2)
\u2013
\u2013
Total
4.2
290.6
1.4
(94.1)
(335.0)
(2.6)
\n
Floating rate \ufb01nancial assets a\ue001ract interest based on the relevant reference rate. Floating rate \ufb01nancial liabilities bear
\n
interest at the relevant reference rate. Trade and other receivables/payables and deferred \ufb01nance costs are excluded from
\n
this analysis.
\n
For the \ufb01xed or capped rate \ufb01nancial assets and liabilities, the average interest rates (including the relevant marginal cost of
\n
borrowing) and the average period for which the rates are \ufb01xed are:
\n\n \n
31 March 2026
31 March 2025
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
Financial assets:
Sterling
3.3
3.5
1.5
4.2
3.5
2.4
Financial liabilities:
Sterling
(58.9)
7.0
7.6
(63.8)
7.0
8.0
US dollar
(21.0)
5.3
4.2
(19.5)
5.1
5.1
Euro
(1.5)
2.6
4.3
(1.8)
2.6
4.7
Australian dollar
(7.7)
4.8
4.1
(8.8)
4.7
4.4
Other
\u2013
5.3
0.7
(0.2)
4.6
1.9
Total \ufb01nancial liabilities
(89.1)
6.5
6.7
(94.1)
6.3
7.0
\n
Sterling assets consist of debt-related derivative \ufb01nancial instruments. Sterling liabilities consist primarily of \ufb01nance leases
\n
with the weighted average interest rate re\ufb02ecting the internal rate of return of those leases.
\n
Interest rate risk management
\n
The revolving credit facility (note 26E) is \ufb02oating rate and undrawn as at 31 March 2026.
\n
As at 31 March 2026, the majority of the Group\u2019s \ufb02oating rate bank borrowings were \ufb01xed through interest rate swaps which
\n
swap the Sterling \ufb02oating rate interest payable into \ufb01xed rate Sterling. The notional principal amount of the outstanding
\n
interest rate swap contracts as at 31 March 2026 is \u00a3270m (2025: \u00a3310m). The swaps have the economic e\ufb00ect of converting
\n
\ufb02oating rate borrowings into \ufb01xed rate borrowings and are accounted for as cash \ufb02ow hedges.
\n
C) Currency risk
\n
Transactional currency exposure
\n
The Group is exposed to foreign currency risks arising from sales or purchases by businesses in currencies other than their
\n
functional currency. It is Group policy that when such a sale or purchase is certain, the net foreign exchange exposure
\n
is hedged using forward foreign exchange contracts. Hedge accounting documentation and e\ufb00ectiveness testing are
\n
undertaken for all the Group\u2019s transactional hedge contracts.
\n
The currency and notional amount of the designated hedging instruments match the currency and principal amounts of the
\n
transactions being hedged, therefore the hedging instruments and hedged items have values which will generally move in
\n
opposite directions because of the same hedged risk. As the critical terms of the hedging instruments match those of the
\n
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 o\ufb00se\ue001ing risk positions as hedged items.
The Group considers the potential sources of hedge ine\ufb00ectiveness to be:
\u0270
Valuation adjustments for credit risk made to derivative hedging instruments at each hedge e\ufb00ectiveness
measurement date;
\u0270
Changes to the timing and amount of transactions; and
\u0270
Non-occurrence of the designated hedged items.
Ine\ufb00ectiveness 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Net foreign currency monetary assets/(liabilities)
All \ufb01gures in \u00a3 millions
US$
Euro
A$
Other
Total
31 March 2026 \u2013 Sterling
9.0
(0.5)
2.1
2.8
13.4
31 March 2025 \u2013 Sterling
14.4
(2.3)
2.8
7.6
22.5
\n
The amounts shown in the table take into account the e\ufb00ect 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 2026 against Sterling are net US dollars bought of \u00a35.3m
(USD 7.4m), net Euros sold of \u00a3113.6m (EUR 128.3m), net Canadian dollars sold of \u00a38.0m (CAD 15.6m), net Swiss Francs bought
of \u00a346.9m (CHF 44.9m) and net Australian dollars sold of \u00a339.5m (AUD 83.4m).
Translational currency exposure
The Group has signi\ufb01cant investments in overseas operations, particularly in the US. As a result, the Sterling value of the
Group\u2019s balance sheet can be a\ufb00ected 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 \ufb01nancial 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
se\ue001ing a utilisation credit limit based on the credit rating. The cash and cash equivalents of the Group are invested in
non-speculative \ufb01nancial 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
Counterparty credit rating
2026
2025
AAA to AA-
88%
78%
A+ to A-
12%
22%
BBB+ to BBB-
\u2013
\u2013
\n
The Group uses three-year cumulative default rate metrics to determine the estimated credit-rated losses on our \ufb01nancial
instruments. Based on the expected default rates, the \ufb01nancial instruments have an immaterial risk of credit impairment.
In the normal course of business the Group operates notional cash pooling systems and master ne\ue001ing agreements for
derivatives, where a legal right of set-o\ufb00 applies.
The maximum credit-risk exposure in the event of other parties failing to perform their obligations under \ufb01nancial assets,
excluding trade and other receivables, totals \u00a3263.2m (2025: \u00a3296.2m). This balance includes cash and cash equivalents
and derivative \ufb01nancial assets. The cash and cash equivalents of \u00a3259.2m at 31 March 2026 (2025: \u00a3290.6m) represents the
maximum credit exposure on these assets. The cash and cash equivalents were held with di\ufb00erent \ufb01nancial institutions
which were rated single A or be\ue001er. Cash equivalents comprise \u00a3167.4m (2025: \u00a3170.4m) 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 2026 the Group had a revolving credit facility (RCF) of \u00a3290.0m (2025: \u00a3290.0m
) and a \ufb02oating rate term
loan of \u00a3333.6m (2025: \u00a3335.0m). The RCF, which is unutilised, will mature on 22 April 2029. 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Interest rate:
\u00a0 \u00a0 \u00a0
\u00a0
Reference
Total
Drawn
Undrawn
\u00a0
rate* plus
\u00a3m
\u00a3m
\u00a3m
As at 31 March 2026
\u00a0 \u00a0 \u00a0 \u00a0
Commi\ue001ed facilities \u2013 RCF
0.58%
290.0
\u2013
290.0
Commi\ue001ed facilities \u2013 term loan
1.00%
333.6
333.6
\u2013
Freely available cash and cash equivalents
\u2013
\u2013
\u2013
258.6
Available funds 31 March 2026
\u00a0 \u00a0 \u00a0
548.6
As at 31 March 2025
\u00a0 \u00a0 \u00a0 \u00a0
Commi\ue001ed facilities \u2013 RCF
0.60%
290.0
\u2013
290.0
Commi\ue001ed facilities \u2013 term loan
1.00%
335.0
335.0
\u2013
Freely available cash and cash equivalents
\u2013
\u2013
\u2013
289.9
Available funds 31 March 2025
\u00a0 \u00a0 \u00a0
579.9
\n
*
Reference rate refers to SONIA for GBP and SOFR for USD.
Gross contractual cash \ufb02ows for borrowings and other \ufb01nancial liabilities
The following are the undiscounted contractual maturities of \ufb01nancial liabilities, including interest payments. The cash \ufb02ows
associated with derivatives that are cash \ufb02ow hedges are expected to have an impact on pro\ufb01t or loss in the periods shown.
The \u00a3333.6m 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 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Contractual
1 year
\u00a0\u00a0
More than
All \ufb01gures in \u00a3 million
Book value
cash \ufb02ows
or less
1\u20132 years
2\u20135 years
5 years
Non-derivative \ufb01nancial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Term loan
(333.6)
(357.9)
(15.2)
(342.7)
\u2013
\u2013
Revolving credit facility
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Trade payables and similar items
(347.4)
(347.4)
(347.4)
\u2013
\u2013
\u2013
Leases
(89.1)
(110.6)
(17.5)
(16.3)
(52.0)
(24.8)
Derivative \ufb01nancial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Forward foreign currency contracts \u2013 cash \ufb02ow hedges
(1.2)
(1.2)
(1.1)
(0.1)
\u2013
\u2013
Interest rate swaps
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
(771.3)
(817.1)
(381.2)
(359.1)
(52.0)
(24.8)
As at 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Contractual
1 year
\u00a0\u00a0
More than
All \ufb01gures in \u00a3 million
Book value
cash \ufb02ows
or less
1\u20132 years
2\u20135 years
5 years
Non-derivative \ufb01nancial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Term loan
(335.0)
(375.8)
(15.7)
(15.7)
(344.4)
\u2013
Revolving credit facility
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Trade payables and similar items
(302.5)
(302.5)
(302.5)
\u2013
\u2013
\u2013
Leases
(93.9)
(120.0)
(18.7)
(18.1)
(39.6)
(43.6)
Derivative \ufb01nancial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Forward foreign currency contracts \u2013 cash \ufb02ow hedges
(2.6)
(2.6)
(1.8)
(0.6)
(0.2)
\u2013
Interest rate swaps
(0.2)
(0.2)
\u2013
(0.1)
(0.1)
\u2013
Total
(734.2)
(801.1)
(338.7)
(34.5)
(384.3)
(43.6)
\n
F) Derivative \ufb01nancial instruments
The Group has the following derivative \ufb01nancial instruments on the balance sheet, reported within the \u2018Other \ufb01nancial
assets\u2019 line items.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0 \u00a0
Liability
\u00a0 \u00a0
Liability
\u00a0
All \ufb01gures in \u00a3 million
Asset gains
losses
Net
Asset gains
losses
Net
Forward foreign currency contracts \u2013 cash \ufb02ow hedges
0.8
(1.2)
(0.4)
1.4
(2.6)
(1.2)
Interest rate swaps
3.3
\u2013
3.3
4.2
(0.2)
4.0
Derivative assets/(liabilities) at the end of the year
4.1
(1.2)
2.9
5.6
(2.8)
2.8
\n
The maturity of these derivative \ufb01nancial instruments is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0 \u00a0
Liability
\u00a0 \u00a0
Liability
\u00a0
All \ufb01gures in \u00a3 million
Asset gains
losses
Net
Asset gains
losses
Net
Expected to be recognised:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
In one year or less
2.1
(1.1)
1.0
3.6
(1.8)
1.8
Between one and two years
1.5
(0.1)
1.4
1.3
(0.7)
0.6
More than two years
0.5
\u2013
0.5
0.7
(0.3)
0.4
Derivative assets/(liabilities) at the end of the year
4.1
(1.2)
2.9
5.6
(2.8)
2.8
\n
The e\ufb00ects of these derivatives on the Group\u2019s \ufb01nancial position and performance are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
Cash \ufb02ow
Interest rate
\u00a0
Cash \ufb02ow
Interest rate
\u00a0
All \ufb01gures in \u00a3 million
hedges
swaps
Total
hedges
swaps
Total
Notional amount (gross)
368.4
270.0
638.4
515.8
310.0
825.8
Carrying value (current and non-current assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and (liabilities))
(0.4)
3.3
2.9
(1.2)
4.0
2.8
Maturity date
2026-2029
2026-2027
2026-2029
2025-2028
2025-2027
2025-2028
Hedge ratio
1:1
1:1
1:1
1:1
1:1
1:1
Change in fair value of outstanding hedging instruments
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in the year
0.8
(0.7)
0.1
(0.2)
(4.5)
(4.7)
Change in value of hedged item used to determine
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
hedge e\ufb00ectiveness
0.8
(0.7)
0.1
(0.2)
(4.5)
(4.7)
Weighted average hedged rate for the year*
1.33%
3.5%
\u00a0
1.29%
3.5%
\u00a0
\n
*
The weighted average hedged rate for the year for cash \ufb02ow hedges is based on GBP:USD, being the most signi\ufb01cant currency pair. The Group also
has cash \ufb02ow hedges relating to a number of other currency pairs aligned to its global operations.
G) Maturity of \ufb01nancial liabilities
The contractual maturity of the Group\u2019s \ufb01nancial liabilities is shown below:
As at 31 March 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade
Bank
\u00a0\u00a0\u00a0
\u00a0
payables and
borrowings
Derivative
\u00a0\u00a0
\u00a0
similar items
and loan
\ufb01nancial
Lease
\u00a0
All \ufb01gures in \u00a3 million
payables
notes
instruments
liabilities
Total
Due in one year or less
347.4
\u2013
1.1
12.4
365.3
Due in more than one year but not more than two years
\u2013
\u2013
0.1
11.9
11.9
Due in more than two years but not more than \ufb01ve years
\u2013
333.6
\u2013
43.3
376.6
Due in \ufb01ve years or more
\u2013
\u2013
\u2013
21.5
21.5
Total
347.4
333.6
1.2
89.1
771.3
\n
As at 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade
Bank
\u00a0 \u00a0 \u00a0
\u00a0
payables and
borrowings
Derivative
\u00a0 \u00a0
\u00a0
similar items
and loan
\ufb01nancial
Lease
\u00a0
All \ufb01gures in \u00a3 million
payables
notes
instruments
liabilities
Total
Due in one year or less
302.5
\u2013
1.8
13.3
317.6
Due in more than one year but not more than two years
\u2013
\u2013
0.7
13.5
14.2
Due in more than two years but not more than \ufb01ve years
\u2013
335.0
0.3
41.3
376.6
Due in \ufb01ve years or more
\u2013
\u2013
\u2013
25.8
25.8
Total
302.5
335.0
2.8
93.9
734.2
\n
H) Sensitivity analysis
The Group\u2019s sensitivity to changes in foreign exchange rates and interest rates on \ufb01nancial assets and liabilities as at
31 March 2026 is set out in the following table. The impact of a weakening in Sterling on the Group\u2019s \ufb01nancial assets and
liabilities would be more than o\ufb00set in equity and income by its impact on the Group\u2019s overseas net assets and earnings
respectively. Sensitivity on Group\u2019s assets other than \ufb01nancial assets and liabilities is not included in this analysis.
As at 31 March 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1% decrease
10% weakening
\u00a0
in interest rates
in Sterling
\u00a0\u00a0
Pro\ufb01t
\u00a0
Pro\ufb01t
All \ufb01gures in \u00a3 million
Equity*
before tax
Equity
before tax
Sterling
\u2013
0.8
\u2013
\u2013
US dollar
\u2013
0.2
0.3
0.9
Other
\u2013
(0.2)
0.4
\u2013
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1% increase
10% strengthening
\u00a0
in interest rates
in Sterling
\u00a0\u00a0
Pro\ufb01t
\u00a0
Pro\ufb01t
All \ufb01gures in \u00a3 million
Equity*
before tax
Equity
before tax
Sterling
\u2013
(0.8)
\u2013
\u2013
US dollar
\u2013
(0.2)
(0.1)
0.2
Other
\u2013
0.2
(0.3)
\u2013
\n
*
This relates to the impact on items charged directly to equity and excludes the impact on pro\ufb01t/loss for the year \ufb02owing into equity.
As at 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1% decrease
10% weakening
\u00a0
in interest rates
in Sterling
\u00a0 \u00a0
Pro\ufb01t
\u00a0
Pro\ufb01t
All \ufb01gures in \u00a3 million
Equity*
before tax
Equity
before tax
Sterling
\u2013
0.5
\u2013
\u2013
US dollar
\u2013
0.2
(4.0)
0.9
Other
\u2013
(0.2)
0.7
\u2013
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1% increase
10% strengthening
\u00a0
in interest rates
in Sterling
\u00a0 \u00a0
Pro\ufb01t
\u00a0
Pro\ufb01t
All \ufb01gures in \u00a3 million
Equity*
before tax
Equity
before tax
Sterling
\u2013
(0.5)
\u2013
\u2013
US dollar
\u2013
(0.2)
3.2
0.1
Other
\u2013
0.2
(0.4)
\u2013
\n
*
This relates to the impact on items charged directly to equity and excludes the impact on pro\ufb01t/loss for the year \ufb02owing 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 di\ufb00er materially from those projected as a result of developments
in global \ufb01nancial markets that may cause \ufb02uctuations 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 speci\ufb01c rate of interest applicable to each class of \ufb01nancial instruments from the levels e\ufb00ective
at 31 March 2026, 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 2026, 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00114": { "value": "A) Fair values of \ufb01nancial instruments
The table below analyses \ufb01nancial instruments carried at fair value, by valuation method. The di\ufb00erent levels have been
de\ufb01ned 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 through the P&L as at
31 March 2026:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
Note
Level 1
Level 2
Level 3
Total
Assets
\u00a0\u00a0\u00a0\u00a0\u00a0
Current derivative \ufb01nancial instruments
23
\u2013
2.1
\u2013
2.1
Cash equivalents
\u00a0
\u2013
167.4
\u2013
167.4
Non-current derivative \ufb01nancial instruments
23
\u2013
2.0
\u2013
2.0
Liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0
Current derivative \ufb01nancial instruments
23
\u2013
(1.1)
\u2013
(1.1)
Non-current derivative \ufb01nancial instruments
23
\u2013
(0.1)
\u2013
(0.1)
Total
\u00a0
\u2013
170.3
\u2013
170.3
\n
The following table presents the Group\u2019s assets and liabilities that are measured at fair value through the P&L as at
31 March 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
Note
Level 1
Level 2*
Level 3
Total*
Assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current derivative \ufb01nancial instruments
\u00a0
\u2013
3.6
\u2013
3.6
Cash equivalents
\u00a0
\u2013
170.4
\u2013
170.4
Non-current derivative \ufb01nancial instruments
\u00a0
\u2013
2.0
\u2013
2.0
Liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current derivative \ufb01nancial instruments
\u00a0
\u2013
(1.8)
\u2013
(1.8)
Non-current derivative \ufb01nancial instruments
\u00a0
\u2013
(1.0)
\u2013
(1.0)
Total
\u00a0
\u2013
173.2
\u2013
173.2
\n
*
Restated to include cash equivalent balances which relate to money market fund investments which are held at fair value through the pro\ufb01t and
loss account.
\n\n\n
For cash and cash equivalents, trade and other receivables and bank and current borrowings, the fair value of the \ufb01nancial
\n
instruments approximate to their carrying value as a result of the short maturity periods of these \ufb01nancial instruments. For
\n
trade and other receivables, allowances are made within the carrying value for credit risk. For other \ufb01nancial instruments,
\n
the fair value is based on market value, where available. Where market values are not available, the fair values have been
\n
calculated by discounting cash \ufb02ows to net present value using prevailing market-based interest rates translated at the
\n
year-end rates. There have been no transfers between levels.
\n
All \ufb01nancial assets and liabilities had a fair value that is identical to book value at 31 March 2026 and 31 March 2025, other
\n
than lease liabilities where the book value is not re\ufb02ective of changes in interest rates. Detailed analysis is provided in the
\n
following tables:
\n
As at 31 March 2026
\n\n \n
Financial
Financial
Financial
assets at fair
assets at
liabilities at
Derivatives
Total carrying
value pro\ufb01t
amortised
amortised
used as
value and
All \ufb01gures in \u00a3 million
Note
and loss
cost
cost
hedges
Other
fair value
Financial assets
Non-current
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
2.0
\u2013
2.0
Deferred \ufb01nancing costs
23
\u2013
0.3
\u2013
\u2013
\u2013
0.3
Current
Trade receivables and similar items
\u2013
154.0
\u2013
\u2013
\u2013
154.0
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
2.1
\u2013
2.1
Deferred \ufb01nancing costs
23
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cash and cash equivalents
23
167.4
91.8
\u2013
\u2013
\u2013
259.2
Total \ufb01nancial assets
167.4
247.3
\u2013
4.1
\u2013
418.8
Financial liabilities
Non-current
Bank borrowings
23
\u2013
\u2013
(333.6)
\u2013
\u2013
(333.6)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(76.7)
(76.7)
Current
Trade payables and similar items
\u2013
\u2013
(347.4)
\u2013
\u2013
(347.4)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(1.1)
\u2013
(1.1)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(12.4)
(12.4)
Total \ufb01nancial liabilities
\u2013
\u2013
(681.0)
(1.2)
(89.1)
(771.3)
Total
167.4
247.3
(681.0)
2.9
(89.1)
(352.5)
\n\n\n
As at 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Financial
Financial
Financial
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0
assets at fair
assets at
liabilities at
Derivatives
\u00a0
Total carrying
\u00a0 \u00a0
value pro\ufb01t
amortised
amortised
used as
\u00a0
value and fair
All \ufb01gures in \u00a3 million
Note
and loss
cost
cost
hedges
Other
value
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Non-current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
2.0
\u2013
2.0
Deferred \ufb01nancing costs
23
\u2013
1.0
\u2013
\u2013
\u2013
1.0
Current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade receivables and similar items
\u00a0
\u2013
161.0
\u2013
\u2013
\u2013
161.0
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
3.6
\u2013
3.6
Deferred \ufb01nancing costs
23
\u2013
1.3
\u2013
\u2013
\u2013
1.3
Cash and cash equivalents*
23
170.4
120.2
\u2013
\u2013
\u2013
290.6
Total \ufb01nancial assets
\u00a0
170.4
283.5
\u2013
5.6
\u2013
459.5
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Non-current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank borrowings
23
\u2013
\u2013
(335.0)
\u2013
\u2013
(335.0)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(1.0)
\u2013
(1.0)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(80.6)
(80.6)
Current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade payables and similar items
\u00a0
\u2013
\u2013
(302.5)
\u2013
\u2013
(302.5)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(1.8)
\u2013
(1.8)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(13.3)
(13.3)
Total \ufb01nancial liabilities
\u00a0
\u2013
\u2013
(637.5)
(2.8)
(93.9)
(734.2)
Total
\u00a0
170.4
283.5
(637.5)
2.8
(93.9)
(274.7)
\n
*
Restated in respect of cash balances which are not held at fair value through the pro\ufb01t and loss account. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00112": { "value": "A) Fair values of \ufb01nancial instruments
The table below analyses \ufb01nancial instruments carried at fair value, by valuation method. The di\ufb00erent levels have been
de\ufb01ned 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 through the P&L as at
31 March 2026:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
Note
Level 1
Level 2
Level 3
Total
Assets
\u00a0\u00a0\u00a0\u00a0\u00a0
Current derivative \ufb01nancial instruments
23
\u2013
2.1
\u2013
2.1
Cash equivalents
\u00a0
\u2013
167.4
\u2013
167.4
Non-current derivative \ufb01nancial instruments
23
\u2013
2.0
\u2013
2.0
Liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0
Current derivative \ufb01nancial instruments
23
\u2013
(1.1)
\u2013
(1.1)
Non-current derivative \ufb01nancial instruments
23
\u2013
(0.1)
\u2013
(0.1)
Total
\u00a0
\u2013
170.3
\u2013
170.3
\n
The following table presents the Group\u2019s assets and liabilities that are measured at fair value through the P&L as at
31 March 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
Note
Level 1
Level 2*
Level 3
Total*
Assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current derivative \ufb01nancial instruments
\u00a0
\u2013
3.6
\u2013
3.6
Cash equivalents
\u00a0
\u2013
170.4
\u2013
170.4
Non-current derivative \ufb01nancial instruments
\u00a0
\u2013
2.0
\u2013
2.0
Liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current derivative \ufb01nancial instruments
\u00a0
\u2013
(1.8)
\u2013
(1.8)
Non-current derivative \ufb01nancial instruments
\u00a0
\u2013
(1.0)
\u2013
(1.0)
Total
\u00a0
\u2013
173.2
\u2013
173.2
\n
*
Restated to include cash equivalent balances which relate to money market fund investments which are held at fair value through the pro\ufb01t and
loss account.
\n\n\n
For cash and cash equivalents, trade and other receivables and bank and current borrowings, the fair value of the \ufb01nancial
\n
instruments approximate to their carrying value as a result of the short maturity periods of these \ufb01nancial instruments. For
\n
trade and other receivables, allowances are made within the carrying value for credit risk. For other \ufb01nancial instruments,
\n
the fair value is based on market value, where available. Where market values are not available, the fair values have been
\n
calculated by discounting cash \ufb02ows to net present value using prevailing market-based interest rates translated at the
\n
year-end rates. There have been no transfers between levels.
\n
All \ufb01nancial assets and liabilities had a fair value that is identical to book value at 31 March 2026 and 31 March 2025, other
\n
than lease liabilities where the book value is not re\ufb02ective of changes in interest rates. Detailed analysis is provided in the
\n
following tables:
\n
As at 31 March 2026
\n\n \n
Financial
Financial
Financial
assets at fair
assets at
liabilities at
Derivatives
Total carrying
value pro\ufb01t
amortised
amortised
used as
value and
All \ufb01gures in \u00a3 million
Note
and loss
cost
cost
hedges
Other
fair value
Financial assets
Non-current
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
2.0
\u2013
2.0
Deferred \ufb01nancing costs
23
\u2013
0.3
\u2013
\u2013
\u2013
0.3
Current
Trade receivables and similar items
\u2013
154.0
\u2013
\u2013
\u2013
154.0
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
2.1
\u2013
2.1
Deferred \ufb01nancing costs
23
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cash and cash equivalents
23
167.4
91.8
\u2013
\u2013
\u2013
259.2
Total \ufb01nancial assets
167.4
247.3
\u2013
4.1
\u2013
418.8
Financial liabilities
Non-current
Bank borrowings
23
\u2013
\u2013
(333.6)
\u2013
\u2013
(333.6)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(76.7)
(76.7)
Current
Trade payables and similar items
\u2013
\u2013
(347.4)
\u2013
\u2013
(347.4)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(1.1)
\u2013
(1.1)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(12.4)
(12.4)
Total \ufb01nancial liabilities
\u2013
\u2013
(681.0)
(1.2)
(89.1)
(771.3)
Total
167.4
247.3
(681.0)
2.9
(89.1)
(352.5)
\n\n\n
As at 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Financial
Financial
Financial
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0
assets at fair
assets at
liabilities at
Derivatives
\u00a0
Total carrying
\u00a0 \u00a0
value pro\ufb01t
amortised
amortised
used as
\u00a0
value and fair
All \ufb01gures in \u00a3 million
Note
and loss
cost
cost
hedges
Other
value
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Non-current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
2.0
\u2013
2.0
Deferred \ufb01nancing costs
23
\u2013
1.0
\u2013
\u2013
\u2013
1.0
Current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade receivables and similar items
\u00a0
\u2013
161.0
\u2013
\u2013
\u2013
161.0
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
3.6
\u2013
3.6
Deferred \ufb01nancing costs
23
\u2013
1.3
\u2013
\u2013
\u2013
1.3
Cash and cash equivalents*
23
170.4
120.2
\u2013
\u2013
\u2013
290.6
Total \ufb01nancial assets
\u00a0
170.4
283.5
\u2013
5.6
\u2013
459.5
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Non-current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank borrowings
23
\u2013
\u2013
(335.0)
\u2013
\u2013
(335.0)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(1.0)
\u2013
(1.0)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(80.6)
(80.6)
Current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade payables and similar items
\u00a0
\u2013
\u2013
(302.5)
\u2013
\u2013
(302.5)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(1.8)
\u2013
(1.8)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(13.3)
(13.3)
Total \ufb01nancial liabilities
\u00a0
\u2013
\u2013
(637.5)
(2.8)
(93.9)
(734.2)
Total
\u00a0
170.4
283.5
(637.5)
2.8
(93.9)
(274.7)
\n
*
Restated in respect of cash balances which are not held at fair value through the pro\ufb01t and loss account. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00113": { "value": "A) Fair values of \ufb01nancial instruments
The table below analyses \ufb01nancial instruments carried at fair value, by valuation method. The di\ufb00erent levels have been
de\ufb01ned 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 through the P&L as at
31 March 2026:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
Note
Level 1
Level 2
Level 3
Total
Assets
\u00a0\u00a0\u00a0\u00a0\u00a0
Current derivative \ufb01nancial instruments
23
\u2013
2.1
\u2013
2.1
Cash equivalents
\u00a0
\u2013
167.4
\u2013
167.4
Non-current derivative \ufb01nancial instruments
23
\u2013
2.0
\u2013
2.0
Liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0
Current derivative \ufb01nancial instruments
23
\u2013
(1.1)
\u2013
(1.1)
Non-current derivative \ufb01nancial instruments
23
\u2013
(0.1)
\u2013
(0.1)
Total
\u00a0
\u2013
170.3
\u2013
170.3
\n
The following table presents the Group\u2019s assets and liabilities that are measured at fair value through the P&L as at
31 March 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
Note
Level 1
Level 2*
Level 3
Total*
Assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current derivative \ufb01nancial instruments
\u00a0
\u2013
3.6
\u2013
3.6
Cash equivalents
\u00a0
\u2013
170.4
\u2013
170.4
Non-current derivative \ufb01nancial instruments
\u00a0
\u2013
2.0
\u2013
2.0
Liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current derivative \ufb01nancial instruments
\u00a0
\u2013
(1.8)
\u2013
(1.8)
Non-current derivative \ufb01nancial instruments
\u00a0
\u2013
(1.0)
\u2013
(1.0)
Total
\u00a0
\u2013
173.2
\u2013
173.2
\n
*
Restated to include cash equivalent balances which relate to money market fund investments which are held at fair value through the pro\ufb01t and
loss account.
\n\n\n
For cash and cash equivalents, trade and other receivables and bank and current borrowings, the fair value of the \ufb01nancial
\n
instruments approximate to their carrying value as a result of the short maturity periods of these \ufb01nancial instruments. For
\n
trade and other receivables, allowances are made within the carrying value for credit risk. For other \ufb01nancial instruments,
\n
the fair value is based on market value, where available. Where market values are not available, the fair values have been
\n
calculated by discounting cash \ufb02ows to net present value using prevailing market-based interest rates translated at the
\n
year-end rates. There have been no transfers between levels.
\n
All \ufb01nancial assets and liabilities had a fair value that is identical to book value at 31 March 2026 and 31 March 2025, other
\n
than lease liabilities where the book value is not re\ufb02ective of changes in interest rates. Detailed analysis is provided in the
\n
following tables:
\n
As at 31 March 2026
\n\n \n
Financial
Financial
Financial
assets at fair
assets at
liabilities at
Derivatives
Total carrying
value pro\ufb01t
amortised
amortised
used as
value and
All \ufb01gures in \u00a3 million
Note
and loss
cost
cost
hedges
Other
fair value
Financial assets
Non-current
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
2.0
\u2013
2.0
Deferred \ufb01nancing costs
23
\u2013
0.3
\u2013
\u2013
\u2013
0.3
Current
Trade receivables and similar items
\u2013
154.0
\u2013
\u2013
\u2013
154.0
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
2.1
\u2013
2.1
Deferred \ufb01nancing costs
23
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cash and cash equivalents
23
167.4
91.8
\u2013
\u2013
\u2013
259.2
Total \ufb01nancial assets
167.4
247.3
\u2013
4.1
\u2013
418.8
Financial liabilities
Non-current
Bank borrowings
23
\u2013
\u2013
(333.6)
\u2013
\u2013
(333.6)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(76.7)
(76.7)
Current
Trade payables and similar items
\u2013
\u2013
(347.4)
\u2013
\u2013
(347.4)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(1.1)
\u2013
(1.1)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(12.4)
(12.4)
Total \ufb01nancial liabilities
\u2013
\u2013
(681.0)
(1.2)
(89.1)
(771.3)
Total
167.4
247.3
(681.0)
2.9
(89.1)
(352.5)
\n\n\n
As at 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Financial
Financial
Financial
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0
assets at fair
assets at
liabilities at
Derivatives
\u00a0
Total carrying
\u00a0 \u00a0
value pro\ufb01t
amortised
amortised
used as
\u00a0
value and fair
All \ufb01gures in \u00a3 million
Note
and loss
cost
cost
hedges
Other
value
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Non-current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
2.0
\u2013
2.0
Deferred \ufb01nancing costs
23
\u2013
1.0
\u2013
\u2013
\u2013
1.0
Current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade receivables and similar items
\u00a0
\u2013
161.0
\u2013
\u2013
\u2013
161.0
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
3.6
\u2013
3.6
Deferred \ufb01nancing costs
23
\u2013
1.3
\u2013
\u2013
\u2013
1.3
Cash and cash equivalents*
23
170.4
120.2
\u2013
\u2013
\u2013
290.6
Total \ufb01nancial assets
\u00a0
170.4
283.5
\u2013
5.6
\u2013
459.5
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Non-current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank borrowings
23
\u2013
\u2013
(335.0)
\u2013
\u2013
(335.0)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(1.0)
\u2013
(1.0)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(80.6)
(80.6)
Current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade payables and similar items
\u00a0
\u2013
\u2013
(302.5)
\u2013
\u2013
(302.5)
Derivative \ufb01nancial instruments
23
\u2013
\u2013
\u2013
(1.8)
\u2013
(1.8)
Lease liabilities
23
\u2013
\u2013
\u2013
\u2013
(13.3)
(13.3)
Total \ufb01nancial liabilities
\u00a0
\u2013
\u2013
(637.5)
(2.8)
(93.9)
(734.2)
Total
\u00a0
170.4
283.5
(637.5)
2.8
(93.9)
(274.7)
\n
*
Restated in respect of cash balances which are not held at fair value through the pro\ufb01t and loss account. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00115": { "value": "B) Interest rate risk
The Group\u2019s objective is to manage its exposure to interest rate \ufb02uctuations on borrowings through varying the proportion
\n
of \ufb01xed rate debt relative to \ufb02oating rate debt with debt-related derivative \ufb01nancial instruments, including interest rate and
\n
cross-currency swaps.
\n
The Group operates an interest rate policy designed to optimise interest costs and to reduce volatility in reported earnings.
\n
The Group\u2019s current policy requires rates to be \ufb01xed for 30\u201380% of the level of borrowings, which is achieved primarily
\n
through \ufb01xed-rate borrowings or debt-related derivative \ufb01nancial instruments. Where there are signi\ufb01cant changes
\n
in the level and/or structure of debt, the policy permits borrowings to be 100% \ufb01xed, with regular Board reviews of the
\n
appropriateness of this \ufb01xed percentage.
\n
At 31 March 2026, the Group had 81% (2025: 80%) of \ufb01xed rate debt and 19% (2025: 20%) of \ufb02oating rate debt based on gross
\n
debt of \u00a3333.6m (2025: \u00a3335.0m) after including the impact of debt-related derivative \ufb01nancial assets
(interest rate swaps).
\n
The table below shows the debt-related derivative \ufb01nancial assets as \ufb01xed rate and the gross debt as \ufb02oating rate.
\n
Financial assets/(liabilities)
\n
As at 31 March 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Financial assets
Financial liabilities
\u00a0
Fixed or
\u00a0
Non-interest
Fixed or
\u00a0
Non-interest
All \ufb01gures in \u00a3 million
capped
Floating
bearing
capped
Floating
bearing
Sterling
3.3
192.3
0.8
(58.9)
(273.3)
(1.2)
US dollar
\u2013
44.6
\u2013
(21.0)
(60.3)
\u2013
Euro
\u2013
6.9
\u2013
(1.5)
\u2013
\u2013
Australian dollar
\u2013
7.6
\u2013
(7.7)
\u2013
\u2013
Other
\u2013
7.8
\u2013
\u2013
\u2013
\u2013
Total
3.3
259.2
0.8
(89.1)
(333.6)
(1.2)
\n\n\n
As at 31 March 2025
\n\n \n
Financial assets
Financial liabilities
Fixed or
Non-interest
Fixed or
Non-interest
All \ufb01gures in \u00a3 million
capped
Floating
bearing
capped
Floating
bearing
Sterling
4.2
226.9
1.4
(63.8)
(273.3)
(2.6)
US dollar
\u2013
45.2
\u2013
(19.5)
(61.7)
\u2013
Euro
\u2013
3.0
\u2013
(1.8)
\u2013
\u2013
Australian dollar
\u2013
13.2
\u2013
(8.8)
\u2013
\u2013
Other
\u2013
2.3
\u2013
(0.2)
\u2013
\u2013
Total
4.2
290.6
1.4
(94.1)
(335.0)
(2.6)
\n
Floating rate \ufb01nancial assets a\ue001ract interest based on the relevant reference rate. Floating rate \ufb01nancial liabilities bear
\n
interest at the relevant reference rate. Trade and other receivables/payables and deferred \ufb01nance costs are excluded from
\n
this analysis.
\n
For the \ufb01xed or capped rate \ufb01nancial assets and liabilities, the average interest rates (including the relevant marginal cost of
\n
borrowing) and the average period for which the rates are \ufb01xed are:
\n\n \n
31 March 2026
31 March 2025
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
Financial assets:
Sterling
3.3
3.5
1.5
4.2
3.5
2.4
Financial liabilities:
Sterling
(58.9)
7.0
7.6
(63.8)
7.0
8.0
US dollar
(21.0)
5.3
4.2
(19.5)
5.1
5.1
Euro
(1.5)
2.6
4.3
(1.8)
2.6
4.7
Australian dollar
(7.7)
4.8
4.1
(8.8)
4.7
4.4
Other
\u2013
5.3
0.7
(0.2)
4.6
1.9
Total \ufb01nancial liabilities
(89.1)
6.5
6.7
(94.1)
6.3
7.0
\n
Sterling assets consist of debt-related derivative \ufb01nancial instruments. Sterling liabilities consist primarily of \ufb01nance leases
\n
with the weighted average interest rate re\ufb02ecting the internal rate of return of those leases.
\n
Interest rate risk management
\n
The revolving credit facility (note 26E) is \ufb02oating rate and undrawn as at 31 March 2026.
\n
As at 31 March 2026, the majority of the Group\u2019s \ufb02oating rate bank borrowings were \ufb01xed through interest rate swaps which
\n
swap the Sterling \ufb02oating rate interest payable into \ufb01xed rate Sterling. The notional principal amount of the outstanding
\n
interest rate swap contracts as at 31 March 2026 is \u00a3270m (2025: \u00a3310m). The swaps have the economic e\ufb00ect of converting
\n
\ufb02oating rate borrowings into \ufb01xed rate borrowings and are accounted for as cash \ufb02ow hedges.
\n
C) Currency risk
\n
Transactional currency exposure
\n
The Group is exposed to foreign currency risks arising from sales or purchases by businesses in currencies other than their
\n
functional currency. It is Group policy that when such a sale or purchase is certain, the net foreign exchange exposure
\n
is hedged using forward foreign exchange contracts. Hedge accounting documentation and e\ufb00ectiveness testing are
\n
undertaken for all the Group\u2019s transactional hedge contracts.
\n
The currency and notional amount of the designated hedging instruments match the currency and principal amounts of the
\n
transactions being hedged, therefore the hedging instruments and hedged items have values which will generally move in
\n
opposite directions because of the same hedged risk. As the critical terms of the hedging instruments match those of the
\n
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 o\ufb00se\ue001ing risk positions as hedged items.
The Group considers the potential sources of hedge ine\ufb00ectiveness to be:
\u0270
Valuation adjustments for credit risk made to derivative hedging instruments at each hedge e\ufb00ectiveness
measurement date;
\u0270
Changes to the timing and amount of transactions; and
\u0270
Non-occurrence of the designated hedged items.
Ine\ufb00ectiveness 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Net foreign currency monetary assets/(liabilities)
All \ufb01gures in \u00a3 millions
US$
Euro
A$
Other
Total
31 March 2026 \u2013 Sterling
9.0
(0.5)
2.1
2.8
13.4
31 March 2025 \u2013 Sterling
14.4
(2.3)
2.8
7.6
22.5
\n
The amounts shown in the table take into account the e\ufb00ect 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 2026 against Sterling are net US dollars bought of \u00a35.3m
(USD 7.4m), net Euros sold of \u00a3113.6m (EUR 128.3m), net Canadian dollars sold of \u00a38.0m (CAD 15.6m), net Swiss Francs bought
of \u00a346.9m (CHF 44.9m) and net Australian dollars sold of \u00a339.5m (AUD 83.4m).
Translational currency exposure
The Group has signi\ufb01cant investments in overseas operations, particularly in the US. As a result, the Sterling value of the
Group\u2019s balance sheet can be a\ufb00ected 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00116": { "value": "D) Financial credit risk
The Group is exposed to credit-related losses in the event of non-performance by counterparties to \ufb01nancial 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
se\ue001ing a utilisation credit limit based on the credit rating. The cash and cash equivalents of the Group are invested in
non-speculative \ufb01nancial 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
Counterparty credit rating
2026
2025
AAA to AA-
88%
78%
A+ to A-
12%
22%
BBB+ to BBB-
\u2013
\u2013
\n
The Group uses three-year cumulative default rate metrics to determine the estimated credit-rated losses on our \ufb01nancial
instruments. Based on the expected default rates, the \ufb01nancial instruments have an immaterial risk of credit impairment.
In the normal course of business the Group operates notional cash pooling systems and master ne\ue001ing agreements for
derivatives, where a legal right of set-o\ufb00 applies.
The maximum credit-risk exposure in the event of other parties failing to perform their obligations under \ufb01nancial assets,
excluding trade and other receivables, totals \u00a3263.2m (2025: \u00a3296.2m). This balance includes cash and cash equivalents
and derivative \ufb01nancial assets. The cash and cash equivalents of \u00a3259.2m at 31 March 2026 (2025: \u00a3290.6m) represents the
maximum credit exposure on these assets. The cash and cash equivalents were held with di\ufb00erent \ufb01nancial institutions
which were rated single A or be\ue001er. Cash equivalents comprise \u00a3167.4m (2025: \u00a3170.4m) 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00117": { "value": "E) Liquidity risk
Borrowing facilities
As at 31 March 2026 the Group had a revolving credit facility (RCF) of \u00a3290.0m (2025: \u00a3290.0m
) and a \ufb02oating rate term
loan of \u00a3333.6m (2025: \u00a3335.0m). The RCF, which is unutilised, will mature on 22 April 2029. 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Interest rate:
\u00a0 \u00a0 \u00a0
\u00a0
Reference
Total
Drawn
Undrawn
\u00a0
rate* plus
\u00a3m
\u00a3m
\u00a3m
As at 31 March 2026
\u00a0 \u00a0 \u00a0 \u00a0
Commi\ue001ed facilities \u2013 RCF
0.58%
290.0
\u2013
290.0
Commi\ue001ed facilities \u2013 term loan
1.00%
333.6
333.6
\u2013
Freely available cash and cash equivalents
\u2013
\u2013
\u2013
258.6
Available funds 31 March 2026
\u00a0 \u00a0 \u00a0
548.6
As at 31 March 2025
\u00a0 \u00a0 \u00a0 \u00a0
Commi\ue001ed facilities \u2013 RCF
0.60%
290.0
\u2013
290.0
Commi\ue001ed facilities \u2013 term loan
1.00%
335.0
335.0
\u2013
Freely available cash and cash equivalents
\u2013
\u2013
\u2013
289.9
Available funds 31 March 2025
\u00a0 \u00a0 \u00a0
579.9
\n
*
Reference rate refers to SONIA for GBP and SOFR for USD.
Gross contractual cash \ufb02ows for borrowings and other \ufb01nancial liabilities
The following are the undiscounted contractual maturities of \ufb01nancial liabilities, including interest payments. The cash \ufb02ows
associated with derivatives that are cash \ufb02ow hedges are expected to have an impact on pro\ufb01t or loss in the periods shown.
The \u00a3333.6m 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 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Contractual
1 year
\u00a0\u00a0
More than
All \ufb01gures in \u00a3 million
Book value
cash \ufb02ows
or less
1\u20132 years
2\u20135 years
5 years
Non-derivative \ufb01nancial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Term loan
(333.6)
(357.9)
(15.2)
(342.7)
\u2013
\u2013
Revolving credit facility
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Trade payables and similar items
(347.4)
(347.4)
(347.4)
\u2013
\u2013
\u2013
Leases
(89.1)
(110.6)
(17.5)
(16.3)
(52.0)
(24.8)
Derivative \ufb01nancial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Forward foreign currency contracts \u2013 cash \ufb02ow hedges
(1.2)
(1.2)
(1.1)
(0.1)
\u2013
\u2013
Interest rate swaps
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
(771.3)
(817.1)
(381.2)
(359.1)
(52.0)
(24.8)
As at 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Contractual
1 year
\u00a0\u00a0
More than
All \ufb01gures in \u00a3 million
Book value
cash \ufb02ows
or less
1\u20132 years
2\u20135 years
5 years
Non-derivative \ufb01nancial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Term loan
(335.0)
(375.8)
(15.7)
(15.7)
(344.4)
\u2013
Revolving credit facility
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Trade payables and similar items
(302.5)
(302.5)
(302.5)
\u2013
\u2013
\u2013
Leases
(93.9)
(120.0)
(18.7)
(18.1)
(39.6)
(43.6)
Derivative \ufb01nancial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Forward foreign currency contracts \u2013 cash \ufb02ow hedges
(2.6)
(2.6)
(1.8)
(0.6)
(0.2)
\u2013
Interest rate swaps
(0.2)
(0.2)
\u2013
(0.1)
(0.1)
\u2013
Total
(734.2)
(801.1)
(338.7)
(34.5)
(384.3)
(43.6)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00118": { "value": "F) Derivative \ufb01nancial instruments
The Group has the following derivative \ufb01nancial instruments on the balance sheet, reported within the \u2018Other \ufb01nancial
assets\u2019 line items.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0 \u00a0
Liability
\u00a0 \u00a0
Liability
\u00a0
All \ufb01gures in \u00a3 million
Asset gains
losses
Net
Asset gains
losses
Net
Forward foreign currency contracts \u2013 cash \ufb02ow hedges
0.8
(1.2)
(0.4)
1.4
(2.6)
(1.2)
Interest rate swaps
3.3
\u2013
3.3
4.2
(0.2)
4.0
Derivative assets/(liabilities) at the end of the year
4.1
(1.2)
2.9
5.6
(2.8)
2.8
\n
The maturity of these derivative \ufb01nancial instruments is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0 \u00a0
Liability
\u00a0 \u00a0
Liability
\u00a0
All \ufb01gures in \u00a3 million
Asset gains
losses
Net
Asset gains
losses
Net
Expected to be recognised:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
In one year or less
2.1
(1.1)
1.0
3.6
(1.8)
1.8
Between one and two years
1.5
(0.1)
1.4
1.3
(0.7)
0.6
More than two years
0.5
\u2013
0.5
0.7
(0.3)
0.4
Derivative assets/(liabilities) at the end of the year
4.1
(1.2)
2.9
5.6
(2.8)
2.8
\n
The e\ufb00ects of these derivatives on the Group\u2019s \ufb01nancial position and performance are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
Cash \ufb02ow
Interest rate
\u00a0
Cash \ufb02ow
Interest rate
\u00a0
All \ufb01gures in \u00a3 million
hedges
swaps
Total
hedges
swaps
Total
Notional amount (gross)
368.4
270.0
638.4
515.8
310.0
825.8
Carrying value (current and non-current assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and (liabilities))
(0.4)
3.3
2.9
(1.2)
4.0
2.8
Maturity date
2026-2029
2026-2027
2026-2029
2025-2028
2025-2027
2025-2028
Hedge ratio
1:1
1:1
1:1
1:1
1:1
1:1
Change in fair value of outstanding hedging instruments
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in the year
0.8
(0.7)
0.1
(0.2)
(4.5)
(4.7)
Change in value of hedged item used to determine
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
hedge e\ufb00ectiveness
0.8
(0.7)
0.1
(0.2)
(4.5)
(4.7)
Weighted average hedged rate for the year*
1.33%
3.5%
\u00a0
1.29%
3.5%
\u00a0
\n
*
The weighted average hedged rate for the year for cash \ufb02ow hedges is based on GBP:USD, being the most signi\ufb01cant currency pair. The Group also
has cash \ufb02ow hedges relating to a number of other currency pairs aligned to its global operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00119": { "value": "G) Maturity of \ufb01nancial liabilities
The contractual maturity of the Group\u2019s \ufb01nancial liabilities is shown below:
As at 31 March 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade
Bank
\u00a0\u00a0\u00a0
\u00a0
payables and
borrowings
Derivative
\u00a0\u00a0
\u00a0
similar items
and loan
\ufb01nancial
Lease
\u00a0
All \ufb01gures in \u00a3 million
payables
notes
instruments
liabilities
Total
Due in one year or less
347.4
\u2013
1.1
12.4
365.3
Due in more than one year but not more than two years
\u2013
\u2013
0.1
11.9
11.9
Due in more than two years but not more than \ufb01ve years
\u2013
333.6
\u2013
43.3
376.6
Due in \ufb01ve years or more
\u2013
\u2013
\u2013
21.5
21.5
Total
347.4
333.6
1.2
89.1
771.3
\n
As at 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade
Bank
\u00a0 \u00a0 \u00a0
\u00a0
payables and
borrowings
Derivative
\u00a0 \u00a0
\u00a0
similar items
and loan
\ufb01nancial
Lease
\u00a0
All \ufb01gures in \u00a3 million
payables
notes
instruments
liabilities
Total
Due in one year or less
302.5
\u2013
1.8
13.3
317.6
Due in more than one year but not more than two years
\u2013
\u2013
0.7
13.5
14.2
Due in more than two years but not more than \ufb01ve years
\u2013
335.0
0.3
41.3
376.6
Due in \ufb01ve years or more
\u2013
\u2013
\u2013
25.8
25.8
Total
302.5
335.0
2.8
93.9
734.2
\n", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00120": { "value": "G) Maturity of \ufb01nancial liabilities
The contractual maturity of the Group\u2019s \ufb01nancial liabilities is shown below:
As at 31 March 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade
Bank
\u00a0\u00a0\u00a0
\u00a0
payables and
borrowings
Derivative
\u00a0\u00a0
\u00a0
similar items
and loan
\ufb01nancial
Lease
\u00a0
All \ufb01gures in \u00a3 million
payables
notes
instruments
liabilities
Total
Due in one year or less
347.4
\u2013
1.1
12.4
365.3
Due in more than one year but not more than two years
\u2013
\u2013
0.1
11.9
11.9
Due in more than two years but not more than \ufb01ve years
\u2013
333.6
\u2013
43.3
376.6
Due in \ufb01ve years or more
\u2013
\u2013
\u2013
21.5
21.5
Total
347.4
333.6
1.2
89.1
771.3
\n
As at 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade
Bank
\u00a0 \u00a0 \u00a0
\u00a0
payables and
borrowings
Derivative
\u00a0 \u00a0
\u00a0
similar items
and loan
\ufb01nancial
Lease
\u00a0
All \ufb01gures in \u00a3 million
payables
notes
instruments
liabilities
Total
Due in one year or less
302.5
\u2013
1.8
13.3
317.6
Due in more than one year but not more than two years
\u2013
\u2013
0.7
13.5
14.2
Due in more than two years but not more than \ufb01ve years
\u2013
335.0
0.3
41.3
376.6
Due in \ufb01ve years or more
\u2013
\u2013
\u2013
25.8
25.8
Total
302.5
335.0
2.8
93.9
734.2
\n", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00167": { "value": "H) Sensitivity analysis
The Group\u2019s sensitivity to changes in foreign exchange rates and interest rates on \ufb01nancial assets and liabilities as at
31 March 2026 is set out in the following table. The impact of a weakening in Sterling on the Group\u2019s \ufb01nancial assets and
liabilities would be more than o\ufb00set in equity and income by its impact on the Group\u2019s overseas net assets and earnings
respectively. Sensitivity on Group\u2019s assets other than \ufb01nancial assets and liabilities is not included in this analysis.
As at 31 March 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1% decrease
10% weakening
\u00a0
in interest rates
in Sterling
\u00a0\u00a0
Pro\ufb01t
\u00a0
Pro\ufb01t
All \ufb01gures in \u00a3 million
Equity*
before tax
Equity
before tax
Sterling
\u2013
0.8
\u2013
\u2013
US dollar
\u2013
0.2
0.3
0.9
Other
\u2013
(0.2)
0.4
\u2013
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1% increase
10% strengthening
\u00a0
in interest rates
in Sterling
\u00a0\u00a0
Pro\ufb01t
\u00a0
Pro\ufb01t
All \ufb01gures in \u00a3 million
Equity*
before tax
Equity
before tax
Sterling
\u2013
(0.8)
\u2013
\u2013
US dollar
\u2013
(0.2)
(0.1)
0.2
Other
\u2013
0.2
(0.3)
\u2013
\n
*
This relates to the impact on items charged directly to equity and excludes the impact on pro\ufb01t/loss for the year \ufb02owing into equity.
As at 31 March 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1% decrease
10% weakening
\u00a0
in interest rates
in Sterling
\u00a0 \u00a0
Pro\ufb01t
\u00a0
Pro\ufb01t
All \ufb01gures in \u00a3 million
Equity*
before tax
Equity
before tax
Sterling
\u2013
0.5
\u2013
\u2013
US dollar
\u2013
0.2
(4.0)
0.9
Other
\u2013
(0.2)
0.7
\u2013
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1% increase
10% strengthening
\u00a0
in interest rates
in Sterling
\u00a0 \u00a0
Pro\ufb01t
\u00a0
Pro\ufb01t
All \ufb01gures in \u00a3 million
Equity*
before tax
Equity
before tax
Sterling
\u2013
(0.5)
\u2013
\u2013
US dollar
\u2013
(0.2)
3.2
0.1
Other
\u2013
0.2
(0.4)
\u2013
\n
*
This relates to the impact on items charged directly to equity and excludes the impact on pro\ufb01t/loss for the year \ufb02owing 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 di\ufb00er materially from those projected as a result of developments
in global \ufb01nancial markets that may cause \ufb02uctuations 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 speci\ufb01c rate of interest applicable to each class of \ufb01nancial instruments from the levels e\ufb00ective
at 31 March 2026, 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 2026, 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. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00169": { "value": "De\ufb01ned contribution plans
The Group operates a number of de\ufb01ned contribution pension arrangements, the largest of which is in the UK and provided
by the Mercer Master Trust. A de\ufb01ned contribution plan is a pension plan under which the Group and employees pay
\ufb01xed contributions to a third-party \ufb01nancial provider. The Group has no legal or constructive obligations to pay further
contributions if the fund does not hold su\ufb00icient assets to pay all employees the bene\ufb01ts relating to employee service
in the current and prior periods. The contributions are recognised as an employee bene\ufb01t expense when they are due.
The expense incurred during the year was \u00a370.7m (FY25: \u00a373.4m). 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00170": { "value": "De\ufb01ned bene\ufb01t pension plan
In the UK the Group operates the QinetiQ Pension Scheme (\u2018the Scheme\u2019) for approximately 10% of its UK employees.
The Scheme closed to future accrual on 31 October 2013 and there is no ongoing service cost. After this date, de\ufb01ned active
bene\ufb01t members transferred to a de\ufb01ned contribution section of the Scheme. The Scheme is a \ufb01nal salary plan, which
provides bene\ufb01ts to members in the form of a guaranteed level of pension payable for life.
The level of bene\ufb01ts provided depends on the members\u2019 length of service and their \ufb01nal 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 bene\ufb01t payments are made from Trustee-administered funds.
\n\n\n
Plan assets held in trusts are governed by UK regulations as is the nature of the relationship between the Group and the
\n
Trustees and their composition. Responsibility for the governance of the Scheme \u2013 including investment decisions and
\n
contribution schedules \u2013 lies with the Scheme Trustee with consultation with the Company as needed. Dalriada, one of
\n
the largest professional trustee \ufb01rms in the UK, act as Professional Corporate Sole Trustee (PCST) for the Scheme. Being
\n
governed by a PCST is well suited to an ever-changing and highly regulated pension landscape.
\n
The asset recognised in the balance sheet in respect of the de\ufb01ned bene\ufb01t pension plan is the fair value of plan assets
\n
less the present value of the de\ufb01ned bene\ufb01t obligation at the end of the reporting period. The de\ufb01ned bene\ufb01t obligation is
\n
calculated bi-annually by independent actuaries using the projected unit credit method. Future cash \ufb02ows of the Scheme
\n
which are subject to in\ufb02ation are calculated using a CPI in\ufb02ation assumption for the majority of the cash \ufb02ows, with a
\n
small proportion of cash \ufb02ows linked to RPI. IAS 19 requires the in\ufb02ation assumptions to be market-based assumptions,
\n
as opposed to being based on economic forecasts.
\n
The present value of the de\ufb01ned bene\ufb01t obligation is determined by discounting the estimated, in\ufb02ated future cash
\n
out\ufb02ows using interest rates of high quality corporate bonds that have terms to maturity approximating to the terms of the
\n
related pension obligation.
\n
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or
\n
credited to equity in other comprehensive income in the period in which they arise.
\n
Triennial funding valuation
\n
The most recent completed full actuarial valuation of the Scheme was undertaken as at 30 June 2023 and resulted in an
\n
actuarially assessed surplus of \u00a311.4m (relative to the technical provisions, i.e. the level of assets agreed by the Trustee
\n
and the Company as being appropriate to meet member bene\ufb01ts, assuming the Scheme continues as a going concern).
\n
The next triennial valuation will be performed as at 30 June 2026. Under the new schedule of contributions agreed at the
\n
conclusion of the recent triennial valuation, and re\ufb02ecting the Scheme being in surplus, there are no employer contributions
\n
required. Separately to the schedule of contributions the Company does have a cash commitment to the Scheme in respect
\n
of an asset-backed funding arrangement established in 2012; see QinetiQ Pension Funding Partnership below.
\n
QinetiQ\u2019s Pension Funding Partnership (PFP) structure
\n
On 26 March 2012 QinetiQ established the QinetiQ PFP Limited Partnership (\u2018the Partnership\u2019) with the Scheme. Under
\n
this arrangement, properties to the capitalised value of \u00a332.3m were transferred to the Partnership. The transfers were
\n
e\ufb00ected through a 20-year sale and leaseback agreement. The Scheme\u2019s interest in the Partnership entitles it to annual
\n
distributions from 2012. The annual distribution in the year to 31 March 2027 will be \u00a33.7m, which will increase thereafter,
\n
indexed by reference to CPI, until 2032.
\n
The Partnership is controlled by QinetiQ and its results are consolidated by the Group. Under IAS 19, the interest held by
\n
the Scheme in the Partnership does not qualify as a plan asset for the purposes of the Group\u2019s consolidated \ufb01nancial
\n
statements and is, therefore, not included within the fair value of plan assets. As a result, the Group\u2019s consolidated \ufb01nancial
\n
statements are unchanged by the Partnership. In addition, the value of the property transferred to the Partnership and
\n
leased back to QinetiQ remains on the balance sheet. QinetiQ retains the operational \ufb02exibility to substitute properties of
\n
equivalent value within the Partnership and has the option to se\ue001le outstanding amounts due under the interest before
\n
2032 if it so chooses.
\n
Other UK schemes
\n
In the UK the Group has a small number of employees for whom bene\ufb01ts are secured through the Prudential Platinum
\n
Scheme (\u2018the PPS\u2019). The PPS scheme is always fully funded and has a very small surplus at year end. QinetiQ also
\n
o\ufb00ers employees access to a Group Self Invested Personal Pension Plan, but no Company contributions are paid to
\n
this arrangement.
De\ufb01ned bene\ufb01t 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Total market value of assets \u2013 see table below for analysis by category of asset
1,208.0
1,176.7
Present value of Scheme liabilities
(1,153.6)
(1,137.3)
Net pension asset before deferred tax
54.4
39.4
Deferred tax liability
(17.9)
(14.6)
Net pension asset after deferred tax
36.5
24.8
\n
The balance sheet net pension asset is a snapshot view which can be signi\ufb01cantly in\ufb02uenced 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 in\ufb02ation 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 193.
The key driver for the increase in the net pension asset since 31 March 2025 was a net actuarial gain on the net pension asset.
Total net income/(expense) recognised in the income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Net \ufb01nance income
2.4
1.0
Administrative expenses
(1.2)
(1.2)
Total net income/(expense) recognised in the income statement (excluding tax)
1.2
(0.2)
\n
Movement in the net pension asset
The movement in the net pension asset (before deferred tax) is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Opening net pension asset
39.4
18.4
Net \ufb01nance income
2.4
1.0
Net actuarial gain and asset re-measurement gain/(loss)
10.2
17.7
Administrative expenses
(1.2)
(1.2)
Contributions by the employer
3.6
3.5
Closing net pension asset
54.4
39.4
\n
\n\n\n
Fair value of Scheme assets by type of asset
\n
The fair value of the Scheme\u2019s assets, which are not intended to be realised in the short term and may be subject to
\n
signi\ufb01cant changes before they are realised, were:
\n\n \n
31 March 2026
31 March 2025*
Not quoted
Not quoted
in an active
in an active
All \ufb01gures in \u00a3 million
Quoted
market
Total
Quoted
market
Total
Equities
\u2013
7.5
7.5
\u2013
11.2
11.2
Liability driven investment
223.3
\u2013
223.3
351.1
\u2013
351.1
Asset backed security investments
118.4
\u2013
118.4
75.0
\u2013
75.0
Alternative bonds
1
\u2013
185.4
185.4
\u2013
228.1
228.1
Corporate bonds
2
135.7
73.1
208.8
\u2013
98.6
98.6
Cash and cash equivalents
9.8
\u2013
9.8
46.1
\u2013
46.1
Equity derivative \ufb01nancial instruments
\u2013
\u2013
\u2013
(0.9)
\u2013
(0.9)
Corporate credit derivative \ufb01nancial instruments
3
(1.0)
\u2013
(1.0)
1.8
\u2013
1.8
Other derivatives (forward FX contracts)
4
(1.4)
\u2013
(1.4)
10.0
\u2013
10.0
Insurance buy-in policies
\u2013
457.2
457.2
\u2013
450.7
450.7
Borrowings
5
\u2013
\u2013
\u2013
\u2013
(95.0)
(95.0)
Total market value of assets
484.8
723.2
1,208.0
483.1
693.6
1,176.7
\n
*
The comparative cash and cash equivalents balance has been presented as quoted, to re\ufb02ect the observable nature of its fair value.
\n
1
Primarily private market debt investments.
\n
2
Includes unlisted corporate bonds with commercial property held as security.
\n
3
The fair value of corporate credit derivative \ufb01nancial instruments is recognised as a liability of \u00a31.0m. This is in respect of various credit default
\n
swap \ufb01nancial instruments held by the Scheme. These instruments provide the Scheme with signi\ufb01cantly greater exposure to corporate bonds.
\n
The notional value of the credit default swap contracts was \u00a3229.6m as at 31 March 2026. The economic exposure (notional exposure +MTM)
\n
was \u00a3228.6m as at 31 March 2026.
\n
4
The fair value of other derivative \ufb01nancial instruments is recognised as a liability of \u00a31.4m. This is in respect of various foreign exchange contracts
\n
held by the Scheme. The exposure to foreign exchange risk is signi\ufb01cantly greater than the \u00a310.0m marked to market value of the forward
\n
contracts. The notional value of these \ufb01nancial instruments was \u00a3114.5m as at 31 March 2026, with a total economic exposure value of \u00a3113.1m.
\n
5
The \u00a395m loan as at 31 March 2025 (originally arranged in September 2023 to facilitate an increase in liquidity to support increased levels of
\n
hedging) was repaid during the year.
\n
The Scheme\u2019s assets do not include any of the Group\u2019s own transferable \ufb01nancial instruments, property occupied by the
\n
Group or other assets used by the Group.
\n
The insurance policies obtained by the pension scheme can only be used to pay or fund employee bene\ufb01ts under the
\n
Company\u2019s de\ufb01ned bene\ufb01t plan. They are not available to the Company\u2019s own creditors and cannot be paid to another
\n
entity. These are the requirements of IAS 19 paragraph 7 and hence the Company\u2019s determination is that the insurance
\n
policies are qualifying insurance policies and require classi\ufb01cation as a plan asset. The policies were issued by insurers that
\n
are not a related party.
\n
Per the Scheme rules the Company has an unconditional right to a refund of any surplus, assuming gradual se\ue001lement of
\n
all liabilities over time. Such surplus may arise on cessation of the Scheme in the context of IFRIC 14 paragraphs 11(b) and 12
\n
and therefore the full net pension asset can be recognised on the Group\u2019s balance sheet and the Group\u2019s minimum funding
\n
commitments to the Scheme do not give rise to an additional balance sheet liability.
\n
Changes to the fair value of Scheme assets
\n\n \n
All \ufb01gures in \u00a3 million
FY26
FY25
Opening fair value of Scheme assets
1,176.7
1,316.2
Interest income on Scheme assets
65.9
62.0
Re-measurement gain/(loss) on Scheme assets
21.2
(149.0)
Contributions by the employer
3.6
3.5
Net bene\ufb01ts paid out and transfers
(58.2)
(54.8)
Administrative expenses
(1.2)
(1.2)
Closing fair value of Scheme assets
1,208.0
1,176.7
\n\n\n
Changes to the present value of Scheme liabilities
\n
The present value of the Scheme\u2019s liabilities, which are derived from cash \ufb02ow projections over long periods, and thus
\n
inherently uncertain, were:
\n\n \n
All \ufb01gures in \u00a3 million
FY26
FY25
Opening present value of Scheme liabilities
(1,137.3)
(1,297.8)
Interest cost
(63.5)
(61.0)
Actuarial gain/(loss) on Scheme liabilities based on:
Change in demographic assumptions
(4.5)
17.4
Change in \ufb01nancial assumptions
2.4
149.6
Experience losses
(8.9)
(0.3)
Net bene\ufb01ts paid out and transfers
58.2
54.8
Closing present value of Scheme liabilities
(1,153.6)
(1,137.3)
\n
Assumptions
\n
The major assumptions used in the IAS 19 valuation of the Scheme\u2019s liabilities were:
\n\n \n
31 March 2026
31 March 2025
Insured
Uninsured
Insured
Uninsured
All \ufb01gures in \u00a3 million
members
members
members
members
Discount rate applied to Scheme liabilities
5.85%
6.15%
5.70%
5.75%
CPI in\ufb02ation assumption
2.80%
2.80%
2.45%
2.50%
Net rate (discount rate less in\ufb02ation)
3.05%
3.35%
3.25%
3.25%
Assumed life expectancies in years:
At 60 for males currently aged 40
n/a
28.2
n/a
27.8
At 60 for females currently aged 40
n/a
30.5
n/a
30.3
At 60 for males currently aged 60
n/a
26.9
n/a
26.5
At 60 for females currently aged 60
n/a
29.2
n/a
28.9
At 65 for males currently aged 65
22.6
n/a
22.1
n/a
At 65 for females currently aged 65
24.9
n/a
24.6
n/a
\n
The assumptions used by the actuary are the best estimates chosen from a range of possible actuarial assumptions
\n
which, because of the timescale covered, may not necessarily be borne out in practice. It is important to note that these
\n
assumptions are long term and, in the case of the discount rate and the in\ufb02ation rate, are measured by reference to external
\n
market indicators.
\n
The discount rate is based on observable yields on corporate bonds but there is no direct, observable market rate for CPI.
\n
A \u2018market approach\u2019 to deriving CPI involves adjusting a market-based RPI rate downward by an \u2018in\ufb02ation risk premium\u2019 and
\n
an RPI-CPI adjustment factor (determined from relevant market yield curves). This market
-based approach is required by
\n
IAS 19 and results in a CPI in\ufb02ation rate in excess of the Bank of England long-term target and also in excess of a consensus
\n
view of CPI (based on surveys of economists). However, adopting an economic consensus approach to se\ue001ing CPI in\ufb02ation
\n
is not acceptable under accounting standards.
\n
The mortality assumptions for both the current and prior year were based on the SAPS Normal S3 \u2018All Lives\u2019 base tables,
\n
with various scaling factors based on sex and status. Allowance was made for improvements in mortality in line with
\n
CMI_2025 core projections (31 March 2025: CMI_2023 projections) and a long-term rate of improvement of 1.0% per
\n
annum (31 March 2025: 1.0%).
\n
The funding of the Scheme is based on long-term trends and assumptions relating to market growth, as advised by quali\ufb01ed
\n
actuaries and investment advisors. The Scheme \u2018duration\u2019, calculated using discounted future cash \ufb02ows, is an indicator
\n
of the weighted average time until bene\ufb01ts are paid and is approximately 14 years for non-insured liabilities and 9 years for
\n
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
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Indicative impact on
Indicative impact on
Indicative impact on
Assumption
Scheme assets
Scheme liabilities
net pension asset
Decrease discount rate by 0.25%
Increase by \u00a310.6m
Increase by \u00a334.5m
Decrease by \u00a323.9m
Increase rate of in\ufb02ation by 0.25%
Increase by \u00a39.7m
Increase by \u00a332.7m
Decrease by \u00a323.0m
Increase life expectancy by one year
Increase by \u00a314.0m
Increase by \u00a324.8m
Decrease by \u00a310.8m
\n
The impact of movements in Scheme liabilities will, to an extent, be o\ufb00set by movements in the value of Scheme assets as
the Scheme has assets invested in a Liability Driven Investment Portfolio. As at 31 March 2026 this portfolio hedged against
approximately 100% of the interest rate risk and also approximately 100% of the in\ufb02ation rate risk, as measured on the
actuarial funding valuation basis.
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 de\ufb01ned bene\ufb01t obligation to signi\ufb01cant actuarial assumptions the same method (projected unit credit
method) has been applied as when calculating the pension liability recognised within the statement of \ufb01nancial 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 signi\ufb01cant variation due to changes in the fair value of Scheme assets.
A speci\ufb01c sensitivity on assets has not been included in the above table but any change in valuation of assets \ufb02ows 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 \u00a3185.4m, the unquoted corporate bonds of \u00a373.1m and the unquoted
equities of \u00a37.5m are the assets with most uncertainty as to valuation as at 31 March 2026.
The accounting assumptions noted are used to calculate the year-end net pension asset in accordance with the relevant
accounting standard, IAS 19 (revised) Employee Bene\ufb01ts. 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 di\ufb00erent 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, while the IAS 19 accounting basis valuation uses
corporate bond yields as the base.
Risks
Through its de\ufb01ned bene\ufb01t pension plan, the Group is exposed to a number of risks, the most signi\ufb01cant of which are
detailed below:
\n \n
Volatility in
Results under IAS 19 can change dramatically depending on market conditions. The present value of
market conditions
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 \ufb02uctuating 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 \ufb01nance income in the Group\u2019s
income statement.
Choice of accounting
The calculation of the present value of Scheme liabilities involves projecting future cash \ufb02ows from the Scheme
assumptions
many years into the future. This means that the assumptions used can have a material impact on the balance sheet
position and pro\ufb01t and loss charge. 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 in\ufb02ation could be higher or lower
than allowed for in the calculation of the liabilities.
In June 2023, in Virgin Media Limited v NTL Pension Trustees II Limited, the UK High Court ruled that speci\ufb01c historical
amendments to contracted-out de\ufb01ned bene\ufb01t schemes in the period from 6 April 1997 to 5 April 2016 were invalid as they
lacked a con\ufb01rmation 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 signi\ufb01cant \ufb01nancial impact is remote.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00171": { "value": "De\ufb01ned bene\ufb01t 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Total market value of assets \u2013 see table below for analysis by category of asset
1,208.0
1,176.7
Present value of Scheme liabilities
(1,153.6)
(1,137.3)
Net pension asset before deferred tax
54.4
39.4
Deferred tax liability
(17.9)
(14.6)
Net pension asset after deferred tax
36.5
24.8
\n
The balance sheet net pension asset is a snapshot view which can be signi\ufb01cantly in\ufb02uenced 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 in\ufb02ation 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 193.
The key driver for the increase in the net pension asset since 31 March 2025 was a net actuarial gain on the net pension asset.
Total net income/(expense) recognised in the income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Net \ufb01nance income
2.4
1.0
Administrative expenses
(1.2)
(1.2)
Total net income/(expense) recognised in the income statement (excluding tax)
1.2
(0.2)
\n
Movement in the net pension asset
The movement in the net pension asset (before deferred tax) is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
All \ufb01gures in \u00a3 million
FY26
FY25
Opening net pension asset
39.4
18.4
Net \ufb01nance income
2.4
1.0
Net actuarial gain and asset re-measurement gain/(loss)
10.2
17.7
Administrative expenses
(1.2)
(1.2)
Contributions by the employer
3.6
3.5
Closing net pension asset
54.4
39.4
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00172": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Indicative impact on
Indicative impact on
Indicative impact on
Assumption
Scheme assets
Scheme liabilities
net pension asset
Decrease discount rate by 0.25%
Increase by \u00a310.6m
Increase by \u00a334.5m
Decrease by \u00a323.9m
Increase rate of in\ufb02ation by 0.25%
Increase by \u00a39.7m
Increase by \u00a332.7m
Decrease by \u00a323.0m
Increase life expectancy by one year
Increase by \u00a314.0m
Increase by \u00a324.8m
Decrease by \u00a310.8m
\n
The impact of movements in Scheme liabilities will, to an extent, be o\ufb00set by movements in the value of Scheme assets as
the Scheme has assets invested in a Liability Driven Investment Portfolio. As at 31 March 2026 this portfolio hedged against
approximately 100% of the interest rate risk and also approximately 100% of the in\ufb02ation rate risk, as measured on the
actuarial funding valuation basis.
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 de\ufb01ned bene\ufb01t obligation to signi\ufb01cant actuarial assumptions the same method (projected unit credit
method) has been applied as when calculating the pension liability recognised within the statement of \ufb01nancial 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 signi\ufb01cant variation due to changes in the fair value of Scheme assets.
A speci\ufb01c sensitivity on assets has not been included in the above table but any change in valuation of assets \ufb02ows 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 \u00a3185.4m, the unquoted corporate bonds of \u00a373.1m and the unquoted
equities of \u00a37.5m are the assets with most uncertainty as to valuation as at 31 March 2026.
The accounting assumptions noted are used to calculate the year-end net pension asset in accordance with the relevant
accounting standard, IAS 19 (revised) Employee Bene\ufb01ts. 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 di\ufb00erent 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, while the IAS 19 accounting basis valuation uses
corporate bond yields as the base. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0050": { "value": "28. Share capital and other reserves
Shares allo\ue001ed, called up and fully paid:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Ordinary shares of 1p each
Special Share of \u00a31
\u00a0
\u00a0
(equity)
(non-equity)
Total
\u00a0
\u00a3
Number
\u00a3
Number
\u00a3
Number
As at 1 April 2025
5,535,305
553,530,455
1
1
5,535,306
553,530,456
Cancellation of shares
(287,731)
(28,773,138)
\u2013
\u2013
(287,731)
(28,773,138)
At 31 March 2026
5,247,574
524,757,317
1
1
5,247,575
524,757,318
\n
During the year, the Group continued its share buyback programme. \u00a3134.6m was completed in cash in FY26 (FY25: \u00a3102.9m),
which is shown in the table above as the 28,773,138 cancelled shares (FY25: 20,865,436).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Ordinary shares of 1p each
Special Share of \u00a31
\u00a0
\u00a0
(equity)
(non-equity)
Total
\u00a0
\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)
\u2013
\u2013
(208,654) (20,865,436)
At 31 March 2025
5,535,305
553,530,455
1
1
5,535,306 553,530,456
\n
Except as noted below all shares in issue at 31 March 2026 rank pari-passu in all respects.
Rights a\ue001aching 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 de\ufb01ned in the Articles of Association) so as
to make at all times e\ufb00ective 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 ma\ue001ers 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 o\ufb00ice of chief
executive, who is not a British citizen; and
ii)
If at any time when the chief executive is not a British citizen, it is proposed to appoint any person to the o\ufb00ice 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; and
e)
To demand a poll at any of QinetiQ\u2019s meetings (even though it may have no voting rights except those speci\ufb01cally set out
in the Articles).
The Special Shareholder has an option to purchase de\ufb01ned 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 pro\ufb01ts 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 con\ufb02ict 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 di\ufb00erence arising on translation. Movements on hedging
instruments, where the hedge is e\ufb00ective, 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 2026 are 4,315,670 shares
(2025: 3,442,435 shares). ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00173": { "value": "Shares allo\ue001ed, called up and fully paid: \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Ordinary shares of 1p each
Special Share of \u00a31
\u00a0
\u00a0
(equity)
(non-equity)
Total
\u00a0
\u00a3
Number
\u00a3
Number
\u00a3
Number
As at 1 April 2025
5,535,305
553,530,455
1
1
5,535,306
553,530,456
Cancellation of shares
(287,731)
(28,773,138)
\u2013
\u2013
(287,731)
(28,773,138)
At 31 March 2026
5,247,574
524,757,317
1
1
5,247,575
524,757,318
\n
During the year, the Group continued its share buyback programme. \u00a3134.6m was completed in cash in FY26 (FY25: \u00a3102.9m),
which is shown in the table above as the 28,773,138 cancelled shares (FY25: 20,865,436).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Ordinary shares of 1p each
Special Share of \u00a31
\u00a0
\u00a0
(equity)
(non-equity)
Total
\u00a0
\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)
\u2013
\u2013
(208,654) (20,865,436)
At 31 March 2025
5,535,305
553,530,455
1
1
5,535,306 553,530,456
\nExcept as noted below all shares in issue at 31 March 2026 rank pari-passu in all respects.Rights a\ue001aching 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 de\ufb01ned in the Articles of Association) so as
to make at all times e\ufb00ective 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 ma\ue001ers 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 o\ufb00ice of chief
executive, who is not a British citizen; and
ii)
If at any time when the chief executive is not a British citizen, it is proposed to appoint any person to the o\ufb00ice 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; and
e)
To demand a poll at any of QinetiQ\u2019s meetings (even though it may have no voting rights except those speci\ufb01cally set out
in the Articles).
The Special Shareholder has an option to purchase de\ufb01ned 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 pro\ufb01ts 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 con\ufb02ict of interest. The Directors must register any transfer of the
Special Share within seven days.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00174": { "value": "Other reserves
The translation reserve includes the cumulative foreign exchange di\ufb00erence arising on translation. Movements on hedging
instruments, where the hedge is e\ufb00ective, 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 2026 are 4,315,670 shares
(2025: 3,442,435 shares). ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00175": { "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 2026 are 4,315,670 shares
(2025: 3,442,435 shares). ", "dimensions": { "concept": "qq:DisclosureOfOwnSharesTextBlock", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00176": { "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 \u00a311.5m, all relating to equity-se\ue001led schemes (FY25: \u00a39.8m, all relating to equity-se\ue001led schemes). The
share-based payment amount recognised in equity was \u00a311.0m, re\ufb02ecting an \u00a311.5m expense recorded in the income
statement, partly o\ufb00set by \u00a30.5m relating to dividends accrued 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-se\ue001led.
Group Share Incentive Plan (SIP)
Under the QinetiQ SIP the Group o\ufb00ers 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
FY26
FY25
\u00a0
Number of
Number of
\u00a0
matching
matching
\u00a0
shares
shares
Outstanding at start of the year
707,834
753,447
Awarded during the year
44,645
256,966
Exercised during the year
(51,854)
(262,526)
Forfeited during the year
(37,001)
(40,053)
Outstanding at end of the year
663,624
707,834
\n
SIP matching shares are equity-se\ue001led awards; those outstanding at 31 March 2026 had an average remaining life of 1.5
years (2025: 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 (2025: nil).
Bonus Banking Plan (BBP)
During previous years the Group granted BBP awards to certain senior executives in the UK and US.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
FY26
FY25
\u00a0
Number of
Number of
\u00a0
awards
awards
Outstanding at start of the year
\u2013
892,416
Granted during the year
\u2013
\u2013
Exercised during the year
\u2013
(833,623)
Forfeited during the year
\u2013
(58,793)
Outstanding at end of the year
\u2013
\u2013
The legacy BBP was a remuneration scheme that ran until the change in remuneration policy in 2023, with the \ufb01nal
\n
payment under the scheme made in 2024. The BBP operated in three-year performance cycles, with each cycle vesting
\n
over a four-year period. Under the BBP a contribution was made by the Company into the participant\u2019s Plan account
\n
following the end of each Plan year. 50% of the value of a participant\u2019s Plan account was paid out annually for three years
\n
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
\n
was at risk of forfeiture. Refer to the 2024 Directors\u2019 Remuneration Report for further details.
\n
At 31 March 2026 the awards had a weighted average remaining life of nil year (2025: nil year). There is no exercise price
\n
for these awards. The fair value of the awards at 31 March 2026 was \u00a3nil (2025: \u00a3nil) being the Group\u2019s 30-day average
\n
on 31 March. The weighted average share price at date of exercise was \u00a3nil (2025: \u00a3nil). Of the awards outstanding at the
\n
end of the year nil were exercisable.
\n
Deferred Share Plan (DSP)
\n
During the year, the Group did not provisionally award any DSP awards as this share scheme has been replaced by the
\n
LTIP share scheme.
\n\n \n
FY26
FY25
Number of
Number of
awards
awards
Outstanding at start of the year
3,760,387
6,274,618
Granted during the year
\u2013
9,795
Lapsed during the year
(125,658)
(502,662)
Exercised during the year
(1,372,007)
(2,021,364)
Outstanding at end of the year
2,262,722
3,760,387
\n
The number of awards is dependent on the Group\u2019s performance during the year (speci\ufb01cally with respect to the Group
\n
revenue growth). This is provisionally quanti\ufb01ed at year end based on Group performance and also the number of eligible
\n
employees in employment as at 31 March. Actual awards are made in the following June and the \ufb01nal number awarded will
\n
be slightly di\ufb00erent to the number provisionally calculated.
\n
Awards are then subject to a three-year vesting period and a further two-year holding period. Vesting of the awards is
\n
contingent upon Group operating pro\ufb01t in the year before vesting being maintained at the level reported during the year
\n
before award. Refer to the Directors\u2019 Remuneration Report for further details.
\n
At 31 March 2026 the awards had a weighted average remaining life of 0.2 years (2025: 0.6 years). There is no exercise price
\n
for these awards. The weighted average share price at date of exercise was \u00a35.18 (2025: \u00a34.47). Of the awards outstanding at
\n
the end of the year nil were exercisable.
\n
Long Term Incentive Plan (LTIP)
\n
During the year the Group granted LTIP awards to replace the DSP awards.
\n\n \n
FY26
FY25
Number of
Number of
awards
awards
Outstanding at start of the year
12,131,756
7,306,172
Granted during the year
4,879,515
6,519,447
Exercised during the year
\u2013
\u2013
Lapsed during the year
(1,539,937)
(1,693,863)
Outstanding at end of the year
15,471,334
12,131,756
\n
At 31 March 2026 the awards had a weighted average remaining life of 1.3 years (2025: 2.0 years). There is no exercise price for
\n
these awards. The weighted average fair value of grants made during the year was \u00a34.97 (2025: \u00a34.44). The weighted average
\n
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 o\ufb00set a new senior executive joiner
on a loss of stock options from their previous employer and it is a \ufb01xed number of shares. During the year the Group granted
RSP awards to certain senior executives in the UK and US.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
FY26
FY25
\u00a0
Number of
Number of
\u00a0
awards
awards
Outstanding at start of the year
474,056
797,371
Granted during the year
868,651
263,186
Exercised during the year
(89,153)
(488,374)
Lapsed during the year
(23,813)
(98,127)
Outstanding at end of the year
1,229,741
474,056
\n
At 31 March 2026 the awards had a weighted average remaining life of 1.0 years (2025: 0.7 years). There is no exercise price for
these awards. The weighted average fair value of grants made during the year was \u00a34.93 (2025: \u00a34.11). The weighted average
share price at date of exercise was \u00a34.49 (2025: \u00a34.02). Of the options outstanding at the end of the year nil were exercisable
(2025: nil).
Annual Bonus Plan (ABP)
ABP is a share award made to senior executives. This award replaced the BBP.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
FY26
FY25
\u00a0
Number of
Number of
\u00a0
awards
awards
Outstanding at start of the year
227,176
292,067
Granted/awarded during the year
15
\u2013
Di\ufb00erence between actual awards in year and amount provisionally awarded in prior year
\u2013
(64,891)
Lapsed during the year
\u2013
\u2013
Exercised during the year
\u2013
\u2013
Provisionally awarded during the year
213,723
\u2013
Outstanding at end of the year
440,914
227,176
\n
At 31 March 2026 the awards had an average remaining life of 0.3 years (2025: 1.3 years). There is no exercise price for these
awards. The weighted average fair value of grants made during the year was \u00a34.49 (2025: \u00a34.49). The weighted average share
price at date of exercise was \u00a3nil (2025: \u00a3nil). Of the options outstanding at the end of the year nil were exercisable (2025: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00195": { "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 Commi\ue001ee. Refer to the Commi\ue001ee\u2019s
report within the Corporate Governance Statement on page 110.
Strategic assets
Under the Principal Agreement with the MOD, the QinetiQ controlled Group is not permi\ue001ed without the wri\ue001en 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 identi\ufb01ed as being strategic assets as at 31 March 2026 was \u00a31.1m (2025: \u00a31.3m).
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 commi\ue001ed to providing T&E services with
increasing e\ufb00iciencies 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 \ufb01ve years and is now contracted at a \ufb01xed price to
31 March 2028. A \u00a31.7bn \ufb01ve-year extension to the LTPA contract was signed in H1 and secures our position of partnership
with the MOD and provides a \ufb01rm foundation to invest in the transformation of UK sovereign Test, Trials, Training & Evaluation
(T3E) capabilities.
Other contracts with MOD
The LTPA is the most signi\ufb01cant contract QinetiQ has with the MOD. In total approximately 60% (FY25: 57%) of the Group\u2019s
revenue comes directly from contracts with the MOD. ", "dimensions": { "concept": "qq:DisclosureOfTransactionsWithTheMinistryOfDefencemodTextBlock", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00196": { "value": "31. Contingent liabilities and assets
Subsidiary undertakings within the Group have given unsecured guarantees of \u00a353.7m at 31 March 2026 (2025: \u00a349.7m) 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 ma\ue001ers, 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 identi\ufb01ed 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 out\ufb02ow in se\ue001lement is assessed as remote.
32. Capital commitments
The Group had the following capital commitments for which no provision has been made:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Total contracted
30.2
51.3
\n
Capital commitments at 31 March 2026 include \u00a326.7m (2025: \u00a347.2m) 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00197": { "value": "31. Contingent liabilities and assets
Subsidiary undertakings within the Group have given unsecured guarantees of \u00a353.7m at 31 March 2026 (2025: \u00a349.7m) 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 ma\ue001ers, 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 identi\ufb01ed 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 out\ufb02ow in se\ue001lement is assessed as remote.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00198": { "value": "32. Capital commitments
The Group had the following capital commitments for which no provision has been made:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
All \ufb01gures in \u00a3 million
2026
2025
Total contracted
30.2
51.3
\n
Capital commitments at 31 March 2026 include \u00a326.7m (2025: \u00a347.2m) 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00200": { "value": "33. Related parties
During the year ended 31 March 2026 there were sales to joint ventures of nil (FY25: \u00a30.2m). At the year-end there were
outstanding receivables from joint ventures of nil (31 March 2025: \u00a30.2m). Details of the remuneration of Directors and
Key management personnel are included within Note 6 and the Directors\u2019 Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00199": { "value": "33. Related parties
During the year ended 31 March 2026 there were sales to joint ventures of nil (FY25: \u00a30.2m). At the year-end there were
outstanding receivables from joint ventures of nil (31 March 2025: \u00a30.2m). Details of the remuneration of Directors and
Key management personnel are included within Note 6 and the Directors\u2019 Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00202": { "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 2026 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of company
Country of incorporation
Registered o\ufb00ice
Subsidiaries
1,6
\u00a0\u00a0
QinetiQ Training Australia Pty Ltd *
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Air A\ufb00airs (Australia) Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Air A\ufb00airs Aviation Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Air Target Services Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Astra Aerospace Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Avantus Federal LLC
USA
10440 Furnace Road Lorton, VA 22079
Avantus Federal Services LLC
USA
10440 Furnace Road Lorton, VA 22079
Avantus National Security Solutions LLC
USA
10440 Furnace Road Lorton, VA 22079
E3 Federal Solutions PR LLC
USA
10440 Furnace Road Lorton, VA 22079
Far Ridgeline Engagements LLC
USA
10440 Furnace Road Lorton, VA 22079
Foster-Miller Inc.
2
USA
358 2nd Ave, Waltham, Massachuse\ue001s, MA 02451-1104, USA
Hirose Holdings Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Inzpire Group Limited
England & Wales
C/O FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
\u00a0\u00a0
Bristol, BS2 0HQ
Inzpire Holdings Limited
England & Wales
C/O FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
\u00a0\u00a0
Bristol, BS2 0HQ
Inzpire Limited
England & Wales
Landmark House West Unit 1b, Alpha Court, Kingsley Road,
\u00a0\u00a0
Lincoln, Lincolnshire, LN6 3TA
Lucid Perspectives LLC
USA
10440 Furnace Road Lorton, VA 22079
Naimuri Limited
England & Wales
Farnborough
3
Occam\u2019s Razor Technologies LLC
USA
10440 Furnace Road Lorton, VA 22079
Operational Intelligence LLC
USA
10440 Furnace Road Lorton, VA 22079
Qinetic Limited
England & Wales
Farnborough
3
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of company
Country of incorporation
Registered o\ufb00ice
QinetiQ Australia Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0 \u00a0
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,
\u00a0 \u00a0
ON M5L 1A9, Canada
QinetiQ Group Holdings Limited
England & Wales
Farnborough
3
QinetiQ Holdings Limited
England & Wales
Farnborough
3
QinetiQ Inc.
2
USA
10440 Furnace Road Lorton, VA 22079
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,
\u00a0 \u00a0
VIC 3008, Australia
QinetiQ Overseas Holdings Limited
England & Wales
Farnborough
3
QinetiQ Overseas Trading Limited
England & Wales
Farnborough
3
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
22nd Floor Corporate Centre, 139 Valero Street, Salcedo Village,
\u00a0 \u00a0
Makati City, Philippines
QinetiQ Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008,
\u00a0 \u00a0
Australia
QinetiQ Services Holdings Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008,
\u00a0 \u00a0
Australia
QinetiQ Solutions Sdn. Bhd.
Malaysia
Suite 6.01, 6th Floor, Plaza See Hoy Chan, Jalan Raja Chulan
\u00a0 \u00a0
50200, Kuala Lumpur, W.P. Kuala Lumpur, Malaysia
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,
\u00a0 \u00a0
Virginia 20120-1969, USA
RubiKon Group Pty Limited
Australia
Level 33, 101 Collins Street, Melbourne, Victoria 3000, Australia
TSG International LLC
USA
358 2nd Ave, Waltham, Massachuse\ue001s MA 02451-1104, USA
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of company
Country of incorporation
Registered o\ufb00ice
Joint ventures
6
\u00a0 \u00a0
Avantus CTA, LLC
5
USA
10440 Furnace Road Lorton, VA 22079
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
Unit 3, Zone 4, Tawazun Industrial Park, Abu Dhabi,
\u00a0 \u00a0
United Arab Emirates, PO Box 128220
QinetiQ Dar Massader QDM Limited
5,6
Saudi Arabia
Al Nakhla Tower, 3026-Prince Saud Bin Mohamed Bin Muqin Road,
\u00a0 \u00a0
PO Box 2985, Riyadh 13321, Kingdom of Saudi Arabia
Quick Services LLC
5
USA
409 Chicago Drive Suite 103 in Faye\ue001eville, NC 28306
\n
*
Aerospace Training Services Pty Ltd was renamed QinetiQ Training Australia Pty Ltd on 30 April 2025.
1
As at 31 March 2026 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 2026 the Group owned 90% of Avantus CTA, LLC, 49% of Federal Mission Solutions, LLC, 49% of Houbara Defence & Security LLC,
49% of QinetiQ Dar Massader QDM Limited, and 49% of Quick Services LLC.
6
The \ufb01nancial year end of each undertaking is 31 March other than Houbara Defence & Security LLC (31 December) and QinetiQ Dar Massader QDM
Limited (31 December).", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00201": { "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 2026 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of company
Country of incorporation
Registered o\ufb00ice
Subsidiaries
1,6
\u00a0\u00a0
QinetiQ Training Australia Pty Ltd *
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Air A\ufb00airs (Australia) Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Air A\ufb00airs Aviation Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Air Target Services Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Astra Aerospace Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Avantus Federal LLC
USA
10440 Furnace Road Lorton, VA 22079
Avantus Federal Services LLC
USA
10440 Furnace Road Lorton, VA 22079
Avantus National Security Solutions LLC
USA
10440 Furnace Road Lorton, VA 22079
E3 Federal Solutions PR LLC
USA
10440 Furnace Road Lorton, VA 22079
Far Ridgeline Engagements LLC
USA
10440 Furnace Road Lorton, VA 22079
Foster-Miller Inc.
2
USA
358 2nd Ave, Waltham, Massachuse\ue001s, MA 02451-1104, USA
Hirose Holdings Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0\u00a0
VIC 3008, Australia
Inzpire Group Limited
England & Wales
C/O FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
\u00a0\u00a0
Bristol, BS2 0HQ
Inzpire Holdings Limited
England & Wales
C/O FRP Advisory Trading Limited Kings Orchard, 1 Queen Street,
\u00a0\u00a0
Bristol, BS2 0HQ
Inzpire Limited
England & Wales
Landmark House West Unit 1b, Alpha Court, Kingsley Road,
\u00a0\u00a0
Lincoln, Lincolnshire, LN6 3TA
Lucid Perspectives LLC
USA
10440 Furnace Road Lorton, VA 22079
Naimuri Limited
England & Wales
Farnborough
3
Occam\u2019s Razor Technologies LLC
USA
10440 Furnace Road Lorton, VA 22079
Operational Intelligence LLC
USA
10440 Furnace Road Lorton, VA 22079
Qinetic Limited
England & Wales
Farnborough
3
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of company
Country of incorporation
Registered o\ufb00ice
QinetiQ Australia Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne,
\u00a0 \u00a0
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,
\u00a0 \u00a0
ON M5L 1A9, Canada
QinetiQ Group Holdings Limited
England & Wales
Farnborough
3
QinetiQ Holdings Limited
England & Wales
Farnborough
3
QinetiQ Inc.
2
USA
10440 Furnace Road Lorton, VA 22079
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,
\u00a0 \u00a0
VIC 3008, Australia
QinetiQ Overseas Holdings Limited
England & Wales
Farnborough
3
QinetiQ Overseas Trading Limited
England & Wales
Farnborough
3
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
22nd Floor Corporate Centre, 139 Valero Street, Salcedo Village,
\u00a0 \u00a0
Makati City, Philippines
QinetiQ Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008,
\u00a0 \u00a0
Australia
QinetiQ Services Holdings Pty Ltd
Australia
Tower 4, Level 10, 727 Collins Street, Melbourne, VIC 3008,
\u00a0 \u00a0
Australia
QinetiQ Solutions Sdn. Bhd.
Malaysia
Suite 6.01, 6th Floor, Plaza See Hoy Chan, Jalan Raja Chulan
\u00a0 \u00a0
50200, Kuala Lumpur, W.P. Kuala Lumpur, Malaysia
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,
\u00a0 \u00a0
Virginia 20120-1969, USA
RubiKon Group Pty Limited
Australia
Level 33, 101 Collins Street, Melbourne, Victoria 3000, Australia
TSG International LLC
USA
358 2nd Ave, Waltham, Massachuse\ue001s MA 02451-1104, USA
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of company
Country of incorporation
Registered o\ufb00ice
Joint ventures
6
\u00a0 \u00a0
Avantus CTA, LLC
5
USA
10440 Furnace Road Lorton, VA 22079
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
Unit 3, Zone 4, Tawazun Industrial Park, Abu Dhabi,
\u00a0 \u00a0
United Arab Emirates, PO Box 128220
QinetiQ Dar Massader QDM Limited
5,6
Saudi Arabia
Al Nakhla Tower, 3026-Prince Saud Bin Mohamed Bin Muqin Road,
\u00a0 \u00a0
PO Box 2985, Riyadh 13321, Kingdom of Saudi Arabia
Quick Services LLC
5
USA
409 Chicago Drive Suite 103 in Faye\ue001eville, NC 28306
\n
*
Aerospace Training Services Pty Ltd was renamed QinetiQ Training Australia Pty Ltd on 30 April 2025.
1
As at 31 March 2026 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 2026 the Group owned 90% of Avantus CTA, LLC, 49% of Federal Mission Solutions, LLC, 49% of Houbara Defence & Security LLC,
49% of QinetiQ Dar Massader QDM Limited, and 49% of Quick Services LLC.
6
The \ufb01nancial year end of each undertaking is 31 March other than Houbara Defence & Security LLC (31 December) and QinetiQ Dar Massader QDM
Limited (31 December).", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00203": { "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 \ufb01nancial 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 \ufb01nancial statements. In the income statement, the Group presents \u2018speci\ufb01c
adjusting items\u2019 separately. In the judgement of the Directors, for the reader to obtain a proper understanding of business
performance, speci\ufb01c adjusting items need to be disclosed separately. Underlying measures of performance exclude
speci\ufb01c adjusting items.
Speci\ufb01c adjusting items
Speci\ufb01c adjusting items include the following:
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Does not re\ufb02ect
\u00a0
Distorting due to
Distorting due to
in-year operational
\u00a0
irregular nature
\ufb02uctuating nature
performance of
Item
year on year
(size and sign)
continuing business
Amortisation of intangible assets arising from acquisitions
\u00a0\u00a0
\ue001
Pension net \ufb01nance income
\u00a0
\ue001
\ue001
Gains/losses on disposal of businesses, property and investments
\ue001
\ue001
\ue001
Transaction, integration and on-o\ufb00 remuneration costs in respect of business
\u00a0\u00a0\u00a0
acquisitions and disposals
\ue001
\u00a0
\ue001
Impairment of property and goodwill
\ue001
\u00a0\u00a0
One-o\ufb00 period of digital investment
\ue001
\ue001
\ue001
Costs and other impacts of group-wide restructuring programmes
\ue001
\ue001
\u00a0
The tax impact of the above
\ue001
\ue001
\ue001
Other signi\ufb01cant non-recurring tax and RDEC movements
\ue001
\ue001
\ue001
\n
The \ufb01nancial impact of each item is reported in note 4 to these \ufb01nancial statements.
These \u2018speci\ufb01c adjusting items\u2019 are of a \u2018non-operational\u2019 nature and do not include all signi\ufb01cant, irregular items that are of
an operational nature, for example contract risk provisions and gains/losses on disposal of plant and equipment.
Basis of preparation
The Group\u2019s \ufb01nancial statements, approved by the Directors, have been prepared on a going concern basis as discussed
in the Strategic Report on page 71 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 \ufb01nancial statements in accordance with UK GAAP (FRS 101); these are presented on
page 212. The \ufb01nancial statements have been prepared under the historical cost convention, except for certain \ufb01nancial
assets and liabilities (such as derivative \ufb01nancial instruments) measures at fair value. The Group\u2019s reporting currency is
Sterling and unless otherwise stated the \ufb01nancial statements are rounded to the nearest \u00a3100,000.
Basis of consolidation
The consolidated \ufb01nancial statements comprise the \ufb01nancial statements of the Company and its subsidiary undertakings
to 31 March 2026. 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 a\ufb00ect those returns through
its power over the investee. This is the IFRS 10 de\ufb01nition 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 94). IFRS 10 is the accounting standard applicable in respect of consolidation of entities. This does not
speci\ufb01cally deal with SSAs. 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 a\ufb00ected entities and, therefore, consolidates these entities in
the consolidated accounts. The impact of this speci\ufb01c judgement is full consolidation as opposed to treatment as a 100%
associated undertaking.
An associate is an undertaking over which the Group
exercises signi\ufb01cant in\ufb02uence, usually from 20\u201350% of the
equity voting rights, in respect of \ufb01nancial 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 \ufb01nancial 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 \ufb01nancial statements, the Board has
considered the impact to the Company and its activities
of climate change, particularly those risks highlighted
on page 63 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
re\ufb01ning our capability to quantify, forecast and model
\ufb01nancial statement impacts due to climate change.
Speci\ufb01c aspects of the \ufb01nancial 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 \ufb01nancial
performance of customer contracts.
While the Group will likely be impacted by climate change
in the future, the impacts on the \ufb01nancial statements as
at 31 March 2026 are not considered to be material.
Recent accounting developments
Developments adopted by the Group for the year ended 31 March 2026
with no material impact on the Group\u2019s \ufb01nancial statements
The following standards, interpretations and amendments
to existing standards became e\ufb00ective on 1 January 2025
and have not had a material impact on the Group:
\u0270
Amendments to IAS 21 Lack of Exchangeability,
e\ufb00ective from 1 January 2025.
IFRS 18 Presentation and Disclosure in Financial Statements
(e\ufb00ective for annual periods beginning on or after 1 January 2027)
IFRS 18 will replace IAS 1 Presentation of \ufb01nancial
statements, introducing new requirements that will help
to achieve comparability of the \ufb01nancial performance of
similar entities and provide more relevant information and
transparency to users. Even though IFRS 18 will not impact
the recognition or measurement of items in the \ufb01nancial
statements, its impacts on presentation and disclosure
are expected to be pervasive, in particular those related
to the statement of \ufb01nancial performance and providing
management-de\ufb01ned performance measures within the
\ufb01nancial statements.
We are currently assessing the detailed implications of
applying the new standard on the group\u2019s consolidated
\ufb01nancial statements.
The group will apply the new standard from its mandatory
e\ufb00ective date of 1 January 2027. Retrospective application
is required, and so the comparative information for the
\ufb01nancial year ending 31 March 2027 will be restated in
accordance with IFRS 18.
Developments expected in future periods of which are not expected to
have a material impact on the Group\u2019s \ufb01nancial 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 2025. 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:
\u0270
Amendments to the Classi\ufb01cation and Measurement
of Financial Instruments \u2013 amendments to IFRS 9
and IFRS 7, e\ufb00ective from 1 January 2026;
\u0270
Annual improvements 2024, e\ufb00ective from
1 January 2026; and
\u0270
Contracts Referencing Nature-dependent
Electricity \u2013 amendment to IFRS 9 and IFRS 7,
e\ufb00ective from January 2026.
Material accounting policies
Revenue from contracts with customers
The Group recognises revenue primarily from the following
major sources:
\u0270
Through combining world-leading expertise with
unique facilities to provide technical assurance, test
and evaluation and training services underpinned by
long-term contracts; and
\u0270
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 speci\ufb01ed
\n
in a contract with a customer and excludes amounts
\n
collected on behalf of third parties. The Group recognises
\n
revenue when it transfers control of a product or service to
\n
a customer. The Group\u2019s revenue contracts are accounted
\n
for under IFRS 15 Revenue from Contracts with Customers
\n
taking into account the requirement to distinguish between
\n
the various performance obligations within a contract
\n
and treating these separately. The Group\u2019s methodology
\n
applies IFRS 15 on a contract-by-contract basis which
\n
includes considerations for contract modi\ufb01cations, variable
\n
consideration, the determination of distinct performance
\n
obligations, determination of agency and principal
\n
relationships and licences.
\n
Service contracts
\n
The Group\u2019s long-term service contracts are generally
\n
\u2018test and evaluation\u2019 or advice-based contracts where
\n
control of the service is transferred over a period of time
\n
as the Group performs. At contract inception the Group
\n
undertakes an assessment to determine how many distinct
\n
performance obligations exist within a contract. As part of
\n
the assessment the Group obtains an understanding of the
\n
overall deliverable to the customer through discussions
\n
with business units and project leads. Each individual
\n
deliverable in the contract is then assessed to determine if
\n
it is an input into the overall deliverable, and therefore part
\n
of a single performance obligation, or if it is a stand-alone
\n
separable deliverable with its own transaction price and
\n
therefore a distinct performance obligation in its own right.
\n
Each distinct performance obligation identi\ufb01ed within a
\n
contract is accounted for separately.
\n
Certain service contracts have a similar pa\ue001ern of transfer
\n
of control to the customer where each year is e\ufb00ectively
\n
the same from a performance obligation perspective. The
\n
Group has applied the series guidance as permi\ue001ed within
\n
the Standard to these contracts and accounts for these
\n
as a series of distinct service performance obligations
\n
satis\ufb01ed annually over the contract term.
\n
The transaction price for a contract is determined at contract
\n
inception based on a \ufb01xed-margin applied to the total
\n
forecast costs to complete the deliverable. Some long-term
\n
contracts include an excess pro\ufb01t clause which is a variable
\n
consideration factor that could impact the transaction price.
\n
Excess pro\ufb01ts are estimated at contract inception and at the
\n
end of each reporting period to ensure that the transaction
\n
price is not under or over stated. Any required adjustment will
\n
be made against the transaction price in the period in which
\n
it occurred. The Group does not o\ufb00er any right of return or
\n
refunds which could impact transaction price at inception.
\n
Certain contracts a\ue001ract bonuses and/or penalties
\n
which are variable and will have an impact on transaction
\n
price at contract inception. The Group assesses variable
\n
consideration in relation to bonuses and penalties at
\n
contract inception using the most-likely method and this
\n
forms part of the transaction price and recognised over time
\n
as costs are incurred. The Group only includes bonuses and
\n
penalties into the transaction price to the extent that it is
\n
highly probable that a signi\ufb01cant reversal of revenue will not
\n
occur in future periods. Historical evidence and experience
\n
show that even where a reduction has been required, that
\n
reduction has been immaterial to the Group.
\n
The transaction price is allocated between each distinct
\n
performance obligation identi\ufb01ed in a contract based
\n
on the stand-alone selling price of each performance
\n
obligation. Each performance obligation will be costed and
\n
the transaction price will be cost plus margin. This amount
\n
would be the stand-alone selling price of each performance
\n
obligation if contracted with a customer separately.
\n
Long-term service contracts allow for modi\ufb01cations to the
\n
original order. If a contract modi\ufb01cation is determined to
\n
be distinct and the price of the contract increases by an
\n
amount of consideration that re\ufb02ects the entity\u2019s stand-
\n
alone selling prices for the additional promised goods
\n
or services, the Group accounts for this as a separate
\n
contract. If a contract modi\ufb01cation is not distinct, the
\n
Group accounts for this as if it were part of the existing
\n
contract. A cumulative catch-up adjustment to revenue is
\n
then recognised to disclose the e\ufb00ect that the contract
\n
modi\ufb01cation has on the transaction price and the Group\u2019s
\n
measure of progress towards complete satisfaction of the
\n
performance obligation.
\n
Long-term service contracts also sometimes allow for
\n
extensions to the original order. A contract extension is
\n
determined to include either additional goods or services or
\n
no additional goods or service. If a contract extension with
\n
additional goods or services is determined to be distinct
\n
and the price of the contract increases by an amount of
\n
consideration that re\ufb02ects the entity\u2019s stand-alone selling
\n
prices for the additional promised goods or services, the Group
\n
accounts for this as a separate performance obligation.
\n
If a contract extension with additional goods or services is
\n
not distinct, the Group accounts for this as if it were part of
\n
the existing contract. A cumulative catch-up adjustment to
\n
revenue is then recognised to disclose the e\ufb00ect that the
\n
contract extension has on the transaction price and the
\n
Group\u2019s measure of progress towards complete satisfaction
\n
of the performance obligation.
\n
When the outcome of a distinct performance obligation
\n
in delivering services can be reliably estimated, revenue
\n
associated with the performance obligation is recognised
\n
over time using the input method. The input method
\n
recognises revenue over time on the basis of costs incurred
\n
to date to the satisfaction of a performance obligation
\n
relative to the total forecast costs to complete the
\n
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 pro\ufb01t 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
signi\ufb01cant 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 a\ue001ributed 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 signi\ufb01cant 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 signi\ufb01cant level of
involvement in developing and enhancing the licence after
the sale. The level of involvement goes beyond general
support, bug-\ufb01xing 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 o\ufb00er 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 \ufb01xed 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 to the functionality of the licence.
The support service contract o\ufb00ers general support and
maintenance of the licence to the customer over a \ufb01xed 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 before 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 ful\ufb01lling 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 di\ufb00erent segments to the pro\ufb01t
of the Group. Corporate expenses are allocated to the
corresponding segments. Unallocated items mainly comprise
Research and Development Expenditure Credits (RDEC) and
speci\ufb01c adjusting items. Speci\ufb01c 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 speci\ufb01c 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 de\ufb01ned project, the expenditures
are separately identi\ufb01able, the project is technically and
commercially feasible, all costs are recoverable by future
revenue and the resources are commi\ue001ed 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 \ufb01nancing
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 di\ufb00erence between the
proceeds (net of transaction costs) and the redemption
amount is recognised in pro\ufb01t or loss over the period of the
borrowings using the e\ufb00ective interest method.
Borrowings are removed from the balance sheet when the
obligation speci\ufb01ed in the contract is discharged, cancelled
or expired. The di\ufb00erence between the carrying amount of a
\ufb01nancial 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 pro\ufb01t or loss as other income or \ufb01nance costs.
Borrowings are classi\ufb01ed as non-current liabilities where
the Group has an unconditional right to defer se\ue001lement 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 \ufb01nance costs in relation to the multi-currency
facility which are recognised as a deferred \ufb01nance 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 le\ue001ers of credit are also charged to \ufb01nance expense.
Exchange di\ufb00erences on \ufb01nancial assets and liabilities and
the income or expense from interest hedging instruments
that are recognised in the income statement are included
within \ufb01nance income and \ufb01nance expense. Financing also
includes the net \ufb01nance income or expense in respect of
de\ufb01ned bene\ufb01t 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
a\ue001ributable to temporary di\ufb00erences 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
be\ue001er prediction of the resolution of the uncertainty.
Deferred income tax is provided in full, using the liability
method, on temporary di\ufb00erences arising between the tax
bases of assets and liabilities and their carrying amounts in
the consolidated \ufb01nancial 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, a\ufb00ects neither accounting nor taxable pro\ufb01t 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 se\ue001led.
Deferred tax assets are recognised only if it is probable that
future taxable amounts will be available to utilise those
temporary di\ufb00erences and losses.
Deferred tax assets are derecognised when that probability
assessment changes. Deferred tax liabilities and assets
are not recognised for temporary di\ufb00erences 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 di\ufb00erences and
it is probable that the di\ufb00erences will not reverse in the
foreseeable future.
Deferred tax assets and liabilities are o\ufb00set where there is
a legally enforceable right to o\ufb00set current tax assets and
liabilities and where the deferred tax balances relate to the
same taxation authority. Current tax assets and tax liabilities
are o\ufb00set where the entity has a legally enforceable right to
o\ufb00set and intends either to se\ue001le on a net basis or to realise
the asset and se\ue001le the liability simultaneously.
The Group has applied the temporary exemption issued
by the International Accounting Standards Board from the
accounting for deferred taxes under IAS 12 and neither
recognises nor discloses information about deferred taxes
related to OECD\u2019s Global Anti-Base Erosion Model Rules
(Pillar Two) income taxes.
Current and deferred tax is recognised in pro\ufb01t 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.
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.
Other intangible assets
Other 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 a\ue001ributable 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
\ufb02ows expected to be generated by customer relationships,
by excluding any cash \ufb02ows 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Intellectual property rights
2\u201310 years
Customer relationships
1\u201316 years
Development costs
1\u20135 years
Other
1\u201314 years
\n
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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings
20\u201325 years
Leasehold land and buildings
Shorter of useful
\u00a0
economic life and the
\u00a0
period of the lease
Plant and machinery
3\u201315 years
Motor vehicles
3\u20135 years
Aircraft (vehicles)
10\u201320 years
Computers
3\u20135 years
O\ufb00ice equipment
5\u201310 years
\n
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 a\ue001ributable 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 wri\ue001en 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 \ufb02ows 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 lease 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 o\ufb00ices, aircraft, equipment and
vehicles. Rental contracts are typically made for \ufb01xed
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 di\ufb00erent 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:
\u0270
Fixed payments (including in-substance \ufb01xed
payments), less any lease incentives receivable;
\u0270
Variable lease payments based on an index or a rate,
initially measured using the index or rate as at the
commencement date;
\u0270
Amounts expected to be payable by the Group under
residual value guarantees;
\u0270
The exercise price of a purchase option if the Group is
reasonably certain to exercise that option; and
\u0270
Payments of penalties for terminating the lease, if the
lease term re\ufb02ects 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:
\u0270
Where possible, uses recent third-party \ufb01nancing
received by the individual lessee as a starting point,
adjusted to re\ufb02ect changes in \ufb01nancing conditions
since third party \ufb01nancing was received;
\u0270
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
\ufb01nancing; and
\u0270
Makes adjustments speci\ufb01c 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 e\ufb00ect, is not
considered material. When adjustments to lease payments
based on an index or rate take e\ufb00ect, the lease liability is
reassessed and adjusted against the right-of-use asset. Lease
payments are allocated between principal and \ufb01nance cost.
The \ufb01nance cost is charged to pro\ufb01t 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:
\u0270
The amount of the initial measurement of lease liability;
\u0270
Any lease payments made at or before the
commencement date less any lease incentives received;
\u0270
Any initial direct costs; and
\u0270
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 o\ufb00ices, equipment and
vehicles and all leases of low-value assets are recognised
on a straight-line basis as an expense in pro\ufb01t 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 \ufb02exibility 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 o\ufb00ices and equipment, the following factors
are normally the most relevant:
\u0270
If there are signi\ufb01cant penalties to terminate (or
extend), the Group is typically reasonably certain to
end (or not to terminate).
\u0270
If any leasehold improvements are expected to have
a signi\ufb01cant remaining value, the Group is typically
reasonably certain to extend (or not terminate).
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 o\ufb00ice and vehicles leases
have not been included in the lease liability, because the
Group could replace the assets without signi\ufb01cant cost or
business disruption.
As at 31 March 2026 no (undiscounted) potential future
cash out\ufb02ows 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 signi\ufb01cant event of
signi\ufb01cant change in circumstance occurs, which a\ufb00ects
this assessment, and that is within the control of the
lessee. During the current \ufb01nancial year, the \ufb01nancial e\ufb00ect
of revising lease terms to re\ufb02ect the e\ufb00ect of exercising
extension or termination options was nil (FY25: nil) in
recognised lease liabilities and right-of-use assets.
Inventories
Inventory and work-in-progress are stated at the lower
of cost and net realisable value, using the \ufb01rst-in-\ufb01rst-
out cost formula. Work-in-progress and manufactured
\ufb01nished 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 pro\ufb01t margin based on the e\ufb00ort required to
complete and sell the inventories.
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 simpli\ufb01ed approach when using the
expected credit loss (ECL) impairment model for trade and
other receivables. Under the simpli\ufb01ed 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 re\ufb02ects 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 ECLs are updated each reporting
period to re\ufb02ect 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 insigni\ufb01cant risk of changes in value. The
Group holds various short-maturity money market funds
(see note 23) across numerous \ufb01nancial institutions which
meet the IAS 7 criteria to be classi\ufb01ed as cash equivalents.
In the cash \ufb02ow 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 di\ufb00erence between the
cost and redemption value being recognised in the income
statement over the period of the borrowings on an e\ufb00ective
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 e\ufb00ective 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 out\ufb02ow of economic bene\ufb01ts will be required to se\ue001le
the obligation. Where appropriate, provisions are determined
by discounting the expected cash \ufb02ows at an appropriate
discount rate re\ufb02ecting the level of risk and the time value of
money. Where an exposure is highly likely to be covered by
insurance an o\ufb00se\ue001ing receivable is recorded.
Financial instruments
Financial assets and \ufb01nancial 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 derecognition of a \ufb01nancial instrument takes
place when the Group no longer controls the contractual
right that comprises the \ufb01nancial instrument, when
the instrument expires, or when the instrument is sold,
terminated or exercised.
Financial assets and liabilities
Financial assets are classi\ufb01ed on the Group\u2019s balance sheet
as subsequently measured at amortised cost, fair value
through other comprehensive income or fair value through
pro\ufb01t or loss. This classi\ufb01cation is made on the basis of
both the Group\u2019s business model for managing the \ufb01nancial
assets and the contractual cash \ufb02ow characteristics of the
\ufb01nancial asset.
Financial liabilities are classi\ufb01ed on the Group\u2019s balance
sheet as subsequently measured at amortised cost except
for \ufb01nancial liabilities at fair value through pro\ufb01t and loss.
The Group may at initial recognition irrevocably designate
a \ufb01nancial liability as measured at fair value through pro\ufb01t
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 \ufb01nancial instruments
Derivative \ufb01nancial 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 \ufb02ow calculations for unlisted instruments.
Fair value hedging
The Group\u2019s activities expose it primarily to the \ufb01nancial 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 \ufb01nancial
derivatives is governed by the Group\u2019s Treasury Policies as
approved by the Board of Directors, which provides wri\ue001en
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 \u2018fair value through
pro\ufb01t or loss\u2019 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 \ufb02ow 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 e\ufb00ective in o\ufb00se\ue001ing
changes in fair values or cash \ufb02ows of the hedged item.
For the Group\u2019s cash \ufb02ow 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 di\ufb00erences, the hedging
instruments will be rebalanced to ensure that the hedge
ratio of 100% is maintained.
Cash \ufb02ow hedging
Changes in the fair value of derivatives designated as a
cash \ufb02ow hedge that are regarded as highly e\ufb00ective are
recognised in equity. The ine\ufb00ective 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
di\ufb00erences 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 \ufb01nancial 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 \ufb02ows 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 bene\ufb01ts
The Group provides both de\ufb01ned contribution and de\ufb01ned
bene\ufb01t pension arrangements. The liabilities of the Group
arising from de\ufb01ned bene\ufb01t 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 de\ufb01ned
bene\ufb01t plans, the excess or de\ufb01cit of the fair value of plan
assets less the present value of the de\ufb01ned bene\ufb01t 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 de\ufb01ned bene\ufb01t 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 \ufb01nance 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 de\ufb01ned 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-se\ue001led 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-se\ue001led
share-based payments are updated annually for
non-market-based vesting conditions.
Share-buybacks
Where any member of the Group purchases the Company\u2019s
own equity instruments, including pursuant to a share
buy-back programme, the consideration paid, together
with any directly a\ue001ributable incremental transaction
costs (net of related income tax e\ufb00ects), is recognised as
a deduction from equity a\ue001ributable to the shareholders of
the Group and presented within treasury shares until such
shares are cancelled or reissued.
Where treasury shares are subsequently cancelled, the
cost of the shares is transferred from treasury shares to the
appropriate reserves within equity. Where treasury shares
are subsequently reissued, any consideration received, net
of any directly a\ue001ributable incremental transaction costs
and related income tax e\ufb00ects, is recognised within equity
a\ue001ributable to the shareholders of the Group.
Investments in debt and equity securities
Investments held by the Group are classi\ufb01ed as either
a current asset or as a non-current asset. These are
investments in debt and equity instruments that are
classi\ufb01ed 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 \ufb01nancial 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 \ufb02ows.
Share capital
Ordinary share capital of the Company is recorded as the
proceeds received. Company shares held by the employee
bene\ufb01t trusts are held at the consideration paid. They are
classi\ufb01ed 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00218": { "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 \ufb01nancial 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_007": { "value": "QinetiQ Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_001": { "value": "QinetiQ Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_003": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_004": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_002": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "Basis of preparation
The Group\u2019s \ufb01nancial statements, approved by the Directors, have been prepared on a going concern basis as discussed
in the Strategic Report on page 71 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 \ufb01nancial statements in accordance with UK GAAP (FRS 101); these are presented on
page 212. The \ufb01nancial statements have been prepared under the historical cost convention, except for certain \ufb01nancial
assets and liabilities (such as derivative \ufb01nancial instruments) measures at fair value. The Group\u2019s reporting currency is
Sterling and unless otherwise stated the \ufb01nancial statements are rounded to the nearest \u00a3100,000.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "value": "The Group\u2019s \ufb01nancial statements, approved by the Directors, have been prepared on a going concern basis as discussed
in the Strategic Report on page 71 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 \ufb01nancial statements in accordance with UK GAAP (FRS 101); these are presented on
page 212. The \ufb01nancial statements have been prepared under the historical cost convention, except for certain \ufb01nancial
assets and liabilities (such as derivative \ufb01nancial instruments) measures at fair value. The Group\u2019s reporting currency is
Sterling and unless otherwise stated the \ufb01nancial statements are rounded to the nearest \u00a3100,000.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "The Group\u2019s \ufb01nancial statements, approved by the Directors, have been prepared on a going concern basis as discussed
in the Strategic Report on page 71 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": " The Group\u2019s reporting currency is Sterling and unless otherwise stated the \ufb01nancial statements are rounded to the nearest \u00a3100,000. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "value": "Basis of consolidation
The consolidated \ufb01nancial statements comprise the \ufb01nancial statements of the Company and its subsidiary undertakings
to 31 March 2026. 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 a\ufb00ect those returns through
its power over the investee. This is the IFRS 10 de\ufb01nition 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 94). IFRS 10 is the accounting standard applicable in respect of consolidation of entities. This does not
speci\ufb01cally deal with SSAs. 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 a\ufb00ected entities and, therefore, consolidates these entities in
the consolidated accounts. The impact of this speci\ufb01c judgement is full consolidation as opposed to treatment as a 100%
associated undertaking.
An associate is an undertaking over which the Group
exercises signi\ufb01cant in\ufb02uence, usually from 20\u201350% of the
equity voting rights, in respect of \ufb01nancial 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 \ufb01nancial 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "value": "The consolidated \ufb01nancial statements comprise the \ufb01nancial statements of the Company and its subsidiary undertakings
to 31 March 2026. 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 a\ufb00ect those returns through
its power over the investee. This is the IFRS 10 de\ufb01nition of \u2018control\u2019.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "value": "An associate is an undertaking over which the Group
exercises signi\ufb01cant in\ufb02uence, usually from 20\u201350% of the
equity voting rights, in respect of \ufb01nancial 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:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00385": { "value": "An associate is an undertaking over which the Group
exercises signi\ufb01cant in\ufb02uence, usually from 20\u201350% of the
equity voting rights, in respect of \ufb01nancial 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "An associate is an undertaking over which the Group
exercises signi\ufb01cant in\ufb02uence, usually from 20\u201350% of the
equity voting rights, in respect of \ufb01nancial 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "Consideration of climate change
In preparing the \ufb01nancial statements, the Board has
considered the impact to the Company and its activities
of climate change, particularly those risks highlighted
on page 63 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
re\ufb01ning our capability to quantify, forecast and model
\ufb01nancial statement impacts due to climate change.
Speci\ufb01c aspects of the \ufb01nancial 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 \ufb01nancial
performance of customer contracts.
While the Group will likely be impacted by climate change
in the future, the impacts on the \ufb01nancial statements as
at 31 March 2026 are not considered to be material.", "dimensions": { "concept": "qq:DescriptionOfAccountingPolicyForConsiderationOfClimateChangeTextBlock", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00262": { "value": "Recent accounting developments
Developments adopted by the Group for the year ended 31 March 2026
with no material impact on the Group\u2019s \ufb01nancial statements
The following standards, interpretations and amendments
to existing standards became e\ufb00ective on 1 January 2025
and have not had a material impact on the Group:
\u0270
Amendments to IAS 21 Lack of Exchangeability,
e\ufb00ective from 1 January 2025.
IFRS 18 Presentation and Disclosure in Financial Statements
(e\ufb00ective for annual periods beginning on or after 1 January 2027)
IFRS 18 will replace IAS 1 Presentation of \ufb01nancial
statements, introducing new requirements that will help
to achieve comparability of the \ufb01nancial performance of
similar entities and provide more relevant information and
transparency to users. Even though IFRS 18 will not impact
the recognition or measurement of items in the \ufb01nancial
statements, its impacts on presentation and disclosure
are expected to be pervasive, in particular those related
to the statement of \ufb01nancial performance and providing
management-de\ufb01ned performance measures within the
\ufb01nancial statements.
We are currently assessing the detailed implications of
applying the new standard on the group\u2019s consolidated
\ufb01nancial statements.
The group will apply the new standard from its mandatory
e\ufb00ective date of 1 January 2027. Retrospective application
is required, and so the comparative information for the
\ufb01nancial year ending 31 March 2027 will be restated in
accordance with IFRS 18.
Developments expected in future periods of which are not expected to
have a material impact on the Group\u2019s \ufb01nancial 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 2025. 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:
\u0270
Amendments to the Classi\ufb01cation and Measurement
of Financial Instruments \u2013 amendments to IFRS 9
and IFRS 7, e\ufb00ective from 1 January 2026;
\u0270
Annual improvements 2024, e\ufb00ective from
1 January 2026; and
\u0270
Contracts Referencing Nature-dependent
Electricity \u2013 amendment to IFRS 9 and IFRS 7,
e\ufb00ective from January 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0010": { "value": "Recent accounting developments
Developments adopted by the Group for the year ended 31 March 2026
with no material impact on the Group\u2019s \ufb01nancial statements
The following standards, interpretations and amendments
to existing standards became e\ufb00ective on 1 January 2025
and have not had a material impact on the Group:
\u0270
Amendments to IAS 21 Lack of Exchangeability,
e\ufb00ective from 1 January 2025.
IFRS 18 Presentation and Disclosure in Financial Statements
(e\ufb00ective for annual periods beginning on or after 1 January 2027)
IFRS 18 will replace IAS 1 Presentation of \ufb01nancial
statements, introducing new requirements that will help
to achieve comparability of the \ufb01nancial performance of
similar entities and provide more relevant information and
transparency to users. Even though IFRS 18 will not impact
the recognition or measurement of items in the \ufb01nancial
statements, its impacts on presentation and disclosure
are expected to be pervasive, in particular those related
to the statement of \ufb01nancial performance and providing
management-de\ufb01ned performance measures within the
\ufb01nancial statements.
We are currently assessing the detailed implications of
applying the new standard on the group\u2019s consolidated
\ufb01nancial statements.
The group will apply the new standard from its mandatory
e\ufb00ective date of 1 January 2027. Retrospective application
is required, and so the comparative information for the
\ufb01nancial year ending 31 March 2027 will be restated in
accordance with IFRS 18.
Developments expected in future periods of which are not expected to
have a material impact on the Group\u2019s \ufb01nancial 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 2025. 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:
\u0270
Amendments to the Classi\ufb01cation and Measurement
of Financial Instruments \u2013 amendments to IFRS 9
and IFRS 7, e\ufb00ective from 1 January 2026;
\u0270
Annual improvements 2024, e\ufb00ective from
1 January 2026; and
\u0270
Contracts Referencing Nature-dependent
Electricity \u2013 amendment to IFRS 9 and IFRS 7,
e\ufb00ective from January 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "Developments adopted by the Group for the year ended 31 March 2026
with no material impact on the Group\u2019s \ufb01nancial statements
The following standards, interpretations and amendments
to existing standards became e\ufb00ective on 1 January 2025
and have not had a material impact on the Group:
\u0270
Amendments to IAS 21 Lack of Exchangeability,
e\ufb00ective from 1 January 2025", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00261": { "value": "IFRS 18 Presentation and Disclosure in Financial Statements
(e\ufb00ective for annual periods beginning on or after 1 January 2027)
IFRS 18 will replace IAS 1 Presentation of \ufb01nancial
statements, introducing new requirements that will help
to achieve comparability of the \ufb01nancial performance of
similar entities and provide more relevant information and
transparency to users. Even though IFRS 18 will not impact
the recognition or measurement of items in the \ufb01nancial
statements, its impacts on presentation and disclosure
are expected to be pervasive, in particular those related
to the statement of \ufb01nancial performance and providing
management-de\ufb01ned performance measures within the
\ufb01nancial statements.
We are currently assessing the detailed implications of
applying the new standard on the group\u2019s consolidated
\ufb01nancial statements.
The group will apply the new standard from its mandatory
e\ufb00ective date of 1 January 2027. Retrospective application
is required, and so the comparative information for the
\ufb01nancial year ending 31 March 2027 will be restated in
accordance with IFRS 18.
Developments expected in future periods of which are not expected to
have a material impact on the Group\u2019s \ufb01nancial 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 2025. 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:
\u0270
Amendments to the Classi\ufb01cation and Measurement
of Financial Instruments \u2013 amendments to IFRS 9
and IFRS 7, e\ufb00ective from 1 January 2026;
\u0270
Annual improvements 2024, e\ufb00ective from
1 January 2026; and
\u0270
Contracts Referencing Nature-dependent
Electricity \u2013 amendment to IFRS 9 and IFRS 7,
e\ufb00ective from January 2026.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00392": { "value": "Revenue from contracts with customers
The Group recognises revenue primarily from the following
major sources:
\u0270
Through combining world-leading expertise with
unique facilities to provide technical assurance, test
and evaluation and training services underpinned by
long-term contracts; and
\u0270
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.
\n\n\n\n
Revenue is measured based on the consideration speci\ufb01ed
\n
in a contract with a customer and excludes amounts
\n
collected on behalf of third parties. The Group recognises
\n
revenue when it transfers control of a product or service to
\n
a customer. The Group\u2019s revenue contracts are accounted
\n
for under IFRS 15 Revenue from Contracts with Customers
\n
taking into account the requirement to distinguish between
\n
the various performance obligations within a contract
\n
and treating these separately. The Group\u2019s methodology
\n
applies IFRS 15 on a contract-by-contract basis which
\n
includes considerations for contract modi\ufb01cations, variable
\n
consideration, the determination of distinct performance
\n
obligations, determination of agency and principal
\n
relationships and licences.
\n
Service contracts
\n
The Group\u2019s long-term service contracts are generally
\n
\u2018test and evaluation\u2019 or advice-based contracts where
\n
control of the service is transferred over a period of time
\n
as the Group performs. At contract inception the Group
\n
undertakes an assessment to determine how many distinct
\n
performance obligations exist within a contract. As part of
\n
the assessment the Group obtains an understanding of the
\n
overall deliverable to the customer through discussions
\n
with business units and project leads. Each individual
\n
deliverable in the contract is then assessed to determine if
\n
it is an input into the overall deliverable, and therefore part
\n
of a single performance obligation, or if it is a stand-alone
\n
separable deliverable with its own transaction price and
\n
therefore a distinct performance obligation in its own right.
\n
Each distinct performance obligation identi\ufb01ed within a
\n
contract is accounted for separately.
\n
Certain service contracts have a similar pa\ue001ern of transfer
\n
of control to the customer where each year is e\ufb00ectively
\n
the same from a performance obligation perspective. The
\n
Group has applied the series guidance as permi\ue001ed within
\n
the Standard to these contracts and accounts for these
\n
as a series of distinct service performance obligations
\n
satis\ufb01ed annually over the contract term.
\n
The transaction price for a contract is determined at contract
\n
inception based on a \ufb01xed-margin applied to the total
\n
forecast costs to complete the deliverable. Some long-term
\n
contracts include an excess pro\ufb01t clause which is a variable
\n
consideration factor that could impact the transaction price.
\n
Excess pro\ufb01ts are estimated at contract inception and at the
\n
end of each reporting period to ensure that the transaction
\n
price is not under or over stated. Any required adjustment will
\n
be made against the transaction price in the period in which
\n
it occurred. The Group does not o\ufb00er any right of return or
\n
refunds which could impact transaction price at inception.
\n
Certain contracts a\ue001ract bonuses and/or penalties
\n
which are variable and will have an impact on transaction
\n
price at contract inception. The Group assesses variable
\n
consideration in relation to bonuses and penalties at
\n
contract inception using the most-likely method and this
\n
forms part of the transaction price and recognised over time
\n
as costs are incurred. The Group only includes bonuses and
\n
penalties into the transaction price to the extent that it is
\n
highly probable that a signi\ufb01cant reversal of revenue will not
\n
occur in future periods. Historical evidence and experience
\n
show that even where a reduction has been required, that
\n
reduction has been immaterial to the Group.
\n
The transaction price is allocated between each distinct
\n
performance obligation identi\ufb01ed in a contract based
\n
on the stand-alone selling price of each performance
\n
obligation. Each performance obligation will be costed and
\n
the transaction price will be cost plus margin. This amount
\n
would be the stand-alone selling price of each performance
\n
obligation if contracted with a customer separately.
\n
Long-term service contracts allow for modi\ufb01cations to the
\n
original order. If a contract modi\ufb01cation is determined to
\n
be distinct and the price of the contract increases by an
\n
amount of consideration that re\ufb02ects the entity\u2019s stand-
\n
alone selling prices for the additional promised goods
\n
or services, the Group accounts for this as a separate
\n
contract. If a contract modi\ufb01cation is not distinct, the
\n
Group accounts for this as if it were part of the existing
\n
contract. A cumulative catch-up adjustment to revenue is
\n
then recognised to disclose the e\ufb00ect that the contract
\n
modi\ufb01cation has on the transaction price and the Group\u2019s
\n
measure of progress towards complete satisfaction of the
\n
performance obligation.
\n
Long-term service contracts also sometimes allow for
\n
extensions to the original order. A contract extension is
\n
determined to include either additional goods or services or
\n
no additional goods or service. If a contract extension with
\n
additional goods or services is determined to be distinct
\n
and the price of the contract increases by an amount of
\n
consideration that re\ufb02ects the entity\u2019s stand-alone selling
\n
prices for the additional promised goods or services, the Group
\n
accounts for this as a separate performance obligation.
\n
If a contract extension with additional goods or services is
\n
not distinct, the Group accounts for this as if it were part of
\n
the existing contract. A cumulative catch-up adjustment to
\n
revenue is then recognised to disclose the e\ufb00ect that the
\n
contract extension has on the transaction price and the
\n
Group\u2019s measure of progress towards complete satisfaction
\n
of the performance obligation.
\n
When the outcome of a distinct performance obligation
\n
in delivering services can be reliably estimated, revenue
\n
associated with the performance obligation is recognised
\n
over time using the input method. The input method
\n
recognises revenue over time on the basis of costs incurred
\n
to date to the satisfaction of a performance obligation
\n
relative to the total forecast costs to complete the
\n
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 pro\ufb01t 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
signi\ufb01cant 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 a\ue001ributed 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 signi\ufb01cant 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 signi\ufb01cant level of
involvement in developing and enhancing the licence after
the sale. The level of involvement goes beyond general
support, bug-\ufb01xing 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 o\ufb00er 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 \ufb01xed 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 to the functionality of the licence.
The support service contract o\ufb00ers general support and
maintenance of the licence to the customer over a \ufb01xed 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 before 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 ful\ufb01lling 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00393": { "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 di\ufb00erent segments to the pro\ufb01t
of the Group. Corporate expenses are allocated to the
corresponding segments. Unallocated items mainly comprise
Research and Development Expenditure Credits (RDEC) and
speci\ufb01c adjusting items. Speci\ufb01c 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "value": "Research and development expenditure
Research and development (R&D) costs incurred in respect
of speci\ufb01c 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 de\ufb01ned project, the expenditures
are separately identi\ufb01able, the project is technically and
commercially feasible, all costs are recoverable by future
revenue and the resources are commi\ue001ed 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "value": "Borrowings and \ufb01nancing
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 di\ufb00erence between the
proceeds (net of transaction costs) and the redemption
amount is recognised in pro\ufb01t or loss over the period of the
borrowings using the e\ufb00ective interest method.
Borrowings are removed from the balance sheet when the
obligation speci\ufb01ed in the contract is discharged, cancelled
or expired. The di\ufb00erence between the carrying amount of a
\ufb01nancial 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 pro\ufb01t or loss as other income or \ufb01nance costs.
Borrowings are classi\ufb01ed as non-current liabilities where
the Group has an unconditional right to defer se\ue001lement 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 \ufb01nance costs in relation to the multi-currency
facility which are recognised as a deferred \ufb01nance 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 le\ue001ers of credit are also charged to \ufb01nance expense.
Exchange di\ufb00erences on \ufb01nancial assets and liabilities and
the income or expense from interest hedging instruments
that are recognised in the income statement are included
within \ufb01nance income and \ufb01nance expense. Financing also
includes the net \ufb01nance income or expense in respect of
de\ufb01ned bene\ufb01t pension schemes.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00398": { "value": "Borrowings and \ufb01nancing
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 di\ufb00erence between the
proceeds (net of transaction costs) and the redemption
amount is recognised in pro\ufb01t or loss over the period of the
borrowings using the e\ufb00ective interest method.
Borrowings are removed from the balance sheet when the
obligation speci\ufb01ed in the contract is discharged, cancelled
or expired. The di\ufb00erence between the carrying amount of a
\ufb01nancial 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 pro\ufb01t or loss as other income or \ufb01nance costs.
Borrowings are classi\ufb01ed as non-current liabilities where
the Group has an unconditional right to defer se\ue001lement 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 \ufb01nance costs in relation to the multi-currency
facility which are recognised as a deferred \ufb01nance 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 le\ue001ers of credit are also charged to \ufb01nance expense.
Exchange di\ufb00erences on \ufb01nancial assets and liabilities and
the income or expense from interest hedging instruments
that are recognised in the income statement are included
within \ufb01nance income and \ufb01nance expense. Financing also
includes the net \ufb01nance income or expense in respect of
de\ufb01ned bene\ufb01t pension schemes.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00399": { "value": "Borrowings and \ufb01nancing
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 di\ufb00erence between the
proceeds (net of transaction costs) and the redemption
amount is recognised in pro\ufb01t or loss over the period of the
borrowings using the e\ufb00ective interest method.
Borrowings are removed from the balance sheet when the
obligation speci\ufb01ed in the contract is discharged, cancelled
or expired. The di\ufb00erence between the carrying amount of a
\ufb01nancial 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 pro\ufb01t or loss as other income or \ufb01nance costs.
Borrowings are classi\ufb01ed as non-current liabilities where
the Group has an unconditional right to defer se\ue001lement 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 \ufb01nance costs in relation to the multi-currency
facility which are recognised as a deferred \ufb01nance 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 le\ue001ers of credit are also charged to \ufb01nance expense.
Exchange di\ufb00erences on \ufb01nancial assets and liabilities and
the income or expense from interest hedging instruments
that are recognised in the income statement are included
within \ufb01nance income and \ufb01nance expense. Financing also
includes the net \ufb01nance income or expense in respect of
de\ufb01ned bene\ufb01t pension schemes.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "value": "Borrowings and \ufb01nancing
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 di\ufb00erence between the
proceeds (net of transaction costs) and the redemption
amount is recognised in pro\ufb01t or loss over the period of the
borrowings using the e\ufb00ective interest method.
Borrowings are removed from the balance sheet when the
obligation speci\ufb01ed in the contract is discharged, cancelled
or expired. The di\ufb00erence between the carrying amount of a
\ufb01nancial 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 pro\ufb01t or loss as other income or \ufb01nance costs.
Borrowings are classi\ufb01ed as non-current liabilities where
the Group has an unconditional right to defer se\ue001lement 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 \ufb01nance costs in relation to the multi-currency
facility which are recognised as a deferred \ufb01nance 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 le\ue001ers of credit are also charged to \ufb01nance expense.
Exchange di\ufb00erences on \ufb01nancial assets and liabilities and
the income or expense from interest hedging instruments
that are recognised in the income statement are included
within \ufb01nance income and \ufb01nance expense. Financing also
includes the net \ufb01nance income or expense in respect of
de\ufb01ned bene\ufb01t pension schemes.Financial instruments
Financial assets and \ufb01nancial 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 derecognition of a \ufb01nancial instrument takes
place when the Group no longer controls the contractual
right that comprises the \ufb01nancial instrument, when
the instrument expires, or when the instrument is sold,
terminated or exercised.
Financial assets and liabilities
Financial assets are classi\ufb01ed on the Group\u2019s balance sheet
as subsequently measured at amortised cost, fair value
through other comprehensive income or fair value through
pro\ufb01t or loss. This classi\ufb01cation is made on the basis of
both the Group\u2019s business model for managing the \ufb01nancial
assets and the contractual cash \ufb02ow characteristics of the
\ufb01nancial asset.
Financial liabilities are classi\ufb01ed on the Group\u2019s balance
sheet as subsequently measured at amortised cost except
for \ufb01nancial liabilities at fair value through pro\ufb01t and loss.
The Group may at initial recognition irrevocably designate
a \ufb01nancial liability as measured at fair value through pro\ufb01t
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 \ufb01nancial instruments
Derivative \ufb01nancial 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 \ufb02ow calculations for unlisted instruments.
Fair value hedging
The Group\u2019s activities expose it primarily to the \ufb01nancial 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 \ufb01nancial
derivatives is governed by the Group\u2019s Treasury Policies as
approved by the Board of Directors, which provides wri\ue001en
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 \u2018fair value through
pro\ufb01t or loss\u2019 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 \ufb02ow 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 e\ufb00ective in o\ufb00se\ue001ing
changes in fair values or cash \ufb02ows of the hedged item.
For the Group\u2019s cash \ufb02ow 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 di\ufb00erences, the hedging
instruments will be rebalanced to ensure that the hedge
ratio of 100% is maintained.
Cash \ufb02ow hedging
Changes in the fair value of derivatives designated as a
cash \ufb02ow hedge that are regarded as highly e\ufb00ective are
recognised in equity. The ine\ufb00ective 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "value": "Borrowings and \ufb01nancing
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 di\ufb00erence between the
proceeds (net of transaction costs) and the redemption
amount is recognised in pro\ufb01t or loss over the period of the
borrowings using the e\ufb00ective interest method.
Borrowings are removed from the balance sheet when the
obligation speci\ufb01ed in the contract is discharged, cancelled
or expired. The di\ufb00erence between the carrying amount of a
\ufb01nancial 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 pro\ufb01t or loss as other income or \ufb01nance costs.
Borrowings are classi\ufb01ed as non-current liabilities where
the Group has an unconditional right to defer se\ue001lement 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 \ufb01nance costs in relation to the multi-currency
facility which are recognised as a deferred \ufb01nance 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 le\ue001ers of credit are also charged to \ufb01nance expense.
Exchange di\ufb00erences on \ufb01nancial assets and liabilities and
the income or expense from interest hedging instruments
that are recognised in the income statement are included
within \ufb01nance income and \ufb01nance expense. Financing also
includes the net \ufb01nance income or expense in respect of
de\ufb01ned bene\ufb01t pension schemes.Financial assets and liabilities
Financial assets are classi\ufb01ed on the Group\u2019s balance sheet
as subsequently measured at amortised cost, fair value
through other comprehensive income or fair value through
pro\ufb01t or loss. This classi\ufb01cation is made on the basis of
both the Group\u2019s business model for managing the \ufb01nancial
assets and the contractual cash \ufb02ow characteristics of the
\ufb01nancial asset.
Financial liabilities are classi\ufb01ed on the Group\u2019s balance
sheet as subsequently measured at amortised cost except
for \ufb01nancial liabilities at fair value through pro\ufb01t and loss.
The Group may at initial recognition irrevocably designate
a \ufb01nancial liability as measured at fair value through pro\ufb01t
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "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
a\ue001ributable to temporary di\ufb00erences 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
be\ue001er prediction of the resolution of the uncertainty.
Deferred income tax is provided in full, using the liability
method, on temporary di\ufb00erences arising between the tax
bases of assets and liabilities and their carrying amounts in
the consolidated \ufb01nancial 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, a\ufb00ects neither accounting nor taxable pro\ufb01t 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 se\ue001led.
Deferred tax assets are recognised only if it is probable that
future taxable amounts will be available to utilise those
temporary di\ufb00erences and losses.
Deferred tax assets are derecognised when that probability
assessment changes. Deferred tax liabilities and assets
are not recognised for temporary di\ufb00erences 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 di\ufb00erences and
it is probable that the di\ufb00erences will not reverse in the
foreseeable future.
Deferred tax assets and liabilities are o\ufb00set where there is
a legally enforceable right to o\ufb00set current tax assets and
liabilities and where the deferred tax balances relate to the
same taxation authority. Current tax assets and tax liabilities
are o\ufb00set where the entity has a legally enforceable right to
o\ufb00set and intends either to se\ue001le on a net basis or to realise
the asset and se\ue001le the liability simultaneously.
The Group has applied the temporary exemption issued
by the International Accounting Standards Board from the
accounting for deferred taxes under IAS 12 and neither
recognises nor discloses information about deferred taxes
related to OECD\u2019s Global Anti-Base Erosion Model Rules
(Pillar Two) income taxes.
Current and deferred tax is recognised in pro\ufb01t 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00407": { "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
a\ue001ributable to temporary di\ufb00erences 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
be\ue001er prediction of the resolution of the uncertainty.
Deferred income tax is provided in full, using the liability
method, on temporary di\ufb00erences arising between the tax
bases of assets and liabilities and their carrying amounts in
the consolidated \ufb01nancial 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, a\ufb00ects neither accounting nor taxable pro\ufb01t 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 se\ue001led.
Deferred tax assets are recognised only if it is probable that
future taxable amounts will be available to utilise those
temporary di\ufb00erences and losses.
Deferred tax assets are derecognised when that probability
assessment changes. Deferred tax liabilities and assets
are not recognised for temporary di\ufb00erences 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 di\ufb00erences and
it is probable that the di\ufb00erences will not reverse in the
foreseeable future.
Deferred tax assets and liabilities are o\ufb00set where there is
a legally enforceable right to o\ufb00set current tax assets and
liabilities and where the deferred tax balances relate to the
same taxation authority. Current tax assets and tax liabilities
are o\ufb00set where the entity has a legally enforceable right to
o\ufb00set and intends either to se\ue001le on a net basis or to realise
the asset and se\ue001le the liability simultaneously.
The Group has applied the temporary exemption issued
by the International Accounting Standards Board from the
accounting for deferred taxes under IAS 12 and neither
recognises nor discloses information about deferred taxes
related to OECD\u2019s Global Anti-Base Erosion Model Rules
(Pillar Two) income taxes.
Current and deferred tax is recognised in pro\ufb01t 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00411": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00410": { "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.
Other intangible assets
Other 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 a\ue001ributable 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
\ufb02ows expected to be generated by customer relationships,
by excluding any cash \ufb02ows 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Intellectual property rights
2\u201310 years
Customer relationships
1\u201316 years
Development costs
1\u20135 years
Other
1\u201314 years
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00414": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00415": { "value": "Other intangible assets
Other 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 a\ue001ributable 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
\ufb02ows expected to be generated by customer relationships,
by excluding any cash \ufb02ows 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Intellectual property rights
2\u201310 years
Customer relationships
1\u201316 years
Development costs
1\u20135 years
Other
1\u201314 years
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00416": { "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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings
20\u201325 years
Leasehold land and buildings
Shorter of useful
\u00a0
economic life and the
\u00a0
period of the lease
Plant and machinery
3\u201315 years
Motor vehicles
3\u20135 years
Aircraft (vehicles)
10\u201320 years
Computers
3\u20135 years
O\ufb00ice equipment
5\u201310 years
\n
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 a\ue001ributable 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00421": { "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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings
20\u201325 years
Leasehold land and buildings
Shorter of useful
\u00a0
economic life and the
\u00a0
period of the lease
Plant and machinery
3\u201315 years
Motor vehicles
3\u20135 years
Aircraft (vehicles)
10\u201320 years
Computers
3\u20135 years
O\ufb00ice equipment
5\u201310 years
\n
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 a\ue001ributable 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 o\ufb00ices, equipment and
vehicles and all leases of low-value assets are recognised
on a straight-line basis as an expense in pro\ufb01t 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00426": { "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 a\ue001ributable costs and interest.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00433": { "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 wri\ue001en 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 \ufb02ows 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00434": { "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 wri\ue001en 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 \ufb02ows 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 simpli\ufb01ed approach when using the
expected credit loss (ECL) impairment model for trade and
other receivables. Under the simpli\ufb01ed 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 re\ufb02ects 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 ECLs are updated each reporting
period to re\ufb02ect changes in credit risk since initial recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00435": { "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 lease 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 o\ufb00ices, aircraft, equipment and
vehicles. Rental contracts are typically made for \ufb01xed
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 di\ufb00erent 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:
\u0270
Fixed payments (including in-substance \ufb01xed
payments), less any lease incentives receivable;
\u0270
Variable lease payments based on an index or a rate,
initially measured using the index or rate as at the
commencement date;
\u0270
Amounts expected to be payable by the Group under
residual value guarantees;
\u0270
The exercise price of a purchase option if the Group is
reasonably certain to exercise that option; and
\u0270
Payments of penalties for terminating the lease, if the
lease term re\ufb02ects 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:
\u0270
Where possible, uses recent third-party \ufb01nancing
received by the individual lessee as a starting point,
adjusted to re\ufb02ect changes in \ufb01nancing conditions
since third party \ufb01nancing was received;
\u0270
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
\ufb01nancing; and
\u0270
Makes adjustments speci\ufb01c 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 e\ufb00ect, is not
considered material. When adjustments to lease payments
based on an index or rate take e\ufb00ect, the lease liability is
reassessed and adjusted against the right-of-use asset. Lease
payments are allocated between principal and \ufb01nance cost.
The \ufb01nance cost is charged to pro\ufb01t 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:
\u0270
The amount of the initial measurement of lease liability;
\u0270
Any lease payments made at or before the
commencement date less any lease incentives received;
\u0270
Any initial direct costs; and
\u0270
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 o\ufb00ices, equipment and
vehicles and all leases of low-value assets are recognised
on a straight-line basis as an expense in pro\ufb01t 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 \ufb02exibility 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 o\ufb00ices and equipment, the following factors
are normally the most relevant:
\u0270
If there are signi\ufb01cant penalties to terminate (or
extend), the Group is typically reasonably certain to
end (or not to terminate).
\u0270
If any leasehold improvements are expected to have
a signi\ufb01cant remaining value, the Group is typically
reasonably certain to extend (or not terminate).
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 o\ufb00ice and vehicles leases
have not been included in the lease liability, because the
Group could replace the assets without signi\ufb01cant cost or
business disruption.
As at 31 March 2026 no (undiscounted) potential future
cash out\ufb02ows 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 signi\ufb01cant event of
signi\ufb01cant change in circumstance occurs, which a\ufb00ects
this assessment, and that is within the control of the
lessee. During the current \ufb01nancial year, the \ufb01nancial e\ufb00ect
of revising lease terms to re\ufb02ect the e\ufb00ect of exercising
extension or termination options was nil (FY25: nil) in
recognised lease liabilities and right-of-use assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00436": { "value": "Inventories
Inventory and work-in-progress are stated at the lower
of cost and net realisable value, using the \ufb01rst-in-\ufb01rst-
out cost formula. Work-in-progress and manufactured
\ufb01nished 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 pro\ufb01t margin based on the e\ufb00ort required to
complete and sell the inventories. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00438": { "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 simpli\ufb01ed approach when using the
expected credit loss (ECL) impairment model for trade and
other receivables. Under the simpli\ufb01ed 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 re\ufb02ects 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 ECLs are updated each reporting
period to re\ufb02ect changes in credit risk since initial recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00439": { "value": "Impairment of trade and other receivables
The Group applies the simpli\ufb01ed approach when using the
expected credit loss (ECL) impairment model for trade and
other receivables. Under the simpli\ufb01ed 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 re\ufb02ects 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 ECLs are updated each reporting
period to re\ufb02ect changes in credit risk since initial recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00440": { "value": "Impairment of trade and other receivables
The Group applies the simpli\ufb01ed approach when using the
expected credit loss (ECL) impairment model for trade and
other receivables. Under the simpli\ufb01ed 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 re\ufb02ects 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 ECLs are updated each reporting
period to re\ufb02ect changes in credit risk since initial recognition. Financial assets and liabilities
Financial assets are classi\ufb01ed on the Group\u2019s balance sheet
as subsequently measured at amortised cost, fair value
through other comprehensive income or fair value through
pro\ufb01t or loss. This classi\ufb01cation is made on the basis of
both the Group\u2019s business model for managing the \ufb01nancial
assets and the contractual cash \ufb02ow characteristics of the
\ufb01nancial asset.
Financial liabilities are classi\ufb01ed on the Group\u2019s balance
sheet as subsequently measured at amortised cost except
for \ufb01nancial liabilities at fair value through pro\ufb01t and loss.
The Group may at initial recognition irrevocably designate
a \ufb01nancial liability as measured at fair value through pro\ufb01t
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00441": { "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 insigni\ufb01cant risk of changes in value. The
Group holds various short-maturity money market funds
(see note 23) across numerous \ufb01nancial institutions which
meet the IAS 7 criteria to be classi\ufb01ed as cash equivalents.
In the cash \ufb02ow 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00442": { "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 insigni\ufb01cant risk of changes in value. The
Group holds various short-maturity money market funds
(see note 23) across numerous \ufb01nancial institutions which
meet the IAS 7 criteria to be classi\ufb01ed as cash equivalents.
In the cash \ufb02ow 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00511": { "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 di\ufb00erence between the
cost and redemption value being recognised in the income
statement over the period of the borrowings on an e\ufb00ective
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 e\ufb00ective 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": "qq:DescriptionOfAccountingPolicyForCurrentAndNonCurrentLiabilitiesExplanatoryTextBlock", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00512": { "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 out\ufb02ow of economic bene\ufb01ts will be required to se\ue001le
the obligation. Where appropriate, provisions are determined
by discounting the expected cash \ufb02ows at an appropriate
discount rate re\ufb02ecting the level of risk and the time value of
money. Where an exposure is highly likely to be covered by
insurance an o\ufb00se\ue001ing receivable is recorded. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00513": { "value": "Financial assets and \ufb01nancial 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 derecognition of a \ufb01nancial instrument takes
place when the Group no longer controls the contractual
right that comprises the \ufb01nancial 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00514": { "value": "Derivative \ufb01nancial instruments
Derivative \ufb01nancial 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 \ufb02ow calculations for unlisted instruments.
Fair value hedging
The Group\u2019s activities expose it primarily to the \ufb01nancial 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 \ufb01nancial
derivatives is governed by the Group\u2019s Treasury Policies as
approved by the Board of Directors, which provides wri\ue001en
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 \u2018fair value through
pro\ufb01t or loss\u2019 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 \ufb02ow 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 e\ufb00ective in o\ufb00se\ue001ing
changes in fair values or cash \ufb02ows of the hedged item.
For the Group\u2019s cash \ufb02ow 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 di\ufb00erences, the hedging
instruments will be rebalanced to ensure that the hedge
ratio of 100% is maintained.
Cash \ufb02ow hedging
Changes in the fair value of derivatives designated as a
cash \ufb02ow hedge that are regarded as highly e\ufb00ective are
recognised in equity. The ine\ufb00ective 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00515": { "value": "Derivative \ufb01nancial instruments
Derivative \ufb01nancial 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 \ufb02ow calculations for unlisted instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00516": { "value": "Fair value hedging
The Group\u2019s activities expose it primarily to the \ufb01nancial 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 \ufb01nancial
derivatives is governed by the Group\u2019s Treasury Policies as
approved by the Board of Directors, which provides wri\ue001en
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 \u2018fair value through
pro\ufb01t or loss\u2019 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 \ufb02ow 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 e\ufb00ective in o\ufb00se\ue001ing
changes in fair values or cash \ufb02ows of the hedged item.
For the Group\u2019s cash \ufb02ow 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 di\ufb00erences, the hedging
instruments will be rebalanced to ensure that the hedge
ratio of 100% is maintained.
Cash \ufb02ow hedging
Changes in the fair value of derivatives designated as a
cash \ufb02ow hedge that are regarded as highly e\ufb00ective are
recognised in equity. The ine\ufb00ective 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00523": { "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
di\ufb00erences 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 \ufb01nancial 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 \ufb02ows 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00524": { "value": "Post-retirement bene\ufb01ts
The Group provides both de\ufb01ned contribution and de\ufb01ned
bene\ufb01t pension arrangements. The liabilities of the Group
arising from de\ufb01ned bene\ufb01t 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 de\ufb01ned
bene\ufb01t plans, the excess or de\ufb01cit of the fair value of plan
assets less the present value of the de\ufb01ned bene\ufb01t 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 de\ufb01ned bene\ufb01t 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 \ufb01nance 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 de\ufb01ned contribution plans are
charged to the income statement as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00525": { "value": "Share-based payments
The Group operates share-based payment arrangements
with employees. The fair value of equity-se\ue001led 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-se\ue001led
share-based payments are updated annually for
non-market-based vesting conditions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00526": { "value": "Share-buybacks
Where any member of the Group purchases the Company\u2019s
own equity instruments, including pursuant to a share
buy-back programme, the consideration paid, together
with any directly a\ue001ributable incremental transaction
costs (net of related income tax e\ufb00ects), is recognised as
a deduction from equity a\ue001ributable to the shareholders of
the Group and presented within treasury shares until such
shares are cancelled or reissued.
Where treasury shares are subsequently cancelled, the
cost of the shares is transferred from treasury shares to the
appropriate reserves within equity. Where treasury shares
are subsequently reissued, any consideration received, net
of any directly a\ue001ributable incremental transaction costs
and related income tax e\ufb00ects, is recognised within equity
a\ue001ributable to the shareholders of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00437": { "value": "Investments in debt and equity securities
Investments held by the Group are classi\ufb01ed as either
a current asset or as a non-current asset. These are
investments in debt and equity instruments that are
classi\ufb01ed 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 \ufb01nancial 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 \ufb02ows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00527": { "value": "Share capital
Ordinary share capital of the Company is recorded as the
proceeds received. Company shares held by the employee
bene\ufb01t trusts are held at the consideration paid. They are
classi\ufb01ed 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00528": { "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 signi\ufb01cant
risk of resulting in a material adjustment to the \ufb01nancial
statements in the next \ufb01nancial year.
Carrying value of goodwill relating to the US Sector CGU
The Group tests annually whether goodwill has su\ufb00ered any
impairment. This process relies on the use of estimates of
the future pro\ufb01tability and cash \ufb02ows of its cash-generating
units which may di\ufb00er from the actual results delivered. In
addition, the Group reviews whether identi\ufb01ed intangible
assets have su\ufb00ered 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 de\ufb01ned bene\ufb01t pension
net surplus
The Group\u2019s de\ufb01ned bene\ufb01t pension obligations (and hence
the net surplus) are based on key assumptions, including
discount rates, mortality and in\ufb02ation. 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 signi\ufb01cant changes in the size of
the net surplus/de\ufb01cit. 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 signi\ufb01cant variation due to changes in the fair value of
Scheme assets. A speci\ufb01c sensitivity on assets has not
been included in note 27 but any change in valuation of
assets \ufb02ows 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 \u00a3185.4m, the unquoted
corporate bonds of \u00a373.1m and the unquoted equities of
\u00a37.5m are the assets with most uncertainty as to valuation
as at 31 March 2026.
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 ou\ue001urn of these contracts
could be di\ufb00erent than assumed in the year-end contract
forecasts, impacting both revenue and operating pro\ufb01t.
For \ufb01rm price contracts the impact of actual costs being
higher or lower than estimated costs would generally
impact the contract pro\ufb01tability and the timing of revenue
recognition. Costs could increase or decrease based on
the level of in\ufb02ation and the outcome of assumed risk and
identi\ufb01ed savings positions. As an example, an increase
in total forecast costs to complete of 1% in one of the
Group\u2019s most signi\ufb01cant contracts, would reduce pro\ufb01t 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
year\u2019s revenue by \u00a32m to \u00a33m. In many cases \ufb01xed price
contracts include in\ufb02ation uplift clauses, such that in\ufb02ation
of costs would create additional contract value
and revenue, thus resulting in increased pro\ufb01t.
Critical accounting judgements
Speci\ufb01c, 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 speci\ufb01cally deal with SSAs. 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 a\ufb00ected entities and, therefore,
consolidates these entities in the consolidated accounts.
The impact of this speci\ufb01c 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.\u00a3300m per annum)
but would have no impact on reported pro\ufb01t, which would
include an equivalent amount of pro\ufb01t reported within
Other Income as \u2018Share of pro\ufb01ts of joint ventures\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_005": { "value": "Cody Technology Park Ively Road Farnborough Hampshire GU14 0LX England ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800S8OBDOZMCMUW34", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }