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1. Preparation of the Group financial statements
Basis of preparation
Babcock International Group PLC (the parent and ultimate parent company) is a public company limited by shares incorporated
in the United Kingdom under the Companies Act. Babcock International Group PLC is listed on the London Stock Exchange and
is incorporated and domiciled in England, UK. A description of the nature of the Group\u2019s operations and principal activities is set
out on page 2.
The financial statements have been prepared in accordance with United Kingdom adopted International Accounting Standards,
and the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated financial statements have been
prepared under the historical cost basis, except for certain financial instruments that have been measured at fair value.
Going concern
After making enquiries, the Directors, at the time of approving the financial statements, have a reasonable expectation that the
Company and the Group have adequate financial resources to continue in operational existence for the foreseeable future.
As such, the consolidated financial statements have been prepared on a going concern basis. The Board considered 12 months from
the date of signing in its assessment of going concern.
New and amended standards adopted by the Group
The following standards and amendments to IFRSs became effective for the annual reporting period beginning on 1 April 2024
and did not have a material impact on the consolidated financial statements:
\u2022
Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements: These amendments add disclosure objectives to IAS 7
requiring disclosure of information about supplier finance arrangements that enable users to assess the effect of such
arrangements on the Group\u2019s liabilities and cash flows. Additionally, the amendments revise IFRS 7 to add supplier finance
arrangements as an example of liquidity risk within financial risk management.
The Group does not currently participate in any supplier finance arrangements and therefore these amendments have had no
impact on the current or prior period Income Statement or Statement of Financial Position.
\u2022
Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current: These amendments affect only the presentation
of liabilities as current or non-current in the statement of financial position and not the amount or timing of recognition of any
asset, liability, income or expenses, or the information disclosed about those items.
The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the
end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right
to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting
period, and introduce a definition of \u2018settlement\u2019 to make clear that settlement refers to the transfer to the counterparty of cash,
equity instruments, other assets or services.
\u2022
Amendments to IAS 1 \u2013 Non-current Liabilities with Covenants: These amendments specify that only covenants that an entity
is required to comply with on or before the end of the reporting period affect the entity\u2019s right to defer settlement of a liability for
at least twelve months after the reporting date (and therefore must be considered in assessing the classification of the liability as
current or non-current). Such covenants affect whether the right exists at the end of the reporting period, even if compliance with
the covenant is assessed only after the reporting date (e.g. a covenant based on the entity\u2019s financial position at the reporting date
that is assessed for compliance only after the reporting date).
The IASB also specifies that the right to defer settlement of a liability for at least twelve months after the reporting date is not
affected if an entity only has to comply with a covenant after the reporting period. However, if the entity\u2019s right to defer settlement
of a liability is subject to the entity complying with covenants within twelve months after the reporting period, an entity discloses
information that enables users of financial statements to understand the risk of the liabilities becoming repayable within twelve
months after the reporting period. This would include information about the covenants (including the nature of the covenants
and when the entity is required to comply with them), the carrying amount of related liabilities and facts and circumstances, if any,
that indicate that the entity may have difficulties complying with the covenants.
\u2022
Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback: These amendments to IFRS 16 add subsequent measurement
requirements for sale and leaseback transactions that satisfy the requirements in IFRS 15 Revenue from Contracts with Customers
to be accounted for as a sale. The amendments require the seller-lessee to determine \u2018lease payments\u2019 or \u2018revised lease payments\u2019 such
that the seller-lessee does not recognise a gain or loss that relates to the right of use retained by the seller-lessee, after the
commencement date.
The amendments do not affect the gain or loss recognised by the seller-lessee relating to the partial or full termination of a lease.
Without these new requirements, a seller-lessee may have recognised a gain on the right of use it retains solely because of a
remeasurement of the lease liability (for example, following a lease modification or change in the lease term) applying the general
requirements in IFRS 16. This could have been particularly the case in a leaseback that includes variable lease payments that do
not depend on an index or rate.
A seller-lessee applies the amendments retrospectively in accordance with IAS 8 to sale and leaseback transactions entered
into after the date of initial application, which is defined as the beginning of the annual reporting period in which the entity first
applied IFRS 16.
New IFRS accounting standards, amendments and interpretations not yet adopted
The Group has not early adopted any other amendment, standard or interpretation that has been issued but is not yet effective.
It is expected that these standards and amendments will be adopted on the applicable effective date. The following new or amended
IFRS accounting standards, amendments and interpretations not yet adopted are not expected to have a significant impact on the
Group:
\u2022
Amendments to IAS 21 \u2013 Lack of Exchangeability: Effective from 1 April 2025 and not assessed to have any impact on the
Group\u2019s Income Statement or Statement of Financial Position.
\u2022
IFRS 18 \u2013 Presentation and Disclosures in Financial Statements: Replaces IAS 1 and makes minor changes to IAS 8, IFRS 7,
IAS 7 and IAS 33. Introduces new requirements regarding specific categories and subtotals in the Group Income Statement and
further disclosures on management performance measures (MPMs) and disclosures aimed at improving aggregation and
disaggregation.
IFRS 18 is yet to be formally endorsed by the UK endorsement board but is expected to be applicable for annual reporting periods
beginning on or after 1 January 2027 with earlier adoption permitted. The Group does not currently intend to adopt this standard
early and therefore this standard is expected to be first presented within the Annual Report for the period ended 31 March 2028.
It is anticipated that the application of IFRS 18 may have an impact on the presentation and disclosure of the Group\u2019s consolidated
financial statements from the point of adoption.
\u2022
IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures: IFRS 19 is only permitted to be applied by subsidiaries with
no public accountability. As the Group is not a subsidiary, application of the standard is not permitted and therefore will have no
impact on the Group\u2019s Consolidated Financial Statements. IFRS 19 is applicable for annual reporting periods beginning on or after
1 January 2027 with earlier adoption permitted (subject to formal endorsement by the UK endorsement board).
\u2022
Amendments to IFRS 7 and IFRS 9 - Classification and Measurement of Financial Instruments & Contracts referencing
nature-dependant electricity: Effective from 1 January 2026 and not assessed to have a material impact on the Group\u2019s Income
Statement or Statement of Financial Position.
\u2022
Annual improvements to IFRS accounting standards (volume 11): Effective from 1 January 2026 and not assessed to have
a material impact on the Group\u2019s Income Statement or Statement of Financial Position.
Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its subsidiary undertakings together
with its share of joint ventures\u2019 and associates\u2019 results. Intra-Group transactions, balances, income and expenses are eliminated
on consolidation.
(a) Subsidiaries
A subsidiary is an entity controlled by the Group. An entity is controlled by the Group regardless of the level of the Group\u2019s equity
interest in the entity, when the Group is exposed or has rights to variable returns from its involvement with the entity and has the
ability to impact those returns through its power over the entity.
In determining whether control exists, the Group considers all relevant facts and circumstances to assess its control over an entity
such as contractual commitments and potential voting rights held by the Group if they are substantive.
Subsidiaries are fully consolidated from the date control has been transferred to the Group and de-consolidated from the date
control ceases. Where control ceases, the results for the year up to the date of relinquishing control or closure are analysed as
continuing or discontinued operations.
(b) Joint ventures and associates
Associates are those entities over which the Group exercises its significant influence when it has the power to participate in the
financial and operating policy decisions of the entity but it does not have the power to control or jointly control the entity.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets
of the arrangement, rather than rights to its assets and obligations for its liabilities.
Materiality
Various disclosures make reference to items considered as material or immaterial to the financial statements. The Group considers
information to be material if omitting it or misstating it could influence decisions that users make on the basis of the financial
information provided. Materiality is considered from both a quantitative and qualitative factor perspective. In addition to subsequent
specific references to materiality, and in compliance with IFRS, certain disclosures have not been provided where the information
resulting from that disclosure is not material.
Critical accounting estimates and judgements
In the course of preparation of the financial statements, judgements and estimates have been made in applying the Group\u2019s
accounting policies that have had a material effect on the amounts recognised in the financial statements. The application of the
Group\u2019s accounting policies requires the use of estimates and the inherent uncertainty in certain forward-looking estimates may
result in a material adjustment to the carrying amounts of assets and liabilities in the next financial year. Critical accounting estimates
are subject to continuing evaluation and are based on historical experience and other factors, including expectations of future
events that are believed to be reasonable in light of known circumstances. Critical accounting estimates and judgements in relation
to these financial statements are considered below:
(a) Critical accounting judgements
Critical accounting judgements, apart from those involving estimations, that are applied in the preparation of the consolidated
financial statements are discussed below. Detail of the Group\u2019s key judgements involving estimates are included in the Key sources
of estimation uncertainty section.
(i) Acting as principal or agent
A number of the Group\u2019s contracts include promises in relation to procurement activity undertaken on behalf of customers at low
or nil margin, sub-contractor arrangements, and other pass-through costs. Management is required to exercise judgement on these
revenue streams in considering whether the Group is acting as principal or agent. This is based on an assessment as to whether
the Group controls the relevant goods or services under the performance obligations prior to transfer to customers. Factors that
influence this judgement include the level of responsibility the Group has under the contract for the provision of the goods or
services, the extent to which the Group is incentivised to fulfil orders on time and within budget, either through gain share
arrangements or KPI deductions in relation to the other performance obligations within the contract, and the extent to which the
Group exercises responsibility in determining the selling price of the goods and services. Taking all factors into consideration, the
Group then comes to a judgement as to whether it acts as principal or agent on a performance obligation-by-performance obligation
basis with both principal and agent conclusions being reached across the Group\u2019s portfolio of revenue arrangements. Any changes
in this judgement would not have a material impact on profit, although there may be a material impact to revenue and operating
costs.
(ii) Determining the groups of cash generating units to which goodwill is allocated
IFRS 8 requires that, for the purpose of subsequent impairment testing, goodwill acquired in business combinations be allocated to
cash generating units (\u2018CGUs\u2019) or groups of CGUs expected to benefit from the synergies of the combination. Such CGUs or groups
of CGUs shall represent the lowest level at which goodwill is monitored for internal management purposes and shall not be larger
than an operating segment.
This determination is generally straightforward and factual, however in some cases judgement is required.
The Group has identified four operating segments \u2013 Aviation, Land, Marine and Nuclear \u2013 and in the case of Aviation, Marine
and Nuclear, goodwill is allocated and monitored at the operating segment level (with these three operating segments each also
comprising a group of CGUs).
Although Land is considered a single operating segment, goodwill is separately allocated and monitored between the Africa
business (as one group of CGUs) and the remainder of Land (as a second group of CGUs). This distinction exists due to historic
assessments of the Group\u2019s operating segments and the fact that previous Africa business combinations were only anticipated
to provide synergies and benefits across the Africa CGUs.
Other territories may represent separate CGUs or groups of CGUs but are neither separate operating segments nor is goodwill
separately allocated or monitored at these territory levels.
Over time management reviews the basis upon which goodwill is allocated to ensure it remains appropriate as businesses are
acquired and divested and reporting structures change, including how information is reported to the Chief Operating Decision
Maker. If there was a change in this judgement this could result in a material adjustment to goodwill. Further detail is included
in notes 3 and 10.
(iii) Additional work expected under the Type 31 contract
There is judgement in determining whether the Type 31 onerous contract provision should reflect the benefit of the expected
continuation of the programme. IAS 37.10 states that \u201ca contract is onerous when the unavoidable costs of meeting the obligations
under the contract exceed the economic benefits expected to be received under it.\u201d Judgement is required in determining whether
additional work is treated as a benefit expected to be received under the Type 31 contract, reducing the onerous contract provision.
The key factors considered in making this judgement are the additional work expected at contract inception and the economic
linkage with the pricing and other terms of the Type 31 contract. Having carefully considered the available evidence against the
evidential bar required to recognise future benefits, it was concluded that the expected continuation of the programme should not
be treated as a benefit expected under the Type 31 contract.
(b) Key sources of estimation uncertainty
The key sources of estimation uncertainty at the reporting period end that may result in significant risk of material adjustment to
the carrying amount of assets and liabilities within the next financial year are set out below:
(i) Revenue and profit recognition
The following represent the notable assumptions impacting upon revenue and profit recognition as a result of the Group\u2019s contracts
with customers:
\u2022
Stage of completion & costs to complete \u2013 The Group\u2019s revenue recognition policies require management to make an estimate
of the cost to complete for long-term contracts. Management estimates outturn costs on a contract-by-contract basis and
estimates are carried out by suitably qualified and experienced personnel. Estimates of cost to complete include assessment
of contract contingencies arising out of technical, commercial, operational and other risks. The assessments of all significant
contract outturns are subject to review and challenge, and judgements and estimates are reviewed regularly throughout the
contract life based on latest available information with adjustments made where necessary. As contracts near completion,
often less judgement is required to determine the expected outturn. The most significant estimate of contract outturn relates
to the Type 31 programme as outlined below.
\u2022
Variable consideration \u2013 the Group\u2019s contracts are often subject to variable consideration including performance-based penalties
and incentives, gain/pain share arrangements and other items. Variable consideration is added to the transaction price only to the
extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue recognised once
the underlying uncertainty is resolved.
\u2022
Inflation \u2013 The level to which the Group\u2019s revenue and cost for each contract will be impacted by inflation is a key accounting
estimate, as this could cause the revenue and cost of contract delivery to be greater than was expected at the time of contracting.
The Group\u2019s contracts are exposed to inflation due to rising employment costs, as well as increased costs of raw materials.
The Group endeavours to include cost recovery mechanisms or index-linked pricing within its contracts with customers in order
to mitigate any inflation risk arising from increasing employment and raw material costs.
The above assumptions all impact upon each individual contract to varying extents depending on the risk profile of the contract and
the individual contract terms and conditions. As such sensitivities to these assumptions are not provided as to do so is not
considered practicable.
Type 31 contract estimates
The contract to produce 5 Type 31 frigates was won under competitive tender in 2019, based on Babcock\u2019s Arrowhead 140 design.
The contract is important in providing access to an expected pipeline of Type 31 work and developing our Arrowhead 140 design
for opportunities overseas. Although the contract contained certain escalation clauses, it provided limited protection from the
macroeconomic changes of recent years relating to Brexit, Covid, raw material prices and UK labour shortages, which have
significantly increased our costs. This has resulted in the contract being loss-making, together with increases in estimated costs
due to the maturing of the design and the forecast cost of labour.
Determining the contract outturn, and therefore revenue and onerous contract provision recognised, requires assumptions and
complex judgements to be made about the future performance of the contract. The level of uncertainty in the estimates made
in assessing the outturn is linked to the complexity of the underlying contract.
The estimates made in assessing the outturn are set out below, along with the related estimation methods, data sources and
management actions to offset the increases in the year.
a)
The number of production hours \u2013 which requires estimation of a standard level of hours for manufacturing, structural and
outfitting activities, determined with reference to previous experience of comparable programmes and industry data where
available. The estimation of the time taken to improve to this standard level is also relevant, based on a detailed enablement plan
which is a key output of the operational improvement programme. The volume of activities is based on a detailed assessment
of the Bill of Materials, supported by dedicated engineering software
b)
The ability to improve operational performance through process efficiencies, quality and engineering improvements over
the five ships \u2013 which requires actions to reduce re-work, optimise the location in which outfitting is performed, deliver specific
productivity initiatives and make engineering changes to reduce the cost of manufacture, structural assembly and outfitting
c)
The cost of labour \u2013 which is dependent on our ability to recruit, the mix of the workforce between permanent and contingent
workers from the UK and overseas, the utilisation of semi-skilled and apprentice workers and shift patterns and premiums.
A detailed resourcing plan is used to support this estimate with actions required to achieve an efficient labour mix
d)
The cost of bought-in parts and services through suppliers and sub-contractors \u2013 which includes the outcome of
procurement tenders, finalisation of other areas of unagreed pricing and the agreement of discounts and incentive arrangements
e)
The number of hours required by support functions \u2013 primarily in engineering which requires effective management of
production support and change requests. A detailed engineering scope review has been performed to support this estimate
f)
The determination of non-incremental costs which relate directly to fulfilling the contract and are therefore partially
allocated to the contract to determine the loss provision \u2013 including facility and overhead costs
g)
The impact of inflation on the contract price and costs to fulfil the contract \u2013 particularly in relation to labour which may
be impacted by changes in the local, UK and overseas labour markets, competitor activity and government policy
h)
The achievement of the build schedule to completion and final acceptance \u2013 including the satisfaction of all contractual
performance criteria. The schedule analysis is based on detailed modelling and the performance of multiple scenario analysis
The cost estimation process has involved a number of key elements:
\u2022
Regular governance at the Group level to monitor progress and enable support as required
\u2022
Bottom-up costing at the activity level performed by individual business areas
\u2022
Reassessment of risk based on the updated cost estimates, considering ranges of outcomes and probabilities
\u2022
Input from functional specialists from across the Group
\u2022
Development of financial models based on cost drivers, using actual data and other evidence to inform the forecast outturn
\u2022
Detailed documentation of estimates made, including process followed, sources of evidence and basis for conclusions
\u2022
Review and challenge at the Programme, Sector and Group levels, culminating in a number of dedicated reviews with
the Audit Committee
The range of possible future outcomes in respect of assumptions made to determine the contract outturn could result in a material
increase or decrease in revenue and the value of the onerous contract provision, and hence on the Group\u2019s profitability, in the next
financial year. The estimates described above are by their nature inter-related for this programme and are unlikely to change with
everything else constant. However, for illustrative purposes, we have provided sensitivities to certain isolated changes in key
estimates on the basis that all other factors remain constant:
\u2022
Production hours \u2013 which are impacted by production norms, rate of improvement, process efficiencies and quality/engineering
improvements (see a) and b) above). A 10% increase/decrease in production hours would increase/decrease the loss by \u00a330m
\u2022
Labour rate \u2013 which is impacted by our ability to recruit permanent staff, the mix of the workforce, ancillary costs and inflation
(see c) and g) above). A 10% increase/decrease in the average labour rate would increase/decrease the loss by \u00a340m
\u2022
Supply chain costs (see c) above) \u2013 which are impacted by the agreement of remaining pricing, discounts and incentive
arrangements. A 10% increase/decrease in supply chain costs would increase/decrease the loss by \u00a325m
\u2022
Schedule (see e), f) and h) above) - which are impacted by the build schedule. A 6-month delay beyond the current planning
assumption would increase the loss by \u00a324m
Overall, with c\u00a30.8bn of estimated costs to go over the life of the contract, if actual costs were to differ from those assumed by
10%, the potential impact on the contract outturn could be c\u00a380m. Any increase in loss would cause a commensurate deterioration
in the balance sheet through a combination of an increase to the onerous loss provision (note 20), reductions in contract assets
(note 16) or increases in contract liabilities (note 18).
To mitigate this, comparisons of actual contract performance and previous forecasts used to assess the contract outturn are
performed regularly, with consideration given to whether any revisions to assumptions are required. The uncertainty over the
contract outturn will reduce in the next financial year but there will be substantial activity and risk over the remaining years.
In a major ship build programme of this nature, it is inherently possible that there may be changes in circumstances which cannot
reasonably be foreseen at the present time.
(ii) Defined benefit pension schemes obligations
The Group\u2019s defined benefit pension schemes are assessed annually in accordance with IAS 19 and the valuation of the defined
benefit pension obligations is sensitive to the inflation, discount rate, actuarial and life expectancy assumptions used. There is
a range of possible values for the assumptions and small changes to the assumptions may have a significant impact on the valuation
of the defined benefit pension obligations. In addition to the inflation, discount rate and life expectancy estimates, management
is required to make an accounting judgement relating to the expected availability of future accounting surpluses under IFRIC 14.
Further information on the key assumptions, sensitivities and judgements is included in note 25.
(c) Other estimates which are not key sources of estimation uncertainty
(i) The carrying value of goodwill
Goodwill is tested annually for impairment, in accordance with IAS 36, Impairment of Assets (\u2018IAS 36\u2019). The impairment assessment
is based on assumptions in relation to future cash flows expected to be generated by the groups of cash generating units to which
goodwill is allocated, together with appropriate discounting of the cash flows.
In both the current and prior years, we have not identified a key source of estimation uncertainty in respect of goodwill. The
headroom across all identified groups of CGUs against which goodwill is allocated and monitored is such that, under all modelled
sensitivities, no reasonably possible changes in assumptions could result in the complete elimination of the headroom. The key
assumptions in estimating the carrying value of goodwill are discount rate, long-term growth rate and growth rate in the short-term
cash flows.
Inflation rates are incorporated into the impairment assessment through their inclusion within the growth rates in cash inflows and
outflows and through the methodology by which discount rates are determined. Were inflation to impact upon all cash flows equally,
an impairment assessment should be neutral to the impact of inflation. The Group has a number of protections and exposures to
the impact of inflation across its portfolio of revenue arrangements and supply chain agreements resulting in an indirect impact
of inflation on the impairment outturn.
Further information on key assumptions and sensitivity analyses are included in note 10.
(ii) Impact of climate change
In preparing the Group financial statements, consideration has been given to the potential impact of climate change. Climate-related
matters create risks and opportunities for the Group as set out on pages 75 to 79 of the Strategic Report. Climate-related matters
are not considered to have a material impact on the Group\u2019s critical accounting judgements or key sources of estimation uncertainty.
Climate-related matters primarily impact the Group through their potential impact on the Group\u2019s budgets and forecasts. Budgets and
forecasts affect the current year financial statements through their impact on the following areas:
\u2022
Going concern and viability of the Group;
\u2022
Cash flow forecasts used in impairment assessments of including goodwill, intangible assets and property, plant & equipment;
\u2022
Cash flow forecasts used in the Impairment assessments of financial assets; and
\u2022
The assessed useful economic lives of the Group\u2019s non-current assets
Revised budgets and forecasts, incorporating an estimated financial impact on the climate-related risks and opportunities (described
on pages 75 to 79 of the Strategic Report) have been modelled to understand the possible financial impact and the resilience to
these sensitivities is the basis for why climate-related matters have been concluded to not have a material impact on the critical
accounting judgements or key sources of estimation uncertainty. Whilst there is currently no significant short- to medium-term
impact expected from climate change, the Group is aware of the ever-changing risks attached to climate change and will regularly
assess these risks against judgements and estimates made in preparing the Group consolidated financial statements.
Material accounting policy information
The material accounting policy information relevant to specific accounting areas is set out within the associated note. Other general
policy information is set out below. Material accounting policies have been applied consistently throughout the year and the
comparative year except as otherwise stated.
(a) Transactions with non-controlling interest
The Group\u2019s policy is to treat transactions with non-controlling interest as transactions with owners of the Company. These are
therefore reflected as movements in reserves.
(b) Foreign currencies
(i) Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic
environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Sterling,
which is the Company\u2019s functional and presentation currency.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency of subsidiaries of the Group using the exchange rates
prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into
the functional currency at the year-end exchange rates. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at exchange rates ruling at the reporting date of monetary assets and liabilities denominated
in foreign currencies are recognised in the income statement.
Exchange differences arising from the translation of the statement of financial positions and income statements of foreign operations
into Sterling are recognised as a separate component of equity on consolidation. Results of foreign operations are translated using
the average exchange rate for the month of the applicable results, the net assets translated at year-end exchange rates and equity
held at historic exchange rates. When a foreign operation is sold, such exchange differences are recognised in the income
statement as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign
entity and translated at period-end exchange rates.
(c) Government grants and contributions
In the course of our business we receive certain grants or contributions from governments. These are deducted from the related
expenses in the income statement. These amounts total \u00a348.3 million (FY24: \u00a340.0 million).
Revenue recognition Revenue recognised represents income derived from contracts with customers for the provision of goods and services in the ordinary course of the Group\u2019s activities. The Group recognises revenue in line with IFRS 15, Revenue from Contracts with Customers. IFRS 15 requires the identification of performance obligations in contracts, determination of contract price, allocation of the contract price to the performance obligations and recognition of revenue as performance obligations are satisfied. (i) Performance obligations Contracts are assessed to identify each promise to transfer either a distinct good or service or a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. Goods and services are distinct if the customer can benefit from them either on their own or together with other resources readily available to the customer and they are separately identifiable in the contract. In assessing whether the performance obligations are separately identifiable, the services are reviewed to determine the extent to which the goods or services within a contract are interrelated and whether they modify other goods or services within a contract. The Group also considers whether the goods and/or services are integrated and represent a combined output for which the customer has contracted. The integrated output nature of many of the services provided by the Group results in some contracts only having one performance obligation. (ii) Determination of contract price The contract price represents the amount of consideration which the Group expects to be entitled to in exchange for delivering the promised goods or services to the customer. Contracts can include both fixed and variable consideration. Inclusion of variable consideration in the contract price requires the exercise of judgement in relation to the amount to be received through unpriced contract variations and claims (see section (v) below for further details) and variable elements of existing contracts, such as performance-based penalties and incentives, and gain/pain share arrangements where cost under/over spends are shared with the customer. Given the long-term nature of the Group\u2019s contracts with customers, a number of arrangements include clauses to allow for inflation within the transaction price. Such inflation clauses are treated as variable consideration. Elements of variable consideration are estimated at contract inception and at the end of each reporting period. Any required adjustment is made against the contract price in the period in which the adjustment occurs. Variable consideration is estimated using either the expected value or the most likely amount and is added to the transaction price only to the extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue recognised once the underlying uncertainty is resolved. This judgement is made by suitably qualified and experienced personnel based on the contract terms, status of negotiations with customers and historical experience with customers and with similar contracts. As part of this judgement, variable consideration may be constrained until the uncertainty is resolved. In the case of unpriced variations these will be constrained to the extent that such variable consideration is not considered highly probable. Variable consideration may be included in the total transaction price or, in certain circumstances, may be allocated to a specific time period. Where variable consideration is allocated to a specific time period this will typically be in relation to performance related deductions. (iii) Allocation of contract price to performance obligations Given the bespoke nature of many of the goods and services the Group provides, standalone selling prices are generally not observable and, in these circumstances, the Group allocates the contract price to performance obligations based on cost plus margin. This amount would be the standalone selling price of each performance obligation if contracted with a customer separately. (iv) Revenue and profit recognition Performance obligations are satisfied, and revenue recognised, as control of goods and services is transferred to the customer. Control can be transferred at a point in time or over time and the Group determines, for each performance obligation, whether it is satisfied over time or at a point in time. Revenue recognised over time Performance obligations are satisfied over time if any of the following criteria are satisfied: \u2022 the customer simultaneously receives and consumes the benefits of the Group\u2019s performance as it performs; or \u2022 the Group\u2019s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for work done; or \u2022 the Group\u2019s performance creates or enhances an asset controlled by the customer. Typical performance obligations in the Group\u2019s contracts that are recognised over time include the delivery of services (such as maintenance, engineering and training), as the customer simultaneously receives and consumes the benefits of the Group\u2019s performance as it performs the services. Revenue from the design, manufacture and enhancement of bespoke assets is also recognised over time, as the Group\u2019s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date, being recovery of costs incurred in satisfying the performance obligation plus a reasonable profit margin. Where the Group satisfies performance obligations over time, the Group primarily uses an input method to measure satisfaction of each performance obligation based on costs incurred compared to total estimated contract costs. For the majority of the Group\u2019s contracts, this is deemed to be the most appropriate method to measure Babcock\u2019s effort in satisfying the applicable performance obligations. Costs are included in the measurement of progress towards satisfying the performance obligation to the extent that there is a direct relationship between the input and satisfaction of the performance obligation. For contracts where costs incurred is not deemed to be the most appropriate measure, the Group uses time elapsed to measure satisfaction of the performance obligation. Under most of the Group\u2019s contracts, the customer pays in accordance with a pre-arranged payment schedule or once milestones have been met. If the amount of revenue recognised (as measured by the methods described above) exceeds the amount of cash received from the customer then the difference will be held on the statement of financial position. This will typically be comprised of a mixture of contract assets and trade receivables. If the amount of cash collected together with amounts due under the contract but uncollected exceeds the amount of revenue recognised then the difference is also held on the statement of financial position as a contract liability. See note 16 and note 18 for further details on how contract assets and liabilities are recognised. Revenue recognised at a point in time If control of the goods or services is not transferred to the customer over time, then revenue is recognised at the point in time that control is transferred to the customer. Point in time recognition mainly applies to sale of goods. Control typically transfers to the customer when the customer has legal title to the goods and this is usually coincident with delivery of the goods to the customer and right to receive payment by the Group. These revenues are delivered predominantly by the Aviation and Land sectors and include sales of equipment to commercial customers and procurement of consumables on behalf of the Ministry of Defence (MOD). Sale of goods at a point in time represents approximately 7% of Group revenues (2024: 7%). Assessment of contract profitability Profit is recognised to the extent that the final outcome on contracts can be reliably assessed. Contract outturn assessments are carried out on a contract-by-contract basis, including consideration of technical and other risks, by suitably qualified and experienced personnel and the assessments of all significant contracts are subject to review and challenge. Estimating contract revenues can involve judgements around whether the Group will meet performance targets and/or earn incentives, as well as consideration as to whether it is necessary to constrain variable revenues to meet the highly probable not to significantly reverse test set out in paragraph 56 of IFRS 15. When considering variations, claims and contingencies, the Group analyses various factors including the contractual terms, status of negotiations with the customer and historical experience with that customer and with similar contracts. Estimates of costs include assessment of contract contingencies arising out of technical, commercial, operational and other risks. The assessments of all significant contract outturns are subject to review and challenge and estimation uncertainty is resolved on a contract-by-contract basis as contracts near the end of the project lifecycle. If a contract is deemed to be loss making the present obligation is recognised and measured as provision. Further detail is included in the Provisions accounting policy. (v) Contract modifications Claims and variations The Group\u2019s contracts are often amended for changes in the customers\u2019 requirements. Contract modifications can relate to changes in both contract scope and price arising in the ordinary course of delivering contracts, which are referred to as contract variations. Such variations may arise as a result of customer requests or instructions or from requests from the Group in response to matters arising during the delivery of contracts. For example, some contracts include the requirement to conduct surveys and to report on or to recommend additional work as required. Some contracts may require the Group to proceed with variations and to agree pricing subsequently. See further detail on accounting for contract modifications below. Contract modifications can also refer to changes in price only, with no change in scope, where there is a difference of view or dispute in relation to interpretation of contracts. These contract claims and variations are considered to be modifications as referred to in paragraph 18 of IFRS 15. Accounting for contract modifications The Group accounts for contract modifications in one of three ways, based on the facts and circumstances of the contract modification: 1.Prospectively, as an additional, separate contract; 2.Prospectively, as a termination of the existing contract and creation of a new contract; or 3.As part of the original contract using a cumulative catch-up. The Group recognises contract variations, which impact both scope and price, when they are approved in accordance with IFRS 15. The Group\u2019s preferred approach is to approve contract modifications by formal contract amendment. However, the approval of contract modifications may be required to be carried out at pace and other mechanisms, informed by established customer relationships and local working arrangements, can be used to achieve approval of contract modifications. In approving contract modifications in these circumstances, the Group considers the scope of the contract modification in the context of the contract scope and contract terms. Contract variations where the formal contract amendment has not been received but which are, in management\u2019s judgement, approved are accounted for as a contract modification in accordance with IFRS 15 paragraph 18. Revenue from these contract variations is treated as variable consideration and subject to constraint as outlined in section (ii) above, until the pricing is agreed. Contract claims are also considered to be contract modifications in accordance with IFRS 15, and revenue is subject to constraint as outlined in section (ii). Claims and variations which are not deemed to be contract modifications Claims can also be raised by Babcock against third-party sub-contractors or suppliers to the Group. As these do not relate to contracts with customers, but rather relate to contracts with suppliers, they are not accounted for under IFRS 15. The Group\u2019s accounting policy is to account for such claims in accordance with the contingent asset guidance per IAS 37. Income in relation to these claims will only be recognised once it is virtually certain. Finance costs Finance costs are recognised as an expense in the period in which they are incurred unless they are attributable to an asset under construction, in which case finance costs are capitalised. Further detail on the capitalisation of borrowing costs is given in Note 12. Finance income Finance income is recognised in the period to which it relates using the effective interest rate method.
Employee costs are recognised as an expense in the period in which they are incurred with the exception of long-term
employee benefits which are recognised in accordance with IAS 19 (see Note 25 for more details) and share based payment
charges which are recognised in accordance with IFRS 2 (see Note 24 for more details).
Current income tax Current income tax, including UK corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the reporting date. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Deferred income tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss, it is not accounted for. Deferred income tax is determined using tax rates and laws that have been enacted, or substantively enacted, by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets are recognised where deferred tax liabilities exist and are expected to reverse in the same period as the deferred tax asset or in periods into which a loss arising from a deferred tax asset can be carried forward or back. In the absence of sufficient deferred tax liabilities, deferred tax assets are recognised where it is probable that there will be future taxable profits from other sources against which a loss arising from the deferred tax asset can be offset. In assessing the availability of future profits, the Group uses profit forecasts consistent with those used for goodwill impairment testing. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in either other comprehensive income or in equity. Dividends are recognised as a liability in the Group\u2019s financial statements in the period in which they are approved. Interim dividends are recognised when paid. Accounting policy information When the fair value of the consideration for an acquired undertaking exceeds the fair value of its separable net assets, the difference is treated as purchased goodwill and capitalised. Goodwill is allocated to the cash generating unit (or group of cash generating units) expected to benefit from the business combination\u2019s synergies. Goodwill is predominantly monitored at the operating segment level (Marine, Nuclear and Aviation). Land is a singular operating and reporting segment however goodwill is separately monitored and allocated between the Group\u2019s Africa operations and those of the other Land operations. Goodwill is therefore separately tested for impairment between these two groups of cash generating units. When the fair value of the consideration for an acquired undertaking is less than the fair value of its separable net assets, the difference is taken directly to the income statement. Goodwill relating to acquisitions prior to 1 April 2004 is maintained at its net book value on the date of transition to IFRS. From that date goodwill is not amortised but is reviewed at least annually for impairment. Goodwill is reviewed for impairment annually at 31 March by assessing the recoverable amount of cash generating units (or groups of cash generating units) by reference to value-in-use calculations or fair value less cost to dispose if such information exists at the balance sheet date (typically only where the Group is progressed with disposal related activities that allow a fair value less cost to dispose to be readily determinable). Goodwill impairments are not subsequently reversed. On disposal of a subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Impairment Goodwill is reviewed for impairment at least annually. As goodwill does not generate cash flows that are separately identifiable from other assets, the Group estimates the recoverable amount of the CGU, or group of CGUs, to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Subsequent reversal of historic impairments to goodwill are not permissible. Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue less the weighted average number of shares held by the Employee Share Trust as treasury shares. Diluted earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue less the weighted average number of shares held by the Employee Share Trust, plus the number of ordinary shares which are considered potentially dilutive ordinary shares in respect of share incentive schemes, should the vesting conditions have been met as at the year end. Details of share incentive schemes are provided in note 23 and note 24. Weighted average is calculated by reference to the date of transactions which increase or reduce the number of shares in issue or the number of shares held by the Employee Share Trust.
Acquired intangibles
Acquired intangibles are the estimated fair value of customer relationships and brands which are in part contractual, represented
by the value of the acquired order book, and in part non-contractual, represented by the risk-adjusted value of future orders
expected to arise from the relationships.
The carrying value of the contractual element is amortised on a straight-line basis over the remaining period of the orders that
are in process or the future period in which the orders will be fulfilled, as the case may be. The amortisation periods, reflecting
the lengths of the various contracts, are mainly in the range one year to five years, with a minority of contracts and hence
amortisation periods, up to 15 years.
The carrying value of the non-contractual element is amortised over the period in which it is estimated that the relationships
are likely to bring economic benefit via future orders.
Relationships are valued on a contract-by-contract and customer-by-customer basis and the pattern of amortisation reflects the
expected pattern of benefit in each case. The amortisation profile is determined on a case-by-case basis and in all cases results
in a front-loaded profile, reflecting the greater certainty of future orders in the near term compared with the longer term.
The amortisation period is in the range between one year to fifteen years.
Acquired brand names are valued dependent on the characteristics of the market in which they operate and the likely value a
third party would place on them. Useful lives are likewise dependent on market characteristics of the acquired business brand.
These are amortised on a straight-line basis over a period of up to five years.
Amortisation charges for the year are recorded in operating costs.
Research and development Research expenditure is recognised as an expense as incurred. Costs incurred on development projects are recognised as intangible assets when it is probable that the project will be a success considering its commercial and technological feasibility, and only if the cost can be measured reliably. Other development expenditure is recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Development costs that have been capitalised are amortised from the date the product is available for use on a straight-line basis over the period of its expected benefit but not exceeding seven years. Amortisation of development costs is expensed within operating costs in the Group income statement. Total research and development costs expensed in the period was \u00a3214.7 million (2024: \u00a3244.2 million). Amounts recognised as an expense are recorded within operating costs. Computer software Computer software, excluding the Group\u2019s Enterprise Resource Planning (ERP) system, includes software licences acquired. Configuration and customisation costs relating to Software-as-a-service agreements are expensed as incurred. Computer software is measured at cost less accumulated amortisation and is amortised on a straight-line basis over its expected useful life of between three and ten years. Amortisation of software costs is expensed within operating costs in the Group income statement. The Group is implementing an ERP system in phases over several years. The ERP system is being amortised over a period of up to 13 years to coincide with the expected support period from the software provider. The core asset commenced amortisation when it was available for use, which occurred once implementation was completed. Additional capitalisation for improved functionality as the platform is tailored and deployed at each respective business unit commences amortisation when those improved functionalities are available for use (when the ERP is implemented at the respective business unit). Impairment Indefinite life intangibles are reviewed for impairment at least annually. For all other intangible assets (including acquired intangible assets, capitalised development costs and software assets) the Group performs impairment testing where indicators of impairment are identified. Impairment testing is performed at the individual asset level unless the asset does not generate cash flows that are separately identifiable from other assets. In such cases, the Group estimates the recoverable amount of the CGU to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Where an impairment loss on other non-financial non-current assets subsequently reverses, the carrying amount of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised in prior years. Property, plant and equipment is shown at cost less subsequent depreciation and impairment, except for land, which is shown at cost less impairment. Cost includes expenditure that is directly attributable to the acquisition of the items after the deduction of trade discounts and rebates. Items of property, plant and equipment are depreciated over their estimated useful lives to any estimated residual value, using the following rates:
Freehold property
2.0% to 8.0%
Leasehold property Lower of useful economic life or lease term
Plant and equipment 6.6% to 33.3%
Aircraft airframes
2%
Major strategic aircraft spares are classified within property, plant and equipment. Aircraft assets, including spares, are disaggregated into separate components where the components have differing useful lives with the value of each rotable component being measured at the cost of replacement or overhaul of the component and the remaining value of the asset being attributed to the airframe component. Depreciation is provided on a straight-line basis, or in the case of certain aircraft components on an hours flown basis, to write off the cost of PPE over the estimated useful lives to their estimated residual value (reassessed at each financial year end). Subsequent expenditure on the replacement or overhaul of aircraft components is capitalised with the carrying value of the part replaced being written off. Subsequent expenditure on maintenance which enhances the performance of aircraft airframes is capitalised whilst expenditure on replacing elements of aircraft airframes is expensed. Components of owned aircraft which are maintained under Power-by-the-hour maintenance arrangements are not depreciated with the associated payments to the maintenance provider instead being expensed as incurred, as the residual value of the asset is deemed to be equivalent to the cost of the asset. Any additional payments made to or received from maintenance providers at the conclusion of Power-by-the- hour maintenance arrangements are recognised as an expense or as income at the time at which they are incurred or received. The useful economic life of aircraft is based on management\u2019s estimate of how long the aircraft will continue to be operated in the same manner or a similar manner, typically not exceeding 30 years. Where the Group acquires aircraft which have already been used, and may already exceed the typical useful economic life, an individual assessment of useful economic life is performed. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Qualifying assets include both internally generated intangible assets and property, plant and equipment. To the extent that variable rate borrowings are used to finance a qualifying asset and are hedged in an effective cash flow hedge of interest rate risk, the effective portion of the derivative is recognised in Other Comprehensive Income and reclassified to the Income Statement when the qualifying asset impacts profit or loss. To the extent that fixed rate borrowings are used to finance a qualifying asset and are hedged in an effective fair value hedge of interest rate risk, the capitalised borrowing costs reflect the hedged interest rate. For the year ended 31 March 2025, the average capitalisation rate of borrowing costs was 4.0% (2024: 3.7%). All other borrowing costs are recognised in the Income Statement in the period in which they are incurred. Impairment For property, plant and equipment the Group performs impairment testing where indicators of impairment are identified. Impairment testing is performed at the individual asset level. Where an asset does not generate cash flows that are separately identifiable from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Where an impairment loss on other non-financial non-current assets subsequently reverses, the carrying amount of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised in prior years. For all leases in which the Group is a lessee (other than those meeting the criteria detailed below), the Group recognises a right of use asset and corresponding lease liability at commencement of the lease. The lease liability is the present value of future lease payments discounted at the rate implicit in the lease, if available, or the applicable incremental borrowing rate. The incremental borrowing rate is determined at lease inception based on a number of factors including asset type, lease currency and lease term. Lease payments include fixed payments and variable lease payments dependent on an index or rate, initially measured using the index or rate at the commencement date. The lease term reflects any extension or termination options that the Group is reasonably certain to exercise. The lease liability is subsequently measured at amortised cost using the effective interest rate method, with interest on the lease liability being recognised as a finance expense in the income statement. The lease liability is remeasured, with a corresponding adjustment to the right of use asset, if there is a change in future lease payments, for example resulting from a rent review, change in a rate/index or change in the Group\u2019s assessment of whether it is reasonably certain to exercise an extension, termination or purchase option. The right of use asset is initially recorded at cost, being equal to the lease liability, adjusted for any initial direct costs, lease payments made prior to commencement date, lease incentives received and any dilapidation costs. Depreciation of right of use assets is recognised as an expense in the income statement on a straight-line basis over the shorter of the asset\u2019s useful life or expected term of the lease. Right of use assets arising from sale and leaseback transactions are measured at the proportion of the previous carrying amount of the asset that relates to the right of use retained by the Group. Gains arising on sale and leaseback transactions are recognised to the extent that they relate to the rights transferred to the buyer-lessor whilst losses arising on sale and leaseback transactions are recognised in full. Right of use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, with the impairment expense being recognised in the income statement. Where a lease is terminated early, any termination fees or gain or loss relating to the release of right of use asset and lease obligation are recognised as a gain or loss through the income statement.
As a lessor, the Group classifies lessor arrangements as finance or operating leases. Leases are classified as finance leases
when the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are
classified as operating leases.
Amounts due from lessees under a finance lease are held on the statement of financial position as a financial asset at an amount
equal to the Group\u2019s net investment in the lease. The finance lease payments received are treated as finance income and a
repayment of principal including initial direct costs. Finance income is allocated over the lease term, with the gross receivable
being reviewed for impairment on a regular basis.
The Group\u2019s interests in joint ventures and associates are accounted for by the equity method of accounting and are initially recorded at cost. The Group\u2019s investment in joint ventures and associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. The carrying values of associates and joint ventures are reviewed on a regular basis and if there is objective evidence that an impairment in value has occurred as a result of one or more events during the period, the investment is impaired. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses after tax is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses unless it has incurred obligations to do so. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the joint venture and associate. Loans to joint ventures are valued at amortised cost less provision for impairment.
Inventory is valued at the lower of cost and net realisable value, being the estimated selling price of the assets in the ordinary
course of business less estimated costs of completion and costs of sale. In the case of finished goods and work in progress,
cost comprises direct material and labour and an appropriate proportion of overheads. Certain purchases of inventory may be
subject to cash flow hedges for foreign exchange risk. The initial cost of hedged inventory is adjusted by the associated hedging
gain or loss transferred from the cash flow hedge reserve (\u201cbasis adjustment\u201d). Inventory is valued using a first-in, first-out
(\u2018FIFO\u2019) basis.
Spare parts that are consumed in the sale of goods or in the rendering of services are classified as inventory.
Trade and other receivables Trade receivables are measured at amortised cost. Other receivables are generally measured at amortised cost as they are held within a business model to collect contractual cash flows and these cash flows consist solely of payments of principal and interest on the principal amount outstanding. An immaterial amount of other receivables are held at fair value through profit and loss. The measurement basis is disclosed in note 21. Debt factoring The Group engages in factoring of trade receivables in relation to certain non-UK operations of its Aviation sector as part of its working capital management arrangements. Under these arrangements, the Group transfers the rights to receive factored receivables to the factor in exchange for cash. The Group does not retain late payment or credit risk, and therefore trade receivables are not recognised under the applicable contracts. Any cash received from customers under these contracts is received as agent and transferred directly to the debt factoring counterparty. Contract assets and liabilities Contract assets represent amounts for which the Group has a conditional right to consideration in exchange for goods or services that the Group has transferred to the customer. Contract liabilities represent the obligation to transfer goods or services to a customer for which consideration has been received, or consideration is due, from the customer. Payment terms are set out in the contract and reflect the timing and performance of service delivery. For substantially all contracts the payment terms are broadly in line with expected satisfaction of performance obligations, and therefore recognition of revenue. Contract assets or liabilities arise on short term timing differences or in those more limited instances where payment terms do not reflect timing and performance of service delivery. In such cases, consideration is given to whether the contract includes a significant financing component with appropriate accounting. Provisions for expected credit losses Trade receivables, contract receivables and amounts due from related parties include a provision for expected credit losses. Provisions for expected credit losses are measured at an amount equal to lifetime expected credit losses, estimated by reference to past experience and relevant forward-looking factors. Costs of obtaining a contract Directly attributable costs to obtain a contract with a customer that the Group would not have incurred if the contract had not been won are recognised as an asset and amortised on a straight-line basis. Costs to obtain a contract that would have been incurred regardless of whether the contract was won or lost are recognised as an expense when incurred. Costs to fulfil a contract Costs to fulfil a contract which do not fall within the scope of another standard are recognised under IFRS 15 as an asset and amortised on a straight-line basis when they meet all of the following criteria: (i) the costs relate directly to a contract or to an anticipated contract that can be specifically identified; (ii) the costs generate or enhance resources of the entity that will be used in satisfying (or in continuing to satisfy) performance obligations in the future; and (iii) the costs are expected to be recovered. Costs of recruiting or training staff are expensed as incurred.
Group cash and cash equivalents consist of cash at bank and cash in hand, together with short-term deposits with an original
maturity of three months or less and money market funds. Bank overdrafts that are repayable on demand and form an integral
part of the Group\u2019s cash management are treated as cash equivalents for the purpose of the cash flow statement. In the
statement of financial position such overdrafts are presented as current bank and other borrowings.
Cash and cash equivalents are classified as financial assets held at amortised cost and bank overdrafts are classified as
financial liabilities held at amortised cost.
Trade and other creditors are measured at amortised cost.
A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation
as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and the
amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash
flows at an appropriate discount rate.
A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the
restructuring has either commenced or has been publicly announced. Future operating costs are not provided for.
A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are
lower than the unavoidable cost of meeting its obligations under the contract. Onerous contract provisions are recognised after
impairment of any assets directly related to the onerous contract. A provision for warranties is recognised on completed
contracts and disposals when there is a realistic expectation of the Group incurring further costs.
Provisions for onerous revenue contracts are recorded when it becomes probable that total remaining contract fulfilment costs
will exceed total remaining revenue not yet recognised. Provisions for losses on contracts are recognised after impairment
of any assets directly related to fulfilling the loss-making contract. Losses are determined on the basis of estimated results
on completion of contracts and are updated regularly.
A provision for the contractual maintenance, overhaul and repair requirements of right of use aircraft and specific associated
aircraft components arising from return condition obligations in aircraft lease contracts is recognised as the obligation to perform
contractual maintenance arises with each hour flown. Where lease contracts contain contractual penalties in the event that the
Group returns leased aircraft in a condition that does not meet the contractual return condition obligation, the associated
provision is measured at the lower of the restoration cost and the detriment penalty in the lease. When maintenance of a leased
aircraft component is performed, if the component\u2019s remaining flying hours are greater than the return condition outlined in the
lease contract then a leasehold improvement asset is recognised in proportion to the excess flying hours above the contractual
return condition. Maintenance provisions are not recognised in respect of aircraft components which are maintained under
Power-by-the-hour maintenance arrangements, instead the associated payments to the maintenance provider are expensed
as incurred. Any additional payments made to or received from maintenance providers at the conclusion of Power-by-the-hour
maintenance arrangements are recognised as an expense or as income at the time at which they are incurred or received.
Financial assets and liabilities at amortised cost Cash and cash equivalents, trade receivables (except trade receivables under factoring arrangements), amounts due from related parties and other debtors are classified as financial assets held at amortised cost as they are held within a business model to collect contractual cash flows and these cash flows consist solely of payments of principal and interest on the principal amount outstanding. Trade receivables, contract assets and lease receivables include a provision for expected credit losses. The Group measures the provision at an amount equal to lifetime expected credit losses, estimated by reference to past experience and relevant forward-looking factors. For all other financial assets carried at amortised cost, including loans to joint ventures and associates and other debtors, the Group measures the provision at an amount equal to 12-month expected credit losses. See note 22 for further information on how the Group assesses credit risk. Trade creditors, amounts due to related parties, other creditors, accruals and bank loans and overdrafts are classified as financial liabilities held at amortised cost. Derivative financial instruments Derivatives are initially recognised at fair value on the date a derivative is entered into and are subsequently remeasured at fair value. The Group designates certain of the derivative instruments within its portfolio to be hedges of the fair value of recognised assets or liabilities or unrecognised firm commitments. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. For derivatives that qualify as cash flow hedges, the effective portion of fair value gains or losses are recognised in other comprehensive income until the underlying transaction is recognised. Any ineffective portion is recognised in the income statement. Changes in the value of derivatives that are carried at fair value through profit or loss are recorded in the income statement. Fair value measurement The fair value of an asset or liability is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the year-end date. Fair value measurements are used on a recurring basis except where used in the acquisition of assets and liabilities through a business combination. The fair values of derivative financial instruments are determined by the use of valuation techniques based on assumptions that are supported by observable market prices or rates. The fair values of non-financial assets and liabilities are based on observable market prices or rates. The carrying values of financial assets and liabilities which are not held at fair value in the Group statement of financial position are assumed to approximate to fair value due to their short-term nature, with the exception of fixed rate bonds. There have been no changes to the valuation techniques used during the year. The Group operates equity-settled, share-based compensation plans. The economic cost of awarding shares and share options to employees is recognised as an expense in the income statement equivalent to the fair value of the benefit awarded. The fair value is determined by reference to option pricing models. The charge is recognised in the income statement over the vesting period of the award. The shares purchased by the Group\u2019s Employee Stock Ownership Plan (ESOP) trusts are recognised as a deduction to equity. Dividends paid on these shares are accounted for as a deduction to equity. The Group operates a number of pension schemes. The schemes are generally funded through payments to trustee- administered funds, determined by periodic actuarial calculations. The Group has both defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred. For defined benefit pension schemes, the cost of providing benefits is determined using the projected unit credit actuarial valuation method. The service cost and associated administration costs of the Group\u2019s pension schemes are charged to operating profit. In addition, a retirement benefit interest charge on the net pension deficit or interest credit on the net pension surplus is included in the income statement as a finance cost or finance income, respectively. Actuarial gains and losses are recognised directly in equity through the statement of comprehensive income so that the Group\u2019s statement of financial position reflects the IAS 19 measurement of the schemes\u2019 surpluses or deficits at the reporting date.
Net debt, including loans to joint ventures and associates and lease receivables is an alternative performance measure of the
Group and consists of the total of loans, including the interest rate and foreign exchange derivatives which hedge the loans,
bank overdrafts, cash and cash equivalents, loans to joint ventures and associates, lease receivables and lease obligations.
The Group\u2019s key performance indicators exclude certain lease obligations in order to more closely align with the Group\u2019s debt
covenants which are prepared on a pre-IFRS 16 basis and the Financial review presents net debt and related performance
measures including and excluding certain lease obligations for this purpose.
A contingent liability is a possible obligation arising from past events whose existence will be confirmed only on the occurrence or non-occurrence of uncertain future events outside the Group\u2019s control, or a present obligation that is not recognised because it is not probable that an outflow of economic benefits will occur or the value of such outflow cannot be measured reliably. The Group does not recognise contingent liabilities in its statement of financial position \u2013 such matters are only recognised in the statement of financial position when the obligation rises from possible to probable and the outflow of economic benefits becomes probable and can be measured reliably.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-479": { "value": "Basis of preparation Babcock International Group PLC (the parent and ultimate parent company) is a public company limited by shares incorporated in the United Kingdom under the Companies Act. Babcock International Group PLC is listed on the London Stock Exchange and is incorporated and domiciled in England, UK. A description of the nature of the Group\u2019s operations and principal activities is set out on page 2. The financial statements have been prepared in accordance with United Kingdom adopted International Accounting Standards, and the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost basis, except for certain financial instruments that have been measured at fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-5": { "value": "Babcock International Group PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-477": { "value": "Babcock International Group PLC", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-6": { "value": "listed", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-7": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-518": { "value": "The financial statements have been prepared in accordance with United Kingdom adopted International Accounting Standards, and the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost basis, except for certain financial instruments that have been measured at fair value.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-480": { "value": "Going concern After making enquiries, the Directors, at the time of approving the financial statements, have a reasonable expectation that the Company and the Group have adequate financial resources to continue in operational existence for the foreseeable future. As such, the consolidated financial statements have been prepared on a going concern basis. The Board considered 12 months from the date of signing in its assessment of going concern. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-546": { "value": "New and amended standards adopted by the Group The following standards and amendments to IFRSs became effective for the annual reporting period beginning on 1 April 2024 and did not have a material impact on the consolidated financial statements: \u2022 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements: These amendments add disclosure objectives to IAS 7 requiring disclosure of information about supplier finance arrangements that enable users to assess the effect of such arrangements on the Group\u2019s liabilities and cash flows. Additionally, the amendments revise IFRS 7 to add supplier finance arrangements as an example of liquidity risk within financial risk management. The Group does not currently participate in any supplier finance arrangements and therefore these amendments have had no impact on the current or prior period Income Statement or Statement of Financial Position. \u2022 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current: These amendments affect only the presentation of liabilities as current or non-current in the statement of financial position and not the amount or timing of recognition of any asset, liability, income or expenses, or the information disclosed about those items. The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of \u2018settlement\u2019 to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. \u2022 Amendments to IAS 1 \u2013 Non-current Liabilities with Covenants: These amendments specify that only covenants that an entity is required to comply with on or before the end of the reporting period affect the entity\u2019s right to defer settlement of a liability for at least twelve months after the reporting date (and therefore must be considered in assessing the classification of the liability as current or non-current). Such covenants affect whether the right exists at the end of the reporting period, even if compliance with the covenant is assessed only after the reporting date (e.g. a covenant based on the entity\u2019s financial position at the reporting date that is assessed for compliance only after the reporting date). The IASB also specifies that the right to defer settlement of a liability for at least twelve months after the reporting date is not affected if an entity only has to comply with a covenant after the reporting period. However, if the entity\u2019s right to defer settlement of a liability is subject to the entity complying with covenants within twelve months after the reporting period, an entity discloses information that enables users of financial statements to understand the risk of the liabilities becoming repayable within twelve months after the reporting period. This would include information about the covenants (including the nature of the covenants and when the entity is required to comply with them), the carrying amount of related liabilities and facts and circumstances, if any, that indicate that the entity may have difficulties complying with the covenants. \u2022 Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback: These amendments to IFRS 16 add subsequent measurement requirements for sale and leaseback transactions that satisfy the requirements in IFRS 15 Revenue from Contracts with Customers to be accounted for as a sale. The amendments require the seller-lessee to determine \u2018lease payments\u2019 or \u2018revised lease payments\u2019 such that the seller-lessee does not recognise a gain or loss that relates to the right of use retained by the seller-lessee, after the commencement date. The amendments do not affect the gain or loss recognised by the seller-lessee relating to the partial or full termination of a lease. Without these new requirements, a seller-lessee may have recognised a gain on the right of use it retains solely because of a remeasurement of the lease liability (for example, following a lease modification or change in the lease term) applying the general requirements in IFRS 16. This could have been particularly the case in a leaseback that includes variable lease payments that do not depend on an index or rate. A seller-lessee applies the amendments retrospectively in accordance with IAS 8 to sale and leaseback transactions entered into after the date of initial application, which is defined as the beginning of the annual reporting period in which the entity first applied IFRS 16. New IFRS accounting standards, amendments and interpretations not yet adopted The Group has not early adopted any other amendment, standard or interpretation that has been issued but is not yet effective. It is expected that these standards and amendments will be adopted on the applicable effective date. The following new or amended IFRS accounting standards, amendments and interpretations not yet adopted are not expected to have a significant impact on the Group: \u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability: Effective from 1 April 2025 and not assessed to have any impact on the Group\u2019s Income Statement or Statement of Financial Position. \u2022 IFRS 18 \u2013 Presentation and Disclosures in Financial Statements: Replaces IAS 1 and makes minor changes to IAS 8, IFRS 7, IAS 7 and IAS 33. Introduces new requirements regarding specific categories and subtotals in the Group Income Statement and further disclosures on management performance measures (MPMs) and disclosures aimed at improving aggregation and disaggregation. IFRS 18 is yet to be formally endorsed by the UK endorsement board but is expected to be applicable for annual reporting periods beginning on or after 1 January 2027 with earlier adoption permitted. The Group does not currently intend to adopt this standard early and therefore this standard is expected to be first presented within the Annual Report for the period ended 31 March 2028. It is anticipated that the application of IFRS 18 may have an impact on the presentation and disclosure of the Group\u2019s consolidated financial statements from the point of adoption. \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures: IFRS 19 is only permitted to be applied by subsidiaries with no public accountability. As the Group is not a subsidiary, application of the standard is not permitted and therefore will have no impact on the Group\u2019s Consolidated Financial Statements. IFRS 19 is applicable for annual reporting periods beginning on or after 1 January 2027 with earlier adoption permitted (subject to formal endorsement by the UK endorsement board). \u2022 Amendments to IFRS 7 and IFRS 9 - Classification and Measurement of Financial Instruments & Contracts referencing nature-dependant electricity: Effective from 1 January 2026 and not assessed to have a material impact on the Group\u2019s Income Statement or Statement of Financial Position. \u2022 Annual improvements to IFRS accounting standards (volume 11): Effective from 1 January 2026 and not assessed to have a material impact on the Group\u2019s Income Statement or Statement of Financial Position.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-481": { "value": "New and amended standards adopted by the Group The following standards and amendments to IFRSs became effective for the annual reporting period beginning on 1 April 2024 and did not have a material impact on the consolidated financial statements: \u2022 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements: These amendments add disclosure objectives to IAS 7 requiring disclosure of information about supplier finance arrangements that enable users to assess the effect of such arrangements on the Group\u2019s liabilities and cash flows. Additionally, the amendments revise IFRS 7 to add supplier finance arrangements as an example of liquidity risk within financial risk management. The Group does not currently participate in any supplier finance arrangements and therefore these amendments have had no impact on the current or prior period Income Statement or Statement of Financial Position. \u2022 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current: These amendments affect only the presentation of liabilities as current or non-current in the statement of financial position and not the amount or timing of recognition of any asset, liability, income or expenses, or the information disclosed about those items. The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of \u2018settlement\u2019 to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. \u2022 Amendments to IAS 1 \u2013 Non-current Liabilities with Covenants: These amendments specify that only covenants that an entity is required to comply with on or before the end of the reporting period affect the entity\u2019s right to defer settlement of a liability for at least twelve months after the reporting date (and therefore must be considered in assessing the classification of the liability as current or non-current). Such covenants affect whether the right exists at the end of the reporting period, even if compliance with the covenant is assessed only after the reporting date (e.g. a covenant based on the entity\u2019s financial position at the reporting date that is assessed for compliance only after the reporting date). The IASB also specifies that the right to defer settlement of a liability for at least twelve months after the reporting date is not affected if an entity only has to comply with a covenant after the reporting period. However, if the entity\u2019s right to defer settlement of a liability is subject to the entity complying with covenants within twelve months after the reporting period, an entity discloses information that enables users of financial statements to understand the risk of the liabilities becoming repayable within twelve months after the reporting period. This would include information about the covenants (including the nature of the covenants and when the entity is required to comply with them), the carrying amount of related liabilities and facts and circumstances, if any, that indicate that the entity may have difficulties complying with the covenants. \u2022 Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback: These amendments to IFRS 16 add subsequent measurement requirements for sale and leaseback transactions that satisfy the requirements in IFRS 15 Revenue from Contracts with Customers to be accounted for as a sale. The amendments require the seller-lessee to determine \u2018lease payments\u2019 or \u2018revised lease payments\u2019 such that the seller-lessee does not recognise a gain or loss that relates to the right of use retained by the seller-lessee, after the commencement date. The amendments do not affect the gain or loss recognised by the seller-lessee relating to the partial or full termination of a lease. Without these new requirements, a seller-lessee may have recognised a gain on the right of use it retains solely because of a remeasurement of the lease liability (for example, following a lease modification or change in the lease term) applying the general requirements in IFRS 16. This could have been particularly the case in a leaseback that includes variable lease payments that do not depend on an index or rate. A seller-lessee applies the amendments retrospectively in accordance with IAS 8 to sale and leaseback transactions entered into after the date of initial application, which is defined as the beginning of the annual reporting period in which the entity first applied IFRS 16.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-482": { "value": "New IFRS accounting standards, amendments and interpretations not yet adopted The Group has not early adopted any other amendment, standard or interpretation that has been issued but is not yet effective. It is expected that these standards and amendments will be adopted on the applicable effective date. The following new or amended IFRS accounting standards, amendments and interpretations not yet adopted are not expected to have a significant impact on the Group: \u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability: Effective from 1 April 2025 and not assessed to have any impact on the Group\u2019s Income Statement or Statement of Financial Position. \u2022 IFRS 18 \u2013 Presentation and Disclosures in Financial Statements: Replaces IAS 1 and makes minor changes to IAS 8, IFRS 7, IAS 7 and IAS 33. Introduces new requirements regarding specific categories and subtotals in the Group Income Statement and further disclosures on management performance measures (MPMs) and disclosures aimed at improving aggregation and disaggregation. IFRS 18 is yet to be formally endorsed by the UK endorsement board but is expected to be applicable for annual reporting periods beginning on or after 1 January 2027 with earlier adoption permitted. The Group does not currently intend to adopt this standard early and therefore this standard is expected to be first presented within the Annual Report for the period ended 31 March 2028. It is anticipated that the application of IFRS 18 may have an impact on the presentation and disclosure of the Group\u2019s consolidated financial statements from the point of adoption. \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures: IFRS 19 is only permitted to be applied by subsidiaries with no public accountability. As the Group is not a subsidiary, application of the standard is not permitted and therefore will have no impact on the Group\u2019s Consolidated Financial Statements. IFRS 19 is applicable for annual reporting periods beginning on or after 1 January 2027 with earlier adoption permitted (subject to formal endorsement by the UK endorsement board). \u2022 Amendments to IFRS 7 and IFRS 9 - Classification and Measurement of Financial Instruments & Contracts referencing nature-dependant electricity: Effective from 1 January 2026 and not assessed to have a material impact on the Group\u2019s Income Statement or Statement of Financial Position. \u2022 Annual improvements to IFRS accounting standards (volume 11): Effective from 1 January 2026 and not assessed to have a material impact on the Group\u2019s Income Statement or Statement of Financial Position.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-484": { "value": "Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiary undertakings together with its share of joint ventures\u2019 and associates\u2019 results. Intra-Group transactions, balances, income and expenses are eliminated on consolidation. (a) Subsidiaries A subsidiary is an entity controlled by the Group. An entity is controlled by the Group regardless of the level of the Group\u2019s equity interest in the entity, when the Group is exposed or has rights to variable returns from its involvement with the entity and has the ability to impact those returns through its power over the entity. In determining whether control exists, the Group considers all relevant facts and circumstances to assess its control over an entity such as contractual commitments and potential voting rights held by the Group if they are substantive. Subsidiaries are fully consolidated from the date control has been transferred to the Group and de-consolidated from the date control ceases. Where control ceases, the results for the year up to the date of relinquishing control or closure are analysed as continuing or discontinued operations. (b) Joint ventures and associates Associates are those entities over which the Group exercises its significant influence when it has the power to participate in the financial and operating policy decisions of the entity but it does not have the power to control or jointly control the entity. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-519": { "value": "(a) Subsidiaries A subsidiary is an entity controlled by the Group. An entity is controlled by the Group regardless of the level of the Group\u2019s equity interest in the entity, when the Group is exposed or has rights to variable returns from its involvement with the entity and has the ability to impact those returns through its power over the entity. In determining whether control exists, the Group considers all relevant facts and circumstances to assess its control over an entity such as contractual commitments and potential voting rights held by the Group if they are substantive. Subsidiaries are fully consolidated from the date control has been transferred to the Group and de-consolidated from the date control ceases. Where control ceases, the results for the year up to the date of relinquishing control or closure are analysed as continuing or discontinued operations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-559": { "value": "(b) Joint ventures and associates Associates are those entities over which the Group exercises its significant influence when it has the power to participate in the financial and operating policy decisions of the entity but it does not have the power to control or jointly control the entity. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The Group\u2019s interests in joint ventures and associates are accounted for by the equity method of accounting and are initially recorded at cost. The Group\u2019s investment in joint ventures and associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. The carrying values of associates and joint ventures are reviewed on a regular basis and if there is objective evidence that an impairment in value has occurred as a result of one or more events during the period, the investment is impaired. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses after tax is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses unless it has incurred obligations to do so. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the joint venture and associate. Loans to joint ventures are valued at amortised cost less provision for impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-547": { "value": "(b) Joint ventures and associates Associates are those entities over which the Group exercises its significant influence when it has the power to participate in the financial and operating policy decisions of the entity but it does not have the power to control or jointly control the entity. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The Group\u2019s interests in joint ventures and associates are accounted for by the equity method of accounting and are initially recorded at cost. The Group\u2019s investment in joint ventures and associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. The carrying values of associates and joint ventures are reviewed on a regular basis and if there is objective evidence that an impairment in value has occurred as a result of one or more events during the period, the investment is impaired. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses after tax is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses unless it has incurred obligations to do so. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the joint venture and associate. Loans to joint ventures are valued at amortised cost less provision for impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-520": { "value": "(b) Joint ventures and associates Associates are those entities over which the Group exercises its significant influence when it has the power to participate in the financial and operating policy decisions of the entity but it does not have the power to control or jointly control the entity. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The Group\u2019s interests in joint ventures and associates are accounted for by the equity method of accounting and are initially recorded at cost. The Group\u2019s investment in joint ventures and associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. The carrying values of associates and joint ventures are reviewed on a regular basis and if there is objective evidence that an impairment in value has occurred as a result of one or more events during the period, the investment is impaired. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses after tax is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses unless it has incurred obligations to do so. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the joint venture and associate. Loans to joint ventures are valued at amortised cost less provision for impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-483": { "value": "Materiality Various disclosures make reference to items considered as material or immaterial to the financial statements. The Group considers information to be material if omitting it or misstating it could influence decisions that users make on the basis of the financial information provided. Materiality is considered from both a quantitative and qualitative factor perspective. In addition to subsequent specific references to materiality, and in compliance with IFRS, certain disclosures have not been provided where the information resulting from that disclosure is not material.", "dimensions": { "concept": "babcockinternational:DescriptionOfAccountingPolicyForMateriality", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-521": { "value": "Critical accounting estimates and judgements In the course of preparation of the financial statements, judgements and estimates have been made in applying the Group\u2019s accounting policies that have had a material effect on the amounts recognised in the financial statements. The application of the Group\u2019s accounting policies requires the use of estimates and the inherent uncertainty in certain forward-looking estimates may result in a material adjustment to the carrying amounts of assets and liabilities in the next financial year. Critical accounting estimates are subject to continuing evaluation and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable in light of known circumstances. Critical accounting estimates and judgements in relation to these financial statements are considered below: (a) Critical accounting judgements Critical accounting judgements, apart from those involving estimations, that are applied in the preparation of the consolidated financial statements are discussed below. Detail of the Group\u2019s key judgements involving estimates are included in the Key sources of estimation uncertainty section. (i) Acting as principal or agent A number of the Group\u2019s contracts include promises in relation to procurement activity undertaken on behalf of customers at low or nil margin, sub-contractor arrangements, and other pass-through costs. Management is required to exercise judgement on these revenue streams in considering whether the Group is acting as principal or agent. This is based on an assessment as to whether the Group controls the relevant goods or services under the performance obligations prior to transfer to customers. Factors that influence this judgement include the level of responsibility the Group has under the contract for the provision of the goods or services, the extent to which the Group is incentivised to fulfil orders on time and within budget, either through gain share arrangements or KPI deductions in relation to the other performance obligations within the contract, and the extent to which the Group exercises responsibility in determining the selling price of the goods and services. Taking all factors into consideration, the Group then comes to a judgement as to whether it acts as principal or agent on a performance obligation-by-performance obligation basis with both principal and agent conclusions being reached across the Group\u2019s portfolio of revenue arrangements. Any changes in this judgement would not have a material impact on profit, although there may be a material impact to revenue and operating costs. (ii) Determining the groups of cash generating units to which goodwill is allocated IFRS 8 requires that, for the purpose of subsequent impairment testing, goodwill acquired in business combinations be allocated to cash generating units (\u2018CGUs\u2019) or groups of CGUs expected to benefit from the synergies of the combination. Such CGUs or groups of CGUs shall represent the lowest level at which goodwill is monitored for internal management purposes and shall not be larger than an operating segment. This determination is generally straightforward and factual, however in some cases judgement is required. The Group has identified four operating segments \u2013 Aviation, Land, Marine and Nuclear \u2013 and in the case of Aviation, Marine and Nuclear, goodwill is allocated and monitored at the operating segment level (with these three operating segments each also comprising a group of CGUs). Although Land is considered a single operating segment, goodwill is separately allocated and monitored between the Africa business (as one group of CGUs) and the remainder of Land (as a second group of CGUs). This distinction exists due to historic assessments of the Group\u2019s operating segments and the fact that previous Africa business combinations were only anticipated to provide synergies and benefits across the Africa CGUs. Other territories may represent separate CGUs or groups of CGUs but are neither separate operating segments nor is goodwill separately allocated or monitored at these territory levels. Over time management reviews the basis upon which goodwill is allocated to ensure it remains appropriate as businesses are acquired and divested and reporting structures change, including how information is reported to the Chief Operating Decision Maker. If there was a change in this judgement this could result in a material adjustment to goodwill. Further detail is included in notes 3 and 10. (iii) Additional work expected under the Type 31 contract There is judgement in determining whether the Type 31 onerous contract provision should reflect the benefit of the expected continuation of the programme. IAS 37.10 states that \u201ca contract is onerous when the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it.\u201d Judgement is required in determining whether additional work is treated as a benefit expected to be received under the Type 31 contract, reducing the onerous contract provision. The key factors considered in making this judgement are the additional work expected at contract inception and the economic linkage with the pricing and other terms of the Type 31 contract. Having carefully considered the available evidence against the evidential bar required to recognise future benefits, it was concluded that the expected continuation of the programme should not be treated as a benefit expected under the Type 31 contract. (b) Key sources of estimation uncertainty The key sources of estimation uncertainty at the reporting period end that may result in significant risk of material adjustment to the carrying amount of assets and liabilities within the next financial year are set out below: (i) Revenue and profit recognition The following represent the notable assumptions impacting upon revenue and profit recognition as a result of the Group\u2019s contracts with customers: \u2022 Stage of completion & costs to complete \u2013 The Group\u2019s revenue recognition policies require management to make an estimate of the cost to complete for long-term contracts. Management estimates outturn costs on a contract-by-contract basis and estimates are carried out by suitably qualified and experienced personnel. Estimates of cost to complete include assessment of contract contingencies arising out of technical, commercial, operational and other risks. The assessments of all significant contract outturns are subject to review and challenge, and judgements and estimates are reviewed regularly throughout the contract life based on latest available information with adjustments made where necessary. As contracts near completion, often less judgement is required to determine the expected outturn. The most significant estimate of contract outturn relates to the Type 31 programme as outlined below. \u2022 Variable consideration \u2013 the Group\u2019s contracts are often subject to variable consideration including performance-based penalties and incentives, gain/pain share arrangements and other items. Variable consideration is added to the transaction price only to the extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue recognised once the underlying uncertainty is resolved. \u2022 Inflation \u2013 The level to which the Group\u2019s revenue and cost for each contract will be impacted by inflation is a key accounting estimate, as this could cause the revenue and cost of contract delivery to be greater than was expected at the time of contracting. The Group\u2019s contracts are exposed to inflation due to rising employment costs, as well as increased costs of raw materials. The Group endeavours to include cost recovery mechanisms or index-linked pricing within its contracts with customers in order to mitigate any inflation risk arising from increasing employment and raw material costs. The above assumptions all impact upon each individual contract to varying extents depending on the risk profile of the contract and the individual contract terms and conditions. As such sensitivities to these assumptions are not provided as to do so is not considered practicable. Type 31 contract estimates The contract to produce 5 Type 31 frigates was won under competitive tender in 2019, based on Babcock\u2019s Arrowhead 140 design. The contract is important in providing access to an expected pipeline of Type 31 work and developing our Arrowhead 140 design for opportunities overseas. Although the contract contained certain escalation clauses, it provided limited protection from the macroeconomic changes of recent years relating to Brexit, Covid, raw material prices and UK labour shortages, which have significantly increased our costs. This has resulted in the contract being loss-making, together with increases in estimated costs due to the maturing of the design and the forecast cost of labour. Determining the contract outturn, and therefore revenue and onerous contract provision recognised, requires assumptions and complex judgements to be made about the future performance of the contract. The level of uncertainty in the estimates made in assessing the outturn is linked to the complexity of the underlying contract. The estimates made in assessing the outturn are set out below, along with the related estimation methods, data sources and management actions to offset the increases in the year. a) The number of production hours \u2013 which requires estimation of a standard level of hours for manufacturing, structural and outfitting activities, determined with reference to previous experience of comparable programmes and industry data where available. The estimation of the time taken to improve to this standard level is also relevant, based on a detailed enablement plan which is a key output of the operational improvement programme. The volume of activities is based on a detailed assessment of the Bill of Materials, supported by dedicated engineering software b) The ability to improve operational performance through process efficiencies, quality and engineering improvements over the five ships \u2013 which requires actions to reduce re-work, optimise the location in which outfitting is performed, deliver specific productivity initiatives and make engineering changes to reduce the cost of manufacture, structural assembly and outfitting c) The cost of labour \u2013 which is dependent on our ability to recruit, the mix of the workforce between permanent and contingent workers from the UK and overseas, the utilisation of semi-skilled and apprentice workers and shift patterns and premiums. A detailed resourcing plan is used to support this estimate with actions required to achieve an efficient labour mix d) The cost of bought-in parts and services through suppliers and sub-contractors \u2013 which includes the outcome of procurement tenders, finalisation of other areas of unagreed pricing and the agreement of discounts and incentive arrangements e) The number of hours required by support functions \u2013 primarily in engineering which requires effective management of production support and change requests. A detailed engineering scope review has been performed to support this estimate f) The determination of non-incremental costs which relate directly to fulfilling the contract and are therefore partially allocated to the contract to determine the loss provision \u2013 including facility and overhead costs g) The impact of inflation on the contract price and costs to fulfil the contract \u2013 particularly in relation to labour which may be impacted by changes in the local, UK and overseas labour markets, competitor activity and government policy h) The achievement of the build schedule to completion and final acceptance \u2013 including the satisfaction of all contractual performance criteria. The schedule analysis is based on detailed modelling and the performance of multiple scenario analysis The cost estimation process has involved a number of key elements: \u2022 Regular governance at the Group level to monitor progress and enable support as required \u2022 Bottom-up costing at the activity level performed by individual business areas \u2022 Reassessment of risk based on the updated cost estimates, considering ranges of outcomes and probabilities \u2022 Input from functional specialists from across the Group \u2022 Development of financial models based on cost drivers, using actual data and other evidence to inform the forecast outturn \u2022 Detailed documentation of estimates made, including process followed, sources of evidence and basis for conclusions \u2022 Review and challenge at the Programme, Sector and Group levels, culminating in a number of dedicated reviews with the Audit Committee The range of possible future outcomes in respect of assumptions made to determine the contract outturn could result in a material increase or decrease in revenue and the value of the onerous contract provision, and hence on the Group\u2019s profitability, in the next financial year. The estimates described above are by their nature inter-related for this programme and are unlikely to change with everything else constant. However, for illustrative purposes, we have provided sensitivities to certain isolated changes in key estimates on the basis that all other factors remain constant: \u2022 Production hours \u2013 which are impacted by production norms, rate of improvement, process efficiencies and quality/engineering improvements (see a) and b) above). A 10% increase/decrease in production hours would increase/decrease the loss by \u00a330m \u2022 Labour rate \u2013 which is impacted by our ability to recruit permanent staff, the mix of the workforce, ancillary costs and inflation (see c) and g) above). A 10% increase/decrease in the average labour rate would increase/decrease the loss by \u00a340m \u2022 Supply chain costs (see c) above) \u2013 which are impacted by the agreement of remaining pricing, discounts and incentive arrangements. A 10% increase/decrease in supply chain costs would increase/decrease the loss by \u00a325m \u2022 Schedule (see e), f) and h) above) - which are impacted by the build schedule. A 6-month delay beyond the current planning assumption would increase the loss by \u00a324m Overall, with c\u00a30.8bn of estimated costs to go over the life of the contract, if actual costs were to differ from those assumed by 10%, the potential impact on the contract outturn could be c\u00a380m. Any increase in loss would cause a commensurate deterioration in the balance sheet through a combination of an increase to the onerous loss provision (note 20), reductions in contract assets (note 16) or increases in contract liabilities (note 18). To mitigate this, comparisons of actual contract performance and previous forecasts used to assess the contract outturn are performed regularly, with consideration given to whether any revisions to assumptions are required. The uncertainty over the contract outturn will reduce in the next financial year but there will be substantial activity and risk over the remaining years. In a major ship build programme of this nature, it is inherently possible that there may be changes in circumstances which cannot reasonably be foreseen at the present time. (ii) Defined benefit pension schemes obligations The Group\u2019s defined benefit pension schemes are assessed annually in accordance with IAS 19 and the valuation of the defined benefit pension obligations is sensitive to the inflation, discount rate, actuarial and life expectancy assumptions used. There is a range of possible values for the assumptions and small changes to the assumptions may have a significant impact on the valuation of the defined benefit pension obligations. In addition to the inflation, discount rate and life expectancy estimates, management is required to make an accounting judgement relating to the expected availability of future accounting surpluses under IFRIC 14. Further information on the key assumptions, sensitivities and judgements is included in note 25. (c) Other estimates which are not key sources of estimation uncertainty (i) The carrying value of goodwill Goodwill is tested annually for impairment, in accordance with IAS 36, Impairment of Assets (\u2018IAS 36\u2019). The impairment assessment is based on assumptions in relation to future cash flows expected to be generated by the groups of cash generating units to which goodwill is allocated, together with appropriate discounting of the cash flows. In both the current and prior years, we have not identified a key source of estimation uncertainty in respect of goodwill. The headroom across all identified groups of CGUs against which goodwill is allocated and monitored is such that, under all modelled sensitivities, no reasonably possible changes in assumptions could result in the complete elimination of the headroom. The key assumptions in estimating the carrying value of goodwill are discount rate, long-term growth rate and growth rate in the short-term cash flows. Inflation rates are incorporated into the impairment assessment through their inclusion within the growth rates in cash inflows and outflows and through the methodology by which discount rates are determined. Were inflation to impact upon all cash flows equally, an impairment assessment should be neutral to the impact of inflation. The Group has a number of protections and exposures to the impact of inflation across its portfolio of revenue arrangements and supply chain agreements resulting in an indirect impact of inflation on the impairment outturn. Further information on key assumptions and sensitivity analyses are included in note 10. (ii) Impact of climate change In preparing the Group financial statements, consideration has been given to the potential impact of climate change. Climate-related matters create risks and opportunities for the Group as set out on pages 75 to 79 of the Strategic Report. Climate-related matters are not considered to have a material impact on the Group\u2019s critical accounting judgements or key sources of estimation uncertainty. Climate-related matters primarily impact the Group through their potential impact on the Group\u2019s budgets and forecasts. Budgets and forecasts affect the current year financial statements through their impact on the following areas: \u2022 Going concern and viability of the Group; \u2022 Cash flow forecasts used in impairment assessments of including goodwill, intangible assets and property, plant & equipment; \u2022 Cash flow forecasts used in the Impairment assessments of financial assets; and \u2022 The assessed useful economic lives of the Group\u2019s non-current assets Revised budgets and forecasts, incorporating an estimated financial impact on the climate-related risks and opportunities (described on pages 75 to 79 of the Strategic Report) have been modelled to understand the possible financial impact and the resilience to these sensitivities is the basis for why climate-related matters have been concluded to not have a material impact on the critical accounting judgements or key sources of estimation uncertainty. Whilst there is currently no significant short- to medium-term impact expected from climate change, the Group is aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparing the Group consolidated financial statements.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-485": { "value": "Critical accounting estimates and judgements In the course of preparation of the financial statements, judgements and estimates have been made in applying the Group\u2019s accounting policies that have had a material effect on the amounts recognised in the financial statements. The application of the Group\u2019s accounting policies requires the use of estimates and the inherent uncertainty in certain forward-looking estimates may result in a material adjustment to the carrying amounts of assets and liabilities in the next financial year. Critical accounting estimates are subject to continuing evaluation and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable in light of known circumstances. Critical accounting estimates and judgements in relation to these financial statements are considered below: (a) Critical accounting judgements Critical accounting judgements, apart from those involving estimations, that are applied in the preparation of the consolidated financial statements are discussed below. Detail of the Group\u2019s key judgements involving estimates are included in the Key sources of estimation uncertainty section. (i) Acting as principal or agent A number of the Group\u2019s contracts include promises in relation to procurement activity undertaken on behalf of customers at low or nil margin, sub-contractor arrangements, and other pass-through costs. Management is required to exercise judgement on these revenue streams in considering whether the Group is acting as principal or agent. This is based on an assessment as to whether the Group controls the relevant goods or services under the performance obligations prior to transfer to customers. Factors that influence this judgement include the level of responsibility the Group has under the contract for the provision of the goods or services, the extent to which the Group is incentivised to fulfil orders on time and within budget, either through gain share arrangements or KPI deductions in relation to the other performance obligations within the contract, and the extent to which the Group exercises responsibility in determining the selling price of the goods and services. Taking all factors into consideration, the Group then comes to a judgement as to whether it acts as principal or agent on a performance obligation-by-performance obligation basis with both principal and agent conclusions being reached across the Group\u2019s portfolio of revenue arrangements. Any changes in this judgement would not have a material impact on profit, although there may be a material impact to revenue and operating costs. (ii) Determining the groups of cash generating units to which goodwill is allocated IFRS 8 requires that, for the purpose of subsequent impairment testing, goodwill acquired in business combinations be allocated to cash generating units (\u2018CGUs\u2019) or groups of CGUs expected to benefit from the synergies of the combination. Such CGUs or groups of CGUs shall represent the lowest level at which goodwill is monitored for internal management purposes and shall not be larger than an operating segment. This determination is generally straightforward and factual, however in some cases judgement is required. The Group has identified four operating segments \u2013 Aviation, Land, Marine and Nuclear \u2013 and in the case of Aviation, Marine and Nuclear, goodwill is allocated and monitored at the operating segment level (with these three operating segments each also comprising a group of CGUs). Although Land is considered a single operating segment, goodwill is separately allocated and monitored between the Africa business (as one group of CGUs) and the remainder of Land (as a second group of CGUs). This distinction exists due to historic assessments of the Group\u2019s operating segments and the fact that previous Africa business combinations were only anticipated to provide synergies and benefits across the Africa CGUs. Other territories may represent separate CGUs or groups of CGUs but are neither separate operating segments nor is goodwill separately allocated or monitored at these territory levels. Over time management reviews the basis upon which goodwill is allocated to ensure it remains appropriate as businesses are acquired and divested and reporting structures change, including how information is reported to the Chief Operating Decision Maker. If there was a change in this judgement this could result in a material adjustment to goodwill. Further detail is included in notes 3 and 10. (iii) Additional work expected under the Type 31 contract There is judgement in determining whether the Type 31 onerous contract provision should reflect the benefit of the expected continuation of the programme. IAS 37.10 states that \u201ca contract is onerous when the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it.\u201d Judgement is required in determining whether additional work is treated as a benefit expected to be received under the Type 31 contract, reducing the onerous contract provision. The key factors considered in making this judgement are the additional work expected at contract inception and the economic linkage with the pricing and other terms of the Type 31 contract. Having carefully considered the available evidence against the evidential bar required to recognise future benefits, it was concluded that the expected continuation of the programme should not be treated as a benefit expected under the Type 31 contract. (b) Key sources of estimation uncertainty The key sources of estimation uncertainty at the reporting period end that may result in significant risk of material adjustment to the carrying amount of assets and liabilities within the next financial year are set out below: (i) Revenue and profit recognition The following represent the notable assumptions impacting upon revenue and profit recognition as a result of the Group\u2019s contracts with customers: \u2022 Stage of completion & costs to complete \u2013 The Group\u2019s revenue recognition policies require management to make an estimate of the cost to complete for long-term contracts. Management estimates outturn costs on a contract-by-contract basis and estimates are carried out by suitably qualified and experienced personnel. Estimates of cost to complete include assessment of contract contingencies arising out of technical, commercial, operational and other risks. The assessments of all significant contract outturns are subject to review and challenge, and judgements and estimates are reviewed regularly throughout the contract life based on latest available information with adjustments made where necessary. As contracts near completion, often less judgement is required to determine the expected outturn. The most significant estimate of contract outturn relates to the Type 31 programme as outlined below. \u2022 Variable consideration \u2013 the Group\u2019s contracts are often subject to variable consideration including performance-based penalties and incentives, gain/pain share arrangements and other items. Variable consideration is added to the transaction price only to the extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue recognised once the underlying uncertainty is resolved. \u2022 Inflation \u2013 The level to which the Group\u2019s revenue and cost for each contract will be impacted by inflation is a key accounting estimate, as this could cause the revenue and cost of contract delivery to be greater than was expected at the time of contracting. The Group\u2019s contracts are exposed to inflation due to rising employment costs, as well as increased costs of raw materials. The Group endeavours to include cost recovery mechanisms or index-linked pricing within its contracts with customers in order to mitigate any inflation risk arising from increasing employment and raw material costs. The above assumptions all impact upon each individual contract to varying extents depending on the risk profile of the contract and the individual contract terms and conditions. As such sensitivities to these assumptions are not provided as to do so is not considered practicable. Type 31 contract estimates The contract to produce 5 Type 31 frigates was won under competitive tender in 2019, based on Babcock\u2019s Arrowhead 140 design. The contract is important in providing access to an expected pipeline of Type 31 work and developing our Arrowhead 140 design for opportunities overseas. Although the contract contained certain escalation clauses, it provided limited protection from the macroeconomic changes of recent years relating to Brexit, Covid, raw material prices and UK labour shortages, which have significantly increased our costs. This has resulted in the contract being loss-making, together with increases in estimated costs due to the maturing of the design and the forecast cost of labour. Determining the contract outturn, and therefore revenue and onerous contract provision recognised, requires assumptions and complex judgements to be made about the future performance of the contract. The level of uncertainty in the estimates made in assessing the outturn is linked to the complexity of the underlying contract. The estimates made in assessing the outturn are set out below, along with the related estimation methods, data sources and management actions to offset the increases in the year. a) The number of production hours \u2013 which requires estimation of a standard level of hours for manufacturing, structural and outfitting activities, determined with reference to previous experience of comparable programmes and industry data where available. The estimation of the time taken to improve to this standard level is also relevant, based on a detailed enablement plan which is a key output of the operational improvement programme. The volume of activities is based on a detailed assessment of the Bill of Materials, supported by dedicated engineering software b) The ability to improve operational performance through process efficiencies, quality and engineering improvements over the five ships \u2013 which requires actions to reduce re-work, optimise the location in which outfitting is performed, deliver specific productivity initiatives and make engineering changes to reduce the cost of manufacture, structural assembly and outfitting c) The cost of labour \u2013 which is dependent on our ability to recruit, the mix of the workforce between permanent and contingent workers from the UK and overseas, the utilisation of semi-skilled and apprentice workers and shift patterns and premiums. A detailed resourcing plan is used to support this estimate with actions required to achieve an efficient labour mix d) The cost of bought-in parts and services through suppliers and sub-contractors \u2013 which includes the outcome of procurement tenders, finalisation of other areas of unagreed pricing and the agreement of discounts and incentive arrangements e) The number of hours required by support functions \u2013 primarily in engineering which requires effective management of production support and change requests. A detailed engineering scope review has been performed to support this estimate f) The determination of non-incremental costs which relate directly to fulfilling the contract and are therefore partially allocated to the contract to determine the loss provision \u2013 including facility and overhead costs g) The impact of inflation on the contract price and costs to fulfil the contract \u2013 particularly in relation to labour which may be impacted by changes in the local, UK and overseas labour markets, competitor activity and government policy h) The achievement of the build schedule to completion and final acceptance \u2013 including the satisfaction of all contractual performance criteria. The schedule analysis is based on detailed modelling and the performance of multiple scenario analysis The cost estimation process has involved a number of key elements: \u2022 Regular governance at the Group level to monitor progress and enable support as required \u2022 Bottom-up costing at the activity level performed by individual business areas \u2022 Reassessment of risk based on the updated cost estimates, considering ranges of outcomes and probabilities \u2022 Input from functional specialists from across the Group \u2022 Development of financial models based on cost drivers, using actual data and other evidence to inform the forecast outturn \u2022 Detailed documentation of estimates made, including process followed, sources of evidence and basis for conclusions \u2022 Review and challenge at the Programme, Sector and Group levels, culminating in a number of dedicated reviews with the Audit Committee The range of possible future outcomes in respect of assumptions made to determine the contract outturn could result in a material increase or decrease in revenue and the value of the onerous contract provision, and hence on the Group\u2019s profitability, in the next financial year. The estimates described above are by their nature inter-related for this programme and are unlikely to change with everything else constant. However, for illustrative purposes, we have provided sensitivities to certain isolated changes in key estimates on the basis that all other factors remain constant: \u2022 Production hours \u2013 which are impacted by production norms, rate of improvement, process efficiencies and quality/engineering improvements (see a) and b) above). A 10% increase/decrease in production hours would increase/decrease the loss by \u00a330m \u2022 Labour rate \u2013 which is impacted by our ability to recruit permanent staff, the mix of the workforce, ancillary costs and inflation (see c) and g) above). A 10% increase/decrease in the average labour rate would increase/decrease the loss by \u00a340m \u2022 Supply chain costs (see c) above) \u2013 which are impacted by the agreement of remaining pricing, discounts and incentive arrangements. A 10% increase/decrease in supply chain costs would increase/decrease the loss by \u00a325m \u2022 Schedule (see e), f) and h) above) - which are impacted by the build schedule. A 6-month delay beyond the current planning assumption would increase the loss by \u00a324m Overall, with c\u00a30.8bn of estimated costs to go over the life of the contract, if actual costs were to differ from those assumed by 10%, the potential impact on the contract outturn could be c\u00a380m. Any increase in loss would cause a commensurate deterioration in the balance sheet through a combination of an increase to the onerous loss provision (note 20), reductions in contract assets (note 16) or increases in contract liabilities (note 18). To mitigate this, comparisons of actual contract performance and previous forecasts used to assess the contract outturn are performed regularly, with consideration given to whether any revisions to assumptions are required. The uncertainty over the contract outturn will reduce in the next financial year but there will be substantial activity and risk over the remaining years. In a major ship build programme of this nature, it is inherently possible that there may be changes in circumstances which cannot reasonably be foreseen at the present time. (ii) Defined benefit pension schemes obligations The Group\u2019s defined benefit pension schemes are assessed annually in accordance with IAS 19 and the valuation of the defined benefit pension obligations is sensitive to the inflation, discount rate, actuarial and life expectancy assumptions used. There is a range of possible values for the assumptions and small changes to the assumptions may have a significant impact on the valuation of the defined benefit pension obligations. In addition to the inflation, discount rate and life expectancy estimates, management is required to make an accounting judgement relating to the expected availability of future accounting surpluses under IFRIC 14. Further information on the key assumptions, sensitivities and judgements is included in note 25. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-486": { "value": "(c) Other estimates which are not key sources of estimation uncertainty (i) The carrying value of goodwill Goodwill is tested annually for impairment, in accordance with IAS 36, Impairment of Assets (\u2018IAS 36\u2019). The impairment assessment is based on assumptions in relation to future cash flows expected to be generated by the groups of cash generating units to which goodwill is allocated, together with appropriate discounting of the cash flows. In both the current and prior years, we have not identified a key source of estimation uncertainty in respect of goodwill. The headroom across all identified groups of CGUs against which goodwill is allocated and monitored is such that, under all modelled sensitivities, no reasonably possible changes in assumptions could result in the complete elimination of the headroom. The key assumptions in estimating the carrying value of goodwill are discount rate, long-term growth rate and growth rate in the short-term cash flows. Inflation rates are incorporated into the impairment assessment through their inclusion within the growth rates in cash inflows and outflows and through the methodology by which discount rates are determined. Were inflation to impact upon all cash flows equally, an impairment assessment should be neutral to the impact of inflation. The Group has a number of protections and exposures to the impact of inflation across its portfolio of revenue arrangements and supply chain agreements resulting in an indirect impact of inflation on the impairment outturn. Further information on key assumptions and sensitivity analyses are included in note 10. (ii) Impact of climate change In preparing the Group financial statements, consideration has been given to the potential impact of climate change. Climate-related matters create risks and opportunities for the Group as set out on pages 75 to 79 of the Strategic Report. Climate-related matters are not considered to have a material impact on the Group\u2019s critical accounting judgements or key sources of estimation uncertainty. Climate-related matters primarily impact the Group through their potential impact on the Group\u2019s budgets and forecasts. Budgets and forecasts affect the current year financial statements through their impact on the following areas: \u2022 Going concern and viability of the Group; \u2022 Cash flow forecasts used in impairment assessments of including goodwill, intangible assets and property, plant & equipment; \u2022 Cash flow forecasts used in the Impairment assessments of financial assets; and \u2022 The assessed useful economic lives of the Group\u2019s non-current assets Revised budgets and forecasts, incorporating an estimated financial impact on the climate-related risks and opportunities (described on pages 75 to 79 of the Strategic Report) have been modelled to understand the possible financial impact and the resilience to these sensitivities is the basis for why climate-related matters have been concluded to not have a material impact on the critical accounting judgements or key sources of estimation uncertainty. Whilst there is currently no significant short- to medium-term impact expected from climate change, the Group is aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparing the Group consolidated financial statements.", "dimensions": { "concept": "babcockinternational:DisclosureOfOtherEstimatesWhichAreNotKeySourcesOfEstimationUncertainty", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-487": { "value": "(a) Transactions with non-controlling interest The Group\u2019s policy is to treat transactions with non-controlling interest as transactions with owners of the Company. These are therefore reflected as movements in reserves. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-488": { "value": "(b) Foreign currencies (i) Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional and presentation currency. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency of subsidiaries of the Group using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the year-end exchange rates. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at exchange rates ruling at the reporting date of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. Exchange differences arising from the translation of the statement of financial positions and income statements of foreign operations into Sterling are recognised as a separate component of equity on consolidation. Results of foreign operations are translated using the average exchange rate for the month of the applicable results, the net assets translated at year-end exchange rates and equity held at historic exchange rates. When a foreign operation is sold, such exchange differences are recognised in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at period-end exchange rates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-522": { "value": "(i) Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional and presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-489": { "value": "(c) Government grants and contributions In the course of our business we receive certain grants or contributions from governments. These are deducted from the related expenses in the income statement. These amounts total \u00a348.3 million (FY24: \u00a340.0 million). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-490": { "value": "
2. Adjustments between statutory and underlying information
Definition of underlying measures and specific adjusting items
The Group provides alternative performance measures, including underlying operating profit, underlying earnings per share
and net debt (note 26), to enable users to have a more consistent view of the performance and earnings trends of the Group.
These measures are considered to provide a consistent measure of business performance from year to year. They are used
by management to assess operating performance and as a basis for forecasting and decision-making, as well as the planning
and allocation of capital resources. They are also understood to be used by investors in analysing business performance.
Other alternative performance measures are presented in the Financial Review on pages 28 to 45 where reconciliations to statutory
information are also provided.
The Group\u2019s alternative performance measures are not defined by IFRS and are therefore considered to be non-GAAP measures.
The measures may not be comparable to similar measures used by other companies and they are not intended to be a substitute for,
or superior to, measures defined under IFRS. The Group\u2019s alternative performance measures are consistent with the year ended
31 March 2024.
Underlying operating profit
In any given year the statutory measure of operating profit includes a number of items which the Group considers to either be
one-off in nature or otherwise not reflective of underlying performance. Underlying operating profit therefore adjusts statutory
operating profit to provide readers with a measure of business performance which the Group considers more consistently analyses
the underlying performance of the Group by removing these one-off and other items not reflective of underlying performance
that otherwise add volatility to performance.
Underlying operating profit eliminates potential differences in performance caused by purchase price allocations on business
combinations in prior periods (amortisation of acquired intangibles), business acquisition, merger and divestment related items,
large, infrequent restructuring programmes and fair value movements on derivatives. Transactions such as these may happen
regularly and could significantly impact the statutory result in any given year. Adjustments to underlying operating profit may include
both income and expenditure items.
Specific adjusting items include:
\u2022
Amortisation of acquired intangibles;
\u2022
Business acquisition, merger and divestment related items (being amounts related to corporate transactions and gains or losses
on disposal of assets or businesses);
\u2022
Gains, losses and costs directly arising from the Group\u2019s withdrawal from a specific market or geography, including closure costs,
severance costs, the disposal of assets and termination of leases;
\u2022
The costs of large restructuring programmes that significantly exceed the minor restructuring which occurs in most years as part
of normal operations. Restructuring costs incurred as a result of normal operations are included in operating costs and are not
excluded from underlying operating profit;
\u2022
Profit or loss from amendment, curtailment, settlement or equalisation of Group pension schemes;
\u2022
Fair value gain/(loss) on forward rate contracts that are open during the period; and
\u2022
Exceptional items that are significant, non-recurring and outside of the normal operating practice. These items are described as
exceptional in order to appropriately represent the Group\u2019s underlying business performance. No exceptional items have been
identified in the current or comparative period.
Underlying earnings per share
Basic underlying earnings per share are calculated by dividing the underlying profit after tax attributable to ordinary shareholders by
the weighted average number of ordinary shares in issue less the weighted average number of shares held by the Employee Share
Trust as treasury shares.
Diluted underlying earnings per share is calculated by dividing the underlying profit after tax attributable to ordinary shareholders by
the weighted average number of ordinary shares in issue less the weighted average number of shares held by the Employee Share
Trust, plus the number of ordinary shares which are considered potentially dilutive ordinary shares in respect of share incentive
schemes, should the vesting conditions have been met as at the year end. Details of share incentive schemes are provided in note
23 and note 24.
Income statement including underlying results
The below table, disclosed as supplementary information, reconciles the non-GAAP measure of underlying operating profit
to statutory profit.
Year ended 31 March 2025
Year ended 31 March 2024
Specific Specific
adjusting adjusting
Underlying items Statutory Underlying items Statutory
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
3
4,831.3
\u2013
4,831.3
4,390.1
\u2013
4,390.1
Operating profit
3,4
362.9
1.0
363.9
237.8
3.8
241.6
Operating margin %
7.5%
\u2013
7.5%
5.4%
\u2013
5.5%
Results from joint ventures and associates 14
8.4
(11.1)
(2.7)
9.2
\u2013
9.2
Net finance costs 5
(31.9)
(0.2)
(32.1)
(35.9)
1.8
(34.1)
Profit/(loss) before tax
339.4
(10.3)
329.1
211.1
5.6
216.7
Income tax (expense)/benefit 7
(84.1)
3.9
(80.2)
(53.5)
5.0
(48.5)
Profit/(loss) after tax for the year
255.3
(6.4)
248.9
157.6
10.6
168.2
Earnings per share including underlying measures
Year ended 31 March 2025
Year ended 31 March 2024
Specific Specific
adjusting adjusting
Underlying items Statutory Underlying items Statutory
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Profit/(loss) after tax for the year
255.3
(6.4)
248.9
157.6
10.6
168.2
Amount attributable to owners of the parent
253.5
(6.4)
247.1
155.1
10.6
165.7
Amount attributable to non-controlling
interests
1.8
\u2013
1.8
2.5
\u2013
2.5
Weighted average number of shares (m) 503.6
503.6
503.5
503.5
Effect of dilutive securities (m) 10.8
10.8
11.8
11.8
Diluted weighted average number of shares
(m) 514.4
514.4
515.3
515.3
Basic EPS (note 9)
50.3p
49.1p
30.8p
32.9p
Diluted EPS (note 9)
49.3p
48.0p
30.1p
32.2p
Details of specific adjusting items
The impact of specific adjusting items is set out below:
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Amortisation of acquired intangibles
(8.2)
(10.8)
Business acquisition, merger and divestment related items (note 27)
1.5
8.2
Profit or loss from amendment, curtailment, settlement or equalisation of Group pension
1.2
\u2013
schemes (note 25)
Fair value movement on derivatives and related items
6.5
6.4
Adjusting items impacting operating profit
1.0
3.8
Non-recurring amounts in results from joint ventures and associates
(11.1)
\u2013
Fair value movement on derivatives and related items
(0.2)
1.8
Adjusting items impacting profit before tax
(10.3)
5.6
Income tax benefit
Amortisation of acquired intangibles
2.2
3.9
Business acquisition, merger and divestment related items (note 27)
\u2013
(1.0)
Profit or loss from amendment, curtailment, settlement or equalisation of Group pension
(0.3)
\u2013
schemes (note 25)
Fair value movement on derivatives and related items
(1.6)
(2.0)
Exceptional tax on Group reorganisation activities
\u2013
4.7
Other tax items including rate change impact
3.6
(0.6)
Income tax benefit
3.9
5.0
Reconciliation of statutory to underlying tax rate
Year ended 31 March 2025
Year ended 31 March 2024
Specific Specific
adjusting adjusting
Underlying items Statutory Underlying items Statutory
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Profit/(loss) before tax
339.4
(10.3)
329.1
211.1
5.6
216.7
Share of (profit)/loss from joint ventures
and associates
14
(8.4)
11.1
2.7
(10.3)
\u2013
(10.3)
Profit before tax excluding profit from joint
ventures and associates
331.0
0.8
331.8
200.8
5.6
206.4
Income tax (expense)/benefit
(84.1)
3.9
(80.2)
(53.5)
5.0
(48.5)
Tax rate
25.4%
24.2%
26.6%
23.5%
Explanation of specific adjusting items
Amortisation of acquired intangibles
Underlying operating profit excludes the amortisation of acquired intangibles. This item is excluded from underlying results as it
arises as a result of purchase price allocations on business combinations and is a non-cash item which does not change each year
dependent on the performance of the business. It is therefore not considered to represent the underlying activity of the Group and
is removed to aid comparability with peers who have grown organically as opposed to through acquisition. Intangible assets arising
as a result of the purchase price allocation on business combinations include customer lists, technology-based assets, order book
and trade names. Amortisation of internally generated intangible assets is included within underlying operating profit.
Business acquisition, merger and divestment related items
Transaction related costs and gains or losses on acquisitions, mergers and divestments of businesses are excluded from underlying
operating profit as business combinations and divestments are not considered to result from underlying business performance.
The total net profit relating to business acquisition, merger and divestment related items for the year ended 31 March 2025 was
\u00a31.5 million (2024: \u00a38.2 million). The prior year profit relates to changes in the cash consideration and provision balances following
settlement of certain warranties in respect of historic disposals. The current year balance comprises the disposal of the Group\u2019s
interest in the NTI business in Oman. Further detail is included in note 27.
Fair value movement on derivatives and related items
These are open forward currency contracts, taken out in the ordinary course of business to manage foreign currency exposures,
where the transaction will occur in future periods. Hedge accounting under IFRS is not applied, however these do represent
economic hedges. On maturity the currency contract will be closed and recognised in full within underlying operating profit at the
same time as the hedged sale or purchase. The net result, at that time, will then more appropriately reflect the related sales price
or supplier cost being hedged.
Hedge ineffectiveness on debt and debt-related derivatives that are designated in a hedge relationship are also presented as a
specific adjusting item in finance costs. This is presented as a specific adjusting item as this ineffectiveness is caused by a historic
off-market designation, the transactions are considered by the Group to represent an economic hedge.
The fair value movement on lease-related derivatives and foreign exchange movements on lease liabilities are also presented
as a specific adjusting item in finance costs, as hedge accounting under IFRS is also not applied to these transactions but are also
considered by the Group to represent an economic hedge.
Tax
Specific adjusting items in respect of tax comprises a credit of \u00a33.6 million (2024: charge of \u00a30.6 million) arising from the impact of
the increase in the rate of corporation tax and a credit of \u00a3nil (2024: \u00a34.7 million) arising from the release of uncertain tax positions
in respect of historic group reorganisation activities. The rate change impact arises from adjustments to the Group\u2019s UK tax position
for years ended before 1 April 2023.
Results from joint ventures and associates
Our Ascent flight training joint venture is in the process of aligning its accounting to IFRS principles and completed the work required
to determine the accounting for revenue under IFRS 15 in the year. This resulted in a c1% lower overall measure of contract
completion than we previously applied when including the Group\u2019s share of Ascent\u2019s results under IFRS 15. The reduction in share
of profits from JVs has been reported as a Specific Adjusting Item as it is meets our criteria for an exceptional item, being significant,
non-recurring and outside of the normal operating practice, in order to appropriately represent the Group\u2019s underlying business
performance. This adjustment has no impact on dividends received within our underlying Free Cash Flow.
", "dimensions": { "concept": "babcockinternational:DisclosureOfAdjustmentsBetweenStatutoryAndUnderlyingInformation", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-491": { "value": "
3. Segmental information and revenue recognition
Revenue recognition
Revenue recognised represents income derived from contracts with customers for the provision of goods and services in the
ordinary course of the Group\u2019s activities. The Group recognises revenue in line with IFRS 15, Revenue from Contracts with
Customers. IFRS 15 requires the identification of performance obligations in contracts, determination of contract price, allocation
of the contract price to the performance obligations and recognition of revenue as performance obligations are satisfied.
(i) Performance obligations
Contracts are assessed to identify each promise to transfer either a distinct good or service or a series of distinct goods or
services that are substantially the same and have the same pattern of transfer to the customer. Goods and services are distinct
if the customer can benefit from them either on their own or together with other resources readily available to the customer
and they are separately identifiable in the contract.
In assessing whether the performance obligations are separately identifiable, the services are reviewed to determine the extent
to which the goods or services within a contract are interrelated and whether they modify other goods or services within a
contract. The Group also considers whether the goods and/or services are integrated and represent a combined output for
which the customer has contracted. The integrated output nature of many of the services provided by the Group results in some
contracts only having one performance obligation.
(ii) Determination of contract price
The contract price represents the amount of consideration which the Group expects to be entitled to in exchange for delivering
the promised goods or services to the customer. Contracts can include both fixed and variable consideration.
Inclusion of variable consideration in the contract price requires the exercise of judgement in relation to the amount to be
received through unpriced contract variations and claims (see section (v) below for further details) and variable elements
of existing contracts, such as performance-based penalties and incentives, and gain/pain share arrangements where cost
under/over spends are shared with the customer.
Given the long-term nature of the Group\u2019s contracts with customers, a number of arrangements include clauses to allow
for inflation within the transaction price. Such inflation clauses are treated as variable consideration.
Elements of variable consideration are estimated at contract inception and at the end of each reporting period. Any required
adjustment is made against the contract price in the period in which the adjustment occurs.
Variable consideration is estimated using either the expected value or the most likely amount and is added to the transaction
price only to the extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue
recognised once the underlying uncertainty is resolved. This judgement is made by suitably qualified and experienced personnel
based on the contract terms, status of negotiations with customers and historical experience with customers and with similar
contracts. As part of this judgement, variable consideration may be constrained until the uncertainty is resolved. In the case
of unpriced variations these will be constrained to the extent that such variable consideration is not considered highly probable.
Variable consideration may be included in the total transaction price or, in certain circumstances, may be allocated to a specific
time period. Where variable consideration is allocated to a specific time period this will typically be in relation to performance
related deductions.
(iii) Allocation of contract price to performance obligations
Given the bespoke nature of many of the goods and services the Group provides, standalone selling prices are generally
not observable and, in these circumstances, the Group allocates the contract price to performance obligations based on cost
plus margin. This amount would be the standalone selling price of each performance obligation if contracted with a customer
separately.
(iv) Revenue and profit recognition
Performance obligations are satisfied, and revenue recognised, as control of goods and services is transferred to the customer.
Control can be transferred at a point in time or over time and the Group determines, for each performance obligation, whether
it is satisfied over time or at a point in time.
Revenue recognised over time
Performance obligations are satisfied over time if any of the following criteria are satisfied:
\u2022
the customer simultaneously receives and consumes the benefits of the Group\u2019s performance as it performs; or
\u2022
the Group\u2019s performance does not create an asset with an alternative use to the Group and the Group has an enforceable
right to payment for work done; or
\u2022
the Group\u2019s performance creates or enhances an asset controlled by the customer.
Typical performance obligations in the Group\u2019s contracts that are recognised over time include the delivery of services (such
as maintenance, engineering and training), as the customer simultaneously receives and consumes the benefits of the Group\u2019s
performance as it performs the services. Revenue from the design, manufacture and enhancement of bespoke assets is also
recognised over time, as the Group\u2019s performance does not create an asset with an alternative use to the Group and the Group
has an enforceable right to payment for performance completed to date, being recovery of costs incurred in satisfying the
performance obligation plus a reasonable profit margin.
Where the Group satisfies performance obligations over time, the Group primarily uses an input method to measure satisfaction
of each performance obligation based on costs incurred compared to total estimated contract costs. For the majority of the
Group\u2019s contracts, this is deemed to be the most appropriate method to measure Babcock\u2019s effort in satisfying the applicable
performance obligations. Costs are included in the measurement of progress towards satisfying the performance obligation
to the extent that there is a direct relationship between the input and satisfaction of the performance obligation. For contracts
where costs incurred is not deemed to be the most appropriate measure, the Group uses time elapsed to measure satisfaction
of the performance obligation.
Under most of the Group\u2019s contracts, the customer pays in accordance with a pre-arranged payment schedule or once
milestones have been met. If the amount of revenue recognised (as measured by the methods described above) exceeds the
amount of cash received from the customer then the difference will be held on the statement of financial position. This will
typically be comprised of a mixture of contract assets and trade receivables. If the amount of cash collected together with
amounts due under the contract but uncollected exceeds the amount of revenue recognised then the difference is also held on
the statement of financial position as a contract liability. See note 16 and note 18 for further details on how contract assets and
liabilities are recognised.
Revenue recognised at a point in time
If control of the goods or services is not transferred to the customer over time, then revenue is recognised at the point in time
that control is transferred to the customer.
Point in time recognition mainly applies to sale of goods. Control typically transfers to the customer when the customer has legal
title to the goods and this is usually coincident with delivery of the goods to the customer and right to receive payment by the
Group. These revenues are delivered predominantly by the Aviation and Land sectors and include sales of equipment to
commercial customers and procurement of consumables on behalf of the Ministry of Defence (MOD). Sale of goods at a point
in time represents approximately 7% of Group revenues (2024: 7%).
Assessment of contract profitability
Profit is recognised to the extent that the final outcome on contracts can be reliably assessed. Contract outturn assessments
are carried out on a contract-by-contract basis, including consideration of technical and other risks, by suitably qualified and
experienced personnel and the assessments of all significant contracts are subject to review and challenge.
Estimating contract revenues can involve judgements around whether the Group will meet performance targets and/or earn
incentives, as well as consideration as to whether it is necessary to constrain variable revenues to meet the highly probable
not to significantly reverse test set out in paragraph 56 of IFRS 15. When considering variations, claims and contingencies, the
Group analyses various factors including the contractual terms, status of negotiations with the customer and historical
experience with that customer and with similar contracts. Estimates of costs include assessment of contract contingencies
arising out of technical, commercial, operational and other risks. The assessments of all significant contract outturns are subject
to review and challenge and estimation uncertainty is resolved on a contract-by-contract basis as contracts near the end of the
project lifecycle.
If a contract is deemed to be loss making the present obligation is recognised and measured as provision. Further detail is
included in the Provisions accounting policy.
(v) Contract modifications
Claims and variations
The Group\u2019s contracts are often amended for changes in the customers\u2019 requirements. Contract modifications can relate to
changes in both contract scope and price arising in the ordinary course of delivering contracts, which are referred to as contract
variations. Such variations may arise as a result of customer requests or instructions or from requests from the Group in
response to matters arising during the delivery of contracts. For example, some contracts include the requirement to conduct
surveys and to report on or to recommend additional work as required. Some contracts may require the Group to proceed
with variations and to agree pricing subsequently. See further detail on accounting for contract modifications below.
Contract modifications can also refer to changes in price only, with no change in scope, where there is a difference of view
or dispute in relation to interpretation of contracts. These contract claims and variations are considered to be modifications
as referred to in paragraph 18 of IFRS 15.
Accounting for contract modifications
The Group accounts for contract modifications in one of three ways, based on the facts and circumstances of the contract
modification:
1.
Prospectively, as an additional, separate contract;
2.
Prospectively, as a termination of the existing contract and creation of a new contract; or
3.
As part of the original contract using a cumulative catch-up.
The Group recognises contract variations, which impact both scope and price, when they are approved in accordance with IFRS
15. The Group\u2019s preferred approach is to approve contract modifications by formal contract amendment. However, the approval
of contract modifications may be required to be carried out at pace and other mechanisms, informed by established customer
relationships and local working arrangements, can be used to achieve approval of contract modifications. In approving contract
modifications in these circumstances, the Group considers the scope of the contract modification in the context of the contract
scope and contract terms. Contract variations where the formal contract amendment has not been received but which are,
in management\u2019s judgement, approved are accounted for as a contract modification in accordance with IFRS 15 paragraph 18.
Revenue from these contract variations is treated as variable consideration and subject to constraint as outlined in section (ii)
above, until the pricing is agreed. Contract claims are also considered to be contract modifications in accordance with IFRS 15,
and revenue is subject to constraint as outlined in section (ii).
Claims and variations which are not deemed to be contract modifications
Claims can also be raised by Babcock against third-party sub-contractors or suppliers to the Group. As these do not relate to
contracts with customers, but rather relate to contracts with suppliers, they are not accounted for under IFRS 15. The Group\u2019s
accounting policy is to account for such claims in accordance with the contingent asset guidance per IAS 37. Income in relation
to these claims will only be recognised once it is virtually certain.
The Group has four operating and reportable segments, determined by reference to the goods and services they provide and the markets they serve. Marine \u2013 through-life support of naval ships, equipment and marine infrastructure in the UK and internationally. Nuclear \u2013 through-life support of submarines and complex engineering services in support of major decommissioning programmes and projects, training and operation support, new build programme management and design and installation in the UK. Land \u2013 large-scale critical vehicle fleet management, equipment support and training for military and civil customers. Aviation \u2013 critical engineering services to defence and civil customers worldwide, including pilot training, equipment support, airbase management and operation of aviation fleets delivering emergency services. The executive members of the Board, the chief operating decision maker as defined by IFRS 8, monitor the results of these operating and reportable segments and makes decisions about the allocation of resources. The accounting policies of the reportable segments are the same as the group\u2019s accounting policies described in note 1. The table below presents the underlying results for each reportable segment in accordance with the definition of underlying operating profit, as set out in note 2, and reconciles the underlying operating profit/(loss) to the statutory profit/(loss) before tax.
Marine Nuclear Land Aviation Unallocated Total
Year ended 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,576.4
1,816.0
1,116.6
322.3
\u2013
4,831.3
Underlying operating profit
96.5
160.3
86.2
19.9
\u2013
362.9
Specific Adjusting Items (note 2)
Amortisation of acquired intangibles
(5.5)
\u2013
\u2013
(2.7)
\u2013
(8.2)
Business acquisition, merger and divestment related items
1.5
\u2013
\u2013
\u2013
\u2013
1.5
Fair value gain/(loss) on forward rate contracts to be
settled in future periods
6.8
\u2013
\u2013
(0.3)
\u2013
6.5
Profit or loss from amendment, curtailment, settlement or
equalisation of Group pension schemes
\u2013
1.1
0.1
\u2013
\u2013
1.2
Operating profit
99.3
161.4
86.3
16.9
\u2013
363.9
Results from joint ventures and associates
(0.5)
0.3
\u2013
(2.5)
\u2013
(2.7)
IFRIC 12 investment income
\u2013
\u2013
0.4
\u2013
\u2013
0.4
Other net finance costs*
\u2013
\u2013
\u2013
\u2013
(32.5)
(32.5)
Profit/(loss) before tax
98.8
161.7
86.7
14.4
(32.5)
329.1
Marine Nuclear Land Aviation Unallocated Total
Year ended 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
i
Revenue
1,429.1
1,520.9
1,098.6
341.5
\u2013
4,390.1
Underlying operating profit
13.1
109.2
96.3
19.2
\u2013
237.8
Specific Adjusting Items (note 2)
Amortisation of acquired intangibles
(7.5)
\u2013
\u2013
(3.3)
\u2013
(10.8)
Business acquisition, merger and divestment related items
(1.5)
\u2013
(0.2)
9.9
\u2013
8.2
Fair value gain/(loss) on forward rate contracts to be
settled in future periods
6.9
\u2013
\u2013
(0.5)
\u2013
6.4
Operating profit/(loss)
11.0
109.2
96.1
25.3
\u2013
241.6
Results from joint ventures and associates
(2.3)
0.2
0.3
11.0
\u2013
9.2
IFRIC 12 investment income
\u2013
\u2013
0.5
\u2013
\u2013
0.5
Other net finance costs*
\u2013
\u2013
\u2013
\u2013
(34.6)
(34.6)
Profit/(loss) before tax
8.7
109.4
96.9
36.3
(34.6)
216.7
* Other net finance costs are not allocated to a specific sector. Revenues of \u00a33.0 billion (2024: \u00a32.5 billion) are derived from a single external customer. These revenues are attributable across all reportable segments.
Segment assets and liabilities
The reportable segment assets and liabilities at 31 March 2025 and 31 March 2024 and capital expenditure and lease principal
payments for the years then ended are as follows:
Assets
Liabilities
Capital expenditure
Lease payments
2025 2024 2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m - Restated \u00a3m \u00a3m - Restated \u00a3m \u00a3m \u00a3m \u00a3m
Marine
845.9
784.9
901.8
886.9
18.9
31.0
4.4
4.5
Nuclear
761.9
705.5
378.3
337.9
69.8
67.4
5.7
4.3
Land
665.9
686.4
424.5
474.1
6.1
6.4
10.3
12.2
Aviation
453.5
382.3
313.0
227.8
25.3
13.6
17.9
22.8
Unallocated *
963.0
944.5
1,050.8
1, 170.8
8.2
24.0
7.1
5.8
Group total
3,690.2
3,503.6
3,068.4
3,097.5
128.3
142.4
45.4
49.6
* All assets and liabilities are allocated to their appropriate reportable segments except for cash, cash equivalents, borrowings, income and deferred
tax balances and retirement benefit surpluses which are included in the unallocated segment. Lease liabilities were unallocated within the 2024
Annual Report and have been restated within the above comparative amounts to consistently present across the Group\u2019s operating segments in both
the current and prior reporting period.
In addition to the Segment liabilities balances being re-presented to allocate lease liabilities across the Group\u2019s operating segments, both Segment
assets and Segment liabilities have been restated to present contract assets and liabilities on a net basis for each contract as described in more
detail in notes 16.
Capital expenditure represents additions to property, plant and equipment and intangible assets. Proceeds from the sale of assets
totalling \u00a36.1 million (2024: \u00a330.6 million) are not included above, and are predominantly in the Land sector (2024: Land sector).
See note 18 relating to the treatment of amounts payable in respect of capital expenditure.
The segmental analysis of joint ventures and associates is detailed in note 14.
Segmental depreciation and amortisation
The segmental depreciation on property, plant and equipment, right of use assets and amortisation of intangible assets for the years
ended 31 March 2025 and 31 March 2024 is as follows:
Depreciation of property, Depreciation of Amortisation of
plant and equipment right of use assets intangible assets
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Marine
12.1
11.9
3.1
4.0
8.7
13.3
Nuclear
28.1
23.7
6.2
4.7
3.5
0.2
Land
4.4
3.7
7.3
9.3
0.6
0.7
Aviation
7.2
7.3
11.3
14.8
2.8
3.4
Unallocated
7.2
5.4
3.3
7.0
11.9
6.4
Group total
59.0
52.0
31.2
39.8
27.5
24.0
Segmental asset impairments
The segmental impairment on property, plant and equipment, right of use assets and intangible assets for the years ended 31 March
2025 and 31 March 2024 is as follows:
Impairment of property, Impairment of Impairment of
plant and equipment right of use assets intangible assets
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Marine
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Nuclear
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Land
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
Aviation
\u2013
2.1
\u2013
\u2013
\u2013
\u2013
Unallocated
\u2013
\u2013
1.7
\u2013
\u2013
\u2013
Group total
\u2013
2.1
1.8
\u2013
\u2013
\u2013
Geographic analysis of non-current assets
The geographic analysis for non-current assets by location of those assets for the years ended 31 March 2025 and 31 March 2024
is as follows:
2025 2024
\u00a3m \u00a3m
United Kingdom
1,473.3
1,464.5
Rest of Europe
64.9
54.3
Africa
26.0
27.5
North America
58.3
16.4
Australasia
154.3
137.7
Rest of World
0.9
3.1
Non-current segment assets
1,777.7
1,703.5
Retirement benefits
98.8
107.3
Lease receivables
26.2
22.5
Derivatives
5.1
2.8
Deferred tax asset
102.8
132.3
Total non-current assets
2,010.6
1,968.4
Geographic analysis of revenue
The geographic analysis of revenue by origin of customer for the years ended 31 March 2025 and 31 March 2024 is as follows:
Marine Nuclear Land Aviation Total
Year ended 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
853.3
1,815.8
628.4
150.8
3,448.3
Rest of Europe
40.6
\u2013
31.0
95.7
167.3
Africa
\u2013
\u2013
348.6
\u2013
348.6
North America
197.7
0.2
\u2013
13.0
210.9
Australasia
195.4
\u2013
108.6
62.8
366.8
Rest of World
289.4
\u2013
\u2013
\u2013
289.4
Group total
1,576.4
1,816.0
1,116.6
322.3
4,831.3
Marine Nuclear Land Aviation Total
Year ended 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
765.8
1,519.9
641.0
154.4
3,081.1
Rest of Europe
61.5
\u2013
37.7
102.8
202.0
Africa
\u2013
\u2013
331.6
\u2013
331.6
North America
172.8
0.3
\u2013
20.1
193.2
Australasia
207.6
\u2013
88.3
64.2
360.1
Rest of World
221.4
0.7
\u2013
\u2013
222.1
Group total
1,429.1
1,520.9
1,098.6
341.5
4,390.1
Market sector analysis of revenue
The analysis of revenue split between market sectors for the years ended 31 March 2025 and 31 March 2024 is as follows:
Marine Nuclear Land Aviation Total
Year ended 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Defence
1,296.4
1,575.0
547.3
160.8
3,579.5
Civil
280.0
241.0
569.3
161.5
1,251.8
Revenue
1,576.4
1,816.0
1,116.6
322.3
4,831.3
Marine Nuclear Land Aviation Total
Year ended 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Defence
1,200.4
1,338.4
483.4
174.2
3,196.4
Civil
228.7
182.5
615.2
167.3
1,193.7
Revenue
1,429.1
1,520.9
1,098.6
341.5
4,390.1
During the year, the Group has recognised \u00a345.3 million of revenue in respect of performance obligations satisfied or partially
satisfied in previous periods (2024: reversal \u00a334.4m).
The current year figure is driven by forecast margin improvements and the impact of variable consideration being unconstrained
as the highly probable test under IFRS 15 has been satisfied in the period.
The prior year figure was significantly impacted by the reduction in margin and consequential revenue reversal on the T31 contract
as described in Note 1. This was offset by a number of cumulative catch-ups on a number of other key programmes driven by
forecast margin improvements and the impact of variable consideration being unconstrained as the highly probable test under
IFRS 15 has been satisfied in the period.
At 31 March 2025, there is \u00a37.7 billion (2024 restated: \u00a37.1 billion) of transaction price on contracts with customers that has been
allocated to unsatisfied or partially satisfied performance obligations (note this metric has been prepared for IFRS 15 disclosure
purposes and therefore does not align to the Group\u2019s contract backlog). Contract backlog is based on the full contractual term of the
Group\u2019s agreements whilst the IFRS 15 disclosure may be a shorter contractual period in the event that the customer has the ability
to exit contracts prior to the full term for non-substantive penalty payments. Management expects that 39.9% (2024: 42.9%) of the
transaction price allocated to unsatisfied performance obligations as at 31 March 2025 will be recognised as revenue during the next
reporting period. A further 47.1% (2024: 49.4%) of the transaction price allocated to unsatisfied performance obligations is expected
to be recognised as revenue in years two to five after 31 March 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-548": { "value": "3. Segmental information and revenue recognition Revenue recognition Revenue recognised represents income derived from contracts with customers for the provision of goods and services in the ordinary course of the Group\u2019s activities. The Group recognises revenue in line with IFRS 15, Revenue from Contracts with Customers. IFRS 15 requires the identification of performance obligations in contracts, determination of contract price, allocation of the contract price to the performance obligations and recognition of revenue as performance obligations are satisfied. (i) Performance obligations Contracts are assessed to identify each promise to transfer either a distinct good or service or a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. Goods and services are distinct if the customer can benefit from them either on their own or together with other resources readily available to the customer and they are separately identifiable in the contract. In assessing whether the performance obligations are separately identifiable, the services are reviewed to determine the extent to which the goods or services within a contract are interrelated and whether they modify other goods or services within a contract. The Group also considers whether the goods and/or services are integrated and represent a combined output for which the customer has contracted. The integrated output nature of many of the services provided by the Group results in some contracts only having one performance obligation. (ii) Determination of contract price The contract price represents the amount of consideration which the Group expects to be entitled to in exchange for delivering the promised goods or services to the customer. Contracts can include both fixed and variable consideration. Inclusion of variable consideration in the contract price requires the exercise of judgement in relation to the amount to be received through unpriced contract variations and claims (see section (v) below for further details) and variable elements of existing contracts, such as performance-based penalties and incentives, and gain/pain share arrangements where cost under/over spends are shared with the customer. Given the long-term nature of the Group\u2019s contracts with customers, a number of arrangements include clauses to allow for inflation within the transaction price. Such inflation clauses are treated as variable consideration. Elements of variable consideration are estimated at contract inception and at the end of each reporting period. Any required adjustment is made against the contract price in the period in which the adjustment occurs. Variable consideration is estimated using either the expected value or the most likely amount and is added to the transaction price only to the extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue recognised once the underlying uncertainty is resolved. This judgement is made by suitably qualified and experienced personnel based on the contract terms, status of negotiations with customers and historical experience with customers and with similar contracts. As part of this judgement, variable consideration may be constrained until the uncertainty is resolved. In the case of unpriced variations these will be constrained to the extent that such variable consideration is not considered highly probable. Variable consideration may be included in the total transaction price or, in certain circumstances, may be allocated to a specific time period. Where variable consideration is allocated to a specific time period this will typically be in relation to performance related deductions. (iii) Allocation of contract price to performance obligations Given the bespoke nature of many of the goods and services the Group provides, standalone selling prices are generally not observable and, in these circumstances, the Group allocates the contract price to performance obligations based on cost plus margin. This amount would be the standalone selling price of each performance obligation if contracted with a customer separately. (iv) Revenue and profit recognition Performance obligations are satisfied, and revenue recognised, as control of goods and services is transferred to the customer. Control can be transferred at a point in time or over time and the Group determines, for each performance obligation, whether it is satisfied over time or at a point in time. Revenue recognised over time Performance obligations are satisfied over time if any of the following criteria are satisfied: \u2022 the customer simultaneously receives and consumes the benefits of the Group\u2019s performance as it performs; or \u2022 the Group\u2019s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for work done; or \u2022 the Group\u2019s performance creates or enhances an asset controlled by the customer. Typical performance obligations in the Group\u2019s contracts that are recognised over time include the delivery of services (such as maintenance, engineering and training), as the customer simultaneously receives and consumes the benefits of the Group\u2019s performance as it performs the services. Revenue from the design, manufacture and enhancement of bespoke assets is also recognised over time, as the Group\u2019s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date, being recovery of costs incurred in satisfying the performance obligation plus a reasonable profit margin. Where the Group satisfies performance obligations over time, the Group primarily uses an input method to measure satisfaction of each performance obligation based on costs incurred compared to total estimated contract costs. For the majority of the Group\u2019s contracts, this is deemed to be the most appropriate method to measure Babcock\u2019s effort in satisfying the applicable performance obligations. Costs are included in the measurement of progress towards satisfying the performance obligation to the extent that there is a direct relationship between the input and satisfaction of the performance obligation. For contracts where costs incurred is not deemed to be the most appropriate measure, the Group uses time elapsed to measure satisfaction of the performance obligation. Under most of the Group\u2019s contracts, the customer pays in accordance with a pre-arranged payment schedule or once milestones have been met. If the amount of revenue recognised (as measured by the methods described above) exceeds the amount of cash received from the customer then the difference will be held on the statement of financial position. This will typically be comprised of a mixture of contract assets and trade receivables. If the amount of cash collected together with amounts due under the contract but uncollected exceeds the amount of revenue recognised then the difference is also held on the statement of financial position as a contract liability. See note 16 and note 18 for further details on how contract assets and liabilities are recognised. Revenue recognised at a point in time If control of the goods or services is not transferred to the customer over time, then revenue is recognised at the point in time that control is transferred to the customer. Point in time recognition mainly applies to sale of goods. Control typically transfers to the customer when the customer has legal title to the goods and this is usually coincident with delivery of the goods to the customer and right to receive payment by the Group. These revenues are delivered predominantly by the Aviation and Land sectors and include sales of equipment to commercial customers and procurement of consumables on behalf of the Ministry of Defence (MOD). Sale of goods at a point in time represents approximately 7% of Group revenues (2024: 7%). Assessment of contract profitability Profit is recognised to the extent that the final outcome on contracts can be reliably assessed. Contract outturn assessments are carried out on a contract-by-contract basis, including consideration of technical and other risks, by suitably qualified and experienced personnel and the assessments of all significant contracts are subject to review and challenge. Estimating contract revenues can involve judgements around whether the Group will meet performance targets and/or earn incentives, as well as consideration as to whether it is necessary to constrain variable revenues to meet the highly probable not to significantly reverse test set out in paragraph 56 of IFRS 15. When considering variations, claims and contingencies, the Group analyses various factors including the contractual terms, status of negotiations with the customer and historical experience with that customer and with similar contracts. Estimates of costs include assessment of contract contingencies arising out of technical, commercial, operational and other risks. The assessments of all significant contract outturns are subject to review and challenge and estimation uncertainty is resolved on a contract-by-contract basis as contracts near the end of the project lifecycle. If a contract is deemed to be loss making the present obligation is recognised and measured as provision. Further detail is included in the Provisions accounting policy. (v) Contract modifications Claims and variations The Group\u2019s contracts are often amended for changes in the customers\u2019 requirements. Contract modifications can relate to changes in both contract scope and price arising in the ordinary course of delivering contracts, which are referred to as contract variations. Such variations may arise as a result of customer requests or instructions or from requests from the Group in response to matters arising during the delivery of contracts. For example, some contracts include the requirement to conduct surveys and to report on or to recommend additional work as required. Some contracts may require the Group to proceed with variations and to agree pricing subsequently. See further detail on accounting for contract modifications below. Contract modifications can also refer to changes in price only, with no change in scope, where there is a difference of view or dispute in relation to interpretation of contracts. These contract claims and variations are considered to be modifications as referred to in paragraph 18 of IFRS 15. Accounting for contract modifications The Group accounts for contract modifications in one of three ways, based on the facts and circumstances of the contract modification: 1.Prospectively, as an additional, separate contract; 2.Prospectively, as a termination of the existing contract and creation of a new contract; or 3.As part of the original contract using a cumulative catch-up. The Group recognises contract variations, which impact both scope and price, when they are approved in accordance with IFRS 15. The Group\u2019s preferred approach is to approve contract modifications by formal contract amendment. However, the approval of contract modifications may be required to be carried out at pace and other mechanisms, informed by established customer relationships and local working arrangements, can be used to achieve approval of contract modifications. In approving contract modifications in these circumstances, the Group considers the scope of the contract modification in the context of the contract scope and contract terms. Contract variations where the formal contract amendment has not been received but which are, in management\u2019s judgement, approved are accounted for as a contract modification in accordance with IFRS 15 paragraph 18. Revenue from these contract variations is treated as variable consideration and subject to constraint as outlined in section (ii) above, until the pricing is agreed. Contract claims are also considered to be contract modifications in accordance with IFRS 15, and revenue is subject to constraint as outlined in section (ii). Claims and variations which are not deemed to be contract modifications Claims can also be raised by Babcock against third-party sub-contractors or suppliers to the Group. As these do not relate to contracts with customers, but rather relate to contracts with suppliers, they are not accounted for under IFRS 15. The Group\u2019s accounting policy is to account for such claims in accordance with the contingent asset guidance per IAS 37. Income in relation to these claims will only be recognised once it is virtually certain.
The Group has four operating and reportable segments, determined by reference to the goods and services they provide and the
markets they serve.
Marine \u2013 through-life support of naval ships, equipment and marine infrastructure in the UK and internationally.
Nuclear \u2013 through-life support of submarines and complex engineering services in support of major decommissioning programmes
and projects, training and operation support, new build programme management and design and installation in the UK.
Land \u2013 large-scale critical vehicle fleet management, equipment support and training for military and civil customers.
Aviation \u2013 critical engineering services to defence and civil customers worldwide, including pilot training, equipment support,
airbase management and operation of aviation fleets delivering emergency services.
The executive members of the Board, the chief operating decision maker as defined by IFRS 8, monitor the results of these
operating and reportable segments and makes decisions about the allocation of resources.
The accounting policies of the reportable segments are the same as the group\u2019s accounting policies described in note 1. The table
below presents the underlying results for each reportable segment in accordance with the definition of underlying operating profit,
as set out in note 2, and reconciles the underlying operating profit/(loss) to the statutory profit/(loss) before tax.
Marine Nuclear Land Aviation Unallocated Total
Year ended 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,576.4
1,816.0
1,116.6
322.3
\u2013
4,831.3
Underlying operating profit
96.5
160.3
86.2
19.9
\u2013
362.9
Specific Adjusting Items (note 2)
Amortisation of acquired intangibles
(5.5)
\u2013
\u2013
(2.7)
\u2013
(8.2)
Business acquisition, merger and divestment related items
1.5
\u2013
\u2013
\u2013
\u2013
1.5
Fair value gain/(loss) on forward rate contracts to be
settled in future periods
6.8
\u2013
\u2013
(0.3)
\u2013
6.5
Profit or loss from amendment, curtailment, settlement or
equalisation of Group pension schemes
\u2013
1.1
0.1
\u2013
\u2013
1.2
Operating profit
99.3
161.4
86.3
16.9
\u2013
363.9
Results from joint ventures and associates
(0.5)
0.3
\u2013
(2.5)
\u2013
(2.7)
IFRIC 12 investment income
\u2013
\u2013
0.4
\u2013
\u2013
0.4
Other net finance costs*
\u2013
\u2013
\u2013
\u2013
(32.5)
(32.5)
Profit/(loss) before tax
98.8
161.7
86.7
14.4
(32.5)
329.1
Marine Nuclear Land Aviation Unallocated Total
Year ended 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
i
Revenue
1,429.1
1,520.9
1,098.6
341.5
\u2013
4,390.1
Underlying operating profit
13.1
109.2
96.3
19.2
\u2013
237.8
Specific Adjusting Items (note 2)
Amortisation of acquired intangibles
(7.5)
\u2013
\u2013
(3.3)
\u2013
(10.8)
Business acquisition, merger and divestment related items
(1.5)
\u2013
(0.2)
9.9
\u2013
8.2
Fair value gain/(loss) on forward rate contracts to be
settled in future periods
6.9
\u2013
\u2013
(0.5)
\u2013
6.4
Operating profit/(loss)
11.0
109.2
96.1
25.3
\u2013
241.6
Results from joint ventures and associates
(2.3)
0.2
0.3
11.0
\u2013
9.2
IFRIC 12 investment income
\u2013
\u2013
0.5
\u2013
\u2013
0.5
Other net finance costs*
\u2013
\u2013
\u2013
\u2013
(34.6)
(34.6)
Profit/(loss) before tax
8.7
109.4
96.9
36.3
(34.6)
216.7
* Other net finance costs are not allocated to a specific sector.
Revenues of \u00a33.0 billion (2024: \u00a32.5 billion) are derived from a single external customer. These revenues are attributable across
all reportable segments.
Segment assets and liabilities The reportable segment assets and liabilities at 31 March 2025 and 31 March 2024 and capital expenditure and lease principal payments for the years then ended are as follows:
Assets
Liabilities
Capital expenditure
Lease payments
2025 2024 2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m - Restated \u00a3m \u00a3m - Restated \u00a3m \u00a3m \u00a3m \u00a3m
Marine
845.9
784.9
901.8
886.9
18.9
31.0
4.4
4.5
Nuclear
761.9
705.5
378.3
337.9
69.8
67.4
5.7
4.3
Land
665.9
686.4
424.5
474.1
6.1
6.4
10.3
12.2
Aviation
453.5
382.3
313.0
227.8
25.3
13.6
17.9
22.8
Unallocated *
963.0
944.5
1,050.8
1, 170.8
8.2
24.0
7.1
5.8
Group total
3,690.2
3,503.6
3,068.4
3,097.5
128.3
142.4
45.4
49.6
* All assets and liabilities are allocated to their appropriate reportable segments except for cash, cash equivalents, borrowings, income and deferred tax balances and retirement benefit surpluses which are included in the unallocated segment. Lease liabilities were unallocated within the 2024 Annual Report and have been restated within the above comparative amounts to consistently present across the Group\u2019s operating segments in both the current and prior reporting period. In addition to the Segment liabilities balances being re-presented to allocate lease liabilities across the Group\u2019s operating segments, both Segment assets and Segment liabilities have been restated to present contract assets and liabilities on a net basis for each contract as described in more detail in notes 16. Capital expenditure represents additions to property, plant and equipment and intangible assets. Proceeds from the sale of assets totalling \u00a36.1 million (2024: \u00a330.6 million) are not included above, and are predominantly in the Land sector (2024: Land sector). See note 18 relating to the treatment of amounts payable in respect of capital expenditure. The segmental analysis of joint ventures and associates is detailed in note 14. Segmental depreciation and amortisation The segmental depreciation on property, plant and equipment, right of use assets and amortisation of intangible assets for the years ended 31 March 2025 and 31 March 2024 is as follows:
Depreciation of property, Depreciation of Amortisation of
plant and equipment right of use assets intangible assets
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Marine
12.1
11.9
3.1
4.0
8.7
13.3
Nuclear
28.1
23.7
6.2
4.7
3.5
0.2
Land
4.4
3.7
7.3
9.3
0.6
0.7
Aviation
7.2
7.3
11.3
14.8
2.8
3.4
Unallocated
7.2
5.4
3.3
7.0
11.9
6.4
Group total
59.0
52.0
31.2
39.8
27.5
24.0
Segmental asset impairments The segmental impairment on property, plant and equipment, right of use assets and intangible assets for the years ended 31 March 2025 and 31 March 2024 is as follows:
Impairment of property, Impairment of Impairment of
plant and equipment right of use assets intangible assets
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Marine
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Nuclear
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Land
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
Aviation
\u2013
2.1
\u2013
\u2013
\u2013
\u2013
Unallocated
\u2013
\u2013
1.7
\u2013
\u2013
\u2013
Group total
\u2013
2.1
1.8
\u2013
\u2013
\u2013
Geographic analysis of non-current assets The geographic analysis for non-current assets by location of those assets for the years ended 31 March 2025 and 31 March 2024 is as follows:
2025 2024
\u00a3m \u00a3m
United Kingdom
1,473.3
1,464.5
Rest of Europe
64.9
54.3
Africa
26.0
27.5
North America
58.3
16.4
Australasia
154.3
137.7
Rest of World
0.9
3.1
Non-current segment assets
1,777.7
1,703.5
Retirement benefits
98.8
107.3
Lease receivables
26.2
22.5
Derivatives
5.1
2.8
Deferred tax asset
102.8
132.3
Total non-current assets
2,010.6
1,968.4
Geographic analysis of revenue The geographic analysis of revenue by origin of customer for the years ended 31 March 2025 and 31 March 2024 is as follows:
Marine Nuclear Land Aviation Total
Year ended 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
853.3
1,815.8
628.4
150.8
3,448.3
Rest of Europe
40.6
\u2013
31.0
95.7
167.3
Africa
\u2013
\u2013
348.6
\u2013
348.6
North America
197.7
0.2
\u2013
13.0
210.9
Australasia
195.4
\u2013
108.6
62.8
366.8
Rest of World
289.4
\u2013
\u2013
\u2013
289.4
Group total
1,576.4
1,816.0
1,116.6
322.3
4,831.3
Marine Nuclear Land Aviation Total
Year ended 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
765.8
1,519.9
641.0
154.4
3,081.1
Rest of Europe
61.5
\u2013
37.7
102.8
202.0
Africa
\u2013
\u2013
331.6
\u2013
331.6
North America
172.8
0.3
\u2013
20.1
193.2
Australasia
207.6
\u2013
88.3
64.2
360.1
Rest of World
221.4
0.7
\u2013
\u2013
222.1
Group total
1,429.1
1,520.9
1,098.6
341.5
4,390.1
Market sector analysis of revenue The analysis of revenue split between market sectors for the years ended 31 March 2025 and 31 March 2024 is as follows:
Marine Nuclear Land Aviation Total
Year ended 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Defence
1,296.4
1,575.0
547.3
160.8
3,579.5
Civil
280.0
241.0
569.3
161.5
1,251.8
Revenue
1,576.4
1,816.0
1,116.6
322.3
4,831.3
Marine Nuclear Land Aviation Total
Year ended 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Defence
1,200.4
1,338.4
483.4
174.2
3,196.4
Civil
228.7
182.5
615.2
167.3
1,193.7
Revenue
1,429.1
1,520.9
1,098.6
341.5
4,390.1
During the year, the Group has recognised \u00a345.3 million of revenue in respect of performance obligations satisfied or partially satisfied in previous periods (2024: reversal \u00a334.4m). The current year figure is driven by forecast margin improvements and the impact of variable consideration being unconstrained as the highly probable test under IFRS 15 has been satisfied in the period. The prior year figure was significantly impacted by the reduction in margin and consequential revenue reversal on the T31 contract as described in Note 1. This was offset by a number of cumulative catch-ups on a number of other key programmes driven by forecast margin improvements and the impact of variable consideration being unconstrained as the highly probable test under IFRS 15 has been satisfied in the period. At 31 March 2025, there is \u00a37.7 billion (2024 restated: \u00a37.1 billion) of transaction price on contracts with customers that has been allocated to unsatisfied or partially satisfied performance obligations (note this metric has been prepared for IFRS 15 disclosure purposes and therefore does not align to the Group\u2019s contract backlog). Contract backlog is based on the full contractual term of the Group\u2019s agreements whilst the IFRS 15 disclosure may be a shorter contractual period in the event that the customer has the ability to exit contracts prior to the full term for non-substantive penalty payments. Management expects that 39.9% (2024: 42.9%) of the transaction price allocated to unsatisfied performance obligations as at 31 March 2025 will be recognised as revenue during the next reporting period. A further 47.1% (2024: 49.4%) of the transaction price allocated to unsatisfied performance obligations is expected to be recognised as revenue in years two to five after 31 March 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-571": { "value": "Revenue recognition Revenue recognised represents income derived from contracts with customers for the provision of goods and services in the ordinary course of the Group\u2019s activities. The Group recognises revenue in line with IFRS 15, Revenue from Contracts with Customers. IFRS 15 requires the identification of performance obligations in contracts, determination of contract price, allocation of the contract price to the performance obligations and recognition of revenue as performance obligations are satisfied. (i) Performance obligations Contracts are assessed to identify each promise to transfer either a distinct good or service or a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. Goods and services are distinct if the customer can benefit from them either on their own or together with other resources readily available to the customer and they are separately identifiable in the contract. In assessing whether the performance obligations are separately identifiable, the services are reviewed to determine the extent to which the goods or services within a contract are interrelated and whether they modify other goods or services within a contract. The Group also considers whether the goods and/or services are integrated and represent a combined output for which the customer has contracted. The integrated output nature of many of the services provided by the Group results in some contracts only having one performance obligation. (ii) Determination of contract price The contract price represents the amount of consideration which the Group expects to be entitled to in exchange for delivering the promised goods or services to the customer. Contracts can include both fixed and variable consideration. Inclusion of variable consideration in the contract price requires the exercise of judgement in relation to the amount to be received through unpriced contract variations and claims (see section (v) below for further details) and variable elements of existing contracts, such as performance-based penalties and incentives, and gain/pain share arrangements where cost under/over spends are shared with the customer. Given the long-term nature of the Group\u2019s contracts with customers, a number of arrangements include clauses to allow for inflation within the transaction price. Such inflation clauses are treated as variable consideration. Elements of variable consideration are estimated at contract inception and at the end of each reporting period. Any required adjustment is made against the contract price in the period in which the adjustment occurs. Variable consideration is estimated using either the expected value or the most likely amount and is added to the transaction price only to the extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue recognised once the underlying uncertainty is resolved. This judgement is made by suitably qualified and experienced personnel based on the contract terms, status of negotiations with customers and historical experience with customers and with similar contracts. As part of this judgement, variable consideration may be constrained until the uncertainty is resolved. In the case of unpriced variations these will be constrained to the extent that such variable consideration is not considered highly probable. Variable consideration may be included in the total transaction price or, in certain circumstances, may be allocated to a specific time period. Where variable consideration is allocated to a specific time period this will typically be in relation to performance related deductions. (iii) Allocation of contract price to performance obligations Given the bespoke nature of many of the goods and services the Group provides, standalone selling prices are generally not observable and, in these circumstances, the Group allocates the contract price to performance obligations based on cost plus margin. This amount would be the standalone selling price of each performance obligation if contracted with a customer separately. (iv) Revenue and profit recognition Performance obligations are satisfied, and revenue recognised, as control of goods and services is transferred to the customer. Control can be transferred at a point in time or over time and the Group determines, for each performance obligation, whether it is satisfied over time or at a point in time. Revenue recognised over time Performance obligations are satisfied over time if any of the following criteria are satisfied: \u2022 the customer simultaneously receives and consumes the benefits of the Group\u2019s performance as it performs; or \u2022 the Group\u2019s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for work done; or \u2022 the Group\u2019s performance creates or enhances an asset controlled by the customer. Typical performance obligations in the Group\u2019s contracts that are recognised over time include the delivery of services (such as maintenance, engineering and training), as the customer simultaneously receives and consumes the benefits of the Group\u2019s performance as it performs the services. Revenue from the design, manufacture and enhancement of bespoke assets is also recognised over time, as the Group\u2019s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date, being recovery of costs incurred in satisfying the performance obligation plus a reasonable profit margin. Where the Group satisfies performance obligations over time, the Group primarily uses an input method to measure satisfaction of each performance obligation based on costs incurred compared to total estimated contract costs. For the majority of the Group\u2019s contracts, this is deemed to be the most appropriate method to measure Babcock\u2019s effort in satisfying the applicable performance obligations. Costs are included in the measurement of progress towards satisfying the performance obligation to the extent that there is a direct relationship between the input and satisfaction of the performance obligation. For contracts where costs incurred is not deemed to be the most appropriate measure, the Group uses time elapsed to measure satisfaction of the performance obligation. Under most of the Group\u2019s contracts, the customer pays in accordance with a pre-arranged payment schedule or once milestones have been met. If the amount of revenue recognised (as measured by the methods described above) exceeds the amount of cash received from the customer then the difference will be held on the statement of financial position. This will typically be comprised of a mixture of contract assets and trade receivables. If the amount of cash collected together with amounts due under the contract but uncollected exceeds the amount of revenue recognised then the difference is also held on the statement of financial position as a contract liability. See note 16 and note 18 for further details on how contract assets and liabilities are recognised. Revenue recognised at a point in time If control of the goods or services is not transferred to the customer over time, then revenue is recognised at the point in time that control is transferred to the customer. Point in time recognition mainly applies to sale of goods. Control typically transfers to the customer when the customer has legal title to the goods and this is usually coincident with delivery of the goods to the customer and right to receive payment by the Group. These revenues are delivered predominantly by the Aviation and Land sectors and include sales of equipment to commercial customers and procurement of consumables on behalf of the Ministry of Defence (MOD). Sale of goods at a point in time represents approximately 7% of Group revenues (2024: 7%). Assessment of contract profitability Profit is recognised to the extent that the final outcome on contracts can be reliably assessed. Contract outturn assessments are carried out on a contract-by-contract basis, including consideration of technical and other risks, by suitably qualified and experienced personnel and the assessments of all significant contracts are subject to review and challenge. Estimating contract revenues can involve judgements around whether the Group will meet performance targets and/or earn incentives, as well as consideration as to whether it is necessary to constrain variable revenues to meet the highly probable not to significantly reverse test set out in paragraph 56 of IFRS 15. When considering variations, claims and contingencies, the Group analyses various factors including the contractual terms, status of negotiations with the customer and historical experience with that customer and with similar contracts. Estimates of costs include assessment of contract contingencies arising out of technical, commercial, operational and other risks. The assessments of all significant contract outturns are subject to review and challenge and estimation uncertainty is resolved on a contract-by-contract basis as contracts near the end of the project lifecycle. If a contract is deemed to be loss making the present obligation is recognised and measured as provision. Further detail is included in the Provisions accounting policy. (v) Contract modifications Claims and variations The Group\u2019s contracts are often amended for changes in the customers\u2019 requirements. Contract modifications can relate to changes in both contract scope and price arising in the ordinary course of delivering contracts, which are referred to as contract variations. Such variations may arise as a result of customer requests or instructions or from requests from the Group in response to matters arising during the delivery of contracts. For example, some contracts include the requirement to conduct surveys and to report on or to recommend additional work as required. Some contracts may require the Group to proceed with variations and to agree pricing subsequently. See further detail on accounting for contract modifications below. Contract modifications can also refer to changes in price only, with no change in scope, where there is a difference of view or dispute in relation to interpretation of contracts. These contract claims and variations are considered to be modifications as referred to in paragraph 18 of IFRS 15. Accounting for contract modifications The Group accounts for contract modifications in one of three ways, based on the facts and circumstances of the contract modification: 1.Prospectively, as an additional, separate contract; 2.Prospectively, as a termination of the existing contract and creation of a new contract; or 3.As part of the original contract using a cumulative catch-up. The Group recognises contract variations, which impact both scope and price, when they are approved in accordance with IFRS 15. The Group\u2019s preferred approach is to approve contract modifications by formal contract amendment. However, the approval of contract modifications may be required to be carried out at pace and other mechanisms, informed by established customer relationships and local working arrangements, can be used to achieve approval of contract modifications. In approving contract modifications in these circumstances, the Group considers the scope of the contract modification in the context of the contract scope and contract terms. Contract variations where the formal contract amendment has not been received but which are, in management\u2019s judgement, approved are accounted for as a contract modification in accordance with IFRS 15 paragraph 18. Revenue from these contract variations is treated as variable consideration and subject to constraint as outlined in section (ii) above, until the pricing is agreed. Contract claims are also considered to be contract modifications in accordance with IFRS 15, and revenue is subject to constraint as outlined in section (ii). Claims and variations which are not deemed to be contract modifications Claims can also be raised by Babcock against third-party sub-contractors or suppliers to the Group. As these do not relate to contracts with customers, but rather relate to contracts with suppliers, they are not accounted for under IFRS 15. The Group\u2019s accounting policy is to account for such claims in accordance with the contingent asset guidance per IAS 37. Income in relation to these claims will only be recognised once it is virtually certain. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-523": { "value": "Geographic analysis of non-current assets The geographic analysis for non-current assets by location of those assets for the years ended 31 March 2025 and 31 March 2024 is as follows:
2025 2024
\u00a3m \u00a3m
United Kingdom
1,473.3
1,464.5
Rest of Europe
64.9
54.3
Africa
26.0
27.5
North America
58.3
16.4
Australasia
154.3
137.7
Rest of World
0.9
3.1
Non-current segment assets
1,777.7
1,703.5
Retirement benefits
98.8
107.3
Lease receivables
26.2
22.5
Derivatives
5.1
2.8
Deferred tax asset
102.8
132.3
Total non-current assets
2,010.6
1,968.4
Geographic analysis of revenue The geographic analysis of revenue by origin of customer for the years ended 31 March 2025 and 31 March 2024 is as follows:
Marine Nuclear Land Aviation Total
Year ended 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
853.3
1,815.8
628.4
150.8
3,448.3
Rest of Europe
40.6
\u2013
31.0
95.7
167.3
Africa
\u2013
\u2013
348.6
\u2013
348.6
North America
197.7
0.2
\u2013
13.0
210.9
Australasia
195.4
\u2013
108.6
62.8
366.8
Rest of World
289.4
\u2013
\u2013
\u2013
289.4
Group total
1,576.4
1,816.0
1,116.6
322.3
4,831.3
Marine Nuclear Land Aviation Total
Year ended 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
765.8
1,519.9
641.0
154.4
3,081.1
Rest of Europe
61.5
\u2013
37.7
102.8
202.0
Africa
\u2013
\u2013
331.6
\u2013
331.6
North America
172.8
0.3
\u2013
20.1
193.2
Australasia
207.6
\u2013
88.3
64.2
360.1
Rest of World
221.4
0.7
\u2013
\u2013
222.1
Group total
1,429.1
1,520.9
1,098.6
341.5
4,390.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-492": { "value": "
4. Operating profit for the year
The following items have been included in arriving at operating profit for the year:
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Raw materials, subcontracts and other bought-in items used
2,093.0
2,053.1
Change in inventories of finished goods and work-in-progress
29.4
(61.1)
Other operating charges
578.9
482.9
Employee costs (note 6)
1,659.3
1,583.5
Depreciation of property, plant and equipment (note 12)
59.0
52.0
Depreciation of right-of-use assets (note 13)
31.2
39.8
Amortisation of intangible assets (note 11)
\u2022 Acquired intangibles
8.2
10.8
\u2022 Other
19.3
13.2
Impairment of intangible assets (note 11)
\u2013
\u2013
Impairment of property, plant and equipment (note 12)
\u2013
2.1
Impairment of right of use assets (note 13)
1.8
\u2013
Gain on disposal of property, plant and equipment
(0.7)
(17.1)
Loss on disposal of intangible assets
\u2013
0.1
Loss/(gain) on disposal of right-of-use assets
0.1
(3.6)
Net foreign exchange gain
(0.4)
(3.0)
(Gain)/loss on disposal of subsidiaries and joint ventures
(1.5)
3.5
Gain on derivative instruments at fair value through profit or loss
(6.6)
(5.7)
Gain on trade and other receivables measured at fair value
(3.6)
(2.0)
Total operating charges
4,467.4
4,148.5
Services provided by the Group\u2019s auditor and network firms
During the year the Group (including its overseas subsidiaries) obtained the following services from the Group\u2019s auditor:
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Audit fees:
Fees payable to the parent auditor and its associates for the audit of the parent company\u2019s individual
and consolidated financial statements
2.7
2.6
Fees payable to the parent auditor and its associates in respect of the audit of the Company\u2019s
subsidiaries
6.4
10.7
Audit related assurance fees
\u2013
\u2013
Fees for other services:
Other non-audit services
\u2013
\u2013
Total fees paid to the Group\u2019s auditor and network firms
9.1
13.3
Amounts disclosed in the comparative period represent amounts paid to the Group\u2019s auditor for that period \u2013 Deloitte LLP.
As outlined in the Audit Committee report on page 146, the Group changed auditor commencing with the audit of the Consolidated
Financial Statements for the year ended 31 March 2025 and the current period disclosures represent the amounts paid to the
Group\u2019s new auditor (Forvis Mazars LLP) and their network firms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-524": { "value": "4. Operating profit for the year The following items have been included in arriving at operating profit for the year:
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Raw materials, subcontracts and other bought-in items used
2,093.0
2,053.1
Change in inventories of finished goods and work-in-progress
29.4
(61.1)
Other operating charges
578.9
482.9
Employee costs (note 6)
1,659.3
1,583.5
Depreciation of property, plant and equipment (note 12)
59.0
52.0
Depreciation of right-of-use assets (note 13)
31.2
39.8
Amortisation of intangible assets (note 11)
\u2022 Acquired intangibles
8.2
10.8
\u2022 Other
19.3
13.2
Impairment of intangible assets (note 11)
\u2013
\u2013
Impairment of property, plant and equipment (note 12)
\u2013
2.1
Impairment of right of use assets (note 13)
1.8
\u2013
Gain on disposal of property, plant and equipment
(0.7)
(17.1)
Loss on disposal of intangible assets
\u2013
0.1
Loss/(gain) on disposal of right-of-use assets
0.1
(3.6)
Net foreign exchange gain
(0.4)
(3.0)
(Gain)/loss on disposal of subsidiaries and joint ventures
(1.5)
3.5
Gain on derivative instruments at fair value through profit or loss
(6.6)
(5.7)
Gain on trade and other receivables measured at fair value
(3.6)
(2.0)
Total operating charges
4,467.4
4,148.5
Services provided by the Group\u2019s auditor and network firms During the year the Group (including its overseas subsidiaries) obtained the following services from the Group\u2019s auditor:
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Audit fees:
Fees payable to the parent auditor and its associates for the audit of the parent company\u2019s individual
and consolidated financial statements
2.7
2.6
Fees payable to the parent auditor and its associates in respect of the audit of the Company\u2019s
subsidiaries
6.4
10.7
Audit related assurance fees
\u2013
\u2013
Fees for other services:
Other non-audit services
\u2013
\u2013
Total fees paid to the Group\u2019s auditor and network firms
9.1
13.3
Amounts disclosed in the comparative period represent amounts paid to the Group\u2019s auditor for that period \u2013 Deloitte LLP. As outlined in the Audit Committee report on page 146, the Group changed auditor commencing with the audit of the Consolidated Financial Statements for the year ended 31 March 2025 and the current period disclosures represent the amounts paid to the Group\u2019s new auditor (Forvis Mazars LLP) and their network firms.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-549": { "value": "
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Raw materials, subcontracts and other bought-in items used
2,093.0
2,053.1
Change in inventories of finished goods and work-in-progress
29.4
(61.1)
Other operating charges
578.9
482.9
Employee costs (note 6)
1,659.3
1,583.5
Depreciation of property, plant and equipment (note 12)
59.0
52.0
Depreciation of right-of-use assets (note 13)
31.2
39.8
Amortisation of intangible assets (note 11)
\u2022 Acquired intangibles
8.2
10.8
\u2022 Other
19.3
13.2
Impairment of intangible assets (note 11)
\u2013
\u2013
Impairment of property, plant and equipment (note 12)
\u2013
2.1
Impairment of right of use assets (note 13)
1.8
\u2013
Gain on disposal of property, plant and equipment
(0.7)
(17.1)
Loss on disposal of intangible assets
\u2013
0.1
Loss/(gain) on disposal of right-of-use assets
0.1
(3.6)
Net foreign exchange gain
(0.4)
(3.0)
(Gain)/loss on disposal of subsidiaries and joint ventures
(1.5)
3.5
Gain on derivative instruments at fair value through profit or loss
(6.6)
(5.7)
Gain on trade and other receivables measured at fair value
(3.6)
(2.0)
Total operating charges
4,467.4
4,148.5
12. Property, plant and equipment Property, plant and equipment is shown at cost less subsequent depreciation and impairment, except for land, which is shown at cost less impairment. Cost includes expenditure that is directly attributable to the acquisition of the items after the deduction of trade discounts and rebates. Items of property, plant and equipment are depreciated over their estimated useful lives to any estimated residual value, using the following rates:
Freehold property
2.0% to 8.0%
Leasehold property Lower of useful economic life or lease term
Plant and equipment 6.6% to 33.3%
Aircraft airframes
2%
Major strategic aircraft spares are classified within property, plant and equipment. Aircraft assets, including spares, are disaggregated into separate components where the components have differing useful lives with the value of each rotable component being measured at the cost of replacement or overhaul of the component and the remaining value of the asset being attributed to the airframe component. Depreciation is provided on a straight-line basis, or in the case of certain aircraft components on an hours flown basis, to write off the cost of PPE over the estimated useful lives to their estimated residual value (reassessed at each financial year end). Subsequent expenditure on the replacement or overhaul of aircraft components is capitalised with the carrying value of the part replaced being written off. Subsequent expenditure on maintenance which enhances the performance of aircraft airframes is capitalised whilst expenditure on replacing elements of aircraft airframes is expensed. Components of owned aircraft which are maintained under Power-by-the-hour maintenance arrangements are not depreciated with the associated payments to the maintenance provider instead being expensed as incurred, as the residual value of the asset is deemed to be equivalent to the cost of the asset. Any additional payments made to or received from maintenance providers at the conclusion of Power-by-the- hour maintenance arrangements are recognised as an expense or as income at the time at which they are incurred or received. The useful economic life of aircraft is based on management\u2019s estimate of how long the aircraft will continue to be operated in the same manner or a similar manner, typically not exceeding 30 years. Where the Group acquires aircraft which have already been used, and may already exceed the typical useful economic life, an individual assessment of useful economic life is performed. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Qualifying assets include both internally generated intangible assets and property, plant and equipment. To the extent that variable rate borrowings are used to finance a qualifying asset and are hedged in an effective cash flow hedge of interest rate risk, the effective portion of the derivative is recognised in Other Comprehensive Income and reclassified to the Income Statement when the qualifying asset impacts profit or loss. To the extent that fixed rate borrowings are used to finance a qualifying asset and are hedged in an effective fair value hedge of interest rate risk, the capitalised borrowing costs reflect the hedged interest rate. For the year ended 31 March 2025, the average capitalisation rate of borrowing costs was 4.0% (2024: 3.7%). All other borrowing costs are recognised in the Income Statement in the period in which they are incurred. Impairment For property, plant and equipment the Group performs impairment testing where indicators of impairment are identified. Impairment testing is performed at the individual asset level. Where an asset does not generate cash flows that are separately identifiable from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Where an impairment loss on other non-financial non-current assets subsequently reverses, the carrying amount of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised in prior years.
Assets in
Freehold Leasehold Plant and Aircraft course of
property property equipment fleet construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2024 (as restated)
220.9
15.4
572.6
87.4
124.1
1,020.4
Additions
2.3
1.0
11.8
17.8
72.1
105.0
Transfers to other intangible assets (note 11)
\u2013
\u2013
(4.4)
\u2013
\u2013
(4.4)
Transfers from right of use assets (note 13)
\u2013
\u2013
5.0
\u2013
0.5
5.5
Reclassification from AUC to in-use assets
2.5
18.6
36.2
13.5
(70.8)
\u2013
Disposals
(0.4)
(0.7)
(13.3)
(3.6)
(1.7)
(19.7)
Disposal of business
\u2013
\u2013
(3.6)
\u2013
\u2013
(3.6)
Capitalised borrowing costs
\u2013
\u2013
\u2013
\u2013
5.0
5.0
Exchange adjustments
(0.1)
\u2013
(1.9)
(2.8)
(0.5)
(5.3)
At 31 March 2025
225.2
34.3
602.4
112.3
128.7
1,102.9
Accumulated depreciation
At 1 April 2024 (as restated)
79.8
13.0
378.8
25.4
6.3
503.3
Depreciation charge for the year
13.7
2.9
37.8
4.6
\u2013
59.0
Transfers to other intangible assets (note 11)
\u2013
\u2013
(2.9)
\u2013
\u2013
(2.9)
Transfers from right of use assets (note 13)
\u2013
\u2013
5.0
\u2013
\u2013
5.0
Reclassification between categories
(3.4)
\u2013
(4.3)
7.7
\u2013
\u2013
Disposal of business
\u2013
\u2013
(3.6)
\u2013
\u2013
(3.6)
Disposals
\u2013
(0.7)
(11.0)
(2.6)
\u2013
(14.3)
Exchange adjustments
0.2
(0.1)
(1.2)
(1.4)
\u2013
(2.5)
At 31 March 2025
90.3
15.1
398.6
33.7
6.3
544.0
Net book value at 31 March 2025
134.9
19.2
203.8
78.6
122.4
558.9
Cost
At 1 April 2023 (as previously reported)
212.2
15.2
571.0
97.5
90.8
986.7
Restatement (see below)
0.3
\u2013
(39.7)
7.5
\u2013
(31.9)
At 1 April 2023 (as restated)
212.5
15.2
531.3
105.0
90.8
954.8
Additions
2.3
0.1
22.2
5.3
77.7
107.6
Reclassified to other intangible assets (note 11)
\u2013
\u2013
(1.4)
\u2013
\u2013
(1.4)
Reclassification from AUC to in-use assets
10.4
0.2
37.2
0.3
(48.1)
\u2013
Disposals
(4.1)
\u2013
(12.0)
(21.0)
\u2013
(37.1)
Capitalised borrowing costs
\u2013
\u2013
\u2013
\u2013
3.9
3.9
Exchange adjustments
(0.2)
(0.1)
(4.7)
(2.2)
(0.2)
(7.4)
At 31 March 2024 (as restated)
220.9
15.4
572.6
87.4
124.1
1,020.4
Accumulated depreciation
At 1 April 2023 (as previously reported)
74.4
12.1
390.6
24.9
6.2
508.2
Restatement (see below)
0.3
\u2013
(39.7)
7.5
\u2013
(31.9)
At 1 April 2023 (as restated)
74.7
12.1
350.9
32.4
6.2
476.3
Depreciation charge for the year
7.4
1.0
39.1
4.5
\u2013
52.0
Impairment
\u2013
\u2013
\u2013
2.1
\u2013
2.1
Disposals
(2.2)
\u2013
(8.7)
(12.7)
\u2013
(23.6)
Exchange adjustments
(0.1)
(0.1)
(2.5)
(0.9)
0.1
(3.5)
At 31 March 2024
79.8
13.0
378.8
25.4
6.3
503.3
Net book value at 31 March 2024 (as restated)
141.1
2.4
193.8
62.0
117.8
517.1
During the year, the Group has identified that a number of fully depreciated assets are no longer in use. These assets have been derecognised through restatement of the 1 April 2023 opening balances as shown above.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-550": { "value": "Services provided by the Group\u2019s auditor and network firms During the year the Group (including its overseas subsidiaries) obtained the following services from the Group\u2019s auditor:
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Audit fees:
Fees payable to the parent auditor and its associates for the audit of the parent company\u2019s individual
and consolidated financial statements
2.7
2.6
Fees payable to the parent auditor and its associates in respect of the audit of the Company\u2019s
subsidiaries
6.4
10.7
Audit related assurance fees
\u2013
\u2013
Fees for other services:
Other non-audit services
\u2013
\u2013
Total fees paid to the Group\u2019s auditor and network firms
9.1
13.3
Amounts disclosed in the comparative period represent amounts paid to the Group\u2019s auditor for that period \u2013 Deloitte LLP. As outlined in the Audit Committee report on page 146, the Group changed auditor commencing with the audit of the Consolidated Financial Statements for the year ended 31 March 2025 and the current period disclosures represent the amounts paid to the Group\u2019s new auditor (Forvis Mazars LLP) and their network firms.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-493": { "value": "5. Net finance costs
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Finance costs
Loans, overdrafts and associated interest rate hedges
37.1
38.5
Lease interest and foreign exchange movements on lease liabilities
15.1
9.6
Amortisation of issue costs of bank loan
2.1
3.0
Retirement benefit interest cost (note 25)
4.5
0.8
Other
7.4
8.2
Capitalised borrowing costs (note 12)
(5.0)
(3.9)
Total finance costs
61.2
56.2
Finance income
Bank deposits, loans and leases
28.7
21.6
IFRIC 12 Investment income
0.4
0.5
Total finance income
29.1
22.1
Net finance costs
32.1
34.1
Net finance costs decreased to \u00a332.1 million (2024: \u00a334.1 million). Included in finance costs are \u00a30.5 million (2024: \u00a34.4 million) relating to the factoring of receivables for the Mentor contract in France (within other finance costs). All finance income is calculated on an effective Interest Rate basis. All finance costs are calculated on an effective interest rate basis with the exception of \u00a34.6 million (2024: \u00a32.8 million) of fair value costs on fair value remeasurement of the Group\u2019s interest rate derivatives and the Retirement benefit interest cost (measured under IAS 19 \u2013 see Note 25). Finance costsFinance costs are recognised as an expense in the period in which they are incurred unless they are attributable to an asset under construction, in which case finance costs are capitalised. Further detail on the capitalisation of borrowing costs is given in Note 12. Finance incomeFinance income is recognised in the period to which it relates using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-525": { "value": "5. Net finance costs
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Finance costs
Loans, overdrafts and associated interest rate hedges
37.1
38.5
Lease interest and foreign exchange movements on lease liabilities
15.1
9.6
Amortisation of issue costs of bank loan
2.1
3.0
Retirement benefit interest cost (note 25)
4.5
0.8
Other
7.4
8.2
Capitalised borrowing costs (note 12)
(5.0)
(3.9)
Total finance costs
61.2
56.2
Finance income
Bank deposits, loans and leases
28.7
21.6
IFRIC 12 Investment income
0.4
0.5
Total finance income
29.1
22.1
Net finance costs
32.1
34.1
Net finance costs decreased to \u00a332.1 million (2024: \u00a334.1 million). Included in finance costs are \u00a30.5 million (2024: \u00a34.4 million) relating to the factoring of receivables for the Mentor contract in France (within other finance costs). All finance income is calculated on an effective Interest Rate basis. All finance costs are calculated on an effective interest rate basis with the exception of \u00a34.6 million (2024: \u00a32.8 million) of fair value costs on fair value remeasurement of the Group\u2019s interest rate derivatives and the Retirement benefit interest cost (measured under IAS 19 \u2013 see Note 25). Finance costsFinance costs are recognised as an expense in the period in which they are incurred unless they are attributable to an asset under construction, in which case finance costs are capitalised. Further detail on the capitalisation of borrowing costs is given in Note 12. Finance incomeFinance income is recognised in the period to which it relates using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-551": { "value": "5. Net finance costs
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Finance costs
Loans, overdrafts and associated interest rate hedges
37.1
38.5
Lease interest and foreign exchange movements on lease liabilities
15.1
9.6
Amortisation of issue costs of bank loan
2.1
3.0
Retirement benefit interest cost (note 25)
4.5
0.8
Other
7.4
8.2
Capitalised borrowing costs (note 12)
(5.0)
(3.9)
Total finance costs
61.2
56.2
Finance income
Bank deposits, loans and leases
28.7
21.6
IFRIC 12 Investment income
0.4
0.5
Total finance income
29.1
22.1
Net finance costs
32.1
34.1
Net finance costs decreased to \u00a332.1 million (2024: \u00a334.1 million). Included in finance costs are \u00a30.5 million (2024: \u00a34.4 million) relating to the factoring of receivables for the Mentor contract in France (within other finance costs). All finance income is calculated on an effective Interest Rate basis. All finance costs are calculated on an effective interest rate basis with the exception of \u00a34.6 million (2024: \u00a32.8 million) of fair value costs on fair value remeasurement of the Group\u2019s interest rate derivatives and the Retirement benefit interest cost (measured under IAS 19 \u2013 see Note 25). Finance costsFinance costs are recognised as an expense in the period in which they are incurred unless they are attributable to an asset under construction, in which case finance costs are capitalised. Further detail on the capitalisation of borrowing costs is given in Note 12. Finance incomeFinance income is recognised in the period to which it relates using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-560": { "value": "5. Net finance costs
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Finance costs
Loans, overdrafts and associated interest rate hedges
37.1
38.5
Lease interest and foreign exchange movements on lease liabilities
15.1
9.6
Amortisation of issue costs of bank loan
2.1
3.0
Retirement benefit interest cost (note 25)
4.5
0.8
Other
7.4
8.2
Capitalised borrowing costs (note 12)
(5.0)
(3.9)
Total finance costs
61.2
56.2
Finance income
Bank deposits, loans and leases
28.7
21.6
IFRIC 12 Investment income
0.4
0.5
Total finance income
29.1
22.1
Net finance costs
32.1
34.1
Net finance costs decreased to \u00a332.1 million (2024: \u00a334.1 million). Included in finance costs are \u00a30.5 million (2024: \u00a34.4 million) relating to the factoring of receivables for the Mentor contract in France (within other finance costs). All finance income is calculated on an effective Interest Rate basis. All finance costs are calculated on an effective interest rate basis with the exception of \u00a34.6 million (2024: \u00a32.8 million) of fair value costs on fair value remeasurement of the Group\u2019s interest rate derivatives and the Retirement benefit interest cost (measured under IAS 19 \u2013 see Note 25). Finance costsFinance costs are recognised as an expense in the period in which they are incurred unless they are attributable to an asset under construction, in which case finance costs are capitalised. Further detail on the capitalisation of borrowing costs is given in Note 12. Finance incomeFinance income is recognised in the period to which it relates using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-563": { "value": "5. Net finance costs
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Finance costs
Loans, overdrafts and associated interest rate hedges
37.1
38.5
Lease interest and foreign exchange movements on lease liabilities
15.1
9.6
Amortisation of issue costs of bank loan
2.1
3.0
Retirement benefit interest cost (note 25)
4.5
0.8
Other
7.4
8.2
Capitalised borrowing costs (note 12)
(5.0)
(3.9)
Total finance costs
61.2
56.2
Finance income
Bank deposits, loans and leases
28.7
21.6
IFRIC 12 Investment income
0.4
0.5
Total finance income
29.1
22.1
Net finance costs
32.1
34.1
Net finance costs decreased to \u00a332.1 million (2024: \u00a334.1 million). Included in finance costs are \u00a30.5 million (2024: \u00a34.4 million) relating to the factoring of receivables for the Mentor contract in France (within other finance costs). All finance income is calculated on an effective Interest Rate basis. All finance costs are calculated on an effective interest rate basis with the exception of \u00a34.6 million (2024: \u00a32.8 million) of fair value costs on fair value remeasurement of the Group\u2019s interest rate derivatives and the Retirement benefit interest cost (measured under IAS 19 \u2013 see Note 25). Finance costsFinance costs are recognised as an expense in the period in which they are incurred unless they are attributable to an asset under construction, in which case finance costs are capitalised. Further detail on the capitalisation of borrowing costs is given in Note 12. Finance incomeFinance income is recognised in the period to which it relates using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-568": { "value": "5. Net finance costs
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Finance costs
Loans, overdrafts and associated interest rate hedges
37.1
38.5
Lease interest and foreign exchange movements on lease liabilities
15.1
9.6
Amortisation of issue costs of bank loan
2.1
3.0
Retirement benefit interest cost (note 25)
4.5
0.8
Other
7.4
8.2
Capitalised borrowing costs (note 12)
(5.0)
(3.9)
Total finance costs
61.2
56.2
Finance income
Bank deposits, loans and leases
28.7
21.6
IFRIC 12 Investment income
0.4
0.5
Total finance income
29.1
22.1
Net finance costs
32.1
34.1
Net finance costs decreased to \u00a332.1 million (2024: \u00a334.1 million). Included in finance costs are \u00a30.5 million (2024: \u00a34.4 million) relating to the factoring of receivables for the Mentor contract in France (within other finance costs). All finance income is calculated on an effective Interest Rate basis. All finance costs are calculated on an effective interest rate basis with the exception of \u00a34.6 million (2024: \u00a32.8 million) of fair value costs on fair value remeasurement of the Group\u2019s interest rate derivatives and the Retirement benefit interest cost (measured under IAS 19 \u2013 see Note 25). Finance costsFinance costs are recognised as an expense in the period in which they are incurred unless they are attributable to an asset under construction, in which case finance costs are capitalised. Further detail on the capitalisation of borrowing costs is given in Note 12. Finance incomeFinance income is recognised in the period to which it relates using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-494": { "value": "6. Employee costs
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Wages and salaries
1,379.6
1,305.2
Social security costs
147.1
131.3
Share-based payments (note 24)
14.3
12.4
Pension costs \u2013 defined contribution plans (note 25)
101.6
110.7
Pension charges \u2013 defined benefit plans (note 25)
16.7
23.9
1,659.3
1,583.5
The average monthly number of people employed by the Group was:
2025 2024
Number Number
Marine
7,358
6,801
Nuclear
9,326
8,681
Land
6,346
6,042
Aviation
2,558
2,494
Central functions
1,270
1,145
26,858
25,163
Emoluments of the Executive Directors are included in employee costs above and reported in the Remuneration report. Employee costs are recognised as an expense in the period in which they are incurred with the exception of long-term employee benefits which are recognised in accordance with IAS 19 (see Note 25 for more details) and share based payment charges which are recognised in accordance with IFRS 2 (see Note 24 for more details).
Key management compensation
Key management is defined as those employees who are directly responsible for the operational management of the operating
segments. The employees would typically report to the Chief Executive. The key management figures given below include Directors.
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Salaries and other short term employee benefits
16.1
13.5
Post-employment benefits
0.6
0.6
Termination benefits
0.8
0.5
Share-based payments
6.5
5.9
24.0
20.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-572": { "value": "
Finance costs
Finance costs are recognised as an expense in the period in which they are incurred unless they are attributable to an asset
under construction, in which case finance costs are capitalised. Further detail on the capitalisation of borrowing costs is given
in Note 12.
Finance income
Finance income is recognised in the period to which it relates using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-599": { "value": "Finance costs Finance costs are recognised as an expense in the period in which they are incurred unless they are attributable to an asset under construction, in which case finance costs are capitalised. Further detail on the capitalisation of borrowing costs is given in Note 12. Finance income Finance income is recognised in the period to which it relates using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-590": { "value": "Finance costs Finance costs are recognised as an expense in the period in which they are incurred unless they are attributable to an asset under construction, in which case finance costs are capitalised. Further detail on the capitalisation of borrowing costs is given in Note 12. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-573": { "value": "Employee costs are recognised as an expense in the period in which they are incurred with the exception of long-term employee benefits which are recognised in accordance with IAS 19 (see Note 25 for more details) and share based payment charges which are recognised in accordance with IFRS 2 (see Note 24 for more details).
The Group operates a number of pension schemes. The schemes are generally funded through payments to trustee-
administered funds, determined by periodic actuarial calculations. The Group has both defined benefit and defined contribution
plans. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on
retirement, usually dependent on one or more factors such as age, years of service and compensation. A defined contribution
plan is a pension plan under which the Group pays fixed contributions into a separate entity.
Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement
as incurred.
For defined benefit pension schemes, the cost of providing benefits is determined using the projected unit credit actuarial
valuation method. The service cost and associated administration costs of the Group\u2019s pension schemes are charged to
operating profit. In addition, a retirement benefit interest charge on the net pension deficit or interest credit on the net pension
surplus is included in the income statement as a finance cost or finance income, respectively. Actuarial gains and losses are
recognised directly in equity through the statement of comprehensive income so that the Group\u2019s statement of financial position
reflects the IAS 19 measurement of the schemes\u2019 surpluses or deficits at the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-526": { "value": "Key management compensation Key management is defined as those employees who are directly responsible for the operational management of the operating segments. The employees would typically report to the Chief Executive. The key management figures given below include Directors.
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Salaries and other short term employee benefits
16.1
13.5
Post-employment benefits
0.6
0.6
Termination benefits
0.8
0.5
Share-based payments
6.5
5.9
24.0
20.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-495": { "value": "
7. Taxation
Current income tax
Current income tax, including UK corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates
and laws that have been enacted or substantively enacted by the reporting date.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the
reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation
is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment.
The Group measures its tax balances either based on the most likely amount or the expected value, depending on which
method provides a better prediction of the resolution of the uncertainty.
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to
settle on a net basis, or to realise the asset and settle the liability simultaneously.
Deferred income tax
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax basis of
assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax
arises from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the
transaction affects neither accounting nor taxable profit or loss, it is not accounted for. Deferred income tax is determined using
tax rates and laws that have been enacted, or substantively enacted, by the reporting date and are expected to apply when the
related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against
which the temporary differences can be utilised. Deferred tax assets are recognised where deferred tax liabilities exist and are
expected to reverse in the same period as the deferred tax asset or in periods into which a loss arising from a deferred tax asset
can be carried forward or back. In the absence of sufficient deferred tax liabilities, deferred tax assets are recognised where it is
probable that there will be future taxable profits from other sources against which a loss arising from the deferred tax asset can
be offset. In assessing the availability of future profits, the Group uses profit forecasts consistent with those used for goodwill
impairment testing.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities
and where the deferred tax balances relate to the same taxation authority.
Tax is recognised in the income statement except to the extent that it relates to items recognised directly in either other
comprehensive income or in equity.
Income tax expense
Total
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Analysis of tax expense in the year
Current tax
\u2022 UK current year expense
15.7
\u2013
\u2022 UK prior year expense
2.5
\u2013
\u2022 Overseas current year expense
20.6
21.8
\u2022 Overseas prior year expense / (benefit)
\u2013
(0.1)
38.8
21.7
Deferred tax
\u2022 UK current year expense
53.0
26.1
\u2022 UK prior year (benefit) / expense
(9.1)
0.5
\u2022 Overseas current year expense
1.7
1.8
\u2022 Overseas prior year benefit
(0.6)
(2.2)
\u2022 Impact of changes in tax rates
(3.6)
0.6
41.4
26.8
Total income tax expense
80.2
48.5
The tax for the year is lower (2024: lower) than the standard rate of corporation tax in the UK. The differences are explained below:
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Profit before tax
329.1
216.7
Profit on ordinary activities multiplied by rate of corporation tax in the UK of 25% (2024: 25%)
82.3
54.2
Effects of:
Expenses not deductible for tax purposes
5.7
3.4
Re-measurement of deferred tax in respect of statutory rate changes
(3.6)
0.6
Difference in respect of share of results of joint ventures and associates\u2019 results
0.7
(2.6)
Prior year adjustments
(7.1)
(1.8)
Differences in respect of foreign rates
1.4
2.0
Unrecognised deferred tax movements
6.3
2.5
Deferred tax not previously recognised/derecognised
(0.9)
(3.1)
Non-taxable profits on disposals and non-deductible losses on disposals
(0.2)
(2.1)
Pillar Two top-up tax
0.5
\u2013
Other
(4.9)
(4.6)
Total income tax expense
80.2
48.5
Further information on exceptional items and tax on exceptional items is detailed in note 2.
The Group is subject to taxation in several jurisdictions. The complexity of applicable rules may result in legitimate differences
of interpretation between the Group and taxing authorities, especially where an economic judgement or valuation is involved.
The outcome of tax authority disputes in such areas is not predictable, and to reflect the effect of these uncertain tax positions
a provision is recorded which represents management\u2019s assessment of the most likely outcome of each issue. At 31 March 2025
the Group held uncertain tax positions of \u00a344.6 million (2024: \u00a323.7 million). Of this amount, \u00a332.3 million (2024: \u00a311.6 million)
relates to ongoing discussions with HMRC regarding prior periods.
In July 2023, the UK enacted legislation to introduce the \u2018Pillar Two\u2019 global minimum tax model rules of the OECD\u2019s Inclusive
Framework on Base Erosion and Profit Shifting and a UK qualified domestic minimum top-up tax. The legislation applies to the Group
with effect from 1 April 2024. Under the Pillar Two rules, a top-up tax liability arises where the Group\u2019s effective tax rate
in a jurisdiction is below 15%. The Group has applied the temporary mandatory relief from deferred tax accounting for the impacts of
the top-up tax and accounts for it as a current tax when it is incurred.
The Group has recorded a Pillar Two global minimum tax charge of \u00a30.5 million for the period, relating to the Group\u2019s earnings
in Oman. This top-up tax will be borne by Babcock International Group Limited. It is not expected that Pillar Two top-up taxes will
significantly increase the Group\u2019s tax charge in future periods.
Deferred tax
Deferred tax assets and deferred tax liabilities have been offset if, and only if, there is a legally enforceable right in that jurisdiction
to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes
levied by the same Taxation Authorities:
2025 2024
\u00a3m \u00a3m
Deferred tax asset
102.8
132.3
Deferred tax liability
(5.9)
(6.4)
96.9
125.9
The movements in deferred tax assets and liabilities during the year are shown below.
Retirement
benefit
Tangible assets obligations Tax losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2024
(45.1)
27.0
128.0
16.0
125.9
Income statement credit/(debit)
4.0
(21.6)
(33.6)
6.0
(45.2)
Tax credit to other comprehensive income/equity
\u2013
(3.9)
\u2013
(0.4)
(4.3)
Transfer to income tax receivable
\u2013
\u2013
17.2
\u2013
17.2
Disposal of business
\u2013
\u2013
\u2013
(0.1)
(0.1)
Effect of changes in tax rates
\u2022 Income statement
\u2013
\u2013
4.2
(0.6)
3.6
Exchange differences
(0.1)
\u2013
(0.3)
0.2
(0.2)
At 31 March 2025
(41.2)
1.5
115.5
21.1
96.9
At 1 April 2023
(40.9)
15.3
128.0
2.8
105.2
Income statement credit/(debit)
(6.9)
(26.7)
(2.7)
10.1
(26.2)
Tax credit/(debit) to other comprehensive income/equity
\u2013
38.4
\u2013
4.0
42.4
Transfer from income tax receivable
\u2013
\u2013
5.3
\u2013
5.3
Reclassification
0.6
\u2013
0.3
(0.9)
\u2013
Effect of changes in tax rates
\u2022 Income statement
1.7
\u2013
(2.4)
0.1
(0.6)
Exchange differences
0.4
\u2013
(0.5)
(0.1)
(0.2)
At 31 March 2024
(45.1)
27.0
128.0
16.0
125.9
The net deferred tax assets of \u00a396.9 million (2024: \u00a3125.9 million) include deferred tax assets of \u00a312.5 million (2024: \u00a314.0 million)
and deferred tax liabilities of \u00a35.9 million (2024: \u00a36.5 million) in respect of the Group\u2019s non-UK operations.
Deferred tax assets have been recognised in respect of tax losses and other temporary differences giving rise to deferred tax assets
because the Directors believe that it is probable that these assets will be recovered. The recognition of deferred tax assets in
respect of losses can be subjective. The Group\u2019s approach to the recognition of deferred tax assets in respect of losses, including
how the Group assesses future profitability for recognition purposes, is set out in the accounting policy above.
Net deferred tax assets have been recognised principally in respect of operations in the following jurisdictions: United Kingdom
(\u00a390.4 million), Australia (\u00a33.6 million), France (\u00a30.9 million), South Africa (\u00a37.4 million) and New Zealand (\u00a30.5 million). In the prior
year net deferred tax assets were recognised principally in the following jurisdictions: United Kingdom (\u00a3118.2 million), Australia
(\u00a34.8 million), France (\u00a30.9 million), South Africa (\u00a37.4 million) and New Zealand (\u00a30.8 million). The UK was in a net tax loss position
for each of the years ended 31 March 2021 to 31 March 2024. The losses for the years ended 31 March 2021 and 2022 reflected the
contract profitability and balance sheet review carried out in 2021 and the restructuring of the business in 2022. The tax losses in
the years ended 31 March 2023 and 31 March 2024 were principally attributable to the provisions in respect of the Type 31 contract,
together with timing differences between the reporting and taxable result. The UK has taxable profits in the year ended 31 March
2025. The Directors do not consider that the results for these earlier periods are representative of future trading performance and
are satisfied that these net deferred tax assets are recoverable based on future profit forecasts.
No deferred tax has been recognised in respect of temporary differences associated with investments in subsidiaries, branches,
associates and interests in joint ventures and joint operations where the Group is in a position to control the timing of the reversal of
the temporary differences and it is probable that such differences will not reverse in the foreseeable future. The aggregate amount
of temporary differences associated with such investments in subsidiaries, branches, associates and interests in joint ventures
and joint operations is represented by their post acquisition retained earnings and amounted to \u00a3283 million (2024: \u00a3137 million).
At the statement of financial position date, deferred tax assets of \u00a3115.5 million (2024: \u00a3128.0 million) have been recognised in
respect of unused tax losses available for carry forward. No deferred tax asset has been recognised in respect of further unutilised
tax losses carried forward (excluding capital losses) and interest of \u00a3124.2 million (2024: \u00a3110.5 million). In addition to these
amounts, UK capital losses of \u00a3201.3 million (2024: \u00a3190.4 million) are being carried forward, with no deferred tax asset having been
recognised. Where a deferred tax asset has not been recognised in respect of losses, this is because management considers that
those jurisdictions are not likely to generate sufficient taxable income of the appropriate type in the foreseeable future. The amounts
shown can be carried forward indefinitely.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-574": { "value": "Current income tax Current income tax, including UK corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the reporting date. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Deferred income tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss, it is not accounted for. Deferred income tax is determined using tax rates and laws that have been enacted, or substantively enacted, by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets are recognised where deferred tax liabilities exist and are expected to reverse in the same period as the deferred tax asset or in periods into which a loss arising from a deferred tax asset can be carried forward or back. In the absence of sufficient deferred tax liabilities, deferred tax assets are recognised where it is probable that there will be future taxable profits from other sources against which a loss arising from the deferred tax asset can be offset. In assessing the availability of future profits, the Group uses profit forecasts consistent with those used for goodwill impairment testing. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in either other comprehensive income or in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-591": { "value": "Deferred income tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss, it is not accounted for. Deferred income tax is determined using tax rates and laws that have been enacted, or substantively enacted, by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets are recognised where deferred tax liabilities exist and are expected to reverse in the same period as the deferred tax asset or in periods into which a loss arising from a deferred tax asset can be carried forward or back. In the absence of sufficient deferred tax liabilities, deferred tax assets are recognised where it is probable that there will be future taxable profits from other sources against which a loss arising from the deferred tax asset can be offset. In assessing the availability of future profits, the Group uses profit forecasts consistent with those used for goodwill impairment testing. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in either other comprehensive income or in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-569": { "value": "Deferred tax Deferred tax assets and deferred tax liabilities have been offset if, and only if, there is a legally enforceable right in that jurisdiction to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same Taxation Authorities:
2025 2024
\u00a3m \u00a3m
Deferred tax asset
102.8
132.3
Deferred tax liability
(5.9)
(6.4)
96.9
125.9
The movements in deferred tax assets and liabilities during the year are shown below.
Retirement
benefit
Tangible assets obligations Tax losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2024
(45.1)
27.0
128.0
16.0
125.9
Income statement credit/(debit)
4.0
(21.6)
(33.6)
6.0
(45.2)
Tax credit to other comprehensive income/equity
\u2013
(3.9)
\u2013
(0.4)
(4.3)
Transfer to income tax receivable
\u2013
\u2013
17.2
\u2013
17.2
Disposal of business
\u2013
\u2013
\u2013
(0.1)
(0.1)
Effect of changes in tax rates
\u2022 Income statement
\u2013
\u2013
4.2
(0.6)
3.6
Exchange differences
(0.1)
\u2013
(0.3)
0.2
(0.2)
At 31 March 2025
(41.2)
1.5
115.5
21.1
96.9
At 1 April 2023
(40.9)
15.3
128.0
2.8
105.2
Income statement credit/(debit)
(6.9)
(26.7)
(2.7)
10.1
(26.2)
Tax credit/(debit) to other comprehensive income/equity
\u2013
38.4
\u2013
4.0
42.4
Transfer from income tax receivable
\u2013
\u2013
5.3
\u2013
5.3
Reclassification
0.6
\u2013
0.3
(0.9)
\u2013
Effect of changes in tax rates
\u2022 Income statement
1.7
\u2013
(2.4)
0.1
(0.6)
Exchange differences
0.4
\u2013
(0.5)
(0.1)
(0.2)
At 31 March 2024
(45.1)
27.0
128.0
16.0
125.9
The net deferred tax assets of \u00a396.9 million (2024: \u00a3125.9 million) include deferred tax assets of \u00a312.5 million (2024: \u00a314.0 million) and deferred tax liabilities of \u00a35.9 million (2024: \u00a36.5 million) in respect of the Group\u2019s non-UK operations. Deferred tax assets have been recognised in respect of tax losses and other temporary differences giving rise to deferred tax assets because the Directors believe that it is probable that these assets will be recovered. The recognition of deferred tax assets in respect of losses can be subjective. The Group\u2019s approach to the recognition of deferred tax assets in respect of losses, including how the Group assesses future profitability for recognition purposes, is set out in the accounting policy above. Net deferred tax assets have been recognised principally in respect of operations in the following jurisdictions: United Kingdom (\u00a390.4 million), Australia (\u00a33.6 million), France (\u00a30.9 million), South Africa (\u00a37.4 million) and New Zealand (\u00a30.5 million). In the prior year net deferred tax assets were recognised principally in the following jurisdictions: United Kingdom (\u00a3118.2 million), Australia (\u00a34.8 million), France (\u00a30.9 million), South Africa (\u00a37.4 million) and New Zealand (\u00a30.8 million). The UK was in a net tax loss position for each of the years ended 31 March 2021 to 31 March 2024. The losses for the years ended 31 March 2021 and 2022 reflected the contract profitability and balance sheet review carried out in 2021 and the restructuring of the business in 2022. The tax losses in the years ended 31 March 2023 and 31 March 2024 were principally attributable to the provisions in respect of the Type 31 contract, together with timing differences between the reporting and taxable result. The UK has taxable profits in the year ended 31 March 2025. The Directors do not consider that the results for these earlier periods are representative of future trading performance and are satisfied that these net deferred tax assets are recoverable based on future profit forecasts. No deferred tax has been recognised in respect of temporary differences associated with investments in subsidiaries, branches, associates and interests in joint ventures and joint operations where the Group is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future. The aggregate amount of temporary differences associated with such investments in subsidiaries, branches, associates and interests in joint ventures and joint operations is represented by their post acquisition retained earnings and amounted to \u00a3283 million (2024: \u00a3137 million). At the statement of financial position date, deferred tax assets of \u00a3115.5 million (2024: \u00a3128.0 million) have been recognised in respect of unused tax losses available for carry forward. No deferred tax asset has been recognised in respect of further unutilised tax losses carried forward (excluding capital losses) and interest of \u00a3124.2 million (2024: \u00a3110.5 million). In addition to these amounts, UK capital losses of \u00a3201.3 million (2024: \u00a3190.4 million) are being carried forward, with no deferred tax asset having been recognised. Where a deferred tax asset has not been recognised in respect of losses, this is because management considers that those jurisdictions are not likely to generate sufficient taxable income of the appropriate type in the foreseeable future. The amounts shown can be carried forward indefinitely. 18. Trade and other payables and contract liabilities
2025 2024
\u00a3m \u00a3m - Restated
Current liabilities
Contract liabilities
759.4
685.3
Trade creditors
229.2
314.3
Amounts due to related parties (note 31)
3.3
1.5
Other creditors
12.2
13.5
Defined contribution pension creditor
8.2
8.3
Other taxes and social security
84.6
71.1
Accruals
610.5
540.5
Trade and other payables
948.0
949.2
Trade and other payables and contract liabilities
1,707.4
1,634.5
Non-current liabilities
Non-current accruals
3.8
4.8
Other creditors
0.4
0.6
4.2
5.4
Included in creditors is \u00a310.4 million (2024: \u00a311.4 million) relating to capital expenditure which has therefore not been included in working capital movements within the cash flow statement. Significant changes in contract liabilities during the year are as follows:
Contract
liabilities
\u00a3m
1 April 2024 (Restated) 685.3
Revenue recognised that was included in the contract liability balance at the
beginning of the year
 (552.3)
Cash advanced 631.0
Exchange adjustment (4.6)
31 March 2025 759.4
1 April 2023 616.4
Revenue recognised that was included in the contract liability balance at the
beginning of the year
(540.8)
Cash advanced (Restated) 613.4
Exchange adjustment (3.7)
31 March 2024 (Restated) 685.3
Prior year restatementDuring the year, it was identified that balances at 31 March 2024 included certain contract assets and contract liabilities which were not presented on a net basis at the contract level as required by IFRS 15. Further detail on this restatement is provided in Note 16. Trade and other creditors are measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-564": { "value": "Deferred tax Deferred tax assets and deferred tax liabilities have been offset if, and only if, there is a legally enforceable right in that jurisdiction to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same Taxation Authorities:
2025 2024
\u00a3m \u00a3m
Deferred tax asset
102.8
132.3
Deferred tax liability
(5.9)
(6.4)
96.9
125.9
The movements in deferred tax assets and liabilities during the year are shown below.
Retirement
benefit
Tangible assets obligations Tax losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2024
(45.1)
27.0
128.0
16.0
125.9
Income statement credit/(debit)
4.0
(21.6)
(33.6)
6.0
(45.2)
Tax credit to other comprehensive income/equity
\u2013
(3.9)
\u2013
(0.4)
(4.3)
Transfer to income tax receivable
\u2013
\u2013
17.2
\u2013
17.2
Disposal of business
\u2013
\u2013
\u2013
(0.1)
(0.1)
Effect of changes in tax rates
\u2022 Income statement
\u2013
\u2013
4.2
(0.6)
3.6
Exchange differences
(0.1)
\u2013
(0.3)
0.2
(0.2)
At 31 March 2025
(41.2)
1.5
115.5
21.1
96.9
At 1 April 2023
(40.9)
15.3
128.0
2.8
105.2
Income statement credit/(debit)
(6.9)
(26.7)
(2.7)
10.1
(26.2)
Tax credit/(debit) to other comprehensive income/equity
\u2013
38.4
\u2013
4.0
42.4
Transfer from income tax receivable
\u2013
\u2013
5.3
\u2013
5.3
Reclassification
0.6
\u2013
0.3
(0.9)
\u2013
Effect of changes in tax rates
\u2022 Income statement
1.7
\u2013
(2.4)
0.1
(0.6)
Exchange differences
0.4
\u2013
(0.5)
(0.1)
(0.2)
At 31 March 2024
(45.1)
27.0
128.0
16.0
125.9
The net deferred tax assets of \u00a396.9 million (2024: \u00a3125.9 million) include deferred tax assets of \u00a312.5 million (2024: \u00a314.0 million) and deferred tax liabilities of \u00a35.9 million (2024: \u00a36.5 million) in respect of the Group\u2019s non-UK operations. Deferred tax assets have been recognised in respect of tax losses and other temporary differences giving rise to deferred tax assets because the Directors believe that it is probable that these assets will be recovered. The recognition of deferred tax assets in respect of losses can be subjective. The Group\u2019s approach to the recognition of deferred tax assets in respect of losses, including how the Group assesses future profitability for recognition purposes, is set out in the accounting policy above. Net deferred tax assets have been recognised principally in respect of operations in the following jurisdictions: United Kingdom (\u00a390.4 million), Australia (\u00a33.6 million), France (\u00a30.9 million), South Africa (\u00a37.4 million) and New Zealand (\u00a30.5 million). In the prior year net deferred tax assets were recognised principally in the following jurisdictions: United Kingdom (\u00a3118.2 million), Australia (\u00a34.8 million), France (\u00a30.9 million), South Africa (\u00a37.4 million) and New Zealand (\u00a30.8 million). The UK was in a net tax loss position for each of the years ended 31 March 2021 to 31 March 2024. The losses for the years ended 31 March 2021 and 2022 reflected the contract profitability and balance sheet review carried out in 2021 and the restructuring of the business in 2022. The tax losses in the years ended 31 March 2023 and 31 March 2024 were principally attributable to the provisions in respect of the Type 31 contract, together with timing differences between the reporting and taxable result. The UK has taxable profits in the year ended 31 March 2025. The Directors do not consider that the results for these earlier periods are representative of future trading performance and are satisfied that these net deferred tax assets are recoverable based on future profit forecasts. No deferred tax has been recognised in respect of temporary differences associated with investments in subsidiaries, branches, associates and interests in joint ventures and joint operations where the Group is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future. The aggregate amount of temporary differences associated with such investments in subsidiaries, branches, associates and interests in joint ventures and joint operations is represented by their post acquisition retained earnings and amounted to \u00a3283 million (2024: \u00a3137 million). At the statement of financial position date, deferred tax assets of \u00a3115.5 million (2024: \u00a3128.0 million) have been recognised in respect of unused tax losses available for carry forward. No deferred tax asset has been recognised in respect of further unutilised tax losses carried forward (excluding capital losses) and interest of \u00a3124.2 million (2024: \u00a3110.5 million). In addition to these amounts, UK capital losses of \u00a3201.3 million (2024: \u00a3190.4 million) are being carried forward, with no deferred tax asset having been recognised. Where a deferred tax asset has not been recognised in respect of losses, this is because management considers that those jurisdictions are not likely to generate sufficient taxable income of the appropriate type in the foreseeable future. The amounts shown can be carried forward indefinitely. 16. Trade and other receivables and contract assets Trade and other receivables Trade receivables are measured at amortised cost. Other receivables are generally measured at amortised cost as they are held within a business model to collect contractual cash flows and these cash flows consist solely of payments of principal and interest on the principal amount outstanding. An immaterial amount of other receivables are held at fair value through profit and loss. The measurement basis is disclosed in note 21. Debt factoring The Group engages in factoring of trade receivables in relation to certain non-UK operations of its Aviation sector as part of its working capital management arrangements. Under these arrangements, the Group transfers the rights to receive factored receivables to the factor in exchange for cash. The Group does not retain late payment or credit risk, and therefore trade receivables are not recognised under the applicable contracts. Any cash received from customers under these contracts is received as agent and transferred directly to the debt factoring counterparty. Contract assets and liabilities Contract assets represent amounts for which the Group has a conditional right to consideration in exchange for goods or services that the Group has transferred to the customer. Contract liabilities represent the obligation to transfer goods or services to a customer for which consideration has been received, or consideration is due, from the customer. Payment terms are set out in the contract and reflect the timing and performance of service delivery. For substantially all contracts the payment terms are broadly in line with expected satisfaction of performance obligations, and therefore recognition of revenue. Contract assets or liabilities arise on short term timing differences or in those more limited instances where payment terms do not reflect timing and performance of service delivery. In such cases, consideration is given to whether the contract includes a significant financing component with appropriate accounting. Provisions for expected credit losses Trade receivables, contract receivables and amounts due from related parties include a provision for expected credit losses. Provisions for expected credit losses are measured at an amount equal to lifetime expected credit losses, estimated by reference to past experience and relevant forward-looking factors. Costs of obtaining a contract Directly attributable costs to obtain a contract with a customer that the Group would not have incurred if the contract had not been won are recognised as an asset and amortised on a straight-line basis. Costs to obtain a contract that would have been incurred regardless of whether the contract was won or lost are recognised as an expense when incurred. Costs to fulfil a contract Costs to fulfil a contract which do not fall within the scope of another standard are recognised under IFRS 15 as an asset and amortised on a straight-line basis when they meet all of the following criteria: (i) the costs relate directly to a contract or to an anticipated contract that can be specifically identified; (ii) the costs generate or enhance resources of the entity that will be used in satisfying (or in continuing to satisfy) performance obligations in the future; and (iii) the costs are expected to be recovered. Costs of recruiting or training staff are expensed as incurred.
31 March 2025 31 March 2024
\u00a3m \u00a3m - Restated
Non-current assets
Costs to obtain a contract
0.1
0.3
Costs to fulfil a contract
8.6
10.2
Other debtors
9.4
2.5
Non-current trade and other receivables
18.1
13.0
Current assets
Trade receivables
303.4
266.4
Less: provision for impairment of receivables
(8.4)
(8.5)
Trade receivables \u2013 net
295.0
257.9
Retentions
8.8
6.1
Amounts due from related parties (note 31)
3.3
2.3
Other debtors
1
22.1
25.0
Other taxes and social security receivables
63.2
98.1
Prepayments
96.8
88.2
Costs to obtain a contract
0.1
\u2013
Costs to fulfil a contract
18.1
9.6
Current trade and other receivables
507.4
487.2
Contract assets
329.7
260.9
Current trade and other receivables and contract assets
837.1
748.1
1.Included in Other debtors are rebates receivable and other sundry receivables. No individual balance within other debtors is material. Details of expected credit losses on trade receivables are provided in note 22. There has been no impairment to either other receivables or contract assets during the year ended 31 March 2025 (2024: \u00a3nil). In the year ended 31 March 2025, amortisation of costs to obtain a contract and costs to fulfil a contract totalled \u00a36.2 million (2024: \u00a32.1 million). An impairment of \u00a3nil was recorded in relation to costs to obtain a contract or costs to fulfil a contract (2024: \u00a3nil). The Group recognises that there is an inherent element of estimation uncertainty and judgement involved in assessing contract profitability, as disclosed in note 1. Management have taken a best estimate view of contract outcomes based on the information currently available, after allowing for contingencies, and have applied a constraint to the variable consideration within revenue resulting in a revenue estimate that is suitably cautious under IFRS 15. Significant changes in contract assets during the year are as follows:
Contract assets
\u00a3m
1 April 2024 (Restated) 260.9
Transfers from contract assets recognised at the beginning of the year to trade
receivables (228.8)
Increase due to work done not transferred from contract assets 300.5
Exchange adjustment (2.9)
31 March 2025 329.7
1 April 2023 322.5
Transfers from contract assets recognised at the beginning of the year to
receivables
(279.3)
Increase due to work done not transferred from contract assets (Restated) 221.1
Exchange adjustment (3.4)
31 March 2024 (Restated) 260.9
Details on the Group\u2019s approach to assess credit risk are included in note 22. Prior year restatement During the year, it was identified that balances at 31 March 2024 included certain contract assets and contract liabilities which were not presented on a net basis at the contract level as required by IFRS 15. The Group Statement of Financial Position for the year ended 31 March 2024 has been restated as required by IAS 8 to reduce both contract assets and contract liabilities by \u00a376.5 million. This has no impact on the Group Income Statement or the Group\u2019s net assets. The Group Cash Flow Statement has been similarly restated for the movement in contract assets and contract liabilities, with no impact on Cash generated from operations. The Statement of Financial Position as at 1 April 2023 has not been represented under IAS 1 as this change is less significant and has no impact on net assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-552": { "value": "Deferred tax Deferred tax assets and deferred tax liabilities have been offset if, and only if, there is a legally enforceable right in that jurisdiction to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same Taxation Authorities:
2025 2024
\u00a3m \u00a3m
Deferred tax asset
102.8
132.3
Deferred tax liability
(5.9)
(6.4)
96.9
125.9
The movements in deferred tax assets and liabilities during the year are shown below.
Retirement
benefit
Tangible assets obligations Tax losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2024
(45.1)
27.0
128.0
16.0
125.9
Income statement credit/(debit)
4.0
(21.6)
(33.6)
6.0
(45.2)
Tax credit to other comprehensive income/equity
\u2013
(3.9)
\u2013
(0.4)
(4.3)
Transfer to income tax receivable
\u2013
\u2013
17.2
\u2013
17.2
Disposal of business
\u2013
\u2013
\u2013
(0.1)
(0.1)
Effect of changes in tax rates
\u2022 Income statement
\u2013
\u2013
4.2
(0.6)
3.6
Exchange differences
(0.1)
\u2013
(0.3)
0.2
(0.2)
At 31 March 2025
(41.2)
1.5
115.5
21.1
96.9
At 1 April 2023
(40.9)
15.3
128.0
2.8
105.2
Income statement credit/(debit)
(6.9)
(26.7)
(2.7)
10.1
(26.2)
Tax credit/(debit) to other comprehensive income/equity
\u2013
38.4
\u2013
4.0
42.4
Transfer from income tax receivable
\u2013
\u2013
5.3
\u2013
5.3
Reclassification
0.6
\u2013
0.3
(0.9)
\u2013
Effect of changes in tax rates
\u2022 Income statement
1.7
\u2013
(2.4)
0.1
(0.6)
Exchange differences
0.4
\u2013
(0.5)
(0.1)
(0.2)
At 31 March 2024
(45.1)
27.0
128.0
16.0
125.9
The net deferred tax assets of \u00a396.9 million (2024: \u00a3125.9 million) include deferred tax assets of \u00a312.5 million (2024: \u00a314.0 million) and deferred tax liabilities of \u00a35.9 million (2024: \u00a36.5 million) in respect of the Group\u2019s non-UK operations. Deferred tax assets have been recognised in respect of tax losses and other temporary differences giving rise to deferred tax assets because the Directors believe that it is probable that these assets will be recovered. The recognition of deferred tax assets in respect of losses can be subjective. The Group\u2019s approach to the recognition of deferred tax assets in respect of losses, including how the Group assesses future profitability for recognition purposes, is set out in the accounting policy above. Net deferred tax assets have been recognised principally in respect of operations in the following jurisdictions: United Kingdom (\u00a390.4 million), Australia (\u00a33.6 million), France (\u00a30.9 million), South Africa (\u00a37.4 million) and New Zealand (\u00a30.5 million). In the prior year net deferred tax assets were recognised principally in the following jurisdictions: United Kingdom (\u00a3118.2 million), Australia (\u00a34.8 million), France (\u00a30.9 million), South Africa (\u00a37.4 million) and New Zealand (\u00a30.8 million). The UK was in a net tax loss position for each of the years ended 31 March 2021 to 31 March 2024. The losses for the years ended 31 March 2021 and 2022 reflected the contract profitability and balance sheet review carried out in 2021 and the restructuring of the business in 2022. The tax losses in the years ended 31 March 2023 and 31 March 2024 were principally attributable to the provisions in respect of the Type 31 contract, together with timing differences between the reporting and taxable result. The UK has taxable profits in the year ended 31 March 2025. The Directors do not consider that the results for these earlier periods are representative of future trading performance and are satisfied that these net deferred tax assets are recoverable based on future profit forecasts. No deferred tax has been recognised in respect of temporary differences associated with investments in subsidiaries, branches, associates and interests in joint ventures and joint operations where the Group is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future. The aggregate amount of temporary differences associated with such investments in subsidiaries, branches, associates and interests in joint ventures and joint operations is represented by their post acquisition retained earnings and amounted to \u00a3283 million (2024: \u00a3137 million). At the statement of financial position date, deferred tax assets of \u00a3115.5 million (2024: \u00a3128.0 million) have been recognised in respect of unused tax losses available for carry forward. No deferred tax asset has been recognised in respect of further unutilised tax losses carried forward (excluding capital losses) and interest of \u00a3124.2 million (2024: \u00a3110.5 million). In addition to these amounts, UK capital losses of \u00a3201.3 million (2024: \u00a3190.4 million) are being carried forward, with no deferred tax asset having been recognised. Where a deferred tax asset has not been recognised in respect of losses, this is because management considers that those jurisdictions are not likely to generate sufficient taxable income of the appropriate type in the foreseeable future. The amounts shown can be carried forward indefinitely. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-527": { "value": "Deferred tax Deferred tax assets and deferred tax liabilities have been offset if, and only if, there is a legally enforceable right in that jurisdiction to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same Taxation Authorities:
2025 2024
\u00a3m \u00a3m
Deferred tax asset
102.8
132.3
Deferred tax liability
(5.9)
(6.4)
96.9
125.9
The movements in deferred tax assets and liabilities during the year are shown below.
Retirement
benefit
Tangible assets obligations Tax losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2024
(45.1)
27.0
128.0
16.0
125.9
Income statement credit/(debit)
4.0
(21.6)
(33.6)
6.0
(45.2)
Tax credit to other comprehensive income/equity
\u2013
(3.9)
\u2013
(0.4)
(4.3)
Transfer to income tax receivable
\u2013
\u2013
17.2
\u2013
17.2
Disposal of business
\u2013
\u2013
\u2013
(0.1)
(0.1)
Effect of changes in tax rates
\u2022 Income statement
\u2013
\u2013
4.2
(0.6)
3.6
Exchange differences
(0.1)
\u2013
(0.3)
0.2
(0.2)
At 31 March 2025
(41.2)
1.5
115.5
21.1
96.9
At 1 April 2023
(40.9)
15.3
128.0
2.8
105.2
Income statement credit/(debit)
(6.9)
(26.7)
(2.7)
10.1
(26.2)
Tax credit/(debit) to other comprehensive income/equity
\u2013
38.4
\u2013
4.0
42.4
Transfer from income tax receivable
\u2013
\u2013
5.3
\u2013
5.3
Reclassification
0.6
\u2013
0.3
(0.9)
\u2013
Effect of changes in tax rates
\u2022 Income statement
1.7
\u2013
(2.4)
0.1
(0.6)
Exchange differences
0.4
\u2013
(0.5)
(0.1)
(0.2)
At 31 March 2024
(45.1)
27.0
128.0
16.0
125.9
The net deferred tax assets of \u00a396.9 million (2024: \u00a3125.9 million) include deferred tax assets of \u00a312.5 million (2024: \u00a314.0 million) and deferred tax liabilities of \u00a35.9 million (2024: \u00a36.5 million) in respect of the Group\u2019s non-UK operations. Deferred tax assets have been recognised in respect of tax losses and other temporary differences giving rise to deferred tax assets because the Directors believe that it is probable that these assets will be recovered. The recognition of deferred tax assets in respect of losses can be subjective. The Group\u2019s approach to the recognition of deferred tax assets in respect of losses, including how the Group assesses future profitability for recognition purposes, is set out in the accounting policy above. Net deferred tax assets have been recognised principally in respect of operations in the following jurisdictions: United Kingdom (\u00a390.4 million), Australia (\u00a33.6 million), France (\u00a30.9 million), South Africa (\u00a37.4 million) and New Zealand (\u00a30.5 million). In the prior year net deferred tax assets were recognised principally in the following jurisdictions: United Kingdom (\u00a3118.2 million), Australia (\u00a34.8 million), France (\u00a30.9 million), South Africa (\u00a37.4 million) and New Zealand (\u00a30.8 million). The UK was in a net tax loss position for each of the years ended 31 March 2021 to 31 March 2024. The losses for the years ended 31 March 2021 and 2022 reflected the contract profitability and balance sheet review carried out in 2021 and the restructuring of the business in 2022. The tax losses in the years ended 31 March 2023 and 31 March 2024 were principally attributable to the provisions in respect of the Type 31 contract, together with timing differences between the reporting and taxable result. The UK has taxable profits in the year ended 31 March 2025. The Directors do not consider that the results for these earlier periods are representative of future trading performance and are satisfied that these net deferred tax assets are recoverable based on future profit forecasts. No deferred tax has been recognised in respect of temporary differences associated with investments in subsidiaries, branches, associates and interests in joint ventures and joint operations where the Group is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future. The aggregate amount of temporary differences associated with such investments in subsidiaries, branches, associates and interests in joint ventures and joint operations is represented by their post acquisition retained earnings and amounted to \u00a3283 million (2024: \u00a3137 million). At the statement of financial position date, deferred tax assets of \u00a3115.5 million (2024: \u00a3128.0 million) have been recognised in respect of unused tax losses available for carry forward. No deferred tax asset has been recognised in respect of further unutilised tax losses carried forward (excluding capital losses) and interest of \u00a3124.2 million (2024: \u00a3110.5 million). In addition to these amounts, UK capital losses of \u00a3201.3 million (2024: \u00a3190.4 million) are being carried forward, with no deferred tax asset having been recognised. Where a deferred tax asset has not been recognised in respect of losses, this is because management considers that those jurisdictions are not likely to generate sufficient taxable income of the appropriate type in the foreseeable future. The amounts shown can be carried forward indefinitely. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-496": { "value": "8. Dividends
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Interim dividend for the year ended 31 March 2025 of 2.0p (2024: 1.7 p) per 60p share
9.7
8.5
Final dividend for the year ended 31 March 2024 of 3.3p (2024: nil p) per 60p share
17.0
\u2013
26.7
8.5
After the balance sheet date, the directors proposed a final dividend of 4.5p per ordinary share. The dividend proposed amounts to approximately \u00a322.7m, although the exact final payment will vary depending on the level of shares held by the Babcock Employee Share Trust. The dividend, which is subject to shareholder approval, will be paid on 30 September 2025 to shareholders registered on 22 August 2025. The payment of this dividend will not have any tax expense consequences for the Group Dividends are recognised as a liability in the Group\u2019s financial statements in the period in which they are approved. Interim dividends are recognised when paid. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-8": { "value": "0.045", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-9": { "value": "22700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-575": { "value": "
Dividends are recognised as a liability in the Group\u2019s financial statements in the period in which they are approved. Interim
dividends are recognised when paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-497": { "value": "9. Earnings per shareNumber of shares
2025 2024
Number Number
Weighted average number of ordinary shares for the purpose of basic EPS
503,557,679
503,452,989
Effect of dilutive potential ordinary shares: share options
10,854,861
11,869,860
Weighted average number of ordinary shares for the purpose of diluted EPS
514,412,540
515,322,849
Earnings per share
Year ended 31 March 2025
Year ended 31 March 2024
Earnings Earnings
attributable to Basic Diluted attributable to Basic Diluted
shareholders per share per share shareholders per share per share
\u00a3m Pence Pence \u00a3m Pence Pence
Earnings for the year
247.1
49.1
48.0
165.7
32.9
32.2
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue less the weighted average number of shares held by the Employee Share Trust as treasury shares. Diluted earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue less the weighted average number of shares held by the Employee Share Trust, plus the number of ordinary shares which are considered potentially dilutive ordinary shares in respect of share incentive schemes, should the vesting conditions have been met as at the year end. Details of share incentive schemes are provided in note 23 and note 24. Weighted average is calculated by reference to the date of transactions which increase or reduce the number of shares in issue or the number of shares held by the Employee Share Trust.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-498": { "value": "
10. Goodwill
Accounting policy information
When the fair value of the consideration for an acquired undertaking exceeds the fair value of its separable net assets, the
difference is treated as purchased goodwill and capitalised. Goodwill is allocated to the cash generating unit (or group of cash
generating units) expected to benefit from the business combination\u2019s synergies.
Goodwill is predominantly monitored at the operating segment level (Marine, Nuclear and Aviation). Land is a singular operating
and reporting segment however goodwill is separately monitored and allocated between the Group\u2019s Africa operations and those
of the other Land operations. Goodwill is therefore separately tested for impairment between these two groups of cash
generating units.
When the fair value of the consideration for an acquired undertaking is less than the fair value of its separable net assets,
the difference is taken directly to the income statement.
Goodwill relating to acquisitions prior to 1 April 2004 is maintained at its net book value on the date of transition to IFRS.
From that date goodwill is not amortised but is reviewed at least annually for impairment.
Goodwill is reviewed for impairment annually at 31 March by assessing the recoverable amount of cash generating units
(or groups of cash generating units) by reference to value-in-use calculations or fair value less cost to dispose if such
information exists at the balance sheet date (typically only where the Group is progressed with disposal related activities
that allow a fair value less cost to dispose to be readily determinable). Goodwill impairments are not subsequently reversed.
On disposal of a subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination
of the profit or loss on disposal.
Impairment
Goodwill is reviewed for impairment at least annually. As goodwill does not generate cash flows that are separately identifiable
from other assets, the Group estimates the recoverable amount of the CGU, or group of CGUs, to which the asset belongs.
The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less
than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Subsequent reversal
of historic impairments to goodwill are not permissible.
31 March 2025 31 March 2024
\u00a3m \u00a3m
Cost
At 1 April
1,822.0
1,823.3
On disposal of business (note 27)
(0.5)
\u2013
Exchange adjustments
(1.4)
(1.3)
At 31 March
1,820.1
1,822.0
Accumulated impairment
At 1 April
1,041.9
1,041.9
At 31 March
1,041.9
1,041.9
Net book value at 31 March
778.2
780.1
Goodwill was tested for impairment at 31 March 2025 in accordance with IAS 36. Goodwill is allocated to groups of cash generating units (\u2018CGUs\u2019) as set out in the table below:
31 March 2025 31 March 2024
\u00a3m \u00a3m
Marine
293.6
295.5
Nuclear
233.1
233.1
Land (excluding Africa)
217.8
218.0
Aviation
32.0
32.0
Africa
1.7
1.5
778.2
780.1
The goodwill allocated to the Africa group of CGUs is immaterial and the Directors do not consider there to be any reasonably possible changes in estimates that would result in impairment of this goodwill. No further disclosures are provided in relation to Africa. Results of goodwill impairment test The current year impairment test results have not resulted in an impairment for any of the Group\u2019s cash generating units. The recoverable amount of the Group\u2019s goodwill was assessed by reference to value-in-use calculations. The value-in-use calculations are derived from risk-adjusted cash flows from the Group\u2019s five-year plan. Terminal value assessments are included based on year five and an estimated long-term, country-specific growth rate of 1.9 \u2013 4.7% (2024: 2.0 \u2013 4.6%). The process by which the Group\u2019s budget is prepared, reviewed and approved benefits from historical experience, visibility of long term work programmes in relation to work undertaken for the UK Government, available government spending information (both UK and overseas), the Group\u2019s contract backlog, bid pipeline and the Group\u2019s tracking pipeline which monitors opportunities prior to release of tenders. The budget process includes consideration of risks and opportunities at contract and business level, and considered matters such as inflation. Furthermore, in preparing this assessment the Group has considered the potential impact of climate change. In particular, the Group have considered the impact of climate change on the useful economic lives of assets, disruption to key operating sites and supply chain, and potential asset impairments. The Group identified climate risks (see pages 75 to 79 for details) predominantly result in adverse cash outflows to the business and have been modelled as such within our sensitivity analysis. The Group anticipates that a number of these climate risks may result in additional cash inflows as associated climate related costs could be passed onto our customers offsetting the climate risk and a conservative assessment of such cash inflow is also modelled within the sensitivity. These considerations did not have a material impact on the goodwill impairment assessment. Key assumptions Key assumptions are based on past experience and expectations of future changes in the market, expected outturn on in-progress significant contracts and pipeline reflecting prevailing economic forecasts, industry specific data, competitor activity and market dynamics. Pre-tax discount rates derived from the Group\u2019s post-tax weighted average cost of capital were used to discount the estimated risk-adjusted cash flows. These pre-tax discount rates reflect the market assessment as at the period end date of the time value of money and the risks specific to the cash-generating units. Country-specific long-term growth rates are determined based on external analyst assessments of long-term real GDP outlooks in the associated countries. The country-specific real long-term growth rates and discount rates for the Group\u2019s operating segments are as follows:
31 March 2025
31 March 2024
Aviation
Land
Marine
Nuclear
Aviation
Land
Marine
Nuclear
Pre-tax discount rate
12.6
11.9
11.5
11.9
13.2
12.2
12.2
12.6
Post-tax discount rate
9.3
8.8
8.5
8.8
9.8
9.0
9.0
9.3
Long-term real growth rate
2.0
2.0
2.0
2.0
2.0
2.2
2.1
2.0
Expected future cash flows used in discounted cash flow models are inherently uncertain and could materially change over time. They are significantly affected by a number of factors, such as demand for the Group\u2019s services, together with economic factors such as estimates of costs of revenue and future capital expenditure requirements. Expected future cash flows are also subject to estimation with regard to the impact of inflation \u2013 albeit a significant proportion of the Group\u2019s longer term revenue contracts include variable consideration in respect of inflation and therefore there is a natural offset on the impact of inflation on both costs and revenue. Key assumptions in relation to future cash flows included in the value-in-use models are set out below:
Group of CGUs
Key future cash flow assumption
Marine Continuing delivery of work programmes with the UK Ministry of Defence, including the design and build of Type 31
frigates and the production of vertical missile tubes for the US-UK common missile compartment programme.
Future international opportunities in shipbuilding.
Nuclear
Continuing delivery of naval nuclear services to the UK Ministry of Defence, including the FMSP contract.
Continuing delivery of opportunities in the UK civil nuclear decommissioning programme together with maintenance
of ongoing spend in provision of nuclear engineering services to operational power stations.
Land
Continuing demand for equipment support and training from both military and civil customers, noting that significant
elements of equipment support and training are the subject of long-term contracts, not all of which have been
assumed to renew.
Aviation
Continuing delivery of long-term contracts with the UK Ministry of Defence. Expansion of activities in key
overseas territories.
We have performed sensitivity analysis incorporating reasonably possible changes in each of the above key assumptions. Sensitised cases all continue to show headroom and no required impairment as at 31 March 2025. 11. Other intangible assets Acquired intangibles Acquired intangibles are the estimated fair value of customer relationships and brands which are in part contractual, represented by the value of the acquired order book, and in part non-contractual, represented by the risk-adjusted value of future orders expected to arise from the relationships. The carrying value of the contractual element is amortised on a straight-line basis over the remaining period of the orders that are in process or the future period in which the orders will be fulfilled, as the case may be. The amortisation periods, reflecting the lengths of the various contracts, are mainly in the range one year to five years, with a minority of contracts and hence amortisation periods, up to 15 years. The carrying value of the non-contractual element is amortised over the period in which it is estimated that the relationships are likely to bring economic benefit via future orders. Relationships are valued on a contract-by-contract and customer-by-customer basis and the pattern of amortisation reflects the expected pattern of benefit in each case. The amortisation profile is determined on a case-by-case basis and in all cases results in a front-loaded profile, reflecting the greater certainty of future orders in the near term compared with the longer term. The amortisation period is in the range between one year to fifteen years. Acquired brand names are valued dependent on the characteristics of the market in which they operate and the likely value a third party would place on them. Useful lives are likewise dependent on market characteristics of the acquired business brand. These are amortised on a straight-line basis over a period of up to five years. Amortisation charges for the year are recorded in operating costs.
Research and development
Research expenditure is recognised as an expense as incurred. Costs incurred on development projects are recognised as
intangible assets when it is probable that the project will be a success considering its commercial and technological feasibility,
and only if the cost can be measured reliably. Other development expenditure is recognised as an expense as incurred.
Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Development
costs that have been capitalised are amortised from the date the product is available for use on a straight-line basis over the
period of its expected benefit but not exceeding seven years. Amortisation of development costs is expensed within operating
costs in the Group income statement.
Total research and development costs expensed in the period was \u00a3214.7 million (2024: \u00a3244.2 million). Amounts recognised
as an expense are recorded within operating costs.
Computer software
Computer software, excluding the Group\u2019s Enterprise Resource Planning (ERP) system, includes software licences acquired.
Configuration and customisation costs relating to Software-as-a-service agreements are expensed as incurred. Computer
software is measured at cost less accumulated amortisation and is amortised on a straight-line basis over its expected useful
life of between three and ten years. Amortisation of software costs is expensed within operating costs in the Group
income statement.
The Group is implementing an ERP system in phases over several years. The ERP system is being amortised over a period
of up to 13 years to coincide with the expected support period from the software provider. The core asset commenced
amortisation when it was available for use, which occurred once implementation was completed. Additional capitalisation
for improved functionality as the platform is tailored and deployed at each respective business unit commences amortisation
when those improved functionalities are available for use (when the ERP is implemented at the respective business unit).
Impairment
Indefinite life intangibles are reviewed for impairment at least annually. For all other intangible assets (including acquired
intangible assets, capitalised development costs and software assets) the Group performs impairment testing where indicators
of impairment are identified. Impairment testing is performed at the individual asset level unless the asset does not generate
cash flows that are separately identifiable from other assets. In such cases, the Group estimates the recoverable amount
of the CGU to which the asset belongs.
The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount
is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement.
Where an impairment loss on other non-financial non-current assets subsequently reverses, the carrying amount of the asset
is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the
carrying amount that would have been determined if no impairment loss had been recognised in prior years.
Internally generated Internally
software generated
Acquired development development
intangibles \u2013 costs and costs and Assets under
relationships licences other construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2024 (as restated)
850.9
124.0
25.6
42.6
1,043.1
Additions
\u2013
2.5
1.3
18.5
22.3
Transfers from property, plant and equipment (note 12)
\u2013
2.6
1.8
\u2013
4.4
Transfers from AUC to in-use assets
\u2013
56.5
0.1
(56.6)
\u2013
Disposal of business
(2.9)
\u2013
\u2013
\u2013
(2.9)
Disposals
(6.5)
(4.2)
\u2013
\u2013
(10.7)
Exchange adjustments
(9.5)
2.6
0.1
(1.3)
(8.1)
At 31 March 2025
832.0
184.0
28.9
3.2
1,048.1
Accumulated amortisation and impairment
At 1 April 2024 (as restated)
797.8
85.6
10.9
\u2013
894.3
Amortisation charge
8.2
16.6
2.7
\u2013
27.5
Transfers from property, plant and equipment (note 12)
\u2013
1.1
1.8
\u2013
2.9
Disposals
(6.5)
(4.2)
\u2013
\u2013
(10.7)
Disposal of business
(2.9)
\u2013
\u2013
\u2013
(2.9)
Exchange adjustments
(7.0)
1.5
0.1
\u2013
(5.4)
At 31 March 2025
789.6
100.6
15.5
\u2013
905.7
Net book value at 31 March 2025
42.4
83.4
13.4
3.2
142.4
Cost
At 1 April 2023 (as previously reported)
861.0
231.3
15.0
\u2013
1,107.3
Restatement (see below)
\u2013
(113.0)
0.6
24.9
(87.5)
At 1 April 2023 (as restated)
861.0
118.3
15.6
24.9
1,019.8
Additions
\u2013
6.9
10.0
16.4
33.3
Reclassification from property, plant and equipment
(note 12)
\u2013
\u2013
\u2013
1.4
1.4
Reclassification from AUC to in-use assets (as restated)
\u2013
\u2013
0.1
(0.1)
\u2013
Disposals
\u2013
(1.0)
\u2013
\u2013
(1.0)
Exchange adjustments
(10.1)
(0.2)
(0.1)
\u2013
(10.4)
At 31 March 2024 (as restated)
850.9
124.0
25.6
42.6
1,043.1
Accumulated amortisation and impairment
At 1 April 2023 (as previously reported)
794.4
166.5
5.6
\u2013
966.5
Restatement (see below)
\u2013
(88.1)
0.6
\u2013
(87.5)
At 1 April 2023 (as restated)
794.4
78.4
6.2
\u2013
879.0
Amortisation charge
10.8
8.6
4.6
\u2013
24.0
Disposals
\u2013
(0.9)
\u2013
\u2013
(0.9)
Exchange adjustments
(7.4)
(0.5)
0.1
\u2013
(7.8)
At 31 March 2024
797.8
85.6
10.9
\u2013
894.3
Net book value at 31 March 2024 (as restated)
53.1
38.4
14.7
42.6
148.8
Included in Internally generated software development costs and licences is \u00a379.1 million (2024: \u00a336.9 million) relating to the
Group\u2019s ERP system, which is amortised over a period of up to 13 years with 6 years remaining. Included in the acquired intangibles
\u2013 relationships balance is \u00a335.0 million (2024: \u00a342.8 million) relating to the acquisition of Naval Ship Management (Australia) Pty Ltd.
This is being amortised over a total period of 15 years with 12 years remaining.
During the year, intangible asset classification has been restated to correct for \u00a341.3 million of assets under construction previously
presented within Internally generated software development costs and licences as at 31 March 2024. This comprised \u00a324.9 million
as at 1 April 2023 and \u00a316.4 million during the year ended 31 March 2024.
In addition, the Group has identified that a number of fully amortised assets are no longer in use. These assets have been
derecognised through restatement of the 1 April 2023 opening balances as shown above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-528": { "value": "10. Goodwill Accounting policy information When the fair value of the consideration for an acquired undertaking exceeds the fair value of its separable net assets, the difference is treated as purchased goodwill and capitalised. Goodwill is allocated to the cash generating unit (or group of cash generating units) expected to benefit from the business combination\u2019s synergies. Goodwill is predominantly monitored at the operating segment level (Marine, Nuclear and Aviation). Land is a singular operating and reporting segment however goodwill is separately monitored and allocated between the Group\u2019s Africa operations and those of the other Land operations. Goodwill is therefore separately tested for impairment between these two groups of cash generating units. When the fair value of the consideration for an acquired undertaking is less than the fair value of its separable net assets, the difference is taken directly to the income statement. Goodwill relating to acquisitions prior to 1 April 2004 is maintained at its net book value on the date of transition to IFRS. From that date goodwill is not amortised but is reviewed at least annually for impairment. Goodwill is reviewed for impairment annually at 31 March by assessing the recoverable amount of cash generating units (or groups of cash generating units) by reference to value-in-use calculations or fair value less cost to dispose if such information exists at the balance sheet date (typically only where the Group is progressed with disposal related activities that allow a fair value less cost to dispose to be readily determinable). Goodwill impairments are not subsequently reversed. On disposal of a subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Impairment Goodwill is reviewed for impairment at least annually. As goodwill does not generate cash flows that are separately identifiable from other assets, the Group estimates the recoverable amount of the CGU, or group of CGUs, to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Subsequent reversal of historic impairments to goodwill are not permissible.
31 March 2025 31 March 2024
\u00a3m \u00a3m
Cost
At 1 April
1,822.0
1,823.3
On disposal of business (note 27)
(0.5)
\u2013
Exchange adjustments
(1.4)
(1.3)
At 31 March
1,820.1
1,822.0
Accumulated impairment
At 1 April
1,041.9
1,041.9
At 31 March
1,041.9
1,041.9
Net book value at 31 March
778.2
780.1
Goodwill was tested for impairment at 31 March 2025 in accordance with IAS 36.
Goodwill is allocated to groups of cash generating units (\u2018CGUs\u2019) as set out in the table below:
31 March 2025 31 March 2024
\u00a3m \u00a3m
Marine
293.6
295.5
Nuclear
233.1
233.1
Land (excluding Africa)
217.8
218.0
Aviation
32.0
32.0
Africa
1.7
1.5
778.2
780.1
The goodwill allocated to the Africa group of CGUs is immaterial and the Directors do not consider there to be any reasonably possible
changes in estimates that would result in impairment of this goodwill. No further disclosures are provided in relation to Africa.
Results of goodwill impairment test
The current year impairment test results have not resulted in an impairment for any of the Group\u2019s cash generating units. The
recoverable amount of the Group\u2019s goodwill was assessed by reference to value-in-use calculations. The value-in-use calculations
are derived from risk-adjusted cash flows from the Group\u2019s five-year plan. Terminal value assessments are included based on year
five and an estimated long-term, country-specific growth rate of 1.9 \u2013 4.7% (2024: 2.0 \u2013 4.6%). The process by which the Group\u2019s
budget is prepared, reviewed and approved benefits from historical experience, visibility of long term work programmes in relation
to work undertaken for the UK Government, available government spending information (both UK and overseas), the Group\u2019s
contract backlog, bid pipeline and the Group\u2019s tracking pipeline which monitors opportunities prior to release of tenders. The budget
process includes consideration of risks and opportunities at contract and business level, and considered matters such as inflation.
Furthermore, in preparing this assessment the Group has considered the potential impact of climate change. In particular, the Group
have considered the impact of climate change on the useful economic lives of assets, disruption to key operating sites and supply
chain, and potential asset impairments. The Group identified climate risks (see pages 75 to 79 for details) predominantly result in
adverse cash outflows to the business and have been modelled as such within our sensitivity analysis. The Group anticipates that
a number of these climate risks may result in additional cash inflows as associated climate related costs could be passed onto our
customers offsetting the climate risk and a conservative assessment of such cash inflow is also modelled within the sensitivity.
These considerations did not have a material impact on the goodwill impairment assessment.
Key assumptions
Key assumptions are based on past experience and expectations of future changes in the market, expected outturn on in-progress
significant contracts and pipeline reflecting prevailing economic forecasts, industry specific data, competitor activity and market
dynamics.
Pre-tax discount rates derived from the Group\u2019s post-tax weighted average cost of capital were used to discount the estimated
risk-adjusted cash flows. These pre-tax discount rates reflect the market assessment as at the period end date of the time value
of money and the risks specific to the cash-generating units.
Country-specific long-term growth rates are determined based on external analyst assessments of long-term real GDP outlooks in
the associated countries. The country-specific real long-term growth rates and discount rates for the Group\u2019s operating segments
are as follows:
31 March 2025
31 March 2024
Aviation
Land
Marine
Nuclear
Aviation
Land
Marine
Nuclear
Pre-tax discount rate
12.6
11.9
11.5
11.9
13.2
12.2
12.2
12.6
Post-tax discount rate
9.3
8.8
8.5
8.8
9.8
9.0
9.0
9.3
Long-term real growth rate
2.0
2.0
2.0
2.0
2.0
2.2
2.1
2.0
Expected future cash flows used in discounted cash flow models are inherently uncertain and could materially change over time.
They are significantly affected by a number of factors, such as demand for the Group\u2019s services, together with economic factors such
as estimates of costs of revenue and future capital expenditure requirements. Expected future cash flows are also subject to
estimation with regard to the impact of inflation \u2013 albeit a significant proportion of the Group\u2019s longer term revenue contracts include
variable consideration in respect of inflation and therefore there is a natural offset on the impact of inflation on both costs and
revenue.
Key assumptions in relation to future cash flows included in the value-in-use models are set out below:
Group of CGUs
Key future cash flow assumption
Marine Continuing delivery of work programmes with the UK Ministry of Defence, including the design and build of Type 31
frigates and the production of vertical missile tubes for the US-UK common missile compartment programme.
Future international opportunities in shipbuilding.
Nuclear
Continuing delivery of naval nuclear services to the UK Ministry of Defence, including the FMSP contract.
Continuing delivery of opportunities in the UK civil nuclear decommissioning programme together with maintenance
of ongoing spend in provision of nuclear engineering services to operational power stations.
Land
Continuing demand for equipment support and training from both military and civil customers, noting that significant
elements of equipment support and training are the subject of long-term contracts, not all of which have been
assumed to renew.
Aviation
Continuing delivery of long-term contracts with the UK Ministry of Defence. Expansion of activities in key
overseas territories.
We have performed sensitivity analysis incorporating reasonably possible changes in each of the above key assumptions.
Sensitised cases all continue to show headroom and no required impairment as at 31 March 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-605": { "value": "Accounting policy information When the fair value of the consideration for an acquired undertaking exceeds the fair value of its separable net assets, the difference is treated as purchased goodwill and capitalised. Goodwill is allocated to the cash generating unit (or group of cash generating units) expected to benefit from the business combination\u2019s synergies. Goodwill is predominantly monitored at the operating segment level (Marine, Nuclear and Aviation). Land is a singular operating and reporting segment however goodwill is separately monitored and allocated between the Group\u2019s Africa operations and those of the other Land operations. Goodwill is therefore separately tested for impairment between these two groups of cash generating units. When the fair value of the consideration for an acquired undertaking is less than the fair value of its separable net assets, the difference is taken directly to the income statement. Goodwill relating to acquisitions prior to 1 April 2004 is maintained at its net book value on the date of transition to IFRS. From that date goodwill is not amortised but is reviewed at least annually for impairment. Goodwill is reviewed for impairment annually at 31 March by assessing the recoverable amount of cash generating units (or groups of cash generating units) by reference to value-in-use calculations or fair value less cost to dispose if such information exists at the balance sheet date (typically only where the Group is progressed with disposal related activities that allow a fair value less cost to dispose to be readily determinable). Goodwill impairments are not subsequently reversed. On disposal of a subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Impairment Goodwill is reviewed for impairment at least annually. As goodwill does not generate cash flows that are separately identifiable from other assets, the Group estimates the recoverable amount of the CGU, or group of CGUs, to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Subsequent reversal of historic impairments to goodwill are not permissible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-592": { "value": "Accounting policy information When the fair value of the consideration for an acquired undertaking exceeds the fair value of its separable net assets, the difference is treated as purchased goodwill and capitalised. Goodwill is allocated to the cash generating unit (or group of cash generating units) expected to benefit from the business combination\u2019s synergies. Goodwill is predominantly monitored at the operating segment level (Marine, Nuclear and Aviation). Land is a singular operating and reporting segment however goodwill is separately monitored and allocated between the Group\u2019s Africa operations and those of the other Land operations. Goodwill is therefore separately tested for impairment between these two groups of cash generating units. When the fair value of the consideration for an acquired undertaking is less than the fair value of its separable net assets, the difference is taken directly to the income statement. Goodwill relating to acquisitions prior to 1 April 2004 is maintained at its net book value on the date of transition to IFRS. From that date goodwill is not amortised but is reviewed at least annually for impairment. Goodwill is reviewed for impairment annually at 31 March by assessing the recoverable amount of cash generating units (or groups of cash generating units) by reference to value-in-use calculations or fair value less cost to dispose if such information exists at the balance sheet date (typically only where the Group is progressed with disposal related activities that allow a fair value less cost to dispose to be readily determinable). Goodwill impairments are not subsequently reversed. On disposal of a subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Impairment Goodwill is reviewed for impairment at least annually. As goodwill does not generate cash flows that are separately identifiable from other assets, the Group estimates the recoverable amount of the CGU, or group of CGUs, to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Subsequent reversal of historic impairments to goodwill are not permissible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-577": { "value": "Accounting policy information When the fair value of the consideration for an acquired undertaking exceeds the fair value of its separable net assets, the difference is treated as purchased goodwill and capitalised. Goodwill is allocated to the cash generating unit (or group of cash generating units) expected to benefit from the business combination\u2019s synergies. Goodwill is predominantly monitored at the operating segment level (Marine, Nuclear and Aviation). Land is a singular operating and reporting segment however goodwill is separately monitored and allocated between the Group\u2019s Africa operations and those of the other Land operations. Goodwill is therefore separately tested for impairment between these two groups of cash generating units. When the fair value of the consideration for an acquired undertaking is less than the fair value of its separable net assets, the difference is taken directly to the income statement. Goodwill relating to acquisitions prior to 1 April 2004 is maintained at its net book value on the date of transition to IFRS. From that date goodwill is not amortised but is reviewed at least annually for impairment. Goodwill is reviewed for impairment annually at 31 March by assessing the recoverable amount of cash generating units (or groups of cash generating units) by reference to value-in-use calculations or fair value less cost to dispose if such information exists at the balance sheet date (typically only where the Group is progressed with disposal related activities that allow a fair value less cost to dispose to be readily determinable). Goodwill impairments are not subsequently reversed. On disposal of a subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Impairment Goodwill is reviewed for impairment at least annually. As goodwill does not generate cash flows that are separately identifiable from other assets, the Group estimates the recoverable amount of the CGU, or group of CGUs, to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Subsequent reversal of historic impairments to goodwill are not permissible. Acquired intangibles Acquired intangibles are the estimated fair value of customer relationships and brands which are in part contractual, represented by the value of the acquired order book, and in part non-contractual, represented by the risk-adjusted value of future orders expected to arise from the relationships. The carrying value of the contractual element is amortised on a straight-line basis over the remaining period of the orders that are in process or the future period in which the orders will be fulfilled, as the case may be. The amortisation periods, reflecting the lengths of the various contracts, are mainly in the range one year to five years, with a minority of contracts and hence amortisation periods, up to 15 years. The carrying value of the non-contractual element is amortised over the period in which it is estimated that the relationships are likely to bring economic benefit via future orders. Relationships are valued on a contract-by-contract and customer-by-customer basis and the pattern of amortisation reflects the expected pattern of benefit in each case. The amortisation profile is determined on a case-by-case basis and in all cases results in a front-loaded profile, reflecting the greater certainty of future orders in the near term compared with the longer term. The amortisation period is in the range between one year to fifteen years. Acquired brand names are valued dependent on the characteristics of the market in which they operate and the likely value a third party would place on them. Useful lives are likewise dependent on market characteristics of the acquired business brand. These are amortised on a straight-line basis over a period of up to five years. Amortisation charges for the year are recorded in operating costs. Research and development Research expenditure is recognised as an expense as incurred. Costs incurred on development projects are recognised as intangible assets when it is probable that the project will be a success considering its commercial and technological feasibility, and only if the cost can be measured reliably. Other development expenditure is recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Development costs that have been capitalised are amortised from the date the product is available for use on a straight-line basis over the period of its expected benefit but not exceeding seven years. Amortisation of development costs is expensed within operating costs in the Group income statement. Total research and development costs expensed in the period was \u00a3214.7 million (2024: \u00a3244.2 million). Amounts recognised as an expense are recorded within operating costs. Computer software Computer software, excluding the Group\u2019s Enterprise Resource Planning (ERP) system, includes software licences acquired. Configuration and customisation costs relating to Software-as-a-service agreements are expensed as incurred. Computer software is measured at cost less accumulated amortisation and is amortised on a straight-line basis over its expected useful life of between three and ten years. Amortisation of software costs is expensed within operating costs in the Group income statement. The Group is implementing an ERP system in phases over several years. The ERP system is being amortised over a period of up to 13 years to coincide with the expected support period from the software provider. The core asset commenced amortisation when it was available for use, which occurred once implementation was completed. Additional capitalisation for improved functionality as the platform is tailored and deployed at each respective business unit commences amortisation when those improved functionalities are available for use (when the ERP is implemented at the respective business unit). Impairment Indefinite life intangibles are reviewed for impairment at least annually. For all other intangible assets (including acquired intangible assets, capitalised development costs and software assets) the Group performs impairment testing where indicators of impairment are identified. Impairment testing is performed at the individual asset level unless the asset does not generate cash flows that are separately identifiable from other assets. In such cases, the Group estimates the recoverable amount of the CGU to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Where an impairment loss on other non-financial non-current assets subsequently reverses, the carrying amount of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised in prior years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-604": { "value": "Impairment Goodwill is reviewed for impairment at least annually. As goodwill does not generate cash flows that are separately identifiable from other assets, the Group estimates the recoverable amount of the CGU, or group of CGUs, to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Subsequent reversal of historic impairments to goodwill are not permissible. Impairment Indefinite life intangibles are reviewed for impairment at least annually. For all other intangible assets (including acquired intangible assets, capitalised development costs and software assets) the Group performs impairment testing where indicators of impairment are identified. Impairment testing is performed at the individual asset level unless the asset does not generate cash flows that are separately identifiable from other assets. In such cases, the Group estimates the recoverable amount of the CGU to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Where an impairment loss on other non-financial non-current assets subsequently reverses, the carrying amount of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised in prior years. Impairment For property, plant and equipment the Group performs impairment testing where indicators of impairment are identified. Impairment testing is performed at the individual asset level. Where an asset does not generate cash flows that are separately identifiable from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Where an impairment loss on other non-financial non-current assets subsequently reverses, the carrying amount of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised in prior years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-600": { "value": "Impairment Goodwill is reviewed for impairment at least annually. As goodwill does not generate cash flows that are separately identifiable from other assets, the Group estimates the recoverable amount of the CGU, or group of CGUs, to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Subsequent reversal of historic impairments to goodwill are not permissible. Impairment Indefinite life intangibles are reviewed for impairment at least annually. For all other intangible assets (including acquired intangible assets, capitalised development costs and software assets) the Group performs impairment testing where indicators of impairment are identified. Impairment testing is performed at the individual asset level unless the asset does not generate cash flows that are separately identifiable from other assets. In such cases, the Group estimates the recoverable amount of the CGU to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Where an impairment loss on other non-financial non-current assets subsequently reverses, the carrying amount of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised in prior years. Impairment For property, plant and equipment the Group performs impairment testing where indicators of impairment are identified. Impairment testing is performed at the individual asset level. Where an asset does not generate cash flows that are separately identifiable from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Where an impairment loss on other non-financial non-current assets subsequently reverses, the carrying amount of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised in prior years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-576": { "value": "
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average
number of ordinary shares in issue less the weighted average number of shares held by the Employee Share Trust as treasury
shares.
Diluted earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average
number of ordinary shares in issue less the weighted average number of shares held by the Employee Share Trust, plus the
number of ordinary shares which are considered potentially dilutive ordinary shares in respect of share incentive schemes,
should the vesting conditions have been met as at the year end. Details of share incentive schemes are provided in note 23
and note 24.
Weighted average is calculated by reference to the date of transactions which increase or reduce the number of shares in issue
or the number of shares held by the Employee Share Trust.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-553": { "value": "Results of goodwill impairment test The current year impairment test results have not resulted in an impairment for any of the Group\u2019s cash generating units. The recoverable amount of the Group\u2019s goodwill was assessed by reference to value-in-use calculations. The value-in-use calculations are derived from risk-adjusted cash flows from the Group\u2019s five-year plan. Terminal value assessments are included based on year five and an estimated long-term, country-specific growth rate of 1.9 \u2013 4.7% (2024: 2.0 \u2013 4.6%). The process by which the Group\u2019s budget is prepared, reviewed and approved benefits from historical experience, visibility of long term work programmes in relation to work undertaken for the UK Government, available government spending information (both UK and overseas), the Group\u2019s contract backlog, bid pipeline and the Group\u2019s tracking pipeline which monitors opportunities prior to release of tenders. The budget process includes consideration of risks and opportunities at contract and business level, and considered matters such as inflation. Furthermore, in preparing this assessment the Group has considered the potential impact of climate change. In particular, the Group have considered the impact of climate change on the useful economic lives of assets, disruption to key operating sites and supply chain, and potential asset impairments. The Group identified climate risks (see pages 75 to 79 for details) predominantly result in adverse cash outflows to the business and have been modelled as such within our sensitivity analysis. The Group anticipates that a number of these climate risks may result in additional cash inflows as associated climate related costs could be passed onto our customers offsetting the climate risk and a conservative assessment of such cash inflow is also modelled within the sensitivity. These considerations did not have a material impact on the goodwill impairment assessment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-529": { "value": "11. Other intangible assets Acquired intangibles Acquired intangibles are the estimated fair value of customer relationships and brands which are in part contractual, represented by the value of the acquired order book, and in part non-contractual, represented by the risk-adjusted value of future orders expected to arise from the relationships. The carrying value of the contractual element is amortised on a straight-line basis over the remaining period of the orders that are in process or the future period in which the orders will be fulfilled, as the case may be. The amortisation periods, reflecting the lengths of the various contracts, are mainly in the range one year to five years, with a minority of contracts and hence amortisation periods, up to 15 years. The carrying value of the non-contractual element is amortised over the period in which it is estimated that the relationships are likely to bring economic benefit via future orders. Relationships are valued on a contract-by-contract and customer-by-customer basis and the pattern of amortisation reflects the expected pattern of benefit in each case. The amortisation profile is determined on a case-by-case basis and in all cases results in a front-loaded profile, reflecting the greater certainty of future orders in the near term compared with the longer term. The amortisation period is in the range between one year to fifteen years. Acquired brand names are valued dependent on the characteristics of the market in which they operate and the likely value a third party would place on them. Useful lives are likewise dependent on market characteristics of the acquired business brand. These are amortised on a straight-line basis over a period of up to five years. Amortisation charges for the year are recorded in operating costs. Research and development Research expenditure is recognised as an expense as incurred. Costs incurred on development projects are recognised as intangible assets when it is probable that the project will be a success considering its commercial and technological feasibility, and only if the cost can be measured reliably. Other development expenditure is recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Development costs that have been capitalised are amortised from the date the product is available for use on a straight-line basis over the period of its expected benefit but not exceeding seven years. Amortisation of development costs is expensed within operating costs in the Group income statement. Total research and development costs expensed in the period was \u00a3214.7 million (2024: \u00a3244.2 million). Amounts recognised as an expense are recorded within operating costs. Computer software Computer software, excluding the Group\u2019s Enterprise Resource Planning (ERP) system, includes software licences acquired. Configuration and customisation costs relating to Software-as-a-service agreements are expensed as incurred. Computer software is measured at cost less accumulated amortisation and is amortised on a straight-line basis over its expected useful life of between three and ten years. Amortisation of software costs is expensed within operating costs in the Group income statement. The Group is implementing an ERP system in phases over several years. The ERP system is being amortised over a period of up to 13 years to coincide with the expected support period from the software provider. The core asset commenced amortisation when it was available for use, which occurred once implementation was completed. Additional capitalisation for improved functionality as the platform is tailored and deployed at each respective business unit commences amortisation when those improved functionalities are available for use (when the ERP is implemented at the respective business unit). Impairment Indefinite life intangibles are reviewed for impairment at least annually. For all other intangible assets (including acquired intangible assets, capitalised development costs and software assets) the Group performs impairment testing where indicators of impairment are identified. Impairment testing is performed at the individual asset level unless the asset does not generate cash flows that are separately identifiable from other assets. In such cases, the Group estimates the recoverable amount of the CGU to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Where an impairment loss on other non-financial non-current assets subsequently reverses, the carrying amount of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised in prior years.
Internally generated Internally
software generated
Acquired development development
intangibles \u2013 costs and costs and Assets under
relationships licences other construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2024 (as restated)
850.9
124.0
25.6
42.6
1,043.1
Additions
\u2013
2.5
1.3
18.5
22.3
Transfers from property, plant and equipment (note 12)
\u2013
2.6
1.8
\u2013
4.4
Transfers from AUC to in-use assets
\u2013
56.5
0.1
(56.6)
\u2013
Disposal of business
(2.9)
\u2013
\u2013
\u2013
(2.9)
Disposals
(6.5)
(4.2)
\u2013
\u2013
(10.7)
Exchange adjustments
(9.5)
2.6
0.1
(1.3)
(8.1)
At 31 March 2025
832.0
184.0
28.9
3.2
1,048.1
Accumulated amortisation and impairment
At 1 April 2024 (as restated)
797.8
85.6
10.9
\u2013
894.3
Amortisation charge
8.2
16.6
2.7
\u2013
27.5
Transfers from property, plant and equipment (note 12)
\u2013
1.1
1.8
\u2013
2.9
Disposals
(6.5)
(4.2)
\u2013
\u2013
(10.7)
Disposal of business
(2.9)
\u2013
\u2013
\u2013
(2.9)
Exchange adjustments
(7.0)
1.5
0.1
\u2013
(5.4)
At 31 March 2025
789.6
100.6
15.5
\u2013
905.7
Net book value at 31 March 2025
42.4
83.4
13.4
3.2
142.4
Cost
At 1 April 2023 (as previously reported)
861.0
231.3
15.0
\u2013
1,107.3
Restatement (see below)
\u2013
(113.0)
0.6
24.9
(87.5)
At 1 April 2023 (as restated)
861.0
118.3
15.6
24.9
1,019.8
Additions
\u2013
6.9
10.0
16.4
33.3
Reclassification from property, plant and equipment
(note 12)
\u2013
\u2013
\u2013
1.4
1.4
Reclassification from AUC to in-use assets (as restated)
\u2013
\u2013
0.1
(0.1)
\u2013
Disposals
\u2013
(1.0)
\u2013
\u2013
(1.0)
Exchange adjustments
(10.1)
(0.2)
(0.1)
\u2013
(10.4)
At 31 March 2024 (as restated)
850.9
124.0
25.6
42.6
1,043.1
Accumulated amortisation and impairment
At 1 April 2023 (as previously reported)
794.4
166.5
5.6
\u2013
966.5
Restatement (see below)
\u2013
(88.1)
0.6
\u2013
(87.5)
At 1 April 2023 (as restated)
794.4
78.4
6.2
\u2013
879.0
Amortisation charge
10.8
8.6
4.6
\u2013
24.0
Disposals
\u2013
(0.9)
\u2013
\u2013
(0.9)
Exchange adjustments
(7.4)
(0.5)
0.1
\u2013
(7.8)
At 31 March 2024
797.8
85.6
10.9
\u2013
894.3
Net book value at 31 March 2024 (as restated)
53.1
38.4
14.7
42.6
148.8
Included in Internally generated software development costs and licences is \u00a379.1 million (2024: \u00a336.9 million) relating to the Group\u2019s ERP system, which is amortised over a period of up to 13 years with 6 years remaining. Included in the acquired intangibles \u2013 relationships balance is \u00a335.0 million (2024: \u00a342.8 million) relating to the acquisition of Naval Ship Management (Australia) Pty Ltd. This is being amortised over a total period of 15 years with 12 years remaining. During the year, intangible asset classification has been restated to correct for \u00a341.3 million of assets under construction previously presented within Internally generated software development costs and licences as at 31 March 2024. This comprised \u00a324.9 million as at 1 April 2023 and \u00a316.4 million during the year ended 31 March 2024. In addition, the Group has identified that a number of fully amortised assets are no longer in use. These assets have been derecognised through restatement of the 1 April 2023 opening balances as shown above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-593": { "value": "Acquired intangibles Acquired intangibles are the estimated fair value of customer relationships and brands which are in part contractual, represented by the value of the acquired order book, and in part non-contractual, represented by the risk-adjusted value of future orders expected to arise from the relationships. The carrying value of the contractual element is amortised on a straight-line basis over the remaining period of the orders that are in process or the future period in which the orders will be fulfilled, as the case may be. The amortisation periods, reflecting the lengths of the various contracts, are mainly in the range one year to five years, with a minority of contracts and hence amortisation periods, up to 15 years. The carrying value of the non-contractual element is amortised over the period in which it is estimated that the relationships are likely to bring economic benefit via future orders. Relationships are valued on a contract-by-contract and customer-by-customer basis and the pattern of amortisation reflects the expected pattern of benefit in each case. The amortisation profile is determined on a case-by-case basis and in all cases results in a front-loaded profile, reflecting the greater certainty of future orders in the near term compared with the longer term. The amortisation period is in the range between one year to fifteen years. Acquired brand names are valued dependent on the characteristics of the market in which they operate and the likely value a third party would place on them. Useful lives are likewise dependent on market characteristics of the acquired business brand. These are amortised on a straight-line basis over a period of up to five years. Amortisation charges for the year are recorded in operating costs. Research and development Research expenditure is recognised as an expense as incurred. Costs incurred on development projects are recognised as intangible assets when it is probable that the project will be a success considering its commercial and technological feasibility, and only if the cost can be measured reliably. Other development expenditure is recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Development costs that have been capitalised are amortised from the date the product is available for use on a straight-line basis over the period of its expected benefit but not exceeding seven years. Amortisation of development costs is expensed within operating costs in the Group income statement. Total research and development costs expensed in the period was \u00a3214.7 million (2024: \u00a3244.2 million). Amounts recognised as an expense are recorded within operating costs. Computer software Computer software, excluding the Group\u2019s Enterprise Resource Planning (ERP) system, includes software licences acquired. Configuration and customisation costs relating to Software-as-a-service agreements are expensed as incurred. Computer software is measured at cost less accumulated amortisation and is amortised on a straight-line basis over its expected useful life of between three and ten years. Amortisation of software costs is expensed within operating costs in the Group income statement. The Group is implementing an ERP system in phases over several years. The ERP system is being amortised over a period of up to 13 years to coincide with the expected support period from the software provider. The core asset commenced amortisation when it was available for use, which occurred once implementation was completed. Additional capitalisation for improved functionality as the platform is tailored and deployed at each respective business unit commences amortisation when those improved functionalities are available for use (when the ERP is implemented at the respective business unit). Impairment Indefinite life intangibles are reviewed for impairment at least annually. For all other intangible assets (including acquired intangible assets, capitalised development costs and software assets) the Group performs impairment testing where indicators of impairment are identified. Impairment testing is performed at the individual asset level unless the asset does not generate cash flows that are separately identifiable from other assets. In such cases, the Group estimates the recoverable amount of the CGU to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Where an impairment loss on other non-financial non-current assets subsequently reverses, the carrying amount of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised in prior years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-601": { "value": "Research and development Research expenditure is recognised as an expense as incurred. Costs incurred on development projects are recognised as intangible assets when it is probable that the project will be a success considering its commercial and technological feasibility, and only if the cost can be measured reliably. Other development expenditure is recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Development costs that have been capitalised are amortised from the date the product is available for use on a straight-line basis over the period of its expected benefit but not exceeding seven years. Amortisation of development costs is expensed within operating costs in the Group income statement. Total research and development costs expensed in the period was \u00a3214.7 million (2024: \u00a3244.2 million). Amounts recognised as an expense are recorded within operating costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-499": { "value": "
12. Property, plant and equipment
Property, plant and equipment is shown at cost less subsequent depreciation and impairment, except for land, which is shown
at cost less impairment. Cost includes expenditure that is directly attributable to the acquisition of the items after the deduction
of trade discounts and rebates.
Items of property, plant and equipment are depreciated over their estimated useful lives to any estimated residual value, using
the following rates:
Freehold property
2.0% to 8.0%
Leasehold property Lower of useful economic life or lease term
Plant and equipment 6.6% to 33.3%
Aircraft airframes
2%
Major strategic aircraft spares are classified within property, plant and equipment. Aircraft assets, including spares, are
disaggregated into separate components where the components have differing useful lives with the value of each rotable
component being measured at the cost of replacement or overhaul of the component and the remaining value of the asset
being attributed to the airframe component.
Depreciation is provided on a straight-line basis, or in the case of certain aircraft components on an hours flown basis, to write
off the cost of PPE over the estimated useful lives to their estimated residual value (reassessed at each financial year end).
Subsequent expenditure on the replacement or overhaul of aircraft components is capitalised with the carrying value of the part
replaced being written off. Subsequent expenditure on maintenance which enhances the performance of aircraft airframes is
capitalised whilst expenditure on replacing elements of aircraft airframes is expensed. Components of owned aircraft which
are maintained under Power-by-the-hour maintenance arrangements are not depreciated with the associated payments to the
maintenance provider instead being expensed as incurred, as the residual value of the asset is deemed to be equivalent to the
cost of the asset. Any additional payments made to or received from maintenance providers at the conclusion of Power-by-the-
hour maintenance arrangements are recognised as an expense or as income at the time at which they are incurred or received.
The useful economic life of aircraft is based on management\u2019s estimate of how long the aircraft will continue to be operated
in the same manner or a similar manner, typically not exceeding 30 years. Where the Group acquires aircraft which have
already been used, and may already exceed the typical useful economic life, an individual assessment of useful economic
life is performed.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that
necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets,
until such time as the assets are substantially ready for their intended use or sale. Qualifying assets include both internally
generated intangible assets and property, plant and equipment.
To the extent that variable rate borrowings are used to finance a qualifying asset and are hedged in an effective cash flow
hedge of interest rate risk, the effective portion of the derivative is recognised in Other Comprehensive Income and reclassified
to the Income Statement when the qualifying asset impacts profit or loss. To the extent that fixed rate borrowings are used to
finance a qualifying asset and are hedged in an effective fair value hedge of interest rate risk, the capitalised borrowing costs
reflect the hedged interest rate. For the year ended 31 March 2025, the average capitalisation rate of borrowing costs was 4.0%
(2024: 3.7%).
All other borrowing costs are recognised in the Income Statement in the period in which they are incurred.
Impairment
For property, plant and equipment the Group performs impairment testing where indicators of impairment are identified.
Impairment testing is performed at the individual asset level. Where an asset does not generate cash flows that are separately
identifiable from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs.
The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount
is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement.
Where an impairment loss on other non-financial non-current assets subsequently reverses, the carrying amount of the asset
is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the
carrying amount that would have been determined if no impairment loss had been recognised in prior years.
Assets in
Freehold Leasehold Plant and Aircraft course of
property property equipment fleet construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2024 (as restated)
220.9
15.4
572.6
87.4
124.1
1,020.4
Additions
2.3
1.0
11.8
17.8
72.1
105.0
Transfers to other intangible assets (note 11)
\u2013
\u2013
(4.4)
\u2013
\u2013
(4.4)
Transfers from right of use assets (note 13)
\u2013
\u2013
5.0
\u2013
0.5
5.5
Reclassification from AUC to in-use assets
2.5
18.6
36.2
13.5
(70.8)
\u2013
Disposals
(0.4)
(0.7)
(13.3)
(3.6)
(1.7)
(19.7)
Disposal of business
\u2013
\u2013
(3.6)
\u2013
\u2013
(3.6)
Capitalised borrowing costs
\u2013
\u2013
\u2013
\u2013
5.0
5.0
Exchange adjustments
(0.1)
\u2013
(1.9)
(2.8)
(0.5)
(5.3)
At 31 March 2025
225.2
34.3
602.4
112.3
128.7
1,102.9
Accumulated depreciation
At 1 April 2024 (as restated)
79.8
13.0
378.8
25.4
6.3
503.3
Depreciation charge for the year
13.7
2.9
37.8
4.6
\u2013
59.0
Transfers to other intangible assets (note 11)
\u2013
\u2013
(2.9)
\u2013
\u2013
(2.9)
Transfers from right of use assets (note 13)
\u2013
\u2013
5.0
\u2013
\u2013
5.0
Reclassification between categories
(3.4)
\u2013
(4.3)
7.7
\u2013
\u2013
Disposal of business
\u2013
\u2013
(3.6)
\u2013
\u2013
(3.6)
Disposals
\u2013
(0.7)
(11.0)
(2.6)
\u2013
(14.3)
Exchange adjustments
0.2
(0.1)
(1.2)
(1.4)
\u2013
(2.5)
At 31 March 2025
90.3
15.1
398.6
33.7
6.3
544.0
Net book value at 31 March 2025
134.9
19.2
203.8
78.6
122.4
558.9
Cost
At 1 April 2023 (as previously reported)
212.2
15.2
571.0
97.5
90.8
986.7
Restatement (see below)
0.3
\u2013
(39.7)
7.5
\u2013
(31.9)
At 1 April 2023 (as restated)
212.5
15.2
531.3
105.0
90.8
954.8
Additions
2.3
0.1
22.2
5.3
77.7
107.6
Reclassified to other intangible assets (note 11)
\u2013
\u2013
(1.4)
\u2013
\u2013
(1.4)
Reclassification from AUC to in-use assets
10.4
0.2
37.2
0.3
(48.1)
\u2013
Disposals
(4.1)
\u2013
(12.0)
(21.0)
\u2013
(37.1)
Capitalised borrowing costs
\u2013
\u2013
\u2013
\u2013
3.9
3.9
Exchange adjustments
(0.2)
(0.1)
(4.7)
(2.2)
(0.2)
(7.4)
At 31 March 2024 (as restated)
220.9
15.4
572.6
87.4
124.1
1,020.4
Accumulated depreciation
At 1 April 2023 (as previously reported)
74.4
12.1
390.6
24.9
6.2
508.2
Restatement (see below)
0.3
\u2013
(39.7)
7.5
\u2013
(31.9)
At 1 April 2023 (as restated)
74.7
12.1
350.9
32.4
6.2
476.3
Depreciation charge for the year
7.4
1.0
39.1
4.5
\u2013
52.0
Impairment
\u2013
\u2013
\u2013
2.1
\u2013
2.1
Disposals
(2.2)
\u2013
(8.7)
(12.7)
\u2013
(23.6)
Exchange adjustments
(0.1)
(0.1)
(2.5)
(0.9)
0.1
(3.5)
At 31 March 2024
79.8
13.0
378.8
25.4
6.3
503.3
Net book value at 31 March 2024 (as restated)
141.1
2.4
193.8
62.0
117.8
517.1
During the year, the Group has identified that a number of fully depreciated assets are no longer in use. These assets have been
derecognised through restatement of the 1 April 2023 opening balances as shown above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-578": { "value": "Property, plant and equipment is shown at cost less subsequent depreciation and impairment, except for land, which is shown at cost less impairment. Cost includes expenditure that is directly attributable to the acquisition of the items after the deduction of trade discounts and rebates. Items of property, plant and equipment are depreciated over their estimated useful lives to any estimated residual value, using the following rates:
Freehold property
2.0% to 8.0%
Leasehold property Lower of useful economic life or lease term
Plant and equipment 6.6% to 33.3%
Aircraft airframes
2%
Major strategic aircraft spares are classified within property, plant and equipment. Aircraft assets, including spares, are disaggregated into separate components where the components have differing useful lives with the value of each rotable component being measured at the cost of replacement or overhaul of the component and the remaining value of the asset being attributed to the airframe component. Depreciation is provided on a straight-line basis, or in the case of certain aircraft components on an hours flown basis, to write off the cost of PPE over the estimated useful lives to their estimated residual value (reassessed at each financial year end). Subsequent expenditure on the replacement or overhaul of aircraft components is capitalised with the carrying value of the part replaced being written off. Subsequent expenditure on maintenance which enhances the performance of aircraft airframes is capitalised whilst expenditure on replacing elements of aircraft airframes is expensed. Components of owned aircraft which are maintained under Power-by-the-hour maintenance arrangements are not depreciated with the associated payments to the maintenance provider instead being expensed as incurred, as the residual value of the asset is deemed to be equivalent to the cost of the asset. Any additional payments made to or received from maintenance providers at the conclusion of Power-by-the- hour maintenance arrangements are recognised as an expense or as income at the time at which they are incurred or received. The useful economic life of aircraft is based on management\u2019s estimate of how long the aircraft will continue to be operated in the same manner or a similar manner, typically not exceeding 30 years. Where the Group acquires aircraft which have already been used, and may already exceed the typical useful economic life, an individual assessment of useful economic life is performed. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Qualifying assets include both internally generated intangible assets and property, plant and equipment. To the extent that variable rate borrowings are used to finance a qualifying asset and are hedged in an effective cash flow hedge of interest rate risk, the effective portion of the derivative is recognised in Other Comprehensive Income and reclassified to the Income Statement when the qualifying asset impacts profit or loss. To the extent that fixed rate borrowings are used to finance a qualifying asset and are hedged in an effective fair value hedge of interest rate risk, the capitalised borrowing costs reflect the hedged interest rate. For the year ended 31 March 2025, the average capitalisation rate of borrowing costs was 4.0% (2024: 3.7%). All other borrowing costs are recognised in the Income Statement in the period in which they are incurred. Impairment For property, plant and equipment the Group performs impairment testing where indicators of impairment are identified. Impairment testing is performed at the individual asset level. Where an asset does not generate cash flows that are separately identifiable from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal, and value-in-use. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Where an impairment loss on other non-financial non-current assets subsequently reverses, the carrying amount of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised in prior years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-595": { "value": "Items of property, plant and equipment are depreciated over their estimated useful lives to any estimated residual value, using the following rates:
Freehold property
2.0% to 8.0%
Leasehold property Lower of useful economic life or lease term
Plant and equipment 6.6% to 33.3%
Aircraft airframes
2%
Major strategic aircraft spares are classified within property, plant and equipment. Aircraft assets, including spares, are disaggregated into separate components where the components have differing useful lives with the value of each rotable component being measured at the cost of replacement or overhaul of the component and the remaining value of the asset being attributed to the airframe component. Depreciation is provided on a straight-line basis, or in the case of certain aircraft components on an hours flown basis, to write off the cost of PPE over the estimated useful lives to their estimated residual value (reassessed at each financial year end). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-594": { "value": "Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Qualifying assets include both internally generated intangible assets and property, plant and equipment. To the extent that variable rate borrowings are used to finance a qualifying asset and are hedged in an effective cash flow hedge of interest rate risk, the effective portion of the derivative is recognised in Other Comprehensive Income and reclassified to the Income Statement when the qualifying asset impacts profit or loss. To the extent that fixed rate borrowings are used to finance a qualifying asset and are hedged in an effective fair value hedge of interest rate risk, the capitalised borrowing costs reflect the hedged interest rate. For the year ended 31 March 2025, the average capitalisation rate of borrowing costs was 4.0% (2024: 3.7%). All other borrowing costs are recognised in the Income Statement in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-500": { "value": "13. LeasesGroup as a lesseeLeases represent rentals payable by the Group for certain operational, distribution and office properties and other assets such as aircraft. The leases have varying terms, purchase options, escalation clauses and renewal rights.Right of use assets
Leasehold Plant and Aircraft
property equipment fleet Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2024
140.1
74.1
153.1
367.3
Additions
12.3
9.5
75.8
97.6
Transfers to property, plant & equipment (note 12)
\u2013
(5.5)
\u2013
(5.5)
Disposals
(9.7)
(8.4)
(4.1)
(22.2)
Disposal of business
(2.0)
\u2013
\u2013
(2.0)
Exchange adjustments
(2.2)
(0.3)
(9.6)
(12.1)
At 31 March 2025
138.5
69.4
215.2
423.1
Accumulated depreciation
At 1 April 2024
53.9
49.3
88.5
191.7
Depreciation charge for the year
13.0
8.9
9.3
31.2
Impairment charge for the year
1.7
0.1
\u2013
1.8
Transfers to property, plant & equipment (note 12)
\u2013
(5.0)
\u2013
(5.0)
Disposals
(8.3)
(7.4)
(3.4)
(19.1)
Disposal of business
(0.8)
\u2013
\u2013
(0.8)
Exchange adjustments
(1.0)
(0.1)
(4.4)
(5.5)
At 31 March 2025
58.5
45.8
90.0
194.3
Net book value at 31 March 2025
80.0
23.6
125.2
228.8
For all leases in which the Group is a lessee (other than those meeting the criteria detailed below), the Group recognises a right of use asset and corresponding lease liability at commencement of the lease. The lease liability is the present value of future lease payments discounted at the rate implicit in the lease, if available, or the applicable incremental borrowing rate. The incremental borrowing rate is determined at lease inception based on a number of factors including asset type, lease currency and lease term. Lease payments include fixed payments and variable lease payments dependent on an index or rate, initially measured using the index or rate at the commencement date. The lease term reflects any extension or termination options that the Group is reasonably certain to exercise. The lease liability is subsequently measured at amortised cost using the effective interest rate method, with interest on the lease liability being recognised as a finance expense in the income statement. The lease liability is remeasured, with a corresponding adjustment to the right of use asset, if there is a change in future lease payments, for example resulting from a rent review, change in a rate/index or change in the Group\u2019s assessment of whether it is reasonably certain to exercise an extension, termination or purchase option. The right of use asset is initially recorded at cost, being equal to the lease liability, adjusted for any initial direct costs, lease payments made prior to commencement date, lease incentives received and any dilapidation costs. Depreciation of right of use assets is recognised as an expense in the income statement on a straight-line basis over the shorter of the asset\u2019s useful life or expected term of the lease. Right of use assets arising from sale and leaseback transactions are measured at the proportion of the previous carrying amount of the asset that relates to the right of use retained by the Group. Gains arising on sale and leaseback transactions are recognised to the extent that they relate to the rights transferred to the buyer-lessor whilst losses arising on sale and leaseback transactions are recognised in full. Right of use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, with the impairment expense being recognised in the income statement. Where a lease is terminated early, any termination fees or gain or loss relating to the release of right of use asset and lease obligation are recognised as a gain or loss through the income statement.
Leasehold Plant and Aircraft
property equipment fleet Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
141.6
67.7
138.0
347.3
Additions 21.6 12.9 34.6 69.1
Disposals (21.2) (6.3) (14.8) (42.3)
Exchange adjustments (1.9)
(0.2)
(4.7)
(6.8)
At 31 March 2024
140.1
74.1
153.1
367.3
Accumulated depreciation
At 1 April 2023
49.5
45.7
93.0
188.2
Depreciation charge for the year 18.0 8.9 12.9 39.8
Disposals (12.6) (5.2) (14.0) (31.8)
Exchange adjustments (1.0)
(0.1)
(3.4)
(4.5)
At 31 March 2024
53.9
49.3
88.5
191.7
Net book value at 31 March 2024
86.2
24.8
64.6
175.6
Lease liabilities
The following tables show the discounted Group lease liabilities and a reconciliation of opening to closing lease liabilities:
Total
\u00a3m
At 1 April 2024 230.5
Additions 99.2
Disposals
(3.0)
Disposal of business (1.1)
Exchange adjustments (5.6)
Lease interest
14.1
Lease repayments (59.5)
At 31 March 2025 274.6
Non-current lease liabilities
227.4
Current lease liabilities 47.2
At 31 March 2025 274.6
At 1 April 2023 228.8
Additions 68.0
Disposals
(12.8)
Exchange adjustments (3.9)
Lease interest 9.8
Lease repayments
(59.4)
At 31 March 2024 230.5
Non-current lease liabilities 185.9
Current lease liabilities
44.6
At 31 March 2024 230.5
See note 22 for a maturity analysis of the contractual undiscounted lease payments.Amounts recognised in the Group income statement
2025 2024
\u00a3m \u00a3m
Interest on lease liabilities
14.1
9.8
Right-of-use asset depreciation
31.2
39.8
Right-of-use asset impairment
1.8
\u2013
Loss/(gain) on disposal of right-of-use assets
0.1
(3.6)
The total expense for short term and low value leases was \u00a339.6 million (2024: \u00a352.0 million). The expense is deemed approximate to the cash outflow for short term and low value leases.Amounts recognised in the Group cash flow statement
2025 2024
\u00a3m \u00a3m
Total cash outflow for principal element of leases
45.4
49.6
Total cash outflow for interest element of leases
14.1
9.8
Total cash outflow for leases
59.5
59.4
Group as a lessorThe Group is the lessor in an arrangement for the lease of vehicles and sub-lease of leased properties. There have been no new material lease arrangements as a lessor in the current year (2024: none).Amounts recognised in the Group income statement
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Finance lease \u2013 interest income
5.0
4.4
Finance lease payments receivable
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Within one year
18.8
16.9
Greater than one year but less than two years
18.7
13.1
Greater than two years but less than three years
9.2
8.8
Greater than three years but less than four years
2.9
4.3
Greater than four years but less than five years
0.2
0.1
Total undiscounted finance lease payments receivable
49.8
43.2
Impact of discounting
(5.2)
(7.7)
Finance lease receivable (net investment in the lease)
44.6
35.5
There was no material impairment of lease receivables in the year ended 31 March 2025 (2024: \u00a3nil). As a lessor, the Group classifies lessor arrangements as finance or operating leases. Leases are classified as finance leases when the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Amounts due from lessees under a finance lease are held on the statement of financial position as a financial asset at an amount equal to the Group\u2019s net investment in the lease. The finance lease payments received are treated as finance income and a repayment of principal including initial direct costs. Finance income is allocated over the lease term, with the gross receivable being reviewed for impairment on a regular basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-530": { "value": "
Right of use assets
Leasehold Plant and Aircraft
property equipment fleet Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2024
140.1
74.1
153.1
367.3
Additions
12.3
9.5
75.8
97.6
Transfers to property, plant & equipment (note 12)
\u2013
(5.5)
\u2013
(5.5)
Disposals
(9.7)
(8.4)
(4.1)
(22.2)
Disposal of business
(2.0)
\u2013
\u2013
(2.0)
Exchange adjustments
(2.2)
(0.3)
(9.6)
(12.1)
At 31 March 2025
138.5
69.4
215.2
423.1
Accumulated depreciation
At 1 April 2024
53.9
49.3
88.5
191.7
Depreciation charge for the year
13.0
8.9
9.3
31.2
Impairment charge for the year
1.7
0.1
\u2013
1.8
Transfers to property, plant & equipment (note 12)
\u2013
(5.0)
\u2013
(5.0)
Disposals
(8.3)
(7.4)
(3.4)
(19.1)
Disposal of business
(0.8)
\u2013
\u2013
(0.8)
Exchange adjustments
(1.0)
(0.1)
(4.4)
(5.5)
At 31 March 2025
58.5
45.8
90.0
194.3
Net book value at 31 March 2025
80.0
23.6
125.2
228.8
Leasehold Plant and Aircraft
property equipment fleet Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
141.6
67.7
138.0
347.3
Additions 21.6 12.9 34.6 69.1
Disposals (21.2) (6.3) (14.8) (42.3)
Exchange adjustments (1.9)
(0.2)
(4.7)
(6.8)
At 31 March 2024
140.1
74.1
153.1
367.3
Accumulated depreciation
At 1 April 2023
49.5
45.7
93.0
188.2
Depreciation charge for the year 18.0 8.9 12.9 39.8
Disposals (12.6) (5.2) (14.0) (31.8)
Exchange adjustments (1.0)
(0.1)
(3.4)
(4.5)
At 31 March 2024
53.9
49.3
88.5
191.7
Net book value at 31 March 2024
86.2
24.8
64.6
175.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-579": { "value": "
For all leases in which the Group is a lessee (other than those meeting the criteria detailed below), the Group recognises a right
of use asset and corresponding lease liability at commencement of the lease.
The lease liability is the present value of future lease payments discounted at the rate implicit in the lease, if available, or the
applicable incremental borrowing rate. The incremental borrowing rate is determined at lease inception based on a number
of factors including asset type, lease currency and lease term. Lease payments include fixed payments and variable lease
payments dependent on an index or rate, initially measured using the index or rate at the commencement date. The lease term
reflects any extension or termination options that the Group is reasonably certain to exercise.
The lease liability is subsequently measured at amortised cost using the effective interest rate method, with interest on the lease
liability being recognised as a finance expense in the income statement. The lease liability is remeasured, with a corresponding
adjustment to the right of use asset, if there is a change in future lease payments, for example resulting from a rent review,
change in a rate/index or change in the Group\u2019s assessment of whether it is reasonably certain to exercise an extension,
termination or purchase option.
The right of use asset is initially recorded at cost, being equal to the lease liability, adjusted for any initial direct costs, lease
payments made prior to commencement date, lease incentives received and any dilapidation costs. Depreciation of right of
use assets is recognised as an expense in the income statement on a straight-line basis over the shorter of the asset\u2019s useful
life or expected term of the lease.
Right of use assets arising from sale and leaseback transactions are measured at the proportion of the previous carrying amount
of the asset that relates to the right of use retained by the Group. Gains arising on sale and leaseback transactions are
recognised to the extent that they relate to the rights transferred to the buyer-lessor whilst losses arising on sale and leaseback
transactions are recognised in full.
Right of use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable, with the impairment expense being recognised in the income statement. Where a lease is terminated
early, any termination fees or gain or loss relating to the release of right of use asset and lease obligation are recognised as a
gain or loss through the income statement.
As a lessor, the Group classifies lessor arrangements as finance or operating leases. Leases are classified as finance leases when the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Amounts due from lessees under a finance lease are held on the statement of financial position as a financial asset at an amount equal to the Group\u2019s net investment in the lease. The finance lease payments received are treated as finance income and a repayment of principal including initial direct costs. Finance income is allocated over the lease term, with the gross receivable being reviewed for impairment on a regular basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-565": { "value": "
14. Investment in and loans to joint ventures and associates
The Group\u2019s material joint ventures and associates are:
Nature of % interest % interest Country of Principal area
relationship
Year end
Business activity
held (2025) held (2024) incorporation of operation
AirTanker Services Limited
Associate
31 Dec
Provision of
23.5%
23.5%
United United
air-to-air refuelling Kingdom Kingdom
Ascent Flight Training (Holdings)
Joint venture
31 Mar
Provision of
50.0%
50.0%
United United
Limited training services Kingdom Kingdom
Summarised financial information for joint ventures and associates
The summarised financial information below reflects the amounts presented in the financial statements of the relevant joint ventures
and associates, and not the Group\u2019s share of those amounts. These amounts have been adjusted to conform to the Group\u2019s
accounting policies where required. The summarised financial information has been aggregated to provide useful information
to users without excessive detail. Joint ventures that are not considered material to the Group are not shown below.
31 March 2025
31 March 2024
Ascent Flight Ascent Flight
Training AirTanker Training AirTanker
(Holdings) Services (Holdings) Services
Limited Limited Limited Limited
Summarised income statement extract (year ended)
Revenue
165.3
239.6
168.8
254.7
Depreciation and amortisation
(0.6)
(3.3)
(0.5)
(1.7)
Interest income
3.7
3.7
3.4
1.8
Interest expense
(2.3)
(0.2)
(2.7)
(0.2)
Income tax expense
(5.9)
(1.8)
(5.7)
(5.0)
(Loss)/profit from continuing operations
(2.6)
1.0
16.7
11.2
Other comprehensive income
(3.2)
\u2013
0.4
\u2013
Total comprehensive income
(5.8)
1.0
17.1
11.2
Summarised statement of financial position
Non-current assets
48.5
75.7
45.8
87.8
Current assets (excluding cash and cash equivalents)
25.0
65.4
59.5
59.9
Cash and cash equivalents
57.3
111.8
55.4
86.6
Non-current liabilities
(91.6)
(55.0)
(94.9)
(60.7)
Current liabilities
(12.6)
(79.3)
(7.9)
(56.0)
Net assets
26.6
118.6
57.9
117.6
Ownership
50%
23.5%
50%
23.5%
Carrying value of investment
13.3
27.9
29.0
27.6
The Group\u2019s interests in joint ventures and associates are accounted for by the equity method of accounting and are initially
recorded at cost. The Group\u2019s investment in joint ventures and associates includes goodwill (net of any accumulated impairment
loss) identified on acquisition. The carrying values of associates and joint ventures are reviewed on a regular basis and if there
is objective evidence that an impairment in value has occurred as a result of one or more events during the period, the
investment is impaired.
The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses after tax is recognised in the income
statement, and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition
movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture or
associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses unless
it has incurred obligations to do so.
Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent
of the Group\u2019s interest in the joint venture and associate. Loans to joint ventures are valued at amortised cost less provision for
impairment.
Reconciliation to carrying amounts
Investment in joint ventures Loans to joint ventures
and associates and associates Total
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
59.7
57.4
3.9
9.5
63.6
66.9
Share of (losses)/profits of joint ventures and
associates
(2.7)
10.3
\u2013
\u2013
(2.7)
10.3
Impairment of joint ventures and associates
\u2013
(1.1)
\u2013
\u2013
\u2013
(1.1)
Results from joint ventures and associates
(2.7)
9.2
\u2013
\u2013
(2.7)
9.2
Acquisition and disposal of joint ventures and
associates (note 27)
0.4
\u2013
\u2013
\u2013
0.4
\u2013
Loans repaid by joint ventures and associates
\u2013
\u2013
(0.3)
(7.5)
(0.3)
(7.5)
Increase in loans to joint ventures and associates
\u2013
\u2013
\u2013
2.1
\u2013
2.1
Interest accrued and capitalised
\u2013
\u2013
0.2
0.3
0.2
0.3
Interest received
\u2013
\u2013
(0.2)
(0.5)
(0.2)
(0.5)
Dividends received
(12.2)
(7.1)
\u2013
\u2013
(12.2)
(7.1)
Fair value adjustment of derivatives
(2.2)
0.3
\u2013
\u2013
(2.2)
0.3
Tax on fair value adjustment of derivatives
0.5
(0.1)
\u2013
\u2013
0.5
(0.1)
At 31 March
43.5
59.7
3.6
3.9
47.1
63.6
The total investments in joint ventures and associates and loans to joint ventures and associates is attributable to the following reportable segments:
2025 2024
\u00a3m \u00a3m
Marine
3.2
3.3
Nuclear
0.9
1.6
Land
0.2
0.2
Aviation
42.8
58.5
Net book value
47.1
63.6
The joint ventures and associates have no significant contingent liabilities to which the Group is exposed. The Group does not have any commitments that have been made to the joint ventures or associates and not recognised at the reporting date. Joint arrangements are classified as joint ventures where the Group has the right to net assets of the joint arrangement rather than separate rights and obligations to the assets and liabilities of the joint arrangement, respectively. There has been no impairment to loans to joint ventures and associates during the year (2024: \u00a3nil). Total cumulative expected credit losses in respect of loans to joint ventures and associates are also \u00a3nil (2024: \u00a3nil) as the joint ventures and associates are considered to have low credit risk and as such impairment risk is considered minimal. There are no significant restrictions on the ability of joint ventures and associates to transfer funds to the owners, other than those imposed by the Companies Act 2006 or equivalent local regulations. Joint ventures and associates (equity accounted): ABC Electrification Ltd (33.3%)9 8th Floor, The Place, High Holborn, London, WC1V 7AA AirTanker Services Limited (23.5%) 12 AirTanker Hub RAF Brize Norton, Carterton, Oxfordshire, England, OX18 3LX, United Kingdom Alert Communications Group Holdings Limited (20%) Alkali Metal Processing Limited (50.0%) Ascent Flight Training (Holdings) Limited (50.0%) Cavendish Boccard Nuclear Limited (51.0%) Cavendish Dounreay Partnership Limited (50.0%) 9 Cavendish Fluor Partnership Limited (65.0%) Debut Services (South West) Limited (50.0%) 20 Triton Street, Regent\u2019s Place, London, NW1 3BF, United Kingdom Duqm Naval Dockyard SAOC (49.0%) The Special Economic Zone at Duqm, Al-Duqm, Al-Wusta\u2019a, 3972 112, Oman H&B Defence Pty Ltd (49%) Unit G3, 55 Blackall Street, Barton ACT 2600, Australia FSP (2004) Limited (50.0%) 1 8 Stephenson Place, Hamilton International Technology Park, Blantyre, G72 0LH, Scotland Okeanus Vermogensverwaltungs GmbH & Co. KG (50.0%) Vorsetzen 54, 20459, Hamburg, Germany", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-501": { "value": "14. Investment in and loans to joint ventures and associatesThe Group\u2019s material joint ventures and associates are:
Nature of % interest % interest Country of Principal area
relationship
Year end
Business activity
held (2025) held (2024) incorporation of operation
AirTanker Services Limited
Associate
31 Dec
Provision of
23.5%
23.5%
United United
air-to-air refuelling Kingdom Kingdom
Ascent Flight Training (Holdings)
Joint venture
31 Mar
Provision of
50.0%
50.0%
United United
Limited training services Kingdom Kingdom
Summarised financial information for joint ventures and associates The summarised financial information below reflects the amounts presented in the financial statements of the relevant joint ventures and associates, and not the Group\u2019s share of those amounts. These amounts have been adjusted to conform to the Group\u2019s accounting policies where required. The summarised financial information has been aggregated to provide useful information to users without excessive detail. Joint ventures that are not considered material to the Group are not shown below.
31 March 2025
31 March 2024
Ascent Flight Ascent Flight
Training AirTanker Training AirTanker
(Holdings) Services (Holdings) Services
Limited Limited Limited Limited
Summarised income statement extract (year ended)
Revenue
165.3
239.6
168.8
254.7
Depreciation and amortisation
(0.6)
(3.3)
(0.5)
(1.7)
Interest income
3.7
3.7
3.4
1.8
Interest expense
(2.3)
(0.2)
(2.7)
(0.2)
Income tax expense
(5.9)
(1.8)
(5.7)
(5.0)
(Loss)/profit from continuing operations
(2.6)
1.0
16.7
11.2
Other comprehensive income
(3.2)
\u2013
0.4
\u2013
Total comprehensive income
(5.8)
1.0
17.1
11.2
Summarised statement of financial position
Non-current assets
48.5
75.7
45.8
87.8
Current assets (excluding cash and cash equivalents)
25.0
65.4
59.5
59.9
Cash and cash equivalents
57.3
111.8
55.4
86.6
Non-current liabilities
(91.6)
(55.0)
(94.9)
(60.7)
Current liabilities
(12.6)
(79.3)
(7.9)
(56.0)
Net assets
26.6
118.6
57.9
117.6
Ownership
50%
23.5%
50%
23.5%
Carrying value of investment
13.3
27.9
29.0
27.6
The Group\u2019s interests in joint ventures and associates are accounted for by the equity method of accounting and are initially recorded at cost. The Group\u2019s investment in joint ventures and associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. The carrying values of associates and joint ventures are reviewed on a regular basis and if there is objective evidence that an impairment in value has occurred as a result of one or more events during the period, the investment is impaired. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses after tax is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses unless it has incurred obligations to do so. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the joint venture and associate. Loans to joint ventures are valued at amortised cost less provision for impairment.
Reconciliation to carrying amounts
Investment in joint ventures Loans to joint ventures
and associates and associates Total
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
59.7
57.4
3.9
9.5
63.6
66.9
Share of (losses)/profits of joint ventures and
associates
(2.7)
10.3
\u2013
\u2013
(2.7)
10.3
Impairment of joint ventures and associates
\u2013
(1.1)
\u2013
\u2013
\u2013
(1.1)
Results from joint ventures and associates
(2.7)
9.2
\u2013
\u2013
(2.7)
9.2
Acquisition and disposal of joint ventures and
associates (note 27)
0.4
\u2013
\u2013
\u2013
0.4
\u2013
Loans repaid by joint ventures and associates
\u2013
\u2013
(0.3)
(7.5)
(0.3)
(7.5)
Increase in loans to joint ventures and associates
\u2013
\u2013
\u2013
2.1
\u2013
2.1
Interest accrued and capitalised
\u2013
\u2013
0.2
0.3
0.2
0.3
Interest received
\u2013
\u2013
(0.2)
(0.5)
(0.2)
(0.5)
Dividends received
(12.2)
(7.1)
\u2013
\u2013
(12.2)
(7.1)
Fair value adjustment of derivatives
(2.2)
0.3
\u2013
\u2013
(2.2)
0.3
Tax on fair value adjustment of derivatives
0.5
(0.1)
\u2013
\u2013
0.5
(0.1)
At 31 March
43.5
59.7
3.6
3.9
47.1
63.6
The total investments in joint ventures and associates and loans to joint ventures and associates is attributable to the following
reportable segments:
2025 2024
\u00a3m \u00a3m
Marine
3.2
3.3
Nuclear
0.9
1.6
Land
0.2
0.2
Aviation
42.8
58.5
Net book value
47.1
63.6
The joint ventures and associates have no significant contingent liabilities to which the Group is exposed. The Group does not
have any commitments that have been made to the joint ventures or associates and not recognised at the reporting date.
Joint arrangements are classified as joint ventures where the Group has the right to net assets of the joint arrangement rather than
separate rights and obligations to the assets and liabilities of the joint arrangement, respectively. There has been no impairment to
loans to joint ventures and associates during the year (2024: \u00a3nil). Total cumulative expected credit losses in respect of loans to
joint ventures and associates are also \u00a3nil (2024: \u00a3nil) as the joint ventures and associates are considered to have low credit risk
and as such impairment risk is considered minimal.
There are no significant restrictions on the ability of joint ventures and associates to transfer funds to the owners, other than those
imposed by the Companies Act 2006 or equivalent local regulations.
33. Group entities
In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries and equity accounted investments as at
31 March 2025 is disclosed below. Unless otherwise stated, the Group\u2019s interest in the voting share capital is represented by one
type of ordinary share and is 100%, the entities are unlisted, the year end is 31 March and the address of the registered office is 33
Wigmore Street, London, W1U 1QX. Babcock (UK) Holdings Limited is the only entity held directly by Babcock International Group
PLC. No subsidiary undertakings have been excluded from the consolidation.
Subsidiaries, wholly owned
Airwork Limited
Appledore Shipbuilders (2004) Limited
1
Armstrong Technology Associates
Limited*
Babcock (Ireland) Treasury Limited
Custom House Plaza, Block 6, IFSC, Dublin, 1,
Ireland
Babcock (NZ) Limited
C/O Babcock Central Office, HMNZ Dockyard,
Devonport Naval Base, Queens Parade,
Devonport, Auckland, 0744, New Zealand
Babcock (UK) Holdings Limited
3
Babcock Aerospace Limited
Babcock Africa Investments (Pty) Ltd
Riley Road Office Park, 15E Riley Road,
Bedfordview, Gauteng, 2007, South Africa
Babcock Airports Limited
Babcock Assessments Limited
Babcock Australia Holdings Pty Ltd
Level 9, 70 Franklin Street, Adelaide SA 5000,
Australia
Babcock Aviation Services (Holdings)
Limited
1
Babcock B.V.
Bezuidenhoutseweg 1, 2594 AB The Hague,
The Netherlands
Babcock Canada Inc.
45 O\u2019Connor Street, Suite 1500, Ottawa, Ontario
K1P 1A4, Canada
Babcock Communications Cyprus Limited
Spyrou Kyprianou, 47, 1
st
Floor, Mesa Geitona,
4004 Limassol, Cyprus
Babcock Communications Limited
Babcock Company Holdings Limited
Babcock Contractors Limited
1
Babcock Corporate Secretaries Limited*
Babcock Corporate Services Limited
Babcock Critical Assets Holdings LLP
Babcock Critical Services Limited
103 Waterloo Street, Glasgow, Scotland, G2
7BW, United Kingdom
Babcock Defence & Security
Holdings LLP
Babcock Defence and Security
Investments Limited
Babcock Defence Systems Limited
Babcock Defense (USA) Incorporated
251 Little Falls Drive, Wilmington, Delaware
19808, United States
Babcock Design & Technology Limited*
Rosyth Business Park, Rosyth, Dunfermline, Fife,
KY11 2YD, Scotland
Babcock DS 2019 Limited
Babcock Education & Training
Holdings LLP
Babcock Education and Skills Limited
Babcock Education Holdings Limited
Babcock Engineering Limited*
Babcock Europe Finance Limited
1
Trident Park, Notabile Gardens, No. 2 \u2013 Level 3,
Mdina Road, Zone 2, Central Business District,
Birkirkara CBD 2010, Malta
Babcock Fire Services (SW) Limited
Babcock Fire Services Limited
Babcock Fire Training (Avonmouth)
Limited
Babcock Group (US Investments) Limited
Babcock Holdings (USA) Incorporated
7
251 Little Falls Drive, Wilmington, Delaware
19808, United States
Babcock Holdings Limited
3
Babcock Information Analytics and
Security Holdings Limited*
Babcock Information Analytics and
Security Limited
5
Babcock Integrated Technology (Korea)
Limited
Babcock Integrated Technology GmbH
Am Zoppenberg 23, 41366 Schwalmtal,
Germany
Babcock Integrated Technology Limited
Babcock Integration LLP
Babcock International France
Aviation SAS
Lieu dit le Portaret, 83340, Le Cannet-des-
Maures, France
Babcock International France SAS
21 Rue Leblanc 75015, Paris, France
Babcock International France Terre SAS
21 Rue Leblanc 75015, Paris, France
Babcock International Holdings BV
Bezuidenhoutseweg 1, 2594 AB The Hague,
The Netherlands
Babcock International Holdings Limited
1
Trident Park, Notabile Gardens, No. 2 \u2013 Level 3,
Mdina Road, Zone 2, Central Business District,
Birkirkara CBD 2010, Malta
Babcock International Limited
5
Babcock International Belgium SRL
11 rue de colonies, Brussels, Belgium, 1000
Babcock International Estonia OU
Harju maakond,, Tallinn, Kesklinna linnaosa,,
P\u00e4rnu mnt 139e/2-8, 11317, Estonia
Babcock International Support Services
Limited
Babcock International US Inc
251 Little Falls Drive, Wilmington, Delaware
19808, United States
Babcock Investments (Fire Services)
Limited
Babcock Investments (Number Four)
Limited
Babcock Investments Limited
Babcock IP Management (Number One)
Limited
Babcock IP Management (Number Two)
Limited
Babcock Ireland Finance Limited
44 Esplanade, St Helier, JE4 9WG, Jersey
Babcock Korea Limited
72-1, Shinsan-ro, Saha-gu, Busan, 49434, South
Korea
Babcock Land Limited
Babcock Land Defence Limited
Babcock Luxembourg Investments I
S.a.r.l.
12F rue Guillaume Kroll, L \u2013 1882 Luxembourg
Babcock Luxembourg Investments S.a.r.l.
12F rue Guillaume Kroll, L \u2013 1882 Luxembourg
Babcock M 2019 Limited
Babcock Marine Shipbuilding Limited
Babcock Malta Limited
44 Esplanade, St Helier, JE4 9WG, Jersey
Babcock Malta (Number Two) Limited
44 Esplanade, St Helier, JE4 9WG, Jersey
Babcock Malta Finance Limited
2
Trident Park, Notabile Gardens, No. 2 \u2013 Level 3,
Mdina Road, Zone 2, Central Business District,
Birkirkara CBD 2010, Malta
Babcock Malta Holdings (Number Two)
Limited
2
Trident Park, Notabile Gardens, No. 2 \u2013 Level 3,
Mdina Road, Zone 2, Central Business District,
Birkirkara CBD 2010, Malta
Babcock Malta Holdings Limited
2
Trident Park, Notabile Gardens, No. 2 \u2013 Level 3,
Mdina Road, Zone 2, Central Business District,
Birkirkara CBD 2010, Malta
Babcock Management 2019 Limited
Babcock Management Limited
Babcock Marine (Clyde) Limited
Rosyth Business Park, Rosyth, Dunfermline, Fife,
KY11 2YD, Scotland
Babcock Marine (Devonport) Limited
1
Devonport Royal Dockyard, Devonport,
Plymouth, PL1 4SG, England
Babcock Marine (Rosyth) Limited
Rosyth Business Park, Rosyth,
Dunfermline, Fife,
KY11 2YD, Scotland
Babcock Marine Holdings (UK) Limited
5
Babcock Marine Limited
Babcock Marine Products Limited*
Babcock Marine Training Limited
1
Babcock MCS Congo SA
Avenue Charles de Gaulle, PB 5871, Pointe-
Noire, PB 5871, The Republic of Congo
Babcock Mission Critical Services
Australasia Pty Ltd
Level 9, 70 Franklin Street, Adelaide SA 5000,
Australia
Babcock Mission Critical Services Design
and Completions Limited
Babcock Mission Critical Services
Germany GmbH
Bismarckstra\u00dfe 100, 41061 M\u00f6nchengladbach
Babcock Mission Critical Services Leasing
Limited
Babcock Mission Critical Services Ltd
Babcock Mission Critical Services
Onshore Limited
Babcock Mission Critical Services
Topco Ltd
1
Babcock Mission Critical Services
UK Limited
Babcock MSS Limited
Babcock Nuclear Limited
Babcock Oman LLC
P.O. Box 2315, Ghala, Muscat, 130, Oman
Babcock Overseas Investments Limited
Babcock Polska sp. z o.o.
Plac Trzech Krzyzy 10/14, 00-499,
Warszawa, Poland
Babcock Project Investments Limited
Babcock Project Services Limited
Babcock Pty Ltd
Level 9, 70 Franklin Street, Adelaide SA 5000,
Australia
Babcock Rail Limited
Babcock Rail Ireland Limited
Block 1, Harcourt Centre, Harcourt Street,
Dublin, DUBLIN 2, Ireland
Babcock Services Group Limited
Babcock Services Limited
Babcock Southern Careers Limited*
2
Babcock Southern Holdings Limited
6
Babcock Support Services (Investments)
Limited
Babcock Support Services GmbH (in
liquidation)
Bismarckstra\u00dfe 100, 41061 M\u00f6nchengladbach
Babcock Support Services Limited
8
103 Waterloo Street, Glasgow, Scotland, G2
7BW, United Kingdom
Babcock Support Services s.r.l.
(in liquidation)
Corso Vercelli, 40, 20145, Milano, Italy
Babcock Training Limited
Babcock UK Finance
Babcock Ukraina LLC
Nazalezhnosti Maidan, Building 2, Kyiv City,
01012, Ukraine
Babcock Ukraine Limited
Babcock USA LLC
1
251 Little Falls Drive, Wilmington, Delaware
19808, United States
Babcock US Investments
(Number Two) LLC
1
251 Little Falls Drive, Wilmington, Delaware
19808, United States
Babcock US Investments Inc.
1
251 Little Falls Drive, Wilmington, Delaware
19808, United States
Babcock US Investments Limited
5
Babcock Vehicle Engineering Limited
4
BNS Pension Trustees Limited*
Rosyth Business Park, Rosyth, Dunfermline, Fife,
KY11 2YD, Scotland
BNS Pensions Limited*
Rosyth Business Park, Rosyth, Dunfermline, Fife,
KY11 2YD, Scotland
Bond Aviation Topco Limited
5
Brooke Marine Shipbuilders Limited
Cavendish Nuclear (Overseas) Limited*
Cavendish Nuclear (USA) Incorporated
251 Little Falls Drive, Wilmington, Delaware
19808, United States
Cavendish Nuclear Japan KK
Regus Tokyo, Arca Central \u2013 Office 104, Arca
Central Building 14F 1-2-1, Kinshi , Sumida-ku,
Tokyo, Japan
Cavendish Nuclear Limited
5
Chepstow Insurance Limited
PO Box 155, Mill Court, La Charroterie, St Peter
Port, GY1 4ET, Guernsey
Crucible Training Systems Limited*
Devonport Royal Dockyard Limited
9
Devonport Royal Dockyard, Devonport,
Plymouth, PL1 4SG, United Kingdom
Devonport Royal Dockyard Pension
Trustees Limited*
Devonport Royal Dockyard, Devonport,
Plymouth, PL1 4SG, United Kingdom
FBM Babcock Marine Holdings (UK)
Limited
FBM Babcock Marine Limited
FBM Marine International (UK) Limited
Flagship Fire Fighting Training Limited
INAER Helicopter Chile S.A.*
2880 Americo Vespucio Norte Avenue, Suite
1102, Conchali, Santiago, Chile
LGE IP Management Company Ltd
Rosyth Business Park, Rosyth, Dunfermline, Fife,
Scotland, KY11 2YD, United Kingdom
Liquid Gas Equipment Limited
Rosyth Business Park, Rosyth, Dunfermline, Fife,
Scotland, KY11 2YD, United Kingdom
Liquid Gas Equipment LLC
1
251 Little Falls Drive, Wilmington, Delaware
19808, United States
Marine Engineering & Fabrications
(Holdings) Limited*
Marine Engineering & Fabrications
Limited*
Marine Industrial Design Limited
c/o Babcock Central Office, HMNZ Dockyard,
Devonport Naval Base, Queens Parade,
Devonport, Auckland, 0744, New Zealand
Naval Ship Management (Australia) Pty Ltd
9, 70 Franklin Street, Adelaide, SA 5000, Australia
Peterhouse Group Limited
Port Babcock Rosyth Limited*
Rosyth Business Park, Rosyth, Dunfermline, Fife,
KY11 2YD, Scotland
Rosyth Royal Dockyard Limited
10
Rosyth Business Park, Rosyth, Dunfermline, Fife,
KY11 2YD, Scotland
Rosyth Royal Dockyard Pension Trustees
Limited*
Rosyth Business Park, Rosyth, Dunfermline, Fife,
KY11 2YD, Scotland
SBRail Limited*
Vosper Thornycroft (UK) Limited
Subsidiaries, partly owned:
Babcock Africa (Pty) Limited (90.0%)
7
Riley Road Office Park, 15E Riley Road,
Bedfordview, Gauteng, 2007, South Africa
Babcock Africa Holdings (Pty) Ltd
(90.0%)
11
Riley Road Office Park, 15E Riley Road,
Bedfordview, Gauteng, 2007, South Africa
Babcock Africa Services (Pty) Ltd (90.0%)
Riley Road Office Park, 15E Riley Road,
Bedfordview, Gauteng, 2007, South Africa
Babcock Aviation Services Holdings
International Limited (49.82%)
11
52 St Christopher Street, Valletta, VLT 1462, Malta
Babcock Dyncorp Limited
9
(56.0%)
Babcock Education and Training (Pty) Ltd
(90.0%)
Riley Road Office Park, 15E Riley Road,
Bedfordview, Gauteng, 2007, South Africa
Babcock Financial Services (Pty) Ltd
(90.0%)
Riley Road Office Park, 15E Riley Road,
Bedfordview, Gauteng, 2007, South Africa
Babcock Learning and Development
Partnership LLP (80.1%)
Babcock MCS Ghana Limited (90.0%)
No. 9, Carrot Avenue, Adjacent Lizzy Sport
Complex, East Legon, Accra, Ghana
Babcock Mission Critical Services (Ireland)
Limited (49.82%)
13-18 City Quay, Dublin 2, Ireland
Babcock Mission Critical Services France
SA (49.82%)
Lieu dit le Portaret, 83340, Le Cannet-des-
Maures, France
Babcock Mo\u00e7ambique Limitada (90.0%)
Av. Samora Machel 3380/1, Mozambique
Babcock Namibia Services Pty Ltd
(90.0%)
Unit 3 Ground Floor, Dr Agostinho Neto Road,
Ausspann Plaza, Ausspanplatz, Windhoek,
Namibia
Babcock Ntuthuko Aviation (Pty) Limited
(66.78%)*
Riley Road Office Park, 15E Riley Road,
Bedfordview, Gauteng, 2007, South Africa
Babcock Ntuthuko Engineering (Pty)
Limited (46.37%)
9
Riley Road Office Park, 15E Riley Road,
Bedfordview, Gauteng, 2007, South Africa
Babcock Ntuthuko Powerlines (Pty)
Limited (46.81%)*
Unit G3 Victoria House, Plot 132 Independence
Avenue, Gaborone, Botswana
Babcock Plant Services (Pty) Ltd
(64.82%)
5
Riley Road Office Park, 15E Riley Road,
Bedfordview, Gauteng, 2007, South Africa
Babcock TCM Plant (Proprietary) Limited
(90.0%)
7
Unit G3 Victoria House, Plot 132 Independence
Avenue, Gaborone, Botswana
Babcock Zambia Limited (90.0%)
16 Arusha, Town Centre, Ndola, Copper Belt,
Zambia
Cognac Formation Aero (90.0%)
Base A\u00e9rienne 709 Cognac 16100
Ch\u00e2teaubernard, France
Joint ventures and associates
(equity accounted):
ABC Electrification Ltd (33.3%)
9
8th Floor, The Place, High Holborn, London,
WC1V 7AA
AirTanker Services Limited (23.5%)
12
AirTanker Hub RAF Brize Norton, Carterton,
Oxfordshire, England, OX18 3LX, United Kingdom
Alert Communications Group Holdings
Limited (20%)
Alkali Metal Processing Limited (50.0%)
Ascent Flight Training (Holdings) Limited
(50.0%)
Cavendish Boccard Nuclear Limited
(51.0%)
Cavendish Dounreay Partnership Limited
(50.0%)
9
Cavendish Fluor Partnership Limited
(65.0%)
Debut Services (South West) Limited
(50.0%)
20 Triton Street, Regent\u2019s Place, London, NW1
3BF, United Kingdom
Duqm Naval Dockyard SAOC (49.0%)
The Special Economic Zone at Duqm, Al-Duqm,
Al-Wusta\u2019a, 3972 112, Oman
H&B Defence Pty Ltd (49%)
Unit G3, 55 Blackall Street, Barton ACT 2600,
Australia
FSP (2004) Limited (50.0%)
1
8 Stephenson Place, Hamilton International
Technology Park, Blantyre, G72 0LH, Scotland
Okeanus Vermogensverwaltungs
GmbH & Co. KG (50.0%)
Vorsetzen 54, 20459, Hamburg, Germany
Subsidiaries in Members Voluntary
Liquidation:
Airwork Technical Services & Partners
LLC (51.0%)
PO Box 248 (Muaskar Al Murtafa\u2019a (MAM)
Garrison), Muscat, 100, Sultanate of Oman
Babcock Malta Finance (Number Two)
Limited
2
Trident Park, Notabile Gardens, No. 2 \u2013 Level
3, Mdina Road, Zone 2, Central Business
District, Birkirkara CBD 2010, Malta
Babcock Malta Holdings Limited
2
Trident Park, Notabile Gardens, No. 2 \u2013 Level 3,
Mdina Road, Zone 2, Central Business District,
Birkirkara CBD 2010, Malta
Babcock Marine & Technology Holdings
Limited
5 Temple Square, Temple Street, Liverpool, L2 5RH
INAER Helicopter Peru S.A.C.
1118 Av. Los Conquistadores, Santa Cruz, San
Isidro, Lima, Peru
Peterhouse GmbH
Bismarckstra\u00dfe 100, 41061 M\u00f6nchengladbach
Skills2Learn Limited
5 Temple Square, Temple Street, Liverpool, L2 5RH
Notes
* Dormant entity.
1. Holding of two types of ordinary shares.
2. Holding of three types of ordinary shares.
3. Holding of four types of ordinary shares.
4. Holding of six types of ordinary shares.
5. Holding of ordinary and preference shares.
6. Holding of ordinary and deferred shares.
7. Holding of ordinary and redeemable
preference shares.
8. Holding of ordinary and five types of
preference shares.
9. Holding of one type of ordinary share only,
where more than one type of share is
authorised or in issue.
10. Holding of two types of ordinary shares,
where more than two types of share are
authorised or in issue.
11. Holding of one type of ordinary share and
one type of preference share, where more
than two types of share are authorised or
in issue.
12. Year end 31 December.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-580": { "value": "14. Investment in and loans to joint ventures and associatesThe Group\u2019s material joint ventures and associates are:
Nature of % interest % interest Country of Principal area
relationship
Year end
Business activity
held (2025) held (2024) incorporation of operation
AirTanker Services Limited
Associate
31 Dec
Provision of
23.5%
23.5%
United United
air-to-air refuelling Kingdom Kingdom
Ascent Flight Training (Holdings)
Joint venture
31 Mar
Provision of
50.0%
50.0%
United United
Limited training services Kingdom Kingdom
Summarised financial information for joint ventures and associates The summarised financial information below reflects the amounts presented in the financial statements of the relevant joint ventures and associates, and not the Group\u2019s share of those amounts. These amounts have been adjusted to conform to the Group\u2019s accounting policies where required. The summarised financial information has been aggregated to provide useful information to users without excessive detail. Joint ventures that are not considered material to the Group are not shown below.
31 March 2025
31 March 2024
Ascent Flight Ascent Flight
Training AirTanker Training AirTanker
(Holdings) Services (Holdings) Services
Limited Limited Limited Limited
Summarised income statement extract (year ended)
Revenue
165.3
239.6
168.8
254.7
Depreciation and amortisation
(0.6)
(3.3)
(0.5)
(1.7)
Interest income
3.7
3.7
3.4
1.8
Interest expense
(2.3)
(0.2)
(2.7)
(0.2)
Income tax expense
(5.9)
(1.8)
(5.7)
(5.0)
(Loss)/profit from continuing operations
(2.6)
1.0
16.7
11.2
Other comprehensive income
(3.2)
\u2013
0.4
\u2013
Total comprehensive income
(5.8)
1.0
17.1
11.2
Summarised statement of financial position
Non-current assets
48.5
75.7
45.8
87.8
Current assets (excluding cash and cash equivalents)
25.0
65.4
59.5
59.9
Cash and cash equivalents
57.3
111.8
55.4
86.6
Non-current liabilities
(91.6)
(55.0)
(94.9)
(60.7)
Current liabilities
(12.6)
(79.3)
(7.9)
(56.0)
Net assets
26.6
118.6
57.9
117.6
Ownership
50%
23.5%
50%
23.5%
Carrying value of investment
13.3
27.9
29.0
27.6
The Group\u2019s interests in joint ventures and associates are accounted for by the equity method of accounting and are initially recorded at cost. The Group\u2019s investment in joint ventures and associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. The carrying values of associates and joint ventures are reviewed on a regular basis and if there is objective evidence that an impairment in value has occurred as a result of one or more events during the period, the investment is impaired. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses after tax is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses unless it has incurred obligations to do so. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the joint venture and associate. Loans to joint ventures are valued at amortised cost less provision for impairment. Reconciliation to carrying amounts
Investment in joint ventures Loans to joint ventures
and associates and associates Total
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
59.7
57.4
3.9
9.5
63.6
66.9
Share of (losses)/profits of joint ventures and
associates
(2.7)
10.3
\u2013
\u2013
(2.7)
10.3
Impairment of joint ventures and associates
\u2013
(1.1)
\u2013
\u2013
\u2013
(1.1)
Results from joint ventures and associates
(2.7)
9.2
\u2013
\u2013
(2.7)
9.2
Acquisition and disposal of joint ventures and
associates (note 27)
0.4
\u2013
\u2013
\u2013
0.4
\u2013
Loans repaid by joint ventures and associates
\u2013
\u2013
(0.3)
(7.5)
(0.3)
(7.5)
Increase in loans to joint ventures and associates
\u2013
\u2013
\u2013
2.1
\u2013
2.1
Interest accrued and capitalised
\u2013
\u2013
0.2
0.3
0.2
0.3
Interest received
\u2013
\u2013
(0.2)
(0.5)
(0.2)
(0.5)
Dividends received
(12.2)
(7.1)
\u2013
\u2013
(12.2)
(7.1)
Fair value adjustment of derivatives
(2.2)
0.3
\u2013
\u2013
(2.2)
0.3
Tax on fair value adjustment of derivatives
0.5
(0.1)
\u2013
\u2013
0.5
(0.1)
At 31 March
43.5
59.7
3.6
3.9
47.1
63.6
The total investments in joint ventures and associates and loans to joint ventures and associates is attributable to the following reportable segments:
2025 2024
\u00a3m \u00a3m
Marine
3.2
3.3
Nuclear
0.9
1.6
Land
0.2
0.2
Aviation
42.8
58.5
Net book value
47.1
63.6
The joint ventures and associates have no significant contingent liabilities to which the Group is exposed. The Group does not have any commitments that have been made to the joint ventures or associates and not recognised at the reporting date. Joint arrangements are classified as joint ventures where the Group has the right to net assets of the joint arrangement rather than separate rights and obligations to the assets and liabilities of the joint arrangement, respectively. There has been no impairment to loans to joint ventures and associates during the year (2024: \u00a3nil). Total cumulative expected credit losses in respect of loans to joint ventures and associates are also \u00a3nil (2024: \u00a3nil) as the joint ventures and associates are considered to have low credit risk and as such impairment risk is considered minimal. There are no significant restrictions on the ability of joint ventures and associates to transfer funds to the owners, other than those imposed by the Companies Act 2006 or equivalent local regulations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-570": { "value": "14. Investment in and loans to joint ventures and associatesThe Group\u2019s material joint ventures and associates are:
Nature of % interest % interest Country of Principal area
relationship
Year end
Business activity
held (2025) held (2024) incorporation of operation
AirTanker Services Limited
Associate
31 Dec
Provision of
23.5%
23.5%
United United
air-to-air refuelling Kingdom Kingdom
Ascent Flight Training (Holdings)
Joint venture
31 Mar
Provision of
50.0%
50.0%
United United
Limited training services Kingdom Kingdom
Summarised financial information for joint ventures and associates The summarised financial information below reflects the amounts presented in the financial statements of the relevant joint ventures and associates, and not the Group\u2019s share of those amounts. These amounts have been adjusted to conform to the Group\u2019s accounting policies where required. The summarised financial information has been aggregated to provide useful information to users without excessive detail. Joint ventures that are not considered material to the Group are not shown below.
31 March 2025
31 March 2024
Ascent Flight Ascent Flight
Training AirTanker Training AirTanker
(Holdings) Services (Holdings) Services
Limited Limited Limited Limited
Summarised income statement extract (year ended)
Revenue
165.3
239.6
168.8
254.7
Depreciation and amortisation
(0.6)
(3.3)
(0.5)
(1.7)
Interest income
3.7
3.7
3.4
1.8
Interest expense
(2.3)
(0.2)
(2.7)
(0.2)
Income tax expense
(5.9)
(1.8)
(5.7)
(5.0)
(Loss)/profit from continuing operations
(2.6)
1.0
16.7
11.2
Other comprehensive income
(3.2)
\u2013
0.4
\u2013
Total comprehensive income
(5.8)
1.0
17.1
11.2
Summarised statement of financial position
Non-current assets
48.5
75.7
45.8
87.8
Current assets (excluding cash and cash equivalents)
25.0
65.4
59.5
59.9
Cash and cash equivalents
57.3
111.8
55.4
86.6
Non-current liabilities
(91.6)
(55.0)
(94.9)
(60.7)
Current liabilities
(12.6)
(79.3)
(7.9)
(56.0)
Net assets
26.6
118.6
57.9
117.6
Ownership
50%
23.5%
50%
23.5%
Carrying value of investment
13.3
27.9
29.0
27.6
The Group\u2019s interests in joint ventures and associates are accounted for by the equity method of accounting and are initially recorded at cost. The Group\u2019s investment in joint ventures and associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. The carrying values of associates and joint ventures are reviewed on a regular basis and if there is objective evidence that an impairment in value has occurred as a result of one or more events during the period, the investment is impaired. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses after tax is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses unless it has incurred obligations to do so. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the joint venture and associate. Loans to joint ventures are valued at amortised cost less provision for impairment. Reconciliation to carrying amounts
Investment in joint ventures Loans to joint ventures
and associates and associates Total
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
59.7
57.4
3.9
9.5
63.6
66.9
Share of (losses)/profits of joint ventures and
associates
(2.7)
10.3
\u2013
\u2013
(2.7)
10.3
Impairment of joint ventures and associates
\u2013
(1.1)
\u2013
\u2013
\u2013
(1.1)
Results from joint ventures and associates
(2.7)
9.2
\u2013
\u2013
(2.7)
9.2
Acquisition and disposal of joint ventures and
associates (note 27)
0.4
\u2013
\u2013
\u2013
0.4
\u2013
Loans repaid by joint ventures and associates
\u2013
\u2013
(0.3)
(7.5)
(0.3)
(7.5)
Increase in loans to joint ventures and associates
\u2013
\u2013
\u2013
2.1
\u2013
2.1
Interest accrued and capitalised
\u2013
\u2013
0.2
0.3
0.2
0.3
Interest received
\u2013
\u2013
(0.2)
(0.5)
(0.2)
(0.5)
Dividends received
(12.2)
(7.1)
\u2013
\u2013
(12.2)
(7.1)
Fair value adjustment of derivatives
(2.2)
0.3
\u2013
\u2013
(2.2)
0.3
Tax on fair value adjustment of derivatives
0.5
(0.1)
\u2013
\u2013
0.5
(0.1)
At 31 March
43.5
59.7
3.6
3.9
47.1
63.6
The total investments in joint ventures and associates and loans to joint ventures and associates is attributable to the following reportable segments:
2025 2024
\u00a3m \u00a3m
Marine
3.2
3.3
Nuclear
0.9
1.6
Land
0.2
0.2
Aviation
42.8
58.5
Net book value
47.1
63.6
The joint ventures and associates have no significant contingent liabilities to which the Group is exposed. The Group does not have any commitments that have been made to the joint ventures or associates and not recognised at the reporting date. Joint arrangements are classified as joint ventures where the Group has the right to net assets of the joint arrangement rather than separate rights and obligations to the assets and liabilities of the joint arrangement, respectively. There has been no impairment to loans to joint ventures and associates during the year (2024: \u00a3nil). Total cumulative expected credit losses in respect of loans to joint ventures and associates are also \u00a3nil (2024: \u00a3nil) as the joint ventures and associates are considered to have low credit risk and as such impairment risk is considered minimal. There are no significant restrictions on the ability of joint ventures and associates to transfer funds to the owners, other than those imposed by the Companies Act 2006 or equivalent local regulations. oint ventures and associates (equity accounted): ABC Electrification Ltd (33.3%)9 8th Floor, The Place, High Holborn, London, WC1V 7AA AirTanker Services Limited (23.5%) 12 AirTanker Hub RAF Brize Norton, Carterton, Oxfordshire, England, OX18 3LX, United Kingdom Alert Communications Group Holdings Limited (20%) Alkali Metal Processing Limited (50.0%) Ascent Flight Training (Holdings) Limited (50.0%) Cavendish Boccard Nuclear Limited (51.0%) Cavendish Dounreay Partnership Limited (50.0%) 9 Cavendish Fluor Partnership Limited (65.0%) Debut Services (South West) Limited (50.0%) 20 Triton Street, Regent\u2019s Place, London, NW1 3BF, United Kingdom Duqm Naval Dockyard SAOC (49.0%) The Special Economic Zone at Duqm, Al-Duqm, Al-Wusta\u2019a, 3972 112, Oman H&B Defence Pty Ltd (49%) Unit G3, 55 Blackall Street, Barton ACT 2600, Australia FSP (2004) Limited (50.0%) 1 8 Stephenson Place, Hamilton International Technology Park, Blantyre, G72 0LH, Scotland Okeanus Vermogensverwaltungs GmbH & Co. KG (50.0%) Vorsetzen 54, 20459, Hamburg, Germany", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-502": { "value": "15. Inventories Inventory is valued at the lower of cost and net realisable value, being the estimated selling price of the assets in the ordinary course of business less estimated costs of completion and costs of sale. In the case of finished goods and work in progress, cost comprises direct material and labour and an appropriate proportion of overheads. Certain purchases of inventory may be subject to cash flow hedges for foreign exchange risk. The initial cost of hedged inventory is adjusted by the associated hedging gain or loss transferred from the cash flow hedge reserve (\u201cbasis adjustment\u201d). Inventory is valued using a first-in, first-out (\u2018FIFO\u2019) basis. Spare parts that are consumed in the sale of goods or in the rendering of services are classified as inventory.
31 March 2025 31 March 2024
\u00a3m \u00a3m
Raw materials and spares
62.3
58.1
Work-in-progress
5.4
4.6
Finished goods and goods for resale
94.5
124.7
Total
162.2
187.4
Write-downs of inventories amounted to \u00a318.7 million (2024: \u00a313.8 million). These were recognised as an expense during the year
ended 31 March 2025 and included in operating costs in the income statement. Inventory recognised as an expense in the year
amounted to \u00a3354.7 million (2024: \u00a3357.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-581": { "value": "Inventory is valued at the lower of cost and net realisable value, being the estimated selling price of the assets in the ordinary course of business less estimated costs of completion and costs of sale. In the case of finished goods and work in progress, cost comprises direct material and labour and an appropriate proportion of overheads. Certain purchases of inventory may be subject to cash flow hedges for foreign exchange risk. The initial cost of hedged inventory is adjusted by the associated hedging gain or loss transferred from the cash flow hedge reserve (\u201cbasis adjustment\u201d). Inventory is valued using a first-in, first-out (\u2018FIFO\u2019) basis. Spare parts that are consumed in the sale of goods or in the rendering of services are classified as inventory.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-503": { "value": "
16. Trade and other receivables and contract assets
Trade and other receivables
Trade receivables are measured at amortised cost. Other receivables are generally measured at amortised cost as they are
held within a business model to collect contractual cash flows and these cash flows consist solely of payments of principal
and interest on the principal amount outstanding. An immaterial amount of other receivables are held at fair value through profit
and loss. The measurement basis is disclosed in note 21.
Debt factoring
The Group engages in factoring of trade receivables in relation to certain non-UK operations of its Aviation sector as part of
its working capital management arrangements. Under these arrangements, the Group transfers the rights to receive factored
receivables to the factor in exchange for cash. The Group does not retain late payment or credit risk, and therefore trade
receivables are not recognised under the applicable contracts. Any cash received from customers under these contracts
is received as agent and transferred directly to the debt factoring counterparty.
Contract assets and liabilities
Contract assets represent amounts for which the Group has a conditional right to consideration in exchange for goods or
services that the Group has transferred to the customer. Contract liabilities represent the obligation to transfer goods or services
to a customer for which consideration has been received, or consideration is due, from the customer.
Payment terms are set out in the contract and reflect the timing and performance of service delivery. For substantially all
contracts the payment terms are broadly in line with expected satisfaction of performance obligations, and therefore recognition
of revenue. Contract assets or liabilities arise on short term timing differences or in those more limited instances where payment
terms do not reflect timing and performance of service delivery. In such cases, consideration is given to whether the contract
includes a significant financing component with appropriate accounting.
Provisions for expected credit losses
Trade receivables, contract receivables and amounts due from related parties include a provision for expected credit losses.
Provisions for expected credit losses are measured at an amount equal to lifetime expected credit losses, estimated by
reference to past experience and relevant forward-looking factors.
Costs of obtaining a contract
Directly attributable costs to obtain a contract with a customer that the Group would not have incurred if the contract had not
been won are recognised as an asset and amortised on a straight-line basis. Costs to obtain a contract that would have been
incurred regardless of whether the contract was won or lost are recognised as an expense when incurred.
Costs to fulfil a contract
Costs to fulfil a contract which do not fall within the scope of another standard are recognised under IFRS 15 as an asset and
amortised on a straight-line basis when they meet all of the following criteria:
(i)
the costs relate directly to a contract or to an anticipated contract that can be specifically identified;
(ii)
the costs generate or enhance resources of the entity that will be used in satisfying (or in continuing to satisfy) performance
obligations in the future; and
(iii)
the costs are expected to be recovered.
Costs of recruiting or training staff are expensed as incurred.
31 March 2025 31 March 2024
\u00a3m \u00a3m - Restated
Non-current assets
Costs to obtain a contract
0.1
0.3
Costs to fulfil a contract
8.6
10.2
Other debtors
9.4
2.5
Non-current trade and other receivables
18.1
13.0
Current assets
Trade receivables
303.4
266.4
Less: provision for impairment of receivables
(8.4)
(8.5)
Trade receivables \u2013 net
295.0
257.9
Retentions
8.8
6.1
Amounts due from related parties (note 31)
3.3
2.3
Other debtors
1
22.1
25.0
Other taxes and social security receivables
63.2
98.1
Prepayments
96.8
88.2
Costs to obtain a contract
0.1
\u2013
Costs to fulfil a contract
18.1
9.6
Current trade and other receivables
507.4
487.2
Contract assets
329.7
260.9
Current trade and other receivables and contract assets
837.1
748.1
1.
Included in Other debtors are rebates receivable and other sundry receivables. No individual balance within other debtors is material.
Details of expected credit losses on trade receivables are provided in note 22. There has been no impairment to either other
receivables or contract assets during the year ended 31 March 2025 (2024: \u00a3nil).
In the year ended 31 March 2025, amortisation of costs to obtain a contract and costs to fulfil a contract totalled \u00a36.2 million
(2024: \u00a32.1 million). An impairment of \u00a3nil was recorded in relation to costs to obtain a contract or costs to fulfil a contract
(2024: \u00a3nil).
The Group recognises that there is an inherent element of estimation uncertainty and judgement involved in assessing contract
profitability, as disclosed in note 1. Management have taken a best estimate view of contract outcomes based on the information
currently available, after allowing for contingencies, and have applied a constraint to the variable consideration within revenue
resulting in a revenue estimate that is suitably cautious under IFRS 15.
Significant changes in contract assets during the year are as follows:
Contract assets
\u00a3m
1 April 2024 (Restated) 260.9
Transfers from contract assets recognised at the beginning of the year to trade
receivables (228.8)
Increase due to work done not transferred from contract assets 300.5
Exchange adjustment (2.9)
31 March 2025 329.7
1 April 2023 322.5
Transfers from contract assets recognised at the beginning of the year to
receivables
(279.3)
Increase due to work done not transferred from contract assets (Restated) 221.1
Exchange adjustment (3.4)
31 March 2024 (Restated) 260.9
Details on the Group\u2019s approach to assess credit risk are included in note 22.
Prior year restatement
During the year, it was identified that balances at 31 March 2024 included certain contract assets and contract liabilities which were
not presented on a net basis at the contract level as required by IFRS 15. The Group Statement of Financial Position for the year
ended 31 March 2024 has been restated as required by IAS 8 to reduce both contract assets and contract liabilities by \u00a376.5 million.
This has no impact on the Group Income Statement or the Group\u2019s net assets. The Group Cash Flow Statement has been similarly
restated for the movement in contract assets and contract liabilities, with no impact on Cash generated from operations.
The Statement of Financial Position as at 1 April 2023 has not been represented under IAS 1 as this change is less significant
and has no impact on net assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-582": { "value": "Trade and other receivables Trade receivables are measured at amortised cost. Other receivables are generally measured at amortised cost as they are held within a business model to collect contractual cash flows and these cash flows consist solely of payments of principal and interest on the principal amount outstanding. An immaterial amount of other receivables are held at fair value through profit and loss. The measurement basis is disclosed in note 21. Debt factoring The Group engages in factoring of trade receivables in relation to certain non-UK operations of its Aviation sector as part of its working capital management arrangements. Under these arrangements, the Group transfers the rights to receive factored receivables to the factor in exchange for cash. The Group does not retain late payment or credit risk, and therefore trade receivables are not recognised under the applicable contracts. Any cash received from customers under these contracts is received as agent and transferred directly to the debt factoring counterparty. Contract assets and liabilities Contract assets represent amounts for which the Group has a conditional right to consideration in exchange for goods or services that the Group has transferred to the customer. Contract liabilities represent the obligation to transfer goods or services to a customer for which consideration has been received, or consideration is due, from the customer. Payment terms are set out in the contract and reflect the timing and performance of service delivery. For substantially all contracts the payment terms are broadly in line with expected satisfaction of performance obligations, and therefore recognition of revenue. Contract assets or liabilities arise on short term timing differences or in those more limited instances where payment terms do not reflect timing and performance of service delivery. In such cases, consideration is given to whether the contract includes a significant financing component with appropriate accounting. Provisions for expected credit losses Trade receivables, contract receivables and amounts due from related parties include a provision for expected credit losses. Provisions for expected credit losses are measured at an amount equal to lifetime expected credit losses, estimated by reference to past experience and relevant forward-looking factors. Costs of obtaining a contract Directly attributable costs to obtain a contract with a customer that the Group would not have incurred if the contract had not been won are recognised as an asset and amortised on a straight-line basis. Costs to obtain a contract that would have been incurred regardless of whether the contract was won or lost are recognised as an expense when incurred. Costs to fulfil a contract Costs to fulfil a contract which do not fall within the scope of another standard are recognised under IFRS 15 as an asset and amortised on a straight-line basis when they meet all of the following criteria: (i) the costs relate directly to a contract or to an anticipated contract that can be specifically identified; (ii) the costs generate or enhance resources of the entity that will be used in satisfying (or in continuing to satisfy) performance obligations in the future; and (iii) the costs are expected to be recovered. Costs of recruiting or training staff are expensed as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-531": { "value": "
31 March 2025 31 March 2024
\u00a3m \u00a3m - Restated
Non-current assets
Costs to obtain a contract
0.1
0.3
Costs to fulfil a contract
8.6
10.2
Other debtors
9.4
2.5
Non-current trade and other receivables
18.1
13.0
Current assets
Trade receivables
303.4
266.4
Less: provision for impairment of receivables
(8.4)
(8.5)
Trade receivables \u2013 net
295.0
257.9
Retentions
8.8
6.1
Amounts due from related parties (note 31)
3.3
2.3
Other debtors
1
22.1
25.0
Other taxes and social security receivables
63.2
98.1
Prepayments
96.8
88.2
Costs to obtain a contract
0.1
\u2013
Costs to fulfil a contract
18.1
9.6
Current trade and other receivables
507.4
487.2
Contract assets
329.7
260.9
Current trade and other receivables and contract assets
837.1
748.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-504": { "value": "17. Cash and cash equivalents
31 March 31 March
2025 2024
\u00a3m \u00a3m
Cash at bank and in hand
167.9
218.4
Short-term bank deposits
478.7
352.2
646.6
570.6
The carrying amounts of the Group\u2019s cash and cash equivalents are denominated in the following currencies: Currency
31 March 2025
31 March 2024
Total Floating rate Total Floating rate
\u00a3m \u00a3m \u00a3m \u00a3m
Sterling
420.6
420.6
341.0
341.0
Euro
4.8
4.8
35.4
35.4
US Dollar
14.0
14.0
18.7
18.7
South African Rand
43.5
43.5
25.9
25.9
Canadian Dollar
63.7
63.7
64.1
64.1
Omani Rial
1.1
1.1
3.8
3.8
Australian Dollar
65.9
65.9
56.3
56.3
Norwegian Krone
2.4
2.4
0.5
0.5
Swedish Krona
5.0
5.0
1.7
1.7
New Zealand Dollar
12.4
12.4
15.2
15.2
Other currencies
13.2
13.2
8.0
8.0
646.6
646.6
570.6
570.6
Expected credit losses of cash and cash equivalents is \u00a3nil (2024: \u00a3nil). Included within cash and cash equivalents is \u00a356.4 million (2024: \u00a363.5 million) which is subject to statutory, contractual or regulatory restrictions which limit the ways in which these balances can be utilised. Group cash and cash equivalents consist of cash at bank and cash in hand, together with short-term deposits with an original maturity of three months or less and money market funds. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are treated as cash equivalents for the purpose of the cash flow statement. In the statement of financial position such overdrafts are presented as current bank and other borrowings. Cash and cash equivalents are classified as financial assets held at amortised cost and bank overdrafts are classified as financial liabilities held at amortised cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-583": { "value": "Group cash and cash equivalents consist of cash at bank and cash in hand, together with short-term deposits with an original maturity of three months or less and money market funds. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are treated as cash equivalents for the purpose of the cash flow statement. In the statement of financial position such overdrafts are presented as current bank and other borrowings. Cash and cash equivalents are classified as financial assets held at amortised cost and bank overdrafts are classified as financial liabilities held at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-505": { "value": "18. Trade and other payables and contract liabilities
2025 2024
\u00a3m \u00a3m - Restated
Current liabilities
Contract liabilities
759.4
685.3
Trade creditors
229.2
314.3
Amounts due to related parties (note 31)
3.3
1.5
Other creditors
12.2
13.5
Defined contribution pension creditor
8.2
8.3
Other taxes and social security
84.6
71.1
Accruals
610.5
540.5
Trade and other payables
948.0
949.2
Trade and other payables and contract liabilities
1,707.4
1,634.5
Non-current liabilities
Non-current accruals
3.8
4.8
Other creditors
0.4
0.6
4.2
5.4
Included in creditors is \u00a310.4 million (2024: \u00a311.4 million) relating to capital expenditure which has therefore not been included in working capital movements within the cash flow statement. Significant changes in contract liabilities during the year are as follows:
Contract
liabilities
\u00a3m
1 April 2024 (Restated) 685.3
Revenue recognised that was included in the contract liability balance at the
beginning of the year
 (552.3)
Cash advanced 631.0
Exchange adjustment (4.6)
31 March 2025 759.4
1 April 2023 616.4
Revenue recognised that was included in the contract liability balance at the
beginning of the year
(540.8)
Cash advanced (Restated) 613.4
Exchange adjustment (3.7)
31 March 2024 (Restated) 685.3
Prior year restatementDuring the year, it was identified that balances at 31 March 2024 included certain contract assets and contract liabilities which were not presented on a net basis at the contract level as required by IFRS 15. Further detail on this restatement is provided in Note 16. Trade and other creditors are measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-532": { "value": "
2025 2024
\u00a3m \u00a3m - Restated
Current liabilities
Contract liabilities
759.4
685.3
Trade creditors
229.2
314.3
Amounts due to related parties (note 31)
3.3
1.5
Other creditors
12.2
13.5
Defined contribution pension creditor
8.2
8.3
Other taxes and social security
84.6
71.1
Accruals
610.5
540.5
Trade and other payables
948.0
949.2
Trade and other payables and contract liabilities
1,707.4
1,634.5
Non-current liabilities
Non-current accruals
3.8
4.8
Other creditors
0.4
0.6
4.2
5.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-584": { "value": "
Trade and other creditors are measured at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-506": { "value": "
19. Bank and other borrowings
31 March 2025 31 March 2024
\u00a3m \u00a3m
Current liabilities
Bank loans and overdrafts due within one year or on demand
Secured
0.6
4.5
Unsecured
\u2013
15.9
0.6
20.4
Lease obligations*
47.2
44.6
47.8
65.0
Non-current liabilities
Bank and other borrowings
Secured
6.2
2.5
Unsecured
744.5
744.6
750.7
747.1
Lease obligations*
227.4
185.9
978.1
933.0
* Leases are secured against the assets to which they relate.
The Group\u2019s overdraft totalled \u00a30.1 million at 31 March 2025 (2024: \u00a318.0 million). The Group holds one overdraft facility of 50m
which is otherwise undrawn as at 31 March 2025.
The Group has \u00a32.5 million (2024: \u00a32.8 million) of secured debt in the Land operating segment that is secured against a property
owned by the Group and \u00a34.3 million (2024: \u00a34.2 million) of debt that is secured against contracts with customers, which will cede
to the bank in the event of default.
Unsecured bank loans are subject to covenants which are tested six monthly on a rolling basis. Covenants comprise of Net Debt
(covenant basis) to EBITDA and Interest Cover. The Net Debt (covenant basis) to EBITDA ratio must be lower than 3.5x at each
testing date whilst the Interest Cover must be at least 4.0x at each testing date. There are no breaches in the Group\u2019s base case
forecasts as prepared for going concern purposes.
Drawn facilities at the period end date primarily comprise the \u20ac550 million Eurobond and the \u00a3300 million UK bond.
Repayment details
The total borrowings of the Group at 31 March are repayable as follows:
31 March 2025
31 March 2024
Loans and Lease Loans and Lease
overdrafts obligations overdrafts obligations
\u00a3m \u00a3m \u00a3m \u00a3m
Within one year
0.6
47.2
20.4
44.6
Between one and two years
297.7
41.4
0.6
38.2
Between two and three years
453.0
32.9
296.0
33.2
Between three and four years
\u2013
25.6
449.8
24.8
Between four and five years
\u2013
25.0
0.7
19.5
Greater than five years
\u2013
102.5
\u2013
70.2
751.3
274.6
767.5
230.5
The Group has entered into interest rate and currency swaps, details of which are included in note 21.
The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies:
31 March 2025
31 March 2024
Total Floating rate Fixed rate Total Floating rate Fixed rate
Currency \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Sterling
394.6
\u2013
394.6
415.0
7.8
407.2
Euro*
500.4
93.9
406.5
514.4
99.1
415.3
US Dollar
46.6
\u2013
46.6
7.3
\u2013
7.3
South African Rand
8.4
4.2
4.2
8.9
4.2
4.7
Canadian Dollar
3.3
\u2013
3.3
4.8
\u2013
4.8
Australian Dollar
71.1
\u2013
71.1
44.0
\u2013
44.0
New Zealand Dollar
1.2
\u2013
1.2
1.4
\u2013
1.4
South Korean Won
0.2
\u2013
0.2
0.5
\u2013
0.5
Other
0.1
\u2013
0.1
1.7
\u2013
1.7
1,025.9
98.1
927.8
998.0
111.1
886.9
* \u20ac550 million (2024: \u20ac550 million) has been swapped into Sterling, with \u20ac140.0 million equivalent (2024: \u20ac140.0 million equivalent) into floating rates
and \u20ac410.0 million equivalent (2024: \u20ac410.0 million equivalent) into fixed rates. This is included in the Euro amount above. The split above includes
the impact of hedging.
The weighted average interest rate of Sterling fixed rate borrowings is 1.9% (2024: 1.9%). The weighted average period for which
these interest rates are fixed is 1.5 years (2024: 2.5 years).
The floating rate for borrowings is linked to SONIA in the case of Sterling, EURIBOR in the case of Euro, the prime rate in the case of
South African Rand and the local prime rate for other currencies.
The effective interest rates at the statement of financial position dates, including the impact of hedging, were as follows:
31 March 31 March
2025 2024
% %
UK bank overdraft
N/A
6.4
8-year Eurobond September 2027\u2013 fixed
2.9
2.9
8-year Eurobond September 2027 \u2013 floating
6.7
6.9
\u00a3300 million bond 2026
1.9
1.9
Other borrowings
5.6 \u2013 10.0
5.6 \u2013 11.1
Leases obligations
3.3 \u2013 14.6
2.2 \u2013 11.8
Borrowing facilities
The Group had the following undrawn committed borrowing facilities available at 31 March:
31 March 2025 31 March 2024
\u00a3m \u00a3m
Expiring in more than one year but not more than five years
775.0
775.0
775.0
775.0
21. Financial instruments and fair value measurement
Financial assets and liabilities at amortised cost
Cash and cash equivalents, trade receivables (except trade receivables under factoring arrangements), amounts due from
related parties and other debtors are classified as financial assets held at amortised cost as they are held within a business
model to collect contractual cash flows and these cash flows consist solely of payments of principal and interest on the principal
amount outstanding.
Trade receivables, contract assets and lease receivables include a provision for expected credit losses. The Group measures
the provision at an amount equal to lifetime expected credit losses, estimated by reference to past experience and relevant
forward-looking factors. For all other financial assets carried at amortised cost, including loans to joint ventures and associates
and other debtors, the Group measures the provision at an amount equal to 12-month expected credit losses. See note 22
for further information on how the Group assesses credit risk.
Trade creditors, amounts due to related parties, other creditors, accruals and bank loans and overdrafts are classified as
financial liabilities held at amortised cost.
Derivative financial instruments
Derivatives are initially recognised at fair value on the date a derivative is entered into and are subsequently remeasured at fair
value. The Group designates certain of the derivative instruments within its portfolio to be hedges of the fair value of recognised
assets or liabilities or unrecognised firm commitments.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement,
together with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. For derivatives that
qualify as cash flow hedges, the effective portion of fair value gains or losses are recognised in other comprehensive income
until the underlying transaction is recognised. Any ineffective portion is recognised in the income statement. Changes in the
value of derivatives that are carried at fair value through profit or loss are recorded in the income statement.
Fair value measurement
The fair value of an asset or liability is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the year-end date. Fair value measurements are used on a recurring basis except
where used in the acquisition of assets and liabilities through a business combination.
The fair values of derivative financial instruments are determined by the use of valuation techniques based on assumptions
that are supported by observable market prices or rates. The fair values of non-financial assets and liabilities are based on
observable market prices or rates.
The carrying values of financial assets and liabilities which are not held at fair value in the Group statement of financial position
are assumed to approximate to fair value due to their short-term nature, with the exception of fixed rate bonds.
There have been no changes to the valuation techniques used during the year.
The following table presents the Group\u2019s assets and liabilities:
Financial Financial
Financial assets at Financial liabilities at
assets at amortised liabilities at amortised Total carrying
31 March 2025 (\u00a3m) fair value cost fair value cost amount Fair value
Non-current financial assets
Loans to joint ventures and associates
\u2013
3.6
\u2013
\u2013
3.6
3.6
Trade and other receivables*
2.4
5.7
\u2013
\u2013
8.1
8.1
Financial assets
\u2013
4.2
\u2013
\u2013
4.2
4.2
Derivatives
5.1
\u2013
\u2013
\u2013
5.1
5.1
Lease receivables
\u2013
26.2
\u2013
\u2013
26.2
26.2
Current financial assets
Trade and other receivables*
\u2013
317.1
\u2013
\u2013
317.1
317.1
Financial assets
\u2013
1.2
\u2013
\u2013
1.2
1.2
Lease receivables
\u2013
18.4
\u2013
\u2013
18.4
18.4
Derivatives
9.3
\u2013
\u2013
\u2013
9.3
9.3
Cash and cash equivalents
\u2013
646.6
\u2013
\u2013
646.6
646.6
Non-current financial liabilities
Bank and other borrowings
\u2013
\u2013
\u2013
(750.7)
(750.7)
(721.8)
Derivatives
\u2013
\u2013
(44.8)
\u2013
(44.8)
(44.8)
Current financial liabilities
Bank and other borrowings
\u2013
\u2013
\u2013
(0.6)
(0.6)
(0.6)
Trade and other payables*
\u2013
\u2013
\u2013
(830.6)
(830.6)
(830.6)
Derivatives
\u2013
\u2013
(9.1)
\u2013
(9.1)
(9.1)
Net financial assets / (financial liabilities)
16.8
1,023.0
(53.9)
(1,581.9)
(596.0)
(567.1)
* Trade and other receivables and trade and other payables only include balances which meet the definition of a financial instrument.
Financial Financial
Financial assets at Financial liabilities at
assets at amortised liabilities at amortised Total carrying
31 March 2024 (\u00a3m) fair value cost fair value cost amount Fair value
Non-current financial assets
Loans to joint ventures and associates \u2013 3.9 \u2013 \u2013
3.9
3.9
Financial assets \u2013 5.3 \u2013 \u2013
5.3
5.3
Derivatives 2.8 \u2013 \u2013 \u2013
2.8
2.8
Lease receivables \u2013 22.5 \u2013 \u2013
22.5
22.5
Current financial assets
Trade and other receivables* 0.9 282.1 \u2013 \u2013
283.0
283.0
Lease receivables \u2013 13.0 \u2013 \u2013
13.0
13.0
Derivatives 4.4 \u2013 \u2013 \u2013
4.4
4.4
Cash and cash equivalents \u2013 570.6 \u2013 \u2013
570.6
570.6
Non-current financial liabilities
Bank and other borrowings \u2013 \u2013 \u2013 (747.1)
(747.1)
(686.4)
Derivatives \u2013 \u2013 (51.9) \u2013
(51.9)
(51.9)
Current financial liabilities
Bank and other borrowings \u2013 \u2013 \u2013 (20.4)
(20.4)
(20.4)
Trade and other payables* \u2013 \u2013 \u2013 (593.7)
(593.7)
(593.7)
Derivatives \u2013 \u2013 (9.5) \u2013
(9.5)
(9.5)
Net financial assets / (financial liabilities)
8.1
897.4
(61.4)
(1,361.2)
(517.1)
(456.4)
* Trade and other receivables and trade and other payables only include balances which meet the definition of a financial instrument.
The fair value hierarchy is as follows:
\u2022
Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
\u2022
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is,
as prices) or indirectly (that is, derived from prices) (Level 2); and
\u2022
Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
All of the financial assets and liabilities measured at fair value are classified as Level 2 or Level 3 using the fair value hierarchy.
There were no transfers between levels during the period. Additional disclosures in respect of financial assets measured using
Level 3 techniques are not provided as such assets are not material.
The fair values of financial instruments held at fair value have been determined based on available market information at the period
end date, and the valuation methodologies listed below:
\u2022
The fair values of forward foreign exchange contracts are calculated by discounting the contracted forward values and translating
at the appropriate period end rates; and
\u2022
The fair values of cross-currency interest rate swaps are calculated by discounting expected future principal and interest cash
flows and translating at the appropriate period end rates.
Financial assets and liabilities in the Group\u2019s Consolidated statement of financial position are either held at fair value or their carrying
value approximates to fair value, with the exception of loans, which are held at amortised cost. Amortised cost items whose fair
value or carrying value approximate to fair value are at Level 2 in the fair value hierarchy. Due to the variability of the valuation
factors, the fair values presented at 31 March may not be indicative of the amounts the Group would expect to realise in the current
market environment.
Derivative financial instruments and hedging activities
The Group enters into forward foreign currency contracts and cross-currency interest rate swaps to hedge the currency exposures
that arise on sales, purchases, deposits, borrowings and leasing arrangements denominated in foreign currencies as the
transactions occur. Where derivatives do not meet the hedge accounting criteria, they are accounted for at fair value through profit
or loss. Derivatives not designated in hedge relationships have a net fair value asset of \u00a33.5 million (2024: net liability of \u00a36.8
million), of which \u00a32.1 million (2024: \u00a36.7 million) were economically hedging \u00a31.1 billion (2024 restated \u2013 see note 22: \u00a30.8 billion)
denominated in foreign currencies purchases and sales, \u00a30.8 million (2024: \u00a30.1 million) was economically hedging interest rates on
borrowings (see also note 22) and \u00a30.6 million (2024: \u00a3nil) was economically hedging interest rates on invoice discounting facilities.
The Group\u2019s policy regarding classification of derivatives is set out in note 1. The full fair value of hedging derivatives is classified
as a non-current asset or liability where the remaining maturity of the hedged item is more than 12 months. It is classified as a
current asset or liability where the remaining maturity of the hedged item is less than 12 months.
Cash flow hedges
The Group uses cross-currency swap contracts to hedge the foreign currency risk on debt issued by the Group. These are formally
designated in cash flow hedge relationships and hedge ineffectiveness is recognised immediately in the income statement. The fair
value of cash flow hedges at 31 March 2025 was a net liability of \u00a311.6 million (2024: \u00a311.1 million). Further detail is give in note 22.
Fair value hedges
The Group maintains cross-currency interest rate swap contracts as fair value hedges of the interest rate and currency risk on fixed-
rate debt issued by the Group. These derivative contracts receive a fixed rate of interest and pay a variable rate of interest. These
are formally designated in fair value hedging relationships and are used to hedge the exposure to changes in the fair value of debt
which has been issued by the Group at fixed rates. The fair value of such hedges at 31 March 2025 was a liability of \u00a331.4 million
(2024: \u00a336.3 million). Further detail is give in note 22.
22. Financial risk management
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term
debt obligations with floating interest rates and the Group\u2019s cash and cash equivalents.
The Group\u2019s risk management objective, policy and performance are as follows:
Objective To manage exposure to interest rate fluctuations on borrowings by varying the proportion of fixed rate debt
relative to floating rate debt to reflect the underlying nature of its commitments and obligations. As a result, the
Group does not maintain a specific set proportion of fixed versus floating debt, but monitors the mix to ensure
that it is compatible with its business requirements and capital structure.
Policy The Group\u2019s interest rate management policy is to monitor the mix of fixed versus floating interest rate debt
to ensure that it is compatible with its business requirements and capital structure.
Risk management The Group manages interest rate risk through the maintenance of a mixture of fixed and floating rate debt
and interest rate swaps, each being reviewed on a regular basis to ensure the appropriate mix is maintained.
Performance
As at 31 March 2024, the Group had 90% fixed rate debt (2024: 89%)
and 10% floating rate debt (2024: 11%)
based on gross debt, including lease liabilities, of \u00a31,025.9 million (2024: \u00a3998.0 million).
The following balances are exposed to interest rate risk as shown below:
31 March 2025
31 March 2024
Between one Between one
Less than and two Greater than Less than and two Greater than
one year years two years one year years two years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
646.6
\u2013
\u2013
570.6
\u2013
\u2013
Bank and other borrowings
47.8
339.2
638.9
65.0
38.8
894.2
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and
borrowings affected, after the impact of hedge accounting. With all other variables held constant, the Group\u2019s profit before tax
is affected through the impact on floating rate borrowings, as follows:
Year ended 31 March 2025
Year ended 31 March 2024
Effect on profit Effect on profit
Change in before tax Change in before tax
interest rate \u00a3m interest rate \u00a3m
GBP
3.0%
2.8
3.0%
3.4
The effect of fair value hedges on the Group\u2019s financial position and performance for the year is as follows:
Year ended 31 March 2025
Year ended 31 March 2024 - restated
Change in
fair value of Change in
hedging fair value of
instrument hedging
Carrying used for Carrying instrument used
Notional amount of calculating Notional amount of for calculating
principal hedging hedge principal hedging hedge
Hedging instruments (\u00a3m) amount instrument ineffectiveness amount instrument ineffectiveness
Cross currency interest rate swap
1
246.7
(31.4)
5.3
246.7
(36.7)
5.9
1. The Group has entered into three cross-currency interest rate swaps to convert \u20ac275 million of fixed rate (1.375%) debt to GBP debt linked to SONIA.
This matures on 13 September 2027. Additionally, as part of the Group\u2019s financial risk management response in relation to interest rate risk, the group
has entered into further interest rate swaps to fix interest rate on floating rate sterling debt \u2013 ie, the aggregated exposure that was created with \u20ac140
million fixed rate debt and the cross-currency swaps which receive Euro fixed and pay GBP floating. These new interest rate swaps were not
designated in the hedge relationship and therefore they are accounted for at fair value through profit and loss.
Year ended 31 March 2025
Year ended 31 March 2024
Amount of Amount of
Change in ineffectiveness Change in ineffectiveness
Carrying Accumulated fair value used recognised in Carrying Accumulated fair value used recognised in
amount of fair value for calculating the income amount of fair value for calculating the income
Hedged item (\u00a3m) hedged item adjustments ineffectiveness statement hedged item adjustments ineffectiveness statement
Debt
230.3
12.7
(4.7)
(0.5)
235.1
22.3
(8.2)
(7.1)
Ineffectiveness is included in the income statement in finance costs.
Liquidity risk
Liquidity risk is the risk that the Group becomes unable to meet payment obligations in a timely manner when they become due.
The Group\u2019s risk management objective, policy and performance are as follows:
Objective The Group\u2019s objective with regards to liquidity risk is to ensure that there is an appropriate balance between
continuity, flexibility and cost of debt funding through the use of borrowings, whilst also diversifying the
sources of these borrowings with a range of maturities and rates of interest, to reflect the long-term nature
of the Group\u2019s contracts and commitments and its risk profile.
Policy The Group\u2019s policy is to ensure the business is prudently funded and that sufficient liquidity headroom is
maintained on its facilities.
Risk management Liquidity risk management includes maintaining sufficient cash and the availability of funding from an
adequate amount of committed credit facilities. Due to the dynamic nature of the underlying businesses,
Group treasury maintains flexibility in funding by maintaining cash and/or availability under committed credit
lines.
Each of the sectors in the Group provides regular cash forecasts for liquidity planning purposes. These cash
forecasts are used to monitor and identify the liquidity requirements of the Group, and to ensure that there is
sufficient liquidity to meet operational needs while maintaining sufficient headroom on the Group\u2019s committed
borrowing facilities.
The Group utilises debt factoring in support of the non-UK operations of its Aviation sector as part of its
working capital management arrangements.
Performance The Group continues to keep under review its capital structure to ensure that the sources, tenor and
availability of finance are sufficient to meet its stated objectives. No new facilities have been entered into.
The contracted cash outflows on bank and other borrowings, derivatives and lease liabilities at the reporting date are shown below,
based on contractual undiscounted payments. Interest payments predominantly relate to repayments on the \u20ac550m Eurobond and
the \u00a3300m bond and have been calculated based on the contractual fixed interest rates. Eurobond interest has been translated
based on the prevailing exchange rates at the balance sheet date.
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2025
Bank and other borrowings \u2013 repayment of overdraft and loan
0.6
299.8
453.0
\u2013
753.4
principal
Bank and other borrowings \u2013 interest payments
12.5
9.7
3.4
\u2013
25.6
Derivatives cash outflows settled gross
590.7
274.5
897.2
8.4
1,770.8
Undiscounted lease payments
55.5
53.7
106.0
130.0
345.2
At 31 March 2024
Bank and other borrowings \u2013 repayment of overdraft and loan
principal (restated
1
)
22.5
0.6
749.9
\u2013
773.0
Bank and other borrowings \u2013 interest payments (restated
1
)
12.2
12.2
12.6
\u2013
37.0
Derivatives cash outflows settled gross (restated
2
)
372.0
258.6
586.4
6.4
1,223.4
Undiscounted lease payments
49.3
46.1
90.7
85.3
271.4
1.
\u2018Bank and other borrowings \u2013 interest payments\u2019 between 2 and 5 years has been restated to remove \u00a324.1 million of additional interest payments
incorrectly calculated in the prior year based on incorrect application of loan term expiry.
2.
\u2018Derivatives cash outflows settled gross\u2019 has been restated as a a result of errors in the derivative data from which the was prior year figure was
calculated
The impact of discounting for lease payments is \u00a353.7 million (2024: \u00a340.9 million) resulting in lease liabilities of \u00a3274.6 million
(2024: \u00a3230.5 million). Other financial liabilities not included in the table above such as trade and other payables are all expected
to be settled within one year.
Currency risk
Currency risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in foreign
exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating
activities, when revenue or expense is denominated in a foreign currency, and the Group\u2019s net investments in foreign subsidiaries.
The functional currency of Babcock International Group PLC and its UK subsidiaries is GBP. The presentation currency of the Group
is GBP. The Group has exposure primarily to EUR, ZAR, AUD and CAD.
The Group\u2019s risk management objective, policy and performance are as follows:
Objective The Group\u2019s objective is to reduce exposure to volatility in earnings and cash flows from movements
in foreign currency exchange rates. The Group is exposed to a number of foreign currencies, the most
significant being the EUR, ZAR, AUD and CAD.
Policy \u2013 In order to mitigate the currency risk of adverse currency movements on foreign currency denominated
Transactional risk transactions, the Group\u2019s policy is to hedge all foreign currency transactions greater than \u00a310k, using
financial instruments where appropriate. The Group applies IFRS 9 hedge accounting treatment where
appropriate.
Policy \u2013 The Group is also exposed to adverse foreign currency movements on translation of net assets and income
Translational risk statements of foreign subsidiaries and joint ventures and associates. It is not the Group\u2019s policy to hedge
through the use of derivatives the translation effect of exchange rate movements on the income statements
or statement of financial positions of overseas subsidiaries and joint ventures and associates it regards as
long-term investments. However, where the Group has material assets denominated in a foreign currency,
it will consider matching the assets with foreign currency denominated debt.
Risk management Currency risk management includes hedging the underlying foreign currency exposures in the foreign
exchange market with approved counterparties. Currency transactions are recorded and monitored in the
treasury management system. Each of the sectors in the Group provides a quarterly foreign currency
exposure report to monitor the level of currency hedge cover is appropriate.
Performance All material firm transactional exposures are economically hedged using foreign exchange forward contracts.
The effect of cash flow hedges on the Group\u2019s financial position and performance in the year was as follows:
Year ended 31 March 2025
Amount
Change in fair Change in fair reclassified
value used for value recognised from cash Ineffectiveness
calculating in other flow hedge recognised in
Nominal Carrying Hedged hedge comprehensive reserve to profit and loss
Hedging instruments (\u00a3m) amount
value
Maturity
rate effectiveness income finance cost (finance cost)
Hedge instrument: Cross currency swap
\u20ac275m
(\u00a311.6)
13/09/27
1.115
1.9
(1.9)
4.8
\u2013
Hedged item: EUR-denominated debt
\u20ac275m
N/A
13/09/27
N/A
(4.8)
N/A
N/A
N/A
As outstanding cash flow hedges matured in 2023, the amount previously recognised in the hedging reserve has been reclassified
to the income statement. Any new derivatives executed to hedge purchases and sales in foreign currencies have been treated as
economic hedges with the fair value changes recognised in the income statement rather than through other comprehensive income
and therefore disclosure has not been provided on such items.
Year ended 31 March 2024
Change in fair Amount
value used Change in fair reclassified
for value recognised from cash Ineffectiveness
calculating in other flow hedge recognised in
Nominal Carrying Hedged hedge comprehensive reserve to profit and loss
Hedging instruments (\u00a3m) amount
value
Maturity
rate effectiveness income finance cost (finance cost)
Hedge instrument: Cross currency swap
\u20ac275m
(\u00a311.1) 13/09/27 1.152 2.8 2.8 6.6 \u2013
Hedged item: EUR-denominated debt \u20ac275m N/A 13/09/27 N/A (6.6) N/A N/A N/A
Year ended 31 March 2025
Year ended 31 March 2024
Effect Effect
Change in Effect on other Change in Effect on other
foreign on profit components foreign on profit components
currency before tax of equity currency before tax of equity
rate \u00a3m \u00a3m rate \u00a3m \u00a3m
EUR *
5%
(1.0)
(1.0)
5%
(0.6)
(0.6)
ZAR
5%
(1.6)
(1.6)
5%
(1.5)
(1.5)
AUD
5%
(0.3)
(0.3)
5%
(0.5)
(0.5)
CAD
5%
(0.7)
(0.7)
5%
(0.6)
(0.6)
* This sensitivity analysis excludes the impact of the disposal of the Group\u2019s Aerial Emergency Services business, as this is a one-off transaction
which is not expected to re-occur.
Sensitivity analysis on currency risk has been prepared based on an approximation of reasonably possible changes in foreign
exchange rates relative to the Group\u2019s functional and reporting currency.
Under the Group\u2019s economic hedging policy, the terms of the forward contracts are arranged to align with the expected timing, currency
and amounts of the hedged items. The Group typically enters into forward contracts where the hedge ratio is 1:1 on the basis that the
notional amount of the designated hedging instruments matches the principal amount of the forecast foreign currency transaction.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations to the Group, which would result in a loss for the Group. Credit
risk arises from trade and other receivables, cash and cash equivalents, investments and derivative financial instruments.
The Group\u2019s risk management objective, policy and performance are as follows:
Objective The Group\u2019s objective is to ensure that the Group continues to operate with an acceptable level of credit risk,
based on management\u2019s judgement, associated with its operating activities, such as customer trade
receivables, and financial activities, including cash deposits and financial instruments.
Policy The Group\u2019s policy is to manage credit risk by setting and reviewing appropriate credit limits for non-
government commercial customers, being the Group\u2019s main exposure to credit risk. With regards to financial
institutions, credit limits will be set according to the respective financial institution\u2019s credit rating. Counterparty
bank credit risk is closely monitored on a systematic and ongoing basis.
Risk management
Credit risk management includes performing credit checks on non-government commercial customers and
setting and only performing financial transactions with approved investment grade counterparties.
Performance Expected credit loss on trade receivable portfolio/provisions of \u00a38.4 million (2024: \u00a38.5 million). The carrying
amount of the Group\u2019s financial assets represents the maximum exposure to credit risk.
Cash and cash equivalents and derivative financial instruments
The Group utilises approved investment-grade counterparties to carry out treasury transactions, including investments of cash
and cash equivalents, with counterparty bank credit risk being monitored closely on a systematic and ongoing basis. A credit limit
is allocated to each institution taking account of its market capitalisation and credit rating, and as such credit risk on these
counterparties is not considered to be material to the financial statements.
The Group\u2019s counterparty credit rating is as follows:
31 March 2025
31 March 2024
AA- or higher
14.8%
13.2%
A+ to A-
77.4%
76.9%
BBB+ to BB-
7.8%
9.9%
Trade receivables
The Group\u2019s assessment is that credit risk in relation to customers or sub-contractors to governments is limited as their probability
of default is considered to be extremely low. The provision for expected credit losses for receivables from governments and sub-
contractors to government customers is therefore considered immaterial in the context of the receivables balance. The Group
manages credit risk in relation to trade and other receivables for all non-government commercial customers through various
mitigating controls including credit checks, credit limits and ongoing monitoring. Expected credit losses are assessed for all non-
government customers, however this is not considered to be material to the financial statements.
For trade receivables, the Group measures a provision for expected credit losses at an amount equal to lifetime expected credit
losses, estimated by reference to past experience and relevant forward-looking factors. For all other assets the loss allowance
is measured using 12-months expected credit losses unless there was a significant increase in credit risk since initial recognition.
Forward-looking factors are applied to homogenous groups of receivables which share characteristics and are based on an estimate
of how corporate failure rates may change relative to historic levels given the current economic environment.
The Group considers that default has occurred when receivables are more than 90 days overdue and recognises a provision of
100% against all such receivables unless there is evidence of recoverability at the individual receivable level. The movement on the
provision for expected credit losses is as follows:
2025 2024
\u00a3m \u00a3m
Balance at 1 April
(8.5)
(7.3)
Charged to the income statement
(1.0)
(1.9)
Unused amounts reversed
0.3
0.4
Disposal of businesses
0.6
\u2013
Receivables written off as uncollectable
0.1
\u2013
Exchange differences
0.1
0.3
Balance at 31 March
(8.4)
(8.5)
The creation and release of provisions for impairment of receivables have been included in operating costs in the income statement.
The Group writes off a receivable when there is evidence that the debtor is in significant financial difficulty and there is no realistic
prospect of recovery, for example, when a debtor enters bankruptcy or financial reorganisation. The ageing of trade receivables
is detailed below:
Year ended 31 March 2025
Year ended 31 March 2024
Gross Provision Net Gross Provision Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Not past due
250.0
\u2013
250.0
241.5
\u2013
241.5
Up to 90 days overdue
29.6
(0.3)
29.3
15.0
(0.1)
14.9
Past 90 days overdue
23.8
(8.1)
15.7
9.9
(8.4)
1.5
303.4
(8.4)
295.0
266.4
(8.5)
257.9
The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivables mentioned above. The
Group does not hold any collateral as security other than retention of title clauses issued as part of the ordinary course of business.
For contract assets the expected credit loss provision is immaterial as the probability of default is insignificant. No expected loss
provision has been recorded in respect of loans to joint ventures and associates.
Offsetting financial assets and liabilities
Year ended 31 March 2025
Year ended 31 March 2024
Balance Amounts not Net Balance Amounts not Net
sheet
offset
1
balances sheet
offset
1
balances
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
646.6
(0.1)
646.5
570.6
(18.0)
552.6
Derivatives
14.4
(14.4)
\u2013
7.2
(7.2)
\u2013
Liabilities
Bank and other borrowings
(0.1)
0.1
\u2013
(18.0)
18.0
\u2013
Derivatives
(53.9)
14.4
(39.5)
(61.4)
7.2
(54.2)
1.
The Group has the legal right of offset within certain of its banking arrangements, however there is no intention to net settle these balances shortly after
the period end and therefore these have been presented gross in accordance with IAS 32. The Group also has derivative assets and liabilities with
the same financial institutions which also have offset language to allow for net settlement, however the Group has no intention to net settle and therefore
the IAS 32 criteria are not satisfied and the derivative asset and derivative liabilities have been presented gross in the statement of financial position.
Capital risk
Capital risk is the risk that the entity may not be able to continue as a going concern. The capital structure of the Group consists
of net debt (cash and cash equivalents, bank overdrafts, loans, including the interest rate and foreign exchange derivatives which
hedge the loans, lease liabilities, lease receivables and loans to joint ventures and associates) and equity of the Group (comprising
issued capital, reserves, retained earnings and non-controlling interests. The Group is not subject to any externally imposed capital
requirements.
The Group\u2019s risk management objective, policy and performance are as follows:
Objective The Group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern,
and to provide returns for shareholders and other stakeholder benefits.
Policy The Group\u2019s policy is to protect and strengthen the Group statement of financial position through the
appropriate balance of debt and equity funding.
Risk management The Group manages its capital structure and makes adjustments in response to changes to economic
conditions and the strategic objectives of the Group. The Group raises finance in the public debt market from
financial institutions, using a variety of capital market instruments and borrowing facilities.
Performance No new facilities have been entered into in the current or prior period nor have any facilities been withdrawn
or removed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-533": { "value": "19. Bank and other borrowings
31 March 2025 31 March 2024
\u00a3m \u00a3m
Current liabilities
Bank loans and overdrafts due within one year or on demand
Secured
0.6
4.5
Unsecured
\u2013
15.9
0.6
20.4
Lease obligations*
47.2
44.6
47.8
65.0
Non-current liabilities
Bank and other borrowings
Secured
6.2
2.5
Unsecured
744.5
744.6
750.7
747.1
Lease obligations*
227.4
185.9
978.1
933.0
* Leases are secured against the assets to which they relate. The Group\u2019s overdraft totalled \u00a30.1 million at 31 March 2025 (2024: \u00a318.0 million). The Group holds one overdraft facility of 50m which is otherwise undrawn as at 31 March 2025. The Group has \u00a32.5 million (2024: \u00a32.8 million) of secured debt in the Land operating segment that is secured against a property owned by the Group and \u00a34.3 million (2024: \u00a34.2 million) of debt that is secured against contracts with customers, which will cede to the bank in the event of default. Unsecured bank loans are subject to covenants which are tested six monthly on a rolling basis. Covenants comprise of Net Debt (covenant basis) to EBITDA and Interest Cover. The Net Debt (covenant basis) to EBITDA ratio must be lower than 3.5x at each testing date whilst the Interest Cover must be at least 4.0x at each testing date. There are no breaches in the Group\u2019s base case forecasts as prepared for going concern purposes. Drawn facilities at the period end date primarily comprise the \u20ac550 million Eurobond and the \u00a3300 million UK bond. Repayment details The total borrowings of the Group at 31 March are repayable as follows:
31 March 2025
31 March 2024
Loans and Lease Loans and Lease
overdrafts obligations overdrafts obligations
\u00a3m \u00a3m \u00a3m \u00a3m
Within one year
0.6
47.2
20.4
44.6
Between one and two years
297.7
41.4
0.6
38.2
Between two and three years
453.0
32.9
296.0
33.2
Between three and four years
\u2013
25.6
449.8
24.8
Between four and five years
\u2013
25.0
0.7
19.5
Greater than five years
\u2013
102.5
\u2013
70.2
751.3
274.6
767.5
230.5
The Group has entered into interest rate and currency swaps, details of which are included in note 21. The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies:
31 March 2025
31 March 2024
Total Floating rate Fixed rate Total Floating rate Fixed rate
Currency \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Sterling
394.6
\u2013
394.6
415.0
7.8
407.2
Euro*
500.4
93.9
406.5
514.4
99.1
415.3
US Dollar
46.6
\u2013
46.6
7.3
\u2013
7.3
South African Rand
8.4
4.2
4.2
8.9
4.2
4.7
Canadian Dollar
3.3
\u2013
3.3
4.8
\u2013
4.8
Australian Dollar
71.1
\u2013
71.1
44.0
\u2013
44.0
New Zealand Dollar
1.2
\u2013
1.2
1.4
\u2013
1.4
South Korean Won
0.2
\u2013
0.2
0.5
\u2013
0.5
Other
0.1
\u2013
0.1
1.7
\u2013
1.7
1,025.9
98.1
927.8
998.0
111.1
886.9
* \u20ac550 million (2024: \u20ac550 million) has been swapped into Sterling, with \u20ac140.0 million equivalent (2024: \u20ac140.0 million equivalent) into floating rates and \u20ac410.0 million equivalent (2024: \u20ac410.0 million equivalent) into fixed rates. This is included in the Euro amount above. The split above includes the impact of hedging. The weighted average interest rate of Sterling fixed rate borrowings is 1.9% (2024: 1.9%). The weighted average period for which these interest rates are fixed is 1.5 years (2024: 2.5 years). The floating rate for borrowings is linked to SONIA in the case of Sterling, EURIBOR in the case of Euro, the prime rate in the case of South African Rand and the local prime rate for other currencies. The effective interest rates at the statement of financial position dates, including the impact of hedging, were as follows:
31 March 31 March
2025 2024
% %
UK bank overdraft
N/A
6.4
8-year Eurobond September 2027\u2013 fixed
2.9
2.9
8-year Eurobond September 2027 \u2013 floating
6.7
6.9
\u00a3300 million bond 2026
1.9
1.9
Other borrowings
5.6 \u2013 10.0
5.6 \u2013 11.1
Leases obligations
3.3 \u2013 14.6
2.2 \u2013 11.8
Borrowing facilities The Group had the following undrawn committed borrowing facilities available at 31 March:
31 March 2025 31 March 2024
\u00a3m \u00a3m
Expiring in more than one year but not more than five years
775.0
775.0
775.0
775.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-507": { "value": "20. Provisions for other liabilities, including other employee benefits A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at an appropriate discount rate. A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been publicly announced. Future operating costs are not provided for. A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. Onerous contract provisions are recognised after impairment of any assets directly related to the onerous contract. A provision for warranties is recognised on completed contracts and disposals when there is a realistic expectation of the Group incurring further costs.
Contract/ Employee related and business
warranty reorganisation Property Other Total
(a) costs (b) (c) (d) provisions
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2024
117.8
12.4
23.5
4.5
158.2
Charge to income statement
31.5
8.3
7.1
5.3
52.2
Release to the income statement
(13.9)
(1.3)
(9.9)
(0.7)
(25.8)
Utilised in year
(42.3)
(5.0)
(0.5)
(0.8)
(48.6)
Reclassification
1.4
0.7
(2.3)
0.2
\u2013
Disposal of business
\u2013
\u2013
(0.3)
\u2013
(0.3)
Unwinding of discount
2.7
0.1
\u2013
\u2013
2.8
Foreign exchange
(0.2)
\u2013
\u2013
\u2013
(0.2)
At 31 March 2025
97.0
15.2
17.6
8.5
138.3
Current 80.2
Non-current 58.1
At 1 April 2023
100.4
30.5
15.1
2.7
148.7
Charge to income statement
66.4
10.3
10.3
2.7
89.7
Release to the income statement
(19.4)
(3.6)
(0.5)
(0.1)
(23.6)
Utilised in year
(31.3)
(6.2)
(1.4)
(0.7)
(39.6)
Reclassified to accruals
1
\u2013
(18.0)
\u2013
\u2013
(18.0)
Unwinding of discount
2.4
0.3
\u2013
\u2013
2.7
Foreign exchange
(0.7)
(0.9)
\u2013
(0.1)
(1.7)
At 31 March 2024
117.8
12.4
23.5
4.5
158.2
Current
79.1
Non-current
79.1
a. Contract/warranty provisions relate to onerous contracts and warranty obligations on completed contracts and disposals. Warranty provisions are provided in the normal course of business and recognised when the underlying products and services are sold. The provision is based on an assessment of future claims with reference to historical warranty data and a weighting of possible outcomes. Onerous contracts relate to expected future losses on contracts with customers \u2013 notably T31 as outlined in note 1. b. Employee related and business reorganisation costs relate to business restructuring activities including announced redundancies in addition to employee related provisions other than employee benefits. c. Property and other provisions primarily relate to dilapidation costs and contractual obligations in respect of infrastructure. d. Other provisions include provisions for insurance claims arising within the Group\u2019s captive insurance company, Chepstow Insurance Limited. They relate to specific claims assessed in accordance with the advice of independent actuaries. 1 Immaterial amounts related to employee benefits were reclassified from provisions to current and non-current accruals during the prior period. Included within employee related and business reorganisation provisions is \u00a37.0 million (2024: \u00a36.7 million) expected to be utilised over approximately 10 years. Other than these provisions the Group\u2019s non-current provisions are expected to be utilised within two to five years. Provisions for onerous revenue contracts are recorded when it becomes probable that total remaining contract fulfilment costs will exceed total remaining revenue not yet recognised. Provisions for losses on contracts are recognised after impairment of any assets directly related to fulfilling the loss-making contract. Losses are determined on the basis of estimated results on completion of contracts and are updated regularly. A provision for the contractual maintenance, overhaul and repair requirements of right of use aircraft and specific associated aircraft components arising from return condition obligations in aircraft lease contracts is recognised as the obligation to perform contractual maintenance arises with each hour flown. Where lease contracts contain contractual penalties in the event that the Group returns leased aircraft in a condition that does not meet the contractual return condition obligation, the associated provision is measured at the lower of the restoration cost and the detriment penalty in the lease. When maintenance of a leased aircraft component is performed, if the component\u2019s remaining flying hours are greater than the return condition outlined in the lease contract then a leasehold improvement asset is recognised in proportion to the excess flying hours above the contractual return condition. Maintenance provisions are not recognised in respect of aircraft components which are maintained under Power-by-the-hour maintenance arrangements, instead the associated payments to the maintenance provider are expensed as incurred. Any additional payments made to or received from maintenance providers at the conclusion of Power-by-the-hour maintenance arrangements are recognised as an expense or as income at the time at which they are incurred or received. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-534": { "value": "20. Provisions for other liabilities, including other employee benefitsA provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at an appropriate discount rate. A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been publicly announced. Future operating costs are not provided for. A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. Onerous contract provisions are recognised after impairment of any assets directly related to the onerous contract. A provision for warranties is recognised on completed contracts and disposals when there is a realistic expectation of the Group incurring further costs.
Contract/ Employee related and business
warranty reorganisation Property Other Total
(a) costs (b) (c) (d) provisions
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2024
117.8
12.4
23.5
4.5
158.2
Charge to income statement
31.5
8.3
7.1
5.3
52.2
Release to the income statement
(13.9)
(1.3)
(9.9)
(0.7)
(25.8)
Utilised in year
(42.3)
(5.0)
(0.5)
(0.8)
(48.6)
Reclassification
1.4
0.7
(2.3)
0.2
\u2013
Disposal of business
\u2013
\u2013
(0.3)
\u2013
(0.3)
Unwinding of discount
2.7
0.1
\u2013
\u2013
2.8
Foreign exchange
(0.2)
\u2013
\u2013
\u2013
(0.2)
At 31 March 2025
97.0
15.2
17.6
8.5
138.3
Current 80.2
Non-current 58.1
At 1 April 2023
100.4
30.5
15.1
2.7
148.7
Charge to income statement
66.4
10.3
10.3
2.7
89.7
Release to the income statement
(19.4)
(3.6)
(0.5)
(0.1)
(23.6)
Utilised in year
(31.3)
(6.2)
(1.4)
(0.7)
(39.6)
Reclassified to accruals
1
\u2013
(18.0)
\u2013
\u2013
(18.0)
Unwinding of discount
2.4
0.3
\u2013
\u2013
2.7
Foreign exchange
(0.7)
(0.9)
\u2013
(0.1)
(1.7)
At 31 March 2024
117.8
12.4
23.5
4.5
158.2
Current
79.1
Non-current
79.1
a. Contract/warranty provisions relate to onerous contracts and warranty obligations on completed contracts and disposals. Warranty provisions are provided in the normal course of business and recognised when the underlying products and services are sold. The provision is based on an assessment of future claims with reference to historical warranty data and a weighting of possible outcomes. Onerous contracts relate to expected future losses on contracts with customers \u2013 notably T31 as outlined in note 1. b. Employee related and business reorganisation costs relate to business restructuring activities including announced redundancies in addition to employee related provisions other than employee benefits. c. Property and other provisions primarily relate to dilapidation costs and contractual obligations in respect of infrastructure. d. Other provisions include provisions for insurance claims arising within the Group\u2019s captive insurance company, Chepstow Insurance Limited. They relate to specific claims assessed in accordance with the advice of independent actuaries. 1 Immaterial amounts related to employee benefits were reclassified from provisions to current and non-current accruals during the prior period. Included within employee related and business reorganisation provisions is \u00a37.0 million (2024: \u00a36.7 million) expected to be utilised over approximately 10 years. Other than these provisions the Group\u2019s non-current provisions are expected to be utilised within two to five years. Provisions for onerous revenue contracts are recorded when it becomes probable that total remaining contract fulfilment costs will exceed total remaining revenue not yet recognised. Provisions for losses on contracts are recognised after impairment of any assets directly related to fulfilling the loss-making contract. Losses are determined on the basis of estimated results on completion of contracts and are updated regularly. A provision for the contractual maintenance, overhaul and repair requirements of right of use aircraft and specific associated aircraft components arising from return condition obligations in aircraft lease contracts is recognised as the obligation to perform contractual maintenance arises with each hour flown. Where lease contracts contain contractual penalties in the event that the Group returns leased aircraft in a condition that does not meet the contractual return condition obligation, the associated provision is measured at the lower of the restoration cost and the detriment penalty in the lease. When maintenance of a leased aircraft component is performed, if the component\u2019s remaining flying hours are greater than the return condition outlined in the lease contract then a leasehold improvement asset is recognised in proportion to the excess flying hours above the contractual return condition. Maintenance provisions are not recognised in respect of aircraft components which are maintained under Power-by-the-hour maintenance arrangements, instead the associated payments to the maintenance provider are expensed as incurred. Any additional payments made to or received from maintenance providers at the conclusion of Power-by-the-hour maintenance arrangements are recognised as an expense or as income at the time at which they are incurred or received.
29. Contingent liabilities
There are a number of contingent liabilities that arise in the normal course of business, including:
a. The nature of the Group\u2019s long-term contracts means that there are reasonably frequent contractual issues, variations and
renegotiations that arise in the ordinary course of business, including liabilities that arise on completion of contracts and on
conclusion of relationships with joint ventures and associates. The Group takes account of the advice of experts, both internal and
external, in making judgements on contractual issues and whether the outcome of negotiations will result in an obligation
to the Group. The Directors do not believe that the outcome of these matters will result in any material adverse change in the
Group\u2019s financial position.
b. As a large contracting organisation, the Group has a significant number of contracts with customers to deliver services and
products, as well as with its supply chain, where the Group cannot deliver all those services and products itself. The Group
is involved in disputes and litigation, which have arisen in the course of its normal trading in connection with these contracts.
Whilst the Directors do not believe that the outcome of these matters will result in any material adverse change in the Group\u2019s
financial position, it is possible that, if any of these disputes come to court, the court may take a different view to the Group.
c. The Group is subject to corporate and other tax rules in the jurisdictions in which it operates. Changes in tax rates, tax reliefs and
tax laws, or interpretation of the law, by the relevant tax authorities may result in financial and reputational damage to the Group.
This may affect the Group\u2019s financial condition and performance if such matters result in charges in excess of those already
provided in the financial statements \u2013 see notes 7 and 20 for further details of amounts provided.
d. The Group has given certain indemnities and warranties in the course of disposing of businesses and companies and in
completing contracts. The Group believes that any liability in respect of these is unlikely to have a material effect on the Group\u2019s
financial position.
e. Corporate rules in certain jurisdictions may extend to compensatory trade agreements, or economic offset rules, where we may
have to commit to use local content in delivering programmes of work. Delivery of offset is also subject to interpretations of law
and agreement with local authorities, which we monitor closely but may give rise to financial and reputational damage to the
Group if not undertaken appropriately.
A contingent liability is a possible obligation arising from past events whose existence will be confirmed only on the occurrence
or non-occurrence of uncertain future events outside the Group\u2019s control, or a present obligation that is not recognised because
it is not probable that an outflow of economic benefits will occur or the value of such outflow cannot be measured reliably.
The Group does not recognise contingent liabilities in its statement of financial position \u2013 such matters are only recognised
in the statement of financial position when the obligation rises from possible to probable and the outflow of economic benefits
becomes probable and can be measured reliably.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-585": { "value": "A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at an appropriate discount rate. A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been publicly announced. Future operating costs are not provided for. A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. Onerous contract provisions are recognised after impairment of any assets directly related to the onerous contract. A provision for warranties is recognised on completed contracts and disposals when there is a realistic expectation of the Group incurring further costs. Provisions for onerous revenue contracts are recorded when it becomes probable that total remaining contract fulfilment costs will exceed total remaining revenue not yet recognised. Provisions for losses on contracts are recognised after impairment of any assets directly related to fulfilling the loss-making contract. Losses are determined on the basis of estimated results on completion of contracts and are updated regularly. A provision for the contractual maintenance, overhaul and repair requirements of right of use aircraft and specific associated aircraft components arising from return condition obligations in aircraft lease contracts is recognised as the obligation to perform contractual maintenance arises with each hour flown. Where lease contracts contain contractual penalties in the event that the Group returns leased aircraft in a condition that does not meet the contractual return condition obligation, the associated provision is measured at the lower of the restoration cost and the detriment penalty in the lease. When maintenance of a leased aircraft component is performed, if the component\u2019s remaining flying hours are greater than the return condition outlined in the lease contract then a leasehold improvement asset is recognised in proportion to the excess flying hours above the contractual return condition. Maintenance provisions are not recognised in respect of aircraft components which are maintained under Power-by-the-hour maintenance arrangements, instead the associated payments to the maintenance provider are expensed as incurred. Any additional payments made to or received from maintenance providers at the conclusion of Power-by-the-hour maintenance arrangements are recognised as an expense or as income at the time at which they are incurred or received. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-535": { "value": "21. Financial instruments and fair value measurement Financial assets and liabilities at amortised costCash and cash equivalents, trade receivables (except trade receivables under factoring arrangements), amounts due from related parties and other debtors are classified as financial assets held at amortised cost as they are held within a business model to collect contractual cash flows and these cash flows consist solely of payments of principal and interest on the principal amount outstanding. Trade receivables, contract assets and lease receivables include a provision for expected credit losses. The Group measures the provision at an amount equal to lifetime expected credit losses, estimated by reference to past experience and relevant forward-looking factors. For all other financial assets carried at amortised cost, including loans to joint ventures and associates and other debtors, the Group measures the provision at an amount equal to 12-month expected credit losses. See note 22 for further information on how the Group assesses credit risk. Trade creditors, amounts due to related parties, other creditors, accruals and bank loans and overdrafts are classified as financial liabilities held at amortised cost. Derivative financial instrumentsDerivatives are initially recognised at fair value on the date a derivative is entered into and are subsequently remeasured at fair value. The Group designates certain of the derivative instruments within its portfolio to be hedges of the fair value of recognised assets or liabilities or unrecognised firm commitments. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. For derivatives that qualify as cash flow hedges, the effective portion of fair value gains or losses are recognised in other comprehensive income until the underlying transaction is recognised. Any ineffective portion is recognised in the income statement. Changes in the value of derivatives that are carried at fair value through profit or loss are recorded in the income statement. Fair value measurementThe fair value of an asset or liability is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the year-end date. Fair value measurements are used on a recurring basis except where used in the acquisition of assets and liabilities through a business combination. The fair values of derivative financial instruments are determined by the use of valuation techniques based on assumptions that are supported by observable market prices or rates. The fair values of non-financial assets and liabilities are based on observable market prices or rates. The carrying values of financial assets and liabilities which are not held at fair value in the Group statement of financial position are assumed to approximate to fair value due to their short-term nature, with the exception of fixed rate bonds. There have been no changes to the valuation techniques used during the year. The following table presents the Group\u2019s assets and liabilities:
Financial Financial
Financial assets at Financial liabilities at
assets at amortised liabilities at amortised Total carrying
31 March 2025 (\u00a3m) fair value cost fair value cost amount Fair value
Non-current financial assets
Loans to joint ventures and associates
\u2013
3.6
\u2013
\u2013
3.6
3.6
Trade and other receivables*
2.4
5.7
\u2013
\u2013
8.1
8.1
Financial assets
\u2013
4.2
\u2013
\u2013
4.2
4.2
Derivatives
5.1
\u2013
\u2013
\u2013
5.1
5.1
Lease receivables
\u2013
26.2
\u2013
\u2013
26.2
26.2
Current financial assets
Trade and other receivables*
\u2013
317.1
\u2013
\u2013
317.1
317.1
Financial assets
\u2013
1.2
\u2013
\u2013
1.2
1.2
Lease receivables
\u2013
18.4
\u2013
\u2013
18.4
18.4
Derivatives
9.3
\u2013
\u2013
\u2013
9.3
9.3
Cash and cash equivalents
\u2013
646.6
\u2013
\u2013
646.6
646.6
Non-current financial liabilities
Bank and other borrowings
\u2013
\u2013
\u2013
(750.7)
(750.7)
(721.8)
Derivatives
\u2013
\u2013
(44.8)
\u2013
(44.8)
(44.8)
Current financial liabilities
Bank and other borrowings
\u2013
\u2013
\u2013
(0.6)
(0.6)
(0.6)
Trade and other payables*
\u2013
\u2013
\u2013
(830.6)
(830.6)
(830.6)
Derivatives
\u2013
\u2013
(9.1)
\u2013
(9.1)
(9.1)
Net financial assets / (financial liabilities)
16.8
1,023.0
(53.9)
(1,581.9)
(596.0)
(567.1)
* Trade and other receivables and trade and other payables only include balances which meet the definition of a financial instrument.
Financial Financial
Financial assets at Financial liabilities at
assets at amortised liabilities at amortised Total carrying
31 March 2024 (\u00a3m) fair value cost fair value cost amount Fair value
Non-current financial assets
Loans to joint ventures and associates \u2013 3.9 \u2013 \u2013
3.9
3.9
Financial assets \u2013 5.3 \u2013 \u2013
5.3
5.3
Derivatives 2.8 \u2013 \u2013 \u2013
2.8
2.8
Lease receivables \u2013 22.5 \u2013 \u2013
22.5
22.5
Current financial assets
Trade and other receivables* 0.9 282.1 \u2013 \u2013
283.0
283.0
Lease receivables \u2013 13.0 \u2013 \u2013
13.0
13.0
Derivatives 4.4 \u2013 \u2013 \u2013
4.4
4.4
Cash and cash equivalents \u2013 570.6 \u2013 \u2013
570.6
570.6
Non-current financial liabilities
Bank and other borrowings \u2013 \u2013 \u2013 (747.1)
(747.1)
(686.4)
Derivatives \u2013 \u2013 (51.9) \u2013
(51.9)
(51.9)
Current financial liabilities
Bank and other borrowings \u2013 \u2013 \u2013 (20.4)
(20.4)
(20.4)
Trade and other payables* \u2013 \u2013 \u2013 (593.7)
(593.7)
(593.7)
Derivatives \u2013 \u2013 (9.5) \u2013
(9.5)
(9.5)
Net financial assets / (financial liabilities)
8.1
897.4
(61.4)
(1,361.2)
(517.1)
(456.4)
* Trade and other receivables and trade and other payables only include balances which meet the definition of a financial instrument.The fair value hierarchy is as follows: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). All of the financial assets and liabilities measured at fair value are classified as Level 2 or Level 3 using the fair value hierarchy. There were no transfers between levels during the period. Additional disclosures in respect of financial assets measured using Level 3 techniques are not provided as such assets are not material. The fair values of financial instruments held at fair value have been determined based on available market information at the period end date, and the valuation methodologies listed below: \u2022 The fair values of forward foreign exchange contracts are calculated by discounting the contracted forward values and translating at the appropriate period end rates; and \u2022 The fair values of cross-currency interest rate swaps are calculated by discounting expected future principal and interest cash flows and translating at the appropriate period end rates. Financial assets and liabilities in the Group\u2019s Consolidated statement of financial position are either held at fair value or their carrying value approximates to fair value, with the exception of loans, which are held at amortised cost. Amortised cost items whose fair value or carrying value approximate to fair value are at Level 2 in the fair value hierarchy. Due to the variability of the valuation factors, the fair values presented at 31 March may not be indicative of the amounts the Group would expect to realise in the current market environment. Derivative financial instruments and hedging activities The Group enters into forward foreign currency contracts and cross-currency interest rate swaps to hedge the currency exposures that arise on sales, purchases, deposits, borrowings and leasing arrangements denominated in foreign currencies as the transactions occur. Where derivatives do not meet the hedge accounting criteria, they are accounted for at fair value through profit or loss. Derivatives not designated in hedge relationships have a net fair value asset of \u00a33.5 million (2024: net liability of \u00a36.8 million), of which \u00a32.1 million (2024: \u00a36.7 million) were economically hedging \u00a31.1 billion (2024 restated \u2013 see note 22: \u00a30.8 billion) denominated in foreign currencies purchases and sales, \u00a30.8 million (2024: \u00a30.1 million) was economically hedging interest rates on borrowings (see also note 22) and \u00a30.6 million (2024: \u00a3nil) was economically hedging interest rates on invoice discounting facilities. The Group\u2019s policy regarding classification of derivatives is set out in note 1. The full fair value of hedging derivatives is classified as a non-current asset or liability where the remaining maturity of the hedged item is more than 12 months. It is classified as a current asset or liability where the remaining maturity of the hedged item is less than 12 months. Cash flow hedges The Group uses cross-currency swap contracts to hedge the foreign currency risk on debt issued by the Group. These are formally designated in cash flow hedge relationships and hedge ineffectiveness is recognised immediately in the income statement. The fair value of cash flow hedges at 31 March 2025 was a net liability of \u00a311.6 million (2024: \u00a311.1 million). Further detail is give in note 22. Fair value hedges The Group maintains cross-currency interest rate swap contracts as fair value hedges of the interest rate and currency risk on fixed- rate debt issued by the Group. These derivative contracts receive a fixed rate of interest and pay a variable rate of interest. These are formally designated in fair value hedging relationships and are used to hedge the exposure to changes in the fair value of debt which has been issued by the Group at fixed rates. The fair value of such hedges at 31 March 2025 was a liability of \u00a331.4 million (2024: \u00a336.3 million). Further detail is give in note 22.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-554": { "value": "21. Financial instruments and fair value measurement Financial assets and liabilities at amortised costCash and cash equivalents, trade receivables (except trade receivables under factoring arrangements), amounts due from related parties and other debtors are classified as financial assets held at amortised cost as they are held within a business model to collect contractual cash flows and these cash flows consist solely of payments of principal and interest on the principal amount outstanding. Trade receivables, contract assets and lease receivables include a provision for expected credit losses. The Group measures the provision at an amount equal to lifetime expected credit losses, estimated by reference to past experience and relevant forward-looking factors. For all other financial assets carried at amortised cost, including loans to joint ventures and associates and other debtors, the Group measures the provision at an amount equal to 12-month expected credit losses. See note 22 for further information on how the Group assesses credit risk. Trade creditors, amounts due to related parties, other creditors, accruals and bank loans and overdrafts are classified as financial liabilities held at amortised cost. Derivative financial instrumentsDerivatives are initially recognised at fair value on the date a derivative is entered into and are subsequently remeasured at fair value. The Group designates certain of the derivative instruments within its portfolio to be hedges of the fair value of recognised assets or liabilities or unrecognised firm commitments. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. For derivatives that qualify as cash flow hedges, the effective portion of fair value gains or losses are recognised in other comprehensive income until the underlying transaction is recognised. Any ineffective portion is recognised in the income statement. Changes in the value of derivatives that are carried at fair value through profit or loss are recorded in the income statement. Fair value measurementThe fair value of an asset or liability is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the year-end date. Fair value measurements are used on a recurring basis except where used in the acquisition of assets and liabilities through a business combination. The fair values of derivative financial instruments are determined by the use of valuation techniques based on assumptions that are supported by observable market prices or rates. The fair values of non-financial assets and liabilities are based on observable market prices or rates. The carrying values of financial assets and liabilities which are not held at fair value in the Group statement of financial position are assumed to approximate to fair value due to their short-term nature, with the exception of fixed rate bonds. There have been no changes to the valuation techniques used during the year. The following table presents the Group\u2019s assets and liabilities:
Financial Financial
Financial assets at Financial liabilities at
assets at amortised liabilities at amortised Total carrying
31 March 2025 (\u00a3m) fair value cost fair value cost amount Fair value
Non-current financial assets
Loans to joint ventures and associates
\u2013
3.6
\u2013
\u2013
3.6
3.6
Trade and other receivables*
2.4
5.7
\u2013
\u2013
8.1
8.1
Financial assets
\u2013
4.2
\u2013
\u2013
4.2
4.2
Derivatives
5.1
\u2013
\u2013
\u2013
5.1
5.1
Lease receivables
\u2013
26.2
\u2013
\u2013
26.2
26.2
Current financial assets
Trade and other receivables*
\u2013
317.1
\u2013
\u2013
317.1
317.1
Financial assets
\u2013
1.2
\u2013
\u2013
1.2
1.2
Lease receivables
\u2013
18.4
\u2013
\u2013
18.4
18.4
Derivatives
9.3
\u2013
\u2013
\u2013
9.3
9.3
Cash and cash equivalents
\u2013
646.6
\u2013
\u2013
646.6
646.6
Non-current financial liabilities
Bank and other borrowings
\u2013
\u2013
\u2013
(750.7)
(750.7)
(721.8)
Derivatives
\u2013
\u2013
(44.8)
\u2013
(44.8)
(44.8)
Current financial liabilities
Bank and other borrowings
\u2013
\u2013
\u2013
(0.6)
(0.6)
(0.6)
Trade and other payables*
\u2013
\u2013
\u2013
(830.6)
(830.6)
(830.6)
Derivatives
\u2013
\u2013
(9.1)
\u2013
(9.1)
(9.1)
Net financial assets / (financial liabilities)
16.8
1,023.0
(53.9)
(1,581.9)
(596.0)
(567.1)
* Trade and other receivables and trade and other payables only include balances which meet the definition of a financial instrument.
Financial Financial
Financial assets at Financial liabilities at
assets at amortised liabilities at amortised Total carrying
31 March 2024 (\u00a3m) fair value cost fair value cost amount Fair value
Non-current financial assets
Loans to joint ventures and associates \u2013 3.9 \u2013 \u2013
3.9
3.9
Financial assets \u2013 5.3 \u2013 \u2013
5.3
5.3
Derivatives 2.8 \u2013 \u2013 \u2013
2.8
2.8
Lease receivables \u2013 22.5 \u2013 \u2013
22.5
22.5
Current financial assets
Trade and other receivables* 0.9 282.1 \u2013 \u2013
283.0
283.0
Lease receivables \u2013 13.0 \u2013 \u2013
13.0
13.0
Derivatives 4.4 \u2013 \u2013 \u2013
4.4
4.4
Cash and cash equivalents \u2013 570.6 \u2013 \u2013
570.6
570.6
Non-current financial liabilities
Bank and other borrowings \u2013 \u2013 \u2013 (747.1)
(747.1)
(686.4)
Derivatives \u2013 \u2013 (51.9) \u2013
(51.9)
(51.9)
Current financial liabilities
Bank and other borrowings \u2013 \u2013 \u2013 (20.4)
(20.4)
(20.4)
Trade and other payables* \u2013 \u2013 \u2013 (593.7)
(593.7)
(593.7)
Derivatives \u2013 \u2013 (9.5) \u2013
(9.5)
(9.5)
Net financial assets / (financial liabilities)
8.1
897.4
(61.4)
(1,361.2)
(517.1)
(456.4)
* Trade and other receivables and trade and other payables only include balances which meet the definition of a financial instrument.The fair value hierarchy is as follows: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). All of the financial assets and liabilities measured at fair value are classified as Level 2 or Level 3 using the fair value hierarchy. There were no transfers between levels during the period. Additional disclosures in respect of financial assets measured using Level 3 techniques are not provided as such assets are not material. The fair values of financial instruments held at fair value have been determined based on available market information at the period end date, and the valuation methodologies listed below: \u2022 The fair values of forward foreign exchange contracts are calculated by discounting the contracted forward values and translating at the appropriate period end rates; and \u2022 The fair values of cross-currency interest rate swaps are calculated by discounting expected future principal and interest cash flows and translating at the appropriate period end rates. Financial assets and liabilities in the Group\u2019s Consolidated statement of financial position are either held at fair value or their carrying value approximates to fair value, with the exception of loans, which are held at amortised cost. Amortised cost items whose fair value or carrying value approximate to fair value are at Level 2 in the fair value hierarchy. Due to the variability of the valuation factors, the fair values presented at 31 March may not be indicative of the amounts the Group would expect to realise in the current market environment. Derivative financial instruments and hedging activities The Group enters into forward foreign currency contracts and cross-currency interest rate swaps to hedge the currency exposures that arise on sales, purchases, deposits, borrowings and leasing arrangements denominated in foreign currencies as the transactions occur. Where derivatives do not meet the hedge accounting criteria, they are accounted for at fair value through profit or loss. Derivatives not designated in hedge relationships have a net fair value asset of \u00a33.5 million (2024: net liability of \u00a36.8 million), of which \u00a32.1 million (2024: \u00a36.7 million) were economically hedging \u00a31.1 billion (2024 restated \u2013 see note 22: \u00a30.8 billion) denominated in foreign currencies purchases and sales, \u00a30.8 million (2024: \u00a30.1 million) was economically hedging interest rates on borrowings (see also note 22) and \u00a30.6 million (2024: \u00a3nil) was economically hedging interest rates on invoice discounting facilities. The Group\u2019s policy regarding classification of derivatives is set out in note 1. The full fair value of hedging derivatives is classified as a non-current asset or liability where the remaining maturity of the hedged item is more than 12 months. It is classified as a current asset or liability where the remaining maturity of the hedged item is less than 12 months. Cash flow hedges The Group uses cross-currency swap contracts to hedge the foreign currency risk on debt issued by the Group. These are formally designated in cash flow hedge relationships and hedge ineffectiveness is recognised immediately in the income statement. The fair value of cash flow hedges at 31 March 2025 was a net liability of \u00a311.6 million (2024: \u00a311.1 million). Further detail is give in note 22. Fair value hedges The Group maintains cross-currency interest rate swap contracts as fair value hedges of the interest rate and currency risk on fixed- rate debt issued by the Group. These derivative contracts receive a fixed rate of interest and pay a variable rate of interest. These are formally designated in fair value hedging relationships and are used to hedge the exposure to changes in the fair value of debt which has been issued by the Group at fixed rates. The fair value of such hedges at 31 March 2025 was a liability of \u00a331.4 million (2024: \u00a336.3 million). Further detail is give in note 22.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-602": { "value": "Financial assets and liabilities at amortised cost Cash and cash equivalents, trade receivables (except trade receivables under factoring arrangements), amounts due from related parties and other debtors are classified as financial assets held at amortised cost as they are held within a business model to collect contractual cash flows and these cash flows consist solely of payments of principal and interest on the principal amount outstanding. Trade receivables, contract assets and lease receivables include a provision for expected credit losses. The Group measures the provision at an amount equal to lifetime expected credit losses, estimated by reference to past experience and relevant forward-looking factors. For all other financial assets carried at amortised cost, including loans to joint ventures and associates and other debtors, the Group measures the provision at an amount equal to 12-month expected credit losses. See note 22 for further information on how the Group assesses credit risk. Trade creditors, amounts due to related parties, other creditors, accruals and bank loans and overdrafts are classified as financial liabilities held at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-596": { "value": "Financial assets and liabilities at amortised cost Cash and cash equivalents, trade receivables (except trade receivables under factoring arrangements), amounts due from related parties and other debtors are classified as financial assets held at amortised cost as they are held within a business model to collect contractual cash flows and these cash flows consist solely of payments of principal and interest on the principal amount outstanding. Trade receivables, contract assets and lease receivables include a provision for expected credit losses. The Group measures the provision at an amount equal to lifetime expected credit losses, estimated by reference to past experience and relevant forward-looking factors. For all other financial assets carried at amortised cost, including loans to joint ventures and associates and other debtors, the Group measures the provision at an amount equal to 12-month expected credit losses. See note 22 for further information on how the Group assesses credit risk. Trade creditors, amounts due to related parties, other creditors, accruals and bank loans and overdrafts are classified as financial liabilities held at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-586": { "value": "Financial assets and liabilities at amortised cost Cash and cash equivalents, trade receivables (except trade receivables under factoring arrangements), amounts due from related parties and other debtors are classified as financial assets held at amortised cost as they are held within a business model to collect contractual cash flows and these cash flows consist solely of payments of principal and interest on the principal amount outstanding. Trade receivables, contract assets and lease receivables include a provision for expected credit losses. The Group measures the provision at an amount equal to lifetime expected credit losses, estimated by reference to past experience and relevant forward-looking factors. For all other financial assets carried at amortised cost, including loans to joint ventures and associates and other debtors, the Group measures the provision at an amount equal to 12-month expected credit losses. See note 22 for further information on how the Group assesses credit risk. Trade creditors, amounts due to related parties, other creditors, accruals and bank loans and overdrafts are classified as financial liabilities held at amortised cost. Derivative financial instruments Derivatives are initially recognised at fair value on the date a derivative is entered into and are subsequently remeasured at fair value. The Group designates certain of the derivative instruments within its portfolio to be hedges of the fair value of recognised assets or liabilities or unrecognised firm commitments. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. For derivatives that qualify as cash flow hedges, the effective portion of fair value gains or losses are recognised in other comprehensive income until the underlying transaction is recognised. Any ineffective portion is recognised in the income statement. Changes in the value of derivatives that are carried at fair value through profit or loss are recorded in the income statement. Fair value measurement The fair value of an asset or liability is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the year-end date. Fair value measurements are used on a recurring basis except where used in the acquisition of assets and liabilities through a business combination. The fair values of derivative financial instruments are determined by the use of valuation techniques based on assumptions that are supported by observable market prices or rates. The fair values of non-financial assets and liabilities are based on observable market prices or rates. The carrying values of financial assets and liabilities which are not held at fair value in the Group statement of financial position are assumed to approximate to fair value due to their short-term nature, with the exception of fixed rate bonds. There have been no changes to the valuation techniques used during the year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-603": { "value": "Derivative financial instruments Derivatives are initially recognised at fair value on the date a derivative is entered into and are subsequently remeasured at fair value. The Group designates certain of the derivative instruments within its portfolio to be hedges of the fair value of recognised assets or liabilities or unrecognised firm commitments. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. For derivatives that qualify as cash flow hedges, the effective portion of fair value gains or losses are recognised in other comprehensive income until the underlying transaction is recognised. Any ineffective portion is recognised in the income statement. Changes in the value of derivatives that are carried at fair value through profit or loss are recorded in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-597": { "value": "Derivative financial instruments Derivatives are initially recognised at fair value on the date a derivative is entered into and are subsequently remeasured at fair value. The Group designates certain of the derivative instruments within its portfolio to be hedges of the fair value of recognised assets or liabilities or unrecognised firm commitments. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. For derivatives that qualify as cash flow hedges, the effective portion of fair value gains or losses are recognised in other comprehensive income until the underlying transaction is recognised. Any ineffective portion is recognised in the income statement. Changes in the value of derivatives that are carried at fair value through profit or loss are recorded in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-598": { "value": "Fair value measurement The fair value of an asset or liability is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the year-end date. Fair value measurements are used on a recurring basis except where used in the acquisition of assets and liabilities through a business combination. The fair values of derivative financial instruments are determined by the use of valuation techniques based on assumptions that are supported by observable market prices or rates. The fair values of non-financial assets and liabilities are based on observable market prices or rates. The carrying values of financial assets and liabilities which are not held at fair value in the Group statement of financial position are assumed to approximate to fair value due to their short-term nature, with the exception of fixed rate bonds. There have been no changes to the valuation techniques used during the year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-566": { "value": "Derivative financial instruments and hedging activities The Group enters into forward foreign currency contracts and cross-currency interest rate swaps to hedge the currency exposures that arise on sales, purchases, deposits, borrowings and leasing arrangements denominated in foreign currencies as the transactions occur. Where derivatives do not meet the hedge accounting criteria, they are accounted for at fair value through profit or loss. Derivatives not designated in hedge relationships have a net fair value asset of \u00a33.5 million (2024: net liability of \u00a36.8 million), of which \u00a32.1 million (2024: \u00a36.7 million) were economically hedging \u00a31.1 billion (2024 restated \u2013 see note 22: \u00a30.8 billion) denominated in foreign currencies purchases and sales, \u00a30.8 million (2024: \u00a30.1 million) was economically hedging interest rates on borrowings (see also note 22) and \u00a30.6 million (2024: \u00a3nil) was economically hedging interest rates on invoice discounting facilities. The Group\u2019s policy regarding classification of derivatives is set out in note 1. The full fair value of hedging derivatives is classified as a non-current asset or liability where the remaining maturity of the hedged item is more than 12 months. It is classified as a current asset or liability where the remaining maturity of the hedged item is less than 12 months. Cash flow hedges The Group uses cross-currency swap contracts to hedge the foreign currency risk on debt issued by the Group. These are formally designated in cash flow hedge relationships and hedge ineffectiveness is recognised immediately in the income statement. The fair value of cash flow hedges at 31 March 2025 was a net liability of \u00a311.6 million (2024: \u00a311.1 million). Further detail is give in note 22. Fair value hedges The Group maintains cross-currency interest rate swap contracts as fair value hedges of the interest rate and currency risk on fixed- rate debt issued by the Group. These derivative contracts receive a fixed rate of interest and pay a variable rate of interest. These are formally designated in fair value hedging relationships and are used to hedge the exposure to changes in the fair value of debt which has been issued by the Group at fixed rates. The fair value of such hedges at 31 March 2025 was a liability of \u00a331.4 million (2024: \u00a336.3 million). Further detail is give in note 22.", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-561": { "value": "Derivative financial instruments and hedging activities The Group enters into forward foreign currency contracts and cross-currency interest rate swaps to hedge the currency exposures that arise on sales, purchases, deposits, borrowings and leasing arrangements denominated in foreign currencies as the transactions occur. Where derivatives do not meet the hedge accounting criteria, they are accounted for at fair value through profit or loss. Derivatives not designated in hedge relationships have a net fair value asset of \u00a33.5 million (2024: net liability of \u00a36.8 million), of which \u00a32.1 million (2024: \u00a36.7 million) were economically hedging \u00a31.1 billion (2024 restated \u2013 see note 22: \u00a30.8 billion) denominated in foreign currencies purchases and sales, \u00a30.8 million (2024: \u00a30.1 million) was economically hedging interest rates on borrowings (see also note 22) and \u00a30.6 million (2024: \u00a3nil) was economically hedging interest rates on invoice discounting facilities. The Group\u2019s policy regarding classification of derivatives is set out in note 1. The full fair value of hedging derivatives is classified as a non-current asset or liability where the remaining maturity of the hedged item is more than 12 months. It is classified as a current asset or liability where the remaining maturity of the hedged item is less than 12 months. Cash flow hedges The Group uses cross-currency swap contracts to hedge the foreign currency risk on debt issued by the Group. These are formally designated in cash flow hedge relationships and hedge ineffectiveness is recognised immediately in the income statement. The fair value of cash flow hedges at 31 March 2025 was a net liability of \u00a311.6 million (2024: \u00a311.1 million). Further detail is give in note 22. Fair value hedges The Group maintains cross-currency interest rate swap contracts as fair value hedges of the interest rate and currency risk on fixed- rate debt issued by the Group. These derivative contracts receive a fixed rate of interest and pay a variable rate of interest. These are formally designated in fair value hedging relationships and are used to hedge the exposure to changes in the fair value of debt which has been issued by the Group at fixed rates. The fair value of such hedges at 31 March 2025 was a liability of \u00a331.4 million (2024: \u00a336.3 million). Further detail is give in note 22.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-555": { "value": "22. Financial risk management Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates and the Group\u2019s cash and cash equivalents. The Group\u2019s risk management objective, policy and performance are as follows:
Objective To manage exposure to interest rate fluctuations on borrowings by varying the proportion of fixed rate debt
relative to floating rate debt to reflect the underlying nature of its commitments and obligations. As a result, the
Group does not maintain a specific set proportion of fixed versus floating debt, but monitors the mix to ensure
that it is compatible with its business requirements and capital structure.
Policy The Group\u2019s interest rate management policy is to monitor the mix of fixed versus floating interest rate debt
to ensure that it is compatible with its business requirements and capital structure.
Risk management The Group manages interest rate risk through the maintenance of a mixture of fixed and floating rate debt
and interest rate swaps, each being reviewed on a regular basis to ensure the appropriate mix is maintained.
Performance
As at 31 March 2024, the Group had 90% fixed rate debt (2024: 89%)
and 10% floating rate debt (2024: 11%)
based on gross debt, including lease liabilities, of \u00a31,025.9 million (2024: \u00a3998.0 million).
The following balances are exposed to interest rate risk as shown below:
31 March 2025
31 March 2024
Between one Between one
Less than and two Greater than Less than and two Greater than
one year years two years one year years two years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
646.6
\u2013
\u2013
570.6
\u2013
\u2013
Bank and other borrowings
47.8
339.2
638.9
65.0
38.8
894.2
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, after the impact of hedge accounting. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows:
Year ended 31 March 2025
Year ended 31 March 2024
Effect on profit Effect on profit
Change in before tax Change in before tax
interest rate \u00a3m interest rate \u00a3m
GBP
3.0%
2.8
3.0%
3.4
The effect of fair value hedges on the Group\u2019s financial position and performance for the year is as follows:
Year ended 31 March 2025
Year ended 31 March 2024 - restated
Change in
fair value of Change in
hedging fair value of
instrument hedging
Carrying used for Carrying instrument used
Notional amount of calculating Notional amount of for calculating
principal hedging hedge principal hedging hedge
Hedging instruments (\u00a3m) amount instrument ineffectiveness amount instrument ineffectiveness
Cross currency interest rate swap
1
246.7
(31.4)
5.3
246.7
(36.7)
5.9
1. The Group has entered into three cross-currency interest rate swaps to convert \u20ac275 million of fixed rate (1.375%) debt to GBP debt linked to SONIA. This matures on 13 September 2027. Additionally, as part of the Group\u2019s financial risk management response in relation to interest rate risk, the group has entered into further interest rate swaps to fix interest rate on floating rate sterling debt \u2013 ie, the aggregated exposure that was created with \u20ac140 million fixed rate debt and the cross-currency swaps which receive Euro fixed and pay GBP floating. These new interest rate swaps were not designated in the hedge relationship and therefore they are accounted for at fair value through profit and loss.
Year ended 31 March 2025
Year ended 31 March 2024
Amount of Amount of
Change in ineffectiveness Change in ineffectiveness
Carrying Accumulated fair value used recognised in Carrying Accumulated fair value used recognised in
amount of fair value for calculating the income amount of fair value for calculating the income
Hedged item (\u00a3m) hedged item adjustments ineffectiveness statement hedged item adjustments ineffectiveness statement
Debt
230.3
12.7
(4.7)
(0.5)
235.1
22.3
(8.2)
(7.1)
Ineffectiveness is included in the income statement in finance costs. Liquidity risk Liquidity risk is the risk that the Group becomes unable to meet payment obligations in a timely manner when they become due. The Group\u2019s risk management objective, policy and performance are as follows:
Objective The Group\u2019s objective with regards to liquidity risk is to ensure that there is an appropriate balance between
continuity, flexibility and cost of debt funding through the use of borrowings, whilst also diversifying the
sources of these borrowings with a range of maturities and rates of interest, to reflect the long-term nature
of the Group\u2019s contracts and commitments and its risk profile.
Policy The Group\u2019s policy is to ensure the business is prudently funded and that sufficient liquidity headroom is
maintained on its facilities.
Risk management Liquidity risk management includes maintaining sufficient cash and the availability of funding from an
adequate amount of committed credit facilities. Due to the dynamic nature of the underlying businesses,
Group treasury maintains flexibility in funding by maintaining cash and/or availability under committed credit
lines.
Each of the sectors in the Group provides regular cash forecasts for liquidity planning purposes. These cash
forecasts are used to monitor and identify the liquidity requirements of the Group, and to ensure that there is
sufficient liquidity to meet operational needs while maintaining sufficient headroom on the Group\u2019s committed
borrowing facilities.
The Group utilises debt factoring in support of the non-UK operations of its Aviation sector as part of its
working capital management arrangements.
Performance The Group continues to keep under review its capital structure to ensure that the sources, tenor and
availability of finance are sufficient to meet its stated objectives. No new facilities have been entered into.
The contracted cash outflows on bank and other borrowings, derivatives and lease liabilities at the reporting date are shown below, based on contractual undiscounted payments. Interest payments predominantly relate to repayments on the \u20ac550m Eurobond and the \u00a3300m bond and have been calculated based on the contractual fixed interest rates. Eurobond interest has been translated based on the prevailing exchange rates at the balance sheet date.
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2025
Bank and other borrowings \u2013 repayment of overdraft and loan
0.6
299.8
453.0
\u2013
753.4
principal
Bank and other borrowings \u2013 interest payments
12.5
9.7
3.4
\u2013
25.6
Derivatives cash outflows settled gross
590.7
274.5
897.2
8.4
1,770.8
Undiscounted lease payments
55.5
53.7
106.0
130.0
345.2
At 31 March 2024
Bank and other borrowings \u2013 repayment of overdraft and loan
principal (restated
1
)
22.5
0.6
749.9
\u2013
773.0
Bank and other borrowings \u2013 interest payments (restated
1
)
12.2
12.2
12.6
\u2013
37.0
Derivatives cash outflows settled gross (restated
2
)
372.0
258.6
586.4
6.4
1,223.4
Undiscounted lease payments
49.3
46.1
90.7
85.3
271.4
1.\u2018Bank and other borrowings \u2013 interest payments\u2019 between 2 and 5 years has been restated to remove \u00a324.1 million of additional interest payments incorrectly calculated in the prior year based on incorrect application of loan term expiry. 2.\u2018Derivatives cash outflows settled gross\u2019 has been restated as a a result of errors in the derivative data from which the was prior year figure was calculated The impact of discounting for lease payments is \u00a353.7 million (2024: \u00a340.9 million) resulting in lease liabilities of \u00a3274.6 million (2024: \u00a3230.5 million). Other financial liabilities not included in the table above such as trade and other payables are all expected to be settled within one year. Currency riskCurrency risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities, when revenue or expense is denominated in a foreign currency, and the Group\u2019s net investments in foreign subsidiaries. The functional currency of Babcock International Group PLC and its UK subsidiaries is GBP. The presentation currency of the Group is GBP. The Group has exposure primarily to EUR, ZAR, AUD and CAD. The Group\u2019s risk management objective, policy and performance are as follows:
Objective The Group\u2019s objective is to reduce exposure to volatility in earnings and cash flows from movements
in foreign currency exchange rates. The Group is exposed to a number of foreign currencies, the most
significant being the EUR, ZAR, AUD and CAD.
Policy \u2013 In order to mitigate the currency risk of adverse currency movements on foreign currency denominated
Transactional risk transactions, the Group\u2019s policy is to hedge all foreign currency transactions greater than \u00a310k, using
financial instruments where appropriate. The Group applies IFRS 9 hedge accounting treatment where
appropriate.
Policy \u2013 The Group is also exposed to adverse foreign currency movements on translation of net assets and income
Translational risk statements of foreign subsidiaries and joint ventures and associates. It is not the Group\u2019s policy to hedge
through the use of derivatives the translation effect of exchange rate movements on the income statements
or statement of financial positions of overseas subsidiaries and joint ventures and associates it regards as
long-term investments. However, where the Group has material assets denominated in a foreign currency,
it will consider matching the assets with foreign currency denominated debt.
Risk management Currency risk management includes hedging the underlying foreign currency exposures in the foreign
exchange market with approved counterparties. Currency transactions are recorded and monitored in the
treasury management system. Each of the sectors in the Group provides a quarterly foreign currency
exposure report to monitor the level of currency hedge cover is appropriate.
Performance All material firm transactional exposures are economically hedged using foreign exchange forward contracts.
The effect of cash flow hedges on the Group\u2019s financial position and performance in the year was as follows:
Year ended 31 March 2025
Amount
Change in fair Change in fair reclassified
value used for value recognised from cash Ineffectiveness
calculating in other flow hedge recognised in
Nominal Carrying Hedged hedge comprehensive reserve to profit and loss
Hedging instruments (\u00a3m) amount
value
Maturity
rate effectiveness income finance cost (finance cost)
Hedge instrument: Cross currency swap
\u20ac275m
(\u00a311.6)
13/09/27
1.115
1.9
(1.9)
4.8
\u2013
Hedged item: EUR-denominated debt
\u20ac275m
N/A
13/09/27
N/A
(4.8)
N/A
N/A
N/A
As outstanding cash flow hedges matured in 2023, the amount previously recognised in the hedging reserve has been reclassified to the income statement. Any new derivatives executed to hedge purchases and sales in foreign currencies have been treated as economic hedges with the fair value changes recognised in the income statement rather than through other comprehensive income and therefore disclosure has not been provided on such items.
Year ended 31 March 2024
Change in fair Amount
value used Change in fair reclassified
for value recognised from cash Ineffectiveness
calculating in other flow hedge recognised in
Nominal Carrying Hedged hedge comprehensive reserve to profit and loss
Hedging instruments (\u00a3m) amount
value
Maturity
rate effectiveness income finance cost (finance cost)
Hedge instrument: Cross currency swap
\u20ac275m
(\u00a311.1) 13/09/27 1.152 2.8 2.8 6.6 \u2013
Hedged item: EUR-denominated debt \u20ac275m N/A 13/09/27 N/A (6.6) N/A N/A N/A
Year ended 31 March 2025
Year ended 31 March 2024
Effect Effect
Change in Effect on other Change in Effect on other
foreign on profit components foreign on profit components
currency before tax of equity currency before tax of equity
rate \u00a3m \u00a3m rate \u00a3m \u00a3m
EUR *
5%
(1.0)
(1.0)
5%
(0.6)
(0.6)
ZAR
5%
(1.6)
(1.6)
5%
(1.5)
(1.5)
AUD
5%
(0.3)
(0.3)
5%
(0.5)
(0.5)
CAD
5%
(0.7)
(0.7)
5%
(0.6)
(0.6)
* This sensitivity analysis excludes the impact of the disposal of the Group\u2019s Aerial Emergency Services business, as this is a one-off transaction which is not expected to re-occur. Sensitivity analysis on currency risk has been prepared based on an approximation of reasonably possible changes in foreign exchange rates relative to the Group\u2019s functional and reporting currency. Under the Group\u2019s economic hedging policy, the terms of the forward contracts are arranged to align with the expected timing, currency and amounts of the hedged items. The Group typically enters into forward contracts where the hedge ratio is 1:1 on the basis that the notional amount of the designated hedging instruments matches the principal amount of the forecast foreign currency transaction. Credit risk Credit risk is the risk that a counterparty will not meet its obligations to the Group, which would result in a loss for the Group. Credit risk arises from trade and other receivables, cash and cash equivalents, investments and derivative financial instruments. The Group\u2019s risk management objective, policy and performance are as follows: Objective The Group\u2019s objective is to ensure that the Group continues to operate with an acceptable level of credit risk, based on management\u2019s judgement, associated with its operating activities, such as customer trade receivables, and financial activities, including cash deposits and financial instruments. Policy The Group\u2019s policy is to manage credit risk by setting and reviewing appropriate credit limits for non- government commercial customers, being the Group\u2019s main exposure to credit risk. With regards to financial institutions, credit limits will be set according to the respective financial institution\u2019s credit rating. Counterparty bank credit risk is closely monitored on a systematic and ongoing basis. Risk management Credit risk management includes performing credit checks on non-government commercial customers and setting and only performing financial transactions with approved investment grade counterparties. Performance Expected credit loss on trade receivable portfolio/provisions of \u00a38.4 million (2024: \u00a38.5 million). The carrying amount of the Group\u2019s financial assets represents the maximum exposure to credit risk. Cash and cash equivalents and derivative financial instruments The Group utilises approved investment-grade counterparties to carry out treasury transactions, including investments of cash and cash equivalents, with counterparty bank credit risk being monitored closely on a systematic and ongoing basis. A credit limit is allocated to each institution taking account of its market capitalisation and credit rating, and as such credit risk on these counterparties is not considered to be material to the financial statements. The Group\u2019s counterparty credit rating is as follows:
31 March 2025
31 March 2024
AA- or higher
14.8%
13.2%
A+ to A-
77.4%
76.9%
BBB+ to BB-
7.8%
9.9%
Trade receivables The Group\u2019s assessment is that credit risk in relation to customers or sub-contractors to governments is limited as their probability of default is considered to be extremely low. The provision for expected credit losses for receivables from governments and sub- contractors to government customers is therefore considered immaterial in the context of the receivables balance. The Group manages credit risk in relation to trade and other receivables for all non-government commercial customers through various mitigating controls including credit checks, credit limits and ongoing monitoring. Expected credit losses are assessed for all non- government customers, however this is not considered to be material to the financial statements. For trade receivables, the Group measures a provision for expected credit losses at an amount equal to lifetime expected credit losses, estimated by reference to past experience and relevant forward-looking factors. For all other assets the loss allowance is measured using 12-months expected credit losses unless there was a significant increase in credit risk since initial recognition. Forward-looking factors are applied to homogenous groups of receivables which share characteristics and are based on an estimate of how corporate failure rates may change relative to historic levels given the current economic environment. The Group considers that default has occurred when receivables are more than 90 days overdue and recognises a provision of 100% against all such receivables unless there is evidence of recoverability at the individual receivable level. The movement on the provision for expected credit losses is as follows:
2025 2024
\u00a3m \u00a3m
Balance at 1 April
(8.5)
(7.3)
Charged to the income statement
(1.0)
(1.9)
Unused amounts reversed
0.3
0.4
Disposal of businesses
0.6
\u2013
Receivables written off as uncollectable
0.1
\u2013
Exchange differences
0.1
0.3
Balance at 31 March
(8.4)
(8.5)
The creation and release of provisions for impairment of receivables have been included in operating costs in the income statement. The Group writes off a receivable when there is evidence that the debtor is in significant financial difficulty and there is no realistic prospect of recovery, for example, when a debtor enters bankruptcy or financial reorganisation. The ageing of trade receivables is detailed below:
Year ended 31 March 2025
Year ended 31 March 2024
Gross Provision Net Gross Provision Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Not past due
250.0
\u2013
250.0
241.5
\u2013
241.5
Up to 90 days overdue
29.6
(0.3)
29.3
15.0
(0.1)
14.9
Past 90 days overdue
23.8
(8.1)
15.7
9.9
(8.4)
1.5
303.4
(8.4)
295.0
266.4
(8.5)
257.9
The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivables mentioned above. The Group does not hold any collateral as security other than retention of title clauses issued as part of the ordinary course of business. For contract assets the expected credit loss provision is immaterial as the probability of default is insignificant. No expected loss provision has been recorded in respect of loans to joint ventures and associates. Offsetting financial assets and liabilities
Year ended 31 March 2025
Year ended 31 March 2024
Balance Amounts not Net Balance Amounts not Net
sheet
offset
1
balances sheet
offset
1
balances
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
646.6
(0.1)
646.5
570.6
(18.0)
552.6
Derivatives
14.4
(14.4)
\u2013
7.2
(7.2)
\u2013
Liabilities
Bank and other borrowings
(0.1)
0.1
\u2013
(18.0)
18.0
\u2013
Derivatives
(53.9)
14.4
(39.5)
(61.4)
7.2
(54.2)
1.The Group has the legal right of offset within certain of its banking arrangements, however there is no intention to net settle these balances shortly after the period end and therefore these have been presented gross in accordance with IAS 32. The Group also has derivative assets and liabilities with the same financial institutions which also have offset language to allow for net settlement, however the Group has no intention to net settle and therefore the IAS 32 criteria are not satisfied and the derivative asset and derivative liabilities have been presented gross in the statement of financial position.Capital risk Capital risk is the risk that the entity may not be able to continue as a going concern. The capital structure of the Group consists of net debt (cash and cash equivalents, bank overdrafts, loans, including the interest rate and foreign exchange derivatives which hedge the loans, lease liabilities, lease receivables and loans to joint ventures and associates) and equity of the Group (comprising issued capital, reserves, retained earnings and non-controlling interests. The Group is not subject to any externally imposed capital requirements. The Group\u2019s risk management objective, policy and performance are as follows:
Objective The Group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern,
and to provide returns for shareholders and other stakeholder benefits.
Policy The Group\u2019s policy is to protect and strengthen the Group statement of financial position through the
appropriate balance of debt and equity funding.
Risk management The Group manages its capital structure and makes adjustments in response to changes to economic
conditions and the strategic objectives of the Group. The Group raises finance in the public debt market from
financial institutions, using a variety of capital market instruments and borrowing facilities.
Performance No new facilities have been entered into in the current or prior period nor have any facilities been withdrawn
or removed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-536": { "value": "Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates and the Group\u2019s cash and cash equivalents. The Group\u2019s risk management objective, policy and performance are as follows:
Objective To manage exposure to interest rate fluctuations on borrowings by varying the proportion of fixed rate debt
relative to floating rate debt to reflect the underlying nature of its commitments and obligations. As a result, the
Group does not maintain a specific set proportion of fixed versus floating debt, but monitors the mix to ensure
that it is compatible with its business requirements and capital structure.
Policy The Group\u2019s interest rate management policy is to monitor the mix of fixed versus floating interest rate debt
to ensure that it is compatible with its business requirements and capital structure.
Risk management The Group manages interest rate risk through the maintenance of a mixture of fixed and floating rate debt
and interest rate swaps, each being reviewed on a regular basis to ensure the appropriate mix is maintained.
Performance
As at 31 March 2024, the Group had 90% fixed rate debt (2024: 89%)
and 10% floating rate debt (2024: 11%)
based on gross debt, including lease liabilities, of \u00a31,025.9 million (2024: \u00a3998.0 million).
The following balances are exposed to interest rate risk as shown below:
31 March 2025
31 March 2024
Between one Between one
Less than and two Greater than Less than and two Greater than
one year years two years one year years two years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
646.6
\u2013
\u2013
570.6
\u2013
\u2013
Bank and other borrowings
47.8
339.2
638.9
65.0
38.8
894.2
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, after the impact of hedge accounting. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows:
Year ended 31 March 2025
Year ended 31 March 2024
Effect on profit Effect on profit
Change in before tax Change in before tax
interest rate \u00a3m interest rate \u00a3m
GBP
3.0%
2.8
3.0%
3.4
The effect of fair value hedges on the Group\u2019s financial position and performance for the year is as follows:
Year ended 31 March 2025
Year ended 31 March 2024 - restated
Change in
fair value of Change in
hedging fair value of
instrument hedging
Carrying used for Carrying instrument used
Notional amount of calculating Notional amount of for calculating
principal hedging hedge principal hedging hedge
Hedging instruments (\u00a3m) amount instrument ineffectiveness amount instrument ineffectiveness
Cross currency interest rate swap
1
246.7
(31.4)
5.3
246.7
(36.7)
5.9
1. The Group has entered into three cross-currency interest rate swaps to convert \u20ac275 million of fixed rate (1.375%) debt to GBP debt linked to SONIA. This matures on 13 September 2027. Additionally, as part of the Group\u2019s financial risk management response in relation to interest rate risk, the group has entered into further interest rate swaps to fix interest rate on floating rate sterling debt \u2013 ie, the aggregated exposure that was created with \u20ac140 million fixed rate debt and the cross-currency swaps which receive Euro fixed and pay GBP floating. These new interest rate swaps were not designated in the hedge relationship and therefore they are accounted for at fair value through profit and loss.
Year ended 31 March 2025
Year ended 31 March 2024
Amount of Amount of
Change in ineffectiveness Change in ineffectiveness
Carrying Accumulated fair value used recognised in Carrying Accumulated fair value used recognised in
amount of fair value for calculating the income amount of fair value for calculating the income
Hedged item (\u00a3m) hedged item adjustments ineffectiveness statement hedged item adjustments ineffectiveness statement
Debt
230.3
12.7
(4.7)
(0.5)
235.1
22.3
(8.2)
(7.1)
Ineffectiveness is included in the income statement in finance costs. Currency riskCurrency risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities, when revenue or expense is denominated in a foreign currency, and the Group\u2019s net investments in foreign subsidiaries. The functional currency of Babcock International Group PLC and its UK subsidiaries is GBP. The presentation currency of the Group is GBP. The Group has exposure primarily to EUR, ZAR, AUD and CAD. The Group\u2019s risk management objective, policy and performance are as follows:
Objective The Group\u2019s objective is to reduce exposure to volatility in earnings and cash flows from movements
in foreign currency exchange rates. The Group is exposed to a number of foreign currencies, the most
significant being the EUR, ZAR, AUD and CAD.
Policy \u2013 In order to mitigate the currency risk of adverse currency movements on foreign currency denominated
Transactional risk transactions, the Group\u2019s policy is to hedge all foreign currency transactions greater than \u00a310k, using
financial instruments where appropriate. The Group applies IFRS 9 hedge accounting treatment where
appropriate.
Policy \u2013 The Group is also exposed to adverse foreign currency movements on translation of net assets and income
Translational risk statements of foreign subsidiaries and joint ventures and associates. It is not the Group\u2019s policy to hedge
through the use of derivatives the translation effect of exchange rate movements on the income statements
or statement of financial positions of overseas subsidiaries and joint ventures and associates it regards as
long-term investments. However, where the Group has material assets denominated in a foreign currency,
it will consider matching the assets with foreign currency denominated debt.
Risk management Currency risk management includes hedging the underlying foreign currency exposures in the foreign
exchange market with approved counterparties. Currency transactions are recorded and monitored in the
treasury management system. Each of the sectors in the Group provides a quarterly foreign currency
exposure report to monitor the level of currency hedge cover is appropriate.
Performance All material firm transactional exposures are economically hedged using foreign exchange forward contracts.
The effect of cash flow hedges on the Group\u2019s financial position and performance in the year was as follows:
Year ended 31 March 2025
Amount
Change in fair Change in fair reclassified
value used for value recognised from cash Ineffectiveness
calculating in other flow hedge recognised in
Nominal Carrying Hedged hedge comprehensive reserve to profit and loss
Hedging instruments (\u00a3m) amount
value
Maturity
rate effectiveness income finance cost (finance cost)
Hedge instrument: Cross currency swap
\u20ac275m
(\u00a311.6)
13/09/27
1.115
1.9
(1.9)
4.8
\u2013
Hedged item: EUR-denominated debt
\u20ac275m
N/A
13/09/27
N/A
(4.8)
N/A
N/A
N/A
As outstanding cash flow hedges matured in 2023, the amount previously recognised in the hedging reserve has been reclassified to the income statement. Any new derivatives executed to hedge purchases and sales in foreign currencies have been treated as economic hedges with the fair value changes recognised in the income statement rather than through other comprehensive income and therefore disclosure has not been provided on such items.
Year ended 31 March 2024
Change in fair Amount
value used Change in fair reclassified
for value recognised from cash Ineffectiveness
calculating in other flow hedge recognised in
Nominal Carrying Hedged hedge comprehensive reserve to profit and loss
Hedging instruments (\u00a3m) amount
value
Maturity
rate effectiveness income finance cost (finance cost)
Hedge instrument: Cross currency swap
\u20ac275m
(\u00a311.1) 13/09/27 1.152 2.8 2.8 6.6 \u2013
Hedged item: EUR-denominated debt \u20ac275m N/A 13/09/27 N/A (6.6) N/A N/A N/A
Year ended 31 March 2025
Year ended 31 March 2024
Effect Effect
Change in Effect on other Change in Effect on other
foreign on profit components foreign on profit components
currency before tax of equity currency before tax of equity
rate \u00a3m \u00a3m rate \u00a3m \u00a3m
EUR *
5%
(1.0)
(1.0)
5%
(0.6)
(0.6)
ZAR
5%
(1.6)
(1.6)
5%
(1.5)
(1.5)
AUD
5%
(0.3)
(0.3)
5%
(0.5)
(0.5)
CAD
5%
(0.7)
(0.7)
5%
(0.6)
(0.6)
* This sensitivity analysis excludes the impact of the disposal of the Group\u2019s Aerial Emergency Services business, as this is a one-off transaction which is not expected to re-occur. Sensitivity analysis on currency risk has been prepared based on an approximation of reasonably possible changes in foreign exchange rates relative to the Group\u2019s functional and reporting currency. Under the Group\u2019s economic hedging policy, the terms of the forward contracts are arranged to align with the expected timing, currency and amounts of the hedged items. The Group typically enters into forward contracts where the hedge ratio is 1:1 on the basis that the notional amount of the designated hedging instruments matches the principal amount of the forecast foreign currency transaction. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-537": { "value": "Liquidity risk Liquidity risk is the risk that the Group becomes unable to meet payment obligations in a timely manner when they become due. The Group\u2019s risk management objective, policy and performance are as follows:
Objective The Group\u2019s objective with regards to liquidity risk is to ensure that there is an appropriate balance between
continuity, flexibility and cost of debt funding through the use of borrowings, whilst also diversifying the
sources of these borrowings with a range of maturities and rates of interest, to reflect the long-term nature
of the Group\u2019s contracts and commitments and its risk profile.
Policy The Group\u2019s policy is to ensure the business is prudently funded and that sufficient liquidity headroom is
maintained on its facilities.
Risk management Liquidity risk management includes maintaining sufficient cash and the availability of funding from an
adequate amount of committed credit facilities. Due to the dynamic nature of the underlying businesses,
Group treasury maintains flexibility in funding by maintaining cash and/or availability under committed credit
lines.
Each of the sectors in the Group provides regular cash forecasts for liquidity planning purposes. These cash
forecasts are used to monitor and identify the liquidity requirements of the Group, and to ensure that there is
sufficient liquidity to meet operational needs while maintaining sufficient headroom on the Group\u2019s committed
borrowing facilities.
The Group utilises debt factoring in support of the non-UK operations of its Aviation sector as part of its
working capital management arrangements.
Performance The Group continues to keep under review its capital structure to ensure that the sources, tenor and
availability of finance are sufficient to meet its stated objectives. No new facilities have been entered into.
The contracted cash outflows on bank and other borrowings, derivatives and lease liabilities at the reporting date are shown below, based on contractual undiscounted payments. Interest payments predominantly relate to repayments on the \u20ac550m Eurobond and the \u00a3300m bond and have been calculated based on the contractual fixed interest rates. Eurobond interest has been translated based on the prevailing exchange rates at the balance sheet date.
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2025
Bank and other borrowings \u2013 repayment of overdraft and loan
0.6
299.8
453.0
\u2013
753.4
principal
Bank and other borrowings \u2013 interest payments
12.5
9.7
3.4
\u2013
25.6
Derivatives cash outflows settled gross
590.7
274.5
897.2
8.4
1,770.8
Undiscounted lease payments
55.5
53.7
106.0
130.0
345.2
At 31 March 2024
Bank and other borrowings \u2013 repayment of overdraft and loan
principal (restated
1
)
22.5
0.6
749.9
\u2013
773.0
Bank and other borrowings \u2013 interest payments (restated
1
)
12.2
12.2
12.6
\u2013
37.0
Derivatives cash outflows settled gross (restated
2
)
372.0
258.6
586.4
6.4
1,223.4
Undiscounted lease payments
49.3
46.1
90.7
85.3
271.4
1.\u2018Bank and other borrowings \u2013 interest payments\u2019 between 2 and 5 years has been restated to remove \u00a324.1 million of additional interest payments incorrectly calculated in the prior year based on incorrect application of loan term expiry. 2.\u2018Derivatives cash outflows settled gross\u2019 has been restated as a a result of errors in the derivative data from which the was prior year figure was calculated The impact of discounting for lease payments is \u00a353.7 million (2024: \u00a340.9 million) resulting in lease liabilities of \u00a3274.6 million (2024: \u00a3230.5 million). Other financial liabilities not included in the table above such as trade and other payables are all expected to be settled within one year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-538": { "value": "Credit risk Credit risk is the risk that a counterparty will not meet its obligations to the Group, which would result in a loss for the Group. Credit risk arises from trade and other receivables, cash and cash equivalents, investments and derivative financial instruments. The Group\u2019s risk management objective, policy and performance are as follows: Objective The Group\u2019s objective is to ensure that the Group continues to operate with an acceptable level of credit risk, based on management\u2019s judgement, associated with its operating activities, such as customer trade receivables, and financial activities, including cash deposits and financial instruments. Policy The Group\u2019s policy is to manage credit risk by setting and reviewing appropriate credit limits for non- government commercial customers, being the Group\u2019s main exposure to credit risk. With regards to financial institutions, credit limits will be set according to the respective financial institution\u2019s credit rating. Counterparty bank credit risk is closely monitored on a systematic and ongoing basis. Risk management Credit risk management includes performing credit checks on non-government commercial customers and setting and only performing financial transactions with approved investment grade counterparties. Performance Expected credit loss on trade receivable portfolio/provisions of \u00a38.4 million (2024: \u00a38.5 million). The carrying amount of the Group\u2019s financial assets represents the maximum exposure to credit risk. Cash and cash equivalents and derivative financial instruments The Group utilises approved investment-grade counterparties to carry out treasury transactions, including investments of cash and cash equivalents, with counterparty bank credit risk being monitored closely on a systematic and ongoing basis. A credit limit is allocated to each institution taking account of its market capitalisation and credit rating, and as such credit risk on these counterparties is not considered to be material to the financial statements. The Group\u2019s counterparty credit rating is as follows:
31 March 2025
31 March 2024
AA- or higher
14.8%
13.2%
A+ to A-
77.4%
76.9%
BBB+ to BB-
7.8%
9.9%
Trade receivables The Group\u2019s assessment is that credit risk in relation to customers or sub-contractors to governments is limited as their probability of default is considered to be extremely low. The provision for expected credit losses for receivables from governments and sub- contractors to government customers is therefore considered immaterial in the context of the receivables balance. The Group manages credit risk in relation to trade and other receivables for all non-government commercial customers through various mitigating controls including credit checks, credit limits and ongoing monitoring. Expected credit losses are assessed for all non- government customers, however this is not considered to be material to the financial statements. For trade receivables, the Group measures a provision for expected credit losses at an amount equal to lifetime expected credit losses, estimated by reference to past experience and relevant forward-looking factors. For all other assets the loss allowance is measured using 12-months expected credit losses unless there was a significant increase in credit risk since initial recognition. Forward-looking factors are applied to homogenous groups of receivables which share characteristics and are based on an estimate of how corporate failure rates may change relative to historic levels given the current economic environment. The Group considers that default has occurred when receivables are more than 90 days overdue and recognises a provision of 100% against all such receivables unless there is evidence of recoverability at the individual receivable level. The movement on the provision for expected credit losses is as follows:
2025 2024
\u00a3m \u00a3m
Balance at 1 April
(8.5)
(7.3)
Charged to the income statement
(1.0)
(1.9)
Unused amounts reversed
0.3
0.4
Disposal of businesses
0.6
\u2013
Receivables written off as uncollectable
0.1
\u2013
Exchange differences
0.1
0.3
Balance at 31 March
(8.4)
(8.5)
The creation and release of provisions for impairment of receivables have been included in operating costs in the income statement. The Group writes off a receivable when there is evidence that the debtor is in significant financial difficulty and there is no realistic prospect of recovery, for example, when a debtor enters bankruptcy or financial reorganisation. The ageing of trade receivables is detailed below:
Year ended 31 March 2025
Year ended 31 March 2024
Gross Provision Net Gross Provision Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Not past due
250.0
\u2013
250.0
241.5
\u2013
241.5
Up to 90 days overdue
29.6
(0.3)
29.3
15.0
(0.1)
14.9
Past 90 days overdue
23.8
(8.1)
15.7
9.9
(8.4)
1.5
303.4
(8.4)
295.0
266.4
(8.5)
257.9
The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivables mentioned above. The Group does not hold any collateral as security other than retention of title clauses issued as part of the ordinary course of business. For contract assets the expected credit loss provision is immaterial as the probability of default is insignificant. No expected loss provision has been recorded in respect of loans to joint ventures and associates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-567": { "value": "Offsetting financial assets and liabilities
Year ended 31 March 2025
Year ended 31 March 2024
Balance Amounts not Net Balance Amounts not Net
sheet
offset
1
balances sheet
offset
1
balances
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
646.6
(0.1)
646.5
570.6
(18.0)
552.6
Derivatives
14.4
(14.4)
\u2013
7.2
(7.2)
\u2013
Liabilities
Bank and other borrowings
(0.1)
0.1
\u2013
(18.0)
18.0
\u2013
Derivatives
(53.9)
14.4
(39.5)
(61.4)
7.2
(54.2)
1.The Group has the legal right of offset within certain of its banking arrangements, however there is no intention to net settle these balances shortly after the period end and therefore these have been presented gross in accordance with IAS 32. The Group also has derivative assets and liabilities with the same financial institutions which also have offset language to allow for net settlement, however the Group has no intention to net settle and therefore the IAS 32 criteria are not satisfied and the derivative asset and derivative liabilities have been presented gross in the statement of financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-562": { "value": "Offsetting financial assets and liabilities
Year ended 31 March 2025
Year ended 31 March 2024
Balance Amounts not Net Balance Amounts not Net
sheet
offset
1
balances sheet
offset
1
balances
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
646.6
(0.1)
646.5
570.6
(18.0)
552.6
Derivatives
14.4
(14.4)
\u2013
7.2
(7.2)
\u2013
Liabilities
Bank and other borrowings
(0.1)
0.1
\u2013
(18.0)
18.0
\u2013
Derivatives
(53.9)
14.4
(39.5)
(61.4)
7.2
(54.2)
1.The Group has the legal right of offset within certain of its banking arrangements, however there is no intention to net settle these balances shortly after the period end and therefore these have been presented gross in accordance with IAS 32. The Group also has derivative assets and liabilities with the same financial institutions which also have offset language to allow for net settlement, however the Group has no intention to net settle and therefore the IAS 32 criteria are not satisfied and the derivative asset and derivative liabilities have been presented gross in the statement of financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-539": { "value": "Offsetting financial assets and liabilities
Year ended 31 March 2025
Year ended 31 March 2024
Balance Amounts not Net Balance Amounts not Net
sheet
offset
1
balances sheet
offset
1
balances
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
646.6
(0.1)
646.5
570.6
(18.0)
552.6
Derivatives
14.4
(14.4)
\u2013
7.2
(7.2)
\u2013
Liabilities
Bank and other borrowings
(0.1)
0.1
\u2013
(18.0)
18.0
\u2013
Derivatives
(53.9)
14.4
(39.5)
(61.4)
7.2
(54.2)
1.The Group has the legal right of offset within certain of its banking arrangements, however there is no intention to net settle these balances shortly after the period end and therefore these have been presented gross in accordance with IAS 32. The Group also has derivative assets and liabilities with the same financial institutions which also have offset language to allow for net settlement, however the Group has no intention to net settle and therefore the IAS 32 criteria are not satisfied and the derivative asset and derivative liabilities have been presented gross in the statement of financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-540": { "value": "Capital risk Capital risk is the risk that the entity may not be able to continue as a going concern. The capital structure of the Group consists of net debt (cash and cash equivalents, bank overdrafts, loans, including the interest rate and foreign exchange derivatives which hedge the loans, lease liabilities, lease receivables and loans to joint ventures and associates) and equity of the Group (comprising issued capital, reserves, retained earnings and non-controlling interests. The Group is not subject to any externally imposed capital requirements. The Group\u2019s risk management objective, policy and performance are as follows:
Objective The Group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern,
and to provide returns for shareholders and other stakeholder benefits.
Policy The Group\u2019s policy is to protect and strengthen the Group statement of financial position through the
appropriate balance of debt and equity funding.
Risk management The Group manages its capital structure and makes adjustments in response to changes to economic
conditions and the strategic objectives of the Group. The Group raises finance in the public debt market from
financial institutions, using a variety of capital market instruments and borrowing facilities.
Performance No new facilities have been entered into in the current or prior period nor have any facilities been withdrawn
or removed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-508": { "value": "
23. Share capital
Ordinary shares of
60p Total
Number \u00a3m
Allotted, issued and fully paid
At 1 April 2024 and 31 March 2025
505,596,597
303.4
Allotted, issued and fully paid
At 1 April 2023 and 31 March 2024
505,596,597
303.4
Potential issues of ordinary shares
The table below shows conditional share awards existing over the Company\u2019s shares as at 31 March 2025 that are capable of being
met on exercise or vesting by the issue of new shares. They represent outstanding awards granted under the Company\u2019s executive
share plans. The awards were granted directly by the Company and satisfied by the Trustees of the Babcock Employee Share
Trust (BEST) \u2013 a total of 11,624,363 shares (2024: 12,490,853 shares). The Company decides from time to time whether to satisfy
the awards by way of a fresh issue of shares (either to the award holder or to the employee share trust) or by way of financing the
employee share trusts to purchase already issued shares in the market. This decision is made according to available headroom
within the dilution limits contained in the relevant share plan rules and what the Directors consider to be in the best interest of the
Company at the time.
2025 2024
Grant date
Type
Exercise period
Number Number
13 August 2020
DBP
2
 13/08/2023 \u2013 13/08/2024
\u2013
27,026
1 December 2020
PSP
1
01/12/2025 \u2013 01/12/2026
318,585
1,197,393
1 December 2020
PSP
1
 01/12/2023 \u2013 01/12/2024
9,089
532,695
24 August 2021
PSP
1
 24/08/2026 \u2013 24/08/2027
\u2013
769,165
24 September 2021
DBP
2
24/09/2024 \u2013 24/09/2025
\u2013
45,312
24 September 2021
PSP
1
 24/09/2024 \u2013 24/09/2025
224,829
1,290,265
24 September 2021
PSP
1
 24/09/2026 \u2013 24/09/2027
80,948
515,803
1 August 2022
DBP
2
01/08/2025 \u2013 01/08/2026
218,895
218,895
1 August 2022
PSP
1
 01/08/2025 \u2013 01/08/2026
1,841,596
2,007,994
1 August 2022
PSP
1
 01/08/2027 \u2013 01/08/2028
1,328,136
1,328,136
1 August 2023
PSP
1
01/08/2026 \u2013 01/08/2027
2,032,234
2,353,826
1 August 2023
DBP
2
 01/08/2026 \u2013 01/08/2027
129,095
129,095
1 August 2023
DBP
3
 01/08/2024 \u2013 01/08/2025
27,212
179,247
1 August 2023
PSP
1
01/08/2028 \u2013 01/08/2029
598,677
694,057
29 September 2023
PSP
1
 29/09/2028 \u2013 29/09/2029
900,607
900,607
15 December 2023
PSP
1
 15/12/2025 \u2013 15/12/2026
42,077
42,077
15 December 2023
PSP
1
15/12/2026 \u2013 15/12/2027
121,460
127,553
15 December 2023
PSP
1
 15/12/2028 \u2013 15/12/2029
54,183
131,707
1 August 2024
DBP
2
 01/08/2027 \u2013 01/08/2028
93,254
\u2013
1 August 2024
DBP
3
01/08/2025 \u2013 01/08/2026
142,343
\u2013
1 August 2024
PSP
1
 02/12/2027 \u2013 02/12/2028
3,364,295
\u2013
1 August 2024
PSP
1
 02/12/2027 \u2013 02/12/2030
15,634
\u2013
2 December 2024
PSP
1
02/12/2025 \u2013 02/12/2026
4,860
\u2013
2 December 2024
PSP
1
 02/12/2026 \u2013 02/12/2027
14,582
\u2013
2 December 2024
PSP
1
 02/12/2027 \u2013 02/12/2028
61,772
\u2013
11,624,363
12,490,853
Options granted to Directors are summarised in the Remuneration report on pages 150 to 153 and are included in the outstanding
options set out above.
1.
2019 Performance Share Plan (\u2018PSP\u2019).
2.
DBP \u2013 Award issued without matching shares, has three-year vesting period.
3.
DBP \u2013 Award issued without matching shares, has one-year vesting period.
The table below shows shares already held by the trustees of the BEST in order to meet these awards.
31 March 2025
31 March 2024
Shares newly Shares Shares newly Shares
issued by the bought in issued by the bought in
Company the market Company the market
BEST
\u2013
1,196,571
\u2013
1,872,433
Total
\u2013
1,196,571
\u2013
1,872,433
A reconciliation of PSP and DBP movements is shown below:
31 March 2025
31 March 2024
Number Number
\u2019000 \u2019000
Outstanding at 1 April
12,491
10,347
Granted
4,095
4,742
Exercised
(3,917)
(1,947)
Forfeited/lapsed
(1,045)
(651)
Outstanding at 31 March
11,624
12,491
Exercisable at 31 March
261
27
The weighted average share price for awards exercised during the year was 514.8p per share (2024: 406.2p per share).
The weighted average fair value of awards granted in the year was 497.1p per share (2024: 362.6p per share)
During the year 3,267,012 ordinary shares (2024: 3,721,467 ordinary shares) were acquired or subscribed for through the Babcock
Employee Share Trust (\u2018the Trust\u2019). The Trust holds shares to be used towards satisfying awards made under the Company\u2019s
employee share schemes. During the year ended 31 March 2025, 3,942,874 shares (2024: 1,918,551 shares) were disposed of by
the Trust resulting from options exercised. At 31 March 2025, the Trust held a total of 1,196,571 ordinary shares (2024: 1,872,433
ordinary shares). Shares held by the trust have a nominal value of \u00a3717,943 (2024: \u00a31,123,460) and a total market value of
\u00a38,663,174 (2024: \u00a39,736,652) representing 0.24% (2024: 0.4%) of the issued share capital at that date. The Company did not pay
dividends to the Trust during the year. The Company meets the operating expenses of the Trust.
The Trust enables shares In the Company to be held or purchased and made available to employees through the exercise of rights
or pursuant to awards made under the Company\u2019s employee share scheme. The Trust is a discretionary settlement for the benefit
of employees within the Group. The Company is excluded from benefitting under it. It is controlled and managed outside the UK and
has a single corporate trustee which is an independent trustee services organisation. The right to remove and appoint the trustees
rests ultimately with the Company. The trustee of the Trust is required to waive both voting rights and dividends payable on any
share in the Company in excess of 0.001p, unless otherwise directed by the Company.
Own shares held, including treasury shares and shares held by the Trust are recognised as a deduction from retained earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-541": { "value": "23. Share capital
Ordinary shares of
60p Total
Number \u00a3m
Allotted, issued and fully paid
At 1 April 2024 and 31 March 2025
505,596,597
303.4
Allotted, issued and fully paid
At 1 April 2023 and 31 March 2024
505,596,597
303.4
Potential issues of ordinary shares The table below shows conditional share awards existing over the Company\u2019s shares as at 31 March 2025 that are capable of being met on exercise or vesting by the issue of new shares. They represent outstanding awards granted under the Company\u2019s executive share plans. The awards were granted directly by the Company and satisfied by the Trustees of the Babcock Employee Share Trust (BEST) \u2013 a total of 11,624,363 shares (2024: 12,490,853 shares). The Company decides from time to time whether to satisfy the awards by way of a fresh issue of shares (either to the award holder or to the employee share trust) or by way of financing the employee share trusts to purchase already issued shares in the market. This decision is made according to available headroom within the dilution limits contained in the relevant share plan rules and what the Directors consider to be in the best interest of the Company at the time.
2025 2024
Grant date
Type
Exercise period
Number Number
13 August 2020
DBP
2
 13/08/2023 \u2013 13/08/2024
\u2013
27,026
1 December 2020
PSP
1
01/12/2025 \u2013 01/12/2026
318,585
1,197,393
1 December 2020
PSP
1
 01/12/2023 \u2013 01/12/2024
9,089
532,695
24 August 2021
PSP
1
 24/08/2026 \u2013 24/08/2027
\u2013
769,165
24 September 2021
DBP
2
24/09/2024 \u2013 24/09/2025
\u2013
45,312
24 September 2021
PSP
1
 24/09/2024 \u2013 24/09/2025
224,829
1,290,265
24 September 2021
PSP
1
 24/09/2026 \u2013 24/09/2027
80,948
515,803
1 August 2022
DBP
2
01/08/2025 \u2013 01/08/2026
218,895
218,895
1 August 2022
PSP
1
 01/08/2025 \u2013 01/08/2026
1,841,596
2,007,994
1 August 2022
PSP
1
 01/08/2027 \u2013 01/08/2028
1,328,136
1,328,136
1 August 2023
PSP
1
01/08/2026 \u2013 01/08/2027
2,032,234
2,353,826
1 August 2023
DBP
2
 01/08/2026 \u2013 01/08/2027
129,095
129,095
1 August 2023
DBP
3
 01/08/2024 \u2013 01/08/2025
27,212
179,247
1 August 2023
PSP
1
01/08/2028 \u2013 01/08/2029
598,677
694,057
29 September 2023
PSP
1
 29/09/2028 \u2013 29/09/2029
900,607
900,607
15 December 2023
PSP
1
 15/12/2025 \u2013 15/12/2026
42,077
42,077
15 December 2023
PSP
1
15/12/2026 \u2013 15/12/2027
121,460
127,553
15 December 2023
PSP
1
 15/12/2028 \u2013 15/12/2029
54,183
131,707
1 August 2024
DBP
2
 01/08/2027 \u2013 01/08/2028
93,254
\u2013
1 August 2024
DBP
3
01/08/2025 \u2013 01/08/2026
142,343
\u2013
1 August 2024
PSP
1
 02/12/2027 \u2013 02/12/2028
3,364,295
\u2013
1 August 2024
PSP
1
 02/12/2027 \u2013 02/12/2030
15,634
\u2013
2 December 2024
PSP
1
02/12/2025 \u2013 02/12/2026
4,860
\u2013
2 December 2024
PSP
1
 02/12/2026 \u2013 02/12/2027
14,582
\u2013
2 December 2024
PSP
1
 02/12/2027 \u2013 02/12/2028
61,772
\u2013
11,624,363
12,490,853
Options granted to Directors are summarised in the Remuneration report on pages 150 to 153 and are included in the outstanding options set out above. 1.2019 Performance Share Plan (\u2018PSP\u2019). 2.DBP \u2013 Award issued without matching shares, has three-year vesting period. 3.DBP \u2013 Award issued without matching shares, has one-year vesting period.The table below shows shares already held by the trustees of the BEST in order to meet these awards.
31 March 2025
31 March 2024
Shares newly Shares Shares newly Shares
issued by the bought in issued by the bought in
Company the market Company the market
BEST
\u2013
1,196,571
\u2013
1,872,433
Total
\u2013
1,196,571
\u2013
1,872,433
A reconciliation of PSP and DBP movements is shown below:
31 March 2025
31 March 2024
Number Number
\u2019000 \u2019000
Outstanding at 1 April
12,491
10,347
Granted
4,095
4,742
Exercised
(3,917)
(1,947)
Forfeited/lapsed
(1,045)
(651)
Outstanding at 31 March
11,624
12,491
Exercisable at 31 March
261
27
The weighted average share price for awards exercised during the year was 514.8p per share (2024: 406.2p per share). The weighted average fair value of awards granted in the year was 497.1p per share (2024: 362.6p per share) During the year 3,267,012 ordinary shares (2024: 3,721,467 ordinary shares) were acquired or subscribed for through the Babcock Employee Share Trust (\u2018the Trust\u2019). The Trust holds shares to be used towards satisfying awards made under the Company\u2019s employee share schemes. During the year ended 31 March 2025, 3,942,874 shares (2024: 1,918,551 shares) were disposed of by the Trust resulting from options exercised. At 31 March 2025, the Trust held a total of 1,196,571 ordinary shares (2024: 1,872,433 ordinary shares). Shares held by the trust have a nominal value of \u00a3717,943 (2024: \u00a31,123,460) and a total market value of \u00a38,663,174 (2024: \u00a39,736,652) representing 0.24% (2024: 0.4%) of the issued share capital at that date. The Company did not pay dividends to the Trust during the year. The Company meets the operating expenses of the Trust. The Trust enables shares In the Company to be held or purchased and made available to employees through the exercise of rights or pursuant to awards made under the Company\u2019s employee share scheme. The Trust is a discretionary settlement for the benefit of employees within the Group. The Company is excluded from benefitting under it. It is controlled and managed outside the UK and has a single corporate trustee which is an independent trustee services organisation. The right to remove and appoint the trustees rests ultimately with the Company. The trustee of the Trust is required to waive both voting rights and dividends payable on any share in the Company in excess of 0.001p, unless otherwise directed by the Company. Own shares held, including treasury shares and shares held by the Trust are recognised as a deduction from retained earnings.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-556": { "value": "Own shares held, including treasury shares and shares held by the Trust are recognised as a deduction from retained earnings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-509": { "value": "24. Share-based paymentsFor awards which are subject to performance conditions, the charge to the income statement has been based on the assumptions below and is based on the application of Black Scholes model or on the binomial model as adjusted, allowing for a closed form numerical-integrated solution, which makes it analogous to the Monte Carlo simulations, including performance conditions as deemed necessary. The detailed description of the plans below is included within the Remuneration report. For other awards not subject to performance conditions, the charge is based on the share price on grant issue or modification date. During the year the total charge relating to employee share-based payment plans was \u00a314.3 million (2024: \u00a312.4 million), all of which related to equity-settled share-based payment transactions. After tax, the income statement charge was \u00a310.7 million (2024: \u00a39.6 million). The Group operates equity-settled, share-based compensation plans. The economic cost of awarding shares and share options to employees is recognised as an expense in the income statement equivalent to the fair value of the benefit awarded. The fair value is determined by reference to option pricing models. The charge is recognised in the income statement over the vesting period of the award. The shares purchased by the Group\u2019s Employee Stock Ownership Plan (ESOP) trusts are recognised as a deduction to equity. Dividends paid on these shares are accounted for as a deduction to equity.
The fair value per option granted and the assumptions used in the calculation are as follows:
PSP and DBP
1
Expectations of
Share price at grant meeting Fair value per
or performance criteria \u2013 Fair value option \u2013 non-
Options modification Expected non-market per option \u2013 market Grant or
awarded date volatility Option life conditions TSR conditions Correlation modification
Number Pence % Years % Pence Pence % date
2024
DBP
93,254
523
\u2013
4.0
100.0%
\u2013
523
\u2013
01/08/24
2024
DBP
162,444
523
\u2013
2.0
100.0%
\u2013
523
\u2013
01/08/24
2024
PSP
1,799,822
523
\u2013
4.0
100.0%
\u2013
523
\u2013
01/08/24
2024
PSP
1,887,244
523
31.5%
4.0
100.0%
\u2013
470
\u2013
01/08/24
2024
PSP
70,742
523
31.5%
6.0
100.0%
\u2013
470
\u2013
01/08/24
2024
PSP
61,772
510
\u2013
4.0
100.0%
\u2013
510
\u2013
02/12/24
2024
PSP
4,860
510
\u2013
2.0
100.0%
\u2013
510
\u2013
02/12/24
2024
PSP
14,582
510
\u2013
3.0
100.0%
\u2013
510
\u2013
02/12/24
2023
PSP
1,259,675
371
32.6%
4.0
100.0%
\u2013
334
\u2013
01/08/23
2023
PSP
1,234,901
371
\u2013
4.0
100.0%
\u2013
371
\u2013
01/08/23
2023
PSP
737,280
371
32.6%
6.0
100.0%
\u2013
334
\u2013
01/08/23
2023
PSP
78,571
413
32.0%
6.0
100.0%
\u2013
372
\u2013
29/09/23
2023
PSP
822,036
413
\u2013
6.0
100.0%
\u2013
413
\u2013
29/09/23
2023
PSP
42,077
385
\u2013
3.0
100.0%
\u2013
385
\u2013
15/12/23
2023
PSP
127,553
385
\u2013
4.0
100.0%
\u2013
385
\u2013
15/12/23
2023
PSP
131,707
385
32.0%
6.0
100.0%
\u2013
347
\u2013
15/12/23
2023
DBP
129,095
371
\u2013
4.0
100.0%
\u2013
371
\u2013
01/08/23
2023
DBP
179,247
371
\u2013
2.0
100.0%
\u2013
371
\u2013
01/08/23
2022
PSP
2,302,009
351
19.0%
4.0
100.0%
\u2013
351
\u2013
01/08/22
2022
PSP
613,078
351
19.0%
6.0
100.0%
\u2013
316
\u2013
01/08/22
2022
PSP
806,511
351
19.0%
6.0
100.0%
169
316
55.0%
01/08/22
2022
DBP
218,895
351
19.0%
4.0
100.0%
\u2013
351
\u2013
01/08/22
2022
DBP
551,420
351
19.0%
2.0
100.0%
\u2013
351
\u2013
01/08/22
2021
PSP
769,165
372
19.0%
6.0
100.0%
149
316
55.0%
24/08/21
2021
PSP
626,704
380
19.0%
6.0
100.0%
\u2013
325
\u2013
24/09/21
2021
PSP
1,780,849
380
19.0%
4.0
100.0%
\u2013
380
\u2013
24/09/21
2021
DBP
45,312
380
19.0%
4.0
100.0%
\u2013
380
\u2013
24/09/21
2020
PSP
695,458
350
19.0%
6.0
100.0%
\u2013
305
\u2013
01/12/20
2020
PSP
2,091,247
350
19.0%
4.0
100.0%
\u2013
350
\u2013
01/12/20
2020
PSP
1,341,477
350
19.0%
6.0
100.0%
138
305
55.0%
01/12/20
2020
DBP
118,320
289
19.0%
4.0
100.0%
\u2013
289
\u2013
03/08/20
2020
DBP
192,096
284
19.0%
4.0
100.0%
\u2013
284
\u2013
13/08/20
1.
PSP = 2019 Performance Share Plan and DBP = 2022 Deferred Bonus Plan.
All awards have an exercise price of \u00a3nil and as such the weighted average exercise price for shares granted, exercised, forfeited
and outstanding are all \u00a3nil.
The vesting period and the expected life of PSP awards are between one and three years. The vesting period and expected life of
DBP awards was one year for awards made in August 2022 and two years for previous, other than for Executives where the vesting
period is three years. The holders of all awards receive dividends.
For PSP awards made in December 2020, 2,786,705 were made via the use of restricted shares with a three-year vesting period.
There are no performance conditions attached. A further 1,341,477 awards were made where the performance criteria is 50%
against free cash flow and 50% TSR.
PSP awards made in August 2021 of 769,165 shares include performance criteria weighted to 50% against free cash flow targets
and 50% against TSR performance.
PSP awards made in September 2021 of 2,407,553 shares were made via the use of restricted shares with a three-year vesting
period. There are no performance conditions attached.
For PSP awards made in August 2022, 3,318,343 were made via the use of restricted shares with a three-year vesting period.
There are no performance conditions attached. A further 403,255 awards were made where the performance criteria is 50% against
free cash flow and 50% TSR.
For PSP awards made in August to December 2023, 3,611,764 were made via the use of restricted shares with a three-year to five
year vesting period. There are no performance conditions attached. A further 822,036 awards were made where the performance
criteria is 30% against free cash flow, 30% underlying operating margin, 25% organic revenue growth and 15% ESG.
For PSP awards made in August to December 2024, 1,881,036 were made via the use of restricted shares with a three-year to five
year vesting period. There are no performance conditions attached. A further 1,957,986 awards were made where the performance
criteria is 30% against free cash flow, 30% underlying operating margin, 25% organic revenue growth and 15% ESG.
There are no performance conditions attached to the DBP.
The expected volatility is based on historical volatility over the last one to three years. The expected life is the average expected
period to exercise. The risk-free rate of return is the yield on zero-coupon government bonds of a term consistent with the assumed
option life.
The Group also operates the Babcock Employee Share Plan which allows employees to contribute up to \u00a3150 per month to the fund,
which then purchases shares on the open market on the employees\u2019 behalf. The Group provides matching shares, purchased on the
open market, of one share for every 10 purchased by the employee. During the year the Group bought 92,641 matching shares
(2024: 116,711 matching shares) at a cost of \u00a30.5 million (2024: \u00a30.4 million).
The Group also operates the Babcock Employee Share Plan International which reflects the structure of the UK Plan. During the
year no matching shares were purchased on the open market (2024: no matching shares) and 1,182 matching shares vested (2024:
2,192 matching shares) leaving a balance of 2,544 matching shares (2024: 3,726 matching shares).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-587": { "value": "
The Group operates equity-settled, share-based compensation plans. The economic cost of awarding shares and share options
to employees is recognised as an expense in the income statement equivalent to the fair value of the benefit awarded. The fair
value is determined by reference to option pricing models. The charge is recognised in the income statement over the vesting
period of the award.
The shares purchased by the Group\u2019s Employee Stock Ownership Plan (ESOP) trusts are recognised as a deduction to equity.
Dividends paid on these shares are accounted for as a deduction to equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-510": { "value": "25. Retirement benefits and liabilitiesDefined contribution schemesPension costs for defined contribution schemes are as follows:
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Defined contribution schemes
101.6
110.7
Defined benefit schemesStatement of financial position assets and liabilities recognised are as follows:
31 March 2025 31 March 2024
\u00a3m \u00a3m
Retirement benefits \u2013 funds in surplus
98.8
107.3
Retirement benefits \u2013 funds in deficit
(107.2)
(217.0)
(8.4)
(109.7)
The Group has a number of defined benefit pension schemes. The principal defined benefit pension schemes in the UK are the Devonport Royal Dockyard Pension Scheme (\u2018DRDPS\u2019), the Babcock International Group Pension Scheme (\u2018BIGPS\u2019) and the Rosyth Royal Dockyard Pension Scheme (together, \u2018the Principal schemes\u2019). Each of these schemes is predominantly a final salary plan in which future pension levels are defined relative to number of years\u2019 service and final salary. Retirement age varies by scheme. The nature of these schemes is that the employees only contribute whilst they are active employees of a scheme, with the employer paying the balance of the cost required. The contributions required and the assessment of the assets and the liabilities that have accrued to members and any deficit recovery payments required are agreed by the Group with the trustees of each scheme who are advised by independent, qualified actuaries. The Group operates a number of pension schemes. The schemes are generally funded through payments to trustee- administered funds, determined by periodic actuarial calculations. The Group has both defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred. For defined benefit pension schemes, the cost of providing benefits is determined using the projected unit credit actuarial valuation method. The service cost and associated administration costs of the Group\u2019s pension schemes are charged to operating profit. In addition, a retirement benefit interest charge on the net pension deficit or interest credit on the net pension surplus is included in the income statement as a finance cost or finance income, respectively. Actuarial gains and losses are recognised directly in equity through the statement of comprehensive income so that the Group\u2019s statement of financial position reflects the IAS 19 measurement of the schemes\u2019 surpluses or deficits at the reporting date.
On 30 November 2024, future accrual of benefits in DRDPS ceased, with benefits for service from 1 December 2024 being provided
through a defined contribution scheme. In respect of their accrued benefits active members in DRDPS were given an option to either
retain their salary link or break the salary link for a cash lump sum. The reduction in liability resulting from members who chose to
break their salary link has been accounted for as a curtailment gain. There is also reduced service cost for the Group at 31 March
2025 as a result of the closure to future accrual. This is however accompanied by an increase in the cost of defined contribution
benefits for the Group.
On 30 September 2024, future accrual of benefits in BIGPS ceased and the active members of the BIGPS were then included in a bulk
transfer to the newly created Citrus BIG2024 scheme. The bulk transfer included all past service liabilities for these members and
retained the salary link and future benefit accrual is provided on the same basis in the Citrus BIG2024. A transfer of assets was made
as part of the bulk transfer. The bulk transfer has been treated as a settlement loss in BIGPS, and an equal and opposite gain in the
Citrus BIG2024 scheme. This means that the overall Group level impact of this change is neutral. In addition on 30 September 2024
the salary link was severed for active employees whose benefit accrual creased in 2019 \u2013 this resulted in a small past service gain.
The Group also participates in the Babcock Rail Ltd Shared Cost Section of the Railways Pension Scheme (\u2018the Railways scheme\u2019).
This scheme is a multi-employer shared cost scheme with the contributions required, the assessment of the assets and the liabilities
that have accrued to members and any deficit recovery payments all agreed with the trustees who are advised by an independent,
qualified actuary. The costs are, in the first instance, shared such that the active employees contribute 40% of the cost of providing
the benefits and the employer contributes 60%. However, the assumption is that as the active membership reduces, the liability
will ultimately revert to the Group, and as such, it is assumed that the entire cost of the Railways Scheme is met by the Group.
The Group\u2019s share of the assets and liabilities is separately identified to those of other employers in the scheme and therefore the
Group cannot be held liable for the obligations of other entities that participate in the Railways scheme.
Defined benefit scheme risks
Through its defined benefit pension schemes, the Group is exposed to a number of risks, the most notable of which are as follows:
Risk
Mitigation
Asset volatility \u2013 discount rates (determined with Pension scheme assets are held in a diversified portfolio of assets in
reference to AA corporate bond yields) are used to order to minimize risk arising from asset return volatility. Investments
determine expected returns on plan assets. Asset yields are well diversified, such that failure of any singular investment would
which vary from this expected return will result in an not have a material impact on the overall level of assets. The asset
increase or decrease in the overall surplus/deficit. investment strategy is agreed following consultation between the Group
and the plan Trustees.
The Group and the plan Trustees monitor the schemes closely \u2013
especially during periods of significant turmoil and will maintain a
diversified investment strategy intended to minimize asset volatility.
Inflation \u2013 the majority of pension scheme obligations are The plan Trustees asset management policy includes investing
index-linked and therefore exposed to inflation risk. in inflation hedging assets such as inflation linked bonds to mitigate
Increasing inflation will lead to higher liabilities. Inflation this risk.
assumptions as applied to pension obligations are a long-
term assessment of inflation over the life of the scheme.
Life expectancy \u2013 the majority of obligations are to The Group monitors the risk of increasing life expectancy and will, from
provide benefits for the life of the member and therefore time to time, take out longevity swaps to mitigate this risk \u2013 the most
changes in life expectancy of the scheme participants will
impact the liability position.
recent of which was in 2009.
Interest rate \u2013 movements in corporate bond yields will The trustee\u2019s asset management policy includes investing in bonds and
result in a change to the plan liabilities. Similarly, therefore any impact on change in bond yields on the plan liabilities is
movements in gilt yields in isolation will have an impact on partially offset by returns on assets.
the schemes funding positions. The asset portfolio invests in assets which increase in value as interest
rates decrease and thus the schemes holdings are designed to hedge
against interest rate risk for most of the funded liabilities.
Salary increases \u2013 changes in long-term salary increases
In 2019,
the Group closed the Babcock International Group Pension
will impact the final salary position on which pension Scheme to future accrual for some employees but they retained the
benefits are determined. salary link to their accrued benefits at that time. Subsequently, in
September 2024, the salary link was broken following the scheme
closure. The Devonport Royal Dockyard Pension Scheme was closed to
future accrual for all members with effect from 30 November 2024, with
some members opting to break the salary link in return for a cash sum.
The Rosyth Royal Dockyard Pension Scheme was closed to future
accrual and salary link broken for all employees in 2020.
The defined benefit schemes are prudently funded by payments to legally separate trustee-administered funds. The trustees
of each scheme are required by law to act in the best interests of each scheme\u2019s members. In addition to determining future
contribution requirements (with the agreement of the Group), the trustees are responsible for setting the schemes\u2019 investment
strategy (subject to consultation with the Group). All the schemes have at least one independent trustee and member nominated
trustees. The schemes are subject to regulation under the funding regime set out in Part III of the Pensions Act 2004. The details
of the latest formal actuarial valuation of the scheme are as follows (the actuarial valuations of the Devonport Royal Dockyard
Scheme as at 31 March 2023 and Rosyth Royal Dockyard Scheme as at 31 March 2024 have been completed, while the actuarial
valuation of the Babcock International Group Scheme as at 31 March 2025 has commenced):
Babcock Rail Ltd
Devonport Babcock Rosyth section of the
Royal Dockyard International Royal Dockyard Railways Pension
Scheme Group Scheme Scheme Scheme
Date of last formal completed actuarial valuation
31/03/2023
31/03/2022
31/03/2024
31/12/2022
Number of active members at above date
1,181
308
\u2013
131
Actuarial valuation method
Projected unit
Projected unit
Projected unit
Attained age
Results of formal actuarial valuation:
Value of assets
\u00a31,330m
\u00a31,529m
\u00a3653m
\u00a3262m
Level of funding
92%
105%
89%
100%
The Group also participates in or provides a number of other smaller pension schemes including a number of sections of the local
government pension schemes where in most cases the employer contribution rates are fully reimbursed by the administering
authorities. It also participates in the Magnox Electric Group Section of the Electricity Supply Pension Scheme and runs the Babcock
Naval Services Pension Scheme, which commenced winding up in 2021, and for which the MOD retains liability.
The Group\u2019s cash contribution rates payable to the schemes are expected to be as follows:
Babcock Rail
Babcock Ltd section of
Devonport International Rosyth Royal the Railways
Royal Dockyard Group Dockyard Pension
Scheme Scheme Scheme Scheme
Other
Total
Future service contribution rate
\u2013
\u2013
\u2013
7.68%
\u2013
\u2013
Future service cash contributions
\u2013
\u2013
\u2013
\u00a30.2m
\u00a35.2m
\u00a35.4m
Deficit contributions
\u00a312.7m
\u2013
\u00a34.5m
\u2013
\u00a31.6m
\u00a318.8m
Additional longevity swap payments
\u00a31.8m
\u2013
-
\u2013
\u2013
\u00a31.8m
Expected employer cash costs for 2025/26
\u00a314.5m
\u2013
\u00a34.5m
\u00a30.2m
\u00a36.8m
\u00a326.0m
Expected salary sacrifice contributions
\u2013
\u2013
\u2013
\u00a30.1m
\u00a31.1m
\u00a31.2m
Expected total employer contributions
\u00a314.5m
\u2013
\u00a34.5m
\u00a30.3m
\u00a37.9m
\u00a327.2m
Where salary sacrifice arrangements are in place, the Group effectively meets the members\u2019 contributions. The above level of funding
is expected to continue until the next actuarial valuation of each scheme is completed; valuations are carried out every three years.
The expected payments from the schemes are primarily pension payments and lump sums. Most of the pensions increase at a fixed
rate or in line with RPI or CPI inflation when in payment. Benefit payments commence at retirement, death or incapacity and are
predominantly calculated with reference to final salary. The levels of deficit contributions reflected above are expected to continue
until technical provisions (self-sufficiency for the Babcock International Group Pension Scheme) funding levels are met either
through asset performance or funding.
Although the Group anticipates that scheme surpluses will be utilised during the life of the scheme to address member benefits,
the Group recognises its retirement benefit surpluses in full in respect of schemes in surplus, on the basis that it is management\u2019s
judgement that there are no substantive restrictions on the return of residual scheme assets in the event of a winding-up of the
scheme after all member obligations have been met. The Group also considers that the trustees do not have the power to unilaterally
wind-up the schemes or vary benefits.
Virgin Media Case
The Group is aware of the \u2018Virgin Media v NTL Pension Trustees Ltd and others\u2019 case and that there is a potential for it to have an
impact on the Group\u2019s UK pension schemes. The case affects defined benefit schemes that provided contracted-out benefits before
6 April 2016 based on meeting the reference scheme test. Where scheme rules were amended prior to 6 April 2016, potentially
impacting benefits accrued from 6 April 1997 to 6 April 2016, schemes needed the actuary to confirm that the reference scheme test
was still being met by providing written confirmation for the purposes of Section 37 of the Pension Schemes Act 1993. In the Virgin
Media case the High Court ruled that alterations to the scheme rules were void and ineffective because of the absence of written
actuarial confirmation required under Section 37 of the Pension Schemes Act 1993. The case was appealed and, in a judgment
delivered in July 2024, the Court of Appeal upheld the High Court's decision. However, the Group is aware that there is continued
uncertainty on various points of detail that were not explored in the Virgin Media case and that a further case was heard in 2025
(judgment for which has not yet been delivered) which may give guidance on issues connected with the Virgin Media case. In addition,
on 5 June 2025 the DWP issued a statement confirming that the Government will introduce legislation to give affected pension
schemes the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met the necessary standards.
Prior to this Government announcement, the Group and the trustees of its defined benefit pension schemes had taken initial advice
on the implications of this for the Group's defined benefit pension schemes. For one scheme we received confirmation that there
is no evidence to conclude that pension scheme liabilities have been understated as a result of non-compliance with section 37 of
the Pension Schemes Act 1993 during the relevant period. For the others, there is a process to identify areas that may require further
investigation, depending on developing case law and the introduction of legislation on this point. The potential impact on the Group
is therefore not yet known and continues to be assessed.
The latest full actuarial valuations of the Group\u2019s defined benefit pension schemes have been updated to 31 March 2025 by
independent qualified actuaries for IAS 19 purposes, on a best estimate basis, using the following assumptions:
Babcock Rail
Devonport Ltd section of
Royal Babcock Rosyth Royal the Railways
Dockyard International Dockyard Pension
March 2025 Scheme Group Scheme Scheme Scheme
Rate of increase in pensionable salaries
2.9%
\u2013
\u2013
0.5%
Rate of increase in pensions (past service)
2.7%
3.0%
3.1%
2.7%
Discount rate
5.7%
5.7%
5.7%
5.7%
Inflation rate (RPI)
3.1%
3.1%
3.1%
3.1%
Inflation rate (CPI)
2.7%
2.7%
2.7%
2.7%
Weighted average duration of cash flows (years)
11
10
11
12
Total life expectancy for current pensioners aged 65 (years) \u2013 male
85.2
86.1
84.5
84.9
Total life expectancy for current pensioners aged 65 (years) \u2013 female
87.3
88.8
86.8
87.2
Total life expectancy for future pensioners currently aged 45 (years) \u2013 male
86.2
87.1
85.6
85.9
Total life expectancy for future pensioners currently aged 45 (years) \u2013 female
88.5
89.9
88.0
88.4
March 2024
Rate of increase in pensionable salaries 2.9% 2.9% \u2013 0.5%
Rate of increase in pensions (past service) 2.7% 3.1% 3.2% 2.8%
Discount rate 4.8% 4.8% 4.8% 4.8%
Inflation rate (RPI) \u2013 year 1 2.5% 2.6% 2.6% 2.6%
Inflation rate (RPI) \u2013 thereafter 3.1% 3.2% 3.2% 3.2%
Inflation rate (CPI) \u2013 year 1 1.8% 1.8% 1.8% 1.9%
Inflation rate (CPI) \u2013 thereafter 2.7% 2.7% 2.7% 2.8%
Weighted average duration of cash flows (years) 13 11 13 13
Total life expectancy for current pensioners aged 65 (years) \u2013 male 85.3 86.1 84.3 84.9
Total life expectancy for current pensioners aged 65 (years) \u2013 female 87.2 88.7 86.7 87.2
Total life expectancy for future pensioners currently aged 45 (years) \u2013 male 86.2 87.1 85.3 85.9
Total life expectancy for future pensioners currently aged 45 (years) \u2013 female 88.4 89.9 87.9 88.4
The fair value of the assets and the present value of the liabilities of the Group pension schemes at 31 March were as follows:
2025
2024
Principal Railways Other Principal Railways Other
schemes scheme schemes Total schemes scheme schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of plan assets
Growth assets
Equities
56.2
9.5
27.4
93.1
68.7
9.8
30.6
109.1
Property funds
147.7
0.1
5.1
152.9
251.7
0.2
4.8
256.7
High yield bonds/emerging market debt
\u2013
\u2013
0.4
0.4
\u2013
\u2013
0.4
0.4
Absolute return and multi-strategy funds
1.5
110.7
30.9
143.1
1.7
140.8
17.0
159.5
Low-risk assets
Bonds
992.6
10.7
52.5
1,055.8
1,234.4
82.8
52.3
1,369.5
Matching assets*
1,513.0
68.5
48.9
1,630.4
1,423.4
1.5
15.0
1,439.9
Longevity swaps and annuities
(234.6)
\u2013
(10.1)
(244.7)
(240.9)
\u2013
(9.9)
(250.8)
Fair value of assets
2,476.4
199.5
155.1
2,831.0
2,739.0
235.1
110.2
3,084.3
Percentage of assets quoted (restated)
83%
\u2013
33%
74%
76%
\u2013
71%
70%
Percentage of assets unquoted (restated)
17%
100%
67%
26%
24%
100%
29%
30%
Present value of defined benefit obligations
Active members
\u2013
27.4
71.9
99.3
436.9
30.6
26.2
493.7
Deferred pensioners
819.6
58.0
26.3
903.9
640.5
64.7
31.3
736.5
Pensioners
1,668.5
125.7
42.0
1,836.2
1,778.8
142.1
42.9
1,963.8
Total defined benefit obligations
2,488.1
211.1
140.2
2,839.4
2,856.2
237.4
100.4
3,194.0
Net (liabilities)/assets recognised in the
statement of financial position
(11.7)
(11.6)
14.9
(8.4)
(117.2)
(2.3)
9.8
(109.7)
* The matching assets for the Babcock International Group Pension Scheme, Devonport Royal Dockyard Pension Scheme and Rosyth Royal Dockyard
Pension Scheme primarily comprise a \u201cLiability Driven Investment\u201d portfolio for each scheme, which invest in gilts, Network Rail bonds, gilt
repurchase agreements, interest rate and inflation swaps, asset swaps and cash, on a segregated basis. For the Babcock International Group
Pension Scheme and the Devonport Royal Dockyard Pension Scheme, there are also investments in investment grade credit, via both segregated
portfolios and pooled investment vehicles. The various segregated portfolios and pooled investment vehicle each utilise derivative contracts. The
Trustee has authorised the use of derivatives by the investment managers for efficient portfolio management purposes including to reduce certain
investment risks such as interest rate risk and inflation risk. The principal investment in derivatives is gilt repurchase agreements, interest rate and
inflation swaps in the matching portfolios; total return swaps in the return seeking portfolios. These derivatives are included within the matching
assets and equities classifications. The matching assets category includes gross assets of \u00a32,605 million (2024: \u00a32,326 million) and associated
repurchase agreement liabilities of \u00a31,092 million (2024: \u00a3903 million). Repurchase agreements are entered into with counterparties to better offset
the scheme\u2019s exposures to interest and inflation rates, whilst remaining invested in assets of a similar risk profile.
The schemes do not invest directly in assets or shares of the Group.
The longevity swaps have been valued in line with assumptions that are consistent with the requirements of IFRS 13 using Level 3
inputs. The key inputs to the valuation are the discount rate and mortality assumptions.
Amounts recorded in the Group income statement
2025
2024
Principal Railways Other Principal Railways Other
schemes scheme schemes Total schemes scheme schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current service cost
7.9
0.1
3.1
11.1
12.7
0.8
1.9
15.4
Incurred expenses
6.1
0.4
0.3
6.8
7.8
0.4
0.3
8.5
Past service cost
(1.2)
\u2013
\u2013
(1.2)
\u2013
\u2013
\u2013
\u2013
Total included within operating profit
12.8
0.5
3.4
16.7
20.5
1.2
2.2
23.9
Net interest cost/(credit)
5.1
0.1
(0.7)
4.5
2.1
(0.7)
(0.6)
0.8
Total included within income statement
17.9
0.6
2.7
21.2
22.6
0.5
1.6
24.7
Amounts recorded in the Group statement of comprehensive income
Year ended 31 March 2025
Year ended 31 March 2024
Principal Railways Other Principal Railways Other
schemes scheme schemes Total schemes scheme schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Actual return less interest on pension scheme
assets
(239.8)
(34.8)
(18.0)
(292.6)
(175.7)
(21.6)
(3.3)
(200.6)
Experience (losses)/gains arising on
scheme liabilities
(9.4)
(0.5)
(1.9)
(11.8)
(26.8)
0.3
(4.3)
(30.8)
Changes in assumptions on scheme liabilities
276.4
26.1
17.4
319.9
69.7
3.0
3.6
76.3
At 31 March
27.2
(9.2)
(2.5)
15.5
(132.8)
(18.3)
(4.0)
(155.1)
Analysis of movement in the Group statement of financial position
Year ended 31 March 2025
Year ended 31 March 2024
Principal Railways Other Principal Railways Other
schemes scheme schemes Total schemes scheme schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of plan assets
At 1 April
2,739.0
235.1
110.2
3,084.3
2,825.2
255.7
107.1
3,188.0
Interest on assets
124.4
11.0
6.7
142.1
134.1
12.0
5.2
151.3
Actuarial loss on assets
(239.8)
(34.8)
(18.0)
(292.6)
(175.7)
(21.6)
(3.3)
(200.6)
Employer contributions
99.7
0.5
6.8
107.0
123.9
2.3
5.3
131.5
Employee contributions
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
0.1
Benefits paid
(192.0)
(12.3)
(5.5)
(209.8)
(168.6)
(13.3)
(4.1)
(186.0)
Settlements
(54.9)
\u2013
54.9
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 March
2,476.4
199.5
155.1
2,831.0
2,739.0
235.1
110.2
3,084.3
Present value of benefit obligations
At 1 April
2,856.2
237.4
100.4
3,194.0
2,910.9
241.5
97.0
3,249.4
Service cost
7.9
0.1
3.1
11.1
12.7
0.8
1.9
15.4
Incurred expenses
6.1
0.4
0.3
6.8
7.8
0.4
0.3
8.5
Past service cost
(1.2)
\u2013
\u2013
(1.2)
\u2013
\u2013
\u2013
\u2013
Interest cost
129.5
11.1
6.0
146.6
136.2
11.3
4.6
152.1
Employee contributions
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
0.1
Experience loss/(gain)
9.4
0.5
1.9
11.8
26.8
(0.3)
4.3
30.8
Actuarial gain \u2013 demographics
(4.0)
(0.4)
(0.3)
(4.7)
(38.6)
(0.2)
(0.9)
(39.7)
Actuarial gain\u2013 financial
(272.4)
(25.7)
(17.1)
(315.2)
(31.1)
(2.8)
(2.7)
(36.6)
Benefits paid
(192.0)
(12.3)
(5.5)
(209.8)
(168.6)
(13.3)
(4.1)
(186.0)
Settlements
(51.4)
\u2013
51.4
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 March
2,488.1
211.1
140.2
2,839.4
2,856.2
237.4
100.4
3,194.0
Net (deficit)/surplus at 31 March
(11.7)
(11.6)
14.9
(8.4)
(117.2)
(2.3)
9.8
(109.7)
The movement in net deficits for the year ended 31 March 2025 is as a result of the movement in assets and liabilities shown above.
The disclosures below relate to post-retirement benefit schemes which are accounted for as defined benefit schemes in accordance
with IAS 19. The changes to the Group statement of financial position at 31 March 2025 and the changes to the Group income
statement for the year to March 2026, if the assumptions were sensitised by the amounts below, would be:
Defined benefit
obligations Income
2025 statement 2026
\u00a3m \u00a3m
Initial assumptions
2,839.4
8.7
Discount rate assumptions increased by 0.5%
(148.2)
(9.6)
Discount rate assumptions decreased by 0.5%
161.3
8.7
Inflation rate assumptions increased by 0.5%
116.5
6.8
Inflation rate assumptions decreased by 0.5%
(111.8)
(6.5)
Total life expectancy increased by half a year
50.0
2.9
Total life expectancy decreased by half a year
(50.4)
(2.9)
Salary increase assumptions increased by 0.5%
6.6
0.4
Salary increase assumptions decreased by 0.5%
(6.4)
(0.4)
The figures in the table above have been calculated on an approximate basis, using information about the expected future benefit
payments out of the schemes. The analysis above may not be representative of actual changes to the position since changes in
assumptions are unlikely to happen in isolation. The change in inflation rates is assumed to affect the assumed rate of RPI inflation,
CPI inflation and future pension increases by an equal amount. The fair value of the schemes\u2019 assets are assumed not to be affected
by any sensitivity changes shown and so the statement of financial position values would increase or decrease by the same amount
as the change in the defined benefit obligations. There have been no changes in the methodology for the calculation of the
sensitivities since the prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-542": { "value": "
Defined contribution schemes
Pension costs for defined contribution schemes are as follows:
Year ended Year ended
31 March 2025 31 March 2024
\u00a3m \u00a3m
Defined contribution schemes
101.6
110.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-543": { "value": "
Defined benefit schemes
Statement of financial position assets and liabilities recognised are as follows:
31 March 2025 31 March 2024
\u00a3m \u00a3m
Retirement benefits \u2013 funds in surplus
98.8
107.3
Retirement benefits \u2013 funds in deficit
(107.2)
(217.0)
(8.4)
(109.7)
The Group has a number of defined benefit pension schemes. The principal defined benefit pension schemes in the UK are the
Devonport Royal Dockyard Pension Scheme (\u2018DRDPS\u2019), the Babcock International Group Pension Scheme (\u2018BIGPS\u2019) and the Rosyth
Royal Dockyard Pension Scheme (together, \u2018the Principal schemes\u2019). Each of these schemes is predominantly a final salary plan
in which future pension levels are defined relative to number of years\u2019 service and final salary. Retirement age varies by scheme.
The nature of these schemes is that the employees only contribute whilst they are active employees of a scheme, with the employer
paying the balance of the cost required. The contributions required and the assessment of the assets and the liabilities that have
accrued to members and any deficit recovery payments required are agreed by the Group with the trustees of each scheme who
are advised by independent, qualified actuaries.
On 30 November 2024, future accrual of benefits in DRDPS ceased, with benefits for service from 1 December 2024 being provided through a defined contribution scheme. In respect of their accrued benefits active members in DRDPS were given an option to either retain their salary link or break the salary link for a cash lump sum. The reduction in liability resulting from members who chose to break their salary link has been accounted for as a curtailment gain. There is also reduced service cost for the Group at 31 March 2025 as a result of the closure to future accrual. This is however accompanied by an increase in the cost of defined contribution benefits for the Group. On 30 September 2024, future accrual of benefits in BIGPS ceased and the active members of the BIGPS were then included in a bulk transfer to the newly created Citrus BIG2024 scheme. The bulk transfer included all past service liabilities for these members and retained the salary link and future benefit accrual is provided on the same basis in the Citrus BIG2024. A transfer of assets was made as part of the bulk transfer. The bulk transfer has been treated as a settlement loss in BIGPS, and an equal and opposite gain in the Citrus BIG2024 scheme. This means that the overall Group level impact of this change is neutral. In addition on 30 September 2024 the salary link was severed for active employees whose benefit accrual creased in 2019 \u2013 this resulted in a small past service gain. The Group also participates in the Babcock Rail Ltd Shared Cost Section of the Railways Pension Scheme (\u2018the Railways scheme\u2019). This scheme is a multi-employer shared cost scheme with the contributions required, the assessment of the assets and the liabilities that have accrued to members and any deficit recovery payments all agreed with the trustees who are advised by an independent, qualified actuary. The costs are, in the first instance, shared such that the active employees contribute 40% of the cost of providing the benefits and the employer contributes 60%. However, the assumption is that as the active membership reduces, the liability will ultimately revert to the Group, and as such, it is assumed that the entire cost of the Railways Scheme is met by the Group. The Group\u2019s share of the assets and liabilities is separately identified to those of other employers in the scheme and therefore the Group cannot be held liable for the obligations of other entities that participate in the Railways scheme. Defined benefit scheme risks Through its defined benefit pension schemes, the Group is exposed to a number of risks, the most notable of which are as follows:
Risk
Mitigation
Asset volatility \u2013 discount rates (determined with Pension scheme assets are held in a diversified portfolio of assets in
reference to AA corporate bond yields) are used to order to minimize risk arising from asset return volatility. Investments
determine expected returns on plan assets. Asset yields are well diversified, such that failure of any singular investment would
which vary from this expected return will result in an not have a material impact on the overall level of assets. The asset
increase or decrease in the overall surplus/deficit. investment strategy is agreed following consultation between the Group
and the plan Trustees.
The Group and the plan Trustees monitor the schemes closely \u2013
especially during periods of significant turmoil and will maintain a
diversified investment strategy intended to minimize asset volatility.
Inflation \u2013 the majority of pension scheme obligations are The plan Trustees asset management policy includes investing
index-linked and therefore exposed to inflation risk. in inflation hedging assets such as inflation linked bonds to mitigate
Increasing inflation will lead to higher liabilities. Inflation this risk.
assumptions as applied to pension obligations are a long-
term assessment of inflation over the life of the scheme.
Life expectancy \u2013 the majority of obligations are to The Group monitors the risk of increasing life expectancy and will, from
provide benefits for the life of the member and therefore time to time, take out longevity swaps to mitigate this risk \u2013 the most
changes in life expectancy of the scheme participants will
impact the liability position.
recent of which was in 2009.
Interest rate \u2013 movements in corporate bond yields will The trustee\u2019s asset management policy includes investing in bonds and
result in a change to the plan liabilities. Similarly, therefore any impact on change in bond yields on the plan liabilities is
movements in gilt yields in isolation will have an impact on partially offset by returns on assets.
the schemes funding positions. The asset portfolio invests in assets which increase in value as interest
rates decrease and thus the schemes holdings are designed to hedge
against interest rate risk for most of the funded liabilities.
Salary increases \u2013 changes in long-term salary increases
In 2019,
the Group closed the Babcock International Group Pension
will impact the final salary position on which pension Scheme to future accrual for some employees but they retained the
benefits are determined. salary link to their accrued benefits at that time. Subsequently, in
September 2024, the salary link was broken following the scheme
closure. The Devonport Royal Dockyard Pension Scheme was closed to
future accrual for all members with effect from 30 November 2024, with
some members opting to break the salary link in return for a cash sum.
The Rosyth Royal Dockyard Pension Scheme was closed to future
accrual and salary link broken for all employees in 2020.
The defined benefit schemes are prudently funded by payments to legally separate trustee-administered funds. The trustees of each scheme are required by law to act in the best interests of each scheme\u2019s members. In addition to determining future contribution requirements (with the agreement of the Group), the trustees are responsible for setting the schemes\u2019 investment strategy (subject to consultation with the Group). All the schemes have at least one independent trustee and member nominated trustees. The schemes are subject to regulation under the funding regime set out in Part III of the Pensions Act 2004. The details of the latest formal actuarial valuation of the scheme are as follows (the actuarial valuations of the Devonport Royal Dockyard Scheme as at 31 March 2023 and Rosyth Royal Dockyard Scheme as at 31 March 2024 have been completed, while the actuarial valuation of the Babcock International Group Scheme as at 31 March 2025 has commenced):
Babcock Rail Ltd
Devonport Babcock Rosyth section of the
Royal Dockyard International Royal Dockyard Railways Pension
Scheme Group Scheme Scheme Scheme
Date of last formal completed actuarial valuation
31/03/2023
31/03/2022
31/03/2024
31/12/2022
Number of active members at above date
1,181
308
\u2013
131
Actuarial valuation method
Projected unit
Projected unit
Projected unit
Attained age
Results of formal actuarial valuation:
Value of assets
\u00a31,330m
\u00a31,529m
\u00a3653m
\u00a3262m
Level of funding
92%
105%
89%
100%
The Group also participates in or provides a number of other smaller pension schemes including a number of sections of the local government pension schemes where in most cases the employer contribution rates are fully reimbursed by the administering authorities. It also participates in the Magnox Electric Group Section of the Electricity Supply Pension Scheme and runs the Babcock Naval Services Pension Scheme, which commenced winding up in 2021, and for which the MOD retains liability. The Group\u2019s cash contribution rates payable to the schemes are expected to be as follows:
Babcock Rail
Babcock Ltd section of
Devonport International Rosyth Royal the Railways
Royal Dockyard Group Dockyard Pension
Scheme Scheme Scheme Scheme
Other
Total
Future service contribution rate
\u2013
\u2013
\u2013
7.68%
\u2013
\u2013
Future service cash contributions
\u2013
\u2013
\u2013
\u00a30.2m
\u00a35.2m
\u00a35.4m
Deficit contributions
\u00a312.7m
\u2013
\u00a34.5m
\u2013
\u00a31.6m
\u00a318.8m
Additional longevity swap payments
\u00a31.8m
\u2013
-
\u2013
\u2013
\u00a31.8m
Expected employer cash costs for 2025/26
\u00a314.5m
\u2013
\u00a34.5m
\u00a30.2m
\u00a36.8m
\u00a326.0m
Expected salary sacrifice contributions
\u2013
\u2013
\u2013
\u00a30.1m
\u00a31.1m
\u00a31.2m
Expected total employer contributions
\u00a314.5m
\u2013
\u00a34.5m
\u00a30.3m
\u00a37.9m
\u00a327.2m
Where salary sacrifice arrangements are in place, the Group effectively meets the members\u2019 contributions. The above level of funding is expected to continue until the next actuarial valuation of each scheme is completed; valuations are carried out every three years. The expected payments from the schemes are primarily pension payments and lump sums. Most of the pensions increase at a fixed rate or in line with RPI or CPI inflation when in payment. Benefit payments commence at retirement, death or incapacity and are predominantly calculated with reference to final salary. The levels of deficit contributions reflected above are expected to continue until technical provisions (self-sufficiency for the Babcock International Group Pension Scheme) funding levels are met either through asset performance or funding. Although the Group anticipates that scheme surpluses will be utilised during the life of the scheme to address member benefits, the Group recognises its retirement benefit surpluses in full in respect of schemes in surplus, on the basis that it is management\u2019s judgement that there are no substantive restrictions on the return of residual scheme assets in the event of a winding-up of the scheme after all member obligations have been met. The Group also considers that the trustees do not have the power to unilaterally wind-up the schemes or vary benefits. Virgin Media Case The Group is aware of the \u2018Virgin Media v NTL Pension Trustees Ltd and others\u2019 case and that there is a potential for it to have an impact on the Group\u2019s UK pension schemes. The case affects defined benefit schemes that provided contracted-out benefits before 6 April 2016 based on meeting the reference scheme test. Where scheme rules were amended prior to 6 April 2016, potentially impacting benefits accrued from 6 April 1997 to 6 April 2016, schemes needed the actuary to confirm that the reference scheme test was still being met by providing written confirmation for the purposes of Section 37 of the Pension Schemes Act 1993. In the Virgin Media case the High Court ruled that alterations to the scheme rules were void and ineffective because of the absence of written actuarial confirmation required under Section 37 of the Pension Schemes Act 1993. The case was appealed and, in a judgment delivered in July 2024, the Court of Appeal upheld the High Court's decision. However, the Group is aware that there is continued uncertainty on various points of detail that were not explored in the Virgin Media case and that a further case was heard in 2025 (judgment for which has not yet been delivered) which may give guidance on issues connected with the Virgin Media case. In addition, on 5 June 2025 the DWP issued a statement confirming that the Government will introduce legislation to give affected pension schemes the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met the necessary standards. Prior to this Government announcement, the Group and the trustees of its defined benefit pension schemes had taken initial advice on the implications of this for the Group's defined benefit pension schemes. For one scheme we received confirmation that there is no evidence to conclude that pension scheme liabilities have been understated as a result of non-compliance with section 37 of the Pension Schemes Act 1993 during the relevant period. For the others, there is a process to identify areas that may require further investigation, depending on developing case law and the introduction of legislation on this point. The potential impact on the Group is therefore not yet known and continues to be assessed. The latest full actuarial valuations of the Group\u2019s defined benefit pension schemes have been updated to 31 March 2025 by independent qualified actuaries for IAS 19 purposes, on a best estimate basis, using the following assumptions:
Babcock Rail
Devonport Ltd section of
Royal Babcock Rosyth Royal the Railways
Dockyard International Dockyard Pension
March 2025 Scheme Group Scheme Scheme Scheme
Rate of increase in pensionable salaries
2.9%
\u2013
\u2013
0.5%
Rate of increase in pensions (past service)
2.7%
3.0%
3.1%
2.7%
Discount rate
5.7%
5.7%
5.7%
5.7%
Inflation rate (RPI)
3.1%
3.1%
3.1%
3.1%
Inflation rate (CPI)
2.7%
2.7%
2.7%
2.7%
Weighted average duration of cash flows (years)
11
10
11
12
Total life expectancy for current pensioners aged 65 (years) \u2013 male
85.2
86.1
84.5
84.9
Total life expectancy for current pensioners aged 65 (years) \u2013 female
87.3
88.8
86.8
87.2
Total life expectancy for future pensioners currently aged 45 (years) \u2013 male
86.2
87.1
85.6
85.9
Total life expectancy for future pensioners currently aged 45 (years) \u2013 female
88.5
89.9
88.0
88.4
March 2024
Rate of increase in pensionable salaries 2.9% 2.9% \u2013 0.5%
Rate of increase in pensions (past service) 2.7% 3.1% 3.2% 2.8%
Discount rate 4.8% 4.8% 4.8% 4.8%
Inflation rate (RPI) \u2013 year 1 2.5% 2.6% 2.6% 2.6%
Inflation rate (RPI) \u2013 thereafter 3.1% 3.2% 3.2% 3.2%
Inflation rate (CPI) \u2013 year 1 1.8% 1.8% 1.8% 1.9%
Inflation rate (CPI) \u2013 thereafter 2.7% 2.7% 2.7% 2.8%
Weighted average duration of cash flows (years) 13 11 13 13
Total life expectancy for current pensioners aged 65 (years) \u2013 male 85.3 86.1 84.3 84.9
Total life expectancy for current pensioners aged 65 (years) \u2013 female 87.2 88.7 86.7 87.2
Total life expectancy for future pensioners currently aged 45 (years) \u2013 male 86.2 87.1 85.3 85.9
Total life expectancy for future pensioners currently aged 45 (years) \u2013 female 88.4 89.9 87.9 88.4
The fair value of the assets and the present value of the liabilities of the Group pension schemes at 31 March were as follows:
2025
2024
Principal Railways Other Principal Railways Other
schemes scheme schemes Total schemes scheme schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of plan assets
Growth assets
Equities
56.2
9.5
27.4
93.1
68.7
9.8
30.6
109.1
Property funds
147.7
0.1
5.1
152.9
251.7
0.2
4.8
256.7
High yield bonds/emerging market debt
\u2013
\u2013
0.4
0.4
\u2013
\u2013
0.4
0.4
Absolute return and multi-strategy funds
1.5
110.7
30.9
143.1
1.7
140.8
17.0
159.5
Low-risk assets
Bonds
992.6
10.7
52.5
1,055.8
1,234.4
82.8
52.3
1,369.5
Matching assets*
1,513.0
68.5
48.9
1,630.4
1,423.4
1.5
15.0
1,439.9
Longevity swaps and annuities
(234.6)
\u2013
(10.1)
(244.7)
(240.9)
\u2013
(9.9)
(250.8)
Fair value of assets
2,476.4
199.5
155.1
2,831.0
2,739.0
235.1
110.2
3,084.3
Percentage of assets quoted (restated)
83%
\u2013
33%
74%
76%
\u2013
71%
70%
Percentage of assets unquoted (restated)
17%
100%
67%
26%
24%
100%
29%
30%
Present value of defined benefit obligations
Active members
\u2013
27.4
71.9
99.3
436.9
30.6
26.2
493.7
Deferred pensioners
819.6
58.0
26.3
903.9
640.5
64.7
31.3
736.5
Pensioners
1,668.5
125.7
42.0
1,836.2
1,778.8
142.1
42.9
1,963.8
Total defined benefit obligations
2,488.1
211.1
140.2
2,839.4
2,856.2
237.4
100.4
3,194.0
Net (liabilities)/assets recognised in the
statement of financial position
(11.7)
(11.6)
14.9
(8.4)
(117.2)
(2.3)
9.8
(109.7)
* The matching assets for the Babcock International Group Pension Scheme, Devonport Royal Dockyard Pension Scheme and Rosyth Royal Dockyard Pension Scheme primarily comprise a \u201cLiability Driven Investment\u201d portfolio for each scheme, which invest in gilts, Network Rail bonds, gilt repurchase agreements, interest rate and inflation swaps, asset swaps and cash, on a segregated basis. For the Babcock International Group Pension Scheme and the Devonport Royal Dockyard Pension Scheme, there are also investments in investment grade credit, via both segregated portfolios and pooled investment vehicles. The various segregated portfolios and pooled investment vehicle each utilise derivative contracts. The Trustee has authorised the use of derivatives by the investment managers for efficient portfolio management purposes including to reduce certain investment risks such as interest rate risk and inflation risk. The principal investment in derivatives is gilt repurchase agreements, interest rate and inflation swaps in the matching portfolios; total return swaps in the return seeking portfolios. These derivatives are included within the matching assets and equities classifications. The matching assets category includes gross assets of \u00a32,605 million (2024: \u00a32,326 million) and associated repurchase agreement liabilities of \u00a31,092 million (2024: \u00a3903 million). Repurchase agreements are entered into with counterparties to better offset the scheme\u2019s exposures to interest and inflation rates, whilst remaining invested in assets of a similar risk profile. The schemes do not invest directly in assets or shares of the Group. The longevity swaps have been valued in line with assumptions that are consistent with the requirements of IFRS 13 using Level 3 inputs. The key inputs to the valuation are the discount rate and mortality assumptions. Amounts recorded in the Group income statement
2025
2024
Principal Railways Other Principal Railways Other
schemes scheme schemes Total schemes scheme schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current service cost
7.9
0.1
3.1
11.1
12.7
0.8
1.9
15.4
Incurred expenses
6.1
0.4
0.3
6.8
7.8
0.4
0.3
8.5
Past service cost
(1.2)
\u2013
\u2013
(1.2)
\u2013
\u2013
\u2013
\u2013
Total included within operating profit
12.8
0.5
3.4
16.7
20.5
1.2
2.2
23.9
Net interest cost/(credit)
5.1
0.1
(0.7)
4.5
2.1
(0.7)
(0.6)
0.8
Total included within income statement
17.9
0.6
2.7
21.2
22.6
0.5
1.6
24.7
Amounts recorded in the Group statement of comprehensive income
Year ended 31 March 2025
Year ended 31 March 2024
Principal Railways Other Principal Railways Other
schemes scheme schemes Total schemes scheme schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Actual return less interest on pension scheme
assets
(239.8)
(34.8)
(18.0)
(292.6)
(175.7)
(21.6)
(3.3)
(200.6)
Experience (losses)/gains arising on
scheme liabilities
(9.4)
(0.5)
(1.9)
(11.8)
(26.8)
0.3
(4.3)
(30.8)
Changes in assumptions on scheme liabilities
276.4
26.1
17.4
319.9
69.7
3.0
3.6
76.3
At 31 March
27.2
(9.2)
(2.5)
15.5
(132.8)
(18.3)
(4.0)
(155.1)
Analysis of movement in the Group statement of financial position
Year ended 31 March 2025
Year ended 31 March 2024
Principal Railways Other Principal Railways Other
schemes scheme schemes Total schemes scheme schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of plan assets
At 1 April
2,739.0
235.1
110.2
3,084.3
2,825.2
255.7
107.1
3,188.0
Interest on assets
124.4
11.0
6.7
142.1
134.1
12.0
5.2
151.3
Actuarial loss on assets
(239.8)
(34.8)
(18.0)
(292.6)
(175.7)
(21.6)
(3.3)
(200.6)
Employer contributions
99.7
0.5
6.8
107.0
123.9
2.3
5.3
131.5
Employee contributions
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
0.1
Benefits paid
(192.0)
(12.3)
(5.5)
(209.8)
(168.6)
(13.3)
(4.1)
(186.0)
Settlements
(54.9)
\u2013
54.9
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 March
2,476.4
199.5
155.1
2,831.0
2,739.0
235.1
110.2
3,084.3
Present value of benefit obligations
At 1 April
2,856.2
237.4
100.4
3,194.0
2,910.9
241.5
97.0
3,249.4
Service cost
7.9
0.1
3.1
11.1
12.7
0.8
1.9
15.4
Incurred expenses
6.1
0.4
0.3
6.8
7.8
0.4
0.3
8.5
Past service cost
(1.2)
\u2013
\u2013
(1.2)
\u2013
\u2013
\u2013
\u2013
Interest cost
129.5
11.1
6.0
146.6
136.2
11.3
4.6
152.1
Employee contributions
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
0.1
Experience loss/(gain)
9.4
0.5
1.9
11.8
26.8
(0.3)
4.3
30.8
Actuarial gain \u2013 demographics
(4.0)
(0.4)
(0.3)
(4.7)
(38.6)
(0.2)
(0.9)
(39.7)
Actuarial gain\u2013 financial
(272.4)
(25.7)
(17.1)
(315.2)
(31.1)
(2.8)
(2.7)
(36.6)
Benefits paid
(192.0)
(12.3)
(5.5)
(209.8)
(168.6)
(13.3)
(4.1)
(186.0)
Settlements
(51.4)
\u2013
51.4
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 March
2,488.1
211.1
140.2
2,839.4
2,856.2
237.4
100.4
3,194.0
Net (deficit)/surplus at 31 March
(11.7)
(11.6)
14.9
(8.4)
(117.2)
(2.3)
9.8
(109.7)
The movement in net deficits for the year ended 31 March 2025 is as a result of the movement in assets and liabilities shown above. The disclosures below relate to post-retirement benefit schemes which are accounted for as defined benefit schemes in accordance with IAS 19. The changes to the Group statement of financial position at 31 March 2025 and the changes to the Group income statement for the year to March 2026, if the assumptions were sensitised by the amounts below, would be:
Defined benefit
obligations Income
2025 statement 2026
\u00a3m \u00a3m
Initial assumptions
2,839.4
8.7
Discount rate assumptions increased by 0.5%
(148.2)
(9.6)
Discount rate assumptions decreased by 0.5%
161.3
8.7
Inflation rate assumptions increased by 0.5%
116.5
6.8
Inflation rate assumptions decreased by 0.5%
(111.8)
(6.5)
Total life expectancy increased by half a year
50.0
2.9
Total life expectancy decreased by half a year
(50.4)
(2.9)
Salary increase assumptions increased by 0.5%
6.6
0.4
Salary increase assumptions decreased by 0.5%
(6.4)
(0.4)
The figures in the table above have been calculated on an approximate basis, using information about the expected future benefit payments out of the schemes. The analysis above may not be representative of actual changes to the position since changes in assumptions are unlikely to happen in isolation. The change in inflation rates is assumed to affect the assumed rate of RPI inflation, CPI inflation and future pension increases by an equal amount. The fair value of the schemes\u2019 assets are assumed not to be affected by any sensitivity changes shown and so the statement of financial position values would increase or decrease by the same amount as the change in the defined benefit obligations. There have been no changes in the methodology for the calculation of the sensitivities since the prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-511": { "value": "26. Changes in net debt
Other Disposal of
31 March Additional non-cash business Changes in Exchange 31 March
2024 Cash flow leases
movement
1
fair value movement 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and bank balances
570.6
87.1
\u2013
\u2013
\u2013
\u2013
(11.1)
646.6
Bank overdrafts
(18.0)
18.2
\u2013
\u2013
\u2013
\u2013
(0.3)
(0.1)
Cash, cash equivalents and bank
552.6
105.3
\u2013
\u2013 \u2013
(11.4)
646.5
overdrafts \u2013
Debt
(749.5)
0.5
\u2013
(2.1)
\u2013
(4.7)
4.6
(751.2)
Derivatives hedging Group debt
(11.1)
\u2013
\u2013
\u2013
\u2013
0.3
\u2013
(10.8)
Lease liabilities
(230.5)
45.4
(96.2)
\u2013
1.1
\u2013
5.6
(274.6)
Changes in liabilities from financing
(991.1)
45.9
(96.2)
(2.1)
1.1
(4.4)
10.2
(1,036.6)
arrangements
Lease receivables
35.5
(15.7)
24.7
\u2013
\u2013
\u2013
0.1
44.6
Loans to joint ventures and associates
3.9
(0.3)
\u2013
\u2013
\u2013
\u2013
\u2013
3.6
Derivatives hedging interest on Group debt
(36.3)
\u2013
\u2013
\u2013
\u2013
4.9
\u2013
(31.4)
Net debt
(435.4)
135.2
(71.5)
(2.1)
1.1
0.5
(1.1)
(373.3)
Other
31 March Additional non-cash Changes in Exchange 31 March
2023 Cash flow leases
movement
1
fair value movement 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and bank balances
451.7
124.6
\u2013
\u2013
\u2013
(5.7)
570.6
Bank overdrafts
(22.2)
4.0
\u2013
\u2013
\u2013
0.2
(18.0)
Cash, cash equivalents and bank overdrafts
429.5
128.6
\u2013
\u2013
\u2013
(5.5)
552.6
Debt
(765.8)
13.1
\u2013
(3.0)
0.5 5.7 (749.5)
Derivatives hedging Group debt
(8.3)
\u2013
\u2013
\u2013
(2.8)
\u2013 (11.1)
Lease liabilities
(228.8)
49.6
(55.2)
\u2013
\u2013
3.9 (230.5)
Changes in liabilities from financing arrangements
(1,002.9)
62.7
(55.2)
(3.0)
(2.3)
9.6
(991.1)
Lease receivables
38.6
(32.0)
32.4
\u2013
\u2013
(3.5) 35.5
Loans to joint ventures and associates
9.5
(5.4)
\u2013
(0.2)
\u2013 \u2013 3.9
Derivatives hedging interest on Group debt
(39.1)
\u2013
\u2013
\u2013
2.8
\u2013 (36.3)
Net debt
(564.4)
153.9
(22.8)
(3.2)
0.5
0.6
(435.4)
1.Other non-cash movements predominantly relate to the disposal of lease liabilities and associated lease receivables as part of the disposaltransactions described in note 27. Net debt, including loans to joint ventures and associates and lease receivables is an alternative performance measure of the Group and consists of the total of loans, including the interest rate and foreign exchange derivatives which hedge the loans, bank overdrafts, cash and cash equivalents, loans to joint ventures and associates, lease receivables and lease obligations. The Group\u2019s key performance indicators exclude certain lease obligations in order to more closely align with the Group\u2019s debt covenants which are prepared on a pre-IFRS 16 basis and the Financial review presents net debt and related performance measures including and excluding certain lease obligations for this purpose.", "dimensions": { "concept": "babcockinternational:DisclosureOfChangesInNetDebt", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-588": { "value": "Net debt, including loans to joint ventures and associates and lease receivables is an alternative performance measure of the Group and consists of the total of loans, including the interest rate and foreign exchange derivatives which hedge the loans, bank overdrafts, cash and cash equivalents, loans to joint ventures and associates, lease receivables and lease obligations. The Group\u2019s key performance indicators exclude certain lease obligations in order to more closely align with the Group\u2019s debt covenants which are prepared on a pre-IFRS 16 basis and the Financial review presents net debt and related performance measures including and excluding certain lease obligations for this purpose. ", "dimensions": { "concept": "babcockinternational:DescriptionOfAccountingPolicyForChangesInNetDebt", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-512": { "value": "
27. Acquisition and disposal of subsidiaries, businesses and joint ventures and associates
Acquisitions
There have been no acquisitions in the year ended 31 March 2025 nor in the prior financial year.
Disposals
During the year the Group disposed of its 70.0% investment in National Training Institute LLC in Oman (\u2018NTI\u2019). The details of the
disposal are provided in the table below.
In addition, Airwork Technical Services & Partners LLC (\u2018ATS\u2019), a partly owned subsidiary registered in Oman, entered liquidation
proceedings. As a result of the liquidation (combined with the Group only holding a 51.0% interest that limits the ability to further
influence or unwind the liquidation process), the Group has concluded that the IFRS 10 criteria regarding control are no longer
satisfied and, as such, the entity has been deconsolidated. Details are provided in the table below.
Year ended 31 March 2025
NTI ATS
\u00a3m \u00a3m
Net assets disposed (excluding cash & goodwill)
0.2
(0.4)
Goodwill disposed
0.5
\u2013
Cash and cash equivalents disposed
0.4
0.8
Recycling of translation reserve
(2.5)
\u2013
Net assets/(liabilities) disposed adjusted for movements in translation reserve
(1.4)
0.4
Cash consideration
0.1
\u2013
Recognition of investment in associate
\u2013
0.4
Gain on disposal
1.5
\u2013
Disposal related items \u2013 release of provisions
\u2013
\u2013
Business acquisition, merger and divestment related items
1.5
\u2013
There were no disposals in the prior financial year. During the prior year, the Group settled certain warranty related items and
provisions in respect of prior disposals. These resulted in the release and/or utilisation of warranty related provisions. The cash
consideration of prior disposals was also revised.
Year ended 31 March 2024
Total
\u00a3m
Reduction in disposal proceeds (1.3)
Adjustment to historic net assets disposed
(2.2)
Loss on disposal (3.5)
Disposal related items \u2013 release of provisions 11.7
Business acquisition, merger and divestment related items 8.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-513": { "value": "
28. Transactions with non-controlling interests
There were no material transactions with non-controlling interests in the current or prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-514": { "value": "29. Contingent liabilitiesThere are a number of contingent liabilities that arise in the normal course of business, including: a. The nature of the Group\u2019s long-term contracts means that there are reasonably frequent contractual issues, variations and renegotiations that arise in the ordinary course of business, including liabilities that arise on completion of contracts and on conclusion of relationships with joint ventures and associates. The Group takes account of the advice of experts, both internal and external, in making judgements on contractual issues and whether the outcome of negotiations will result in an obligation to the Group. The Directors do not believe that the outcome of these matters will result in any material adverse change in the Group\u2019s financial position. b. As a large contracting organisation, the Group has a significant number of contracts with customers to deliver services and products, as well as with its supply chain, where the Group cannot deliver all those services and products itself. The Group is involved in disputes and litigation, which have arisen in the course of its normal trading in connection with these contracts. Whilst the Directors do not believe that the outcome of these matters will result in any material adverse change in the Group\u2019s financial position, it is possible that, if any of these disputes come to court, the court may take a different view to the Group. c. The Group is subject to corporate and other tax rules in the jurisdictions in which it operates. Changes in tax rates, tax reliefs and tax laws, or interpretation of the law, by the relevant tax authorities may result in financial and reputational damage to the Group. This may affect the Group\u2019s financial condition and performance if such matters result in charges in excess of those already provided in the financial statements \u2013 see notes 7 and 20 for further details of amounts provided. d. The Group has given certain indemnities and warranties in the course of disposing of businesses and companies and in completing contracts. The Group believes that any liability in respect of these is unlikely to have a material effect on the Group\u2019s financial position. e. Corporate rules in certain jurisdictions may extend to compensatory trade agreements, or economic offset rules, where we may have to commit to use local content in delivering programmes of work. Delivery of offset is also subject to interpretations of law and agreement with local authorities, which we monitor closely but may give rise to financial and reputational damage to the Group if not undertaken appropriately. A contingent liability is a possible obligation arising from past events whose existence will be confirmed only on the occurrence or non-occurrence of uncertain future events outside the Group\u2019s control, or a present obligation that is not recognised because it is not probable that an outflow of economic benefits will occur or the value of such outflow cannot be measured reliably. The Group does not recognise contingent liabilities in its statement of financial position \u2013 such matters are only recognised in the statement of financial position when the obligation rises from possible to probable and the outflow of economic benefits becomes probable and can be measured reliably.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-557": { "value": "29. Contingent liabilitiesThere are a number of contingent liabilities that arise in the normal course of business, including: a. The nature of the Group\u2019s long-term contracts means that there are reasonably frequent contractual issues, variations and renegotiations that arise in the ordinary course of business, including liabilities that arise on completion of contracts and on conclusion of relationships with joint ventures and associates. The Group takes account of the advice of experts, both internal and external, in making judgements on contractual issues and whether the outcome of negotiations will result in an obligation to the Group. The Directors do not believe that the outcome of these matters will result in any material adverse change in the Group\u2019s financial position. b. As a large contracting organisation, the Group has a significant number of contracts with customers to deliver services and products, as well as with its supply chain, where the Group cannot deliver all those services and products itself. The Group is involved in disputes and litigation, which have arisen in the course of its normal trading in connection with these contracts. Whilst the Directors do not believe that the outcome of these matters will result in any material adverse change in the Group\u2019s financial position, it is possible that, if any of these disputes come to court, the court may take a different view to the Group. c. The Group is subject to corporate and other tax rules in the jurisdictions in which it operates. Changes in tax rates, tax reliefs and tax laws, or interpretation of the law, by the relevant tax authorities may result in financial and reputational damage to the Group. This may affect the Group\u2019s financial condition and performance if such matters result in charges in excess of those already provided in the financial statements \u2013 see notes 7 and 20 for further details of amounts provided. d. The Group has given certain indemnities and warranties in the course of disposing of businesses and companies and in completing contracts. The Group believes that any liability in respect of these is unlikely to have a material effect on the Group\u2019s financial position. e. Corporate rules in certain jurisdictions may extend to compensatory trade agreements, or economic offset rules, where we may have to commit to use local content in delivering programmes of work. Delivery of offset is also subject to interpretations of law and agreement with local authorities, which we monitor closely but may give rise to financial and reputational damage to the Group if not undertaken appropriately. A contingent liability is a possible obligation arising from past events whose existence will be confirmed only on the occurrence or non-occurrence of uncertain future events outside the Group\u2019s control, or a present obligation that is not recognised because it is not probable that an outflow of economic benefits will occur or the value of such outflow cannot be measured reliably. The Group does not recognise contingent liabilities in its statement of financial position \u2013 such matters are only recognised in the statement of financial position when the obligation rises from possible to probable and the outflow of economic benefits becomes probable and can be measured reliably.
30. Capital and other financial commitments
Capital commitments
31 March 2025 31 March 2024
\u00a3m \u00a3m
Contracts placed for future capital expenditure not provided for in the financial statements
17.1
6.7
Subsidiary audit exemptions
The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the
audit of individual accounts by virtue of section 479A of the Act.
Company
Legal entity name
Company
Legal entity name number number
Airwork Limited 00322249 Babcock Marine Limited 02141109
Appledore Shipbuilders (2004) Limited 02052982 Babcock Marine Shipbuilding Limited 14302509
Babcock Airports Limited 03954520 Babcock Mission Critical Services Design and 05035651
Completions Limited
Babcock Assessments Limited 02881056 Babcock Mission Critical Services Leasing Limited 04635275
Babcock Company Holdings Limited (previously 15413856 Babcock Mission Critical Services Limited 08010453
Babcock IP Management (Number Three) Limited)
Babcock Contractors Limited 04540026 Babcock Mission Critical Services Topco Limited 08338012
Babcock Critical Assets Holdings LLP OC376675 Babcock Mission Critical Services UK Limited 07527245
Babcock Defence & Security Holdings LLP OC376674 Babcock MSS Limited 01996548
Babcock Defence and Security Investments Limited 08132272 Babcock Nuclear Limited 05265567
Babcock Defence Systems Limited 02999029 Babcock Overseas Investments Limited 02669327
Babcock Design & Technology Limited SC173117 Babcock Project Investments Limited 03463927
Babcock DS 2019 Limited 01199791 Babcock Project Services Limited 04539887
Babcock Education & Training Holdings LLP OC376676 Babcock Services Group Limited 03939840
Babcock Education and Skills Limited 03494815 Babcock Services Limited 10278084
Babcock Education Holdings Limited 08132276 Babcock Southern Careers Limited 03007083
Babcock Fire Services Limited 03707192 Babcock Southern Holdings Limited 01915771
Babcock Group (US Investments) Limited 07445425 Babcock Support Services (Investments) Limited 04393168
Babcock Information Analytics and Security Limited 02275471 Babcock UK Finance 00096730
Babcock Integrated Technology (Korea) Limited 09566389 Babcock Ukraine Limited 15155796
Babcock Integration LLP OC356460 Babcock US Investments Limited 07422616
Babcock International Support Services Limited 03335786 Bond Aviation Topco Limited 08493398
Babcock Investments (Fire Services) Limited 04380306 Brooke Marine Shipbuilders Limited 02113314
Babcock Investments (Number Four) Limited 05269128 FBM Babcock Marine Holdings (UK) Limited 02530482
Babcock Investments Limited 00165086 FBM Babcock Marine Limited 00828219
Babcock Land Limited 03493110 FBM Marine International (UK) Limited 02530345
Babcock M 2019 Limited 02530351 Flagship Fire Fighting Training Limited 03700728
Babcock Management 2019 Limited 03613756 LGE IP Management Company Limited SC695940
Babcock Management Limited 00107414 Marine Engineering & Fabrications (Holdings) 03936451
Limited
Babcock Marine (Clyde) Limited SC220243 Marine Engineering & Fabrications Limited 02742584
Babcock Marine (Devonport) Limited 02959785 Peterhouse Group Limited 01517100
Babcock Marine (Rosyth) Limited SC333105
Babcock International Group PLC will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year
ended 31 March 2025 in accordance with section 479C of the Act, as amended by the Companies and Limited Liability Partnerships
(Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-589": { "value": "A contingent liability is a possible obligation arising from past events whose existence will be confirmed only on the occurrence or non-occurrence of uncertain future events outside the Group\u2019s control, or a present obligation that is not recognised because it is not probable that an outflow of economic benefits will occur or the value of such outflow cannot be measured reliably. The Group does not recognise contingent liabilities in its statement of financial position \u2013 such matters are only recognised in the statement of financial position when the obligation rises from possible to probable and the outflow of economic benefits becomes probable and can be measured reliably.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-515": { "value": "30. Capital and other financial commitments Capital commitments
31 March 2025 31 March 2024
\u00a3m \u00a3m
Contracts placed for future capital expenditure not provided for in the financial statements
17.1
6.7
Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of section 479A of the Act.
Company
Legal entity name
Company
Legal entity name number number
Airwork Limited 00322249 Babcock Marine Limited 02141109
Appledore Shipbuilders (2004) Limited 02052982 Babcock Marine Shipbuilding Limited 14302509
Babcock Airports Limited 03954520 Babcock Mission Critical Services Design and 05035651
Completions Limited
Babcock Assessments Limited 02881056 Babcock Mission Critical Services Leasing Limited 04635275
Babcock Company Holdings Limited (previously 15413856 Babcock Mission Critical Services Limited 08010453
Babcock IP Management (Number Three) Limited)
Babcock Contractors Limited 04540026 Babcock Mission Critical Services Topco Limited 08338012
Babcock Critical Assets Holdings LLP OC376675 Babcock Mission Critical Services UK Limited 07527245
Babcock Defence & Security Holdings LLP OC376674 Babcock MSS Limited 01996548
Babcock Defence and Security Investments Limited 08132272 Babcock Nuclear Limited 05265567
Babcock Defence Systems Limited 02999029 Babcock Overseas Investments Limited 02669327
Babcock Design & Technology Limited SC173117 Babcock Project Investments Limited 03463927
Babcock DS 2019 Limited 01199791 Babcock Project Services Limited 04539887
Babcock Education & Training Holdings LLP OC376676 Babcock Services Group Limited 03939840
Babcock Education and Skills Limited 03494815 Babcock Services Limited 10278084
Babcock Education Holdings Limited 08132276 Babcock Southern Careers Limited 03007083
Babcock Fire Services Limited 03707192 Babcock Southern Holdings Limited 01915771
Babcock Group (US Investments) Limited 07445425 Babcock Support Services (Investments) Limited 04393168
Babcock Information Analytics and Security Limited 02275471 Babcock UK Finance 00096730
Babcock Integrated Technology (Korea) Limited 09566389 Babcock Ukraine Limited 15155796
Babcock Integration LLP OC356460 Babcock US Investments Limited 07422616
Babcock International Support Services Limited 03335786 Bond Aviation Topco Limited 08493398
Babcock Investments (Fire Services) Limited 04380306 Brooke Marine Shipbuilders Limited 02113314
Babcock Investments (Number Four) Limited 05269128 FBM Babcock Marine Holdings (UK) Limited 02530482
Babcock Investments Limited 00165086 FBM Babcock Marine Limited 00828219
Babcock Land Limited 03493110 FBM Marine International (UK) Limited 02530345
Babcock M 2019 Limited 02530351 Flagship Fire Fighting Training Limited 03700728
Babcock Management 2019 Limited 03613756 LGE IP Management Company Limited SC695940
Babcock Management Limited 00107414 Marine Engineering & Fabrications (Holdings) 03936451
Limited
Babcock Marine (Clyde) Limited SC220243 Marine Engineering & Fabrications Limited 02742584
Babcock Marine (Devonport) Limited 02959785 Peterhouse Group Limited 01517100
Babcock Marine (Rosyth) Limited SC333105
Babcock International Group PLC will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year ended 31 March 2025 in accordance with section 479C of the Act, as amended by the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-516": { "value": "
31. Related party transactions
Related party transactions for the year ended 31 March 2025 are:
2025 2025
2025 Year-end Year-end
2025 Purchases debtor creditor
Revenue to from balance balance
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Joint ventures and associates
Ascent Flight Training (Management) Limited
2.8
\u2013
1.2
\u2013
Rotary Wing Training Limited
6.5
\u2013
0.5
\u2013
Fixed Wing Training Limited
5.3
\u2013
0.5
\u2013
Advanced Jet Training Limited
3.3
\u2013
\u2013
\u2013
Rear Crew Training Limited
1.2
\u2013
0.1
\u2013
AirTanker Services Limited
12.1
\u2013
0.1
\u2013
Alert Communications Limited
\u2013
\u2013
0.5
\u2013
Alkali Metal Processing Limited
1.7
(4.9)
0.4
(3.3)
32.9
(4.9)
3.3
(3.3)
2024 2024
2024 Year-end Year-end
2024 Purchases debtor creditor
Revenue to from balance balance
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Joint ventures and associates
First Swietelsky Operation and Maintenance 9.3 \u2013 \u2013 (0.2)
Ascent Flight Training (Management) Limited
5.6
\u2013 1.4 \u2013
Rotary Wing Training Limited 4.5 \u2013 \u2013 \u2013
Fixed Wing Training Limited 6.4 \u2013 \u2013 \u2013
Advanced Jet Training Limited
2.6
\u2013 \u2013 \u2013
Rear Crew Training Limited 1.2 \u2013 0.2 \u2013
AirTanker Services Limited 15.5 \u2013 \u2013 \u2013
Alert Communications Limited
6.7
\u2013 0.4 (0.2)
Alkali Metal Processing Limited 0.8 (6.5) 0.3 (1.1)
52.6
(6.5)
2.3
(1.5)
a. All transactions noted above arise in the normal course of business \u2013 typically revenue transactions (including those part of the
year-end debtor balance) are non-interest bearing and on standard 30-day payment terms.
b. Loans to Joint Ventures and Associates are set out in note 14.
c. Defined benefit pension schemes. Please refer to note 25 for transactions with the Group defined benefit pension schemes.
d. Key management compensation is shown in note 6.
e. Transactions in employee benefits trusts are shown in note 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-544": { "value": "31. Related party transactions Related party transactions for the year ended 31 March 2025 are:
2025 2025
2025 Year-end Year-end
2025 Purchases debtor creditor
Revenue to from balance balance
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Joint ventures and associates
Ascent Flight Training (Management) Limited
2.8
\u2013
1.2
\u2013
Rotary Wing Training Limited
6.5
\u2013
0.5
\u2013
Fixed Wing Training Limited
5.3
\u2013
0.5
\u2013
Advanced Jet Training Limited
3.3
\u2013
\u2013
\u2013
Rear Crew Training Limited
1.2
\u2013
0.1
\u2013
AirTanker Services Limited
12.1
\u2013
0.1
\u2013
Alert Communications Limited
\u2013
\u2013
0.5
\u2013
Alkali Metal Processing Limited
1.7
(4.9)
0.4
(3.3)
32.9
(4.9)
3.3
(3.3)
2024 2024
2024 Year-end Year-end
2024 Purchases debtor creditor
Revenue to from balance balance
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Joint ventures and associates
First Swietelsky Operation and Maintenance 9.3 \u2013 \u2013 (0.2)
Ascent Flight Training (Management) Limited
5.6
\u2013 1.4 \u2013
Rotary Wing Training Limited 4.5 \u2013 \u2013 \u2013
Fixed Wing Training Limited 6.4 \u2013 \u2013 \u2013
Advanced Jet Training Limited
2.6
\u2013 \u2013 \u2013
Rear Crew Training Limited 1.2 \u2013 0.2 \u2013
AirTanker Services Limited 15.5 \u2013 \u2013 \u2013
Alert Communications Limited
6.7
\u2013 0.4 (0.2)
Alkali Metal Processing Limited 0.8 (6.5) 0.3 (1.1)
52.6
(6.5)
2.3
(1.5)
a. All transactions noted above arise in the normal course of business \u2013 typically revenue transactions (including those part of the year-end debtor balance) are non-interest bearing and on standard 30-day payment terms. b. Loans to Joint Ventures and Associates are set out in note 14. c. Defined benefit pension schemes. Please refer to note 25 for transactions with the Group defined benefit pension schemes. d. Key management compensation is shown in note 6. e. Transactions in employee benefits trusts are shown in note 23. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-517": { "value": "
32. Events after the reporting period
The Group announced a \u00a3200 million share buyback programme on 25 June 2025, to be executed over the course of FY26.
This will reduce cash and the number of shares in issue and impact future earnings per share.
There are no other events after the reporting period which would materially impact the balances reported in this Annual Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-558": { "value": "33. Group entities In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries and equity accounted investments as at 31 March 2025 is disclosed below. Unless otherwise stated, the Group\u2019s interest in the voting share capital is represented by one type of ordinary share and is 100%, the entities are unlisted, the year end is 31 March and the address of the registered office is 33 Wigmore Street, London, W1U 1QX. Babcock (UK) Holdings Limited is the only entity held directly by Babcock International Group PLC. No subsidiary undertakings have been excluded from the consolidation. Subsidiaries, wholly owned Airwork Limited Appledore Shipbuilders (2004) Limited1 Armstrong Technology Associates Limited* Babcock (Ireland) Treasury Limited Custom House Plaza, Block 6, IFSC, Dublin, 1, Ireland Babcock (NZ) Limited C/O Babcock Central Office, HMNZ Dockyard, Devonport Naval Base, Queens Parade, Devonport, Auckland, 0744, New Zealand Babcock (UK) Holdings Limited 3 Babcock Aerospace Limited Babcock Africa Investments (Pty) Ltd Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Airports Limited Babcock Assessments Limited Babcock Australia Holdings Pty Ltd Level 9, 70 Franklin Street, Adelaide SA 5000, Australia Babcock Aviation Services (Holdings) Limited1 Babcock B.V. Bezuidenhoutseweg 1, 2594 AB The Hague, The Netherlands Babcock Canada Inc. 45 O\u2019Connor Street, Suite 1500, Ottawa, Ontario K1P 1A4, Canada Babcock Communications Cyprus Limited Spyrou Kyprianou, 47, 1st Floor, Mesa Geitona, 4004 Limassol, Cyprus Babcock Communications Limited Babcock Company Holdings Limited Babcock Contractors Limited1 Babcock Corporate Secretaries Limited* Babcock Corporate Services Limited Babcock Critical Assets Holdings LLP Babcock Critical Services Limited 103 Waterloo Street, Glasgow, Scotland, G2 7BW, United Kingdom Babcock Defence & Security Holdings LLP Babcock Defence and Security Investments Limited Babcock Defence Systems Limited Babcock Defense (USA) Incorporated 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock Design & Technology Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Babcock DS 2019 Limited Babcock Education & Training Holdings LLP Babcock Education and Skills Limited Babcock Education Holdings Limited Babcock Engineering Limited* Babcock Europe Finance Limited1 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Fire Services (SW) Limited Babcock Fire Services Limited Babcock Fire Training (Avonmouth) Limited Babcock Group (US Investments) Limited Babcock Holdings (USA) Incorporated7 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock Holdings Limited3 Babcock Information Analytics and Security Holdings Limited* Babcock Information Analytics and Security Limited 5 Babcock Integrated Technology (Korea) Limited Babcock Integrated Technology GmbH Am Zoppenberg 23, 41366 Schwalmtal, Germany Babcock Integrated Technology Limited Babcock Integration LLP Babcock International France Aviation SAS Lieu dit le Portaret, 83340, Le Cannet-des-Maures, France Babcock International France SAS 21 Rue Leblanc 75015, Paris, France Babcock International France Terre SAS 21 Rue Leblanc 75015, Paris, France Babcock International Holdings BV Bezuidenhoutseweg 1, 2594 AB The Hague, The Netherlands Babcock International Holdings Limited 1 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock International Limited5 Babcock International Belgium SRL 11 rue de colonies, Brussels, Belgium, 1000 Babcock International Estonia OU Harju maakond,, Tallinn, Kesklinna linnaosa,, P\u00e4rnu mnt 139e/2-8, 11317, Estonia Babcock International Support Services Limited Babcock International US Inc 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock Investments (Fire Services) Limited Babcock Investments (Number Four) Limited Babcock Investments Limited Babcock IP Management (Number One) Limited Babcock IP Management (Number Two) Limited Babcock Ireland Finance Limited 44 Esplanade, St Helier, JE4 9WG, Jersey Babcock Korea Limited 72-1, Shinsan-ro, Saha-gu, Busan, 49434, South Korea Babcock Land Limited Babcock Land Defence Limited Babcock Luxembourg Investments I S.a.r.l. 12F rue Guillaume Kroll, L \u2013 1882 Luxembourg Babcock Luxembourg Investments S.a.r.l. 12F rue Guillaume Kroll, L \u2013 1882 Luxembourg Babcock M 2019 Limited Babcock Marine Shipbuilding Limited Babcock Malta Limited 44 Esplanade, St Helier, JE4 9WG, Jersey Babcock Malta (Number Two) Limited 44 Esplanade, St Helier, JE4 9WG, Jersey Babcock Malta Finance Limited 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Malta Holdings (Number Two) Limited 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Malta Holdings Limited 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Management 2019 Limited Babcock Management Limited Babcock Marine (Clyde) Limited Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Babcock Marine (Devonport) Limited 1 Devonport Royal Dockyard, Devonport, Plymouth, PL1 4SG, England Babcock Marine (Rosyth) Limited Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Babcock Marine Holdings (UK) Limited 5 Babcock Marine Limited Babcock Marine Products Limited* Babcock Marine Training Limited 1 Babcock MCS Congo SA Avenue Charles de Gaulle, PB 5871, Pointe-Noire, PB 5871, The Republic of Congo Babcock Mission Critical Services Australasia Pty Ltd Level 9, 70 Franklin Street, Adelaide SA 5000, AustraliaBabcock Mission Critical Services Design and Completions Limited Babcock Mission Critical Services Germany GmbH Bismarckstra\u00dfe 100, 41061 M\u00f6nchengladbachBabcock Mission Critical Services Leasing Limited Babcock Mission Critical Services Ltd Babcock Mission Critical Services Onshore Limited Babcock Mission Critical Services Topco Ltd1 Babcock Mission Critical Services UK Limited Babcock MSS Limited Babcock Nuclear Limited Babcock Oman LLC P.O. Box 2315, Ghala, Muscat, 130, OmanBabcock Overseas Investments Limited Babcock Polska sp. z o.o. Plac Trzech Krzyzy 10/14, 00-499, Warszawa, PolandBabcock Project Investments Limited Babcock Project Services Limited Babcock Pty Ltd Level 9, 70 Franklin Street, Adelaide SA 5000, AustraliaBabcock Rail Limited Babcock Rail Ireland Limited Block 1, Harcourt Centre, Harcourt Street, Dublin, DUBLIN 2, IrelandBabcock Services Group Limited Babcock Services Limited Babcock Southern Careers Limited*2 Babcock Southern Holdings Limited 6 Babcock Support Services (Investments) Limited Babcock Support Services GmbH (in liquidation) Bismarckstra\u00dfe 100, 41061 M\u00f6nchengladbach Babcock Support Services Limited 8 103 Waterloo Street, Glasgow, Scotland, G2 7BW, United Kingdom Babcock Support Services s.r.l. (in liquidation) Corso Vercelli, 40, 20145, Milano, Italy Babcock Training Limited Babcock UK Finance Babcock Ukraina LLC Nazalezhnosti Maidan, Building 2, Kyiv City, 01012, UkraineBabcock Ukraine Limited Babcock USA LLC 1 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments (Number Two) LLC1 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments Inc. 1 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments Limited5 Babcock Vehicle Engineering Limited4 BNS Pension Trustees Limited*Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland BNS Pensions Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Bond Aviation Topco Limited 5 Brooke Marine Shipbuilders Limited Cavendish Nuclear (Overseas) Limited* Cavendish Nuclear (USA) Incorporated 251 Little Falls Drive, Wilmington, Delaware 19808, United States Cavendish Nuclear Japan KK Regus Tokyo, Arca Central \u2013 Office 104, Arca Central Building 14F 1-2-1, Kinshi , Sumida-ku, Tokyo, Japan Cavendish Nuclear Limited5 Chepstow Insurance Limited PO Box 155, Mill Court, La Charroterie, St Peter Port, GY1 4ET, Guernsey Crucible Training Systems Limited* Devonport Royal Dockyard Limited9 Devonport Royal Dockyard, Devonport, Plymouth, PL1 4SG, United Kingdom Devonport Royal Dockyard Pension Trustees Limited* Devonport Royal Dockyard, Devonport, Plymouth, PL1 4SG, United Kingdom FBM Babcock Marine Holdings (UK) Limited FBM Babcock Marine Limited FBM Marine International (UK) Limited Flagship Fire Fighting Training Limited INAER Helicopter Chile S.A.* 2880 Americo Vespucio Norte Avenue, Suite 1102, Conchali, Santiago, Chile LGE IP Management Company Ltd Rosyth Business Park, Rosyth, Dunfermline, Fife, Scotland, KY11 2YD, United Kingdom Liquid Gas Equipment Limited Rosyth Business Park, Rosyth, Dunfermline, Fife, Scotland, KY11 2YD, United Kingdom Liquid Gas Equipment LLC 1 251 Little Falls Drive, Wilmington, Delaware 19808, United States Marine Engineering & Fabrications (Holdings) Limited* Marine Engineering & Fabrications Limited* Marine Industrial Design Limited c/o Babcock Central Office, HMNZ Dockyard, Devonport Naval Base, Queens Parade, Devonport, Auckland, 0744, New Zealand Naval Ship Management (Australia) Pty Ltd 9, 70 Franklin Street, Adelaide, SA 5000, Australia Peterhouse Group Limited Port Babcock Rosyth Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Rosyth Royal Dockyard Limited10 Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Rosyth Royal Dockyard Pension Trustees Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland SBRail Limited* Vosper Thornycroft (UK) Limited Subsidiaries, partly owned: Babcock Africa (Pty) Limited (90.0%)7 Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Africa Holdings (Pty) Ltd (90.0%)11 Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Africa Services (Pty) Ltd (90.0%) Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Aviation Services Holdings International Limited (49.82%) 11 52 St Christopher Street, Valletta, VLT 1462, Malta Babcock Dyncorp Limited9 (56.0%) Babcock Education and Training (Pty) Ltd (90.0%) Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Financial Services (Pty) Ltd (90.0%) Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Learning and Development Partnership LLP (80.1%) Babcock MCS Ghana Limited (90.0%) No. 9, Carrot Avenue, Adjacent Lizzy Sport Complex, East Legon, Accra, Ghana Babcock Mission Critical Services (Ireland) Limited (49.82%) 13-18 City Quay, Dublin 2, Ireland Babcock Mission Critical Services France SA (49.82%) Lieu dit le Portaret, 83340, Le Cannet-des-Maures, France Babcock Mo\u00e7ambique Limitada (90.0%) Av. Samora Machel 3380/1, Mozambique Babcock Namibia Services Pty Ltd (90.0%) Unit 3 Ground Floor, Dr Agostinho Neto Road, Ausspann Plaza, Ausspanplatz, Windhoek, Namibia Babcock Ntuthuko Aviation (Pty) Limited (66.78%)* Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Ntuthuko Engineering (Pty) Limited (46.37%) 9 Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Ntuthuko Powerlines (Pty) Limited (46.81%)* Unit G3 Victoria House, Plot 132 Independence Avenue, Gaborone, Botswana Babcock Plant Services (Pty) Ltd (64.82%)5 Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock TCM Plant (Proprietary) Limited (90.0%)7 Unit G3 Victoria House, Plot 132 Independence Avenue, Gaborone, Botswana Babcock Zambia Limited (90.0%) 16 Arusha, Town Centre, Ndola, Copper Belt, Zambia Cognac Formation Aero (90.0%) Base A\u00e9rienne 709 Cognac 16100 Ch\u00e2teaubernard, France Joint ventures and associates (equity accounted): ABC Electrification Ltd (33.3%)9 8th Floor, The Place, High Holborn, London, WC1V 7AA AirTanker Services Limited (23.5%) 12 AirTanker Hub RAF Brize Norton, Carterton, Oxfordshire, England, OX18 3LX, United Kingdom Alert Communications Group Holdings Limited (20%) Alkali Metal Processing Limited (50.0%) Ascent Flight Training (Holdings) Limited (50.0%) Cavendish Boccard Nuclear Limited (51.0%) Cavendish Dounreay Partnership Limited (50.0%) 9 Cavendish Fluor Partnership Limited (65.0%) Debut Services (South West) Limited (50.0%) 20 Triton Street, Regent\u2019s Place, London, NW1 3BF, United Kingdom Duqm Naval Dockyard SAOC (49.0%) The Special Economic Zone at Duqm, Al-Duqm, Al-Wusta\u2019a, 3972 112, Oman H&B Defence Pty Ltd (49%) Unit G3, 55 Blackall Street, Barton ACT 2600, Australia FSP (2004) Limited (50.0%) 1 8 Stephenson Place, Hamilton International Technology Park, Blantyre, G72 0LH, Scotland Okeanus Vermogensverwaltungs GmbH & Co. KG (50.0%) Vorsetzen 54, 20459, Hamburg, GermanySubsidiaries in Members Voluntary Liquidation: Airwork Technical Services & Partners LLC (51.0%) PO Box 248 (Muaskar Al Murtafa\u2019a (MAM) Garrison), Muscat, 100, Sultanate of OmanBabcock Malta Finance (Number Two) Limited 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Malta Holdings Limited 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Marine & Technology Holdings Limited 5 Temple Square, Temple Street, Liverpool, L2 5RH INAER Helicopter Peru S.A.C. 1118 Av. Los Conquistadores, Santa Cruz, San Isidro, Lima, Peru Peterhouse GmbH Bismarckstra\u00dfe 100, 41061 M\u00f6nchengladbach Skills2Learn Limited 5 Temple Square, Temple Street, Liverpool, L2 5RH Notes * Dormant entity. 1. Holding of two types of ordinary shares. 2. Holding of three types of ordinary shares. 3. Holding of four types of ordinary shares. 4. Holding of six types of ordinary shares. 5. Holding of ordinary and preference shares. 6. Holding of ordinary and deferred shares. 7. Holding of ordinary and redeemable preference shares. 8. Holding of ordinary and five types of preference shares. 9. Holding of one type of ordinary share only, where more than one type of share is authorised or in issue. 10. Holding of two types of ordinary shares, where more than two types of share are authorised or in issue. 11. Holding of one type of ordinary share and one type of preference share, where more than two types of share are authorised or in issue. 12. Year end 31 December.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-545": { "value": "Subsidiaries, wholly owned Airwork Limited Appledore Shipbuilders (2004) Limited1 Armstrong Technology Associates Limited* Babcock (Ireland) Treasury Limited Custom House Plaza, Block 6, IFSC, Dublin, 1, Ireland Babcock (NZ) Limited C/O Babcock Central Office, HMNZ Dockyard, Devonport Naval Base, Queens Parade, Devonport, Auckland, 0744, New Zealand Babcock (UK) Holdings Limited 3 Babcock Aerospace Limited Babcock Africa Investments (Pty) Ltd Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Airports Limited Babcock Assessments Limited Babcock Australia Holdings Pty Ltd Level 9, 70 Franklin Street, Adelaide SA 5000, Australia Babcock Aviation Services (Holdings) Limited1 Babcock B.V. Bezuidenhoutseweg 1, 2594 AB The Hague, The Netherlands Babcock Canada Inc. 45 O\u2019Connor Street, Suite 1500, Ottawa, Ontario K1P 1A4, Canada Babcock Communications Cyprus Limited Spyrou Kyprianou, 47, 1st Floor, Mesa Geitona, 4004 Limassol, Cyprus Babcock Communications Limited Babcock Company Holdings Limited Babcock Contractors Limited1 Babcock Corporate Secretaries Limited* Babcock Corporate Services Limited Babcock Critical Assets Holdings LLP Babcock Critical Services Limited 103 Waterloo Street, Glasgow, Scotland, G2 7BW, United Kingdom Babcock Defence & Security Holdings LLP Babcock Defence and Security Investments Limited Babcock Defence Systems Limited Babcock Defense (USA) Incorporated 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock Design & Technology Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Babcock DS 2019 Limited Babcock Education & Training Holdings LLP Babcock Education and Skills Limited Babcock Education Holdings Limited Babcock Engineering Limited* Babcock Europe Finance Limited1 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Fire Services (SW) Limited Babcock Fire Services Limited Babcock Fire Training (Avonmouth) Limited Babcock Group (US Investments) Limited Babcock Holdings (USA) Incorporated7 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock Holdings Limited3 Babcock Information Analytics and Security Holdings Limited* Babcock Information Analytics and Security Limited 5 Babcock Integrated Technology (Korea) Limited Babcock Integrated Technology GmbH Am Zoppenberg 23, 41366 Schwalmtal, Germany Babcock Integrated Technology Limited Babcock Integration LLP Babcock International France Aviation SAS Lieu dit le Portaret, 83340, Le Cannet-des-Maures, France Babcock International France SAS 21 Rue Leblanc 75015, Paris, France Babcock International France Terre SAS 21 Rue Leblanc 75015, Paris, France Babcock International Holdings BV Bezuidenhoutseweg 1, 2594 AB The Hague, The Netherlands Babcock International Holdings Limited 1 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock International Limited5 Babcock International Belgium SRL 11 rue de colonies, Brussels, Belgium, 1000 Babcock International Estonia OU Harju maakond,, Tallinn, Kesklinna linnaosa,, P\u00e4rnu mnt 139e/2-8, 11317, Estonia Babcock International Support Services Limited Babcock International US Inc 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock Investments (Fire Services) Limited Babcock Investments (Number Four) Limited Babcock Investments Limited Babcock IP Management (Number One) Limited Babcock IP Management (Number Two) Limited Babcock Ireland Finance Limited 44 Esplanade, St Helier, JE4 9WG, Jersey Babcock Korea Limited 72-1, Shinsan-ro, Saha-gu, Busan, 49434, South Korea Babcock Land Limited Babcock Land Defence Limited Babcock Luxembourg Investments I S.a.r.l. 12F rue Guillaume Kroll, L \u2013 1882 Luxembourg Babcock Luxembourg Investments S.a.r.l. 12F rue Guillaume Kroll, L \u2013 1882 Luxembourg Babcock M 2019 Limited Babcock Marine Shipbuilding Limited Babcock Malta Limited 44 Esplanade, St Helier, JE4 9WG, Jersey Babcock Malta (Number Two) Limited 44 Esplanade, St Helier, JE4 9WG, Jersey Babcock Malta Finance Limited 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Malta Holdings (Number Two) Limited 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Malta Holdings Limited 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Management 2019 Limited Babcock Management Limited Babcock Marine (Clyde) Limited Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Babcock Marine (Devonport) Limited 1 Devonport Royal Dockyard, Devonport, Plymouth, PL1 4SG, England Babcock Marine (Rosyth) Limited Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Babcock Marine Holdings (UK) Limited 5 Babcock Marine Limited Babcock Marine Products Limited* Babcock Marine Training Limited 1 Babcock MCS Congo SA Avenue Charles de Gaulle, PB 5871, Pointe-Noire, PB 5871, The Republic of Congo Babcock Mission Critical Services Australasia Pty Ltd Level 9, 70 Franklin Street, Adelaide SA 5000, AustraliaBabcock Mission Critical Services Design and Completions Limited Babcock Mission Critical Services Germany GmbH Bismarckstra\u00dfe 100, 41061 M\u00f6nchengladbachBabcock Mission Critical Services Leasing Limited Babcock Mission Critical Services Ltd Babcock Mission Critical Services Onshore Limited Babcock Mission Critical Services Topco Ltd1 Babcock Mission Critical Services UK Limited Babcock MSS Limited Babcock Nuclear Limited Babcock Oman LLC P.O. Box 2315, Ghala, Muscat, 130, OmanBabcock Overseas Investments Limited Babcock Polska sp. z o.o. Plac Trzech Krzyzy 10/14, 00-499, Warszawa, PolandBabcock Project Investments Limited Babcock Project Services Limited Babcock Pty Ltd Level 9, 70 Franklin Street, Adelaide SA 5000, AustraliaBabcock Rail Limited Babcock Rail Ireland Limited Block 1, Harcourt Centre, Harcourt Street, Dublin, DUBLIN 2, IrelandBabcock Services Group Limited Babcock Services Limited Babcock Southern Careers Limited*2 Babcock Southern Holdings Limited 6 Babcock Support Services (Investments) Limited Babcock Support Services GmbH (in liquidation) Bismarckstra\u00dfe 100, 41061 M\u00f6nchengladbach Babcock Support Services Limited 8 103 Waterloo Street, Glasgow, Scotland, G2 7BW, United Kingdom Babcock Support Services s.r.l. (in liquidation) Corso Vercelli, 40, 20145, Milano, Italy Babcock Training Limited Babcock UK Finance Babcock Ukraina LLC Nazalezhnosti Maidan, Building 2, Kyiv City, 01012, UkraineBabcock Ukraine Limited Babcock USA LLC 1 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments (Number Two) LLC1 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments Inc. 1 251 Little Falls Drive, Wilmington, Delaware 19808, United States Babcock US Investments Limited5 Babcock Vehicle Engineering Limited4 BNS Pension Trustees Limited*Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland BNS Pensions Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Bond Aviation Topco Limited 5 Brooke Marine Shipbuilders Limited Cavendish Nuclear (Overseas) Limited* Cavendish Nuclear (USA) Incorporated 251 Little Falls Drive, Wilmington, Delaware 19808, United States Cavendish Nuclear Japan KK Regus Tokyo, Arca Central \u2013 Office 104, Arca Central Building 14F 1-2-1, Kinshi , Sumida-ku, Tokyo, Japan Cavendish Nuclear Limited5 Chepstow Insurance Limited PO Box 155, Mill Court, La Charroterie, St Peter Port, GY1 4ET, Guernsey Crucible Training Systems Limited* Devonport Royal Dockyard Limited9 Devonport Royal Dockyard, Devonport, Plymouth, PL1 4SG, United Kingdom Devonport Royal Dockyard Pension Trustees Limited* Devonport Royal Dockyard, Devonport, Plymouth, PL1 4SG, United Kingdom FBM Babcock Marine Holdings (UK) Limited FBM Babcock Marine Limited FBM Marine International (UK) Limited Flagship Fire Fighting Training Limited INAER Helicopter Chile S.A.* 2880 Americo Vespucio Norte Avenue, Suite 1102, Conchali, Santiago, Chile LGE IP Management Company Ltd Rosyth Business Park, Rosyth, Dunfermline, Fife, Scotland, KY11 2YD, United Kingdom Liquid Gas Equipment Limited Rosyth Business Park, Rosyth, Dunfermline, Fife, Scotland, KY11 2YD, United Kingdom Liquid Gas Equipment LLC 1 251 Little Falls Drive, Wilmington, Delaware 19808, United States Marine Engineering & Fabrications (Holdings) Limited* Marine Engineering & Fabrications Limited* Marine Industrial Design Limited c/o Babcock Central Office, HMNZ Dockyard, Devonport Naval Base, Queens Parade, Devonport, Auckland, 0744, New Zealand Naval Ship Management (Australia) Pty Ltd 9, 70 Franklin Street, Adelaide, SA 5000, Australia Peterhouse Group Limited Port Babcock Rosyth Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Rosyth Royal Dockyard Limited10 Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland Rosyth Royal Dockyard Pension Trustees Limited* Rosyth Business Park, Rosyth, Dunfermline, Fife, KY11 2YD, Scotland SBRail Limited* Vosper Thornycroft (UK) Limited Subsidiaries, partly owned: Babcock Africa (Pty) Limited (90.0%)7 Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Africa Holdings (Pty) Ltd (90.0%)11 Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Africa Services (Pty) Ltd (90.0%) Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Aviation Services Holdings International Limited (49.82%) 11 52 St Christopher Street, Valletta, VLT 1462, Malta Babcock Dyncorp Limited9 (56.0%) Babcock Education and Training (Pty) Ltd (90.0%) Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Financial Services (Pty) Ltd (90.0%) Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Learning and Development Partnership LLP (80.1%) Babcock MCS Ghana Limited (90.0%) No. 9, Carrot Avenue, Adjacent Lizzy Sport Complex, East Legon, Accra, Ghana Babcock Mission Critical Services (Ireland) Limited (49.82%) 13-18 City Quay, Dublin 2, Ireland Babcock Mission Critical Services France SA (49.82%) Lieu dit le Portaret, 83340, Le Cannet-des-Maures, France Babcock Mo\u00e7ambique Limitada (90.0%) Av. Samora Machel 3380/1, Mozambique Babcock Namibia Services Pty Ltd (90.0%) Unit 3 Ground Floor, Dr Agostinho Neto Road, Ausspann Plaza, Ausspanplatz, Windhoek, Namibia Babcock Ntuthuko Aviation (Pty) Limited (66.78%)* Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Ntuthuko Engineering (Pty) Limited (46.37%) 9 Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock Ntuthuko Powerlines (Pty) Limited (46.81%)* Unit G3 Victoria House, Plot 132 Independence Avenue, Gaborone, Botswana Babcock Plant Services (Pty) Ltd (64.82%)5 Riley Road Office Park, 15E Riley Road, Bedfordview, Gauteng, 2007, South Africa Babcock TCM Plant (Proprietary) Limited (90.0%)7 Unit G3 Victoria House, Plot 132 Independence Avenue, Gaborone, Botswana Babcock Zambia Limited (90.0%) 16 Arusha, Town Centre, Ndola, Copper Belt, Zambia Cognac Formation Aero (90.0%) Base A\u00e9rienne 709 Cognac 16100 Ch\u00e2teaubernard, France Joint ventures and associates (equity accounted): ABC Electrification Ltd (33.3%)9 8th Floor, The Place, High Holborn, London, WC1V 7AA AirTanker Services Limited (23.5%) 12 AirTanker Hub RAF Brize Norton, Carterton, Oxfordshire, England, OX18 3LX, United Kingdom Alert Communications Group Holdings Limited (20%) Alkali Metal Processing Limited (50.0%) Ascent Flight Training (Holdings) Limited (50.0%) Cavendish Boccard Nuclear Limited (51.0%) Cavendish Dounreay Partnership Limited (50.0%) 9 Cavendish Fluor Partnership Limited (65.0%) Debut Services (South West) Limited (50.0%) 20 Triton Street, Regent\u2019s Place, London, NW1 3BF, United Kingdom Duqm Naval Dockyard SAOC (49.0%) The Special Economic Zone at Duqm, Al-Duqm, Al-Wusta\u2019a, 3972 112, Oman H&B Defence Pty Ltd (49%) Unit G3, 55 Blackall Street, Barton ACT 2600, Australia FSP (2004) Limited (50.0%) 1 8 Stephenson Place, Hamilton International Technology Park, Blantyre, G72 0LH, Scotland Okeanus Vermogensverwaltungs GmbH & Co. KG (50.0%) Vorsetzen 54, 20459, Hamburg, GermanySubsidiaries in Members Voluntary Liquidation: Airwork Technical Services & Partners LLC (51.0%) PO Box 248 (Muaskar Al Murtafa\u2019a (MAM) Garrison), Muscat, 100, Sultanate of OmanBabcock Malta Finance (Number Two) Limited 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Malta Holdings Limited 2 Trident Park, Notabile Gardens, No. 2 \u2013 Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta Babcock Marine & Technology Holdings Limited 5 Temple Square, Temple Street, Liverpool, L2 5RH INAER Helicopter Peru S.A.C. 1118 Av. Los Conquistadores, Santa Cruz, San Isidro, Lima, Peru Peterhouse GmbH Bismarckstra\u00dfe 100, 41061 M\u00f6nchengladbach Skills2Learn Limited 5 Temple Square, Temple Street, Liverpool, L2 5RH Notes * Dormant entity. 1. Holding of two types of ordinary shares. 2. Holding of three types of ordinary shares. 3. Holding of four types of ordinary shares. 4. Holding of six types of ordinary shares. 5. Holding of ordinary and preference shares. 6. Holding of ordinary and deferred shares. 7. Holding of ordinary and redeemable preference shares. 8. Holding of ordinary and five types of preference shares. 9. Holding of one type of ordinary share only, where more than one type of share is authorised or in issue. 10. Holding of two types of ordinary shares, where more than two types of share are authorised or in issue. 11. Holding of one type of ordinary share and one type of preference share, where more than two types of share are authorised or in issue. 12. Year end 31 December.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-10": { "value": "33 Wigmore Street London, W1U 1QX", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800TSKOLX4EU6L377", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } } } }