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1 Basis of preparation
a) Basis of accounting
TT Electronics Plc (\u201cthe Group\u201d) is a public company limited by shares (company number
00087249) and is the ultimate parent company of the Group. The Group is incorporated in the
United Kingdom under the Companies Act 2006 and registered in England and Wales. The address
of the registered office is \u2018TT Electronics Plc, Fourth Floor, St Andrews House, West Street, Woking,
Surrey, GU21 6EB\u2019. The nature of the Group\u2019s operations and its principal activities by operating
segment are set out in note 3 and in the regional reviews on pages 12 to 14. The Consolidated
Financial Statements of the Group for the year ended 31 December 2025 were authorised in
accordance with a resolution of the Directors of TT Electronics Plc on 24 March 2026.
These consolidated financial statements are presented in pounds sterling, which is also the
functional currency of the Company. Foreign operations are included in accordance with the
policies set out in note 2.
The consolidated financial statements have been prepared on a historical cost basis modified by
derivatives held at fair value. The consolidated financial statements have been prepared in
accordance with UK adopted international accounting standards in conformity with the
requirements of the Companies Act 2006. The financial statements have also been prepared in
accordance with International Financial Reporting Standards as issued by the IASB.
The financial statements set out on pages 115 to 148 have been prepared using consistent
accounting policies except for the adoption of new accounting standards and interpretations
noted below.
b) Basis of consolidation
The consolidated financial statements set out the Group\u2019s financial position as at 31 December
2025 and the Group\u2019s financial performance for the year ended 31 December 2025.
Subsidiaries are those enterprises controlled by the Group. Control exists when the Group is
exposed, or has rights, to variable returns from its involvement with the subsidiary and has the
ability to affect those returns through its power over the subsidiary. Subsidiaries are consolidated
from the date on which control is transferred to the Group and cease to be consolidated from the
date on which control is transferred out of the Group.
All intercompany balances and transactions, including unrealised profits arising from intra-
group transactions, have been eliminated in full. Unrealised losses are eliminated in the same
way as unrealised gains except that they are only eliminated to the extent that there is no
evidence of impairment.
c) Alternative performance measures The Group presents Alternative Performance Measures (\u201cAPMs\u201d) in addition to the statutory results of the Group. These are presented in accordance with the guidelines on APMs issued by the European Securities and Markets Authority (\u201cESMA\u201d). Adjusted operating profit has been defined as operating profit from continuing operations excluding the impacts of significant restructuring programmes, significant one-off items including property disposals, impairment charges significant in nature and/or value, certain one-off pension costs, business acquisition, integration, and divestment related activity, and the amortisation of intangible assets recognised on acquisition. Acquisition and disposal related items include the writing off of the pre-acquisition profit element of inventory written up on acquisition, other direct costs associated with business combinations and adjustments to contingent consideration related to acquired businesses. Restructuring includes cost of management changes, significant costs associated with restructuring operations and facilities, including the movement and closure of production facilities. Costs associated with restructuring, acquisitions and disposals are uncertain with regard to their timing and size and therefore their inclusion within operating profit could mislead the reader of these accounts. Adjusted operating profit is not a defined term under IFRS and may not be comparable with similarly titled profit measures reported by other companies. It is not intended to be a substitute for, or superior to, GAAP measures. All APMs relate to the current year results and comparative years where provided. In addition to the items above, adjusting items impacting profit after tax include: \u2013 The net effect on tax of significant restructuring from strategy changes that are not considered by the Group to be part of the normal operating costs of the business; \u2013 The write off of deferred tax assets in North America; and \u2013 The tax effects of adjustments to profit before tax. These APMs have been selected by the Directors to assist them in making operating decisions because they represent the underlying operating performance of the Group and facilitate internal comparisons of performance over time. Alongside the statutory results, the Directors consider the adjusted results to be an important measure used to monitor how the businesses are performing as this provides a meaningful reflection of how the businesses are managed and measured on a day-to-day basis and achieves consistency and comparability between reporting periods. These APMs exclude certain significant non-recurring, infrequent or non-cash items that the Directors do not believe are indicative of the underlying operating performance of the Group (that are otherwise included when preparing financial measures under IFRS). All APMs are presented on pages 155 to 159 and are reconciled to their equivalent statutory measures where this is appropriate.
d) Going concern
The Group\u2019s business activities, along with the factors likely to influence its future development,
performance, and position, are detailed in the Strategic Report on pages IFC to 44. This report
provides an analysis of the Group\u2019s financial position, cash flows, liquidity, and borrowing facilities.
Additionally, note 20 to the financial statements outlines the Group\u2019s objectives, policies, and
processes for capital management, financial risk management strategies, financial instruments,
hedging activities, and exposures to credit and liquidity risks.
Following a challenging year for the Group in 2024, 2025 has been a year of transition with
improved operational performance, particularly in the second half. There was strong performance
in Europe, driven by continued momentum in Aerospace & Defence. Whilst challenging market
conditions have persisted in North America and Asia, actions were taken during 2025 and are
expected to support improved performance as market conditions stabilise. Production at the
Plano site ceased at the end of the year as planned and the Group has seen continued
improvement at the Cleveland facility. Cash generation continues to be strong, with full year cash
conversion at 150%, reducing the level of net debt, excluding lease liabilities, to \u00a350.3 million (2024:
\u00a380.1 million). The Group enters 2026 with strengthened operational discipline and is anticipating
structural growth in our end markets. The Group has begun implementing a targeted cost
reduction programme to support a leaner operating model to deliver annualised savings.
Financing
At 31 December 2025 the Group\u2019s financial position was strong with access to total borrowing
facilities of \u00a3265.3 million comprising:
\u2013 A \u00a3162.4 million committed revolving credit facility (\u201cRCF\u201d), signed in June 2022 and maturing
in June 2027. The RCF operates on a floating rate basis tied to GBP SONIA, USD SOFR, or
EURIBOR, depending on the loan currency. As at 31 December 2025, \u00a314.5 million of the
available \u00a3162.4 million RCF facility had been drawn down. In March 2026 the Group signed
an Amend & Extend agreement which extends the RCF maturity to June 2028 and reduces
the facility size to \u00a3105.0 million.
\u2013 A \u00a375.0 million fixed-rate loan issued in December 2021 to three institutional investors, evenly
split between 7- and 10-year maturities, with an average interest rate of 3.65 per cent; and
\u2013 \u00a327.9 million in uncommitted facilities (being overdraft lines and an accordion facility of
\u00a317.6 million).
Of these total facilities, the Group had drawn down on \u00a389.5 million as at 31 December 2025
and \u00a385.5 million as at 23 March 2026.
There are no required repayments of principal amounts on any financing prior to the revised RCF
maturity in 2028. Whilst drawdowns on existing facilities are required within the going concern
review period, none of the Company\u2019s forecast models show any requirement for any additional
financing beyond the existing committed facilities.
Financial Covenants
The Group\u2019s key financing facilities, the RCF and the fixed rate loans have the same financial
covenant metrics relating to debt and interest cover which measures EBITDA against net debt and
net interest. The loan agreements set these at a maximum debt cover of 3.0 times and a minimum
interest cover of 4.0 times. All covenants are measured on a last twelve months basis. Following
the negotiations to extend the RCF facility, covenant measures remain unchanged.
As of 31 December 2025 the calculated ratios for the financial covenants as defined in the loan
agreements were as follows:
\u2013 Leverage ratio of 1.1 times; and
\u2013 Interest cover of 5.6 times
Forecasts and covenant compliance
The Group has prepared and reviewed detailed cash flow forecasts for the period through until
30 June 2027. These forecasts take into account the Group\u2019s financial position and potential
impacts of principal risks on different divisions.
Key assumptions in the Group\u2019s financial projections for this period include revenue growth,
operating profit growth and working capital projections. The Board considers the Company\u2019s base
case scenario to be an appropriate base case for the going concern assessment. Under this base
case scenario, the Group retains sufficient liquidity and covenant headroom throughout the
forecast period, with both interest cover and leverage expected to remain well within covenant
limits.
The Group\u2019s financial projections have been stress-tested against \u201cbusiness as usual\u201d risks (such
as profit fluctuations, supply chain pressures, and working capital variances) as well as principal
risks, including IT systems and information, resilience and recovery, general revenue reduction,
geopolitical and research and development. These risks were analysed both individually and
collectively, assuming that all adversely impact EBITDA in all periods. Under the stress tested
modelling, the liquidity headroom within the group remains adequate throughout the forecast
period. Financial covenants continue to be in compliance under the stress tested model and
management have a number of mitigating actions which could be undertaken if required.
This severe downside scenario reduces EBITDA by \u00a36.9 million, \u00a310.8 million and \u00a310.6 million for
the six months to 30 June 2026, year ended 31 December 2026 and 12 months to 30 June 2027,
respectively. At these levels of EBITDA reduction, the modelling shows that the Group continues to
meet the financial covenants and therefore the modelling shows that severe downside scenario
passing the financial covenants.
In addition to the stress tests described above the Group\u2019s stress test scenario has been
sensitised for supply chain challenges and capacity constraints which shows a reduction in
revenue and operating profit compared to the latest forecast. Despite this further reduction these
projections show that the Group should remain within its facilities headroom and within bank
covenants for the twelve months following the approval of these financial statements. A \u201creverse\u201d
stress-test was also modelled to understand the conditions which could jeopardise the ability of
the Group to continue as a going concern including assessing against covenant testing and facility
headroom. The stress testing also considered mitigating actions which the Group could put in
place. Mitigating actions included limiting capital expenditure and reducing controllable costs
including items such as discretionary bonuses and pay rises. The reverse stress test is deemed
to have a remote likelihood.
The Group\u2019s wide geographical and sector diversification helps minimise the risk of serious
business interruption or catastrophic reputational damage. Furthermore, the business model is
structured so that the Group is not overly reliant on any single customer, market or geography.
In the prior year, the Directors identified and disclosed a material uncertainty over going concern.
This material uncertainty arose in part due to emerging geopolitical and macroeconomic risks,
including uncertainty from the proposed US tariff regime. These risks were fast moving at the date
of signing the 2024 financial statements with an elevated prospect of a global recession and
stress in the debt market.
During 2025 the tariff position has settled with greater certainty over the potential impact on the
Group. The Group\u2019s geographical diversification and customer spread mean that the direct impact
of tariffs is limited and can be mitigated through management action (for example transfer of
production between sites). The Group has been successful in reducing its level of borrowings
(see above) and now has significant headroom over covenant limits throughout the forecast
period. The Group also made significant operational progress with improvements in the previously
underperforming Cleveland site and ceasing production at the unprofitable Plano site improving
forecast confidence. The result of these developments during the year, along with forecast
downside and stress testing, have informed the Directors\u2019 assessment that there are no material
uncertainties in relation to going concern at the date of signing the 2025 financial statements.
The Directors have assessed the future funding requirements of the Group with due regard to
the risks and uncertainties to which the Group is exposed and compared them with the level of
available borrowing facilities and are satisfied that the Group has adequate resources for at least
twelve months from the date of signing. Accordingly, the financial statements have been prepared
on a going concern basis.
e) New and revised standards and interpretations adopted, not yet adopted and those in issue
but not yet effective
New and revised standards and interpretations adopted during the year:
At the date of authorisation of these financial statements the Group has considered the following
revised standards or interpretations, however they were deemed not to have a material effect on
the financial statements:
\u2013 Amendments to IAS 21 \u2013 Lack of Exchangeability (issued August 2023, effective 1 January
2025 )
The Group has applied this amendment for the first time in the year ended 31 December 2025.
This amendment specifies how an entity should assess whether a currency is exchangeable and
the exchange rate to use when it is not. Adoption of the amendments did not have a material effect
on the Group\u2019s financial position, performance or cash flows.
New and revised IFRS Standards in issue but not yet effective
At the date of authorisation of these financial statements, the Group has not applied the following
new and revised IFRS Standards that have been issued but are not yet effective:
\u2013 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the Classification and Measurement of
Financial Instruments (issued May 2024, effective 1 January 2026)
\u2013 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to Contracts Referencing Nature-Dependent
Electricity (issued May 2024, effective 1 January 2026)
\u2013 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 (issued July 2024, effective
1 January 2026)
\u2013 IFRS 18 Presentation and Disclosure in Financial Statements (issued April 2024, effective
1 January 2027)
\u2013 IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued May 2024, effective
1 January 2027)
The Group is currently assessing the impact of IFRS 18, which becomes effective for annual
reporting periods beginning on or after 1 January 2027.
IFRS 18 does not change the recognition or measurement of items in the financial statements
but introduces revised presentation and disclosure requirements, particularly for the consolidated
income statement and consolidated statement of cash flows. The standard requires income and
expenses to be classified into the following categories \u2013 operating, investing, financing, income
taxes and discontinued activities \u2013 and mandates presentation of specified subtotals, including
operating profit or loss and profit or loss before financing and income tax.
Under IFRS 18, interest income and certain other financial income will be presented within cash
flows from investing activities in the statement of cash flows.
The Group does not consider that any other standard, amendment or interpretation issued
by the IASB, but not yet applicable, will have a significant impact on the financial statements.
f) Change in accounting policies
Adoption of new and amendments to published standards and interpretations effective for the
Group for the year ended 31 December 2025 did not have any material impact on the financial
position or performance of the Group.
g) Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group\u2019s accounting policies, which are described in note 2, the Directors
are required to make judgements, estimates and assumptions about the carrying amounts of
assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experiences and other factors
that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised if the revision
affects only that period, or in the period of revision and future periods if the revision affects both
current and future periods.
The Directors have assessed that there is currently no material impact arising from climate
change on the judgements and estimates determining the valuations within the financial
statements. In particular, the Group considered the impact of climate change in respect of going
concern and viability of the Group over the next three years, forecast cash flows for the purposes
of impairment assessments of non-current assets and the useful lives of certain assets. Whilst
there is currently little short to medium-term impact expected from climate change, the Directors
are aware of the changing nature of risks associated with climate change and will regularly assess
these risks against judgements and estimates made in preparation of the Group\u2019s Consolidated
Financial Statements.
Critical judgements
In the course of preparing the Financial Statements, critical judgements within the scope
of paragraph 122 of IAS 1: \u201cPresentation of Financial Statements\u201d were made during the process
of applying the Group\u2019s accounting policies. These are outlined below.
Adjusting items
Judgements were required as to whether items were disclosed as adjusting, with consideration
given to both quantitative and qualitative factors. Further information about the determination
of adjusting items in the year ended 31 December 2025 is included in note 1c.
Key sources of estimation uncertainty
Assumptions concerning the future and other key sources of estimation uncertainty at the
balance sheet date, that may have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year, are discussed below.
\u2013 Note 7 \u2013 Taxation provisions. Provisions for tax contingencies require management to make
judgements and estimates in relation to tax authority audits and exposures. Amounts accrued
are based on management\u2019s interpretation of country-specific tax law and the likelihood of
settlement. Tax benefits are not recognised unless the tax positions are probable of being
sustained. Once considered to be probable, management reviews each material tax benefit to
assess whether a provision should be taken against full recognition of the benefit on the basis
of potential settlement through negotiation and/or litigation. These amounts are expected to be
utilised or to reverse as tax audits occur or as the statute of limitations is reached in the
respective countries concerned. The Group\u2019s current tax liability at 31 December 2025 includes
tax provisions of \u00a312.2 million (2024: \u00a310.4 million). The Group believes the range of reasonable
possible outcomes in respect of these exposures is tax liabilities of up to \u00a316.0 million (2024:
\u00a313.9 million).
\u2013 Note 7 \u2013 Deferred tax assets. Under IAS 12 a deferred tax asset can only be recognised if it is
considered probable that the business will achieve a net taxable profit in the near future to utilise
the deferred tax asset. Management determined that the five-year forward looking strategic
plan does not support full recovery of all deferred tax assets within the US, in the North America
segment.
As a result, the Group derecognised deferred tax assets of \u00a32.7 million (2024: \u00a316.0 million),
and did not recognise a deferred tax asset in respect of current year losses, leaving deferred tax
assets of \u00a37.6 million (2024: \u00a39.2 million) which offset against the US deferred tax liabilities. The
charge was recognised in items excluded from adjusted profit after tax (note 6). Should recovery
of these US deferred tax assets become probable this would cause the Group to recognise up
to an additional \u00a318.7 million (2024: \u00a316.0 million) of deferred tax assets and a credit would be
recognised in items excluded from adjusted profit. A further \u00a37.9 million of deferred tax assets in
respect of current year losses could also be recognised.
\u2013 Note 12 \u2013 Property, plant and equipment. Determining whether assets are impaired requires an estimation of the value in use of the entities within the Group. Impairment calculations require an estimation of the future cash flows to be generated from those assets. Future cash flows are a key source of estimation uncertainty and are derived from other estimates including a suitable discount rate to calculate the present value. During the year, property, plant and equipment at one North American site was impaired by \u00a30.8 million which was recognised in items excluded from adjusted operating profit. This site, which holds property, plant and equipment with a net book value of \u00a36.5 million, is currently loss making and, if it does not return to profitability there would be a further impairment up to the residual value of the asset. A 15 per cent decrease in the estimated future cashflow at this site would result in an additional impairment of \u00a31.0 million. A 12 per cent increase in future cashflows would have resulted in no impairment at the site. Should the site see an increase in cash flows in the future, the impairment will be reversed.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-513": { "value": "a) Basis of accounting TT Electronics Plc (\u201cthe Group\u201d) is a public company limited by shares (company number 00087249) and is the ultimate parent company of the Group. The Group is incorporated in the United Kingdom under the Companies Act 2006 and registered in England and Wales. The address of the registered office is \u2018TT Electronics Plc, Fourth Floor, St Andrews House, West Street, Woking, Surrey, GU21 6EB\u2019. The nature of the Group\u2019s operations and its principal activities by operating segment are set out in note 3 and in the regional reviews on pages 12 to 14. The Consolidated Financial Statements of the Group for the year ended 31 December 2025 were authorised in accordance with a resolution of the Directors of TT Electronics Plc on 24 March 2026. These consolidated financial statements are presented in pounds sterling, which is also the functional currency of the Company. Foreign operations are included in accordance with the policies set out in note 2. The consolidated financial statements have been prepared on a historical cost basis modified by derivatives held at fair value. The consolidated financial statements have been prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006. The financial statements have also been prepared in accordance with International Financial Reporting Standards as issued by the IASB. The financial statements set out on pages 115 to 148 have been prepared using consistent accounting policies except for the adoption of new accounting standards and interpretations noted below.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "TT Electronics Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "TT Electronics Plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "TT Electronics Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "TT Electronics Plc, Fourth Floor, St Andrews House, West Street, Woking, Surrey, GU21 6EB", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "These consolidated financial statements are presented in pounds sterling, which is also the functional currency of the Company. Foreign operations are included in accordance with the policies set out in note 2. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "The consolidated financial statements have been prepared on a historical cost basis modified by derivatives held at fair value. The consolidated financial statements have been prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006. The financial statements have also been prepared in accordance with International Financial Reporting Standards as issued by the IASB. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "b) Basis of consolidation The consolidated financial statements set out the Group\u2019s financial position as at 31 December 2025 and the Group\u2019s financial performance for the year ended 31 December 2025. Subsidiaries are those enterprises controlled by the Group. Control exists when the Group is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. All intercompany balances and transactions, including unrealised profits arising from intra- group transactions, have been eliminated in full. Unrealised losses are eliminated in the same way as unrealised gains except that they are only eliminated to the extent that there is no evidence of impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "
c) Alternative performance measures
The Group presents Alternative Performance Measures (\u201cAPMs\u201d) in addition to the statutory
results of the Group. These are presented in accordance with the guidelines on APMs issued by
the European Securities and Markets Authority (\u201cESMA\u201d).
Adjusted operating profit has been defined as operating profit from continuing operations
excluding the impacts of significant restructuring programmes, significant one-off items including
property disposals, impairment charges significant in nature and/or value, certain one-off pension
costs, business acquisition, integration, and divestment related activity, and the amortisation of
intangible assets recognised on acquisition. Acquisition and disposal related items include the
writing off of the pre-acquisition profit element of inventory written up on acquisition, other direct
costs associated with business combinations and adjustments to contingent consideration
related to acquired businesses. Restructuring includes cost of management changes, significant
costs associated with restructuring operations and facilities, including the movement and closure
of production facilities. Costs associated with restructuring, acquisitions and disposals are
uncertain with regard to their timing and size and therefore their inclusion within operating profit
could mislead the reader of these accounts. Adjusted operating profit is not a defined term under
IFRS and may not be comparable with similarly titled profit measures reported by other
companies. It is not intended to be a substitute for, or superior to, GAAP measures. All APMs relate
to the current year results and comparative years where provided.
In addition to the items above, adjusting items impacting profit after tax include:
\u2013 The net effect on tax of significant restructuring from strategy changes that are not considered
by the Group to be part of the normal operating costs of the business;
\u2013 The write off of deferred tax assets in North America; and
\u2013 The tax effects of adjustments to profit before tax.
These APMs have been selected by the Directors to assist them in making operating decisions
because they represent the underlying operating performance of the Group and facilitate internal
comparisons of performance over time.
Alongside the statutory results, the Directors consider the adjusted results to be an important
measure used to monitor how the businesses are performing as this provides a meaningful
reflection of how the businesses are managed and measured on a day-to-day basis and achieves
consistency and comparability between reporting periods.
These APMs exclude certain significant non-recurring, infrequent or non-cash items that the
Directors do not believe are indicative of the underlying operating performance of the Group (that
are otherwise included when preparing financial measures under IFRS).
All APMs are presented on pages 155 to 159 and are reconciled to their equivalent statutory
measures where this is appropriate.
", "dimensions": { "concept": "ttelectronicsplc:DisclosureOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "d) Going concern The Group\u2019s business activities, along with the factors likely to influence its future development, performance, and position, are detailed in the Strategic Report on pages IFC to 44. This report provides an analysis of the Group\u2019s financial position, cash flows, liquidity, and borrowing facilities. Additionally, note 20 to the financial statements outlines the Group\u2019s objectives, policies, and processes for capital management, financial risk management strategies, financial instruments, hedging activities, and exposures to credit and liquidity risks. Following a challenging year for the Group in 2024, 2025 has been a year of transition with improved operational performance, particularly in the second half. There was strong performance in Europe, driven by continued momentum in Aerospace & Defence. Whilst challenging market conditions have persisted in North America and Asia, actions were taken during 2025 and are expected to support improved performance as market conditions stabilise. Production at the Plano site ceased at the end of the year as planned and the Group has seen continued improvement at the Cleveland facility. Cash generation continues to be strong, with full year cash conversion at 150%, reducing the level of net debt, excluding lease liabilities, to \u00a350.3 million (2024: \u00a380.1 million). The Group enters 2026 with strengthened operational discipline and is anticipating structural growth in our end markets. The Group has begun implementing a targeted cost reduction programme to support a leaner operating model to deliver annualised savings. Financing At 31 December 2025 the Group\u2019s financial position was strong with access to total borrowing facilities of \u00a3265.3 million comprising: \u2013 A \u00a3162.4 million committed revolving credit facility (\u201cRCF\u201d), signed in June 2022 and maturing in June 2027. The RCF operates on a floating rate basis tied to GBP SONIA, USD SOFR, or EURIBOR, depending on the loan currency. As at 31 December 2025, \u00a314.5 million of the available \u00a3162.4 million RCF facility had been drawn down. In March 2026 the Group signed an Amend & Extend agreement which extends the RCF maturity to June 2028 and reduces the facility size to \u00a3105.0 million. \u2013 A \u00a375.0 million fixed-rate loan issued in December 2021 to three institutional investors, evenly split between 7- and 10-year maturities, with an average interest rate of 3.65 per cent; and \u2013 \u00a327.9 million in uncommitted facilities (being overdraft lines and an accordion facility of \u00a317.6 million). Of these total facilities, the Group had drawn down on \u00a389.5 million as at 31 December 2025 and \u00a385.5 million as at 23 March 2026. There are no required repayments of principal amounts on any financing prior to the revised RCF maturity in 2028. Whilst drawdowns on existing facilities are required within the going concern review period, none of the Company\u2019s forecast models show any requirement for any additional financing beyond the existing committed facilities. Financial Covenants The Group\u2019s key financing facilities, the RCF and the fixed rate loans have the same financial covenant metrics relating to debt and interest cover which measures EBITDA against net debt and net interest. The loan agreements set these at a maximum debt cover of 3.0 times and a minimum interest cover of 4.0 times. All covenants are measured on a last twelve months basis. Following the negotiations to extend the RCF facility, covenant measures remain unchanged. As of 31 December 2025 the calculated ratios for the financial covenants as defined in the loan agreements were as follows: \u2013 Leverage ratio of 1.1 times; and \u2013 Interest cover of 5.6 times Forecasts and covenant compliance The Group has prepared and reviewed detailed cash flow forecasts for the period through until 30 June 2027. These forecasts take into account the Group\u2019s financial position and potential impacts of principal risks on different divisions. Key assumptions in the Group\u2019s financial projections for this period include revenue growth, operating profit growth and working capital projections. The Board considers the Company\u2019s base case scenario to be an appropriate base case for the going concern assessment. Under this base case scenario, the Group retains sufficient liquidity and covenant headroom throughout the forecast period, with both interest cover and leverage expected to remain well within covenant limits. The Group\u2019s financial projections have been stress-tested against \u201cbusiness as usual\u201d risks (such as profit fluctuations, supply chain pressures, and working capital variances) as well as principal risks, including IT systems and information, resilience and recovery, general revenue reduction, geopolitical and research and development. These risks were analysed both individually and collectively, assuming that all adversely impact EBITDA in all periods. Under the stress tested modelling, the liquidity headroom within the group remains adequate throughout the forecast period. Financial covenants continue to be in compliance under the stress tested model and management have a number of mitigating actions which could be undertaken if required. This severe downside scenario reduces EBITDA by \u00a36.9 million, \u00a310.8 million and \u00a310.6 million for the six months to 30 June 2026, year ended 31 December 2026 and 12 months to 30 June 2027, respectively. At these levels of EBITDA reduction, the modelling shows that the Group continues to meet the financial covenants and therefore the modelling shows that severe downside scenario passing the financial covenants. In addition to the stress tests described above the Group\u2019s stress test scenario has been sensitised for supply chain challenges and capacity constraints which shows a reduction in revenue and operating profit compared to the latest forecast. Despite this further reduction these projections show that the Group should remain within its facilities headroom and within bank covenants for the twelve months following the approval of these financial statements. A \u201creverse\u201d stress-test was also modelled to understand the conditions which could jeopardise the ability of the Group to continue as a going concern including assessing against covenant testing and facility headroom. The stress testing also considered mitigating actions which the Group could put in place. Mitigating actions included limiting capital expenditure and reducing controllable costs including items such as discretionary bonuses and pay rises. The reverse stress test is deemed to have a remote likelihood. The Group\u2019s wide geographical and sector diversification helps minimise the risk of serious business interruption or catastrophic reputational damage. Furthermore, the business model is structured so that the Group is not overly reliant on any single customer, market or geography. In the prior year, the Directors identified and disclosed a material uncertainty over going concern. This material uncertainty arose in part due to emerging geopolitical and macroeconomic risks, including uncertainty from the proposed US tariff regime. These risks were fast moving at the date of signing the 2024 financial statements with an elevated prospect of a global recession and stress in the debt market. During 2025 the tariff position has settled with greater certainty over the potential impact on the Group. The Group\u2019s geographical diversification and customer spread mean that the direct impact of tariffs is limited and can be mitigated through management action (for example transfer of production between sites). The Group has been successful in reducing its level of borrowings (see above) and now has significant headroom over covenant limits throughout the forecast period. The Group also made significant operational progress with improvements in the previously underperforming Cleveland site and ceasing production at the unprofitable Plano site improving forecast confidence. The result of these developments during the year, along with forecast downside and stress testing, have informed the Directors\u2019 assessment that there are no material uncertainties in relation to going concern at the date of signing the 2025 financial statements. The Directors have assessed the future funding requirements of the Group with due regard to the risks and uncertainties to which the Group is exposed and compared them with the level of available borrowing facilities and are satisfied that the Group has adequate resources for at least twelve months from the date of signing. Accordingly, the financial statements have been prepared on a going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-514": { "value": "e) New and revised standards and interpretations adopted, not yet adopted and those in issue but not yet effective New and revised standards and interpretations adopted during the year: At the date of authorisation of these financial statements the Group has considered the following revised standards or interpretations, however they were deemed not to have a material effect on the financial statements: \u2013 Amendments to IAS 21 \u2013 Lack of Exchangeability (issued August 2023, effective 1 January 2025 ) The Group has applied this amendment for the first time in the year ended 31 December 2025. This amendment specifies how an entity should assess whether a currency is exchangeable and the exchange rate to use when it is not. Adoption of the amendments did not have a material effect on the Group\u2019s financial position, performance or cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "e) New and revised standards and interpretations adopted, not yet adopted and those in issue but not yet effective New and revised standards and interpretations adopted during the year: At the date of authorisation of these financial statements the Group has considered the following revised standards or interpretations, however they were deemed not to have a material effect on the financial statements: \u2013 Amendments to IAS 21 \u2013 Lack of Exchangeability (issued August 2023, effective 1 January 2025 ) The Group has applied this amendment for the first time in the year ended 31 December 2025. This amendment specifies how an entity should assess whether a currency is exchangeable and the exchange rate to use when it is not. Adoption of the amendments did not have a material effect on the Group\u2019s financial position, performance or cash flows. New and revised IFRS Standards in issue but not yet effective At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: \u2013 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the Classification and Measurement of Financial Instruments (issued May 2024, effective 1 January 2026) \u2013 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to Contracts Referencing Nature-Dependent Electricity (issued May 2024, effective 1 January 2026) \u2013 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 (issued July 2024, effective 1 January 2026) \u2013 IFRS 18 Presentation and Disclosure in Financial Statements (issued April 2024, effective 1 January 2027) \u2013 IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued May 2024, effective 1 January 2027) The Group is currently assessing the impact of IFRS 18, which becomes effective for annual reporting periods beginning on or after 1 January 2027. IFRS 18 does not change the recognition or measurement of items in the financial statements but introduces revised presentation and disclosure requirements, particularly for the consolidated income statement and consolidated statement of cash flows. The standard requires income and expenses to be classified into the following categories \u2013 operating, investing, financing, income taxes and discontinued activities \u2013 and mandates presentation of specified subtotals, including operating profit or loss and profit or loss before financing and income tax. Under IFRS 18, interest income and certain other financial income will be presented within cash flows from investing activities in the statement of cash flows. The Group does not consider that any other standard, amendment or interpretation issued by the IASB, but not yet applicable, will have a significant impact on the financial statements. f) Change in accounting policies Adoption of new and amendments to published standards and interpretations effective for the Group for the year ended 31 December 2025 did not have any material impact on the financial position or performance of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-515": { "value": "New and revised IFRS Standards in issue but not yet effective At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: \u2013 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the Classification and Measurement of Financial Instruments (issued May 2024, effective 1 January 2026) \u2013 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to Contracts Referencing Nature-Dependent Electricity (issued May 2024, effective 1 January 2026) \u2013 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 (issued July 2024, effective 1 January 2026) \u2013 IFRS 18 Presentation and Disclosure in Financial Statements (issued April 2024, effective 1 January 2027) \u2013 IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued May 2024, effective 1 January 2027) The Group is currently assessing the impact of IFRS 18, which becomes effective for annual reporting periods beginning on or after 1 January 2027. IFRS 18 does not change the recognition or measurement of items in the financial statements but introduces revised presentation and disclosure requirements, particularly for the consolidated income statement and consolidated statement of cash flows. The standard requires income and expenses to be classified into the following categories \u2013 operating, investing, financing, income taxes and discontinued activities \u2013 and mandates presentation of specified subtotals, including operating profit or loss and profit or loss before financing and income tax. Under IFRS 18, interest income and certain other financial income will be presented within cash flows from investing activities in the statement of cash flows. The Group does not consider that any other standard, amendment or interpretation issued by the IASB, but not yet applicable, will have a significant impact on the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-516": { "value": "f) Change in accounting policies Adoption of new and amendments to published standards and interpretations effective for the Group for the year ended 31 December 2025 did not have any material impact on the financial position or performance of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "g) Critical accounting judgements and key sources of estimation uncertainty In the application of the Group\u2019s accounting policies, which are described in note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. The Directors have assessed that there is currently no material impact arising from climate change on the judgements and estimates determining the valuations within the financial statements. In particular, the Group considered the impact of climate change in respect of going concern and viability of the Group over the next three years, forecast cash flows for the purposes of impairment assessments of non-current assets and the useful lives of certain assets. Whilst there is currently little short to medium-term impact expected from climate change, the Directors are aware of the changing nature of risks associated with climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s Consolidated Financial Statements. Critical judgements In the course of preparing the Financial Statements, critical judgements within the scope of paragraph 122 of IAS 1: \u201cPresentation of Financial Statements\u201d were made during the process of applying the Group\u2019s accounting policies. These are outlined below. Adjusting items Judgements were required as to whether items were disclosed as adjusting, with consideration given to both quantitative and qualitative factors. Further information about the determination of adjusting items in the year ended 31 December 2025 is included in note 1c. Key sources of estimation uncertainty Assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. \u2013 Note 7 \u2013 Taxation provisions. Provisions for tax contingencies require management to make judgements and estimates in relation to tax authority audits and exposures. Amounts accrued are based on management\u2019s interpretation of country-specific tax law and the likelihood of settlement. Tax benefits are not recognised unless the tax positions are probable of being sustained. Once considered to be probable, management reviews each material tax benefit to assess whether a provision should be taken against full recognition of the benefit on the basis of potential settlement through negotiation and/or litigation. These amounts are expected to be utilised or to reverse as tax audits occur or as the statute of limitations is reached in the respective countries concerned. The Group\u2019s current tax liability at 31 December 2025 includes tax provisions of \u00a312.2 million (2024: \u00a310.4 million). The Group believes the range of reasonable possible outcomes in respect of these exposures is tax liabilities of up to \u00a316.0 million (2024: \u00a313.9 million). \u2013 Note 7 \u2013 Deferred tax assets. Under IAS 12 a deferred tax asset can only be recognised if it is considered probable that the business will achieve a net taxable profit in the near future to utilise the deferred tax asset. Management determined that the five-year forward looking strategic plan does not support full recovery of all deferred tax assets within the US, in the North America segment. As a result, the Group derecognised deferred tax assets of \u00a32.7 million (2024: \u00a316.0 million), and did not recognise a deferred tax asset in respect of current year losses, leaving deferred tax assets of \u00a37.6 million (2024: \u00a39.2 million) which offset against the US deferred tax liabilities. The charge was recognised in items excluded from adjusted profit after tax (note 6). Should recovery of these US deferred tax assets become probable this would cause the Group to recognise up to an additional \u00a318.7 million (2024: \u00a316.0 million) of deferred tax assets and a credit would be recognised in items excluded from adjusted profit. A further \u00a37.9 million of deferred tax assets in respect of current year losses could also be recognised.
\u2013 Note 12 \u2013 Property, plant and equipment. Determining whether assets are impaired requires an
estimation of the value in use of the entities within the Group. Impairment calculations require
an estimation of the future cash flows to be generated from those assets. Future cash flows are
a key source of estimation uncertainty and are derived from other estimates including a suitable
discount rate to calculate the present value.
During the year, property, plant and equipment at one North American site was impaired by
\u00a30.8 million which was recognised in items excluded from adjusted operating profit. This site,
which holds property, plant and equipment with a net book value of \u00a36.5 million, is currently loss
making and, if it does not return to profitability there would be a further impairment up to the
residual value of the asset. A 15 per cent decrease in the estimated future cashflow at this site
would result in an additional impairment of \u00a31.0 million. A 12 per cent increase in future
cashflows would have resulted in no impairment at the site. Should the site see an increase
in cash flows in the future, the impairment will be reversed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": " 2 Summary of material accounting policies The following material accounting policies have been applied in the preparation of the consolidated financial statements. These accounting policies have been consistently applied across the Group. a) Revenue Revenue is measured at the fair value of the right to consideration, usually the invoiced value, for the provision of goods to external customers excluding value added tax and other sales related taxes and is recognised when the customer obtains control of goods for revenues which are not recognised over time. In most cases this is at the point in time of transfer of legal title of the goods; terms vary by customer, but the two most common arrangements are at the time of dispatch and at the time of delivery. Where revenue is recognised over time this is usually recognised with regards to completion of performance obligation milestones, however, for some contracts this is recognised with regard to the number of manufacturing hours completed with reference to the total expected manufacturing hours. For sales to customers where a right to return an item is granted, revenue is recognised to the extent of the consideration to which the Group ultimately expects to be entitled (i.e. revenue is not recognised for goods expected to be returned). Where a service warranty is provided to customers, the associated revenue, based upon an allocation of the overall cost of performance, is recognised over the warranty period. Payment terms typically range from 30 to 120 days. b) Finance income Finance income comprises interest income on cash balances, the calculated interest income on pensions assets for schemes which are in surplus and net foreign exchange gains or losses on cash balances and loans receivables. Interest income is recognised using the effective interest rate. Net foreign exchange gains or losses on other monetary assets or liabilities are recognised either within other income or cost of sales, depending on what the underlying monetary asset or liability relates to. c) Finance costs Finance costs comprise interest expense on borrowings which are not capitalised under the borrowing costs policy, the calculated interest expense on pension liabilities for schemes which are in deficit, the interest costs on lease liabilities and net foreign exchange gains or losses on external loans. Net foreign exchange gains or losses on other monetary assets or liabilities are recognised either within other income or cost of sales, depending on what the underlying monetary asset or liability relates to. d) Dividends Dividends are recognised as a liability in the period in which they are approved by shareholders. Dividends receivable are recognised when the Group\u2019s right to receive payment is established. e) Business combinations Business combinations are accounted for using the acquisition method. Goodwill on business combinations is recognised as the fair value of the consideration, including the full cost of any derivative financial instruments used to hedge this item, less the fair value of the identifiable assets and liabilities acquired and is recognised as an asset in the consolidated balance sheet. Costs directly attributable to business combinations are recognised as an expense within the income statement as incurred. Acquisitions and disposals of non-controlling interests that do not result in a change of control are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognised as a result of such transactions. The adjustments to non-controlling interests are based on a proportionate amount of the net assets of the subsidiary. Any difference between the price paid or received and the amount by which non-controlling interests are adjusted is recognised directly in equity and attributed to the owners of the parent. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (which is no longer than 12 months from the acquisition date), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. f) Property, plant and equipment Initial measurement Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. The cost of a tangible fixed asset comprises its purchase price and any costs directly attributable to bringing it into working condition for its intended use. The cost of self constructed assets includes the cost of materials, direct labour and an appropriate proportion of production overheads. Depreciation The cost of each item of property, plant and equipment is depreciated over its useful life. Depreciation is charged to the income statement so as to write off the cost less estimated residual value on a straight-line basis over the estimated useful life of the asset. Depreciation commences on the date the assets are ready for use within the business and the asset carrying values are reviewed for impairment when there is an indication that they may be impaired. Freehold land is not depreciated. The depreciation rates of assets are as follows: Freehold buildings 50 years Leasehold building improvements 50 years (or over the period of the lease, if shorter) Plant and equipment 3 to 10 years Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets that take a substantial period of time to get ready for their intended use are capitalised as part of the cost of the respective asset. g) Leases The Group applies IFRS 16 \u2018Leases\u2019 and recognises right-of-use assets and lease liabilities for most leases (unless the lease term is 12 months or less or the underlying asset has a low value). The Group recognises a lease liability at the lease commencement date, measured as the present value of the future lease payments, discounted at the incremental borrowing rate. A corresponding right-of-use asset is recognised separately on the face of the consolidated balance sheet, net of accumulated depreciation and impairment losses. The Group has applied judgement to determine the lease term for contracts that include renewal options. The assessment of whether the exercise of such options is reasonably certain impacts the lease term, which affects the amount of lease liability and right-of-use asset recognised. h) Government grants Government grants relating to non-current assets are treated as deferred income and credited to the income statement by equal instalments over the anticipated useful lives of the assets to which the grants relate. Other grants are credited to the income statement over the period of the project to which they relate. i) Goodwill Goodwill arising on the acquisition of a business, representing the difference between the cost of acquisition and the fair value of the identifiable net assets acquired, is capitalised and is tested annually for impairment. Goodwill is not amortised, and any impairment losses are not subsequently reversed. On the subsequent disposal or discontinuance of a previously acquired business, the relevant goodwill is included in the gain or loss on disposal within the consolidated income statement except to the extent it has been previously impaired. Negative goodwill arising on the acquisition of a business is credited to the consolidated income statement on acquisition as part of acquisition costs reported outside adjusted profit. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. j) Other intangible assets Intangible assets acquired as part of a business combination are stated in the balance sheet at their fair value at the date of acquisition less accumulated amortisation. Expenditure on research activities undertaken with the prospect of gaining new scientific or technical knowledge and understanding is recognised in the income statement as incurred. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalised if the product or process is technically and commercially feasible and the Group has sufficient resources to complete development. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Other development expenditure is recognised in the income statement as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses. The carrying values of intangible assets are tested for impairment whenever there is an indication that they may be impaired. Customer relationships and contracts are valued on the basis of the net present value of the future additional cash flows arising from customer relationships with appropriate allowance for attrition of customers. Acquired computer software licences for use within the Group are capitalised as an intangible asset on the basis of the costs incurred to acquire and bring to use the specific software. Costs that are directly associated with the implementation of identifiable and unique software products controlled by the Group and that will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets. Capitalised software development expenditure is stated at cost less accumulated amortisation. The amortisation rates for intangible assets are: Acquired patents and licences up to 10 years Product development costs 5 years Customer relationships 3 to 22 years Order backlog up to 2 years Software 3 to 5 years Amortisation is charged on a straight-line basis. k) Deferred taxation Deferred taxation is provided on taxable temporary differences between the carrying amounts of assets and liabilities in the financial statements and their corresponding tax bases. No provision is made for deferred tax which would become payable on the distribution of retained profits by overseas subsidiaries where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is measured using the tax rates expected to apply when the asset is realised, or the liability settled based on tax rates enacted or substantively enacted by the balance sheet date. However, deferred tax is not provided on the initial recognition of goodwill, nor on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised or that they will reverse. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax assets and liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. l) Inventories Inventories are valued at the lower of cost, including related overheads, and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and the overheads incurred in bringing inventories to their present location and condition. Cost is calculated on a weighted average cost basis. Net realisable value is based on estimated selling price less costs expected to be incurred to completion and disposal. Provisions are made for obsolescence or other expected losses where necessary. m) Financial instruments Recognition The Group recognises financial assets and liabilities on its balance sheet when it becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. Measurement When financial assets and liabilities are initially recognised, they are measured at fair value being the consideration given or received plus (or minus) directly attributable transaction costs. Trade receivables are recognised at transaction price (i.e. original invoice price) and subsequently measured at amortised cost less provision made for loss allowance of these receivables based upon the expected credit loss model (simplified model). All trade receivables are held to collect contractual cash flows within a business model and meet the \u2018Solely Payments of Principal and Interest\u2019 (SPPI) test. Trade payables are carried at the amounts expected to be paid to counterparties and are held at amortised cost. Borrowings are initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash at bank and in hand, short-term deposits held on call
or with maturities of less than three months at inception, and highly liquid investments that are
readily convertible into known amounts of cash and are subject to insignificant risk of changes
in value. Within the cashflow statement this definition also includes bank overdrafts that are
repayable on demand and form an integral part of the Group\u2019s cash management. Cash and cash
equivalents are initially recognised at fair value and subsequently are measured at amortised cost
because they meet the SPPI test.
In determining estimated fair value, investments are valued at quoted bid prices on the trade date.
Derivatives and hedge accounting
The Group uses derivative financial instruments such as forward foreign exchange contracts and
interest rate derivatives to hedge risks associated with foreign exchange fluctuations and interest
rate risk. These are designated as cash flow hedges (CFH). 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 its strategy for undertaking various
hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the
Group documents whether the hedging instrument that is used in a hedging relationship is highly
effective in offsetting changes in cash flows of the hedged item.
The effective portion of changes in the fair value of derivatives that are designated and qualify
as cash flow hedges are deferred in equity. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement.
Amounts deferred in equity are reclassified to the income statement in the periods when the
hedged item is recognised in the income statement, in the same line of the income statement
as the recognised hedged item.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated,
or exercised, or no longer qualifies for hedge accounting. Any cumulative gain or loss deferred in
equity at that time remains in equity and is recognised when the forecast transaction is ultimately
recognised in the income statement. When a forecast transaction is no longer expected to occur,
the cumulative gain or loss that was deferred in equity is recognised immediately in the income
statement.
When hedging the foreign currency risk on a forecast business combination, the Group includes
the accumulated gains or losses on hedging instruments within goodwill as a \u2018basis adjustment\u2019.
Derecognition
A financial asset is derecognised when the Group loses control over the contractual rights that
comprise that asset. This occurs when the rights are realised, expire or are surrendered. A financial
liability is derecognised when it is extinguished. Originated loans and receivables are derecognised
on the date they are transferred by the Group.
Impairment of financial assets \u2013 other financial assets At each reporting date the Group assesses credit risk by considering reasonable and supportable information that may indicate increases in credit risk. Indicators that an asset carries a higher credit risk compared to that at inception or that an asset is credit-impaired would include observable data in relation to the financial health of the debtor: significant financial difficulty of the issuer or the debtor; the debtor breaching contract; it being probable that the debtor will enter bankruptcy or financial reorganisation. The amount of credit risk provision is the difference between the original carrying amount and the recoverable amount, being the present value of expected cash flows receivable (discounted using the original effective interest rate). The amount of the provision is recognised in the income statement within administrative expenses. Financial assets are written off when there is evidence indicating that the debtor is in severe financial difficulty and the Group has no realistic prospect of recovery. Receivables written off are still subject to enforcement activity and pursued by the Group. n) Income tax Income tax for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items charged or credited directly to equity, in which case it is recognised in equity. Current tax expense is the expected tax payable on the taxable income for the year and any adjustment to tax payable in respect of previous years. o) Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) because of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. p) Employee benefits The Group operates defined benefit post-retirement benefit schemes and defined contribution pension schemes. Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised in the income statement in the periods during which services are rendered by employees. Defined benefit plans The net liability recognised in the balance sheet for defined benefit schemes is the present value of the schemes\u2019 liabilities less the fair value of the schemes\u2019 assets. The operating and financing costs of defined benefit schemes are recognised separately in the income statement. Operating costs comprise the current service cost, any gains or losses on settlement or curtailments, and past service costs. Net interest income and expense on net defined benefit assets and liabilities is determined by applying discount rates used to measure defined benefit obligations at the beginning of the year to net defined benefit assets and liabilities at the beginning of the year and is included in finance income and costs. Remeasurements arising from defined benefit plans comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The Group recognises remeasurements immediately in other comprehensive income and all other expenses related to defined benefit plans in employee benefit expenses in profit or loss. Surpluses are recognised where, on wind-up, the Group has unconditional right to any surplus and Trustees do not have unilateral power to alter members\u2019 benefits. Termination benefits Termination benefits are recognised as an expense when the Group is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. Share-based payments Certain employees of the Group receive part of their remuneration in the form of share-based payment transactions, whereby employees render services in exchange for shares or rights over shares (equity-settled transactions). The cost of equity-settled transactions with employees is measured at fair value at the date at which they are granted. The fair value of share awards with market-related vesting conditions is determined by an external consultant and the fair value at the grant date is expensed on a straight-line basis over the vesting period based on the Group\u2019s estimate of shares that will eventually vest. The estimate of the number of awards likely to vest is reviewed at each balance sheet date up to the vesting date at which point the estimate is adjusted to reflect the actual outcome of awards which have vested. No adjustment is made to the fair value after the vesting date even if the awards are forfeited or not exercised. q) Own shares Own equity instruments which are re-acquired (own shares) are recognised at cost and deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration paid to acquire such equity instruments is recognised within retained earnings. r) Foreign currency translation The functional currency for each entity in the Group is determined with reference to the currency of the primary economic environment in which it operates. Transactions in currencies other than the functional currency are initially recorded at the functional currency rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. Exchange gains and losses on settlement of foreign currency transactions translated at the rate prevailing at the date of the transactions, or the translation of monetary assets and liabilities at period end exchange rates, are taken to the income statement. Non monetary assets and liabilities denominated in foreign currencies that are stated at historical cost are translated to the functional currency at the foreign exchange rate ruling at the date of the transaction. On consolidation, income statements of subsidiaries are translated into sterling at average rates of exchange. Balance sheet items are translated into sterling at period end exchange rates. Exchange differences on the retranslation are taken to equity. Exchange differences on foreign currency borrowings financing those net investments (which are designated as net investment hedges) and exchange differences on intercompany loans which will not be repaid in the foreseeable future (which are treated as quasi equity) are also recorded within equity and are reported in the statement of comprehensive income. All other exchange differences are charged or credited to the income statement in the year in which they arise. On disposal of an overseas subsidiary any cumulative exchange movements relating to that subsidiary held in the translation reserve are transferred to the consolidated income statement. All currencies used within the Group are freely and immediately exchangeable for other currencies. s) Impairment of non-financial assets Property, plant and equipment and intangible assets (excluding goodwill) carrying amounts are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the asset is estimated. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate. Assets that do not generate largely independent cash flows are assessed based on the CGU to which the asset belongs. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, an impairment loss is recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "
a) Revenue
Revenue is measured at the fair value of the right to consideration, usually the invoiced value, for
the provision of goods to external customers excluding value added tax and other sales related
taxes and is recognised when the customer obtains control of goods for revenues which are not
recognised over time. In most cases this is at the point in time of transfer of legal title of the goods;
terms vary by customer, but the two most common arrangements are at the time of dispatch and
at the time of delivery. Where revenue is recognised over time this is usually recognised with
regards to completion of performance obligation milestones, however, for some contracts this is
recognised with regard to the number of manufacturing hours completed with reference to the
total expected manufacturing hours. For sales to customers where a right to return an item is
granted, revenue is recognised to the extent of the consideration to which the Group ultimately
expects to be entitled (i.e. revenue is not recognised for goods expected to be returned). Where
a service warranty is provided to customers, the associated revenue, based upon an allocation
of the overall cost of performance, is recognised over the warranty period. Payment terms
typically range from 30 to 120 days.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "
b) Finance income
Finance income comprises interest income on cash balances, the calculated interest income on
pensions assets for schemes which are in surplus and net foreign exchange gains or losses on
cash balances and loans receivables. Interest income is recognised using the effective interest
rate. Net foreign exchange gains or losses on other monetary assets or liabilities are recognised
either within other income or cost of sales, depending on what the underlying monetary asset
or liability relates to.
c) Finance costs
Finance costs comprise interest expense on borrowings which are not capitalised under the
borrowing costs policy, the calculated interest expense on pension liabilities for schemes which
are in deficit, the interest costs on lease liabilities and net foreign exchange gains or losses on
external loans. Net foreign exchange gains or losses on other monetary assets or liabilities are
recognised either within other income or cost of sales, depending on what the underlying
monetary asset or liability relates to.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-517": { "value": "b) Finance income Finance income comprises interest income on cash balances, the calculated interest income on pensions assets for schemes which are in surplus and net foreign exchange gains or losses on cash balances and loans receivables. Interest income is recognised using the effective interest rate. Net foreign exchange gains or losses on other monetary assets or liabilities are recognised either within other income or cost of sales, depending on what the underlying monetary asset or liability relates to. c) Finance costs Finance costs comprise interest expense on borrowings which are not capitalised under the borrowing costs policy, the calculated interest expense on pension liabilities for schemes which are in deficit, the interest costs on lease liabilities and net foreign exchange gains or losses on external loans. Net foreign exchange gains or losses on other monetary assets or liabilities are recognised either within other income or cost of sales, depending on what the underlying monetary asset or liability relates to. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "c) Finance costs Finance costs comprise interest expense on borrowings which are not capitalised under the borrowing costs policy, the calculated interest expense on pension liabilities for schemes which are in deficit, the interest costs on lease liabilities and net foreign exchange gains or losses on external loans. Net foreign exchange gains or losses on other monetary assets or liabilities are recognised either within other income or cost of sales, depending on what the underlying monetary asset or liability relates to. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "
d) Dividends
Dividends are recognised as a liability in the period in which they are approved by shareholders.
Dividends receivable are recognised when the Group\u2019s right to receive payment is established.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "
e) Business combinations
Business combinations are accounted for using the acquisition method. Goodwill on business
combinations is recognised as the fair value of the consideration, including the full cost of any
derivative financial instruments used to hedge this item, less the fair value of the identifiable
assets and liabilities acquired and is recognised as an asset in the consolidated balance sheet.
Costs directly attributable to business combinations are recognised as an expense within the
income statement as incurred.
Acquisitions and disposals of non-controlling interests that do not result in a change of control are
accounted for as transactions with owners in their capacity as owners and therefore no goodwill
is recognised as a result of such transactions. The adjustments to non-controlling interests are
based on a proportionate amount of the net assets of the subsidiary. Any difference between the
price paid or received and the amount by which non-controlling interests are adjusted is
recognised directly in equity and attributed to the owners of the parent.
If the initial accounting for a business combination is incomplete by the end of the reporting period
in which the combination occurs, the Group reports provisional amounts for the items for which
the accounting is incomplete. Those provisional amounts are adjusted during the measurement
period (which is no longer than 12 months from the acquisition date), or additional assets or
liabilities are recognised, to reflect new information obtained about facts and circumstances that
existed as of the acquisition date that, if known, would have affected the amounts recognised
as of that date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "
f) Property, plant and equipment
Initial measurement
Property, plant and equipment is stated at cost less accumulated depreciation and impairment
losses. The cost of a tangible fixed asset comprises its purchase price and any costs directly
attributable to bringing it into working condition for its intended use. The cost of self constructed
assets includes the cost of materials, direct labour and an appropriate proportion of production
overheads.
Depreciation
The cost of each item of property, plant and equipment is depreciated over its useful life.
Depreciation is charged to the income statement so as to write off the cost less estimated residual
value on a straight-line basis over the estimated useful life of the asset. Depreciation commences
on the date the assets are ready for use within the business and the asset carrying values are
reviewed for impairment when there is an indication that they may be impaired. Freehold land
is not depreciated.
The depreciation rates of assets are as follows:
Freehold buildings 50 years
Leasehold building improvements 50 years (or over the period of the lease, if shorter)
Plant and equipment 3 to 10 years
Borrowing costs directly attributable to the acquisition, construction or production of qualifying
assets that take a substantial period of time to get ready for their intended use are capitalised as
part of the cost of the respective asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "Depreciation The cost of each item of property, plant and equipment is depreciated over its useful life. Depreciation is charged to the income statement so as to write off the cost less estimated residual value on a straight-line basis over the estimated useful life of the asset. Depreciation commences on the date the assets are ready for use within the business and the asset carrying values are reviewed for impairment when there is an indication that they may be impaired. Freehold land is not depreciated. The depreciation rates of assets are as follows: Freehold buildings 50 years Leasehold building improvements 50 years (or over the period of the lease, if shorter) Plant and equipment 3 to 10 years Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets that take a substantial period of time to get ready for their intended use are capitalised as part of the cost of the respective asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "
g) Leases
The Group applies IFRS 16 \u2018Leases\u2019 and recognises right-of-use assets and lease liabilities for
most leases (unless the lease term is 12 months or less or the underlying asset has a low value).
The Group recognises a lease liability at the lease commencement date, measured as the present
value of the future lease payments, discounted at the incremental borrowing rate. A corresponding
right-of-use asset is recognised separately on the face of the consolidated balance sheet, net of
accumulated depreciation and impairment losses.
The Group has applied judgement to determine the lease term for contracts that include renewal
options. The assessment of whether the exercise of such options is reasonably certain impacts
the lease term, which affects the amount of lease liability and right-of-use asset recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "
h) Government grants
Government grants relating to non-current assets are treated as deferred income and credited to
the income statement by equal instalments over the anticipated useful lives of the assets to which
the grants relate. Other grants are credited to the income statement over the period of the project
to which they relate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "
i) Goodwill
Goodwill arising on the acquisition of a business, representing the difference between the cost
of acquisition and the fair value of the identifiable net assets acquired, is capitalised and is tested
annually for impairment. Goodwill is not amortised, and any impairment losses are not
subsequently reversed. On the subsequent disposal or discontinuance of a previously acquired
business, the relevant goodwill is included in the gain or loss on disposal within the consolidated
income statement except to the extent it has been previously impaired.
Negative goodwill arising on the acquisition of a business is credited to the consolidated income
statement on acquisition as part of acquisition costs reported outside adjusted profit.
Cash-generating units to which goodwill has been allocated are tested for impairment annually, or
more frequently when there is an indication that the unit may be impaired. If the recoverable
amount of the cash-generating unit is less than the carrying amount of the unit, the impairment
loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then
to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the
unit. An impairment loss recognised for goodwill is not reversed in a subsequent period.
j) Other intangible assets Intangible assets acquired as part of a business combination are stated in the balance sheet at their fair value at the date of acquisition less accumulated amortisation. Expenditure on research activities undertaken with the prospect of gaining new scientific or technical knowledge and understanding is recognised in the income statement as incurred. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalised if the product or process is technically and commercially feasible and the Group has sufficient resources to complete development. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Other development expenditure is recognised in the income statement as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses. The carrying values of intangible assets are tested for impairment whenever there is an indication that they may be impaired. Customer relationships and contracts are valued on the basis of the net present value of the future additional cash flows arising from customer relationships with appropriate allowance for attrition of customers. Acquired computer software licences for use within the Group are capitalised as an intangible asset on the basis of the costs incurred to acquire and bring to use the specific software. Costs that are directly associated with the implementation of identifiable and unique software products controlled by the Group and that will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets. Capitalised software development expenditure is stated at cost less accumulated amortisation. The amortisation rates for intangible assets are: Acquired patents and licences up to 10 years Product development costs 5 years Customer relationships 3 to 22 years Order backlog up to 2 years Software 3 to 5 years Amortisation is charged on a straight-line basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "i) Goodwill Goodwill arising on the acquisition of a business, representing the difference between the cost of acquisition and the fair value of the identifiable net assets acquired, is capitalised and is tested annually for impairment. Goodwill is not amortised, and any impairment losses are not subsequently reversed. On the subsequent disposal or discontinuance of a previously acquired business, the relevant goodwill is included in the gain or loss on disposal within the consolidated income statement except to the extent it has been previously impaired. Negative goodwill arising on the acquisition of a business is credited to the consolidated income statement on acquisition as part of acquisition costs reported outside adjusted profit. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "
j) Other intangible assets
Intangible assets acquired as part of a business combination are stated in the balance sheet
at their fair value at the date of acquisition less accumulated amortisation.
Expenditure on research activities undertaken with the prospect of gaining new scientific or
technical knowledge and understanding is recognised in the income statement as incurred.
Expenditure on development activities, whereby research findings are applied to a plan or design
for the production of new or substantially improved products and processes, is capitalised if the
product or process is technically and commercially feasible and the Group has sufficient
resources to complete development. The expenditure capitalised includes the cost of materials,
direct labour and an appropriate proportion of overheads. Other development expenditure is
recognised in the income statement as incurred. Capitalised development expenditure is stated
at cost less accumulated amortisation and impairment losses. The carrying values of intangible
assets are tested for impairment whenever there is an indication that they may be impaired.
Customer relationships and contracts are valued on the basis of the net present value of the future
additional cash flows arising from customer relationships with appropriate allowance for attrition
of customers.
Acquired computer software licences for use within the Group are capitalised as an intangible
asset on the basis of the costs incurred to acquire and bring to use the specific software. Costs
that are directly associated with the implementation of identifiable and unique software products
controlled by the Group and that will probably generate economic benefits exceeding costs
beyond one year, are recognised as intangible assets. Capitalised software development
expenditure is stated at cost less accumulated amortisation.
The amortisation rates for intangible assets are:
Acquired patents and licences up to 10 years
Product development costs 5 years
Customer relationships 3 to 22 years
Order backlog up to 2 years
Software 3 to 5 years
Amortisation is charged on a straight-line basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "
k) Deferred taxation
Deferred taxation is provided on taxable temporary differences between the carrying amounts
of assets and liabilities in the financial statements and their corresponding tax bases. No provision
is made for deferred tax which would become payable on the distribution of retained profits by
overseas subsidiaries where the timing of the reversal of the temporary difference can be
controlled and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax is measured using the tax rates expected to apply when the asset is realised, or the
liability settled based on tax rates enacted or substantively enacted by the balance sheet date.
However, deferred tax is not provided on the initial recognition of goodwill, nor on the initial
recognition of an asset or liability unless the related transaction is a business combination or
affects tax or accounting profit.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits
will be available against which the asset can be utilised or that they will reverse. Deferred tax
assets are reduced to the extent that it is no longer probable that the related tax benefit will be
realised.
Deferred tax assets and liabilities are offset if a legally enforceable right exists to set off current tax
assets against current tax liabilities and the deferred taxes relate to the same taxable entity and
the same taxation authority.
n) Income tax
Income tax for the year comprises current and deferred tax. Income tax is recognised in the
income statement except to the extent that it relates to items charged or credited directly to equity,
in which case it is recognised in equity. Current tax expense is the expected tax payable on the
taxable income for the year and any adjustment to tax payable in respect of previous years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "k) Deferred taxation Deferred taxation is provided on taxable temporary differences between the carrying amounts of assets and liabilities in the financial statements and their corresponding tax bases. No provision is made for deferred tax which would become payable on the distribution of retained profits by overseas subsidiaries where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is measured using the tax rates expected to apply when the asset is realised, or the liability settled based on tax rates enacted or substantively enacted by the balance sheet date. However, deferred tax is not provided on the initial recognition of goodwill, nor on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised or that they will reverse. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax assets and liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. n) Income tax Income tax for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items charged or credited directly to equity, in which case it is recognised in equity. Current tax expense is the expected tax payable on the taxable income for the year and any adjustment to tax payable in respect of previous years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "
l) Inventories
Inventories are valued at the lower of cost, including related overheads, and net realisable value.
Cost comprises direct materials and, where applicable, direct labour costs and the overheads
incurred in bringing inventories to their present location and condition. Cost is calculated on a
weighted average cost basis. Net realisable value is based on estimated selling price less costs
expected to be incurred to completion and disposal. Provisions are made for obsolescence or
other expected losses where necessary.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "
m) Financial instruments
Recognition
The Group recognises financial assets and liabilities on its balance sheet when it becomes a party
to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amount is reported in the balance sheet when
there is a legally enforceable right to set off the recognised amounts and there is an intention to
settle on a net basis, or realise the asset and settle the liability simultaneously.
Measurement
When financial assets and liabilities are initially recognised, they are measured at fair value being
the consideration given or received plus (or minus) directly attributable transaction costs.
Trade receivables are recognised at transaction price (i.e. original invoice price) and subsequently
measured at amortised cost less provision made for loss allowance of these receivables based
upon the expected credit loss model (simplified model). All trade receivables are held to collect
contractual cash flows within a business model and meet the \u2018Solely Payments of Principal and
Interest\u2019 (SPPI) test.
Trade payables are carried at the amounts expected to be paid to counterparties and are held at
amortised cost.
Borrowings are initially recognised at the fair value of the consideration received less directly
attributable transaction costs. After initial recognition, borrowings are subsequently measured
at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash at bank and in hand, short-term deposits held on call or with maturities of less than three months at inception, and highly liquid investments that are readily convertible into known amounts of cash and are subject to insignificant risk of changes in value. Within the cashflow statement this definition also includes bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management. Cash and cash equivalents are initially recognised at fair value and subsequently are measured at amortised cost because they meet the SPPI test. In determining estimated fair value, investments are valued at quoted bid prices on the trade date. Derivatives and hedge accounting The Group uses derivative financial instruments such as forward foreign exchange contracts and interest rate derivatives to hedge risks associated with foreign exchange fluctuations and interest rate risk. These are designated as cash flow hedges (CFH). 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 its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in cash flows of the hedged item. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are deferred in equity. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Amounts deferred in equity are reclassified to the income statement in the periods when the hedged item is recognised in the income statement, in the same line of the income statement as the recognised hedged item. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. Any cumulative gain or loss deferred in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was deferred in equity is recognised immediately in the income statement. When hedging the foreign currency risk on a forecast business combination, the Group includes the accumulated gains or losses on hedging instruments within goodwill as a \u2018basis adjustment\u2019. Derecognition A financial asset is derecognised when the Group loses control over the contractual rights that comprise that asset. This occurs when the rights are realised, expire or are surrendered. A financial liability is derecognised when it is extinguished. Originated loans and receivables are derecognised on the date they are transferred by the Group.
Impairment of financial assets \u2013 other financial assets
At each reporting date the Group assesses credit risk by considering reasonable and supportable
information that may indicate increases in credit risk. Indicators that an asset carries a higher
credit risk compared to that at inception or that an asset is credit-impaired would include
observable data in relation to the financial health of the debtor: significant financial difficulty of
the issuer or the debtor; the debtor breaching contract; it being probable that the debtor will enter
bankruptcy or financial reorganisation.
The amount of credit risk provision is the difference between the original carrying amount and the
recoverable amount, being the present value of expected cash flows receivable (discounted using
the original effective interest rate). The amount of the provision is recognised in the income
statement within administrative expenses.
Financial assets are written off when there is evidence indicating that the debtor is in severe
financial difficulty and the Group has no realistic prospect of recovery. Receivables written off
are still subject to enforcement activity and pursued by the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "Trade receivables are recognised at transaction price (i.e. original invoice price) and subsequently measured at amortised cost less provision made for loss allowance of these receivables based upon the expected credit loss model (simplified model). All trade receivables are held to collect contractual cash flows within a business model and meet the \u2018Solely Payments of Principal and Interest\u2019 (SPPI) test. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "Trade payables are carried at the amounts expected to be paid to counterparties and are held at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-518": { "value": "Borrowings are initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "Borrowings are initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "Cash and cash equivalents comprise cash at bank and in hand, short-term deposits held on call or with maturities of less than three months at inception, and highly liquid investments that are readily convertible into known amounts of cash and are subject to insignificant risk of changes in value. Within the cashflow statement this definition also includes bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management. Cash and cash equivalents are initially recognised at fair value and subsequently are measured at amortised cost because they meet the SPPI test. In determining estimated fair value, investments are valued at quoted bid prices on the trade date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-520": { "value": "Derivatives and hedge accounting The Group uses derivative financial instruments such as forward foreign exchange contracts and interest rate derivatives to hedge risks associated with foreign exchange fluctuations and interest rate risk. These are designated as cash flow hedges (CFH). 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 its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in cash flows of the hedged item. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are deferred in equity. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Amounts deferred in equity are reclassified to the income statement in the periods when the hedged item is recognised in the income statement, in the same line of the income statement as the recognised hedged item. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. Any cumulative gain or loss deferred in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was deferred in equity is recognised immediately in the income statement. When hedging the foreign currency risk on a forecast business combination, the Group includes the accumulated gains or losses on hedging instruments within goodwill as a \u2018basis adjustment\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "Derivatives and hedge accounting The Group uses derivative financial instruments such as forward foreign exchange contracts and interest rate derivatives to hedge risks associated with foreign exchange fluctuations and interest rate risk. These are designated as cash flow hedges (CFH). 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 its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in cash flows of the hedged item. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are deferred in equity. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Amounts deferred in equity are reclassified to the income statement in the periods when the hedged item is recognised in the income statement, in the same line of the income statement as the recognised hedged item. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. Any cumulative gain or loss deferred in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was deferred in equity is recognised immediately in the income statement. When hedging the foreign currency risk on a forecast business combination, the Group includes the accumulated gains or losses on hedging instruments within goodwill as a \u2018basis adjustment\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "Derecognition A financial asset is derecognised when the Group loses control over the contractual rights that comprise that asset. This occurs when the rights are realised, expire or are surrendered. A financial liability is derecognised when it is extinguished. Originated loans and receivables are derecognised on the date they are transferred by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-519": { "value": "Impairment of financial assets \u2013 other financial assets At each reporting date the Group assesses credit risk by considering reasonable and supportable information that may indicate increases in credit risk. Indicators that an asset carries a higher credit risk compared to that at inception or that an asset is credit-impaired would include observable data in relation to the financial health of the debtor: significant financial difficulty of the issuer or the debtor; the debtor breaching contract; it being probable that the debtor will enter bankruptcy or financial reorganisation. The amount of credit risk provision is the difference between the original carrying amount and the recoverable amount, being the present value of expected cash flows receivable (discounted using the original effective interest rate). The amount of the provision is recognised in the income statement within administrative expenses. Financial assets are written off when there is evidence indicating that the debtor is in severe financial difficulty and the Group has no realistic prospect of recovery. Receivables written off are still subject to enforcement activity and pursued by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "Impairment of financial assets \u2013 other financial assets At each reporting date the Group assesses credit risk by considering reasonable and supportable information that may indicate increases in credit risk. Indicators that an asset carries a higher credit risk compared to that at inception or that an asset is credit-impaired would include observable data in relation to the financial health of the debtor: significant financial difficulty of the issuer or the debtor; the debtor breaching contract; it being probable that the debtor will enter bankruptcy or financial reorganisation. The amount of credit risk provision is the difference between the original carrying amount and the recoverable amount, being the present value of expected cash flows receivable (discounted using the original effective interest rate). The amount of the provision is recognised in the income statement within administrative expenses. Financial assets are written off when there is evidence indicating that the debtor is in severe financial difficulty and the Group has no realistic prospect of recovery. Receivables written off are still subject to enforcement activity and pursued by the Group. s) Impairment of non-financial assets Property, plant and equipment and intangible assets (excluding goodwill) carrying amounts are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the asset is estimated. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate. Assets that do not generate largely independent cash flows are assessed based on the CGU to which the asset belongs. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, an impairment loss is recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "
o) Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) because
of a past event, it is probable that an outflow of resources will be required to settle the obligation
and a reliable estimate can be made of the amount. If the effect of the time value of money is
material, provisions are determined by discounting the expected future cash flows at a pre-tax rate
that reflects current market assessments of the time value of money and, where appropriate, the
risks specific to the liability. Where discounting is used, the increase in the provision due to the
passage of time is recognised as a finance cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "p) Employee benefits The Group operates defined benefit post-retirement benefit schemes and defined contribution pension schemes. Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised in the income statement in the periods during which services are rendered by employees.
Defined benefit plans
The net liability recognised in the balance sheet for defined benefit schemes is the present value
of the schemes\u2019 liabilities less the fair value of the schemes\u2019 assets. The operating and financing
costs of defined benefit schemes are recognised separately in the income statement.
Operating costs comprise the current service cost, any gains or losses on settlement or
curtailments, and past service costs. Net interest income and expense on net defined benefit
assets and liabilities is determined by applying discount rates used to measure defined benefit
obligations at the beginning of the year to net defined benefit assets and liabilities at the beginning
of the year and is included in finance income and costs. Remeasurements arising from defined
benefit plans comprise actuarial gains and losses, the return on plan assets (excluding interest)
and the effect of the asset ceiling (if any, excluding interest).
The Group recognises remeasurements immediately in other comprehensive income and all other
expenses related to defined benefit plans in employee benefit expenses in profit or loss. Surpluses
are recognised where, on wind-up, the Group has unconditional right to any surplus and Trustees
do not have unilateral power to alter members\u2019 benefits.
Termination benefits
Termination benefits are recognised as an expense when the Group is committed demonstrably,
without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment
before the normal retirement date, or to provide termination benefits as a result of an offer made to
encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised
as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer
will be accepted, and the number of acceptances can be estimated reliably.
Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are
expensed as the related service is provided. A liability is recognised for the amount expected to be
paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or
constructive obligation to pay this amount as a result of past service provided by the employee,
and the obligation can be estimated reliably.
Share-based payments
Certain employees of the Group receive part of their remuneration in the form of share-based
payment transactions, whereby employees render services in exchange for shares or rights over
shares (equity-settled transactions). The cost of equity-settled transactions with employees is
measured at fair value at the date at which they are granted. The fair value of share awards with
market-related vesting conditions is determined by an external consultant and the fair value at the
grant date is expensed on a straight-line basis over the vesting period based on the Group\u2019s
estimate of shares that will eventually vest. The estimate of the number of awards likely to vest is
reviewed at each balance sheet date up to the vesting date at which point the estimate is adjusted
to reflect the actual outcome of awards which have vested. No adjustment is made to the fair
value after the vesting date even if the awards are forfeited or not exercised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-489": { "value": "Termination benefits Termination benefits are recognised as an expense when the Group is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-488": { "value": "Share-based payments Certain employees of the Group receive part of their remuneration in the form of share-based payment transactions, whereby employees render services in exchange for shares or rights over shares (equity-settled transactions). The cost of equity-settled transactions with employees is measured at fair value at the date at which they are granted. The fair value of share awards with market-related vesting conditions is determined by an external consultant and the fair value at the grant date is expensed on a straight-line basis over the vesting period based on the Group\u2019s estimate of shares that will eventually vest. The estimate of the number of awards likely to vest is reviewed at each balance sheet date up to the vesting date at which point the estimate is adjusted to reflect the actual outcome of awards which have vested. No adjustment is made to the fair value after the vesting date even if the awards are forfeited or not exercised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "
q) Own shares
Own equity instruments which are re-acquired (own shares) are recognised at cost and deducted
from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue
or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying
amount and the consideration paid to acquire such equity instruments is recognised within
retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "
r) Foreign currency translation
The functional currency for each entity in the Group is determined with reference to the currency
of the primary economic environment in which it operates. Transactions in currencies other than
the functional currency are initially recorded at the functional currency rate ruling at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at
the rate of exchange ruling at the balance sheet date. Exchange gains and losses on settlement of
foreign currency transactions translated at the rate prevailing at the date of the transactions, or the
translation of monetary assets and liabilities at period end exchange rates, are taken to the income
statement. Non monetary assets and liabilities denominated in foreign currencies that are stated
at historical cost are translated to the functional currency at the foreign exchange rate ruling at the
date of the transaction.
On consolidation, income statements of subsidiaries are translated into sterling at average rates
of exchange. Balance sheet items are translated into sterling at period end exchange rates.
Exchange differences on the retranslation are taken to equity. Exchange differences on foreign
currency borrowings financing those net investments (which are designated as net investment
hedges) and exchange differences on intercompany loans which will not be repaid in the
foreseeable future (which are treated as quasi equity) are also recorded within equity and are
reported in the statement of comprehensive income. All other exchange differences are charged
or credited to the income statement in the year in which they arise. On disposal of an overseas
subsidiary any cumulative exchange movements relating to that subsidiary held in the translation
reserve are transferred to the consolidated income statement.
All currencies used within the Group are freely and immediately exchangeable for other currencies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "
s) Impairment of non-financial assets
Property, plant and equipment and intangible assets (excluding goodwill) carrying amounts are
reviewed at each reporting date to determine whether there is any indication of impairment. If any
such indication exists, the recoverable amount of the asset is estimated. Recoverable amount is
the higher of fair value less costs of disposal and value in use. In assessing value in use, the
estimated future cash flows are discounted to their present value using a pre-tax discount rate.
Assets that do not generate largely independent cash flows are assessed based on the CGU to
which the asset belongs. If the recoverable amount of an asset (or CGU) is estimated to be less
than its carrying amount, an impairment loss is recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "
3 Segmental reporting
The Group is organised into three regions, as shown below. Each of these regions represents an
operating segment in accordance with IFRS 8 \u2018Operating segments\u2019 and there is no aggregation of
segments. The chief operating decision maker is the Chief Executive Officer. The operating
segments are:
\u2013 Europe \u2013 the Europe segment encompasses all the Group\u2019s European operations comprising
the manufacturing sites in Sheffield, Bedlington, Manchester, Barnstaple, Nottingham,
Abercynon, Fairford and Eastleigh as well as the European sales offices. The regional segment
is supported by a leadership team who have functional responsibilities that span the individual
entities within the business;
\u2013 North America \u2013 the North America segment encompasses all the Group\u2019s North American
operations comprising Juarez, Mexicali, Dallas, Minneapolis, Kansas, Denver, Cleveland and
Boston. The regional segment is supported by a leadership team who have functional
responsibilities that span the individual entities within the business;
\u2013 Asia \u2013 the Asia segment encompasses all the Group\u2019s Asian operations comprising the
manufacturing sites in Suzhou and Kuantan and the Singapore sales office. The regional
segment is supported by a leadership team who have functional responsibilities that span the
individual entities within the business.
The key performance measure of the operating segments is adjusted operating profit. Refer to the
section titled \u2018Reconciliation of KPIs and non-IFRS Measures\u2019 for a definition of adjusted operating
profit.
Corporate costs \u2013 Resources and costs of the head office managed centrally but deployed in
support of the operating units are allocated to segments based on a combination of revenue and
adjusted operating profit.
Resources and costs of the head office which are not related to the operating activities of the
trading units are not allocated to regions and are separately disclosed, equivalent to the segment
disclosure information, so that reporting is consistent with the format that is used for review by the
chief operating decision maker. This gives greater transparency of the adjusted operating profits
for each segment. Adjusting items are not allocated to segments for reporting purposes. For
further discussion of these items see note 6.
The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies.
Group financing (including finance costs and finance income) and income taxes are managed on
a Group basis and are not allocated to operating segments. Goodwill is allocated to the segments
which comprise groups of cash generating units as this is the level at which goodwill is monitored.
a) Income statement information
2025
Total
North Operating
\u00a3million
Europe
America
Asia
Segments
Central
Total
Sales to external customers
144.4
173.1
163.9
481.4
\u2013
481.4
Adjusted operating profit
22.1
1.2
21.6
44.9
( 7.7)
37.2
Add back: adjustments made to
operating profit (note 6)
1
\u2013
(17.3)
\u2013
(17.3)
(48.1)
(65.4)
Operating profit/(loss)
22.1
(16.1)
21.6
27.6
(55.8)
(28.2)
Net finance costs
(8.5)
Loss before taxation
(36.7)
2024
Total
North Operating
\u00a3million
Europe
America
Asia
Segments
Central
Total
Sales to external customers
146.3
184.4
190.4
521.1
\u2013
521.1
Adjusted operating profit
18.9
(2.7)
28.5
44.7
(7.6)
37.1
Add back: adjustments made to
operating profit (note 6)
\u2013
(15.4)
\u2013
(15.4)
(45.2)
(60.6)
Operating profit/(loss)
18.9
(18.1)
28.5
29.3
(52.8)
(23.5)
Net finance costs
(9.9)
Loss before taxation
(33.4)
1. Adjustments made to Central operating profit include \u00a337.2 million of goodwill relating to the North America segment as all goodwill
is held centrally on consolidation.
b) Segment assets and liabilities
Assets
Liabilities
\u00a3million
2025
2024
2025
2024
Europe
143.4
148.2
38.1
37.4
North America
110.0
178.3
47.1
42.6
Asia
77.5
86.7
38.7
58.6
Segment assets and liabilities
330.9
413.2
123.9
138.6
Pensions
7.4
7.1
1.3
1.5
Unallocated
55.7
92.0
121.3
177.3
Total assets/liabilities
394.0
512.3
246.5
317.4
Unallocated assets of \u00a355.7 million (2024: \u00a392.0 million) comprise deferred tax assets of \u00a38.0
million (2024: \u00a313.1 million), cash and cash equivalents of \u00a338.7 million (2024: \u00a369.2 million),
income tax receivable of \u00a33.3 million (2024: \u00a32.9 million), and assets associated with the central
corporate function of \u00a35.7 million (2024: \u00a36.8 million).
Unallocated liabilities of \u00a3121.3 million (2024: \u00a3177.3 million) comprise borrowings (excluding
leases and overdrafts) of \u00a388.9 million (2024: \u00a3149.2 million), overdrafts of \u00a30.1 million (2024: \u00a30.1
million), deferred tax liability of \u00a35.7 million (2024: \u00a33.5 million), income taxes payable of \u00a314.9
million (2024: \u00a313.1 million), and liabilities associated with the central corporate function of \u00a311.7
million (2024: \u00a311.4 million).
Capital expenditure
Depreciation and amortisation
\u00a3million
2025
2024
2025
2024
Europe
3.8
4.2
4.3
4.5
North America
3.4
3.6
5.3
6.7
Asia
2.0
1.4
2.5
2.6
Total
9.2
9.2
12.1
13.8
c) Geographic information Revenue by destination The Group operates on a global basis. Revenue from external customers by geographical destination is shown below. Management monitors and reviews revenue by region rather than by individual country given the significant number of countries where customers are based.
\u00a3million
2025
2024
United Kingdom
100.4
111.8
Rest of Europe
83.1
71.6
North America
189.0
214.6
Asia
106.4
122.6
Rest of the World
2.5
0.5
481.4
521.1
Revenue from services is less than 1% of Group revenues. All other revenue is from the sale of goods. Non-current assets The carrying amount of non-current assets, excluding deferred tax assets, derivatives and pensions, analysed by the geographical area is shown below:
\u00a3million
2025
2024
United Kingdom
89.3
91.5
North America
26.7
76.0
Central and South America
6.0
8.1
Asia
19.2
19.8
141.2
195.4
d) Market information key customers
The Group operates in the following markets:
\u00a3million
2025
2024
Healthcare
107.8
118.1
Aerospace and defence
152.8
142.1
Automation and electrification
140.1
174.3
Distributors
80.7
86.6
481.4
521.1
The Group had no customers who contributed greater than 10% of revenues in 2025 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-521": { "value": "3 Segmental reporting The Group is organised into three regions, as shown below. Each of these regions represents an operating segment in accordance with IFRS 8 \u2018Operating segments\u2019 and there is no aggregation of segments. The chief operating decision maker is the Chief Executive Officer. The operating segments are: \u2013 Europe \u2013 the Europe segment encompasses all the Group\u2019s European operations comprising the manufacturing sites in Sheffield, Bedlington, Manchester, Barnstaple, Nottingham, Abercynon, Fairford and Eastleigh as well as the European sales offices. The regional segment is supported by a leadership team who have functional responsibilities that span the individual entities within the business; \u2013 North America \u2013 the North America segment encompasses all the Group\u2019s North American operations comprising Juarez, Mexicali, Dallas, Minneapolis, Kansas, Denver, Cleveland and Boston. The regional segment is supported by a leadership team who have functional responsibilities that span the individual entities within the business; \u2013 Asia \u2013 the Asia segment encompasses all the Group\u2019s Asian operations comprising the manufacturing sites in Suzhou and Kuantan and the Singapore sales office. The regional segment is supported by a leadership team who have functional responsibilities that span the individual entities within the business. The key performance measure of the operating segments is adjusted operating profit. Refer to the section titled \u2018Reconciliation of KPIs and non-IFRS Measures\u2019 for a definition of adjusted operating profit. Corporate costs \u2013 Resources and costs of the head office managed centrally but deployed in support of the operating units are allocated to segments based on a combination of revenue and adjusted operating profit. Resources and costs of the head office which are not related to the operating activities of the trading units are not allocated to regions and are separately disclosed, equivalent to the segment disclosure information, so that reporting is consistent with the format that is used for review by the chief operating decision maker. This gives greater transparency of the adjusted operating profits for each segment. Adjusting items are not allocated to segments for reporting purposes. For further discussion of these items see note 6. The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies. Group financing (including finance costs and finance income) and income taxes are managed on a Group basis and are not allocated to operating segments. Goodwill is allocated to the segments which comprise groups of cash generating units as this is the level at which goodwill is monitored. a) Income statement information
2025
Total
North Operating
\u00a3million
Europe
America
Asia
Segments
Central
Total
Sales to external customers
144.4
173.1
163.9
481.4
\u2013
481.4
Adjusted operating profit
22.1
1.2
21.6
44.9
( 7.7)
37.2
Add back: adjustments made to
operating profit (note 6)
1
\u2013
(17.3)
\u2013
(17.3)
(48.1)
(65.4)
Operating profit/(loss)
22.1
(16.1)
21.6
27.6
(55.8)
(28.2)
Net finance costs
(8.5)
Loss before taxation
(36.7)
2024
Total
North Operating
\u00a3million
Europe
America
Asia
Segments
Central
Total
Sales to external customers
146.3
184.4
190.4
521.1
\u2013
521.1
Adjusted operating profit
18.9
(2.7)
28.5
44.7
(7.6)
37.1
Add back: adjustments made to
operating profit (note 6)
\u2013
(15.4)
\u2013
(15.4)
(45.2)
(60.6)
Operating profit/(loss)
18.9
(18.1)
28.5
29.3
(52.8)
(23.5)
Net finance costs
(9.9)
Loss before taxation
(33.4)
1. Adjustments made to Central operating profit include \u00a337.2 million of goodwill relating to the North America segment as all goodwill is held centrally on consolidation. b) Segment assets and liabilities
Assets
Liabilities
\u00a3million
2025
2024
2025
2024
Europe
143.4
148.2
38.1
37.4
North America
110.0
178.3
47.1
42.6
Asia
77.5
86.7
38.7
58.6
Segment assets and liabilities
330.9
413.2
123.9
138.6
Pensions
7.4
7.1
1.3
1.5
Unallocated
55.7
92.0
121.3
177.3
Total assets/liabilities
394.0
512.3
246.5
317.4
Unallocated assets of \u00a355.7 million (2024: \u00a392.0 million) comprise deferred tax assets of \u00a38.0 million (2024: \u00a313.1 million), cash and cash equivalents of \u00a338.7 million (2024: \u00a369.2 million), income tax receivable of \u00a33.3 million (2024: \u00a32.9 million), and assets associated with the central corporate function of \u00a35.7 million (2024: \u00a36.8 million). Unallocated liabilities of \u00a3121.3 million (2024: \u00a3177.3 million) comprise borrowings (excluding leases and overdrafts) of \u00a388.9 million (2024: \u00a3149.2 million), overdrafts of \u00a30.1 million (2024: \u00a30.1 million), deferred tax liability of \u00a35.7 million (2024: \u00a33.5 million), income taxes payable of \u00a314.9 million (2024: \u00a313.1 million), and liabilities associated with the central corporate function of \u00a311.7 million (2024: \u00a311.4 million).
Capital expenditure
Depreciation and amortisation
\u00a3million
2025
2024
2025
2024
Europe
3.8
4.2
4.3
4.5
North America
3.4
3.6
5.3
6.7
Asia
2.0
1.4
2.5
2.6
Total
9.2
9.2
12.1
13.8
c) Geographic information Revenue by destination The Group operates on a global basis. Revenue from external customers by geographical destination is shown below. Management monitors and reviews revenue by region rather than by individual country given the significant number of countries where customers are based.
\u00a3million
2025
2024
United Kingdom
100.4
111.8
Rest of Europe
83.1
71.6
North America
189.0
214.6
Asia
106.4
122.6
Rest of the World
2.5
0.5
481.4
521.1
Revenue from services is less than 1% of Group revenues. All other revenue is from the sale of goods. Non-current assets The carrying amount of non-current assets, excluding deferred tax assets, derivatives and pensions, analysed by the geographical area is shown below:
\u00a3million
2025
2024
United Kingdom
89.3
91.5
North America
26.7
76.0
Central and South America
6.0
8.1
Asia
19.2
19.8
141.2
195.4
d) Market information key customers The Group operates in the following markets:
\u00a3million
2025
2024
Healthcare
107.8
118.1
Aerospace and defence
152.8
142.1
Automation and electrification
140.1
174.3
Distributors
80.7
86.6
481.4
521.1
The Group had no customers who contributed greater than 10% of revenues in 2025 or 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-490": { "value": "
c) Geographic information
Revenue by destination
The Group operates on a global basis. Revenue from external customers by geographical
destination is shown below. Management monitors and reviews revenue by region rather than
by individual country given the significant number of countries where customers are based.
\u00a3million
2025
2024
United Kingdom
100.4
111.8
Rest of Europe
83.1
71.6
North America
189.0
214.6
Asia
106.4
122.6
Rest of the World
2.5
0.5
481.4
521.1
Revenue from services is less than 1% of Group revenues. All other revenue is from the sale
of goods.
Non-current assets
The carrying amount of non-current assets, excluding deferred tax assets, derivatives and
pensions, analysed by the geographical area is shown below:
\u00a3million
2025
2024
United Kingdom
89.3
91.5
North America
26.7
76.0
Central and South America
6.0
8.1
Asia
19.2
19.8
141.2
195.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "
4 Finance costs and finance income
\u00a3million
2025
2024
Interest income
0.1
0.5
Net interest income on pension schemes in surplus
0.3
1.1
Finance income
0.4
1.6
Interest expense
7.2
10.1
Interest on lease liabilities
0.6
0.7
Net interest expense on pension schemes in deficit
0.1
0.1
Amortisation of arrangement fees
1.0
0.6
Finance costs
8.9
11.5
Net finance costs
8.5
9.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-534": { "value": "4 Finance costs and finance income
\u00a3million
2025
2024
Interest income
0.1
0.5
Net interest income on pension schemes in surplus
0.3
1.1
Finance income
0.4
1.6
Interest expense
7.2
10.1
Interest on lease liabilities
0.6
0.7
Net interest expense on pension schemes in deficit
0.1
0.1
Amortisation of arrangement fees
1.0
0.6
Finance costs
8.9
11.5
Net finance costs
8.5
9.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-532": { "value": "4 Finance costs and finance income
\u00a3million
2025
2024
Interest income
0.1
0.5
Net interest income on pension schemes in surplus
0.3
1.1
Finance income
0.4
1.6
Interest expense
7.2
10.1
Interest on lease liabilities
0.6
0.7
Net interest expense on pension schemes in deficit
0.1
0.1
Amortisation of arrangement fees
1.0
0.6
Finance costs
8.9
11.5
Net finance costs
8.5
9.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-529": { "value": "4 Finance costs and finance income
\u00a3million
2025
2024
Interest income
0.1
0.5
Net interest income on pension schemes in surplus
0.3
1.1
Finance income
0.4
1.6
Interest expense
7.2
10.1
Interest on lease liabilities
0.6
0.7
Net interest expense on pension schemes in deficit
0.1
0.1
Amortisation of arrangement fees
1.0
0.6
Finance costs
8.9
11.5
Net finance costs
8.5
9.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-522": { "value": "4 Finance costs and finance income
\u00a3million
2025
2024
Interest income
0.1
0.5
Net interest income on pension schemes in surplus
0.3
1.1
Finance income
0.4
1.6
Interest expense
7.2
10.1
Interest on lease liabilities
0.6
0.7
Net interest expense on pension schemes in deficit
0.1
0.1
Amortisation of arrangement fees
1.0
0.6
Finance costs
8.9
11.5
Net finance costs
8.5
9.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-491": { "value": "4 Finance costs and finance income
\u00a3million
2025
2024
Interest income
0.1
0.5
Net interest income on pension schemes in surplus
0.3
1.1
Finance income
0.4
1.6
Interest expense
7.2
10.1
Interest on lease liabilities
0.6
0.7
Net interest expense on pension schemes in deficit
0.1
0.1
Amortisation of arrangement fees
1.0
0.6
Finance costs
8.9
11.5
Net finance costs
8.5
9.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "
5 Loss for the year
Loss from continuing operations for the year is stated after charging/(crediting):
\u00a3million
2025
2024
Depreciation of property, plant and equipment
7.9
8.6
Depreciation of right-of-use assets
3.0
3.6
Amortisation of intangible assets
1
3.8
4.3
Asset impairments (excluded from adjusted operating profit, see note 6)
41.4
52.2
Net foreign exchange (gain)/loss recognised within operating profit
(1.8)
1.2
Cost of inventories recognised as an expense
371.3
411.4
Research and development
7.6
10.7
Staff costs (see note 10)
150.3
159.7
Restructuring costs/(income) (excluded from adjusted operating profit)
15.2
(0.1)
Pension restructuring costs (excluded from adjusted operating profit)
1.9
1.3
Acquisition and disposal related costs (excluded from adjusted operating profit)
4.3
4.5
Remuneration of Group Auditor:
\u2013 audit of these financial statements
1.1
1.0
\u2013 audit of financial statements of subsidiaries of the Company
1.0
0.9
\u2013 assurance and other services
2
\u2013
0.1
Income from government grants
0.1
0.3
Share-based payment expense
3
1.9
2.2
1. Included within amortisation of intangible assets is \u00a32.6 million (2024: \u00a32.7 million) reported within items excluded from adjusted
operating profit. The remaining charge is within administrative expenses.
2. Assurance and other services in 2024 of \u00a30.1 million relate to the half year review
3. Share-based payment expense excludes a charge of \u00a30.2 million reported in Restructuring costs and excluded from adjusted
operating profit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-535": { "value": "5 Loss for the year Loss from continuing operations for the year is stated after charging/(crediting):
\u00a3million
2025
2024
Depreciation of property, plant and equipment
7.9
8.6
Depreciation of right-of-use assets
3.0
3.6
Amortisation of intangible assets
1
3.8
4.3
Asset impairments (excluded from adjusted operating profit, see note 6)
41.4
52.2
Net foreign exchange (gain)/loss recognised within operating profit
(1.8)
1.2
Cost of inventories recognised as an expense
371.3
411.4
Research and development
7.6
10.7
Staff costs (see note 10)
150.3
159.7
Restructuring costs/(income) (excluded from adjusted operating profit)
15.2
(0.1)
Pension restructuring costs (excluded from adjusted operating profit)
1.9
1.3
Acquisition and disposal related costs (excluded from adjusted operating profit)
4.3
4.5
Remuneration of Group Auditor:
\u2013 audit of these financial statements
1.1
1.0
\u2013 audit of financial statements of subsidiaries of the Company
1.0
0.9
\u2013 assurance and other services
2
\u2013
0.1
Income from government grants
0.1
0.3
Share-based payment expense
3
1.9
2.2
1. Included within amortisation of intangible assets is \u00a32.6 million (2024: \u00a32.7 million) reported within items excluded from adjusted operating profit. The remaining charge is within administrative expenses. 2. Assurance and other services in 2024 of \u00a30.1 million relate to the half year review 3. Share-based payment expense excludes a charge of \u00a30.2 million reported in Restructuring costs and excluded from adjusted operating profit.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-533": { "value": "5 Loss for the year Loss from continuing operations for the year is stated after charging/(crediting):
\u00a3million
2025
2024
Depreciation of property, plant and equipment
7.9
8.6
Depreciation of right-of-use assets
3.0
3.6
Amortisation of intangible assets
1
3.8
4.3
Asset impairments (excluded from adjusted operating profit, see note 6)
41.4
52.2
Net foreign exchange (gain)/loss recognised within operating profit
(1.8)
1.2
Cost of inventories recognised as an expense
371.3
411.4
Research and development
7.6
10.7
Staff costs (see note 10)
150.3
159.7
Restructuring costs/(income) (excluded from adjusted operating profit)
15.2
(0.1)
Pension restructuring costs (excluded from adjusted operating profit)
1.9
1.3
Acquisition and disposal related costs (excluded from adjusted operating profit)
4.3
4.5
Remuneration of Group Auditor:
\u2013 audit of these financial statements
1.1
1.0
\u2013 audit of financial statements of subsidiaries of the Company
1.0
0.9
\u2013 assurance and other services
2
\u2013
0.1
Income from government grants
0.1
0.3
Share-based payment expense
3
1.9
2.2
1. Included within amortisation of intangible assets is \u00a32.6 million (2024: \u00a32.7 million) reported within items excluded from adjusted operating profit. The remaining charge is within administrative expenses. 2. Assurance and other services in 2024 of \u00a30.1 million relate to the half year review 3. Share-based payment expense excludes a charge of \u00a30.2 million reported in Restructuring costs and excluded from adjusted operating profit.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-530": { "value": "5 Loss for the year Loss from continuing operations for the year is stated after charging/(crediting):
\u00a3million
2025
2024
Depreciation of property, plant and equipment
7.9
8.6
Depreciation of right-of-use assets
3.0
3.6
Amortisation of intangible assets
1
3.8
4.3
Asset impairments (excluded from adjusted operating profit, see note 6)
41.4
52.2
Net foreign exchange (gain)/loss recognised within operating profit
(1.8)
1.2
Cost of inventories recognised as an expense
371.3
411.4
Research and development
7.6
10.7
Staff costs (see note 10)
150.3
159.7
Restructuring costs/(income) (excluded from adjusted operating profit)
15.2
(0.1)
Pension restructuring costs (excluded from adjusted operating profit)
1.9
1.3
Acquisition and disposal related costs (excluded from adjusted operating profit)
4.3
4.5
Remuneration of Group Auditor:
\u2013 audit of these financial statements
1.1
1.0
\u2013 audit of financial statements of subsidiaries of the Company
1.0
0.9
\u2013 assurance and other services
2
\u2013
0.1
Income from government grants
0.1
0.3
Share-based payment expense
3
1.9
2.2
1. Included within amortisation of intangible assets is \u00a32.6 million (2024: \u00a32.7 million) reported within items excluded from adjusted operating profit. The remaining charge is within administrative expenses. 2. Assurance and other services in 2024 of \u00a30.1 million relate to the half year review 3. Share-based payment expense excludes a charge of \u00a30.2 million reported in Restructuring costs and excluded from adjusted operating profit.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-523": { "value": "5 Loss for the year Loss from continuing operations for the year is stated after charging/(crediting):
\u00a3million
2025
2024
Depreciation of property, plant and equipment
7.9
8.6
Depreciation of right-of-use assets
3.0
3.6
Amortisation of intangible assets
1
3.8
4.3
Asset impairments (excluded from adjusted operating profit, see note 6)
41.4
52.2
Net foreign exchange (gain)/loss recognised within operating profit
(1.8)
1.2
Cost of inventories recognised as an expense
371.3
411.4
Research and development
7.6
10.7
Staff costs (see note 10)
150.3
159.7
Restructuring costs/(income) (excluded from adjusted operating profit)
15.2
(0.1)
Pension restructuring costs (excluded from adjusted operating profit)
1.9
1.3
Acquisition and disposal related costs (excluded from adjusted operating profit)
4.3
4.5
Remuneration of Group Auditor:
\u2013 audit of these financial statements
1.1
1.0
\u2013 audit of financial statements of subsidiaries of the Company
1.0
0.9
\u2013 assurance and other services
2
\u2013
0.1
Income from government grants
0.1
0.3
Share-based payment expense
3
1.9
2.2
1. Included within amortisation of intangible assets is \u00a32.6 million (2024: \u00a32.7 million) reported within items excluded from adjusted operating profit. The remaining charge is within administrative expenses. 2. Assurance and other services in 2024 of \u00a30.1 million relate to the half year review 3. Share-based payment expense excludes a charge of \u00a30.2 million reported in Restructuring costs and excluded from adjusted operating profit.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-492": { "value": "5 Loss for the year Loss from continuing operations for the year is stated after charging/(crediting):
\u00a3million
2025
2024
Depreciation of property, plant and equipment
7.9
8.6
Depreciation of right-of-use assets
3.0
3.6
Amortisation of intangible assets
1
3.8
4.3
Asset impairments (excluded from adjusted operating profit, see note 6)
41.4
52.2
Net foreign exchange (gain)/loss recognised within operating profit
(1.8)
1.2
Cost of inventories recognised as an expense
371.3
411.4
Research and development
7.6
10.7
Staff costs (see note 10)
150.3
159.7
Restructuring costs/(income) (excluded from adjusted operating profit)
15.2
(0.1)
Pension restructuring costs (excluded from adjusted operating profit)
1.9
1.3
Acquisition and disposal related costs (excluded from adjusted operating profit)
4.3
4.5
Remuneration of Group Auditor:
\u2013 audit of these financial statements
1.1
1.0
\u2013 audit of financial statements of subsidiaries of the Company
1.0
0.9
\u2013 assurance and other services
2
\u2013
0.1
Income from government grants
0.1
0.3
Share-based payment expense
3
1.9
2.2
1. Included within amortisation of intangible assets is \u00a32.6 million (2024: \u00a32.7 million) reported within items excluded from adjusted operating profit. The remaining charge is within administrative expenses. 2. Assurance and other services in 2024 of \u00a30.1 million relate to the half year review 3. Share-based payment expense excludes a charge of \u00a30.2 million reported in Restructuring costs and excluded from adjusted operating profit.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "
6 Adjusting items
As described in note 1c, adjusted profit measures are an alternative performance measure used by
the Board to monitor the operating performance of the Group.
2025
2024
Operating Operating
\u00a3million
profit
Tax
profit
Tax
As reported
(28.2)
(13.9)
(23.5)
(20.0)
Restructuring costs
Restructuring costs
(15.2)
3.2
0.1
\u2013
(15.2)
3.2
0.1
\u2013
Pension restructuring costs
Pension restructuring costs
(1.9)
0.5
(1.3)
0.3
(1.9)
0.5
(1.3)
0.3
Asset impairments and measurement losses
Asset impairments
(41.4)
\u2013
(52.2)
3.2
Deferred tax asset derecognition
\u2013
(2.7)
\u2013
(16.0)
(41.4)
(2.7)
(52.2)
(12.8)
Amortisation of intangible assets arising on business
combinations
Amortisation of intangible assets arising on business
combinations
(2.6)
0.4
(2.7)
0.5
(2.6)
0.4
(2.7)
0.5
Acquisition and disposal related costs
Ferranti Power and Control acquisition and integration costs
\u2013
\u2013
(0.2)
\u2013
Disposal costs
(4.3)
1.1
(4.4)
(0.4)
Property sale
\u2013
\u2013
0.7
\u2013
Other
\u2013
\u2013
(0.6)
0.1
(4.3)
1.1
(4.5)
(0.3)
Total items excluded from adjusted measure
(65.4)
2.5
(60.6)
(12.3)
Adjusted measure
37.2
(16.4)
37.1
( 7.7)
Restructuring and other costs \u00a315.2 million (2024: \u00a30.1 million credit)
Restructuring costs of \u00a315.2 million include \u00a37.0 million net cost relating to the closure of the
Plano, US manufacturing site (of which \u00a34.8 million relates to inventory write offs, \u00a30.7 million
relates to asset decommissioning and \u00a32.0 million of other costs and a credit of \u00a30.5 million has
been recognised in respect of property, plant and equipment); \u00a31.6 million relating to costs
associated with the changes in executive leadership; \u00a36.1 million associated with the Cleveland
manufacturing site (comprising \u00a35.0 million relating to inventory write-offs and similar
adjustments associated with the improvement project and of \u00a31.1 million for related specialist
resource costs); and \u00a30.5 million of other costs.
The net restructuring cost in the prior year of \u00a30.1 million credit comprised a credit of \u00a30.4 million
in respect of the closure of our Barbados facility in 2021 offset by \u00a30.3 million cost in respect of
the closure of the Hatfield, USA facility.
Pension restructuring costs \u00a31.9 million (2024: \u00a31.3 million)
Pension restructuring costs of \u00a31.9 million (2024: \u00a31.3 million) comprise \u00a31.9 million (2024: \u00a31.1
million) cost incurred preparing the scheme for buy-out. The prior period included a settlement
cost of \u00a30.2 million in respect of the buy-out of one of the US schemes.
Asset impairments and measurement losses \u00a341.4 million (2024: \u00a352.2 million)
During the year an impairment of \u00a337.2 million (2024: \u00a336.7 million) was recognised against
goodwill for the North America segment reflecting recent trading performance.
Due to a downturn in recent performance, impairment charges were recognised in two sites in the
North America segment. The impairment was \u00a34.2 million in total (2024: \u00a315.5 million relating to a
separate site in the North America segment) comprising \u00a31.0 million of right-of-use assets (2024:
\u00a35.4 million), \u00a31.0 million of land and buildings, and \u00a32.2 million of property, plant and equipment
(2024: \u00a39.9 million). The impairment reduced the carrying value of the right-of-use assets, land and
buildings and property, plant and equipment to \u00a30.3 million.
The Group derecognised \u00a32.7 million (2024: \u00a316.0 million) of deferred tax assets reflecting the
recent performance and near-term outlook for the North America region.
Amortisation of intangible assets arising on business combinations \u00a32.6 million (2024: \u00a32.7
million)
Amortisation of intangible assets arising on business combinations of \u00a32.6 million (2024: \u00a32.7
million) relate to amortisation of the fair value of acquired order books, acquired customer
relationships and other intangible assets acquired on business combinations.
Acquisition and disposal related costs \u00a34.3 million (2024: \u00a34.5 million)
Acquisition and disposal related costs of \u00a34.3 million (2024: \u00a34.5 million) comprise \u00a34.2 million
(2024: \u00a3nil) relating to professional fees associated with the aborted acquisition by Cicor and \u00a30.1
million in respect of other M&A activity. The prior year included \u00a34.4 million relating to the sale of
three business units to Cicor, \u00a30.3 million relating to historic legal claims, \u00a30.3 million relating to
costs incurred preparing land for sale, \u00a30.2 million relating to the acquisition of the Power and
Control business of Ferranti Technologies Ltd. based in Manchester, UK, and a gain of \u00a30.7 million
relating to the sale of property in Pembroke, UK.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "
7 Taxation
a) Analysis of the tax charge for the year
\u00a3million
2025
2024
Current tax
Current income tax charge
9.2
13.9
Adjustments in respect of current income tax of previous year
(0.4)
1.0
Total current tax charge
8.8
14.9
Deferred tax
Relating to origination and reversal of temporary differences
2.4
(10.9)
Change in tax rate
\u2013
0.1
Derecognition of deferred tax assets in the North America segment
2.7
16.0
Adjustments in respect of deferred tax of previous years
\u2013
(0.1)
Total deferred tax charge
5.1
5.1
Total tax charge in the income statement
13.9
20.0
The applicable tax rate for the period is based on the UK standard rate of corporation tax of 25.0%
(2024: 25.0%). Overseas taxation is calculated at the rates prevailing in the respective jurisdictions.
The Group\u2019s effective tax rate for the year was 37.9% (the adjusted tax rate was 57.1%, see section
\u2018Reconciliation of KPIs and non-IFRS measures\u2019). Included within the total tax charge above is a
\u00a32.5 million credit relating to items reported outside adjusted profit (2024: \u00a312.3 million debit).
b) Reconciliation of the total tax charge for the year
\u00a3million
2025
2024
Loss before tax from continuing operations
(36.7)
(33.4)
Loss before tax multiplied by the standard rate of corporation tax in the UK of 25%
(9.2)
(8.3)
Effects of:
Impact on deferred tax arising from changes in tax rates
\u2013
0.1
Overseas tax rate differences
4.4
3.0
Items not deductible for tax purposes or income not taxable
7.6
8.2
Adjustment to current tax in respect of prior periods
(0.4)
0.9
Current year tax losses and other items not recognised
8.8
0.3
Impairment of deferred tax assets in the North America segment
2.7
16.0
Adjustments in respect of deferred tax of previous years
\u2013
(0.2)
Total tax charge reported in the income statement
13.9
20.0
The overall aim of the Group\u2019s tax strategy is to support business operations by ensuring a
sustainable tax rate, mitigating tax risks in a timely and cost-efficient way and complying with tax
legislation in the jurisdictions in which the Group operates. It is however inevitable that the Group
will be subject to routine tax audits or is in ongoing disputes with tax authorities in the multiple
jurisdictions it operates within. This is much more likely to arise in situations involving more than
one tax jurisdiction. Differences in interpretation of legislation, of global standards (e.g. OECD
guidance) and of commercial transactions undertaken by the Group between different tax
authorities are one of the main causes of tax exposures and tax risks for the Group.
In order to manage the risk to the Group an assessment is made of such tax exposures and
provisions are created using the best estimate of the most likely amount to be incurred within a
range of possible outcomes. The resolution of the Group\u2019s tax exposures can take considerable
time to conclude and, in some circumstances, it can be difficult to predict the final outcome.
The current tax liability at 31 December 2025 includes tax provisions of \u00a312.2 million (including
\u00a31.2 million in respect of HMRC refunds from retirement benefit schemes (note 21)) (2024: \u00a310.4
million). The Group believes the range of reasonable possible outcomes in respect of these
exposures is tax liabilities of up to \u00a316.0 million (2024: \u00a313.9 million).
c) Deferred tax
The Group completed a five year forward looking strategic plan covering the periods from 2026 to
2030 in which it was forecast that the Europe and Asia regions would show increasing profitability.
Therefore, a deferred tax asset relating to these regions was recognised on the basis that it is
considered probable that net taxable profits will be recognised in the future.
The authorised pension surplus payments charge reduced from 35% to 25% from 6 April 2024.
The deferred tax liability has been recognised at 25% (2024: 25%).
The amounts of deferred taxation assets/(liabilities) provided in the financial statements are as
follows:
As at Recognised Net As at
31 December Continuing in equity/ ex-change 31 December
\u00a3million 2024 operations OCI translation 2025
Intangible assets
(8.2)
0.4
\u2013
0.6
( 7.2)
Property, plant and equipment
(0.5)
(1.6)
\u2013
0.3
(1.8)
Deferred development costs
(0.1)
0.1
\u2013
\u2013
\u2013
Retirement benefit obligations
(1.4)
0.7
(1.1)
\u2013
(1.8)
Inventories
1.2
\u2013
\u2013
(0.1)
1.1
Tax losses
1.4
\u2013
\u2013
(0.2)
1.2
Unremitted overseas earnings
(0.4)
0.2
\u2013
\u2013
(0.2)
Share-based payments
0.3
0.1
0.3
\u2013
0.7
Cash flow hedges
1.6
\u2013
(2.0)
0.2
(0.2)
Short-term temporary differences
15.7
(5.0)
\u2013
(0.2)
10.5
Net deferred tax asset
9.6
(5.1)
(2.8)
0.6
2.3
Deferred tax assets
13.1
8.0
Deferred tax liabilities
(3.5)
(5.7)
Net deferred tax asset
9.6
2.3
As at Recognised Net As at
31 December Continuing in equity/ exchange 31 December
\u00a3million 2023 operations OCI translation 2024
Intangible assets
(8.5)
0.4
\u2013
(0.1)
(8.2)
Property, plant and equipment
(1.4)
1.1
\u2013
(0.2)
(0.5)
Deferred development costs
(0.3)
0.2
\u2013
\u2013
(0.1)
Retirement benefit obligations
(8.4)
3.8
3.1
0.1
(1.4)
Inventories
0.8
0.4
\u2013
\u2013
1.2
Tax losses
14.1
(13.0)
\u2013
0.3
1.4
Unremitted overseas earnings
(0.8)
0.5
\u2013
(0.1)
(0.4)
Share-based payments
0.7
(0.2)
(0.2)
\u2013
0.3
Cash flow hedges
(0.6)
\u2013
2.4
(0.2)
1.6
Short-term temporary differences
14.0
1.7
\u2013
\u2013
15.7
Net deferred tax asset
9.6
(5.1)
5.3
(0.2)
9.6
Deferred tax assets
16.6
13.1
Deferred tax liabilities
(7.0)
(3.5)
Net deferred tax asset
9.6
9.6
Deferred tax
Description
Intangible assets
Deferred tax relating to intangible assets created on acquisitions by the Group.
This excludes any internally generated intangibles relating to product development
costs.
Property, plant and equipment
Deferred tax relating to temporary differences in the value of property, plant and
equipment between Group accounting and local accounting and/or tax returns.
Deferred development costs
Deferred tax relating to deferred development costs.
Retirement benefit obligations
Deferred tax relating to retirement benefit obligations.
Inventories
Deferred tax relating to temporary differences between the local book value and
Group consolidated value of inventory.
Tax losses
Deferred tax relating to recognised tax losses carried forwards for offset against
future profits of the Group.
Unremitted overseas earnings
Deferred tax relating to the repatriation of subsidiary profits to the Group's ultimate
holding company.
Share-based payments
Deferred tax relating to share-based payment.
Cash flow hedges
Deferred tax relating to derivatives designated as cash flow hedges.
Short term temporary differences
Deferred tax relating to temporary differences between Group accounts and local
ac-counts or tax return arising where a tax deduction is received on payment of an
amount either between Group companies or to external unconnected third parties
rather than on an accounting basis. This includes product development costs.
At 31 December 2025, the gross amount and expiry date of losses not recognised for deferred tax
purposes but available for carry forward are as follows:
Expiring Expiring
within within
\u00a3million 5 years
6\u201310 years
Unlimited
Total
Losses for which no deferred tax asset has been recognised
\u2013
\u2013
282.4
282.4
Deferred tax is not recognised on these losses because profit projections do not support the
utilisation of these losses.
Tax losses of \u00a356.2 million are subject to substantial limitations in the type of profits they can be
offset against and no such capital disposals are currently anticipated. Tax losses relating to the US
total \u00a3225.1 million. Included within this number is \u00a326.3 million in respect of capitalised R&D
expenses and R&D tax credits. Deferred tax is not recognised on these temporary differences,
unused tax losses or unused tax credits because profit projections do not support their utilisation.
At 31 December 2024, the gross amount and expiry date of losses available for carry forward were
as follows:
Expiring Expiring
within within
\u00a3million 5 years
6\u201310 years
Unlimited
Total
Losses for which no deferred tax asset has been recognised
\u2013
\u2013
136.0
136.0
At 31 December 2025, the Group had no other items for which no deferred tax assets have been
recognised (2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "c) Deferred tax The Group completed a five year forward looking strategic plan covering the periods from 2026 to 2030 in which it was forecast that the Europe and Asia regions would show increasing profitability. Therefore, a deferred tax asset relating to these regions was recognised on the basis that it is considered probable that net taxable profits will be recognised in the future. The authorised pension surplus payments charge reduced from 35% to 25% from 6 April 2024. The deferred tax liability has been recognised at 25% (2024: 25%). The amounts of deferred taxation assets/(liabilities) provided in the financial statements are as follows:
As at Recognised Net As at
31 December Continuing in equity/ ex-change 31 December
\u00a3million 2024 operations OCI translation 2025
Intangible assets
(8.2)
0.4
\u2013
0.6
( 7.2)
Property, plant and equipment
(0.5)
(1.6)
\u2013
0.3
(1.8)
Deferred development costs
(0.1)
0.1
\u2013
\u2013
\u2013
Retirement benefit obligations
(1.4)
0.7
(1.1)
\u2013
(1.8)
Inventories
1.2
\u2013
\u2013
(0.1)
1.1
Tax losses
1.4
\u2013
\u2013
(0.2)
1.2
Unremitted overseas earnings
(0.4)
0.2
\u2013
\u2013
(0.2)
Share-based payments
0.3
0.1
0.3
\u2013
0.7
Cash flow hedges
1.6
\u2013
(2.0)
0.2
(0.2)
Short-term temporary differences
15.7
(5.0)
\u2013
(0.2)
10.5
Net deferred tax asset
9.6
(5.1)
(2.8)
0.6
2.3
Deferred tax assets
13.1
8.0
Deferred tax liabilities
(3.5)
(5.7)
Net deferred tax asset
9.6
2.3
As at Recognised Net As at
31 December Continuing in equity/ exchange 31 December
\u00a3million 2023 operations OCI translation 2024
Intangible assets
(8.5)
0.4
\u2013
(0.1)
(8.2)
Property, plant and equipment
(1.4)
1.1
\u2013
(0.2)
(0.5)
Deferred development costs
(0.3)
0.2
\u2013
\u2013
(0.1)
Retirement benefit obligations
(8.4)
3.8
3.1
0.1
(1.4)
Inventories
0.8
0.4
\u2013
\u2013
1.2
Tax losses
14.1
(13.0)
\u2013
0.3
1.4
Unremitted overseas earnings
(0.8)
0.5
\u2013
(0.1)
(0.4)
Share-based payments
0.7
(0.2)
(0.2)
\u2013
0.3
Cash flow hedges
(0.6)
\u2013
2.4
(0.2)
1.6
Short-term temporary differences
14.0
1.7
\u2013
\u2013
15.7
Net deferred tax asset
9.6
(5.1)
5.3
(0.2)
9.6
Deferred tax assets
16.6
13.1
Deferred tax liabilities
(7.0)
(3.5)
Net deferred tax asset
9.6
9.6
Deferred tax
Description
Intangible assets
Deferred tax relating to intangible assets created on acquisitions by the Group.
This excludes any internally generated intangibles relating to product development
costs.
Property, plant and equipment
Deferred tax relating to temporary differences in the value of property, plant and
equipment between Group accounting and local accounting and/or tax returns.
Deferred development costs
Deferred tax relating to deferred development costs.
Retirement benefit obligations
Deferred tax relating to retirement benefit obligations.
Inventories
Deferred tax relating to temporary differences between the local book value and
Group consolidated value of inventory.
Tax losses
Deferred tax relating to recognised tax losses carried forwards for offset against
future profits of the Group.
Unremitted overseas earnings
Deferred tax relating to the repatriation of subsidiary profits to the Group's ultimate
holding company.
Share-based payments
Deferred tax relating to share-based payment.
Cash flow hedges
Deferred tax relating to derivatives designated as cash flow hedges.
Short term temporary differences
Deferred tax relating to temporary differences between Group accounts and local
ac-counts or tax return arising where a tax deduction is received on payment of an
amount either between Group companies or to external unconnected third parties
rather than on an accounting basis. This includes product development costs.
At 31 December 2025, the gross amount and expiry date of losses not recognised for deferred tax purposes but available for carry forward are as follows:
Expiring Expiring
within within
\u00a3million 5 years
6\u201310 years
Unlimited
Total
Losses for which no deferred tax asset has been recognised
\u2013
\u2013
282.4
282.4
Deferred tax is not recognised on these losses because profit projections do not support the utilisation of these losses. Tax losses of \u00a356.2 million are subject to substantial limitations in the type of profits they can be offset against and no such capital disposals are currently anticipated. Tax losses relating to the US total \u00a3225.1 million. Included within this number is \u00a326.3 million in respect of capitalised R&D expenses and R&D tax credits. Deferred tax is not recognised on these temporary differences, unused tax losses or unused tax credits because profit projections do not support their utilisation. At 31 December 2024, the gross amount and expiry date of losses available for carry forward were as follows:
Expiring Expiring
within within
\u00a3million 5 years
6\u201310 years
Unlimited
Total
Losses for which no deferred tax asset has been recognised
\u2013
\u2013
136.0
136.0
At 31 December 2025, the Group had no other items for which no deferred tax assets have been recognised (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "
8 Dividends
2025 2024
pence 2025 pence 2024
per share \u00a3million per share \u00a3million
Final dividend paid for prior year
\u2013
\u2013
4.6 5
8.2
Interim dividend declared for current year
\u2013
\u2013
2.25
4.0
The Directors do not recommend a dividend.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "0.0465", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-449": { "value": "
9 Earnings per share
Basic earnings/(loss) per share is calculated by dividing the profit/(loss) attributable to owners of
the Company by the weighted average number of shares in issue during the year.
Pence
2025
2024
Loss per share (pence)
Basic
(28.5)
(30.2)
Diluted
(28.5)
(30.2)
As the Group made a statutory loss in 2025 and 2024, diluted statutory EPS for 2025 has been
calculated using the basic weighted average number of shares because using weighted average
diluted shares would be anti-dilutive.
The numbers used in calculating adjusted, basic and diluted earnings per share are shown below.
Adjusted earnings per share is based on the adjusted profit after interest and tax.
Adjusted earnings per share:
\u00a3million (unless otherwise stated)
2025
2024
Loss for the year attributable to owners of the Company
(50.6)
(53.4)
Restructuring costs
15.2
(0.1)
Pension restructuring costs
1.9
1.3
Asset impairments and measurement losses
41.4
52.2
Amortisation of intangible assets arising on business combinations
2.6
2.7
Acquisition and disposal related costs
4.3
4.5
Tax effect of adjusting items (see note 6)
(2.5)
12.3
Adjusted earnings
12.3
19.5
Adjusted earnings per share (pence)
6.9
11.0
Adjusted diluted earnings per share (pence)
6.8
10.9
The weighted average number of shares in issue is as follows (new shares issued in the year
described in note 22):
Million
2025
2024
Basic
177.8
176.9
Adjustment for share awards
3.5
1.6
Diluted
181.3
178.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "
10 Employee information
The average number of full-time equivalent employees (including Directors) during the year was:
Number
2025
2024
By function
Production
3,244
3,725
Sales and distribution
219
245
Administration
297
314
3,760
4,284
By segment
Europe
947
1,085
North America
1,332
1,617
Asia
1,481
1,582
Total
3 ,76 0
4,284
Central employees are allocated across the segments on a proportional basis.
Aggregate emoluments, including those of Directors, for the year were:
\u00a3million
2025
2024
Wages and salaries
115.3
120.7
Social security charges
29.1
32.4
Employers\u2019 pension costs
3.3
3.3
Defined benefit pension costs
0.5
1.1
Share based payments expense
2.1
2.2
150.3
159.7
Remuneration in respect of the Directors was as follows:
\u00a3million
2025
2024
Emoluments
2.2
1.1
Key management personnel are the TT Executive Committee (\u201cExCo\u201d). The remuneration of key
management during the year was as follows:
\u00a3million
2025
2024
Short-term benefits
6.5
2.3
Post-employment benefits
0.2
\u2013
Termination benefits
0.1
\u2013
Share based payments
1.2
1.3
The Schedule 5 requirements of the Accounting Regulations for directors\u2019 remuneration, including
that of the highest paid director, are included within the Directors\u2019 remuneration report on pages
68 to 94.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "
11 Right-of-use assets
Land and Right-of-use
\u00a3million
buildings
Other
assets
Cost
At 31 December 2023
38.2
1.7
39.9
Additions
2.6
0.4
3.0
Disposals
(0.5)
(0.3)
(0.8)
Net exchange adjustment
0.3
\u2013
0.3
At 31 December 2024
40.6
1.8
42.4
Additions
1.6
0.3
1.9
Disposals
(0.1)
(0.2)
(0.3)
Net exchange adjustment
(1.7)
\u2013
(1.7)
At 31 December 2025
40.4
1.9
42.3
Depreciation
At 31 December 2023
22.9
1.2
24.1
Depreciation charge
3.3
0.3
3.6
Impairment
5.3
0.1
5.4
Disposals
(0.4)
(0.3)
(0.7)
Net exchange adjustment
0.4
(0.3)
0.1
At 31 December 2024
31.5
1.0
32.5
Depreciation charge
2.7
0.3
3.0
Impairment
1.0
\u2013
1.0
Disposals
(0.1)
(0.2)
(0.3)
Net exchange adjustment
(1.4)
\u2013
(1.4)
At 31 December 2025
33.7
1.1
34.8
Net book value
At 31 December 2025
6.7
0.8
7.5
At 31 December 2024
9.1
0.8
9.9
Additions during the year relate to a new building lease in Kansas, USA (\u00a31.4 million) and Kuantan,
Malaysia (\u00a30.2 million). Other additions in Sheffield, UK (\u00a30.1 million), Woking, UK (\u00a30.1 million) and
other locations (\u00a30.1 million). Prior year additions relate to a new lease in Suzhou, China (\u00a31.9
million) and other locations (\u00a30.7 million).
The impairment charge for the year of \u00a31.0 million relates to one manufacturing site within the
North America segment (2024: \u00a35.4 million relating to a separate site in the segment) and is
included within items excluded from adjusted operating profit as described in note 6. Impaired
right-of-use assets have been written down to a recoverable amount of \u00a3nil.
The Group only leases land and buildings for use in trading activities. Lease liabilities are disclosed
in note 19. Contractual cashflows for these leases are disclosed in note 20e.
19 Borrowings and lease obligations
Currency of
\u00a3million
Maturity
denomination
Current
Non-current
Total
At 31 December 2025
\u00a3162.4 million multi-currency revolving credit facility
2027
GBP
\u2013
10.0
10.0
2027
USD
\u2013
4.5
4.5
Unsecured loan note
2028
GBP
\u2013
37.5
37.5
Unsecured loan note
2031
GBP
\u2013
37.5
37.5
Overdrafts
0.1
\u2013
0.1
Lease liabilities
3.6
10.8
14.4
Loan arrangement fee
\u2013
(0.6)
(0.6)
Total
3.7
99.7
103.4
At 31 December 2024
\u00a3162.4 million multi-currency revolving credit facility
2027
GBP
\u2013
36.0
36.0
2027
USD
\u2013
39.9
39.9
Unsecured loan note
2028
GBP
\u2013
37.5
37.5
Unsecured loan note
2031
GBP
\u2013
37.5
37.5
Overdrafts
0.1
\u2013
0.1
Lease liabilities
4.0
13.3
17.3
Loan arrangement fee
\u2013
(1.7)
(1.7)
Total
4.1
162.5
166.6
The Group\u2019s primary source of finance is the \u00a3162.4 million committed revolving credit facility
(RCF), and an uncommitted accordion facility of \u00a317.6 million, which was signed in June 2022. The
Group\u2019s RCF, including the interest margin thereon which is based on the Group\u2019s compliance with
financial covenants, is payable on a floating rate basis above GBP SONIA or USD SOFR depending
on the currency of the loan and will mature in June 2027. As at 31 December 2025, \u00a314.5 million
(31 December 2024: \u00a375.9 million) of the facility was drawn down. Arrangement fees with
amortised cost of \u00a30.6 million (2024: \u00a31.7 million) have been netted off against these borrowings.
In December 2021 the Group issued \u00a375.0 million of unsecured loan notes with \u00a337.5 million
maturing in seven years and \u00a337.5 million maturing in 10 years respectively to a collection of three
counterparties. The average interest rate on the loan notes is 3.65 per cent.
In December 2024 the RCF and the unsecured loan note lenders agreed to a relaxation of the
covenant relating to the ratio of consolidated EBITDA to consolidated net finance charges for each
reporting period up to, and including, 31 December 2025. This was 3.75x at 31 December 2024,
3.00x at 30 June 2025 and 3.25x at 31 December 2025.
As part of this agreed relaxation, the Group has committed that, should it wish to issue a dividend,
it will test the covenant ratio both for the measurement period immediately prior to the distribution
and the forecasts for the subsequent two measurement periods, against the original interest cover
covenant ratio of more than 4.0x.
In March 2026 the RCF was amended and extended with a new expiry date of June 2028 and
revised facility size of \u00a3105.0 million.
Undrawn facilities
At 31 December 2025, the Group had available \u00a3147.9 million (2024: \u00a386.5 million) of undrawn
committed borrowing facilities and \u00a327.9 million (2024: \u00a328.1 million) of undrawn uncommitted
borrowing facilities, representing overdraft lines and the accordion facility.
29 Leases
The total cash outflow for leases is \u00a34.4 million (2024: \u00a34.9 million) comprising lease repayments
of \u00a33.8 million (2024: \u00a34.2 million) and interest on lease liabilities of \u00a30.6 million (2024: \u00a30.7 million).
Interest on lease liabilities is shown in note 4, the maturity of the lease liabilities is shown in note
20(e) and the corresponding assets to which the lease liabilities relate are shown in note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "11 Right-of-use assets
Land and Right-of-use
\u00a3million
buildings
Other
assets
Cost
At 31 December 2023
38.2
1.7
39.9
Additions
2.6
0.4
3.0
Disposals
(0.5)
(0.3)
(0.8)
Net exchange adjustment
0.3
\u2013
0.3
At 31 December 2024
40.6
1.8
42.4
Additions
1.6
0.3
1.9
Disposals
(0.1)
(0.2)
(0.3)
Net exchange adjustment
(1.7)
\u2013
(1.7)
At 31 December 2025
40.4
1.9
42.3
Depreciation
At 31 December 2023
22.9
1.2
24.1
Depreciation charge
3.3
0.3
3.6
Impairment
5.3
0.1
5.4
Disposals
(0.4)
(0.3)
(0.7)
Net exchange adjustment
0.4
(0.3)
0.1
At 31 December 2024
31.5
1.0
32.5
Depreciation charge
2.7
0.3
3.0
Impairment
1.0
\u2013
1.0
Disposals
(0.1)
(0.2)
(0.3)
Net exchange adjustment
(1.4)
\u2013
(1.4)
At 31 December 2025
33.7
1.1
34.8
Net book value
At 31 December 2025
6.7
0.8
7.5
At 31 December 2024
9.1
0.8
9.9
Additions during the year relate to a new building lease in Kansas, USA (\u00a31.4 million) and Kuantan, Malaysia (\u00a30.2 million). Other additions in Sheffield, UK (\u00a30.1 million), Woking, UK (\u00a30.1 million) and other locations (\u00a30.1 million). Prior year additions relate to a new lease in Suzhou, China (\u00a31.9 million) and other locations (\u00a30.7 million). The impairment charge for the year of \u00a31.0 million relates to one manufacturing site within the North America segment (2024: \u00a35.4 million relating to a separate site in the segment) and is included within items excluded from adjusted operating profit as described in note 6. Impaired right-of-use assets have been written down to a recoverable amount of \u00a3nil. The Group only leases land and buildings for use in trading activities. Lease liabilities are disclosed in note 19. Contractual cashflows for these leases are disclosed in note 20e. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "12 Property, plant and equipment
Land and Plant and
\u00a3million buildings
equipment
Total
Cost
At 31 December 2023
25.9
155.0
180.9
Additions
1.7
5.2
6.9
Disposals
\u2013
(3.3)
(3.3)
Transferred to assets held for sale
(0.8)
(0.3)
(1.1)
Other movements
\u2013
(0.4)
(0.4)
Net exchange adjustment
0.5
1.2
1.7
At 31 December 2024
27.3
15 7.4
184.7
Additions
0.9
7.2
8.1
Disposals
(0.1)
(5.3)
(5.4)
Other movements
\u2013
(0.1)
(0.1)
Net exchange adjustment
(1.1)
(6.9)
(8.0)
At 31 December 2025
27.0
152.3
179.3
Depreciation and impairment
At 31 December 2023
7.1
112.5
119.6
Depreciation charge
1.6
7.0
8.6
Impairment
6.9
3.0
9.9
Disposals
(0.1)
(3.0)
(3.1)
Transferred to assets held for sale
(0.8)
\u2013
(0.8)
Net exchange adjustment
0.1
1.1
1.2
At 31 December 2024
14.8
120.6
135.4
Depreciation charge
1.1
6.8
7.9
Impairment
1.0
1.9
2.9
Disposals
(0.1)
(5.1)
(5.2)
Net exchange adjustment
(0.9)
(5.4)
(6.3)
At 31 December 2025
15.9
118.8
134.7
Net book value
At 31 December 2025
11.1
33.5
44.6
At 31 December 2024
12.5
36.8
49.3
The impairment charge for the year of \u00a32.9 million comprises a write down of \u00a33.2 million at two manufacturing sites within the North America segment (2024: \u00a39.9 million relating to a separate manufacturing site) included within items excluded from adjusted operating profit as described in note 6, a credit of \u00a30.5 million arising from the reversal of impairments recognised in the prior year in our Plano, USA site to align the carrying amount to disposal proceeds and other impairments included in adjusted operating profit of \u00a30.2 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "
13 Goodwill
\u00a3million
Cost
At 31 December 2023
140.8
Net exchange adjustment
1.3
At 31 December 2024
142.1
Net exchange adjustment
(5.7)
At 31 December 2025
136.4
Impairment
At 31 December 2023
\u2013
Impairment
36.7
At 31 December 2024
36.7
Impairment
37.2
Net exchange adjustment
(2.1)
At 31 December 2025
71.8
Net book value
At 31 December 2025
64.6
The impairment charge for the year is \u00a337.2 million (2024: \u00a336.7 million) relating to the North
America group of CGUs and within items excluded from adjusted operating profit as described in
note 6.
Goodwill arising from acquisitions represents the premium paid above the fair value of net assets,
including identified intangible assets, at the time of acquisition. Future enhancements to acquired
businesses \u2014 driven by strategic direction, operational efficiencies, and investment \u2014 are
expected to improve profitability over the ownership period.
Goodwill is allocated to groups of CGUs and monitored at this level. Each group of CGUs
comprises multiple CGUs which are primarily individual manufacturing sites.
Goodwill is attributed to the following groups of CGUs:
\u00a3million
2025
2024
Europe:
Europe
52.7
52.7
North America:
North America
\u2013
40.4
Asia:
Asia
11.9
12.3
Total
64.6
105.4
Impairment Testing The Group tests goodwill impairment annually or more frequently if there are indications that goodwill might be impaired. Recoverable amounts for CGUs are calculated using a value-in-use approach. Key assumptions include discount rates, growth projections, and operating cash flow forecasts taken from the board approved 5-year strategic plan. Growth rates beyond the forecast period align with long- term GDP projections, capped at long-term inflation rates for the primary CGU market. These rates are determined based on the Group\u2019s geographic footprint and market presence. Discount rates are estimated using pre-tax rates that reflect market conditions and CGU-specific risks. In determining the cost of equity, the Capital Asset Pricing Model has been used. Accordingly, the cost of equity is determined by adding a risk premium, based on an industry adjustment, to the expected return of the equity market above the risk-free return. The relative risk adjustment reflects the risk inherent in each group of CGUs relative to all other sectors and geographies on average. The cost of debt is determined using a risk-free rate based on the cost of government bonds, and an interest rate premium equivalent to a corporate bond with a similar credit rating to TT Electronics Plc.
Long-term growth assumptions reflect anticipated demand trends in line with economic
conditions. Price evolution and cost-control measures are expected to drive sustained profitability
improvements. Management has detailed plans in place reflecting the latest budget and strategic
growth plan. The pre-tax discount rates and periods of management approved forecasts are
shown below. The discount rates used in the annual impairment test as at 30 September 2025 are
shown below:
2025
2024
Period of Period of
Pre-tax Long term forecast Pre-tax Long term forecast
discount rate growth rate (years) discount rate growth rate (years)
Europe:
Europe
15.9%
1.4%
5.0
14.7%
1.4%
5.0
North America:
North America
15.8%
2.1%
5.0
15.5%
2.1%
5.0
Asia:
Asia
15.0%
3.5%
5.0
14.6%
3.5%
5.0
The recoverable amounts associated with the goodwill balances which are based on these
performance projections and current forecast information do not indicate that any goodwill
balance, other than that for North America, is impaired. Based on the impairment testing
performed, an impairment charge of \u00a337.2 million was recorded in 2025 (2024: \u00a336.7 million) in
respect of the North America group of CGUs related to the operational issues and weak
performance in the region, the timing of the recoverability in profitability and certain
macroeconomic assumptions including the discount rate. After impairment, the recoverable
amount of the goodwill held in the North America group of CGUs was \u00a3nil.
The impairment charge is shown as an adjusting item (see note 6) in conjunction with related
asset impairments in the North America group of CGUs. In the prior year an impairment charge of
\u00a336.7 million was recognised in relation to the North America group of CGUs and was also
recorded as an adjusting item.
Sensitivity Analysis
Sensitivity analysis has been performed on the key assumptions; operating cash flow projections,
revenue growth rates and discount rate. Cash flows can be impacted by changes to sales prices,
direct costs and replacement capital expenditure; individually they are not significant assumptions.
In respect of the Europe and Asia groups of CGUs, the directors have not identified reasonably
possible changes in significant assumptions that would cause the recoverable amount to fall
below the carrying value of recognised goodwill.
14 Other intangible assets
Product Patents,
development licences and Customer
\u00a3million costs other
relationships
Total
Cost
At 31 December 2023
15.2
38.4
50.1
103.7
Additions
1.8
0.5
\u2013
2.3
Disposals
(0.2)
(1.4)
(1.0)
(2.6)
Transferred to assets held for sale
(0.2)
\u2013
\u2013
(0.2)
Other movements
0.3
\u2013
\u2013
0.3
Net exchange adjustment
0.2
0.1
0.4
0.7
At 31 December 2024
17.1
37.6
49.5
104.2
Additions
1.1
\u2013
\u2013
1.1
Disposals
(0.9)
(0.1)
\u2013
(1.0)
Other movements
(1.6)
0.1
\u2013
(1.5)
Net exchange adjustment
(1.0)
(0.4)
(1.6)
(3.0)
At 31 December 2025
14.7
37.2
47.9
99.8
Amortisation
At 31 December 2023
10.3
36.9
23.8
71.0
Charge for the year
1.1
0.5
2.7
4.3
Impairment
0.2
\u2013
\u2013
0.2
Disposals
(0.1)
(1.3)
(1.0)
(2.4)
Net exchange adjustment
0.2
(0.1)
0.2
0.3
At 31 December 2024
11.7
36.0
25.7
73.4
Charge for the year
0.8
0.4
2.6
3.8
Impairment
0.8
\u2013
\u2013
0.8
Disposals
(0.8)
(0.1)
\u2013
(0.9)
Net exchange adjustment
(0.8)
(0.4)
(0.6)
(1.8)
At 31 December 2025
11.7
35.9
27.7
75.3
Net book value
At 31 December 2025
3.0
1.3
20.2
24.5
At 31 December 2024
5.4
1.6
23.8
30.8
Other movements of \u00a31.6 million within product development costs relate to reclassification to
other receivables. Included within the amortisation charge for the year is \u00a32.6 million (2024: \u00a32.7
million) included within items excluded from adjusted profit as the charge relates to intangibles
acquired upon acquisition of businesses.
Impairment of \u00a30.8 million relates to one manufacturing site within the North America segment and are included within adjusted operating profit. In the prior year \u00a30.2 million relating to a separate manufacturing site within the North America segment was excluded from adjusted operating profit as described in note 6. Impaired intangible assets have been written down to a recoverable amount of \u00a3nil. Customer relationships are intangible assets recognised upon acquisition which are amortised over long periods of time and are summarised below. The amortisation charge is excluded from adjusted operating profit as described in note 6. The composition of customer relationships and the years remaining until they are fully amortised is shown below.
Net book
value Years
(\u00a3million) remaining
Torotel
8.2
16.9
Aero Stanrew
5.5
5.0
Precision Inc.
3.6
6.7
Ferranti Power and Control
2.1
9.0
Stadium Group
0.8
7.3
At 31 December 2025
20.2
Net book
value Years
(\u00a3million) remaining
Torotel
9.5
17.9
Aero Stanrew
6.6
6.0
Precision Inc.
4.5
7.7
Ferranti Power and Control
2.3
10.0
Stadium Group
0.9
8.3
At 31 December 2024
23.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "13 Goodwill
\u00a3million
Cost
At 31 December 2023
140.8
Net exchange adjustment
1.3
At 31 December 2024
142.1
Net exchange adjustment
(5.7)
At 31 December 2025
136.4
Impairment
At 31 December 2023
\u2013
Impairment
36.7
At 31 December 2024
36.7
Impairment
37.2
Net exchange adjustment
(2.1)
At 31 December 2025
71.8
Net book value
At 31 December 2025
64.6
The impairment charge for the year is \u00a337.2 million (2024: \u00a336.7 million) relating to the North America group of CGUs and within items excluded from adjusted operating profit as described in note 6. Goodwill arising from acquisitions represents the premium paid above the fair value of net assets, including identified intangible assets, at the time of acquisition. Future enhancements to acquired businesses \u2014 driven by strategic direction, operational efficiencies, and investment \u2014 are expected to improve profitability over the ownership period. Goodwill is allocated to groups of CGUs and monitored at this level. Each group of CGUs comprises multiple CGUs which are primarily individual manufacturing sites.
Goodwill is attributed to the following groups of CGUs:
\u00a3million
2025
2024
Europe:
Europe
52.7
52.7
North America:
North America
\u2013
40.4
Asia:
Asia
11.9
12.3
Total
64.6
105.4
Impairment Testing
The Group tests goodwill impairment annually or more frequently if there are indications that
goodwill might be impaired.
Recoverable amounts for CGUs are calculated using a value-in-use approach. Key assumptions
include discount rates, growth projections, and operating cash flow forecasts taken from the
board approved 5-year strategic plan. Growth rates beyond the forecast period align with long-
term GDP projections, capped at long-term inflation rates for the primary CGU market. These rates
are determined based on the Group\u2019s geographic footprint and market presence.
Discount rates are estimated using pre-tax rates that reflect market conditions and CGU-specific
risks. In determining the cost of equity, the Capital Asset Pricing Model has been used.
Accordingly, the cost of equity is determined by adding a risk premium, based on an industry
adjustment, to the expected return of the equity market above the risk-free return. The relative risk
adjustment reflects the risk inherent in each group of CGUs relative to all other sectors and
geographies on average.
The cost of debt is determined using a risk-free rate based on the cost of government bonds, and
an interest rate premium equivalent to a corporate bond with a similar credit rating to
TT Electronics Plc.
Long-term growth assumptions reflect anticipated demand trends in line with economic conditions. Price evolution and cost-control measures are expected to drive sustained profitability improvements. Management has detailed plans in place reflecting the latest budget and strategic growth plan. The pre-tax discount rates and periods of management approved forecasts are shown below. The discount rates used in the annual impairment test as at 30 September 2025 are shown below:
2025
2024
Period of Period of
Pre-tax Long term forecast Pre-tax Long term forecast
discount rate growth rate (years) discount rate growth rate (years)
Europe:
Europe
15.9%
1.4%
5.0
14.7%
1.4%
5.0
North America:
North America
15.8%
2.1%
5.0
15.5%
2.1%
5.0
Asia:
Asia
15.0%
3.5%
5.0
14.6%
3.5%
5.0
The recoverable amounts associated with the goodwill balances which are based on these performance projections and current forecast information do not indicate that any goodwill balance, other than that for North America, is impaired. Based on the impairment testing performed, an impairment charge of \u00a337.2 million was recorded in 2025 (2024: \u00a336.7 million) in respect of the North America group of CGUs related to the operational issues and weak performance in the region, the timing of the recoverability in profitability and certain macroeconomic assumptions including the discount rate. After impairment, the recoverable amount of the goodwill held in the North America group of CGUs was \u00a3nil. The impairment charge is shown as an adjusting item (see note 6) in conjunction with related asset impairments in the North America group of CGUs. In the prior year an impairment charge of \u00a336.7 million was recognised in relation to the North America group of CGUs and was also recorded as an adjusting item. Sensitivity Analysis Sensitivity analysis has been performed on the key assumptions; operating cash flow projections, revenue growth rates and discount rate. Cash flows can be impacted by changes to sales prices, direct costs and replacement capital expenditure; individually they are not significant assumptions. In respect of the Europe and Asia groups of CGUs, the directors have not identified reasonably possible changes in significant assumptions that would cause the recoverable amount to fall below the carrying value of recognised goodwill. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-524": { "value": "Impairment Testing The Group tests goodwill impairment annually or more frequently if there are indications that goodwill might be impaired. Recoverable amounts for CGUs are calculated using a value-in-use approach. Key assumptions include discount rates, growth projections, and operating cash flow forecasts taken from the board approved 5-year strategic plan. Growth rates beyond the forecast period align with long- term GDP projections, capped at long-term inflation rates for the primary CGU market. These rates are determined based on the Group\u2019s geographic footprint and market presence. Discount rates are estimated using pre-tax rates that reflect market conditions and CGU-specific risks. In determining the cost of equity, the Capital Asset Pricing Model has been used. Accordingly, the cost of equity is determined by adding a risk premium, based on an industry adjustment, to the expected return of the equity market above the risk-free return. The relative risk adjustment reflects the risk inherent in each group of CGUs relative to all other sectors and geographies on average. The cost of debt is determined using a risk-free rate based on the cost of government bonds, and an interest rate premium equivalent to a corporate bond with a similar credit rating to TT Electronics Plc. Long-term growth assumptions reflect anticipated demand trends in line with economic conditions. Price evolution and cost-control measures are expected to drive sustained profitability improvements. Management has detailed plans in place reflecting the latest budget and strategic growth plan. The pre-tax discount rates and periods of management approved forecasts are shown below. The discount rates used in the annual impairment test as at 30 September 2025 are shown below:
2025
2024
Period of Period of
Pre-tax Long term forecast Pre-tax Long term forecast
discount rate growth rate (years) discount rate growth rate (years)
Europe:
Europe
15.9%
1.4%
5.0
14.7%
1.4%
5.0
North America:
North America
15.8%
2.1%
5.0
15.5%
2.1%
5.0
Asia:
Asia
15.0%
3.5%
5.0
14.6%
3.5%
5.0
The recoverable amounts associated with the goodwill balances which are based on these performance projections and current forecast information do not indicate that any goodwill balance, other than that for North America, is impaired. Based on the impairment testing performed, an impairment charge of \u00a337.2 million was recorded in 2025 (2024: \u00a336.7 million) in respect of the North America group of CGUs related to the operational issues and weak performance in the region, the timing of the recoverability in profitability and certain macroeconomic assumptions including the discount rate. After impairment, the recoverable amount of the goodwill held in the North America group of CGUs was \u00a3nil. The impairment charge is shown as an adjusting item (see note 6) in conjunction with related asset impairments in the North America group of CGUs. In the prior year an impairment charge of \u00a336.7 million was recognised in relation to the North America group of CGUs and was also recorded as an adjusting item. Sensitivity Analysis Sensitivity analysis has been performed on the key assumptions; operating cash flow projections, revenue growth rates and discount rate. Cash flows can be impacted by changes to sales prices, direct costs and replacement capital expenditure; individually they are not significant assumptions. In respect of the Europe and Asia groups of CGUs, the directors have not identified reasonably possible changes in significant assumptions that would cause the recoverable amount to fall below the carrying value of recognised goodwill. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "14 Other intangible assets
Product Patents,
development licences and Customer
\u00a3million costs other
relationships
Total
Cost
At 31 December 2023
15.2
38.4
50.1
103.7
Additions
1.8
0.5
\u2013
2.3
Disposals
(0.2)
(1.4)
(1.0)
(2.6)
Transferred to assets held for sale
(0.2)
\u2013
\u2013
(0.2)
Other movements
0.3
\u2013
\u2013
0.3
Net exchange adjustment
0.2
0.1
0.4
0.7
At 31 December 2024
17.1
37.6
49.5
104.2
Additions
1.1
\u2013
\u2013
1.1
Disposals
(0.9)
(0.1)
\u2013
(1.0)
Other movements
(1.6)
0.1
\u2013
(1.5)
Net exchange adjustment
(1.0)
(0.4)
(1.6)
(3.0)
At 31 December 2025
14.7
37.2
47.9
99.8
Amortisation
At 31 December 2023
10.3
36.9
23.8
71.0
Charge for the year
1.1
0.5
2.7
4.3
Impairment
0.2
\u2013
\u2013
0.2
Disposals
(0.1)
(1.3)
(1.0)
(2.4)
Net exchange adjustment
0.2
(0.1)
0.2
0.3
At 31 December 2024
11.7
36.0
25.7
73.4
Charge for the year
0.8
0.4
2.6
3.8
Impairment
0.8
\u2013
\u2013
0.8
Disposals
(0.8)
(0.1)
\u2013
(0.9)
Net exchange adjustment
(0.8)
(0.4)
(0.6)
(1.8)
At 31 December 2025
11.7
35.9
27.7
75.3
Net book value
At 31 December 2025
3.0
1.3
20.2
24.5
At 31 December 2024
5.4
1.6
23.8
30.8
Other movements of \u00a31.6 million within product development costs relate to reclassification to other receivables. Included within the amortisation charge for the year is \u00a32.6 million (2024: \u00a32.7 million) included within items excluded from adjusted profit as the charge relates to intangibles acquired upon acquisition of businesses.
Impairment of \u00a30.8 million relates to one manufacturing site within the North America segment
and are included within adjusted operating profit. In the prior year \u00a30.2 million relating to a
separate manufacturing site within the North America segment was excluded from adjusted
operating profit as described in note 6. Impaired intangible assets have been written down
to a recoverable amount of \u00a3nil.
Customer relationships are intangible assets recognised upon acquisition which are amortised
over long periods of time and are summarised below. The amortisation charge is excluded from
adjusted operating profit as described in note 6. The composition of customer relationships and
the years remaining until they are fully amortised is shown below.
Net book
value Years
(\u00a3million) remaining
Torotel
8.2
16.9
Aero Stanrew
5.5
5.0
Precision Inc.
3.6
6.7
Ferranti Power and Control
2.1
9.0
Stadium Group
0.8
7.3
At 31 December 2025
20.2
Net book
value Years
(\u00a3million) remaining
Torotel
9.5
17.9
Aero Stanrew
6.6
6.0
Precision Inc.
4.5
7.7
Ferranti Power and Control
2.3
10.0
Stadium Group
0.9
8.3
At 31 December 2024
23.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "
15 Inventories
\u00a3million
2025
2024
Raw materials
61.6
74.9
Work in progress
26.7
34.3
Finished goods
14.9
23.5
103.2
132.7
Inventories are stated after a provision for obsolescence of \u00a323.4 million (2024: \u00a317.2 million). The
increase in the provision primarily relates to our Plano, US site (note 6). The directors do not
consider there to be a material difference between net book value and replacement cost for
inventories.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-498": { "value": "
16 Trade and other receivables
\u00a3million
2025
2024
Trade receivables
70.1
76.3
Prepayments
6.1
5.9
VAT and other taxes receivable
5.5
5.1
Accrued income
2.5
1.5
Other receivables
5.3
2.4
89.5
91.2
Other receivables, relating primarily to Research and Development Expenditure Credits and other
amounts deemed to be recoverable from customers, are expected to be converted into cash
within twelve months.
Loss allowance for expected credit losses in respect of trade receivables is shown in note 20d(ii).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "16 Trade and other receivables
\u00a3million
2025
2024
Trade receivables
70.1
76.3
Prepayments
6.1
5.9
VAT and other taxes receivable
5.5
5.1
Accrued income
2.5
1.5
Other receivables
5.3
2.4
89.5
91.2
Other receivables, relating primarily to Research and Development Expenditure Credits and other amounts deemed to be recoverable from customers, are expected to be converted into cash within twelve months. Loss allowance for expected credit losses in respect of trade receivables is shown in note 20d(ii).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "
17 Trade and other payables
\u00a3million
2025
2024
Current liabilities
Trade payables
47.7
61.3
Taxation and social security
1.7
3.6
Accruals
28.1
23.9
Deferred income
27.0
22.5
Goods received not invoiced
6.0
7.4
Other payables
2.0
1.3
112.5
120.0
Other payables, relating primarily to amounts payable to employees in accordance with local
labour laws and other non-trade payables are expected to be settled with cash in the next twelve
months.
\u00a3million
2025
2024
Non-current liabilities
Accruals
0.1
0.1
Deferred income represents advance payments and pre-funded inventory which is expected to be
converted into finished goods and sold within 12 months. All the brought forward balance from
2024 was converted into finished goods and sold to the end customer within the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-525": { "value": "17 Trade and other payables
\u00a3million
2025
2024
Current liabilities
Trade payables
47.7
61.3
Taxation and social security
1.7
3.6
Accruals
28.1
23.9
Deferred income
27.0
22.5
Goods received not invoiced
6.0
7.4
Other payables
2.0
1.3
112.5
120.0
Other payables, relating primarily to amounts payable to employees in accordance with local labour laws and other non-trade payables are expected to be settled with cash in the next twelve months.
\u00a3million
2025
2024
Non-current liabilities
Accruals
0.1
0.1
Deferred income represents advance payments and pre-funded inventory which is expected to be converted into finished goods and sold within 12 months. All the brought forward balance from 2024 was converted into finished goods and sold to the end customer within the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "17 Trade and other payables
\u00a3million
2025
2024
Current liabilities
Trade payables
47.7
61.3
Taxation and social security
1.7
3.6
Accruals
28.1
23.9
Deferred income
27.0
22.5
Goods received not invoiced
6.0
7.4
Other payables
2.0
1.3
112.5
120.0
Other payables, relating primarily to amounts payable to employees in accordance with local labour laws and other non-trade payables are expected to be settled with cash in the next twelve months.
\u00a3million
2025
2024
Non-current liabilities
Accruals
0.1
0.1
Deferred income represents advance payments and pre-funded inventory which is expected to be converted into finished goods and sold within 12 months. All the brought forward balance from 2024 was converted into finished goods and sold to the end customer within the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "
18 Provisions
Legal,
warranty and
\u00a3million
Property
Reorganisation
other
Total
At 1 January 2024
1.0
0.2
2.9
4.1
Utilised
\u2013
(0.2)
(1.2)
(1.4)
Disposal of business
\u2013
\u2013
(0.4)
(0.4)
Arising during the year
0.1
0.3
2.2
2.6
At 1 January 2025
1.1
0.3
3.5
4.9
Utilised
\u2013
(0.3)
(1.1)
(1.4)
Released
\u2013
\u2013
(0.3)
(0.3)
Arising during the year
0.1
3.1
1.7
4.9
Exchange differences
\u2013
\u2013
(0.1)
(0.1)
At 31 December 2025
1.2
3.1
3.7
8.0
\u00a3million
2025
2024
Non-current
1.2
1.1
Current
6.8
3.8
8.0
4.9
Property
Property provisions of \u00a31.2 million (2024: \u00a31.1 million) relate to dilapidation provisions and are
classified as non-current.
Reorganisation
Reorganisation provisions relate to committed costs in respect of restructuring programmes, as
described in note 6, usually resulting in cash spend within one year.
\u00a30.3 million (2024: \u00a30.3 million) relates to clean-up costs associated with the closure of the Boone,
US operations.
\u00a32.8 million (2024: \u00a3nil) relates to the closure of the Plano manufacturing facility.
Legal, warranty and other
Legal, warranty and other claims represent the best estimate for the cost of settling outstanding
product and other claims, and warranty provisions created on the disposal of businesses.
\u00a31.5 million (2024: \u00a31.5 million) relates to local warranty provisions of which \u00a30.2 million was
utilised and \u00a30.6 million was charged to the income statement during the year. There was a
\u00a30.1m reduction due to foreign exchange movements.
\u00a31.6 million (2024: \u00a31.6 million) relates to onerous contracts acquired within the Ferranti Power
and Control business of which \u00a30.7 million was utilised and \u00a30.7 million was charged to the
income statement during the year.
\u00a30.6 million (2024: \u00a30.4 million) relates to other provisions with \u00a30.2 million utilised in the year
and a further \u00a30.4 million charged to the income statement in the year.
The Group has, on occasion, been required to enforce commercial contracts and to defend itself
against proceedings brought by other parties. Provisions are made for the expected costs
associated with such matters, based on past experience of similar items and other known factors,
taking into account professional advice received, and represent management\u2019s best estimate of
the likely outcome. The timing of utilisation of these provisions is frequently uncertain, reflecting
the complexity of issues and the outcome of various court proceedings and negotiations.
Contractual and other provisions represent the Directors\u2019 best estimate of the cost of settling
future obligations although there is a higher degree of judgement involved. Unless specific
evidence exists to the contrary, these provisions are shown as current.
No provision is made for proceedings which have been or might be brought by other parties
against Group companies unless management, taking into account professional advice received,
assesses that it is more likely than not that such proceedings may be successful. Contingent
liabilities associated with such proceedings have been identified, but the Directors are of the
opinion that any associated claims that might be brought can be resisted successfully, and
therefore the possibility of any material outflow in settlement in excess of amounts provided is
assessed as unlikely.
The timing of the utilisation of these amounts is uncertain as they are subject to commercial
negotiation and legal process in different jurisdictions. Where possible the Group has purchased
insurance cover to protect itself from these exposures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-499": { "value": "18 Provisions
Legal,
warranty and
\u00a3million
Property
Reorganisation
other
Total
At 1 January 2024
1.0
0.2
2.9
4.1
Utilised
\u2013
(0.2)
(1.2)
(1.4)
Disposal of business
\u2013
\u2013
(0.4)
(0.4)
Arising during the year
0.1
0.3
2.2
2.6
At 1 January 2025
1.1
0.3
3.5
4.9
Utilised
\u2013
(0.3)
(1.1)
(1.4)
Released
\u2013
\u2013
(0.3)
(0.3)
Arising during the year
0.1
3.1
1.7
4.9
Exchange differences
\u2013
\u2013
(0.1)
(0.1)
At 31 December 2025
1.2
3.1
3.7
8.0
\u00a3million
2025
2024
Non-current
1.2
1.1
Current
6.8
3.8
8.0
4.9
Property Property provisions of \u00a31.2 million (2024: \u00a31.1 million) relate to dilapidation provisions and are classified as non-current. Reorganisation Reorganisation provisions relate to committed costs in respect of restructuring programmes, as described in note 6, usually resulting in cash spend within one year. \u00a30.3 million (2024: \u00a30.3 million) relates to clean-up costs associated with the closure of the Boone, US operations. \u00a32.8 million (2024: \u00a3nil) relates to the closure of the Plano manufacturing facility. Legal, warranty and other Legal, warranty and other claims represent the best estimate for the cost of settling outstanding product and other claims, and warranty provisions created on the disposal of businesses. \u00a31.5 million (2024: \u00a31.5 million) relates to local warranty provisions of which \u00a30.2 million was utilised and \u00a30.6 million was charged to the income statement during the year. There was a \u00a30.1m reduction due to foreign exchange movements. \u00a31.6 million (2024: \u00a31.6 million) relates to onerous contracts acquired within the Ferranti Power and Control business of which \u00a30.7 million was utilised and \u00a30.7 million was charged to the income statement during the year. \u00a30.6 million (2024: \u00a30.4 million) relates to other provisions with \u00a30.2 million utilised in the year and a further \u00a30.4 million charged to the income statement in the year. The Group has, on occasion, been required to enforce commercial contracts and to defend itself against proceedings brought by other parties. Provisions are made for the expected costs associated with such matters, based on past experience of similar items and other known factors, taking into account professional advice received, and represent management\u2019s best estimate of the likely outcome. The timing of utilisation of these provisions is frequently uncertain, reflecting the complexity of issues and the outcome of various court proceedings and negotiations. Contractual and other provisions represent the Directors\u2019 best estimate of the cost of settling future obligations although there is a higher degree of judgement involved. Unless specific evidence exists to the contrary, these provisions are shown as current. No provision is made for proceedings which have been or might be brought by other parties against Group companies unless management, taking into account professional advice received, assesses that it is more likely than not that such proceedings may be successful. Contingent liabilities associated with such proceedings have been identified, but the Directors are of the opinion that any associated claims that might be brought can be resisted successfully, and therefore the possibility of any material outflow in settlement in excess of amounts provided is assessed as unlikely. The timing of the utilisation of these amounts is uncertain as they are subject to commercial negotiation and legal process in different jurisdictions. Where possible the Group has purchased insurance cover to protect itself from these exposures. 27 Contingent liabilities The Group is subject to claims which arise in the ordinary course of business. Other than those for which provisions have been made and included within note 18, the Directors consider the likelihood of any other claims giving rise to a significant liability to be remote. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-536": { "value": "19 Borrowings and lease obligations
Currency of
\u00a3million
Maturity
denomination
Current
Non-current
Total
At 31 December 2025
\u00a3162.4 million multi-currency revolving credit facility
2027
GBP
\u2013
10.0
10.0
2027
USD
\u2013
4.5
4.5
Unsecured loan note
2028
GBP
\u2013
37.5
37.5
Unsecured loan note
2031
GBP
\u2013
37.5
37.5
Overdrafts
0.1
\u2013
0.1
Lease liabilities
3.6
10.8
14.4
Loan arrangement fee
\u2013
(0.6)
(0.6)
Total
3.7
99.7
103.4
At 31 December 2024
\u00a3162.4 million multi-currency revolving credit facility
2027
GBP
\u2013
36.0
36.0
2027
USD
\u2013
39.9
39.9
Unsecured loan note
2028
GBP
\u2013
37.5
37.5
Unsecured loan note
2031
GBP
\u2013
37.5
37.5
Overdrafts
0.1
\u2013
0.1
Lease liabilities
4.0
13.3
17.3
Loan arrangement fee
\u2013
(1.7)
(1.7)
Total
4.1
162.5
166.6
The Group\u2019s primary source of finance is the \u00a3162.4 million committed revolving credit facility (RCF), and an uncommitted accordion facility of \u00a317.6 million, which was signed in June 2022. The Group\u2019s RCF, including the interest margin thereon which is based on the Group\u2019s compliance with financial covenants, is payable on a floating rate basis above GBP SONIA or USD SOFR depending on the currency of the loan and will mature in June 2027. As at 31 December 2025, \u00a314.5 million (31 December 2024: \u00a375.9 million) of the facility was drawn down. Arrangement fees with amortised cost of \u00a30.6 million (2024: \u00a31.7 million) have been netted off against these borrowings. In December 2021 the Group issued \u00a375.0 million of unsecured loan notes with \u00a337.5 million maturing in seven years and \u00a337.5 million maturing in 10 years respectively to a collection of three counterparties. The average interest rate on the loan notes is 3.65 per cent. In December 2024 the RCF and the unsecured loan note lenders agreed to a relaxation of the covenant relating to the ratio of consolidated EBITDA to consolidated net finance charges for each reporting period up to, and including, 31 December 2025. This was 3.75x at 31 December 2024, 3.00x at 30 June 2025 and 3.25x at 31 December 2025. As part of this agreed relaxation, the Group has committed that, should it wish to issue a dividend, it will test the covenant ratio both for the measurement period immediately prior to the distribution and the forecasts for the subsequent two measurement periods, against the original interest cover covenant ratio of more than 4.0x. In March 2026 the RCF was amended and extended with a new expiry date of June 2028 and revised facility size of \u00a3105.0 million. Undrawn facilities At 31 December 2025, the Group had available \u00a3147.9 million (2024: \u00a386.5 million) of undrawn committed borrowing facilities and \u00a327.9 million (2024: \u00a328.1 million) of undrawn uncommitted borrowing facilities, representing overdraft lines and the accordion facility. 20 Financial risk management The main risks arising from the Group\u2019s financial instruments are foreign exchange risk, interest rate risk, credit risk and liquidity risk. These risks arise from exposures that occur in the normal course of business and are managed by the Group\u2019s Treasury department in close co-operation with the Group\u2019s business divisions and operating companies, under the oversight of a Treasury Committee which is chaired by the Chief Financial Officer. The responsibilities of the Group\u2019s Treasury department include the monitoring of financial risks, management of cash resources, debt and capital structure management, approval of counterparties and relevant transaction limits, and oversight of all significant treasury activities undertaken by the Group. The Group Treasury department operates as a service centre to the business divisions of the Group and not as a profit centre. A Group Treasury policy has been approved by the Board of Directors and is periodically updated to reflect developments in the financial markets and the financial exposure facing the Group. The Group\u2019s principal financial instruments comprise borrowings, cash and cash equivalents, trade receivables, trade payables and derivatives. The Group\u2019s borrowings, surplus liquidity and derivative financial instruments are monitored and managed centrally by the Group\u2019s Treasury department. The Group\u2019s accounting policies with regard to financial instruments are detailed in note 2m. a) Derivatives, other financial instruments and risk management The Group uses derivative financial instruments to manage certain exposures to fluctuations in exchange rates and interest rates. The Group does not hold any speculative financial instruments. The Group is exposed to transactional and translation foreign exchange risk. Transactional foreign exchange risk arises from sales or purchases by a Group company in a currency other than that company\u2019s functional currency. Translation foreign exchange risk arises on the translation of profits earned in overseas currencies into GBP and the translation of net assets denominated in overseas currencies into GBP, the Group\u2019s functional currency. To mitigate transactional foreign exchange risk, wherever possible, Group companies enter into transactions in their functional currencies with customers and suppliers. When this is not possible, hedging strategies are undertaken through the use of forward currency contracts for up to two years ahead. The forward currency contracts have been designated as cash flow hedges and the effective portion of the mark to market valuation of these derivatives at 31 December 2025 is taken to the hedging reserve within equity. Currency basis spread that is not designated is taken to the income statement. The Group has designated \u00a34.5 million ($6.0 million) (2024: \u00a339.9 million ($52.0 million)) of loans in a net investment hedge of USD net assets. No ineffectiveness was recorded (2024: \u00a3nil) and a gain of \u00a32.3 million (2024: \u00a30.8 million loss) was taken to the translation reserve. The amount accumulated in this reserve in respect of gains/losses arising on hedging instruments designated in net investment hedges up to 31 December 2025 was an accumulated loss of \u00a30.4 million (2024: accumulated loss of \u00a32.7 million). The Group\u2019s interest rate management policy is to maintain a balance between fixed and floating rates of interest on borrowings and deposits, and to use interest rate derivatives when appropriate and pre-approved by the Treasury Committee. The interest rate hedging instruments are floating to fixed rate interest rate swaps used to manage the Group\u2019s interest cost. At 31 December 2025, the Group had a net derivative financial asset of \u00a32.1 million (2024: \u00a37.1 million net liability).
Notional
Amount Average Fair value
Foreign exchange (FX) hedges (\u00a3m) Hedged Rate
(\u00a3m)
Type of hedge
31 December 2024
USD:CNY
45.8
6.88
(0.3)
CFH \u2013 Forward rate
USD:MXN
31.3
19.23
1.4
CFH \u2013 Forward rate
USD:GBP
6.1
0.74
0.1
CFH \u2013 Forward rate
USD:MYR
15.0
4.23
0.7
CFH \u2013 Forward rate
CNY:GBP
4.2
0.11
0.1
CFH \u2013 Forward rate
CNY:EUR
3.3
0.12
0.1
CFH \u2013 Forward rate
EUR:GBP
3.1
0.87
\u2013
CFH \u2013 Forward rate
GBP:USD
0.2
1.27
\u2013
CFH \u2013 Forward rate
Total
109.0
2.1
31 December 2023
USD:CNY
61.5
6.84
(3.0)
CFH \u2013 Forward rate
USD:MXN
31.2
18.72
(4.1)
CFH \u2013 Forward rate
USD:GBP
16.3
0.78
(0.2)
CFH \u2013 Forward rate
EUR:GBP
11.8
4.49
0.1
CFH \u2013 Forward rate
USD:MYR
6.8
0.11
0.1
CFH \u2013 Forward rate
CNY:GBP
3.8
0.13
(0.1)
CFH \u2013 Forward rate
CNY:EUR
3.2
0.85
0.1
CFH \u2013 Forward rate
GBP:USD
0.8
1.27
\u2013
CFH \u2013 Forward rate
Total
135.4
(7.1)
CFH is an abbreviation for cash flow hedge. The most common exchange rate risk is the transaction risk the Group takes when it invoices a customer or purchases from suppliers in a different currency to the underlying functional currency of the business. The Group policy is to review transactional foreign exchange exposures and place contracts on a quarterly basis. To the extent the cash flows associated with a transactional foreign exchange risk are committed the Group will hedge 100%. The notional values of the hedged transactions are disclosed in the above table. The group\u2019s policy is to hedge these transactions on a 1:1 ratio. Foreign currency basis spread of the derivative item is not designated and is therefore recognised in the income statement. The potential sources of ineffectiveness are timing of forecast transaction and credit risk. There was no hedge ineffectiveness incurred during the period.
The closing value of the hedging reserve in relation to FX hedges on 31 December 2025 was an
accumulated gain of \u00a32.2 million (2024: accumulated loss of \u00a36.5 million). The transactions that
have been designated as the hedged item in a cash flow hedge relationship are still considered
highly probable forecasted transactions, both during the next year and at the year ended 31
December 2025.
Hedges with a notional amount of \u00a369.6 million (2024: \u00a394.6 million) are due within 12 months
with the remainder maturing within 24 months.
b) Foreign exchange risk
Trade receivables are denominated in the currencies in which the Group trades. The Group\u2019s policy
is that receivables and payables not in the functional currency of the subsidiary concerned are,
in the main, hedged through forward foreign currency exchange contracts.
All currencies used within the Group are freely and immediately exchangeable for other currencies.
\u00a3million
GBP
USD
Euro
Other
Total
31 December 2025
Trade and other receivables
\u2013
14.5
1.4
\u2013
15.9
Cash and cash equivalents
\u2013
2.6
0.9
0.4
3.9
Borrowings
\u2013
(4.5)
\u2013
\u2013
(4.5)
Lease liabilities
\u2013
\u2013
\u2013
(0.7)
(0.7)
Trade and other payables
(0.6)
(5.4)
(0.5)
(0.7)
(7.2)
Net Derivative financial instruments
0.2
\u2013
0.1
1.8
2.1
Total
(0.4)
7.2
1.9
0.8
9.5
31 December 2024
Trade and other receivables
\u2013
18.0
1.0
0.1
19.1
Cash and cash equivalents
\u2013
7.7
0.9
1.1
9.7
Borrowings
\u2013
(39.9)
\u2013
\u2013
(39.9)
Lease liabilities
\u2013
\u2013
\u2013
(0.8)
(0.8)
Trade and other payables
(0.2)
(8.8)
(0.6)
(1.6)
(11.2)
Net Derivative financial instruments
\u2013
\u2013
(0.1)
(7.0)
(7.1)
Total
(0.2)
(23.0)
1.2
(8.2)
(30.2)
A 10% strengthening of GBP against the following currencies at 31 December 2025 would have reduced profit after tax by the amounts shown below. These sensitivities have been chosen because they are a reasonable approximation of possible changes. This analysis assumes that all other variables, in particular interest rates, remain constant. A 10% weakening of GBP against the above currencies at 31 December 2025 would have had an equal but opposite effect on profit after tax, on the basis that all other variables remain constant.
\u00a3million
2025
2024
US dollar
1.2
1.7
Euro
0.2
0.1
A 10% strengthening of GBP against the following currencies at 31 December 2025 would have decreased equity by the amounts shown below. These sensitivities have been chosen because they are a reasonable approximation of possible changes. This analysis assumes that all other variables, in particular interest rates, remain constant. The Group finances operations by obtaining funding through external borrowings and, where they are in foreign currencies, these borrowings may be designated as net investment hedges. This enables gains and losses arising on retranslation of these foreign currency borrowings to be charged to other comprehensive income, providing a partial offset in equity against the gains and losses arising on translation of the net assets of foreign operations. This has been considered in the analysis below.
\u00a3million
2025
2024
US dollar
(0.7)
2.3
Euro
(0.2)
(0.1)
A 10% weakening of GBP against the above currencies at 31 December 2025 would have had an equal but opposite effect on equity, on the basis that all other variables remain constant. c) Interest rate risk The Group has financial assets and liabilities which are exposed to changes in market interest rates. Changes in interest rates primarily impact borrowings by changing their future cash flows (floating rate debt) or their fair value (fixed rate debt) and deposits. The Group\u2019s objective is to manage this interest rate exposure through the use of interest rate derivatives. The exposure of the Group\u2019s financial assets and liabilities to interest rate risk is as follows:
Floating Fixed Non-interest
\u00a3million rate rate
bearing
2025 total
Financial assets
Trade and other receivables
\u2013
\u2013
70.1
70.1
Cash and cash equivalents
3.1
\u2013
35.6
38.7
Derivative financial instruments
\u2013
\u2013
2.7
2.7
Total financial assets
3.1
\u2013
108.4
111.5
Financial liabilities
Borrowings (including overdrafts)
(14.6)
(75.0)
0.6
(89.0)
Lease liabilities
\u2013
(14.4)
\u2013
(14.4)
Trade and other payables
\u2013
\u2013
(81.9)
(81.9)
Derivative financial instruments
\u2013
\u2013
(0.6)
(0.6)
Total financial liabilities
(14.6)
(89.4)
(81.9)
(185.9)
Floating Fixed Non-interest
\u00a3million rate rate
bearing
2024 total
Financial assets
Trade and other receivables
\u2013
\u2013
76.3
76.3
Cash and cash equivalents
14.7
\u2013
54.5
69.2
Derivative financial instruments
\u2013
\u2013
0.7
0.7
Total financial assets
14.7
\u2013
131.5
146.2
Financial liabilities
Borrowings (including overdrafts)
(76.0)
(75.0)
1.7
(149.3)
Lease liabilities
\u2013
(17.3)
\u2013
(17.3)
Trade and other payables
\u2013
\u2013
(92.7)
(92.7)
Derivative financial instruments
\u2013
\u2013
(7.8)
(7.8)
Total financial liabilities
(76.0)
(92.3)
(98.8)
(267.1)
At 31 December 2025, 84% of borrowings was at a fixed rate (2024: 50%). The interest charged on floating rate financial liabilities is based on the relevant benchmark rate (such as GBP SONIA and USD SOFR). Interest on financial instruments classified as fixed rate is fixed until the maturity of the instrument. The average cost of the debt for the Group is expected to be approximately 4.0% over the next 12 months. Considering the net debt position of the Group at 31 December 2025, any increase in interest rates would result in a net loss in the consolidated income statement, and any decrease in interest rates would result in a net gain. The effect on loss after tax of a 1.0% movement in interest rate, based on the year end floating rate borrowings, with all other variables held constant, is estimated to be \u00a30.1 million (2024: \u00a30.5 million). d) Credit risk Exposure to credit risk arises as a result of transactions in the Group\u2019s ordinary course of business and is applicable to all financial assets. Investments in cash and cash equivalents and derivative financial instruments are with approved counterparty banks and other financial institutions. Counterparties are assessed prior to, during, and after the conclusion of transactions to ensure exposure to credit risk is limited to an acceptable level. The maximum exposure with respect to credit risk is represented by the carrying amount of each financial asset on the balance sheet. The Group\u2019s major exposure to credit risk is in respect of trade receivables. Given the number and geographical spread of the Group\u2019s ultimate customers and the solvency of major trade debtors, credit risk is believed to be limited. The Group is not reliant on any particular customer in the markets in which it operates and there is no significant concentration of credit risk. The Group regularly monitors its exposure to bad debts in order to minimise this exposure. The Group has strict procedures in place to manage the credit risk on trade receivables. Customer credit risk is managed by each operating company within a region but is subject to Group oversight to ensure that each division\u2019s customer credit risk management system operates in a prudent and responsible manner. Credit evaluations are performed for all customers and credit limits are established based on internal or external rating criteria. The credit quality of the Group\u2019s significant customers is monitored on an ongoing basis. Letters of credit or payments in advance are obtained where customer credit quality is not considered strong enough for open credit. The Group operates the expected credit losses model when applying credit risk to receivables. During the year there was a \u00a31.3 million impairment of trade receivables as at 31 December 2025 (2024: \u00a30.1 million) recognised within admin expenses. The solvency of the debtor and their ability to repay the receivables were considered in assessing the impairment of such assets. The Group performed an expected credit loss model at 31 December 2025 and a general provision of \u00a3nil (2024: \u00a3nil) was required. (i) Risk for trade receivables by geographical regions The maximum exposure to credit risk for trade receivables at 31 December by geographic areas was:
\u00a3million
2025
2024
Europe (including UK)
24.3
26.6
North America
32.3
35.8
Asia
12.8
13.5
Rest of the World
0.7
0.4
70.1
76.3
(ii) Impairment losses The ageing of trade receivables at 31 December was:
2025 2025 2024 2024
\u00a3million Gross Impairment Gross Impairment
Not past due
60.7
\u2013
62.0
\u2013
Past due 1 \u2013 60 days
8.7
\u2013
12.5
-\u2013
Past due 61 \u2013 120 days
1.6
(0.9)
2.1
(0.3)
More than 120 days
1.0
(1.0)
0.4
(0.4)
72.0
(1.9)
77.0
(0.7)
The movement in the provision for impairment in respect of trade receivables during the year was as follows:
\u00a3million
2025
2024
At 1 January
0.7
0.6
Charged to income statement
1.3
0.1
Released
(0.1)
\u2013
Utilised
\u2013
\u2013
At 31 December
1.9
0.7
(iii) Credit risk relating to other financial assets and cash deposits Credit risk relating to the Group\u2019s other financial assets, principally comprising cash and cash equivalents and derivative financial instruments arise from the potential default of counterparties. Credit risk arising from balances with banks and financial institutions is monitored by the Group\u2019s Treasury department. The Group\u2019s policy on investment of cash and deposits is to only hold cash deposits with banks maintaining an investment grade credit rating of BBB and above and are reviewed on a regular basis to take account of developments in financial markets. Hedging agreements are only entered into with the same investment grade counterparties. Currently the Group has 10 counterparties to which it has credit risk exposure. As such credit risk on these financial assets (cash and cash equivalents and derivatives) is calculated as \u00a3nil. The expected credit risk model was applied to other receivables as described in note 2m where the credit risk was deemed immaterial. e) Liquidity risk The Group maintains a balance between availability of funding and maximising investment return on cash balances through the use of short-term cash deposits, credit facilities and longer-term debt instruments. Management regularly reviews the funding requirements of the Group. The Group\u2019s policy is to centrally manage debt and surplus cash balances. At 31 December 2025, the Group had \u00a3147.9 million of undrawn committed borrowing facilities (2024: \u00a386.5 million) and \u00a327.9 million (2024: \u00a328.1 million) of undrawn uncommitted borrowing facilities. Contractual cashflows of financial liabilities The following are the contractual maturities of financial liabilities including contractual future interest payments and commitment fees:
Carrying Contractual On Under 3 3 to 12 1 to 2 2 to 3 3 to 4 4 to 5 Over 5
\u00a3million value Cash Flows demand months months years years years years years
31 December 2025
Borrowings (excl overdrafts)
88.9
103.8
\u2013
0.1
3.7
3.6
54.7
1.4
1.4
38.9
Overdrafts
0.1
0.1
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
14.4
15.7
0.1
0.9
3.3
3.3
1.8
1.1
1.0
4.2
Trade and other payables
81.9
81.9
\u2013
81.5
0.4
\u2013
\u2013
\u2013
\u2013
\u2013
Derivatives settled gross
0.6
28.8
\u2013
5.3
18.9
4.6
\u2013
\u2013
\u2013
\u2013
185.9
230.3
0.2
87.8
26.3
11.5
56.5
2.5
2.4
4 3.1
31 December 2024
Borrowings (excl overdrafts)
149.2
175.0
\u2013
0.9
5.3
6.1
80.8
40.2
1.4
40.3
Overdrafts
0.1
0.1
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
17.3
18.8
\u2013
1.0
3.4
4.0
2.3
1.6
1.1
5.4
Trade and other payables
92.7
92.7
\u2013
91.5
1.2
\u2013
\u2013
\u2013
\u2013
\u2013
Derivatives settled gross
7.8
116.2
\u2013
14.2
61.6
40.4
\u2013
\u2013
\u2013
\u2013
267.1
402.8
0.1
107.6
71.5
50.5
8 3.1
41.8
2.5
45.7
f) Fair value of financial assets and liabilities IFRS 13 \u201cFair Value Measurement\u201d requires an analysis of those financial instruments that are measured at fair value at the end of the year in a fair value hierarchy. In addition, IFRS 13 requires financial instruments not measured at fair value but for which fair value is disclosed to be analysed in the same fair value hierarchy: \u2013 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2013 Level 2 \u2013 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); and \u2013 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs). Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial instruments that are carried in the financial statements.
2025
2024
Fair value Carrying Fair Carrying Fair
\u00a3million hierarchy value value value value
Held at amortised cost
Cash and cash equivalents
n/a
38.7
38.7
69.2
69.2
Trade receivables
n/a
70.1
70.1
76.3
76.3
Trade and other payables
n/a
(81.9)
(81.9)
(92.7)
(92.7)
Borrowings (excluding unsecured loan notes)
2
(13.9)
(13.9)
(74.2)
(74.2)
Unsecured loan notes
3
(75.0)
(69.3)
(75.0)
(66.0)
Held at fair value
Derivative financial instruments (assets)
2
2.7
2.7
0.7
0.7
Derivative financial instruments (liabilities)
2
(0.6)
(0.6)
( 7.8)
(7.8)
The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: \u2013 cash and cash equivalents, trade and other receivables, trade and other payables approximate to their carrying amounts largely due to the short-term maturities of these instruments; \u2013 the fair value of borrowings is estimated by discounting future cash flows using rates currently available for debt and remaining maturities; \u2013 the fair value of derivative financial instrument assets (\u00a32.7 million) and liabilities (\u00a30.6 million) are estimated by discounting expected future cash flows using current market indices such as yield curves and forward exchange rates over the remaining term of the instrument (level 2); and \u2013 the fair value of unsecured loan notes has been derived from available market data for borrowings of similar terms and maturity period. g) Capital management The overriding objectives of the Group\u2019s capital management policy are to safeguard and support the business as a going concern through the business cycle and to maintain an optimal capital structure by reducing the Group\u2019s overall cost of capital. The Board considers equity shareholders\u2019 funds as capital. The Group maintains a balance between availability of funding and maximising investment return on cash balances through the use of short-term cash deposits, credit facilities and longer-term debt instruments, and management regularly reviews the funding requirements of the Group. Dividends are paid when the Board consider it appropriate to do so, taking into account the availability of funding. The Group has net debt of \u00a364.7 million (2024: \u00a397.4 million). Included within the debt facilities are certain financial covenants related to IFRS (excluding IFRS 16 update, and after the application of other covenant defined adjustments) net debt divided by adjusted EBITDA. Adjusted EBITDA is EBITDA adjusted to exclude the items not included within adjusted operating profit/net finance charges for which compliance certificates are produced on a 12-month rolling basis every half year. All financial covenants were fully complied with during the year and up to the date of approval of the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-500": { "value": "19 Borrowings and lease obligations
Currency of
\u00a3million
Maturity
denomination
Current
Non-current
Total
At 31 December 2025
\u00a3162.4 million multi-currency revolving credit facility
2027
GBP
\u2013
10.0
10.0
2027
USD
\u2013
4.5
4.5
Unsecured loan note
2028
GBP
\u2013
37.5
37.5
Unsecured loan note
2031
GBP
\u2013
37.5
37.5
Overdrafts
0.1
\u2013
0.1
Lease liabilities
3.6
10.8
14.4
Loan arrangement fee
\u2013
(0.6)
(0.6)
Total
3.7
99.7
103.4
At 31 December 2024
\u00a3162.4 million multi-currency revolving credit facility
2027
GBP
\u2013
36.0
36.0
2027
USD
\u2013
39.9
39.9
Unsecured loan note
2028
GBP
\u2013
37.5
37.5
Unsecured loan note
2031
GBP
\u2013
37.5
37.5
Overdrafts
0.1
\u2013
0.1
Lease liabilities
4.0
13.3
17.3
Loan arrangement fee
\u2013
(1.7)
(1.7)
Total
4.1
162.5
166.6
The Group\u2019s primary source of finance is the \u00a3162.4 million committed revolving credit facility (RCF), and an uncommitted accordion facility of \u00a317.6 million, which was signed in June 2022. The Group\u2019s RCF, including the interest margin thereon which is based on the Group\u2019s compliance with financial covenants, is payable on a floating rate basis above GBP SONIA or USD SOFR depending on the currency of the loan and will mature in June 2027. As at 31 December 2025, \u00a314.5 million (31 December 2024: \u00a375.9 million) of the facility was drawn down. Arrangement fees with amortised cost of \u00a30.6 million (2024: \u00a31.7 million) have been netted off against these borrowings. In December 2021 the Group issued \u00a375.0 million of unsecured loan notes with \u00a337.5 million maturing in seven years and \u00a337.5 million maturing in 10 years respectively to a collection of three counterparties. The average interest rate on the loan notes is 3.65 per cent. In December 2024 the RCF and the unsecured loan note lenders agreed to a relaxation of the covenant relating to the ratio of consolidated EBITDA to consolidated net finance charges for each reporting period up to, and including, 31 December 2025. This was 3.75x at 31 December 2024, 3.00x at 30 June 2025 and 3.25x at 31 December 2025. As part of this agreed relaxation, the Group has committed that, should it wish to issue a dividend, it will test the covenant ratio both for the measurement period immediately prior to the distribution and the forecasts for the subsequent two measurement periods, against the original interest cover covenant ratio of more than 4.0x. In March 2026 the RCF was amended and extended with a new expiry date of June 2028 and revised facility size of \u00a3105.0 million. Undrawn facilities At 31 December 2025, the Group had available \u00a3147.9 million (2024: \u00a386.5 million) of undrawn committed borrowing facilities and \u00a327.9 million (2024: \u00a328.1 million) of undrawn uncommitted borrowing facilities, representing overdraft lines and the accordion facility. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "20 Financial risk management The main risks arising from the Group\u2019s financial instruments are foreign exchange risk, interest rate risk, credit risk and liquidity risk. These risks arise from exposures that occur in the normal course of business and are managed by the Group\u2019s Treasury department in close co-operation with the Group\u2019s business divisions and operating companies, under the oversight of a Treasury Committee which is chaired by the Chief Financial Officer. The responsibilities of the Group\u2019s Treasury department include the monitoring of financial risks, management of cash resources, debt and capital structure management, approval of counterparties and relevant transaction limits, and oversight of all significant treasury activities undertaken by the Group. The Group Treasury department operates as a service centre to the business divisions of the Group and not as a profit centre. A Group Treasury policy has been approved by the Board of Directors and is periodically updated to reflect developments in the financial markets and the financial exposure facing the Group. The Group\u2019s principal financial instruments comprise borrowings, cash and cash equivalents, trade receivables, trade payables and derivatives. The Group\u2019s borrowings, surplus liquidity and derivative financial instruments are monitored and managed centrally by the Group\u2019s Treasury department. The Group\u2019s accounting policies with regard to financial instruments are detailed in note 2m.
a) Derivatives, other financial instruments and risk management
The Group uses derivative financial instruments to manage certain exposures to fluctuations in
exchange rates and interest rates. The Group does not hold any speculative financial instruments.
The Group is exposed to transactional and translation foreign exchange risk. Transactional foreign
exchange risk arises from sales or purchases by a Group company in a currency other than that
company\u2019s functional currency. Translation foreign exchange risk arises on the translation of
profits earned in overseas currencies into GBP and the translation of net assets denominated in
overseas currencies into GBP, the Group\u2019s functional currency.
To mitigate transactional foreign exchange risk, wherever possible, Group companies enter into
transactions in their functional currencies with customers and suppliers. When this is not possible,
hedging strategies are undertaken through the use of forward currency contracts for up to two
years ahead. The forward currency contracts have been designated as cash flow hedges and the
effective portion of the mark to market valuation of these derivatives at 31 December 2025 is
taken to the hedging reserve within equity. Currency basis spread that is not designated is taken
to the income statement.
The Group has designated \u00a34.5 million ($6.0 million) (2024: \u00a339.9 million ($52.0 million)) of loans
in a net investment hedge of USD net assets. No ineffectiveness was recorded (2024: \u00a3nil) and
a gain of \u00a32.3 million (2024: \u00a30.8 million loss) was taken to the translation reserve. The amount
accumulated in this reserve in respect of gains/losses arising on hedging instruments designated
in net investment hedges up to 31 December 2025 was an accumulated loss of \u00a30.4 million (2024:
accumulated loss of \u00a32.7 million).
The Group\u2019s interest rate management policy is to maintain a balance between fixed and floating
rates of interest on borrowings and deposits, and to use interest rate derivatives when appropriate
and pre-approved by the Treasury Committee. The interest rate hedging instruments are floating
to fixed rate interest rate swaps used to manage the Group\u2019s interest cost.
At 31 December 2025, the Group had a net derivative financial asset of \u00a32.1 million (2024:
\u00a37.1 million net liability).
Notional
Amount Average Fair value
Foreign exchange (FX) hedges (\u00a3m) Hedged Rate
(\u00a3m)
Type of hedge
31 December 2024
USD:CNY
45.8
6.88
(0.3)
CFH \u2013 Forward rate
USD:MXN
31.3
19.23
1.4
CFH \u2013 Forward rate
USD:GBP
6.1
0.74
0.1
CFH \u2013 Forward rate
USD:MYR
15.0
4.23
0.7
CFH \u2013 Forward rate
CNY:GBP
4.2
0.11
0.1
CFH \u2013 Forward rate
CNY:EUR
3.3
0.12
0.1
CFH \u2013 Forward rate
EUR:GBP
3.1
0.87
\u2013
CFH \u2013 Forward rate
GBP:USD
0.2
1.27
\u2013
CFH \u2013 Forward rate
Total
109.0
2.1
31 December 2023
USD:CNY
61.5
6.84
(3.0)
CFH \u2013 Forward rate
USD:MXN
31.2
18.72
(4.1)
CFH \u2013 Forward rate
USD:GBP
16.3
0.78
(0.2)
CFH \u2013 Forward rate
EUR:GBP
11.8
4.49
0.1
CFH \u2013 Forward rate
USD:MYR
6.8
0.11
0.1
CFH \u2013 Forward rate
CNY:GBP
3.8
0.13
(0.1)
CFH \u2013 Forward rate
CNY:EUR
3.2
0.85
0.1
CFH \u2013 Forward rate
GBP:USD
0.8
1.27
\u2013
CFH \u2013 Forward rate
Total
135.4
(7.1)
CFH is an abbreviation for cash flow hedge.
The most common exchange rate risk is the transaction risk the Group takes when it invoices a
customer or purchases from suppliers in a different currency to the underlying functional currency
of the business. The Group policy is to review transactional foreign exchange exposures and place
contracts on a quarterly basis. To the extent the cash flows associated with a transactional foreign
exchange risk are committed the Group will hedge 100%. The notional values of the hedged
transactions are disclosed in the above table. The group\u2019s policy is to hedge these transactions on
a 1:1 ratio. Foreign currency basis spread of the derivative item is not designated and is therefore
recognised in the income statement. The potential sources of ineffectiveness are timing of forecast
transaction and credit risk. There was no hedge ineffectiveness incurred during the period.
The closing value of the hedging reserve in relation to FX hedges on 31 December 2025 was an accumulated gain of \u00a32.2 million (2024: accumulated loss of \u00a36.5 million). The transactions that have been designated as the hedged item in a cash flow hedge relationship are still considered highly probable forecasted transactions, both during the next year and at the year ended 31 December 2025. Hedges with a notional amount of \u00a369.6 million (2024: \u00a394.6 million) are due within 12 months with the remainder maturing within 24 months. b) Foreign exchange risk Trade receivables are denominated in the currencies in which the Group trades. The Group\u2019s policy is that receivables and payables not in the functional currency of the subsidiary concerned are, in the main, hedged through forward foreign currency exchange contracts. All currencies used within the Group are freely and immediately exchangeable for other currencies.
\u00a3million
GBP
USD
Euro
Other
Total
31 December 2025
Trade and other receivables
\u2013
14.5
1.4
\u2013
15.9
Cash and cash equivalents
\u2013
2.6
0.9
0.4
3.9
Borrowings
\u2013
(4.5)
\u2013
\u2013
(4.5)
Lease liabilities
\u2013
\u2013
\u2013
(0.7)
(0.7)
Trade and other payables
(0.6)
(5.4)
(0.5)
(0.7)
(7.2)
Net Derivative financial instruments
0.2
\u2013
0.1
1.8
2.1
Total
(0.4)
7.2
1.9
0.8
9.5
31 December 2024
Trade and other receivables
\u2013
18.0
1.0
0.1
19.1
Cash and cash equivalents
\u2013
7.7
0.9
1.1
9.7
Borrowings
\u2013
(39.9)
\u2013
\u2013
(39.9)
Lease liabilities
\u2013
\u2013
\u2013
(0.8)
(0.8)
Trade and other payables
(0.2)
(8.8)
(0.6)
(1.6)
(11.2)
Net Derivative financial instruments
\u2013
\u2013
(0.1)
(7.0)
(7.1)
Total
(0.2)
(23.0)
1.2
(8.2)
(30.2)
A 10% strengthening of GBP against the following currencies at 31 December 2025 would have
reduced profit after tax by the amounts shown below. These sensitivities have been chosen
because they are a reasonable approximation of possible changes. This analysis assumes that all
other variables, in particular interest rates, remain constant. A 10% weakening of GBP against the
above currencies at 31 December 2025 would have had an equal but opposite effect on profit after
tax, on the basis that all other variables remain constant.
\u00a3million
2025
2024
US dollar
1.2
1.7
Euro
0.2
0.1
A 10% strengthening of GBP against the following currencies at 31 December 2025 would have
decreased equity by the amounts shown below. These sensitivities have been chosen because
they are a reasonable approximation of possible changes. This analysis assumes that all other
variables, in particular interest rates, remain constant. The Group finances operations by obtaining
funding through external borrowings and, where they are in foreign currencies, these borrowings
may be designated as net investment hedges. This enables gains and losses arising on
retranslation of these foreign currency borrowings to be charged to other comprehensive income,
providing a partial offset in equity against the gains and losses arising on translation of the net
assets of foreign operations. This has been considered in the analysis below.
\u00a3million
2025
2024
US dollar
(0.7)
2.3
Euro
(0.2)
(0.1)
A 10% weakening of GBP against the above currencies at 31 December 2025 would have had
an equal but opposite effect on equity, on the basis that all other variables remain constant.
c) Interest rate risk
The Group has financial assets and liabilities which are exposed to changes in market interest
rates. Changes in interest rates primarily impact borrowings by changing their future cash flows
(floating rate debt) or their fair value (fixed rate debt) and deposits. The Group\u2019s objective is to
manage this interest rate exposure through the use of interest rate derivatives.
The exposure of the Group\u2019s financial assets and liabilities to interest rate risk is as follows:
Floating Fixed Non-interest
\u00a3million rate rate
bearing
2025 total
Financial assets
Trade and other receivables
\u2013
\u2013
70.1
70.1
Cash and cash equivalents
3.1
\u2013
35.6
38.7
Derivative financial instruments
\u2013
\u2013
2.7
2.7
Total financial assets
3.1
\u2013
108.4
111.5
Financial liabilities
Borrowings (including overdrafts)
(14.6)
(75.0)
0.6
(89.0)
Lease liabilities
\u2013
(14.4)
\u2013
(14.4)
Trade and other payables
\u2013
\u2013
(81.9)
(81.9)
Derivative financial instruments
\u2013
\u2013
(0.6)
(0.6)
Total financial liabilities
(14.6)
(89.4)
(81.9)
(185.9)
Floating Fixed Non-interest
\u00a3million rate rate
bearing
2024 total
Financial assets
Trade and other receivables
\u2013
\u2013
76.3
76.3
Cash and cash equivalents
14.7
\u2013
54.5
69.2
Derivative financial instruments
\u2013
\u2013
0.7
0.7
Total financial assets
14.7
\u2013
131.5
146.2
Financial liabilities
Borrowings (including overdrafts)
(76.0)
(75.0)
1.7
(149.3)
Lease liabilities
\u2013
(17.3)
\u2013
(17.3)
Trade and other payables
\u2013
\u2013
(92.7)
(92.7)
Derivative financial instruments
\u2013
\u2013
(7.8)
(7.8)
Total financial liabilities
(76.0)
(92.3)
(98.8)
(267.1)
At 31 December 2025, 84% of borrowings was at a fixed rate (2024: 50%). The interest charged on floating rate financial liabilities is based on the relevant benchmark rate (such as GBP SONIA and USD SOFR). Interest on financial instruments classified as fixed rate is fixed until the maturity of the instrument. The average cost of the debt for the Group is expected to be approximately 4.0% over the next 12 months. Considering the net debt position of the Group at 31 December 2025, any increase in interest rates would result in a net loss in the consolidated income statement, and any decrease in interest rates would result in a net gain. The effect on loss after tax of a 1.0% movement in interest rate, based on the year end floating rate borrowings, with all other variables held constant, is estimated to be \u00a30.1 million (2024: \u00a30.5 million). d) Credit risk Exposure to credit risk arises as a result of transactions in the Group\u2019s ordinary course of business and is applicable to all financial assets. Investments in cash and cash equivalents and derivative financial instruments are with approved counterparty banks and other financial institutions. Counterparties are assessed prior to, during, and after the conclusion of transactions to ensure exposure to credit risk is limited to an acceptable level. The maximum exposure with respect to credit risk is represented by the carrying amount of each financial asset on the balance sheet. The Group\u2019s major exposure to credit risk is in respect of trade receivables. Given the number and geographical spread of the Group\u2019s ultimate customers and the solvency of major trade debtors, credit risk is believed to be limited. The Group is not reliant on any particular customer in the markets in which it operates and there is no significant concentration of credit risk. The Group regularly monitors its exposure to bad debts in order to minimise this exposure. The Group has strict procedures in place to manage the credit risk on trade receivables. Customer credit risk is managed by each operating company within a region but is subject to Group oversight to ensure that each division\u2019s customer credit risk management system operates in a prudent and responsible manner. Credit evaluations are performed for all customers and credit limits are established based on internal or external rating criteria. The credit quality of the Group\u2019s significant customers is monitored on an ongoing basis. Letters of credit or payments in advance are obtained where customer credit quality is not considered strong enough for open credit. The Group operates the expected credit losses model when applying credit risk to receivables. During the year there was a \u00a31.3 million impairment of trade receivables as at 31 December 2025 (2024: \u00a30.1 million) recognised within admin expenses. The solvency of the debtor and their ability to repay the receivables were considered in assessing the impairment of such assets. The Group performed an expected credit loss model at 31 December 2025 and a general provision of \u00a3nil (2024: \u00a3nil) was required. (i) Risk for trade receivables by geographical regions The maximum exposure to credit risk for trade receivables at 31 December by geographic areas was:
\u00a3million
2025
2024
Europe (including UK)
24.3
26.6
North America
32.3
35.8
Asia
12.8
13.5
Rest of the World
0.7
0.4
70.1
76.3
(ii) Impairment losses
The ageing of trade receivables at 31 December was:
2025 2025 2024 2024
\u00a3million Gross Impairment Gross Impairment
Not past due
60.7
\u2013
62.0
\u2013
Past due 1 \u2013 60 days
8.7
\u2013
12.5
-\u2013
Past due 61 \u2013 120 days
1.6
(0.9)
2.1
(0.3)
More than 120 days
1.0
(1.0)
0.4
(0.4)
72.0
(1.9)
77.0
(0.7)
The movement in the provision for impairment in respect of trade receivables during the year was
as follows:
\u00a3million
2025
2024
At 1 January
0.7
0.6
Charged to income statement
1.3
0.1
Released
(0.1)
\u2013
Utilised
\u2013
\u2013
At 31 December
1.9
0.7
(iii) Credit risk relating to other financial assets and cash deposits
Credit risk relating to the Group\u2019s other financial assets, principally comprising cash and cash
equivalents and derivative financial instruments arise from the potential default of counterparties.
Credit risk arising from balances with banks and financial institutions is monitored by the Group\u2019s
Treasury department. The Group\u2019s policy on investment of cash and deposits is to only hold cash
deposits with banks maintaining an investment grade credit rating of BBB and above and are
reviewed on a regular basis to take account of developments in financial markets. Hedging
agreements are only entered into with the same investment grade counterparties. Currently the
Group has 10 counterparties to which it has credit risk exposure. As such credit risk on these
financial assets (cash and cash equivalents and derivatives) is calculated as \u00a3nil.
The expected credit risk model was applied to other receivables as described in note 2m where
the credit risk was deemed immaterial.
e) Liquidity risk
The Group maintains a balance between availability of funding and maximising investment return
on cash balances through the use of short-term cash deposits, credit facilities and longer-term
debt instruments. Management regularly reviews the funding requirements of the Group.
The Group\u2019s policy is to centrally manage debt and surplus cash balances.
At 31 December 2025, the Group had \u00a3147.9 million of undrawn committed borrowing facilities
(2024: \u00a386.5 million) and \u00a327.9 million (2024: \u00a328.1 million) of undrawn uncommitted borrowing
facilities.
Contractual cashflows of financial liabilities
The following are the contractual maturities of financial liabilities including contractual future
interest payments and commitment fees:
Carrying Contractual On Under 3 3 to 12 1 to 2 2 to 3 3 to 4 4 to 5 Over 5
\u00a3million value Cash Flows demand months months years years years years years
31 December 2025
Borrowings (excl overdrafts)
88.9
103.8
\u2013
0.1
3.7
3.6
54.7
1.4
1.4
38.9
Overdrafts
0.1
0.1
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
14.4
15.7
0.1
0.9
3.3
3.3
1.8
1.1
1.0
4.2
Trade and other payables
81.9
81.9
\u2013
81.5
0.4
\u2013
\u2013
\u2013
\u2013
\u2013
Derivatives settled gross
0.6
28.8
\u2013
5.3
18.9
4.6
\u2013
\u2013
\u2013
\u2013
185.9
230.3
0.2
87.8
26.3
11.5
56.5
2.5
2.4
4 3.1
31 December 2024
Borrowings (excl overdrafts)
149.2
175.0
\u2013
0.9
5.3
6.1
80.8
40.2
1.4
40.3
Overdrafts
0.1
0.1
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
17.3
18.8
\u2013
1.0
3.4
4.0
2.3
1.6
1.1
5.4
Trade and other payables
92.7
92.7
\u2013
91.5
1.2
\u2013
\u2013
\u2013
\u2013
\u2013
Derivatives settled gross
7.8
116.2
\u2013
14.2
61.6
40.4
\u2013
\u2013
\u2013
\u2013
267.1
402.8
0.1
107.6
71.5
50.5
8 3.1
41.8
2.5
45.7
f) Fair value of financial assets and liabilities
IFRS 13 \u201cFair Value Measurement\u201d requires an analysis of those financial instruments that are
measured at fair value at the end of the year in a fair value hierarchy. In addition, IFRS 13 requires
financial instruments not measured at fair value but for which fair value is disclosed to be analysed
in the same fair value hierarchy:
\u2013 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2013 Level 2 \u2013 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); and
\u2013 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data
(i.e. unobservable inputs).
Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s
financial instruments that are carried in the financial statements.
2025
2024
Fair value Carrying Fair Carrying Fair
\u00a3million hierarchy value value value value
Held at amortised cost
Cash and cash equivalents
n/a
38.7
38.7
69.2
69.2
Trade receivables
n/a
70.1
70.1
76.3
76.3
Trade and other payables
n/a
(81.9)
(81.9)
(92.7)
(92.7)
Borrowings (excluding unsecured loan notes)
2
(13.9)
(13.9)
(74.2)
(74.2)
Unsecured loan notes
3
(75.0)
(69.3)
(75.0)
(66.0)
Held at fair value
Derivative financial instruments (assets)
2
2.7
2.7
0.7
0.7
Derivative financial instruments (liabilities)
2
(0.6)
(0.6)
( 7.8)
(7.8)
The fair value of the financial assets and liabilities are included at the amount at which the
instrument could be exchanged in a current transaction between willing parties, other than in a
forced or liquidation sale. The following methods and assumptions were used to estimate the fair
values:
\u2013 cash and cash equivalents, trade and other receivables, trade and other payables approximate
to their carrying amounts largely due to the short-term maturities of these instruments;
\u2013 the fair value of borrowings is estimated by discounting future cash flows using rates currently
available for debt and remaining maturities;
\u2013 the fair value of derivative financial instrument assets (\u00a32.7 million) and liabilities (\u00a30.6 million)
are estimated by discounting expected future cash flows using current market indices such as
yield curves and forward exchange rates over the remaining term of the instrument (level 2); and
\u2013 the fair value of unsecured loan notes has been derived from available market data for
borrowings of similar terms and maturity period.
g) Capital management
The overriding objectives of the Group\u2019s capital management policy are to safeguard and support
the business as a going concern through the business cycle and to maintain an optimal capital
structure by reducing the Group\u2019s overall cost of capital. The Board considers equity shareholders\u2019
funds as capital.
The Group maintains a balance between availability of funding and maximising investment return
on cash balances through the use of short-term cash deposits, credit facilities and longer-term
debt instruments, and management regularly reviews the funding requirements of the Group.
Dividends are paid when the Board consider it appropriate to do so, taking into account the
availability of funding.
The Group has net debt of \u00a364.7 million (2024: \u00a397.4 million). Included within the debt facilities are
certain financial covenants related to IFRS (excluding IFRS 16 update, and after the application of
other covenant defined adjustments) net debt divided by adjusted EBITDA.
Adjusted EBITDA is EBITDA adjusted to exclude the items not included within adjusted operating
profit/net finance charges for which compliance certificates are produced on a 12-month rolling
basis every half year. All financial covenants were fully complied with during the year and up to the
date of approval of the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-501": { "value": "a) Derivatives, other financial instruments and risk management The Group uses derivative financial instruments to manage certain exposures to fluctuations in exchange rates and interest rates. The Group does not hold any speculative financial instruments. The Group is exposed to transactional and translation foreign exchange risk. Transactional foreign exchange risk arises from sales or purchases by a Group company in a currency other than that company\u2019s functional currency. Translation foreign exchange risk arises on the translation of profits earned in overseas currencies into GBP and the translation of net assets denominated in overseas currencies into GBP, the Group\u2019s functional currency. To mitigate transactional foreign exchange risk, wherever possible, Group companies enter into transactions in their functional currencies with customers and suppliers. When this is not possible, hedging strategies are undertaken through the use of forward currency contracts for up to two years ahead. The forward currency contracts have been designated as cash flow hedges and the effective portion of the mark to market valuation of these derivatives at 31 December 2025 is taken to the hedging reserve within equity. Currency basis spread that is not designated is taken to the income statement. The Group has designated \u00a34.5 million ($6.0 million) (2024: \u00a339.9 million ($52.0 million)) of loans in a net investment hedge of USD net assets. No ineffectiveness was recorded (2024: \u00a3nil) and a gain of \u00a32.3 million (2024: \u00a30.8 million loss) was taken to the translation reserve. The amount accumulated in this reserve in respect of gains/losses arising on hedging instruments designated in net investment hedges up to 31 December 2025 was an accumulated loss of \u00a30.4 million (2024: accumulated loss of \u00a32.7 million). The Group\u2019s interest rate management policy is to maintain a balance between fixed and floating rates of interest on borrowings and deposits, and to use interest rate derivatives when appropriate and pre-approved by the Treasury Committee. The interest rate hedging instruments are floating to fixed rate interest rate swaps used to manage the Group\u2019s interest cost. At 31 December 2025, the Group had a net derivative financial asset of \u00a32.1 million (2024: \u00a37.1 million net liability).
Notional
Amount Average Fair value
Foreign exchange (FX) hedges (\u00a3m) Hedged Rate
(\u00a3m)
Type of hedge
31 December 2024
USD:CNY
45.8
6.88
(0.3)
CFH \u2013 Forward rate
USD:MXN
31.3
19.23
1.4
CFH \u2013 Forward rate
USD:GBP
6.1
0.74
0.1
CFH \u2013 Forward rate
USD:MYR
15.0
4.23
0.7
CFH \u2013 Forward rate
CNY:GBP
4.2
0.11
0.1
CFH \u2013 Forward rate
CNY:EUR
3.3
0.12
0.1
CFH \u2013 Forward rate
EUR:GBP
3.1
0.87
\u2013
CFH \u2013 Forward rate
GBP:USD
0.2
1.27
\u2013
CFH \u2013 Forward rate
Total
109.0
2.1
31 December 2023
USD:CNY
61.5
6.84
(3.0)
CFH \u2013 Forward rate
USD:MXN
31.2
18.72
(4.1)
CFH \u2013 Forward rate
USD:GBP
16.3
0.78
(0.2)
CFH \u2013 Forward rate
EUR:GBP
11.8
4.49
0.1
CFH \u2013 Forward rate
USD:MYR
6.8
0.11
0.1
CFH \u2013 Forward rate
CNY:GBP
3.8
0.13
(0.1)
CFH \u2013 Forward rate
CNY:EUR
3.2
0.85
0.1
CFH \u2013 Forward rate
GBP:USD
0.8
1.27
\u2013
CFH \u2013 Forward rate
Total
135.4
(7.1)
CFH is an abbreviation for cash flow hedge. The most common exchange rate risk is the transaction risk the Group takes when it invoices a customer or purchases from suppliers in a different currency to the underlying functional currency of the business. The Group policy is to review transactional foreign exchange exposures and place contracts on a quarterly basis. To the extent the cash flows associated with a transactional foreign exchange risk are committed the Group will hedge 100%. The notional values of the hedged transactions are disclosed in the above table. The group\u2019s policy is to hedge these transactions on a 1:1 ratio. Foreign currency basis spread of the derivative item is not designated and is therefore recognised in the income statement. The potential sources of ineffectiveness are timing of forecast transaction and credit risk. There was no hedge ineffectiveness incurred during the period. The closing value of the hedging reserve in relation to FX hedges on 31 December 2025 was an accumulated gain of \u00a32.2 million (2024: accumulated loss of \u00a36.5 million). The transactions that have been designated as the hedged item in a cash flow hedge relationship are still considered highly probable forecasted transactions, both during the next year and at the year ended 31 December 2025. Hedges with a notional amount of \u00a369.6 million (2024: \u00a394.6 million) are due within 12 months with the remainder maturing within 24 months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-502": { "value": "b) Foreign exchange risk Trade receivables are denominated in the currencies in which the Group trades. The Group\u2019s policy is that receivables and payables not in the functional currency of the subsidiary concerned are, in the main, hedged through forward foreign currency exchange contracts. All currencies used within the Group are freely and immediately exchangeable for other currencies.
\u00a3million
GBP
USD
Euro
Other
Total
31 December 2025
Trade and other receivables
\u2013
14.5
1.4
\u2013
15.9
Cash and cash equivalents
\u2013
2.6
0.9
0.4
3.9
Borrowings
\u2013
(4.5)
\u2013
\u2013
(4.5)
Lease liabilities
\u2013
\u2013
\u2013
(0.7)
(0.7)
Trade and other payables
(0.6)
(5.4)
(0.5)
(0.7)
(7.2)
Net Derivative financial instruments
0.2
\u2013
0.1
1.8
2.1
Total
(0.4)
7.2
1.9
0.8
9.5
31 December 2024
Trade and other receivables
\u2013
18.0
1.0
0.1
19.1
Cash and cash equivalents
\u2013
7.7
0.9
1.1
9.7
Borrowings
\u2013
(39.9)
\u2013
\u2013
(39.9)
Lease liabilities
\u2013
\u2013
\u2013
(0.8)
(0.8)
Trade and other payables
(0.2)
(8.8)
(0.6)
(1.6)
(11.2)
Net Derivative financial instruments
\u2013
\u2013
(0.1)
(7.0)
(7.1)
Total
(0.2)
(23.0)
1.2
(8.2)
(30.2)
A 10% strengthening of GBP against the following currencies at 31 December 2025 would have reduced profit after tax by the amounts shown below. These sensitivities have been chosen because they are a reasonable approximation of possible changes. This analysis assumes that all other variables, in particular interest rates, remain constant. A 10% weakening of GBP against the above currencies at 31 December 2025 would have had an equal but opposite effect on profit after tax, on the basis that all other variables remain constant.
\u00a3million
2025
2024
US dollar
1.2
1.7
Euro
0.2
0.1
A 10% strengthening of GBP against the following currencies at 31 December 2025 would have decreased equity by the amounts shown below. These sensitivities have been chosen because they are a reasonable approximation of possible changes. This analysis assumes that all other variables, in particular interest rates, remain constant. The Group finances operations by obtaining funding through external borrowings and, where they are in foreign currencies, these borrowings may be designated as net investment hedges. This enables gains and losses arising on retranslation of these foreign currency borrowings to be charged to other comprehensive income, providing a partial offset in equity against the gains and losses arising on translation of the net assets of foreign operations. This has been considered in the analysis below.
\u00a3million
2025
2024
US dollar
(0.7)
2.3
Euro
(0.2)
(0.1)
A 10% weakening of GBP against the above currencies at 31 December 2025 would have had an equal but opposite effect on equity, on the basis that all other variables remain constant. c) Interest rate risk The Group has financial assets and liabilities which are exposed to changes in market interest rates. Changes in interest rates primarily impact borrowings by changing their future cash flows (floating rate debt) or their fair value (fixed rate debt) and deposits. The Group\u2019s objective is to manage this interest rate exposure through the use of interest rate derivatives.
The exposure of the Group\u2019s financial assets and liabilities to interest rate risk is as follows:
Floating Fixed Non-interest
\u00a3million rate rate
bearing
2025 total
Financial assets
Trade and other receivables
\u2013
\u2013
70.1
70.1
Cash and cash equivalents
3.1
\u2013
35.6
38.7
Derivative financial instruments
\u2013
\u2013
2.7
2.7
Total financial assets
3.1
\u2013
108.4
111.5
Financial liabilities
Borrowings (including overdrafts)
(14.6)
(75.0)
0.6
(89.0)
Lease liabilities
\u2013
(14.4)
\u2013
(14.4)
Trade and other payables
\u2013
\u2013
(81.9)
(81.9)
Derivative financial instruments
\u2013
\u2013
(0.6)
(0.6)
Total financial liabilities
(14.6)
(89.4)
(81.9)
(185.9)
Floating Fixed Non-interest
\u00a3million rate rate
bearing
2024 total
Financial assets
Trade and other receivables
\u2013
\u2013
76.3
76.3
Cash and cash equivalents
14.7
\u2013
54.5
69.2
Derivative financial instruments
\u2013
\u2013
0.7
0.7
Total financial assets
14.7
\u2013
131.5
146.2
Financial liabilities
Borrowings (including overdrafts)
(76.0)
(75.0)
1.7
(149.3)
Lease liabilities
\u2013
(17.3)
\u2013
(17.3)
Trade and other payables
\u2013
\u2013
(92.7)
(92.7)
Derivative financial instruments
\u2013
\u2013
(7.8)
(7.8)
Total financial liabilities
(76.0)
(92.3)
(98.8)
(267.1)
At 31 December 2025, 84% of borrowings was at a fixed rate (2024: 50%).
The interest charged on floating rate financial liabilities is based on the relevant benchmark rate
(such as GBP SONIA and USD SOFR).
Interest on financial instruments classified as fixed rate is fixed until the maturity of the
instrument.
The average cost of the debt for the Group is expected to be approximately 4.0% over the next 12
months.
Considering the net debt position of the Group at 31 December 2025, any increase in interest rates
would result in a net loss in the consolidated income statement, and any decrease in interest rates
would result in a net gain. The effect on loss after tax of a 1.0% movement in interest rate, based
on the year end floating rate borrowings, with all other variables held constant, is estimated to be
\u00a30.1 million (2024: \u00a30.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-503": { "value": "d) Credit risk Exposure to credit risk arises as a result of transactions in the Group\u2019s ordinary course of business and is applicable to all financial assets. Investments in cash and cash equivalents and derivative financial instruments are with approved counterparty banks and other financial institutions. Counterparties are assessed prior to, during, and after the conclusion of transactions to ensure exposure to credit risk is limited to an acceptable level. The maximum exposure with respect to credit risk is represented by the carrying amount of each financial asset on the balance sheet. The Group\u2019s major exposure to credit risk is in respect of trade receivables. Given the number and geographical spread of the Group\u2019s ultimate customers and the solvency of major trade debtors, credit risk is believed to be limited. The Group is not reliant on any particular customer in the markets in which it operates and there is no significant concentration of credit risk. The Group regularly monitors its exposure to bad debts in order to minimise this exposure. The Group has strict procedures in place to manage the credit risk on trade receivables. Customer credit risk is managed by each operating company within a region but is subject to Group oversight to ensure that each division\u2019s customer credit risk management system operates in a prudent and responsible manner. Credit evaluations are performed for all customers and credit limits are established based on internal or external rating criteria. The credit quality of the Group\u2019s significant customers is monitored on an ongoing basis. Letters of credit or payments in advance are obtained where customer credit quality is not considered strong enough for open credit. The Group operates the expected credit losses model when applying credit risk to receivables. During the year there was a \u00a31.3 million impairment of trade receivables as at 31 December 2025 (2024: \u00a30.1 million) recognised within admin expenses. The solvency of the debtor and their ability to repay the receivables were considered in assessing the impairment of such assets. The Group performed an expected credit loss model at 31 December 2025 and a general provision of \u00a3nil (2024: \u00a3nil) was required. (i) Risk for trade receivables by geographical regions The maximum exposure to credit risk for trade receivables at 31 December by geographic areas was:
\u00a3million
2025
2024
Europe (including UK)
24.3
26.6
North America
32.3
35.8
Asia
12.8
13.5
Rest of the World
0.7
0.4
70.1
76.3
(ii) Impairment losses The ageing of trade receivables at 31 December was:
2025 2025 2024 2024
\u00a3million Gross Impairment Gross Impairment
Not past due
60.7
\u2013
62.0
\u2013
Past due 1 \u2013 60 days
8.7
\u2013
12.5
-\u2013
Past due 61 \u2013 120 days
1.6
(0.9)
2.1
(0.3)
More than 120 days
1.0
(1.0)
0.4
(0.4)
72.0
(1.9)
77.0
(0.7)
The movement in the provision for impairment in respect of trade receivables during the year was as follows:
\u00a3million
2025
2024
At 1 January
0.7
0.6
Charged to income statement
1.3
0.1
Released
(0.1)
\u2013
Utilised
\u2013
\u2013
At 31 December
1.9
0.7
(iii) Credit risk relating to other financial assets and cash deposits Credit risk relating to the Group\u2019s other financial assets, principally comprising cash and cash equivalents and derivative financial instruments arise from the potential default of counterparties. Credit risk arising from balances with banks and financial institutions is monitored by the Group\u2019s Treasury department. The Group\u2019s policy on investment of cash and deposits is to only hold cash deposits with banks maintaining an investment grade credit rating of BBB and above and are reviewed on a regular basis to take account of developments in financial markets. Hedging agreements are only entered into with the same investment grade counterparties. Currently the Group has 10 counterparties to which it has credit risk exposure. As such credit risk on these financial assets (cash and cash equivalents and derivatives) is calculated as \u00a3nil. The expected credit risk model was applied to other receivables as described in note 2m where the credit risk was deemed immaterial. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-504": { "value": "e) Liquidity risk The Group maintains a balance between availability of funding and maximising investment return on cash balances through the use of short-term cash deposits, credit facilities and longer-term debt instruments. Management regularly reviews the funding requirements of the Group. The Group\u2019s policy is to centrally manage debt and surplus cash balances. At 31 December 2025, the Group had \u00a3147.9 million of undrawn committed borrowing facilities (2024: \u00a386.5 million) and \u00a327.9 million (2024: \u00a328.1 million) of undrawn uncommitted borrowing facilities. Contractual cashflows of financial liabilities The following are the contractual maturities of financial liabilities including contractual future interest payments and commitment fees:
Carrying Contractual On Under 3 3 to 12 1 to 2 2 to 3 3 to 4 4 to 5 Over 5
\u00a3million value Cash Flows demand months months years years years years years
31 December 2025
Borrowings (excl overdrafts)
88.9
103.8
\u2013
0.1
3.7
3.6
54.7
1.4
1.4
38.9
Overdrafts
0.1
0.1
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
14.4
15.7
0.1
0.9
3.3
3.3
1.8
1.1
1.0
4.2
Trade and other payables
81.9
81.9
\u2013
81.5
0.4
\u2013
\u2013
\u2013
\u2013
\u2013
Derivatives settled gross
0.6
28.8
\u2013
5.3
18.9
4.6
\u2013
\u2013
\u2013
\u2013
185.9
230.3
0.2
87.8
26.3
11.5
56.5
2.5
2.4
4 3.1
31 December 2024
Borrowings (excl overdrafts)
149.2
175.0
\u2013
0.9
5.3
6.1
80.8
40.2
1.4
40.3
Overdrafts
0.1
0.1
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
17.3
18.8
\u2013
1.0
3.4
4.0
2.3
1.6
1.1
5.4
Trade and other payables
92.7
92.7
\u2013
91.5
1.2
\u2013
\u2013
\u2013
\u2013
\u2013
Derivatives settled gross
7.8
116.2
\u2013
14.2
61.6
40.4
\u2013
\u2013
\u2013
\u2013
267.1
402.8
0.1
107.6
71.5
50.5
8 3.1
41.8
2.5
45.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-531": { "value": "f) Fair value of financial assets and liabilities IFRS 13 \u201cFair Value Measurement\u201d requires an analysis of those financial instruments that are measured at fair value at the end of the year in a fair value hierarchy. In addition, IFRS 13 requires financial instruments not measured at fair value but for which fair value is disclosed to be analysed in the same fair value hierarchy: \u2013 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2013 Level 2 \u2013 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); and \u2013 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs). Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial instruments that are carried in the financial statements.
2025
2024
Fair value Carrying Fair Carrying Fair
\u00a3million hierarchy value value value value
Held at amortised cost
Cash and cash equivalents
n/a
38.7
38.7
69.2
69.2
Trade receivables
n/a
70.1
70.1
76.3
76.3
Trade and other payables
n/a
(81.9)
(81.9)
(92.7)
(92.7)
Borrowings (excluding unsecured loan notes)
2
(13.9)
(13.9)
(74.2)
(74.2)
Unsecured loan notes
3
(75.0)
(69.3)
(75.0)
(66.0)
Held at fair value
Derivative financial instruments (assets)
2
2.7
2.7
0.7
0.7
Derivative financial instruments (liabilities)
2
(0.6)
(0.6)
( 7.8)
(7.8)
The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: \u2013 cash and cash equivalents, trade and other receivables, trade and other payables approximate to their carrying amounts largely due to the short-term maturities of these instruments; \u2013 the fair value of borrowings is estimated by discounting future cash flows using rates currently available for debt and remaining maturities; \u2013 the fair value of derivative financial instrument assets (\u00a32.7 million) and liabilities (\u00a30.6 million) are estimated by discounting expected future cash flows using current market indices such as yield curves and forward exchange rates over the remaining term of the instrument (level 2); and \u2013 the fair value of unsecured loan notes has been derived from available market data for borrowings of similar terms and maturity period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-526": { "value": "f) Fair value of financial assets and liabilities IFRS 13 \u201cFair Value Measurement\u201d requires an analysis of those financial instruments that are measured at fair value at the end of the year in a fair value hierarchy. In addition, IFRS 13 requires financial instruments not measured at fair value but for which fair value is disclosed to be analysed in the same fair value hierarchy: \u2013 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2013 Level 2 \u2013 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); and \u2013 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs). Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial instruments that are carried in the financial statements.
2025
2024
Fair value Carrying Fair Carrying Fair
\u00a3million hierarchy value value value value
Held at amortised cost
Cash and cash equivalents
n/a
38.7
38.7
69.2
69.2
Trade receivables
n/a
70.1
70.1
76.3
76.3
Trade and other payables
n/a
(81.9)
(81.9)
(92.7)
(92.7)
Borrowings (excluding unsecured loan notes)
2
(13.9)
(13.9)
(74.2)
(74.2)
Unsecured loan notes
3
(75.0)
(69.3)
(75.0)
(66.0)
Held at fair value
Derivative financial instruments (assets)
2
2.7
2.7
0.7
0.7
Derivative financial instruments (liabilities)
2
(0.6)
(0.6)
( 7.8)
(7.8)
The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: \u2013 cash and cash equivalents, trade and other receivables, trade and other payables approximate to their carrying amounts largely due to the short-term maturities of these instruments; \u2013 the fair value of borrowings is estimated by discounting future cash flows using rates currently available for debt and remaining maturities; \u2013 the fair value of derivative financial instrument assets (\u00a32.7 million) and liabilities (\u00a30.6 million) are estimated by discounting expected future cash flows using current market indices such as yield curves and forward exchange rates over the remaining term of the instrument (level 2); and \u2013 the fair value of unsecured loan notes has been derived from available market data for borrowings of similar terms and maturity period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-505": { "value": "f) Fair value of financial assets and liabilities IFRS 13 \u201cFair Value Measurement\u201d requires an analysis of those financial instruments that are measured at fair value at the end of the year in a fair value hierarchy. In addition, IFRS 13 requires financial instruments not measured at fair value but for which fair value is disclosed to be analysed in the same fair value hierarchy: \u2013 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2013 Level 2 \u2013 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); and \u2013 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs). Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial instruments that are carried in the financial statements.
2025
2024
Fair value Carrying Fair Carrying Fair
\u00a3million hierarchy value value value value
Held at amortised cost
Cash and cash equivalents
n/a
38.7
38.7
69.2
69.2
Trade receivables
n/a
70.1
70.1
76.3
76.3
Trade and other payables
n/a
(81.9)
(81.9)
(92.7)
(92.7)
Borrowings (excluding unsecured loan notes)
2
(13.9)
(13.9)
(74.2)
(74.2)
Unsecured loan notes
3
(75.0)
(69.3)
(75.0)
(66.0)
Held at fair value
Derivative financial instruments (assets)
2
2.7
2.7
0.7
0.7
Derivative financial instruments (liabilities)
2
(0.6)
(0.6)
( 7.8)
(7.8)
The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: \u2013 cash and cash equivalents, trade and other receivables, trade and other payables approximate to their carrying amounts largely due to the short-term maturities of these instruments; \u2013 the fair value of borrowings is estimated by discounting future cash flows using rates currently available for debt and remaining maturities; \u2013 the fair value of derivative financial instrument assets (\u00a32.7 million) and liabilities (\u00a30.6 million) are estimated by discounting expected future cash flows using current market indices such as yield curves and forward exchange rates over the remaining term of the instrument (level 2); and \u2013 the fair value of unsecured loan notes has been derived from available market data for borrowings of similar terms and maturity period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-507": { "value": "g) Capital management The overriding objectives of the Group\u2019s capital management policy are to safeguard and support the business as a going concern through the business cycle and to maintain an optimal capital structure by reducing the Group\u2019s overall cost of capital. The Board considers equity shareholders\u2019 funds as capital. The Group maintains a balance between availability of funding and maximising investment return on cash balances through the use of short-term cash deposits, credit facilities and longer-term debt instruments, and management regularly reviews the funding requirements of the Group. Dividends are paid when the Board consider it appropriate to do so, taking into account the availability of funding. The Group has net debt of \u00a364.7 million (2024: \u00a397.4 million). Included within the debt facilities are certain financial covenants related to IFRS (excluding IFRS 16 update, and after the application of other covenant defined adjustments) net debt divided by adjusted EBITDA. Adjusted EBITDA is EBITDA adjusted to exclude the items not included within adjusted operating profit/net finance charges for which compliance certificates are produced on a 12-month rolling basis every half year. All financial covenants were fully complied with during the year and up to the date of approval of the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "
21 Retirement benefit schemes
Defined contribution schemes
The Group operates 401(k) plans in North America and defined contribution arrangements in the
rest of the world. The assets of these schemes are held independently of the Group and are not on
its balance sheet. The total contributions charged by the Group in respect of defined contribution
schemes were \u00a33.3 million (2024: \u00a33.3 million).
Defined benefit schemes
At 31 December 2025 the Group operated one defined benefit schemes in the UK (the TT Group
(1993) Pension Scheme) and one unfunded overseas defined benefit scheme in the USA. These
schemes are closed to new members and the UK scheme is closed to future accrual.
The TT Group scheme commenced in 1993 and increased in size in 2006, 2007 and 2019 through
the mergers of former UK schemes following a number of acquisitions. The parent company is the
sponsoring employer in the TT Group scheme. The TT Group scheme is governed by TTG Pension
Trustees Limited (the \u201cTrustee\u201d) that has control over the operation, funding and investment
strategy in consultation with the Group.
The liabilities of the TT Group Scheme have been fully insured under a bulk annuity insurance
contract (a \u201cbuy-in policy\u201d) since 2022 and there is no requirement for any further contributions
to be paid to the Scheme. The insurer will pay into the Scheme cash matching the benefits
covered by the policy which are due to members.
The Trustee is of the opinion that this investment decision is appropriate, reduces the risks in the
Scheme and provides additional security for the benefits due to members of the Scheme. The
Trustee continues to be responsible for running the Scheme and retains the legal obligation for the
benefits provided under the Scheme.
As the buy-in policy is a qualifying insurance asset, the fair value of the insurance policy is deemed
to be the present value of the obligations that have been insured. The policy secured matches the
benefits due to Scheme members under the Scheme\u2019s Trust Deed and Rules.
The Trustees formally triggered the wind-up of the Scheme on 31 March 2025 and are expected
to complete the buy-out transaction with the insurer and wind-up in 2026.
In December 2025 an amount of \u00a31.2 million was paid to the Group by the TT Group Scheme
relating to an adjustment to the withheld tax on the prior years\u2019 refunds from scheme surplus.
As at 31 December 2025, this amount has been included in tax provisions (note 7). In the prior year
a \u00a315.0 million refund of the surplus was paid to the group out of scheme assets by the Trustee
(\u00a311.2 million net of tax due, which was paid by the Scheme).
Since the assets of the Scheme were greater than the premium required to secure the liabilities through
the buy-in, the Scheme is in a net asset position at 31 December 2025 of \u00a38.6 million (with \u00a37.4 million
recognised on the consolidated balance sheet due to the impact of IFRIC 14 described below).
The Group is not exposed to any unusual, entity specific or scheme specific risks, but given the
material nature of the TT Group scheme, the Group has developed a comprehensive strategy
covering the following areas to manage the financial risk associated with it:
\u2013 Maintaining a long-term working partnership with the Trustee to ensure strong governance of
risks within the TT Group scheme. The TT Group scheme is a long-term undertaking and is
managed accordingly, in order to provide security to members\u2019 benefits and value for money
to the Group.
\u2013 The Scheme\u2019s investment strategy has been assessed as being low risk as the insured asset
matches changes in the assessed value of the Schemes liabilities due to changes in interest
rates, inflationary expectations and longevity expectations. The buy-in policy therefore matches
the term and nature of the liabilities.
The weighted average duration of the TT Group scheme defined benefit obligation is around
10 years.
UK legislation requires the Trustee to carry out a statutory funding valuation at least every three
years and to target full funding against a basis that prudently reflects the TT Group scheme\u2019s risk
exposure. The last triennial valuation of the TT Group scheme as at April 2022 showed a net
surplus of \u00a345.4 million against the Trustee\u2019s statutory funding objective. As the Scheme has now
triggered wind-up, there is no longer a statutory requirement for the Trustee to conduct full
triennial valuations. This exemption is subject to the Trustee receiving annual solvency estimates.
In January 2024, the Trustees of the BI technologies Corporation Retirement Plan, one of the US
defined benefit schemes in the USA, completed a buy-out, extinguishing all remaining gross
liabilities. A final payment of \u00a31.8 million was made and a settlement cost of \u00a30.2 million was
recognised within items excluded from adjusted operating profit as a result of this exercise.
An analysis of the pension surplus/(deficit) by scheme is shown below
\u00a3million
2025
2024
TT Group (1993) surplus
8.6
7.1
Effect of asset ceiling (IFRIC 14)
(1.2)
\u2013
TT Group (1993) recognised surplus
7.4
7.1
USA scheme
(1.3)
(1.5)
Net surplus
6.1
5.6
Given the nature of the Group\u2019s control of the TT Group under the Scheme rules, the Group
considers that it has an unconditional right to refund of surplus in the event of the Scheme\u2019s
wind-up subject only to a limitation for the ongoing expenses of running and completing the wind
up of the scheme which are expected to be \u00a31.2 million as at 31 December 2025 as these
expenses are now met from the remaining Scheme assets. The pension surplus has therefore
been limited by \u00a31.2 million under IFRIC 14, with the restriction recognised in other comprehensive
income.
Following the decision by the Court of Appeal to uphold the High Court\u2019s ruling in Virgin Media Ltd
vs NTL Pension Trustees II, the Company has commenced the process of investigation into
identifying the potential impact to benefits and the associated accounting liabilities for the defined
benefit pensions schemes within the Group. On 5 June 2025 the UK Government announced its
intention to introduce legislation to give affected pension schemes the ability to retrospectively
obtain written actuarial confirmation that historic benefit changes met the necessary statutory
standards. This proposed legislation is intended to allow pension scheme trustees and sponsoring
employers to validate historic amendments that might otherwise be considered invalid solely due
to the absence of contemporaneous actuarial confirmation. As this process is still at an early
stage, the Group is not yet in a position to be able to determine or quantify any potential financial
impacts of any possible challenges to historic changes affecting these schemes.
The principal assumptions used for the purpose of the actuarial valuations for the Group\u2019s primary
defined benefit schemes were as follows:
%
2025
2024
Discount rate
5.50
5.50
Inflation rate (RPI)
3.10
3.30
Increases to pensions in payment (LPI 5% pension increases)
2.85
3.15
Increases to deferred pensions (CPI)
2.70
2.90
The mortality tables applied by the actuaries at 31 December 2025 for the TT Group (1993)
Scheme were S3 tables (\u2018Middle\u2019 for females) with 108% (male)/104% (female) weighting for
pensioners and 114% (male)/108% (female) weighting for non-pensioners with a 1.5% long-term
rate of improvement in conjunction with the CMI 2024 projection model. The assumptions are
equivalent to life expectancies as follows: Current pensioner aged 65: 86 years (male), 88 years
(female). Future retiree currently aged 45: 88 years (male), 90 years (female).
Risk and sensitivity
Following the buy-in, changes in actuarial assumptions will impact the liabilities and insured asset
to the same extent, with no overall impact on the net reporting position. A decrease in the discount
rate by 0.1% per annum increases the liabilities and assets by approximately \u00a33.3 million.
An increase by 0.1% per annum in the inflation rate increases the liabilities and assets by
approximately \u00a31.9 million. An increase in the life expectancy of 1 year increases the liabilities
and assets by approximately \u00a39.4 million.
The sensitivities above consider the impact of the single change shown, with the other
assumptions unchanged. The inflation sensitivities allow for the consequential impact on the
relevant pension increase assumptions. The sensitivity analyses have been determined based on
a method that extrapolates the impact on the defined benefit obligation as a result of reasonable
changes in key assumptions occurring at the end of the reporting period.
The amounts recognised in respect of the pension surplus/deficit in the consolidated balance
sheet are:
\u00a3million
2025
2024
Cash and cash equivalents
8.6
7.1
Insured assets
303.8
310.0
Fair value of assets
312.4
317.1
Present value of defined benefit obligation
(305.1)
(311.5)
Net surplus in the schemes
7.3
5.6
Effect of asset ceiling (IFRIC 14)
(1.2)
\u2013
Net surplus recognised in the consolidated balance sheet
6.1
5.6
The schemes\u2019 assets are unquoted unless otherwise stated and do not include the Group\u2019s
financial instruments, any property occupied by, or other assets used by the Group. All of the funds
included in the asset split are pooled investment vehicles for which due diligence has been
completed. We have classified all of the Scheme\u2019s investments other than the cash held at the
custodian, government bonds and the exchange traded funds (ETFs) as unquoted assets.
Amounts recognised in the consolidated income statement are:
\u00a3million
2025
2024
Scheme administration costs
(0.5)
(1.0)
Net loss on pension projects (excluded from adjusted operating profit)
(1.9)
(1.3)
Net interest credit
0.3
1.1
Amounts recognised in the consolidated statement of comprehensive income are a gain of \u00a32.8
million (2024: loss of \u00a32.3 million) which comprises; the actual return on scheme assets excluding
interest income, a gain of \u00a32.2 million (2024: loss of \u00a323.4 million), the remeasurement loss of the
schemes obligations of \u00a31.8 million (2024: gain of \u00a321.3 million) and the restriction on the surplus
recognised in accordance with IFRIC 14 of \u00a31.2 million (2024: \u00a3nil).
Changes in the present value of the defined benefit obligation are:
\u00a3million
2025
2024
Defined benefit obligation at 1 January
311.5
341.3
Past service charge and settlements
\u2013
(1.5)
Interest on obligation
16.5
15.6
Remeasurements:
Effect of changes in demographic assumptions
1.8
(0.8)
Effect of changes in financial assumptions
(4.4)
(22.0)
Effect of experience adjustments
0.8
0.3
Benefits paid
(21.0)
(21.5)
Net exchange adjustment
(0.1)
0.1
Defined benefit obligation at 31 December
305.1
311.5
TT Group (1993)
303.8
310.0
USA scheme
1.3
1.5
305.1
311.5
Changes in the fair value of the schemes\u2019 assets are:
\u00a3million
2025
2024
Fair value of schemes\u2019 assets at 1 January
317.1
363.5
Interest income on defined benefit scheme assets
16.8
16.7
Return on scheme assets, excluding interest income
2.2
(23.5)
Contributions by employer
0.1
\u2013
Return of pension surplus
1
\u2013
(15.0)
Pension scheme expenses
(2.8)
(2.0)
Settlements
\u2013
(1.5)
Benefits paid
(21.0)
(21.5)
Net exchange adjustment
\u2013
0.4
Fair value of schemes\u2019 assets at 31 December
312.4
317.1
1. During 2024 the TT Group (1993) Pension Scheme returned \u00a315.0 million of pension surplus as cash to the Group. This was net of
\u00a33.8 million of tax paid directly by the scheme to HMRC
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-506": { "value": "Defined contribution schemes The Group operates 401(k) plans in North America and defined contribution arrangements in the rest of the world. The assets of these schemes are held independently of the Group and are not on its balance sheet. The total contributions charged by the Group in respect of defined contribution schemes were \u00a33.3 million (2024: \u00a33.3 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-508": { "value": "Defined benefit schemes At 31 December 2025 the Group operated one defined benefit schemes in the UK (the TT Group (1993) Pension Scheme) and one unfunded overseas defined benefit scheme in the USA. These schemes are closed to new members and the UK scheme is closed to future accrual. The TT Group scheme commenced in 1993 and increased in size in 2006, 2007 and 2019 through the mergers of former UK schemes following a number of acquisitions. The parent company is the sponsoring employer in the TT Group scheme. The TT Group scheme is governed by TTG Pension Trustees Limited (the \u201cTrustee\u201d) that has control over the operation, funding and investment strategy in consultation with the Group. The liabilities of the TT Group Scheme have been fully insured under a bulk annuity insurance contract (a \u201cbuy-in policy\u201d) since 2022 and there is no requirement for any further contributions to be paid to the Scheme. The insurer will pay into the Scheme cash matching the benefits covered by the policy which are due to members. The Trustee is of the opinion that this investment decision is appropriate, reduces the risks in the Scheme and provides additional security for the benefits due to members of the Scheme. The Trustee continues to be responsible for running the Scheme and retains the legal obligation for the benefits provided under the Scheme. As the buy-in policy is a qualifying insurance asset, the fair value of the insurance policy is deemed to be the present value of the obligations that have been insured. The policy secured matches the benefits due to Scheme members under the Scheme\u2019s Trust Deed and Rules. The Trustees formally triggered the wind-up of the Scheme on 31 March 2025 and are expected to complete the buy-out transaction with the insurer and wind-up in 2026. In December 2025 an amount of \u00a31.2 million was paid to the Group by the TT Group Scheme relating to an adjustment to the withheld tax on the prior years\u2019 refunds from scheme surplus. As at 31 December 2025, this amount has been included in tax provisions (note 7). In the prior year a \u00a315.0 million refund of the surplus was paid to the group out of scheme assets by the Trustee (\u00a311.2 million net of tax due, which was paid by the Scheme). Since the assets of the Scheme were greater than the premium required to secure the liabilities through the buy-in, the Scheme is in a net asset position at 31 December 2025 of \u00a38.6 million (with \u00a37.4 million recognised on the consolidated balance sheet due to the impact of IFRIC 14 described below). The Group is not exposed to any unusual, entity specific or scheme specific risks, but given the material nature of the TT Group scheme, the Group has developed a comprehensive strategy covering the following areas to manage the financial risk associated with it: \u2013 Maintaining a long-term working partnership with the Trustee to ensure strong governance of risks within the TT Group scheme. The TT Group scheme is a long-term undertaking and is managed accordingly, in order to provide security to members\u2019 benefits and value for money to the Group. \u2013 The Scheme\u2019s investment strategy has been assessed as being low risk as the insured asset matches changes in the assessed value of the Schemes liabilities due to changes in interest rates, inflationary expectations and longevity expectations. The buy-in policy therefore matches the term and nature of the liabilities. The weighted average duration of the TT Group scheme defined benefit obligation is around 10 years. UK legislation requires the Trustee to carry out a statutory funding valuation at least every three years and to target full funding against a basis that prudently reflects the TT Group scheme\u2019s risk exposure. The last triennial valuation of the TT Group scheme as at April 2022 showed a net surplus of \u00a345.4 million against the Trustee\u2019s statutory funding objective. As the Scheme has now triggered wind-up, there is no longer a statutory requirement for the Trustee to conduct full triennial valuations. This exemption is subject to the Trustee receiving annual solvency estimates. In January 2024, the Trustees of the BI technologies Corporation Retirement Plan, one of the US defined benefit schemes in the USA, completed a buy-out, extinguishing all remaining gross liabilities. A final payment of \u00a31.8 million was made and a settlement cost of \u00a30.2 million was recognised within items excluded from adjusted operating profit as a result of this exercise. An analysis of the pension surplus/(deficit) by scheme is shown below
\u00a3million
2025
2024
TT Group (1993) surplus
8.6
7.1
Effect of asset ceiling (IFRIC 14)
(1.2)
\u2013
TT Group (1993) recognised surplus
7.4
7.1
USA scheme
(1.3)
(1.5)
Net surplus
6.1
5.6
Given the nature of the Group\u2019s control of the TT Group under the Scheme rules, the Group considers that it has an unconditional right to refund of surplus in the event of the Scheme\u2019s wind-up subject only to a limitation for the ongoing expenses of running and completing the wind up of the scheme which are expected to be \u00a31.2 million as at 31 December 2025 as these expenses are now met from the remaining Scheme assets. The pension surplus has therefore been limited by \u00a31.2 million under IFRIC 14, with the restriction recognised in other comprehensive income. Following the decision by the Court of Appeal to uphold the High Court\u2019s ruling in Virgin Media Ltd vs NTL Pension Trustees II, the Company has commenced the process of investigation into identifying the potential impact to benefits and the associated accounting liabilities for the defined benefit pensions schemes within the Group. On 5 June 2025 the UK Government announced its intention to introduce legislation to give affected pension schemes the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met the necessary statutory standards. This proposed legislation is intended to allow pension scheme trustees and sponsoring employers to validate historic amendments that might otherwise be considered invalid solely due to the absence of contemporaneous actuarial confirmation. As this process is still at an early stage, the Group is not yet in a position to be able to determine or quantify any potential financial impacts of any possible challenges to historic changes affecting these schemes. The principal assumptions used for the purpose of the actuarial valuations for the Group\u2019s primary defined benefit schemes were as follows:
%
2025
2024
Discount rate
5.50
5.50
Inflation rate (RPI)
3.10
3.30
Increases to pensions in payment (LPI 5% pension increases)
2.85
3.15
Increases to deferred pensions (CPI)
2.70
2.90
The mortality tables applied by the actuaries at 31 December 2025 for the TT Group (1993) Scheme were S3 tables (\u2018Middle\u2019 for females) with 108% (male)/104% (female) weighting for pensioners and 114% (male)/108% (female) weighting for non-pensioners with a 1.5% long-term rate of improvement in conjunction with the CMI 2024 projection model. The assumptions are equivalent to life expectancies as follows: Current pensioner aged 65: 86 years (male), 88 years (female). Future retiree currently aged 45: 88 years (male), 90 years (female). Risk and sensitivity Following the buy-in, changes in actuarial assumptions will impact the liabilities and insured asset to the same extent, with no overall impact on the net reporting position. A decrease in the discount rate by 0.1% per annum increases the liabilities and assets by approximately \u00a33.3 million. An increase by 0.1% per annum in the inflation rate increases the liabilities and assets by approximately \u00a31.9 million. An increase in the life expectancy of 1 year increases the liabilities and assets by approximately \u00a39.4 million. The sensitivities above consider the impact of the single change shown, with the other assumptions unchanged. The inflation sensitivities allow for the consequential impact on the relevant pension increase assumptions. The sensitivity analyses have been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The amounts recognised in respect of the pension surplus/deficit in the consolidated balance sheet are:
\u00a3million
2025
2024
Cash and cash equivalents
8.6
7.1
Insured assets
303.8
310.0
Fair value of assets
312.4
317.1
Present value of defined benefit obligation
(305.1)
(311.5)
Net surplus in the schemes
7.3
5.6
Effect of asset ceiling (IFRIC 14)
(1.2)
\u2013
Net surplus recognised in the consolidated balance sheet
6.1
5.6
The schemes\u2019 assets are unquoted unless otherwise stated and do not include the Group\u2019s financial instruments, any property occupied by, or other assets used by the Group. All of the funds included in the asset split are pooled investment vehicles for which due diligence has been completed. We have classified all of the Scheme\u2019s investments other than the cash held at the custodian, government bonds and the exchange traded funds (ETFs) as unquoted assets. Amounts recognised in the consolidated income statement are:
\u00a3million
2025
2024
Scheme administration costs
(0.5)
(1.0)
Net loss on pension projects (excluded from adjusted operating profit)
(1.9)
(1.3)
Net interest credit
0.3
1.1
Amounts recognised in the consolidated statement of comprehensive income are a gain of \u00a32.8 million (2024: loss of \u00a32.3 million) which comprises; the actual return on scheme assets excluding interest income, a gain of \u00a32.2 million (2024: loss of \u00a323.4 million), the remeasurement loss of the schemes obligations of \u00a31.8 million (2024: gain of \u00a321.3 million) and the restriction on the surplus recognised in accordance with IFRIC 14 of \u00a31.2 million (2024: \u00a3nil). Changes in the present value of the defined benefit obligation are:
\u00a3million
2025
2024
Defined benefit obligation at 1 January
311.5
341.3
Past service charge and settlements
\u2013
(1.5)
Interest on obligation
16.5
15.6
Remeasurements:
Effect of changes in demographic assumptions
1.8
(0.8)
Effect of changes in financial assumptions
(4.4)
(22.0)
Effect of experience adjustments
0.8
0.3
Benefits paid
(21.0)
(21.5)
Net exchange adjustment
(0.1)
0.1
Defined benefit obligation at 31 December
305.1
311.5
TT Group (1993)
303.8
310.0
USA scheme
1.3
1.5
305.1
311.5
Changes in the fair value of the schemes\u2019 assets are:
\u00a3million
2025
2024
Fair value of schemes\u2019 assets at 1 January
317.1
363.5
Interest income on defined benefit scheme assets
16.8
16.7
Return on scheme assets, excluding interest income
2.2
(23.5)
Contributions by employer
0.1
\u2013
Return of pension surplus
1
\u2013
(15.0)
Pension scheme expenses
(2.8)
(2.0)
Settlements
\u2013
(1.5)
Benefits paid
(21.0)
(21.5)
Net exchange adjustment
\u2013
0.4
Fair value of schemes\u2019 assets at 31 December
312.4
317.1
1. During 2024 the TT Group (1993) Pension Scheme returned \u00a315.0 million of pension surplus as cash to the Group. This was net of \u00a33.8 million of tax paid directly by the scheme to HMRC", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "
22 Share capital
Share capital
\u00a3million
2025
2024
Issued and fully paid
178,648,793
(2024: 177,884,541) ordinary shares of 25p each
44.7
44.5
During the period the Company issued 764,252 ordinary shares as a result of share options being
exercised under the Sharesave scheme and Share Purchase plans.
The performance conditions of the Restricted Share Plan awards issued in 2021, 2022 and 2023
and the Long-term Incentive Plan awards issued in 2021 were met and shares were allocated to
award holders from existing shares held by an Employee Benefit Trust for \u00a3nil consideration.
The aggregate consideration received for all share issues during the year was \u00a30.6 million which
was represented by a \u00a30.2 million increase in share capital and a \u00a30.4 million increase in share
premium.
23 Other reserves
Share Based Employee Share
Payment Benefit options Hedging Merger
\u00a3million Reserve Trust reserve Reserve
reserve
Total
At 31 January 2023
6.3
(0.6)
5.7
2.8
3.4
11.9
Share based payment charge
2.2
\u2013
2.2
\u2013
\u2013
2.2
Awards made to employees
(1.8)
1.4
(0.4)
\u2013
\u2013
(0.4)
Deferred tax on share based payments
(0.2)
\u2013
(0.2)
\u2013
\u2013
(0.2)
Funding of employee benefit trust
\u2013
(1.7)
(1.7)
\u2013
\u2013
(1.7)
Loss on cash flow hedges taken to equity less
amounts taken to income statement
\u2013
\u2013
\u2013
(10.2)
\u2013
(10.2)
Deferred tax on movement in cash flow hedges
\u2013
\u2013
\u2013
2.4
\u2013
2.4
At 31 December 2024
6.5
(0.9)
5.6
(5.0)
3.4
4.0
Share based payment charge
2.1
\u2013
2.1
\u2013
\u2013
2.1
Awards made to employees
(0.9)
0.9
\u2013
\u2013
\u2013
\u2013
Deferred tax on share based payments
0.3
\u2013
0.3
\u2013
\u2013
0.3
Funding of employee benefit trust
\u2013
(0.1)
(0.1)
\u2013
\u2013
(0.1)
Loss on cash flow hedges taken to equity less
amounts recycled to income statement
\u2013
\u2013
\u2013
8.7
\u2013
8.7
Deferred tax on movement in cash flow hedges
\u2013
\u2013
\u2013
(2.0)
\u2013
(2.0)
At 31 December 2025
8.0
(0.1)
7.9
1.7
3.4
13.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-510": { "value": "22 Share capital Share capital
\u00a3million
2025
2024
Issued and fully paid
178,648,793
(2024: 177,884,541) ordinary shares of 25p each
44.7
44.5
During the period the Company issued 764,252 ordinary shares as a result of share options being exercised under the Sharesave scheme and Share Purchase plans. The performance conditions of the Restricted Share Plan awards issued in 2021, 2022 and 2023 and the Long-term Incentive Plan awards issued in 2021 were met and shares were allocated to award holders from existing shares held by an Employee Benefit Trust for \u00a3nil consideration. The aggregate consideration received for all share issues during the year was \u00a30.6 million which was represented by a \u00a30.2 million increase in share capital and a \u00a30.4 million increase in share premium. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-509": { "value": "23 Other reserves
Share Based Employee Share
Payment Benefit options Hedging Merger
\u00a3million Reserve Trust reserve Reserve
reserve
Total
At 31 January 2023
6.3
(0.6)
5.7
2.8
3.4
11.9
Share based payment charge
2.2
\u2013
2.2
\u2013
\u2013
2.2
Awards made to employees
(1.8)
1.4
(0.4)
\u2013
\u2013
(0.4)
Deferred tax on share based payments
(0.2)
\u2013
(0.2)
\u2013
\u2013
(0.2)
Funding of employee benefit trust
\u2013
(1.7)
(1.7)
\u2013
\u2013
(1.7)
Loss on cash flow hedges taken to equity less
amounts taken to income statement
\u2013
\u2013
\u2013
(10.2)
\u2013
(10.2)
Deferred tax on movement in cash flow hedges
\u2013
\u2013
\u2013
2.4
\u2013
2.4
At 31 December 2024
6.5
(0.9)
5.6
(5.0)
3.4
4.0
Share based payment charge
2.1
\u2013
2.1
\u2013
\u2013
2.1
Awards made to employees
(0.9)
0.9
\u2013
\u2013
\u2013
\u2013
Deferred tax on share based payments
0.3
\u2013
0.3
\u2013
\u2013
0.3
Funding of employee benefit trust
\u2013
(0.1)
(0.1)
\u2013
\u2013
(0.1)
Loss on cash flow hedges taken to equity less
amounts recycled to income statement
\u2013
\u2013
\u2013
8.7
\u2013
8.7
Deferred tax on movement in cash flow hedges
\u2013
\u2013
\u2013
(2.0)
\u2013
(2.0)
At 31 December 2025
8.0
(0.1)
7.9
1.7
3.4
13.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "
24 Share-based payment plans
The Company has the following share-based payment plans in operation at 31 December 2025:
\u2013 Long-term Incentive Plan (\u201cLTIP\u201d) for senior executives;
\u2013 Restricted Share Plan (\u201cRSP\u201d) for certain senior executives; and
\u2013 Sharesave plans for UK employees and a Share Purchase plan for US employees
The LTIP and RSP schemes have been classified as equity settled schemes. The terms of the LTIP
and RSP schemes state that the Group has the right to decide how to settle these awards and it is
the Group\u2019s intention to settle these with equity. At the date of vesting the Group will settle the
awards either with new issue shares or shares purchased on the market at an earlier point in time.
The Group offers the employees the option for the Group to settle the tax liability, which the
employee would incur upon receipt of the award, on behalf of the employee with the relevant tax
authority. In this circumstance the Group may choose to pay, in cash, the tax liability due on behalf
of the employee to the tax authority and the employee would receive the remaining value of their
award in equity. In 2025 the Group paid \u00a30.2 million to settle the employees\u2019 tax liabilities (2024:
\u00a30.5 million). The Group estimates that the future cash flows associated with the above would
remain consistent with the 2025 outflows. The Group also offers the employee the option for the
Group to sell the remaining shares on the employees\u2019 behalf and to forward that cash to the
employee, although the Group is not compelled to do so no matter what the employee chooses.
No amounts were incurred in respect of this arrangement in 2025 (2024: \u00a30.1 million). The Group
estimates that the future cashflows associated with the above would remain consistent in future
years with the 2025 outflows. These arrangements do not change the assessment that the
share-based payments are equity settled.
The Sharesave scheme has also been classified as an equity settled scheme. The rules of this
scheme state that the participant must always be paid in equity and that neither party can request
settlement in any other way.
a) Long-term Incentive Plans
Details of the LTIP awards outstanding during the year are as follows:
2025
2024
Number of Number of
share awards share awards
At 1 January
2,009,566
2,265,228
Granted
2,562,961
942,323
Forfeited / Lapsed
(722,357)
(679,131)
Exercised / Vested
(262,321)
(518,854)
At 31 December
3,587,849
2,009,566
Exercisable at 31 December
\u2013
\u2013
During 2025 grants of awards were made under the LTIP for the issue of shares in 2028. An award
is a contingent right to receive shares in the future, subject to continued employment and the
achievement of predetermined performance criteria. The performance targets attached to awards
require the achievement of earnings per share (\u2018EPS\u2019), total shareholder return (\u2018TSR\u2019) and
operating cashflow (\u2018cash\u2019) targets as detailed in the Directors\u2019 Remuneration Report on page 88.
The fair value of the shares was estimated at the grant date using a Monte Carlo simulation model,
considering the terms and conditions upon which the shares were granted. This model simulates
the TSR and compares it against the group of comparator companies. It considers historic
dividends and share price fluctuations to predict the distribution of relative share price
performance.
The table below lists the awards which were made during the year and the inputs to the model:
Number of Fair value at Share price at Exercise Expected Vesting period
Grant date awards grant date grant date price volatility (years)
2025
22 April 2025
2,487,204
67.3p
75.0p
\u00a3nil
49%
3.0
2 June 2025
75,757
83.4p
93.0p
\u00a3nil
49%
3.0
2024
11 March 2024
942,323
132.8p
150.0p
\u00a3nil
37%
3.0
The award of shares is not affected by the risk-free rate of interest since no investment is required
by the recipient, and therefore no interest could be earned elsewhere. Expected volatility is based
on historical share price movements.
The performance conditions of the LTIP grants made in 2022 that reached the end of their
performance periods in 2025 were partially met and shares were allocated to award holders
from existing shares held by an Employee Benefit Trust for \u00a3nil consideration.
b) Restricted Share Plan
During the year the Group granted 1,732,868 shares (2024: 1,047,446) under the restricted plan.
Awards are typically subject to continuing employment with no other vesting criteria.
Details of the restricted share plan awards outstanding during the year are as follows:
2025
2024
Number of Number of
share awards share awards
At 1 January
2,619,990
2,910,500
Granted
1,732,868
1,047,446
Forfeited/Lapsed
(499,586)
(1,089,928)
Exercised/Vested
(686,003)
(248,028)
At 31 December
3,167,269
2,619,990
During the year 190,164 (2024: 77,800) notional RSP share awards were granted to senior
managers which will ultimately be settled in cash.
The performance conditions of the RSP grants made in 2021 and 2022 that reached the end of
their performance periods in 2025 were partially met and shares were allocated to award holders
from existing shares held by an Employee Benefit Trust for \u00a3nil consideration.
The table below lists the awards which were made during the year the inputs to the model:
Number of Fair value at Share price at Exercise Expected Vesting period
Grant date awards grant date grant date price volatility (years)
2025
22 April 2025
1,676,050
75.0p
75.0p
\u00a3nil
49%
3.0
2 June 2025
56,818
93.0p
93.0p
\u00a3nil
49%
3.0
Number of Fair value at Share price at Exercise Expected Vesting period
Grant date awards grant date grant date price volatility (years)
2024
22 April 2025
1,047,4 46
150.0p
150.0p
\u00a3nil
37%
3.0
All of the above awards are subject to continuing employment with the Group.
c) Sharesave schemes
The Group operates a Sharesave scheme for participating employees in the UK under a three-year
plan. Employees may purchase the Group\u2019s shares at a 20% discount to the market price on the
day prior to the commencement of the offer up to a maximum contribution value of \u00a36,000 in any
one year. Monthly contributions are saved with Lloyds Bank plc, via Equiniti Ltd, the Registrars,
in the employee\u2019s share savings plan and will only be released to employees who remain in the
Group\u2019s employment for a period of three years from commencement of the savings contract.
Options become exercisable on completion of the three-year term or within six months of leaving
in certain circumstances. All Sharesave scheme awards are accounted for as equity settled.
Details of the save as you earn share plan awards outstanding during the year are as follows:
2025
2024
Number of Number of
share awards share awards
At 1 January
2,512,083
3,451,965
Granted
1,427,897
564,005
Forfeited / Lapsed
(939,431)
(1,239,891)
Exercised
(214,169)
(263,996)
At 31 December
2,786,380
2,512,083
Exercisable at 31 December
542,440
216,873
The fair value of the shares at grant date was as follows:
Options
Date price set
Market price
Option price
Fair value
outstanding
06 September 2022
149.3p
119.5p
67.5p
512,929
05 September 2023
174.1p
139.4p
66.5p
491,042
03 September 2024
158.6p
126.9p
20.0p
367,808
17 October 2025
111.2p
89.0p
39.0p
1,414,601
The Group operates a Stock Purchase Plan for participating US employees. Under the plan
employees may purchase the Group\u2019s shares at a 15% discount to the market price at the date of
acquisition, up to a maximum of $6,500 per annum. Employees save on a monthly basis and
shares are purchased each quarter.
The total share-based payment charge for the year excluding a social security credit of \u00a30.1 million
(2024: \u00a3nil) arising from the above share scheme plans was \u00a32.1 million (2024: \u00a32.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "
25 Reconciliation of net cash flow to movement in net debt
Net cash of \u00a338.6 million (2004: \u00a369.1 million) comprises cash at bank and in hand of \u00a338.7 million
(2024: \u00a369.2 million) and overdrafts of \u00a30.1 million (2024: \u00a30.1 million).
Lease
\u00a3million
Net cash
liabilities
Borrowings
Net debt
At 31 December 2023
76.5
(20.8)
(181.9)
(126.2)
Cash flow
(4.1)
\u2013
\u2013
(4.1)
Disposals of business
(3.6)
2.6
\u2013
(1.0)
Repayment of borrowings
\u2013
\u2013
49.2
49.2
Proceeds from borrowings
\u2013
\u2013
(15.1)
(15.1)
Net movement in loan arrangement fees
\u2013
\u2013
(0.2)
(0.2)
Payment of lease liabilities
\u2013
4.2
\u2013
4.2
New leases
\u2013
(3.0)
\u2013
(3.0)
Exchange differences
0.3
(0.3)
(1.2)
(1.2)
At 31 December 2024
69.1
(17.3)
(149.2)
(97.4)
Cash flow
(28.6)
\u2013
\u2013
(28.6)
Repayment of borrowings
\u2013
\u2013
59.1
59.1
Net movement in loan arrangement fees
\u2013
\u2013
(1.1)
(1.1)
Payment of lease liabilities
\u2013
3.8
\u2013
3.8
New leases
\u2013
(1.9)
\u2013
(1.9)
Exchange differences
(1.9)
1.0
2.3
1.4
At 31 December 2025
38.6
(14.4)
(88.9)
(64.7)
", "dimensions": { "concept": "ttelectronicsplc:DisclosureOfNetCashFlowToMovementInNetDebt", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "
26 Changes in liabilities arising from financing activities
Liabilities
arising from
Lease financing
\u00a3million
liabilities
Borrowings
activities
At 31 December 2023
(20.8)
(181.9)
(202.7)
Cash movements
Cash flows
4.9
44.0
48.9
Non-cash movements
Disposals of business
2.6
\u2013
2.6
Interest accrued
(0.7)
(9.9)
(10.6)
Net movement in loan arrangement fees
\u2013
(0.2)
(0.2)
New leases
(3.0)
\u2013
(3.0)
Exchange differences
(0.3)
(1.2)
(1.5)
At 31 December 2024
(17.3)
(149.2)
(166.5)
Cash movements
Cash flows
4.4
66.2
70.6
Non-cash movements
Interest accrued
(0.6)
( 7.1)
(7.7 )
Net movement in loan arrangement fees
\u2013
(1.1)
(1.1)
New leases
(1.9)
\u2013
(1.9)
Exchange differences
1.0
2.3
3.3
At 31 December 2025
(14.4)
(88.9)
(103.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "
27 Contingent liabilities
The Group is subject to claims which arise in the ordinary course of business. Other than those
for which provisions have been made and included within note 18, the Directors consider the
likelihood of any other claims giving rise to a significant liability to be remote.
28 Capital commitments
\u00a3million
2025
2024
Contractual commitments for the purchase of property, plant and equipment
1.6
0.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-527": { "value": "27 Contingent liabilities The Group is subject to claims which arise in the ordinary course of business. Other than those for which provisions have been made and included within note 18, the Directors consider the likelihood of any other claims giving rise to a significant liability to be remote. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-511": { "value": "28 Capital commitments
\u00a3million
2025
2024
Contractual commitments for the purchase of property, plant and equipment
1.6
0.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "
30 Related party transactions
Transactions between the Company and its subsidiaries have been eliminated on consolidation
and are not disclosed in this note.
No related party transactions have taken place in 2025 or 2024 that have affected the financial
position or performance of the Group.
Key management personnel and Directors\u2019 emoluments are disclosed in note 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-528": { "value": "30 Related party transactions Transactions between the Company and its subsidiaries have been eliminated on consolidation and are not disclosed in this note. No related party transactions have taken place in 2025 or 2024 that have affected the financial position or performance of the Group. Key management personnel and Directors\u2019 emoluments are disclosed in note 10.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-512": { "value": "30 Related party transactions Transactions between the Company and its subsidiaries have been eliminated on consolidation and are not disclosed in this note. No related party transactions have taken place in 2025 or 2024 that have affected the financial position or performance of the Group. Key management personnel and Directors\u2019 emoluments are disclosed in note 10.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "
31 Subsequent events
In January 2026 the Group entered negotiations with the RCF providers to extend the maturity
date. These negotiations concluded in March 2026 and resulted in a committed RCF of \u00a3105.0
million maturing in June 2028. The amendment includes changes to the pricing arrangements
however covenant levels remain the same. As the amendment occurred after the reporting date,
it has been treated as a non-adjusting event after the reporting period.
In February 2026 the Group commenced a cost reduction programme expected to deliver
approximately \u00a33.0 million net benefit in 2026, with a medium-term annualised benefit double this
level, supporting ongoing margin improvement.
In March 2026 the Group announced a reorganisation of its segments into a divisional structure
of Power, EMS and Components, which better aligns the business to our customers, markets and
operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "
32 Five year record
2023 2022
\u00a3million (unless otherwise stated)
2025
2024
Restated
Restated
2021
Revenue
481.4
521.1
613.9
617.0
476.2
Operating (loss)/profit
(28.2)
(23.5)
3.0
(3.4)
19.3
Adjusted operating profit
1
37.2
37.1
47.1
47.1
34.8
(Loss)/profit before taxation
(36.7)
(33.4)
(6.8)
(10.1)
16.0
Adjusted profit before taxation
1
28.7
27.2
37.3
40.4
31.5
(Loss) / earnings
(50.6)
(53.4)
(11.3)
(13.2)
12.8
Adjusted earnings
1
12.3
19.5
29.3
32.0
25.3
(Loss)/ earnings per share (pence)
(28.5)
(30.2)
(6.4)
(7.5)
7.3
Adjusted earnings per share (pence)
1
6.9
11.0
16.7
18.2
14.5
Dividends \u2013 paid and proposed
2
\u2013
4.0
12.0
11.1
9.9
Dividend per share \u2013 paid and proposed (pence
)2
\u2013
2.3
6.8
6.3
5.6
Average number of shares in issue
177.8
176.9
175.6
175.8
174.8
Net debt
3
64.7
97.4
126.2
138.4
102.5
Total equity
147.5
194.9
265.5
296.5
330.0
1. Adjusted operating profit, profit before taxation, adjusted earnings and adjusted earnings per share exclude the impact of
restructuring costs, asset impairments and acquisition and disposal related costs.
2. 2025 shows the cashflows/value of the 2025 dividend. 2024 and before shows the cashflows/value of the actual dividends relating
to that particular year.
3. Net debt in 2023 includes cash and overdrafts within assets and liabilities held for sale
", "dimensions": { "concept": "ttelectronicsplc:DisclosureOfFiveYearRecord", "language": "en", "entity": "scheme:213800TJGBW5VFHQEV54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }