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"TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0072": { "value": "The Consolidated Financial Statements were approved by the Board of Directors on
26\u00a0November\u00a02024 and signed on its behalf by:
\n
John-Paul Savant
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"entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00418": { "value": "-42825000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00419": { "value": "-8195000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00420": { "value": "646455000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00100": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00101": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00102": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00103": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00104": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00105": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00106": { "value": "24192000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00107": { "value": "24192000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00121": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00122": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00123": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00124": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00125": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00126": { "value": "13963000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00127": { "value": "-3255000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00128": { "value": "10708000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00145": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00146": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00147": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00148": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00149": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00150": { "value": "13963000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00151": { "value": "20937000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00152": { "value": "34900000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00168": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00169": { "value": "5000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00170": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00171": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00172": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00173": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00174": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00175": { "value": "5000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00212": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00213": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00214": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00215": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00216": { "value": "-1265000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00217": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00218": { "value": "7665000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00219": { "value": "6400000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00405": { "value": "17000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00406": { "value": "334463000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00407": { "value": "330310000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00408": { "value": "7000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00409": { "value": "31418000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00410": { "value": "-28862000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00411": { "value": "20407000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00412": { "value": "687760000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0076": { "value": "Consolidated Statement of Cash Flows
for the year ended 30 September 2024
\n
Note
\n
Year ended
\n
30 September
\n
2024
\n
$000
\n
Restated
\n
Year ended
\n
30 September
\n
2023
\n
$000
\n
Cash \ufb02ows from operating activities
\n
Pro\ufb01t before tax
18,383
8,664
\n
Adjustments for:
\n
Amortisation of acquired intangible assets
12
32,484
32,625
\n
Amortisation of internally generated software
12
6,532
4,725
\n
Depreciation of property, plant and equipment
13
426
391
\n
Depreciation of right of use assets
17
939
1,099
\n
Loss on derecognition of right of use assets
17
99
\u2013
\n
Share-based payment expense
21
6,015
8,616
\n
Finance income
8
(258)
(220)
\n
Finance costs
8
14,303
19,183
\n
Operating cash \ufb02ows before movements in working capital
78,923
75,083
\n
Decrease/(increase) in trade and other receivables
1,907
(3,078)
\n
Decrease/(increase) in contract assets
433
(878)
\n
Decrease in trade and other payables
(9,383)
(211)
\n
Decrease in contract liabilities
(253)
(239)
\n
Cash generated by operations
71,627
70,677
\n
Income taxes paid
(13,396)
(10,120)
\n
Net cash from operating activities
58,231
60,557
\n
Cash \ufb02ows from investing activities
\n
Acquisition of subsidiaries, net of cash acquired
11
\u2013
(30,004)
\n
Additions to internally generated software
12
(10,843)
(10,765)
\n
Payment for property, plant and equipment
13
(362)
(503)
\n
Payment for right of use assets
17
\u2013
(230)
\n
Receipt of interest on lease receivable
17
9
\u2013
\n
Receipt of lease asset
17
132
\u2013
\n
Finance income received
249
220
\n
Net cash used in investing activities
(10,815)
(41,282)
\n
Cash \ufb02ows from \ufb01nancing activities
\n
Payment of deferred consideration
11
(10,000)
\u2013
\n
Repayment of loans and borrowings
18
(37,150)
(80,014)
\n
Proceeds from loans and borrowings
18
9,500
26,300
\n
Payment of interest on lease liabilities
17
(281)
(232)
\n
Payment of lease liabilities
17
(749)
(964)
\n
Shares issued
20
5
413
\n
Interest paid
18
(12,459)
(13,097)
\n
Net cash used in \ufb01nancing activities
(51,134)
(67,594)
\n
Cash and cash equivalents at the beginning of the year
10,416
57,876
\n
Net decrease in cash and cash equivalents
(3,718)
(48,319)
\n
Effect of foreign exchange rate changes
128
859
\n
Cash and cash equivalents at the end of the year
15
6,826
10,416", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "ConsolidatedStatementOfCashFlows_Label_005": { "value": "18383000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_006": { "value": "8664000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0019": { "value": "32484000", "decimals": -3, "dimensions": { "concept": "atg:AdjustmentsForAmortisationOfAcquiredIntangibleAssets", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0020": { "value": "32625000", "decimals": -3, "dimensions": { "concept": "atg:AdjustmentsForAmortisationOfAcquiredIntangibleAssets", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0023": { "value": "6532000", "decimals": -3, "dimensions": { "concept": "atg:AdjustmentsForAmortisationOfInternallyGeneratedSoftware", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0024": { "value": "4725000", "decimals": -3, "dimensions": { "concept": "atg:AdjustmentsForAmortisationOfInternallyGeneratedSoftware", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0035": { "value": "426000", "decimals": -3, "dimensions": { "concept": "atg:AdjustmentsForDepreciationOfPropertyPlantAndEquipment", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0036": { "value": "391000", "decimals": -3, "dimensions": { "concept": "atg:AdjustmentsForDepreciationOfPropertyPlantAndEquipment", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0041": { "value": "939000", "decimals": -3, "dimensions": { "concept": "atg:AdjustmentsForDepreciationOfRightOfUseAssets", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0042": { "value": "1099000", "decimals": -3, "dimensions": { "concept": "atg:AdjustmentsForDepreciationOfRightOfUseAssets", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0053": { "value": "99000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0054": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0057": { "value": "6015000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0058": { "value": "8616000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_0061": { "value": "258000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_0062": { "value": "220000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0070": { "value": "14303000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0071": { "value": "19183000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_0077": { "value": "78923000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_0078": { "value": "75083000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00113": { "value": "1907000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00114": { "value": "-3078000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00421": { "value": "433000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInContractAssets", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00422": { "value": "-878000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInContractAssets", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00423": { "value": "-9383000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00424": { "value": "-211000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00425": { "value": "-253000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInContractLiabilities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00426": { "value": "-239000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInContractLiabilities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00115": { "value": "71627000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00116": { "value": "70677000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00156": { "value": "13396000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00157": { "value": "10120000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00158": { "value": "58231000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": 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}, "ConsolidatedStatementOfCashFlows_NegatedLabel_00220": { "value": "10843000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00221": { "value": "10765000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00224": { "value": "362000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00225": { "value": "503000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00236": { "value": "0", "decimals": -3, "dimensions": { "concept": "atg:PaymentForRightOfUseAssetsClassifiedAsInvestingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00237": { "value": "230000", "decimals": -3, "dimensions": { "concept": "atg:PaymentForRightOfUseAssetsClassifiedAsInvestingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00250": { "value": "9000", 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"ConsolidatedStatementOfCashFlows_TotalLabel_00432": { "value": "-41282000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00264": { "value": "10000000", "decimals": -3, "dimensions": { "concept": "atg:PaymentOfDeferredConsiderationClassifiedAsFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00265": { "value": "0", "decimals": -3, "dimensions": { "concept": "atg:PaymentOfDeferredConsiderationClassifiedAsFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00266": { "value": "37150000", "decimals": 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"ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00278": { "value": "281000", "decimals": -3, "dimensions": { "concept": "atg:PaymentOfInterestOnLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00279": { "value": "232000", "decimals": -3, "dimensions": { "concept": "atg:PaymentOfInterestOnLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00285": { "value": "749000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00286": { "value": "964000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00287": { "value": "5000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00288": { "value": "413000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00433": { "value": "12459000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00434": { "value": "13097000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00435": { "value": "-51134000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00436": { "value": "-67594000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00301": { "value": "10416000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00302": { "value": "57876000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00303": { "value": "-3718000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00304": { "value": "-48319000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00313": { "value": "128000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00314": { "value": "859000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00315": { "value": "6826000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00316": { "value": "10416000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00117": { "value": "1. Accounting policies
General information
Auction Technology Group plc (the \u201cCompany\u201d) is a company incorporated in the United Kingdom
under the Companies Act.
The Company is a public company limited by shares and is registered in England and Wales. The
registered of\ufb01ce of the Company is The\u00a0Harlequin Building, 65 Southwark Street, London, SE1 0HR,
United Kingdom.
The Group\u2019s principal activities are the operation of several online auction marketplaces, through
which the Group generates income. The nature of the Company and its subsidiaries (the \u201cGroup\u201d)
are set out in note\u00a025 and in the Strategic Report on pages 2 to 77.
Restatements
\u2022
The Consolidated Financial Statements for the year ended 30 September 2023 have been
restated throughout to be presented in US dollars as set out below.
\u2022
The Consolidated Statement of Pro\ufb01t or Loss has been restated to separate net impairment
(loss)/gain on trade receivables from administrative expenses, where they were reported in
previous periods.
\u2022
The Consolidated Statement of Financial Position has been restated to separately disclose
contracts assets (FY23: $1.8m, FY22: $0.9m) and contract liabilities (FY23: $1.8m, FY22: $1.9m),
as\u00a0de\ufb01ned within the accounting policies on pages 149 and 150. All balances relating to contract
assets and contract liabilities had previously been included in trade and other receivables and
trade and other payables respectively. There is no impact to the Consolidated Statement of
Pro\ufb01t and Loss and Other Comprehensive Income or Loss, the Consolidated Statement of
Changes in Equity or the Consolidated Statement of Cash Flows as a result of this restatement.
Change in presentation currency
On 17 May 2023, the Group announced that from the beginning of the current \ufb01nancial year,
1\u00a0October 2023, it would be changing the currency in which it presents its \ufb01nancial results from
pound sterling to US dollars. The Group\u2019s US dollar denominated earnings account for over 80%
of\u00a0the Group\u2019s revenues and pro\ufb01ts. This change reduces the impact of currency movements on
reported results. In accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors, this change in presentation currency was applied retrospectively.
In accordance with the provisions of IAS 21 The Effects of Changes in Foreign Exchange Rates, the
historic consolidated \ufb01nancial information has been re-presented from pound sterling to US
dollars as follows:
\u2022
items of income and expenditure, other than single material identi\ufb01able transactions,
denominated in non-US dollar currencies were translated into US dollars at the average
exchange rate (per month) of the reporting period. Single material identi\ufb01able transactions
have\u00a0been translated at the exchange rate at the time of the transaction;
\u2022
assets and liabilities denominated in non-US dollar currencies were translated into US dollars
at\u00a0the exchange rates at the relevant balance sheet dates;
\u2022
share capital, share premium and other equity items have been translated into US dollars at
historical exchange rates on the date of each relevant transaction;
\u2022
all resulting exchange differences have been recognised in other comprehensive income and
in\u00a0the foreign currency translation reserve in accordance with the Group\u2019s existing accounting
policy; and
\u2022
there is no impact to the Consolidated Statement of Pro\ufb01t or Loss as a result of the restatement.
The principal rates used for the translation of results, cash \ufb02ows and balance sheets in US Dollars were:
\n \n
Average rate
Closing rate
FY24
FY23
FY24
FY23
FY22
Pound sterling
1.27
1.23
1.34
1.22
1.12
Euro
1.08
1.07
1.12
1.06
0.98
Basis of preparation
The Consolidated Financial Statements consolidate those of the Company and its subsidiaries
(together referred to as the \u201cGroup\u201d). The parent Company accounts present information about
the entity and not about its Group.
The Consolidated Financial Statements have been prepared and approved by the Directors in
accordance with UK-adopted International Accounting Standards (\u201cUK-adopted IAS\u201d) and with the
requirements of the Companies Act 2006. The Company has elected to prepare its parent Company
Financial Statements in accordance with Financial Reporting Standard 101 Reduced Disclosure
Framework (\u201cFRS 101\u201d) and the Companies Act 2006; these are presented on pages\u00a0179\u00a0to 183.
The Consolidated Financial Statements have been prepared under the historical cost convention,
except for certain \ufb01nancial instruments which have been measured at fair value. All accounting
policies set\u00a0out below have been applied consistently to all periods presented in these
Consolidated Financial Statements.
New and amended accounting standards adopted by the Group
The following amendments became applicable during the current reporting period:
\u2022
IFRS 17: Insurance Contracts
\u2022
Amendments to IAS 8: De\ufb01nition of Accounting Estimates
\u2022
Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies
\u2022
Amendments to IAS 12: Deferred Tax related to Assets and Liabilities arising from a Single
Transaction
\u2022
Amendment to IAS 12: International Tax Reform \u2013 Pillar Two Model Rules
The adoption of the standards and interpretations has not led to any changes to the Group\u2019s
accounting policies or had any other material impact on the \ufb01nancial position or performance of\u00a0the
Group. The Group is not in scope for Pillar Two rules, as it does not meet the threshold of annual
revenue of \u20ac750m and therefore the amendment to IAS 12 in relation to Pillar Two has no impact.
\n
\n
New and amended accounting standards that have been issued but are not yet effective
New standards and interpretations that are in issue but not yet effective are listed below:
\u2022
Amendment to IFRS 16: Lease Liability in a Sale and Leaseback
\u2022
Amendments to IAS 1: Classi\ufb01cation of Liabilities as Current or Non-current
\u2022
Amendments to IAS 1: Non-current Liabilities with Covenants
\u2022
Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements
\u2022
Amendments to IAS 21: Lack of Exchangeability
\u2022
Amendments to IFRS 9 and IFRS 7: Classi\ufb01cation and Measurement of Financial Instruments
\u2022
IFRS 18: Presentation and Disclosure in Financial Statements
With the exception of the adoption of IFRS 18, the adoption of the above standards and
interpretations are not expected to lead to any material changes to the Group\u2019s accounting policies
nor have any other material impact on the \ufb01nancial position or performance of the Group. IFRS 18
was issued in April 2024 and is effective for periods beginning on or after 1 January 2027. Early
application is permitted and comparatives will require restatement. The standard will replace IAS 1
Presentation of Financial Statements and although it will not change how items are recognised and
measured, the standard brings a focus on the income statement and reporting of \ufb01nancial
performance. Speci\ufb01cally classifying income and expenses into three new de\ufb01ned categories \u2013
\u201coperating\u201d, \u201cinvesting\u201d and \u201c\ufb01nancing\u201d and two new subtotals \u201coperating pro\ufb01t and loss\u201d and
\u201cpro\ufb01t\u00a0or loss before \ufb01nancing and income tax\u201d, introducing disclosures of management de\ufb01ned
performance measures and enhancing general requirements on aggregation and disaggregation.
The\u00a0impact of the standard on the Group is being assessed and it is not yet practicable to quantify
the effect of IFRS 18 on these Consolidated Financial Statements, however there is no impact on
presentation for the Group in the current year given the effective date \u2013 this will be applicable for
the\u00a0Group\u2019s FY28 reporting period.
Going concern
The Directors are required to assess going concern at each reporting period. The Directors have
undertaken the going concern assessment for the Group for the period to 31 December 2025.
The\u00a0Directors have assessed the Group\u2019s prospects, both as a going concern and its longer-term
viability as set out on pages 41 and 42. After considering the current \ufb01nancial projections, the bank
facilities available and then applying severe but plausible sensitivities, the Directors of the
Company are satis\ufb01ed that the Group has suf\ufb01cient resources for\u00a0its operational needs and will
remain in compliance with the \ufb01nancial covenants in its bank facilities until at least 31 December
2025. For this reason, the Directors continue to adopt the going concern basis in preparing
the\u00a0Consolidated Financial Statements for\u00a0the year ended 30 September 2024. The process
and\u00a0key judgements in coming to this conclusion are set out below:
Liquidity
The Group entered into the Senior Facilities Agreement on 17 June 2021 which included the Senior
Term Facility for $204.0m for the acquisition of LiveAuctioneers. The Senior Term Facility was
drawn down in full on 30 September 2021 prior to completion of the acquisition of LiveAuctioneers
on 1 October 2021. The loan is due to be fully repaid by 17 June 2026. In the absence of any other
prepayments, the next scheduled repayment would be $6.1m on 31 March 2025. At 30 September
2024 the loan balance outstanding was $122.6m and was subject to interest at a margin of 2.75%
over US SOFR.
In addition, the Group has a multi-currency revolving credit working capital facility (the \u201cRCF\u201d)
for\u00a0$49.0m. Any sums outstanding under the RCF will be due for repayment on 17 June 2026. On
13\u00a0February 2024, $9.5m was drawn down to partly fund the payment of deferred consideration
and retention bonuses relating to the acquisition of ESN (see note 11), and has been repaid in full.
The Directors are in the early stages of renegotiations on the \ufb01nancing arrangements for the
Group in advance of the current facilities expiring in June 2026. The Directors assume that the
Group will continue to have funding throughout the going concern period and the three-year
viability period (as discussed on page 41) on the basis that the Group will either renew the facility
or have suf\ufb01cient time to agree an alternative source of \ufb01nance on comparable terms. As at
30\u00a0September 2024 the Group has adjusted net debt of $114.7m and is in a net current liability
position which includes the current Senior Term Facility of $23.0m.
Covenants
The Group is subject to covenant tests on the Senior Term Facility, with the most sensitive
covenant being the net leverage ratio covenant (adjusted net debt: trailing 12-month adjusted
EBITDA). The net leverage ratio covenant was 2.75x at 30 September 2024. Under the base case
forecasts and each of the downside scenarios, including the combined downside scenario,
the\u00a0Group is forecast to be in compliance with the covenants and have cash headroom, without
applying mitigating actions which could be implemented such as reducing capital expenditure
spend. At 30 September 2024, the net leverage ratio was 1.4x compared to the limit of 2.75x and
therefore the Group was comfortably within the covenant.
Scenario planning
The Directors have undertaken the going concern assessment for the Group, taking into
consideration the Group\u2019s business model, strategy, and principal and emerging risks. As part
of\u00a0the going concern review the Directors have reviewed the Group\u2019s forecasts and projections,
and assessed the headroom on the Group\u2019s facilities and the banking covenants. This has been
considered under a base case and several plausible but severe downside scenarios, taking into
consideration the Group\u2019s principal risks and uncertainties. These scenarios include:
\u2022
signi\ufb01cant reduction in marketplace revenue due to an 8% reduction in THV versus the base
case
\u2022
signi\ufb01cant reduction in marketplace revenue due to conversion rate decline of 6% versus the
base case; and,
\u2022
50% lower revenue growth from value-added services across the Group versus the base case.
None of these scenarios individually, or in the combined scenario, which reduces adjusted EBITDA
by $21m, threaten the Group\u2019s ability to continue as a going concern. Even in the combined
downside scenario modelled (the combination of all downside scenarios occurring at once)
the\u00a0Group would be able to operate within the level of its current available debt facilities and
covenants. Accordingly, the Directors continue to adopt the going concern basis in preparing
the\u00a0Consolidated Financial Statements for\u00a0the year ended 30 September 2024.
Climate change
The Group has assessed the impacts of climate change on the Group\u2019s Consolidated Financial
Statements, including our commitment to achieving Net Zero by 2040 and the actions the Group
intends to take to achieve those targets. The assessment did not identify any material impact on
the Group\u2019s signi\ufb01cant judgements or estimates at 30 September 2024, or the assessment of
going concern and the Group\u2019s viability over the next three years. Speci\ufb01cally, we have considered
the following areas:
\u2022
the physical and transition risks associated with climate change; and
\u2022
the actions the Group is taking to meet its carbon reduction and Net Zero targets.
As a result, the Group has assessed the potential impacts of climate change on the Consolidated
Financial Statements, and in particular on the following areas:
\u2022
the impact on the Group\u2019s future cash \ufb02ows, and the resulting impact such adjustments to the
future cash \ufb02ows would have on the outcome of the annual impairment testing of goodwill
balances (see note 12), the recognition of deferred tax assets and our assessment of going concern;
\u2022
the carrying value of the Group\u2019s assets, in particular the recoverable amounts of intangible
assets and property, plant and equipment; and
\u2022
changes to estimates of the useful economic lives of intangible assets and property, plant and
equipment.
Basis of consolidation
The Consolidated Financial Statements consist of the \ufb01nancial statements of the ultimate parent
Company and all entities controlled by the Company. Control is achieved where the Company has
the power to govern the \ufb01nancial and operating policies of an investee entity, has the rights to
variable returns from its involvement with the investee and has the ability to use its power to affect
its returns. The results of subsidiaries acquired or sold are included in the Consolidated Financial
Statements from the date on which control commences until the date on which control ceases.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Employee Bene\ufb01t Trust
The assets and liabilities of the Employee Bene\ufb01t Trust have\u00a0been included in the Consolidated
Financial Statements. Any assets held by the Employee Bene\ufb01t Trust cease to be recognised on
the Consolidated Statement of Financial Position when the assets vest unconditionally in
identi\ufb01ed bene\ufb01ciaries.
The costs of purchasing own shares held by the Employee Bene\ufb01t Trust are shown as a deduction
against equity. The proceeds from the sale of own shares held increase equity. Neither the
purchase nor sale of own shares leads to a gain or loss being recognised in the Consolidated
Statement of Comprehensive Income.
Business combinations
The Group uses the acquisition method of accounting to account for business combinations. The
consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum
of the acquisition date of assets transferred, liabilities incurred, and the equity interests issued by
the Group, which includes the fair value of any asset or liability arising from a contingent
consideration arrangement. Acquisition costs are recognised in pro\ufb01t or loss as incurred.
At the acquisition date, the identi\ufb01able assets acquired and the liabilities assumed are recognised
at their fair value at the acquisition date, except that liabilities or equity instruments related to
share-based payment arrangements of the acquiree or share-based payment arrangements of
the Group entered into to replace share-based payment arrangements of the acquiree are
measured in accordance with IFRS 2 at the acquisition date.
Goodwill is stated after separate recognition of other identi\ufb01able intangible assets.
When the consideration transferred by the Group in a business combination includes a contingent
consideration arrangement, the contingent consideration is measured at its acquisition-date fair
value and included as part of the consideration transferred in a business combination. Changes
in\u00a0fair value of the contingent consideration that qualify as measurement period adjustments are
adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period
adjustments are adjustments that arise from additional information obtained during the
measurement period (which cannot exceed one year from the acquisition date) about facts
and\u00a0circumstances that existed at the acquisition date.
The subsequent accounting for changes in the fair value of the contingent consideration that do
not qualify as measurement period adjustments depends on how the contingent consideration is
classi\ufb01ed. Contingent consideration that is classi\ufb01ed as equity is not remeasured at subsequent
reporting dates and its subsequent settlement is accounted for within equity. Other contingent
consideration is remeasured to fair value at subsequent reporting dates with changes in fair value
recognised in pro\ufb01t or loss.
If the accounting for business combinations involves provisional amounts, which are \ufb01nalised in a
subsequent reporting period during the 12-month measurement period as permitted under IFRS 3,
restatement of these provisional amounts may be required in the subsequent reporting period.
Foreign currency
Functional currency
The functional currency of Auction Technology Group plc and its subsidiaries, other than the
US\u00a0holding companies, is measured using the currency of the primary economic environment in
which the entity operates. The US holding companies in FY24 which had a functional currency of
pound sterling include ATG US Holdings Limited and ATG US Holdings Inc.
Transactions and balances
Transactions denominated in foreign currencies are translated into the functional currency
at\u00a0the\u00a0exchange rates prevailing on the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are translated into US dollars at the rates of exchange at the
reporting date. Gains and losses arising on foreign currency borrowings, to the extent that they are
used to provide a\u00a0hedge against the Group\u2019s equity investments in overseas undertakings, are
taken to the Statement of Other Comprehensive income together with the exchange difference
arising on the net investment in those undertakings. All other exchange differences on monetary
items are taken to pro\ufb01t and loss.
Group companies
On consolidation, the assets and liabilities of foreign operations are translated into US dollars
at\u00a0the rate of exchange prevailing at the reporting date and their statements of pro\ufb01t or loss are
translated at the average exchange rates for the year. Exchange differences arising, if any, are
recognised in the Statement of Other Comprehensive Income and accumulated in a foreign
currency translation reserve. On disposal of a foreign operation, the component of other
comprehensive income relating to that foreign operation is recognised in the Statement
of\u00a0Pro\ufb01t\u00a0or Loss.
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 the acquisition closing rate. This is
then\u00a0revalued at the year-end rate with any foreign exchange difference taken directly to the
translation reserve.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and impairment
losses. Cost includes the original purchase price of the asset and the costs attributable to bringing
the asset to its working condition for its intended use. Depreciation is charged to the Consolidated
Statement of Pro\ufb01t or Loss over the estimated useful lives of each part of an item of property,
plant and equipment. The Directors reassess the useful economic lives and estimated residual
values on an annual basis. The estimated useful lives are as follows:
\n \n
Leasehold improvements
3 to 7 years straight line
Computer equipment
3 to 5 years straight line
Fixtures and \ufb01ttings
3 to 5 years straight line
The gain or loss arising on the disposal or retirement of an asset is determined as the difference
between the net sale proceeds and the carrying amount of the asset and is recognised in the
Consolidated Statement of Pro\ufb01t or Loss.
Intangible assets
Identi\ufb01able intangibles are those which can be sold separately, or which arise from legal rights
regardless of whether those rights are separable.
Goodwill
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is not amortised but
is reviewed for impairment at least annually.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating
units (\u201cCGUs\u201d) expected to bene\ufb01t from the synergies of the combination. CGUs to which goodwill
has been allocated are tested for impairment annually, or more frequently when there is an
indication that the unit may be impaired. If the recoverable amount of the cash-generating unit
is\u00a0less than the carrying amount of the unit, the impairment loss is allocated \ufb01rst to reduce the
carrying amount of any goodwill allocated to the unit and then to the other assets of the unit
pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss
recognised for goodwill is not reversed in a subsequent period.
Internally generated so\ufb05ware
Included within internally generated software are development costs in relation to software which
are capitalised when the related projects meet the recognition criteria of an internally generated
intangible asset, the key criteria being as follows:
\u2022
technical feasibility of the completed intangible asset has been established;
\u2022
it can be demonstrated that the asset will generate probable future economic bene\ufb01ts;
\u2022
adequate technical, \ufb01nancial and other resources are available to complete the development;
\u2022
the expenditure attributable to the intangible asset can be reliably measured; and
\u2022
management has the ability and intention to use or sell the asset.
These projects are designed to develop new features for the Group\u2019s marketplaces. Salaries
associated with development time and directly attributable overheads are capitalised within
intangible assets.
The Group only capitalises internally generated costs from the con\ufb01guration and capitalisation
of\u00a0SaaS projects when it is able to obtain economic bene\ufb01ts from the activities independent from
the SaaS solution itself.
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
Development costs recognised as assets are amortised on a straight-line basis over their
expected useful life. Development expenditure is amortised from the point at which the asset is
available for use. Assets are amortised over the period the Group is expected to bene\ufb01t and are
subject to annual impairment testing.
Acquired intangible assets
Acquired intangible assets include software, customer relationships, brand and non-compete
agreements. Intangible assets acquired in a business combination and recognised separately from
goodwill are recognised initially at their fair value at the acquisition date. Subsequent to initial
recognition, intangible assets acquired in a business combination are reported at cost less
accumulated amortisation and impairment losses.
Amortisation
Amortisation relating to capitalised software development costs is recognised through cost
of\u00a0sales whilst amortisation in respect of non-software intangibles is recognised through
administrative expenses. Amortisation is charged to the Consolidated Statement of Pro\ufb01t or Loss
on a straight-line basis over the estimated useful lives of intangible assets unless such lives are
inde\ufb01nite. The estimated useful lives are as follows:
\n \n
Internally generated software
3 years
Software
3 to 10 years
Customer relationships
2 to 14 years
Brand
5 to 15 years
Non-compete agreement
4 years
The estimated useful life and amortisation method are reviewed at the end of each reporting
period, with the effect of any changes in estimate being accounted for on a prospective basis.
Impairment of non-\ufb01nancial assets (excluding goodwill)
At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any
such indication exists, the recoverable amount of the asset is estimated to\u00a0determine the extent of
the impairment loss (if any). Where the asset does not generate cash \ufb02ows that are independent from
other assets, the Group estimates the recoverable amount of the\u00a0CGU to which the asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing
value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax
discount rate that re\ufb02ects current market assessments of the time value of money and the risks
speci\ufb01c to the asset for which the estimates of future cash \ufb02ows have not been adjusted.
If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount,
the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment
loss is recognised immediately in pro\ufb01t or loss.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is
increased to the revised estimate of its recoverable amount, but so that the increased carrying
amount does not exceed the carrying amount that would have been determined had no
impairment loss been recognised for the asset (or CGU) in prior years. A reversal of an impairment
loss is recognised immediately in the Consolidated Statement of Pro\ufb01t or Loss to the extent that it
eliminates the impairment loss which has been recognised for the asset in prior years.
Cash and cash equivalents
Cash and cash equivalents include cash at banks, cash in transit due from credit card providers
and cash in hand, deposits held at call with banks, other short-term highly liquid investments with
original maturities of three months or less and restricted cash.
Restricted cash includes cash held by the Group which can only be used to exchange or settle a
speci\ufb01c liability in the future and cash held by the Trustee of the Group\u2019s Employee Bene\ufb01t Trust.
Financial instruments
Recognition, initial measurement and derecognition
Financial assets and \ufb01nancial liabilities are recognised when the Group\u00a0becomes a party to the
contractual provisions of the \ufb01nancial instrument and are measured initially at fair value adjusted
by transaction costs, except for those carried at fair value through pro\ufb01t or loss which are
measured initially at fair value. Subsequent measurement of \ufb01nancial assets and \ufb01nancial
liabilities is described below.
Financial assets are derecognised when the contractual rights to the cash \ufb02ows from the \ufb01nancial
asset expire, or when the \ufb01nancial asset and all substantial risks and rewards are transferred. A
\ufb01nancial liability is derecognised when it is extinguished, discharged, cancelled or expires.
Classi\ufb01cation and subsequent measurement of \ufb01nancial assets
For the purpose of subsequent measurement, the Group classi\ufb01es its \ufb01nancial assets into the
following categories: \ufb01nancial assets at amortised cost, \ufb01nancial assets at fair value through pro\ufb01t
or loss (\u201cFVTPL\u201d) and \ufb01nancial assets at fair value through other comprehensive income.
Financial assets at amortised cost
Financial assets at amortised cost are non-derivative \ufb01nancial assets with \ufb01xed or determinable
payments that are not quoted in an active market. After initial recognition, these are measured at
amortised cost using the effective interest method, less provision for impairment. Discounting is
omitted where the effect of discounting is immaterial. The Group\u2019s cash and cash equivalents,
contract assets, trade and most other receivables fall into this category of \ufb01nancial instruments.
The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on \ufb01nancial assets
that\u00a0are measured at amortised cost. The amount of expected credit losses is updated at
each\u00a0reporting date to re\ufb02ect changes in credit risk since initial recognition of the respective
\ufb01nancial instrument.
The Group recognises lifetime ECL on trade receivables. The ECL on these \ufb01nancial assets are
estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted
for factors that are speci\ufb01c to the receivables, general economic conditions and an assessment of
both the current as well as the forecast direction of conditions at the reporting date, including
time value of money where appropriate.
All income and expenses relating to \ufb01nancial assets that are recognised in the Consolidated
Statement of Pro\ufb01t or Loss are presented within \ufb01nance costs or \ufb01nance income, except for
impairment of trade receivables which is presented within other administrative expenses.
Classi\ufb01cation and subsequent measurement of \ufb01nancial liabilities
The Group\u2019s \ufb01nancial liabilities include borrowings, contract liabilities and trade and
other\u00a0payables.
Financial liabilities are measured at amortised cost using the effective interest method, except for
\ufb01nancial liabilities held for trading or designated at FVTPL, that are carried at fair value with gains
or losses recognised in the Consolidated Statement of Pro\ufb01t or Loss.
All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are
reported in the Consolidated Statement of Pro\ufb01t or Loss are included within \ufb01nance costs or
\ufb01nance income.
Hedge accounting
The Group designates foreign currency loans as hedging instruments in respect of foreign currency
risk and hedges of net investments in foreign operations. Hedges of foreign exchange risk on \ufb01rm
commitments are accounted for as cash \ufb02ow hedges.
At the inception of the hedge relationship, the Group documents the relationship between the
hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge
and on an ongoing basis, the Group documents whether the hedging instrument is effective in
offsetting changes in fair values or cash \ufb02ows of the hedged item attributable to the hedged risk,
which is when the hedging relationships meet all of the following hedge effectiveness
requirements:
\u2022
there is an economic relationship between the hedged item and the hedging instrument;
\u2022
the effect of credit risk does not dominate the value changes that result from that economic
relationship; and
\u2022
the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group hedges and the quantity of the hedging instrument that the Group
uses to hedge that quantity of hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the
hedge ratio but the risk management objective for that designated hedging relationship remains
the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge)
so that it meets the qualifying criteria again. Hedge accounting is discontinued when the hedging
instrument expires or is sold, terminated or exercised, or no longer quali\ufb01es for hedge accounting.
Gains and losses accumulated in the foreign currency translation reserve are included in the
Consolidated Statement of Pro\ufb01t or Loss on disposal of the foreign operation.
Revenue recognition
The Group recognises revenue when it has transferred the promised services to customers in
an\u00a0amount that re\ufb02ects the consideration to which they expect to be entitled in exchange for
those services.
Marketplace revenues
Marketplace revenues include commissions (based on a percentage of the price of items sold at
auction), auction fees (both pay-as-you-go and subscription based), value-added services, digital
marketing and advertising and auction-related services.
Commission fees
The Group recognises commission fees as an agent on the basis that there is no contractual
relationship with the bidder, the end-consumer of goods sold at auction, and the Group will
receive its commission from the auction house irrespective of whether the end-consumer makes
its payment to the auction house.
The commission element of both subscription and pay-as-you-go contracts (see below) is based
on the value of the items sold at auction. The commission element of auction revenue is not
recognised until the auction has completed and the revenue value is known.
Auction \ufb01xed fees
Contracts will typically specify an event (pay-as-you-go) or period of time during which the auction
house may host a number of events (subscription) as well as other auction-related services.
Auction \ufb01xed fees sold under subscription-based contracts, in which the performance obligation
is the provision of access to the technology platform and any auction-related services speci\ufb01ed
in\u00a0the contract for that period of time, are recognised straight-line over the term of the contract.
This recognition re\ufb02ects the fact that the contract allows for continuous usage of the technology
platform and its functionality together with any auction-related services.
Auction \ufb01xed fees sold under pay-as-you-go contracts result in a performance obligation that
is\u00a0satis\ufb01ed by providing access for the duration of that speci\ufb01c auction. As auctions typically
complete within one to three days, the Group recognises revenue on completion of the auction.
Value-added services
Value-added services include atgPay and atgShip. These services have a distinct performance
obligation based on the capability of being separately identi\ufb01ed as an optional service on the
Group\u2019s marketplaces and providing the end-customer a service that can be used on its own.
There is judgement involved in determining whether these services should be recognised based
on\u00a0an agent or principal basis.
For atgPay, the Group has primary responsibility for ful\ufb01lling the services to the customer and has
sole discretion in establishing the prices charged to the auction house for the services provided.
On this basis the revenue is recognised on a principal basis, and it is recognised at the point in
time when control of the promised service is transferred to the customer, i.e. the payment from
the bidder has been processed for the auction house.
For atgShip, the Group has applied judgement to conclude it is has the primary responsibility
in\u00a0ful\ufb01lling the shipping services to the bidder. Given the complexity involved in shipping Arts &
Antiques across North America, the logistics required to operate our atgShip service requires
signi\ufb01cant involvement of the Group including the sole responsibility for selecting an appropriate
shipping agent that must be used for each delivery based on the nature of the item sold at auction
(e.g. its size, shape and fragility) and the location which it is being shipped to across North
America. Further, the Group takes responsibility for delivery of the shipped items by the shipping
agent. The Group also have the primary responsibility for receiving and resolving customer service
enquiries, including directly keeping the bidder informed of the status of their delivery and
handling complaints for lost or damaged items. The Group also have sole discretion in establishing
the prices charged for the atgShip service. Our network of shipping carriers arrange insurance for
the shipped item hence, retain the inventory risk of the products in transit. Having assessed the
overall substance of the arrangements within this revenue stream, it has been concluded that the
Group is acting as the principal in the shipping arrangements. For practical reasons, the revenue is
recognised on the auction sale date rather than on delivery of the item to the bidder. The impact
of this timing difference for recognition is assessed at each reporting period and is immaterial to
the Group\u2019s revenue and pro\ufb01ts.
The revenue for both services is recognised as the full fees. The expenses for the fees paid to the
other parties involved in the atgPay and atgShip process are recognised separately within cost of sales.
Digital marketing and advertising
Marketing revenues are principally derived from banner advertising and fees generated from
email\u00a0campaigns. Revenue is recognised in line with the satisfaction of the campaign objectives
(i.e. at the point that the campaign emails are sent or over the period that the banner is provided
on the website).
Auction-related services
Auction-related services include mirrored bidding, customer support, buy-it-now functionality,
online cataloguing and the provision of personnel to operate the auction. These contracts are
deemed to represent a single performance obligation, on the basis that the customer could not
bene\ufb01t from the auction-related services without also having access to the auction platform,
and\u00a0therefore are not distinct performance obligations.
Auction services revenues
For back-of\ufb01ce and software technology products, auction revenues sold under
subscription-based contracts, in which the performance obligation is the provision of access to
the technology platform and any auction-related services speci\ufb01ed in the contract for that period
of time, are recognised straight-line over the term of the contract. This recognition re\ufb02ects the
fact that the contract allows for continuous usage of the technology platform and its functionality
together with any auction-related services.
Auction revenues sold under pay-as-you-go contracts result in a performance obligation that
is\u00a0satis\ufb01ed by providing access for the duration of that speci\ufb01c auction. As auctions typically
complete within\u00a0one to three days, the Group recognises revenue on completion of the auction.
Content-related services
Content-related services primarily include print and digital advertising revenues and subscriptions
to the Antiques Trade Gazette.
The Group identi\ufb01ed one performance obligation for print advertising services which is to include
the advert in a particular edition of the Antiques Trade Gazette. The performance obligation is
satis\ufb01ed and revenue is recognised at the point that the magazine is published. Where the advert
is featured in a number of editions, the performance obligation is satis\ufb01ed over the period that the
advertisement is featured. Revenue is recognised evenly over the period that the advertisement is
featured.
For magazine subscriptions, customers receive a speci\ufb01ed number of editions during the
subscription period. Revenue is recognised evenly over the subscription period.
Contract balances
Timing of revenue recognition may differ from the timing of invoicing to customers. Contract
assets represent revenue recognised prior to invoicing when it has satis\ufb01ed its performance
obligation and has the unconditional right to payment.
Contract liabilities consist of fees received related to unsatis\ufb01ed performance obligations at the
end of the period.
Taxation
Tax on the pro\ufb01t or loss for the year comprises current and deferred tax. Tax is recognised in the
Consolidated Statement of Pro\ufb01t or Loss except to the extent that it relates to items recognised
directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates and
laws enacted or substantively enacted at the reporting date, and any adjustment to tax payable
in\u00a0respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets
and\u00a0liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The
following temporary differences are not provided for: the taxable temporary difference arising from
initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither
accounting nor taxable pro\ufb01t other than in a business combination; and differences relating to
investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or
settlement of the carrying amount of assets and liabilities, using tax rates and laws enacted or
substantively enacted at the reporting date. A deferred tax asset is recognised only to the extent
that it is probable that future taxable pro\ufb01ts will be available against which the asset can be
utilised. The carrying amounts of deferred tax assets are reviewed at each reporting date.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off
current tax assets against current tax liabilities and when they relate to income taxes levied by
the same taxation authority and the Group intends to settle its current tax assets and liabilities
on\u00a0a net basis.
Deferred tax is provided in respect of the undistributed earnings of subsidiaries other than where
it is intended that those undistributed earnings will not be remitted in the foreseeable future.
Employee bene\ufb01ts
Short-term bene\ufb01ts
Short-term employee bene\ufb01t obligations are measured on an undiscounted basis and are expensed
as the related service is provided. A provision is recognised for the amount expected to\u00a0be paid under
short-term cash bonus if the Group has a present legal or constructive obligation to pay this amount
as a result of past service provided by the employee and the obligation can be estimated reliably.
De\ufb01ned contribution plans
Obligations for contributions to de\ufb01ned contribution pension plans are recognised as an expense
in the Consolidated Statement of Pro\ufb01t or Loss as incurred.
Share-based payments
The Group measures the cost of services received in exchange for share options based on the
grant-date fair value of the award and recognises the cost over the period of required service for
the award. The Group accounts for awards of shares to employees as share-based compensation
as they vest with a corresponding credit to reserve for share-based payments. The fair value of
share options is calculated as the share price at grant date, where the options are nil cost and
have no market performance conditions. Where share options have an exercise price or market
performance condition, an option pricing model is used to determine the fair value.
The number of options expected to vest is reviewed and adjusted at the end of each reporting
period such that the amount recognised for services received as consideration for the equity
instruments granted shall be based on the number of equity instruments that eventually vest.
Upon the exercise of share options, any proceeds received from share option holders are recorded
as an increase to share capital.
Leases
As a lessee
The Group\u2019s leases predominantly relate to property, mainly of\ufb01ces, however the Group\u2019s lease
portfolio also includes other assets such as motor vehicles and computer equipment.
The Group recognises all leases on the Consolidated Statement of Financial Position, apart from
in cases where the lease is for a period of less than 12 months or is for an asset with a low value.
Low-value and short-term leases continue to be charged to the Consolidated Statement of Pro\ufb01t
or Loss on a straight-line basis over the period of the lease.
Lease liabilities are recognised at the present value of future lease payments, determined using
the implicit interest rate in the lease where available, or using an incremental borrowing rate
appropriate to the subsidiary and lease term where an implicit interest rate is not available or
appropriate. A corresponding right of use asset is recognised, equivalent to the value of the lease
liability, which is depreciated in a straight line over the shorter of the useful economic life of the
asset and the lease term. The depreciation is recognised as an administrative expense within
overheads. The unwinding of the discount on the present value of the lease liability is recognised
as a \ufb01nance charge over the lease term. Rent payments are used to reduce the lease liability and
are disclosed as debt repayments in the Consolidated Statement of Cash Flows. Lease terms
include any options to extend when it is reasonably certain that the extension will be taken.
Lease liabilities are remeasured when there is a change in future lease payments arising from a
change in an index or rate, a change in the estimate of the amount expected to be payable under
a\u00a0residual value guarantee, or as appropriate, changes in the assessment of whether a purchase
or\u00a0extension option is reasonably certain to be exercised or a termination option is reasonably
certain not to be exercised.
As a lessor
Leases for which the Group is a lessor are classi\ufb01ed as \ufb01nance leases. A lease is classi\ufb01ed as a
\ufb01nance lease if it transfers substantially all the risks and rewards of ownership to the lessee, and
classi\ufb01ed as an operating lease if it does not. Amounts due from lessees under \ufb01nance leases are
recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance
lease income is allocated to accounting periods so as to re\ufb02ect a constant periodic rate of return
on the Group\u2019s net investment in the lease.
Alternative performance measures
Management exercises judgement in determining the adjustments to apply to UK-adopted IAS
measurements in order to derive suitable alternative performance measures (\u201cAPMs\u201d). As set
out\u00a0and reconciled in note 3, APMs are used as management believes these measures provide
additional useful information on the underlying trends, performance and position of the Group.
These measures are used for performance analysis. The APMs are not de\ufb01ned by UK-adopted IAS
and therefore may not be directly comparable with other companies\u2019 APMs. These measures are
not intended to be a substitute for, or superior to, their equivalent UK-adopted IAS.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "General information
Auction Technology Group plc (the \u201cCompany\u201d) is a company incorporated in the United Kingdom
under the Companies Act.
The Company is a public company limited by shares and is registered in England and Wales. The
registered of\ufb01ce of the Company is The\u00a0Harlequin Building, 65 Southwark Street, London, SE1 0HR,
United Kingdom.
The Group\u2019s principal activities are the operation of several online auction marketplaces, through
which the Group generates income. The nature of the Company and its subsidiaries (the \u201cGroup\u201d)
are set out in note\u00a025 and in the Strategic Report on pages 2 to 77.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_003": { "value": "Auction Technology Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0015": { "value": "Auction Technology Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0046": { "value": "Auction Technology Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0028": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0059": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0060": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_004": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0014": { "value": "The\u00a0Harlequin Building, 65 Southwark Street, London, SE1 0HR, United Kingdom.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0031": { "value": "The Group\u2019s principal activities are the operation of several online auction marketplaces, through
which the Group generates income. The nature of the Company and its subsidiaries (the \u201cGroup\u201d)
are set out in note\u00a025 and in the Strategic Report on pages 2 to 77.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "Restatements
\u2022
The Consolidated Financial Statements for the year ended 30 September 2023 have been
restated throughout to be presented in US dollars as set out below.
\u2022
The Consolidated Statement of Pro\ufb01t or Loss has been restated to separate net impairment
(loss)/gain on trade receivables from administrative expenses, where they were reported in
previous periods.
\u2022
The Consolidated Statement of Financial Position has been restated to separately disclose
contracts assets (FY23: $1.8m, FY22: $0.9m) and contract liabilities (FY23: $1.8m, FY22: $1.9m),
as\u00a0de\ufb01ned within the accounting policies on pages 149 and 150. All balances relating to contract
assets and contract liabilities had previously been included in trade and other receivables and
trade and other payables respectively. There is no impact to the Consolidated Statement of
Pro\ufb01t and Loss and Other Comprehensive Income or Loss, the Consolidated Statement of
Changes in Equity or the Consolidated Statement of Cash Flows as a result of this restatement.
Change in presentation currency
On 17 May 2023, the Group announced that from the beginning of the current \ufb01nancial year,
1\u00a0October 2023, it would be changing the currency in which it presents its \ufb01nancial results from
pound sterling to US dollars. The Group\u2019s US dollar denominated earnings account for over 80%
of\u00a0the Group\u2019s revenues and pro\ufb01ts. This change reduces the impact of currency movements on
reported results. In accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors, this change in presentation currency was applied retrospectively.
In accordance with the provisions of IAS 21 The Effects of Changes in Foreign Exchange Rates, the
historic consolidated \ufb01nancial information has been re-presented from pound sterling to US
dollars as follows:
\u2022
items of income and expenditure, other than single material identi\ufb01able transactions,
denominated in non-US dollar currencies were translated into US dollars at the average
exchange rate (per month) of the reporting period. Single material identi\ufb01able transactions
have\u00a0been translated at the exchange rate at the time of the transaction;
\u2022
assets and liabilities denominated in non-US dollar currencies were translated into US dollars
at\u00a0the exchange rates at the relevant balance sheet dates;
\u2022
share capital, share premium and other equity items have been translated into US dollars at
historical exchange rates on the date of each relevant transaction;
\u2022
all resulting exchange differences have been recognised in other comprehensive income and
in\u00a0the foreign currency translation reserve in accordance with the Group\u2019s existing accounting
policy; and
\u2022
there is no impact to the Consolidated Statement of Pro\ufb01t or Loss as a result of the restatement.
The principal rates used for the translation of results, cash \ufb02ows and balance sheets in US Dollars were:
\n \n
Average rate
Closing rate
FY24
FY23
FY24
FY23
FY22
Pound sterling
1.27
1.23
1.34
1.22
1.12
Euro
1.08
1.07
1.12
1.06
0.98
", "dimensions": { "concept": "ifrs-full:DescriptionOfPresentationCurrency", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "Change in presentation currency
On 17 May 2023, the Group announced that from the beginning of the current \ufb01nancial year,
1\u00a0October 2023, it would be changing the currency in which it presents its \ufb01nancial results from
pound sterling to US dollars. The Group\u2019s US dollar denominated earnings account for over 80%
of\u00a0the Group\u2019s revenues and pro\ufb01ts. This change reduces the impact of currency movements on
reported results. In accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors, this change in presentation currency was applied retrospectively.
In accordance with the provisions of IAS 21 The Effects of Changes in Foreign Exchange Rates, the
historic consolidated \ufb01nancial information has been re-presented from pound sterling to US
dollars as follows:
\u2022
items of income and expenditure, other than single material identi\ufb01able transactions,
denominated in non-US dollar currencies were translated into US dollars at the average
exchange rate (per month) of the reporting period. Single material identi\ufb01able transactions
have\u00a0been translated at the exchange rate at the time of the transaction;
\u2022
assets and liabilities denominated in non-US dollar currencies were translated into US dollars
at\u00a0the exchange rates at the relevant balance sheet dates;
\u2022
share capital, share premium and other equity items have been translated into US dollars at
historical exchange rates on the date of each relevant transaction;
\u2022
all resulting exchange differences have been recognised in other comprehensive income and
in\u00a0the foreign currency translation reserve in accordance with the Group\u2019s existing accounting
policy; and
\u2022
there is no impact to the Consolidated Statement of Pro\ufb01t or Loss as a result of the restatement.
The principal rates used for the translation of results, cash \ufb02ows and balance sheets in US Dollars were:
\n \n
Average rate
Closing rate
FY24
FY23
FY24
FY23
FY22
Pound sterling
1.27
1.23
1.34
1.22
1.12
Euro
1.08
1.07
1.12
1.06
0.98
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "Basis of preparation
The Consolidated Financial Statements consolidate those of the Company and its subsidiaries
(together referred to as the \u201cGroup\u201d). The parent Company accounts present information about
the entity and not about its Group.
The Consolidated Financial Statements have been prepared and approved by the Directors in
accordance with UK-adopted International Accounting Standards (\u201cUK-adopted IAS\u201d) and with the
requirements of the Companies Act 2006. The Company has elected to prepare its parent Company
Financial Statements in accordance with Financial Reporting Standard 101 Reduced Disclosure
Framework (\u201cFRS 101\u201d) and the Companies Act 2006; these are presented on pages\u00a0179\u00a0to 183.
The Consolidated Financial Statements have been prepared under the historical cost convention,
except for certain \ufb01nancial instruments which have been measured at fair value. All accounting
policies set\u00a0out below have been applied consistently to all periods presented in these
Consolidated Financial Statements.
New and amended accounting standards adopted by the Group
The following amendments became applicable during the current reporting period:
\u2022
IFRS 17: Insurance Contracts
\u2022
Amendments to IAS 8: De\ufb01nition of Accounting Estimates
\u2022
Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies
\u2022
Amendments to IAS 12: Deferred Tax related to Assets and Liabilities arising from a Single
Transaction
\u2022
Amendment to IAS 12: International Tax Reform \u2013 Pillar Two Model Rules
The adoption of the standards and interpretations has not led to any changes to the Group\u2019s
accounting policies or had any other material impact on the \ufb01nancial position or performance of\u00a0the
Group. The Group is not in scope for Pillar Two rules, as it does not meet the threshold of annual
revenue of \u20ac750m and therefore the amendment to IAS 12 in relation to Pillar Two has no impact.
\n
\n
New and amended accounting standards that have been issued but are not yet effective
New standards and interpretations that are in issue but not yet effective are listed below:
\u2022
Amendment to IFRS 16: Lease Liability in a Sale and Leaseback
\u2022
Amendments to IAS 1: Classi\ufb01cation of Liabilities as Current or Non-current
\u2022
Amendments to IAS 1: Non-current Liabilities with Covenants
\u2022
Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements
\u2022
Amendments to IAS 21: Lack of Exchangeability
\u2022
Amendments to IFRS 9 and IFRS 7: Classi\ufb01cation and Measurement of Financial Instruments
\u2022
IFRS 18: Presentation and Disclosure in Financial Statements
With the exception of the adoption of IFRS 18, the adoption of the above standards and
interpretations are not expected to lead to any material changes to the Group\u2019s accounting policies
nor have any other material impact on the \ufb01nancial position or performance of the Group. IFRS 18
was issued in April 2024 and is effective for periods beginning on or after 1 January 2027. Early
application is permitted and comparatives will require restatement. The standard will replace IAS 1
Presentation of Financial Statements and although it will not change how items are recognised and
measured, the standard brings a focus on the income statement and reporting of \ufb01nancial
performance. Speci\ufb01cally classifying income and expenses into three new de\ufb01ned categories \u2013
\u201coperating\u201d, \u201cinvesting\u201d and \u201c\ufb01nancing\u201d and two new subtotals \u201coperating pro\ufb01t and loss\u201d and
\u201cpro\ufb01t\u00a0or loss before \ufb01nancing and income tax\u201d, introducing disclosures of management de\ufb01ned
performance measures and enhancing general requirements on aggregation and disaggregation.
The\u00a0impact of the standard on the Group is being assessed and it is not yet practicable to quantify
the effect of IFRS 18 on these Consolidated Financial Statements, however there is no impact on
presentation for the Group in the current year given the effective date \u2013 this will be applicable for
the\u00a0Group\u2019s FY28 reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "The Consolidated Financial Statements have been prepared and approved by the Directors in
accordance with UK-adopted International Accounting Standards (\u201cUK-adopted IAS\u201d) and with the
requirements of the Companies Act 2006.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "value": "New and amended accounting standards adopted by the Group
The following amendments became applicable during the current reporting period:
\u2022
IFRS 17: Insurance Contracts
\u2022
Amendments to IAS 8: De\ufb01nition of Accounting Estimates
\u2022
Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies
\u2022
Amendments to IAS 12: Deferred Tax related to Assets and Liabilities arising from a Single
Transaction
\u2022
Amendment to IAS 12: International Tax Reform \u2013 Pillar Two Model Rules
The adoption of the standards and interpretations has not led to any changes to the Group\u2019s
accounting policies or had any other material impact on the \ufb01nancial position or performance of\u00a0the
Group. The Group is not in scope for Pillar Two rules, as it does not meet the threshold of annual
revenue of \u20ac750m and therefore the amendment to IAS 12 in relation to Pillar Two has no impact.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "New and amended accounting standards that have been issued but are not yet effective
New standards and interpretations that are in issue but not yet effective are listed below:
\u2022
Amendment to IFRS 16: Lease Liability in a Sale and Leaseback
\u2022
Amendments to IAS 1: Classi\ufb01cation of Liabilities as Current or Non-current
\u2022
Amendments to IAS 1: Non-current Liabilities with Covenants
\u2022
Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements
\u2022
Amendments to IAS 21: Lack of Exchangeability
\u2022
Amendments to IFRS 9 and IFRS 7: Classi\ufb01cation and Measurement of Financial Instruments
\u2022
IFRS 18: Presentation and Disclosure in Financial Statements
With the exception of the adoption of IFRS 18, the adoption of the above standards and
interpretations are not expected to lead to any material changes to the Group\u2019s accounting policies
nor have any other material impact on the \ufb01nancial position or performance of the Group. IFRS 18
was issued in April 2024 and is effective for periods beginning on or after 1 January 2027. Early
application is permitted and comparatives will require restatement. The standard will replace IAS 1
Presentation of Financial Statements and although it will not change how items are recognised and
measured, the standard brings a focus on the income statement and reporting of \ufb01nancial
performance. Speci\ufb01cally classifying income and expenses into three new de\ufb01ned categories \u2013
\u201coperating\u201d, \u201cinvesting\u201d and \u201c\ufb01nancing\u201d and two new subtotals \u201coperating pro\ufb01t and loss\u201d and
\u201cpro\ufb01t\u00a0or loss before \ufb01nancing and income tax\u201d, introducing disclosures of management de\ufb01ned
performance measures and enhancing general requirements on aggregation and disaggregation.
The\u00a0impact of the standard on the Group is being assessed and it is not yet practicable to quantify
the effect of IFRS 18 on these Consolidated Financial Statements, however there is no impact on
presentation for the Group in the current year given the effective date \u2013 this will be applicable for
the\u00a0Group\u2019s FY28 reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "Going concern
The Directors are required to assess going concern at each reporting period. The Directors have
undertaken the going concern assessment for the Group for the period to 31 December 2025.
The\u00a0Directors have assessed the Group\u2019s prospects, both as a going concern and its longer-term
viability as set out on pages 41 and 42. After considering the current \ufb01nancial projections, the bank
facilities available and then applying severe but plausible sensitivities, the Directors of the
Company are satis\ufb01ed that the Group has suf\ufb01cient resources for\u00a0its operational needs and will
remain in compliance with the \ufb01nancial covenants in its bank facilities until at least 31 December
2025. For this reason, the Directors continue to adopt the going concern basis in preparing
the\u00a0Consolidated Financial Statements for\u00a0the year ended 30 September 2024. The process
and\u00a0key judgements in coming to this conclusion are set out below:
Liquidity
The Group entered into the Senior Facilities Agreement on 17 June 2021 which included the Senior
Term Facility for $204.0m for the acquisition of LiveAuctioneers. The Senior Term Facility was
drawn down in full on 30 September 2021 prior to completion of the acquisition of LiveAuctioneers
on 1 October 2021. The loan is due to be fully repaid by 17 June 2026. In the absence of any other
prepayments, the next scheduled repayment would be $6.1m on 31 March 2025. At 30 September
2024 the loan balance outstanding was $122.6m and was subject to interest at a margin of 2.75%
over US SOFR.
In addition, the Group has a multi-currency revolving credit working capital facility (the \u201cRCF\u201d)
for\u00a0$49.0m. Any sums outstanding under the RCF will be due for repayment on 17 June 2026. On
13\u00a0February 2024, $9.5m was drawn down to partly fund the payment of deferred consideration
and retention bonuses relating to the acquisition of ESN (see note 11), and has been repaid in full.
The Directors are in the early stages of renegotiations on the \ufb01nancing arrangements for the
Group in advance of the current facilities expiring in June 2026. The Directors assume that the
Group will continue to have funding throughout the going concern period and the three-year
viability period (as discussed on page 41) on the basis that the Group will either renew the facility
or have suf\ufb01cient time to agree an alternative source of \ufb01nance on comparable terms. As at
30\u00a0September 2024 the Group has adjusted net debt of $114.7m and is in a net current liability
position which includes the current Senior Term Facility of $23.0m.
Covenants
The Group is subject to covenant tests on the Senior Term Facility, with the most sensitive
covenant being the net leverage ratio covenant (adjusted net debt: trailing 12-month adjusted
EBITDA). The net leverage ratio covenant was 2.75x at 30 September 2024. Under the base case
forecasts and each of the downside scenarios, including the combined downside scenario,
the\u00a0Group is forecast to be in compliance with the covenants and have cash headroom, without
applying mitigating actions which could be implemented such as reducing capital expenditure
spend. At 30 September 2024, the net leverage ratio was 1.4x compared to the limit of 2.75x and
therefore the Group was comfortably within the covenant.
Scenario planning
The Directors have undertaken the going concern assessment for the Group, taking into
consideration the Group\u2019s business model, strategy, and principal and emerging risks. As part
of\u00a0the going concern review the Directors have reviewed the Group\u2019s forecasts and projections,
and assessed the headroom on the Group\u2019s facilities and the banking covenants. This has been
considered under a base case and several plausible but severe downside scenarios, taking into
consideration the Group\u2019s principal risks and uncertainties. These scenarios include:
\u2022
signi\ufb01cant reduction in marketplace revenue due to an 8% reduction in THV versus the base
case
\u2022
signi\ufb01cant reduction in marketplace revenue due to conversion rate decline of 6% versus the
base case; and,
\u2022
50% lower revenue growth from value-added services across the Group versus the base case.
None of these scenarios individually, or in the combined scenario, which reduces adjusted EBITDA
by $21m, threaten the Group\u2019s ability to continue as a going concern. Even in the combined
downside scenario modelled (the combination of all downside scenarios occurring at once)
the\u00a0Group would be able to operate within the level of its current available debt facilities and
covenants. Accordingly, the Directors continue to adopt the going concern basis in preparing
the\u00a0Consolidated Financial Statements for\u00a0the year ended 30 September 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "value": "Basis of consolidation
The Consolidated Financial Statements consist of the \ufb01nancial statements of the ultimate parent
Company and all entities controlled by the Company. Control is achieved where the Company has
the power to govern the \ufb01nancial and operating policies of an investee entity, has the rights to
variable returns from its involvement with the investee and has the ability to use its power to affect
its returns. The results of subsidiaries acquired or sold are included in the Consolidated Financial
Statements from the date on which control commences until the date on which control ceases.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Employee Bene\ufb01t Trust
The assets and liabilities of the Employee Bene\ufb01t Trust have\u00a0been included in the Consolidated
Financial Statements. Any assets held by the Employee Bene\ufb01t Trust cease to be recognised on
the Consolidated Statement of Financial Position when the assets vest unconditionally in
identi\ufb01ed bene\ufb01ciaries.
The costs of purchasing own shares held by the Employee Bene\ufb01t Trust are shown as a deduction
against equity. The proceeds from the sale of own shares held increase equity. Neither the
purchase nor sale of own shares leads to a gain or loss being recognised in the Consolidated
Statement of Comprehensive Income.
Business combinations
The Group uses the acquisition method of accounting to account for business combinations. The
consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum
of the acquisition date of assets transferred, liabilities incurred, and the equity interests issued by
the Group, which includes the fair value of any asset or liability arising from a contingent
consideration arrangement. Acquisition costs are recognised in pro\ufb01t or loss as incurred.
At the acquisition date, the identi\ufb01able assets acquired and the liabilities assumed are recognised
at their fair value at the acquisition date, except that liabilities or equity instruments related to
share-based payment arrangements of the acquiree or share-based payment arrangements of
the Group entered into to replace share-based payment arrangements of the acquiree are
measured in accordance with IFRS 2 at the acquisition date.
Goodwill is stated after separate recognition of other identi\ufb01able intangible assets.
When the consideration transferred by the Group in a business combination includes a contingent
consideration arrangement, the contingent consideration is measured at its acquisition-date fair
value and included as part of the consideration transferred in a business combination. Changes
in\u00a0fair value of the contingent consideration that qualify as measurement period adjustments are
adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period
adjustments are adjustments that arise from additional information obtained during the
measurement period (which cannot exceed one year from the acquisition date) about facts
and\u00a0circumstances that existed at the acquisition date.
The subsequent accounting for changes in the fair value of the contingent consideration that do
not qualify as measurement period adjustments depends on how the contingent consideration is
classi\ufb01ed. Contingent consideration that is classi\ufb01ed as equity is not remeasured at subsequent
reporting dates and its subsequent settlement is accounted for within equity. Other contingent
consideration is remeasured to fair value at subsequent reporting dates with changes in fair value
recognised in pro\ufb01t or loss.
If the accounting for business combinations involves provisional amounts, which are \ufb01nalised in a
subsequent reporting period during the 12-month measurement period as permitted under IFRS 3,
restatement of these provisional amounts may be required in the subsequent reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "value": "Business combinations
The Group uses the acquisition method of accounting to account for business combinations. The
consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum
of the acquisition date of assets transferred, liabilities incurred, and the equity interests issued by
the Group, which includes the fair value of any asset or liability arising from a contingent
consideration arrangement. Acquisition costs are recognised in pro\ufb01t or loss as incurred.
At the acquisition date, the identi\ufb01able assets acquired and the liabilities assumed are recognised
at their fair value at the acquisition date, except that liabilities or equity instruments related to
share-based payment arrangements of the acquiree or share-based payment arrangements of
the Group entered into to replace share-based payment arrangements of the acquiree are
measured in accordance with IFRS 2 at the acquisition date.
Goodwill is stated after separate recognition of other identi\ufb01able intangible assets.
When the consideration transferred by the Group in a business combination includes a contingent
consideration arrangement, the contingent consideration is measured at its acquisition-date fair
value and included as part of the consideration transferred in a business combination. Changes
in\u00a0fair value of the contingent consideration that qualify as measurement period adjustments are
adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period
adjustments are adjustments that arise from additional information obtained during the
measurement period (which cannot exceed one year from the acquisition date) about facts
and\u00a0circumstances that existed at the acquisition date.
The subsequent accounting for changes in the fair value of the contingent consideration that do
not qualify as measurement period adjustments depends on how the contingent consideration is
classi\ufb01ed. Contingent consideration that is classi\ufb01ed as equity is not remeasured at subsequent
reporting dates and its subsequent settlement is accounted for within equity. Other contingent
consideration is remeasured to fair value at subsequent reporting dates with changes in fair value
recognised in pro\ufb01t or loss.
If the accounting for business combinations involves provisional amounts, which are \ufb01nalised in a
subsequent reporting period during the 12-month measurement period as permitted under IFRS 3,
restatement of these provisional amounts may be required in the subsequent reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "value": "Business combinations
The Group uses the acquisition method of accounting to account for business combinations. The
consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum
of the acquisition date of assets transferred, liabilities incurred, and the equity interests issued by
the Group, which includes the fair value of any asset or liability arising from a contingent
consideration arrangement. Acquisition costs are recognised in pro\ufb01t or loss as incurred.
At the acquisition date, the identi\ufb01able assets acquired and the liabilities assumed are recognised
at their fair value at the acquisition date, except that liabilities or equity instruments related to
share-based payment arrangements of the acquiree or share-based payment arrangements of
the Group entered into to replace share-based payment arrangements of the acquiree are
measured in accordance with IFRS 2 at the acquisition date.
Goodwill is stated after separate recognition of other identi\ufb01able intangible assets.
When the consideration transferred by the Group in a business combination includes a contingent
consideration arrangement, the contingent consideration is measured at its acquisition-date fair
value and included as part of the consideration transferred in a business combination. Changes
in\u00a0fair value of the contingent consideration that qualify as measurement period adjustments are
adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period
adjustments are adjustments that arise from additional information obtained during the
measurement period (which cannot exceed one year from the acquisition date) about facts
and\u00a0circumstances that existed at the acquisition date.
The subsequent accounting for changes in the fair value of the contingent consideration that do
not qualify as measurement period adjustments depends on how the contingent consideration is
classi\ufb01ed. Contingent consideration that is classi\ufb01ed as equity is not remeasured at subsequent
reporting dates and its subsequent settlement is accounted for within equity. Other contingent
consideration is remeasured to fair value at subsequent reporting dates with changes in fair value
recognised in pro\ufb01t or loss.
If the accounting for business combinations involves provisional amounts, which are \ufb01nalised in a
subsequent reporting period during the 12-month measurement period as permitted under IFRS 3,
restatement of these provisional amounts may be required in the subsequent reporting period.Goodwill
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is not amortised but
is reviewed for impairment at least annually.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating
units (\u201cCGUs\u201d) expected to bene\ufb01t from the synergies of the combination. CGUs to which goodwill
has been allocated are tested for impairment annually, or more frequently when there is an
indication that the unit may be impaired. If the recoverable amount of the cash-generating unit
is\u00a0less than the carrying amount of the unit, the impairment loss is allocated \ufb01rst to reduce the
carrying amount of any goodwill allocated to the unit and then to the other assets of the unit
pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss
recognised for goodwill is not reversed in a subsequent period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "Foreign currency
Functional currency
The functional currency of Auction Technology Group plc and its subsidiaries, other than the
US\u00a0holding companies, is measured using the currency of the primary economic environment in
which the entity operates. The US holding companies in FY24 which had a functional currency of
pound sterling include ATG US Holdings Limited and ATG US Holdings Inc.
Transactions and balances
Transactions denominated in foreign currencies are translated into the functional currency
at\u00a0the\u00a0exchange rates prevailing on the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are translated into US dollars at the rates of exchange at the
reporting date. Gains and losses arising on foreign currency borrowings, to the extent that they are
used to provide a\u00a0hedge against the Group\u2019s equity investments in overseas undertakings, are
taken to the Statement of Other Comprehensive income together with the exchange difference
arising on the net investment in those undertakings. All other exchange differences on monetary
items are taken to pro\ufb01t and loss.
Group companies
On consolidation, the assets and liabilities of foreign operations are translated into US dollars
at\u00a0the rate of exchange prevailing at the reporting date and their statements of pro\ufb01t or loss are
translated at the average exchange rates for the year. Exchange differences arising, if any, are
recognised in the Statement of Other Comprehensive Income and accumulated in a foreign
currency translation reserve. On disposal of a foreign operation, the component of other
comprehensive income relating to that foreign operation is recognised in the Statement
of\u00a0Pro\ufb01t\u00a0or Loss.
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 the acquisition closing rate. This is
then\u00a0revalued at the year-end rate with any foreign exchange difference taken directly to the
translation reserve.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "Functional currency
The functional currency of Auction Technology Group plc and its subsidiaries, other than the
US\u00a0holding companies, is measured using the currency of the primary economic environment in
which the entity operates. The US holding companies in FY24 which had a functional currency of
pound sterling include ATG US Holdings Limited and ATG US Holdings Inc.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "On consolidation, the assets and liabilities of foreign operations are translated into US dollars
at\u00a0the rate of exchange prevailing at the reporting date and their statements of pro\ufb01t or loss are
translated at the average exchange rates for the year. Exchange differences arising, if any, are
recognised in the Statement of Other Comprehensive Income and accumulated in a foreign
currency translation reserve. On disposal of a foreign operation, the component of other
comprehensive income relating to that foreign operation is recognised in the Statement
of\u00a0Pro\ufb01t\u00a0or Loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "value": "Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and impairment
losses. Cost includes the original purchase price of the asset and the costs attributable to bringing
the asset to its working condition for its intended use. Depreciation is charged to the Consolidated
Statement of Pro\ufb01t or Loss over the estimated useful lives of each part of an item of property,
plant and equipment. The Directors reassess the useful economic lives and estimated residual
values on an annual basis. The estimated useful lives are as follows:
\n \n
Leasehold improvements
3 to 7 years straight line
Computer equipment
3 to 5 years straight line
Fixtures and \ufb01ttings
3 to 5 years straight line
The gain or loss arising on the disposal or retirement of an asset is determined as the difference
between the net sale proceeds and the carrying amount of the asset and is recognised in the
Consolidated Statement of Pro\ufb01t or Loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "value": "Depreciation is charged to the Consolidated
Statement of Pro\ufb01t or Loss over the estimated useful lives of each part of an item of property,
plant and equipment. The Directors reassess the useful economic lives and estimated residual
values on an annual basis. The estimated useful lives are as follows:
\n \n
Leasehold improvements
3 to 7 years straight line
Computer equipment
3 to 5 years straight line
Fixtures and \ufb01ttings
3 to 5 years straight line
A corresponding right of use asset is recognised, equivalent to the value of the lease
liability, which is depreciated in a straight line over the shorter of the useful economic life of the
asset and the lease term. The depreciation is recognised as an administrative expense within
overheads.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "value": "Intangible assets
Identi\ufb01able intangibles are those which can be sold separately, or which arise from legal rights
regardless of whether those rights are separable.
Goodwill
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is not amortised but
is reviewed for impairment at least annually.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating
units (\u201cCGUs\u201d) expected to bene\ufb01t from the synergies of the combination. CGUs to which goodwill
has been allocated are tested for impairment annually, or more frequently when there is an
indication that the unit may be impaired. If the recoverable amount of the cash-generating unit
is\u00a0less than the carrying amount of the unit, the impairment loss is allocated \ufb01rst to reduce the
carrying amount of any goodwill allocated to the unit and then to the other assets of the unit
pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss
recognised for goodwill is not reversed in a subsequent period.
Internally generated so\ufb05ware
Included within internally generated software are development costs in relation to software which
are capitalised when the related projects meet the recognition criteria of an internally generated
intangible asset, the key criteria being as follows:
\u2022
technical feasibility of the completed intangible asset has been established;
\u2022
it can be demonstrated that the asset will generate probable future economic bene\ufb01ts;
\u2022
adequate technical, \ufb01nancial and other resources are available to complete the development;
\u2022
the expenditure attributable to the intangible asset can be reliably measured; and
\u2022
management has the ability and intention to use or sell the asset.
These projects are designed to develop new features for the Group\u2019s marketplaces. Salaries
associated with development time and directly attributable overheads are capitalised within
intangible assets.
The Group only capitalises internally generated costs from the con\ufb01guration and capitalisation
of\u00a0SaaS projects when it is able to obtain economic bene\ufb01ts from the activities independent from
the SaaS solution itself.
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
Development costs recognised as assets are amortised on a straight-line basis over their
expected useful life. Development expenditure is amortised from the point at which the asset is
available for use. Assets are amortised over the period the Group is expected to bene\ufb01t and are
subject to annual impairment testing.
Acquired intangible assets
Acquired intangible assets include software, customer relationships, brand and non-compete
agreements. Intangible assets acquired in a business combination and recognised separately from
goodwill are recognised initially at their fair value at the acquisition date. Subsequent to initial
recognition, intangible assets acquired in a business combination are reported at cost less
accumulated amortisation and impairment losses.
Amortisation
Amortisation relating to capitalised software development costs is recognised through cost
of\u00a0sales whilst amortisation in respect of non-software intangibles is recognised through
administrative expenses. Amortisation is charged to the Consolidated Statement of Pro\ufb01t or Loss
on a straight-line basis over the estimated useful lives of intangible assets unless such lives are
inde\ufb01nite. The estimated useful lives are as follows:
\n \n
Internally generated software
3 years
Software
3 to 10 years
Customer relationships
2 to 14 years
Brand
5 to 15 years
Non-compete agreement
4 years
The estimated useful life and amortisation method are reviewed at the end of each reporting
period, with the effect of any changes in estimate being accounted for on a prospective basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": "Intangible assets
Identi\ufb01able intangibles are those which can be sold separately, or which arise from legal rights
regardless of whether those rights are separable.Internally generated so\ufb05ware
Included within internally generated software are development costs in relation to software which
are capitalised when the related projects meet the recognition criteria of an internally generated
intangible asset, the key criteria being as follows:
\u2022
technical feasibility of the completed intangible asset has been established;
\u2022
it can be demonstrated that the asset will generate probable future economic bene\ufb01ts;
\u2022
adequate technical, \ufb01nancial and other resources are available to complete the development;
\u2022
the expenditure attributable to the intangible asset can be reliably measured; and
\u2022
management has the ability and intention to use or sell the asset.
These projects are designed to develop new features for the Group\u2019s marketplaces. Salaries
associated with development time and directly attributable overheads are capitalised within
intangible assets.
The Group only capitalises internally generated costs from the con\ufb01guration and capitalisation
of\u00a0SaaS projects when it is able to obtain economic bene\ufb01ts from the activities independent from
the SaaS solution itself.
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
Development costs recognised as assets are amortised on a straight-line basis over their
expected useful life. Development expenditure is amortised from the point at which the asset is
available for use. Assets are amortised over the period the Group is expected to bene\ufb01t and are
subject to annual impairment testing.
Acquired intangible assets
Acquired intangible assets include software, customer relationships, brand and non-compete
agreements. Intangible assets acquired in a business combination and recognised separately from
goodwill are recognised initially at their fair value at the acquisition date. Subsequent to initial
recognition, intangible assets acquired in a business combination are reported at cost less
accumulated amortisation and impairment losses.
Amortisation
Amortisation relating to capitalised software development costs is recognised through cost
of\u00a0sales whilst amortisation in respect of non-software intangibles is recognised through
administrative expenses. Amortisation is charged to the Consolidated Statement of Pro\ufb01t or Loss
on a straight-line basis over the estimated useful lives of intangible assets unless such lives are
inde\ufb01nite. The estimated useful lives are as follows:
\n \n
Internally generated software
3 years
Software
3 to 10 years
Customer relationships
2 to 14 years
Brand
5 to 15 years
Non-compete agreement
4 years
The estimated useful life and amortisation method are reviewed at the end of each reporting
period, with the effect of any changes in estimate being accounted for on a prospective basis.
Impairment of non-\ufb01nancial assets (excluding goodwill)
At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any
such indication exists, the recoverable amount of the asset is estimated to\u00a0determine the extent of
the impairment loss (if any). Where the asset does not generate cash \ufb02ows that are independent from
other assets, the Group estimates the recoverable amount of the\u00a0CGU to which the asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing
value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax
discount rate that re\ufb02ects current market assessments of the time value of money and the risks
speci\ufb01c to the asset for which the estimates of future cash \ufb02ows have not been adjusted.
If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount,
the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment
loss is recognised immediately in pro\ufb01t or loss.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is
increased to the revised estimate of its recoverable amount, but so that the increased carrying
amount does not exceed the carrying amount that would have been determined had no
impairment loss been recognised for the asset (or CGU) in prior years. A reversal of an impairment
loss is recognised immediately in the Consolidated Statement of Pro\ufb01t or Loss to the extent that it
eliminates the impairment loss which has been recognised for the asset in prior years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "Goodwill
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is not amortised but
is reviewed for impairment at least annually.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating
units (\u201cCGUs\u201d) expected to bene\ufb01t from the synergies of the combination. CGUs to which goodwill
has been allocated are tested for impairment annually, or more frequently when there is an
indication that the unit may be impaired. If the recoverable amount of the cash-generating unit
is\u00a0less than the carrying amount of the unit, the impairment loss is allocated \ufb01rst to reduce the
carrying amount of any goodwill allocated to the unit and then to the other assets of the unit
pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss
recognised for goodwill is not reversed in a subsequent period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "value": "Goodwill
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is not amortised but
is reviewed for impairment at least annually.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating
units (\u201cCGUs\u201d) expected to bene\ufb01t from the synergies of the combination. CGUs to which goodwill
has been allocated are tested for impairment annually, or more frequently when there is an
indication that the unit may be impaired. If the recoverable amount of the cash-generating unit
is\u00a0less than the carrying amount of the unit, the impairment loss is allocated \ufb01rst to reduce the
carrying amount of any goodwill allocated to the unit and then to the other assets of the unit
pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss
recognised for goodwill is not reversed in a subsequent period.Impairment of non-\ufb01nancial assets (excluding goodwill)
At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any
such indication exists, the recoverable amount of the asset is estimated to\u00a0determine the extent of
the impairment loss (if any). Where the asset does not generate cash \ufb02ows that are independent from
other assets, the Group estimates the recoverable amount of the\u00a0CGU to which the asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing
value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax
discount rate that re\ufb02ects current market assessments of the time value of money and the risks
speci\ufb01c to the asset for which the estimates of future cash \ufb02ows have not been adjusted.
If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount,
the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment
loss is recognised immediately in pro\ufb01t or loss.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is
increased to the revised estimate of its recoverable amount, but so that the increased carrying
amount does not exceed the carrying amount that would have been determined had no
impairment loss been recognised for the asset (or CGU) in prior years. A reversal of an impairment
loss is recognised immediately in the Consolidated Statement of Pro\ufb01t or Loss to the extent that it
eliminates the impairment loss which has been recognised for the asset in prior years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "value": "Impairment of non-\ufb01nancial assets (excluding goodwill)
At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any
such indication exists, the recoverable amount of the asset is estimated to\u00a0determine the extent of
the impairment loss (if any). Where the asset does not generate cash \ufb02ows that are independent from
other assets, the Group estimates the recoverable amount of the\u00a0CGU to which the asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing
value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax
discount rate that re\ufb02ects current market assessments of the time value of money and the risks
speci\ufb01c to the asset for which the estimates of future cash \ufb02ows have not been adjusted.
If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount,
the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment
loss is recognised immediately in pro\ufb01t or loss.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is
increased to the revised estimate of its recoverable amount, but so that the increased carrying
amount does not exceed the carrying amount that would have been determined had no
impairment loss been recognised for the asset (or CGU) in prior years. A reversal of an impairment
loss is recognised immediately in the Consolidated Statement of Pro\ufb01t or Loss to the extent that it
eliminates the impairment loss which has been recognised for the asset in prior years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "value": "Cash and cash equivalents
Cash and cash equivalents include cash at banks, cash in transit due from credit card providers
and cash in hand, deposits held at call with banks, other short-term highly liquid investments with
original maturities of three months or less and restricted cash.
Restricted cash includes cash held by the Group which can only be used to exchange or settle a
speci\ufb01c liability in the future and cash held by the Trustee of the Group\u2019s Employee Bene\ufb01t Trust.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "value": "Restricted cash includes cash held by the Group which can only be used to exchange or settle a speci\ufb01c liability in the future and cash held by the Trustee of the Group\u2019s Employee Bene\ufb01t Trust.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "value": "Financial instruments
Recognition, initial measurement and derecognition
Financial assets and \ufb01nancial liabilities are recognised when the Group\u00a0becomes a party to the
contractual provisions of the \ufb01nancial instrument and are measured initially at fair value adjusted
by transaction costs, except for those carried at fair value through pro\ufb01t or loss which are
measured initially at fair value. Subsequent measurement of \ufb01nancial assets and \ufb01nancial
liabilities is described below.
Financial assets are derecognised when the contractual rights to the cash \ufb02ows from the \ufb01nancial
asset expire, or when the \ufb01nancial asset and all substantial risks and rewards are transferred. A
\ufb01nancial liability is derecognised when it is extinguished, discharged, cancelled or expires.
Classi\ufb01cation and subsequent measurement of \ufb01nancial assets
For the purpose of subsequent measurement, the Group classi\ufb01es its \ufb01nancial assets into the
following categories: \ufb01nancial assets at amortised cost, \ufb01nancial assets at fair value through pro\ufb01t
or loss (\u201cFVTPL\u201d) and \ufb01nancial assets at fair value through other comprehensive income.
Financial assets at amortised cost
Financial assets at amortised cost are non-derivative \ufb01nancial assets with \ufb01xed or determinable
payments that are not quoted in an active market. After initial recognition, these are measured at
amortised cost using the effective interest method, less provision for impairment. Discounting is
omitted where the effect of discounting is immaterial. The Group\u2019s cash and cash equivalents,
contract assets, trade and most other receivables fall into this category of \ufb01nancial instruments.
The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on \ufb01nancial assets
that\u00a0are measured at amortised cost. The amount of expected credit losses is updated at
each\u00a0reporting date to re\ufb02ect changes in credit risk since initial recognition of the respective
\ufb01nancial instrument.
The Group recognises lifetime ECL on trade receivables. The ECL on these \ufb01nancial assets are
estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted
for factors that are speci\ufb01c to the receivables, general economic conditions and an assessment of
both the current as well as the forecast direction of conditions at the reporting date, including
time value of money where appropriate.
All income and expenses relating to \ufb01nancial assets that are recognised in the Consolidated
Statement of Pro\ufb01t or Loss are presented within \ufb01nance costs or \ufb01nance income, except for
impairment of trade receivables which is presented within other administrative expenses.
Classi\ufb01cation and subsequent measurement of \ufb01nancial liabilities
The Group\u2019s \ufb01nancial liabilities include borrowings, contract liabilities and trade and
other\u00a0payables.
Financial liabilities are measured at amortised cost using the effective interest method, except for
\ufb01nancial liabilities held for trading or designated at FVTPL, that are carried at fair value with gains
or losses recognised in the Consolidated Statement of Pro\ufb01t or Loss.
All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are
reported in the Consolidated Statement of Pro\ufb01t or Loss are included within \ufb01nance costs or
\ufb01nance income.
Hedge accounting
The Group designates foreign currency loans as hedging instruments in respect of foreign currency
risk and hedges of net investments in foreign operations. Hedges of foreign exchange risk on \ufb01rm
commitments are accounted for as cash \ufb02ow hedges.
At the inception of the hedge relationship, the Group documents the relationship between the
hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge
and on an ongoing basis, the Group documents whether the hedging instrument is effective in
offsetting changes in fair values or cash \ufb02ows of the hedged item attributable to the hedged risk,
which is when the hedging relationships meet all of the following hedge effectiveness
requirements:
\u2022
there is an economic relationship between the hedged item and the hedging instrument;
\u2022
the effect of credit risk does not dominate the value changes that result from that economic
relationship; and
\u2022
the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group hedges and the quantity of the hedging instrument that the Group
uses to hedge that quantity of hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the
hedge ratio but the risk management objective for that designated hedging relationship remains
the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge)
so that it meets the qualifying criteria again. Hedge accounting is discontinued when the hedging
instrument expires or is sold, terminated or exercised, or no longer quali\ufb01es for hedge accounting.
Gains and losses accumulated in the foreign currency translation reserve are included in the
Consolidated Statement of Pro\ufb01t or Loss on disposal of the foreign operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00381": { "value": "Recognition, initial measurement and derecognition
Financial assets and \ufb01nancial liabilities are recognised when the Group\u00a0becomes a party to the
contractual provisions of the \ufb01nancial instrument and are measured initially at fair value adjusted
by transaction costs, except for those carried at fair value through pro\ufb01t or loss which are
measured initially at fair value. Subsequent measurement of \ufb01nancial assets and \ufb01nancial
liabilities is described below.
Financial assets are derecognised when the contractual rights to the cash \ufb02ows from the \ufb01nancial
asset expire, or when the \ufb01nancial asset and all substantial risks and rewards are transferred. A
\ufb01nancial liability is derecognised when it is extinguished, discharged, cancelled or expires.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "value": "Financial assets are derecognised when the contractual rights to the cash \ufb02ows from the \ufb01nancial
asset expire, or when the \ufb01nancial asset and all substantial risks and rewards are transferred. A
\ufb01nancial liability is derecognised when it is extinguished, discharged, cancelled or expires.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00383": { "value": "Classi\ufb01cation and subsequent measurement of \ufb01nancial assets
For the purpose of subsequent measurement, the Group classi\ufb01es its \ufb01nancial assets into the
following categories: \ufb01nancial assets at amortised cost, \ufb01nancial assets at fair value through pro\ufb01t
or loss (\u201cFVTPL\u201d) and \ufb01nancial assets at fair value through other comprehensive income.
Financial assets at amortised cost
Financial assets at amortised cost are non-derivative \ufb01nancial assets with \ufb01xed or determinable
payments that are not quoted in an active market. After initial recognition, these are measured at
amortised cost using the effective interest method, less provision for impairment. Discounting is
omitted where the effect of discounting is immaterial. The Group\u2019s cash and cash equivalents,
contract assets, trade and most other receivables fall into this category of \ufb01nancial instruments.
The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on \ufb01nancial assets
that\u00a0are measured at amortised cost. The amount of expected credit losses is updated at
each\u00a0reporting date to re\ufb02ect changes in credit risk since initial recognition of the respective
\ufb01nancial instrument.
The Group recognises lifetime ECL on trade receivables. The ECL on these \ufb01nancial assets are
estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted
for factors that are speci\ufb01c to the receivables, general economic conditions and an assessment of
both the current as well as the forecast direction of conditions at the reporting date, including
time value of money where appropriate.
All income and expenses relating to \ufb01nancial assets that are recognised in the Consolidated
Statement of Pro\ufb01t or Loss are presented within \ufb01nance costs or \ufb01nance income, except for
impairment of trade receivables which is presented within other administrative expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00384": { "value": "Financial assets at amortised cost
Financial assets at amortised cost are non-derivative \ufb01nancial assets with \ufb01xed or determinable
payments that are not quoted in an active market. After initial recognition, these are measured at
amortised cost using the effective interest method, less provision for impairment. Discounting is
omitted where the effect of discounting is immaterial. The Group\u2019s cash and cash equivalents,
contract assets, trade and most other receivables fall into this category of \ufb01nancial instruments.
The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on \ufb01nancial assets
that\u00a0are measured at amortised cost. The amount of expected credit losses is updated at
each\u00a0reporting date to re\ufb02ect changes in credit risk since initial recognition of the respective
\ufb01nancial instrument.
The Group recognises lifetime ECL on trade receivables. The ECL on these \ufb01nancial assets are
estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted
for factors that are speci\ufb01c to the receivables, general economic conditions and an assessment of
both the current as well as the forecast direction of conditions at the reporting date, including
time value of money where appropriate.
All income and expenses relating to \ufb01nancial assets that are recognised in the Consolidated
Statement of Pro\ufb01t or Loss are presented within \ufb01nance costs or \ufb01nance income, except for
impairment of trade receivables which is presented within other administrative expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00385": { "value": "Financial assets at amortised cost are non-derivative \ufb01nancial assets with \ufb01xed or determinable
payments that are not quoted in an active market. After initial recognition, these are measured at
amortised cost using the effective interest method, less provision for impairment. Discounting is
omitted where the effect of discounting is immaterial. The Group\u2019s cash and cash equivalents,
contract assets, trade and most other receivables fall into this category of \ufb01nancial instruments.
The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on \ufb01nancial assets
that\u00a0are measured at amortised cost. The amount of expected credit losses is updated at
each\u00a0reporting date to re\ufb02ect changes in credit risk since initial recognition of the respective
\ufb01nancial instrument.
The Group recognises lifetime ECL on trade receivables. The ECL on these \ufb01nancial assets are
estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted
for factors that are speci\ufb01c to the receivables, general economic conditions and an assessment of
both the current as well as the forecast direction of conditions at the reporting date, including
time value of money where appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "value": "All income and expenses relating to \ufb01nancial assets that are recognised in the Consolidated
Statement of Pro\ufb01t or Loss are presented within \ufb01nance costs or \ufb01nance income, except for
impairment of trade receivables which is presented within other administrative expenses.All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are
reported in the Consolidated Statement of Pro\ufb01t or Loss are included within \ufb01nance costs or
\ufb01nance income.The unwinding of the discount on the present value of the lease liability is recognised as a \ufb01nance charge over the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "value": "All income and expenses relating to \ufb01nancial assets that are recognised in the Consolidated
Statement of Pro\ufb01t or Loss are presented within \ufb01nance costs or \ufb01nance income, except for
impairment of trade receivables which is presented within other administrative expenses.All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are
reported in the Consolidated Statement of Pro\ufb01t or Loss are included within \ufb01nance costs or
\ufb01nance income.The unwinding of the discount on the present value of the lease liability is recognised as a \ufb01nance charge over the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "All income and expenses relating to \ufb01nancial assets that are recognised in the Consolidated
Statement of Pro\ufb01t or Loss are presented within \ufb01nance costs or \ufb01nance income, except for
impairment of trade receivables which is presented within other administrative expenses.All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are
reported in the Consolidated Statement of Pro\ufb01t or Loss are included within \ufb01nance costs or
\ufb01nance income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "value": "All income and expenses relating to \ufb01nancial assets that are recognised in the Consolidated
Statement of Pro\ufb01t or Loss are presented within \ufb01nance costs or \ufb01nance income, except for
impairment of trade receivables which is presented within other administrative expenses.All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are
reported in the Consolidated Statement of Pro\ufb01t or Loss are included within \ufb01nance costs or
\ufb01nance income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "Classi\ufb01cation and subsequent measurement of \ufb01nancial liabilities
The Group\u2019s \ufb01nancial liabilities include borrowings, contract liabilities and trade and
other\u00a0payables.
Financial liabilities are measured at amortised cost using the effective interest method, except for
\ufb01nancial liabilities held for trading or designated at FVTPL, that are carried at fair value with gains
or losses recognised in the Consolidated Statement of Pro\ufb01t or Loss.
All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are
reported in the Consolidated Statement of Pro\ufb01t or Loss are included within \ufb01nance costs or
\ufb01nance income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "Classi\ufb01cation and subsequent measurement of \ufb01nancial liabilities
The Group\u2019s \ufb01nancial liabilities include borrowings, contract liabilities and trade and
other\u00a0payables.
Financial liabilities are measured at amortised cost using the effective interest method, except for
\ufb01nancial liabilities held for trading or designated at FVTPL, that are carried at fair value with gains
or losses recognised in the Consolidated Statement of Pro\ufb01t or Loss.
All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are
reported in the Consolidated Statement of Pro\ufb01t or Loss are included within \ufb01nance costs or
\ufb01nance income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00392": { "value": "The Group\u2019s \ufb01nancial liabilities include borrowings, contract liabilities and trade and
other\u00a0payables.
Financial liabilities are measured at amortised cost using the effective interest method, except for
\ufb01nancial liabilities held for trading or designated at FVTPL, that are carried at fair value with gains
or losses recognised in the Consolidated Statement of Pro\ufb01t or Loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00393": { "value": "Hedge accounting
The Group designates foreign currency loans as hedging instruments in respect of foreign currency
risk and hedges of net investments in foreign operations. Hedges of foreign exchange risk on \ufb01rm
commitments are accounted for as cash \ufb02ow hedges.
At the inception of the hedge relationship, the Group documents the relationship between the
hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge
and on an ongoing basis, the Group documents whether the hedging instrument is effective in
offsetting changes in fair values or cash \ufb02ows of the hedged item attributable to the hedged risk,
which is when the hedging relationships meet all of the following hedge effectiveness
requirements:
\u2022
there is an economic relationship between the hedged item and the hedging instrument;
\u2022
the effect of credit risk does not dominate the value changes that result from that economic
relationship; and
\u2022
the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group hedges and the quantity of the hedging instrument that the Group
uses to hedge that quantity of hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the
hedge ratio but the risk management objective for that designated hedging relationship remains
the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge)
so that it meets the qualifying criteria again. Hedge accounting is discontinued when the hedging
instrument expires or is sold, terminated or exercised, or no longer quali\ufb01es for hedge accounting.
Gains and losses accumulated in the foreign currency translation reserve are included in the
Consolidated Statement of Pro\ufb01t or Loss on disposal of the foreign operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "value": "Hedge accounting
The Group designates foreign currency loans as hedging instruments in respect of foreign currency
risk and hedges of net investments in foreign operations. Hedges of foreign exchange risk on \ufb01rm
commitments are accounted for as cash \ufb02ow hedges.
At the inception of the hedge relationship, the Group documents the relationship between the
hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge
and on an ongoing basis, the Group documents whether the hedging instrument is effective in
offsetting changes in fair values or cash \ufb02ows of the hedged item attributable to the hedged risk,
which is when the hedging relationships meet all of the following hedge effectiveness
requirements:
\u2022
there is an economic relationship between the hedged item and the hedging instrument;
\u2022
the effect of credit risk does not dominate the value changes that result from that economic
relationship; and
\u2022
the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group hedges and the quantity of the hedging instrument that the Group
uses to hedge that quantity of hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the
hedge ratio but the risk management objective for that designated hedging relationship remains
the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge)
so that it meets the qualifying criteria again. Hedge accounting is discontinued when the hedging
instrument expires or is sold, terminated or exercised, or no longer quali\ufb01es for hedge accounting.
Gains and losses accumulated in the foreign currency translation reserve are included in the
Consolidated Statement of Pro\ufb01t or Loss on disposal of the foreign operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "value": "Revenue recognition
The Group recognises revenue when it has transferred the promised services to customers in
an\u00a0amount that re\ufb02ects the consideration to which they expect to be entitled in exchange for
those services.
Marketplace revenues
Marketplace revenues include commissions (based on a percentage of the price of items sold at
auction), auction fees (both pay-as-you-go and subscription based), value-added services, digital
marketing and advertising and auction-related services.
Commission fees
The Group recognises commission fees as an agent on the basis that there is no contractual
relationship with the bidder, the end-consumer of goods sold at auction, and the Group will
receive its commission from the auction house irrespective of whether the end-consumer makes
its payment to the auction house.
The commission element of both subscription and pay-as-you-go contracts (see below) is based
on the value of the items sold at auction. The commission element of auction revenue is not
recognised until the auction has completed and the revenue value is known.
Auction \ufb01xed fees
Contracts will typically specify an event (pay-as-you-go) or period of time during which the auction
house may host a number of events (subscription) as well as other auction-related services.
Auction \ufb01xed fees sold under subscription-based contracts, in which the performance obligation
is the provision of access to the technology platform and any auction-related services speci\ufb01ed
in\u00a0the contract for that period of time, are recognised straight-line over the term of the contract.
This recognition re\ufb02ects the fact that the contract allows for continuous usage of the technology
platform and its functionality together with any auction-related services.
Auction \ufb01xed fees sold under pay-as-you-go contracts result in a performance obligation that
is\u00a0satis\ufb01ed by providing access for the duration of that speci\ufb01c auction. As auctions typically
complete within one to three days, the Group recognises revenue on completion of the auction.
Value-added services
Value-added services include atgPay and atgShip. These services have a distinct performance
obligation based on the capability of being separately identi\ufb01ed as an optional service on the
Group\u2019s marketplaces and providing the end-customer a service that can be used on its own.
There is judgement involved in determining whether these services should be recognised based
on\u00a0an agent or principal basis.
For atgPay, the Group has primary responsibility for ful\ufb01lling the services to the customer and has
sole discretion in establishing the prices charged to the auction house for the services provided.
On this basis the revenue is recognised on a principal basis, and it is recognised at the point in
time when control of the promised service is transferred to the customer, i.e. the payment from
the bidder has been processed for the auction house.
For atgShip, the Group has applied judgement to conclude it is has the primary responsibility
in\u00a0ful\ufb01lling the shipping services to the bidder. Given the complexity involved in shipping Arts &
Antiques across North America, the logistics required to operate our atgShip service requires
signi\ufb01cant involvement of the Group including the sole responsibility for selecting an appropriate
shipping agent that must be used for each delivery based on the nature of the item sold at auction
(e.g. its size, shape and fragility) and the location which it is being shipped to across North
America. Further, the Group takes responsibility for delivery of the shipped items by the shipping
agent. The Group also have the primary responsibility for receiving and resolving customer service
enquiries, including directly keeping the bidder informed of the status of their delivery and
handling complaints for lost or damaged items. The Group also have sole discretion in establishing
the prices charged for the atgShip service. Our network of shipping carriers arrange insurance for
the shipped item hence, retain the inventory risk of the products in transit. Having assessed the
overall substance of the arrangements within this revenue stream, it has been concluded that the
Group is acting as the principal in the shipping arrangements. For practical reasons, the revenue is
recognised on the auction sale date rather than on delivery of the item to the bidder. The impact
of this timing difference for recognition is assessed at each reporting period and is immaterial to
the Group\u2019s revenue and pro\ufb01ts.
The revenue for both services is recognised as the full fees. The expenses for the fees paid to the
other parties involved in the atgPay and atgShip process are recognised separately within cost of sales.
Digital marketing and advertising
Marketing revenues are principally derived from banner advertising and fees generated from
email\u00a0campaigns. Revenue is recognised in line with the satisfaction of the campaign objectives
(i.e. at the point that the campaign emails are sent or over the period that the banner is provided
on the website).
Auction-related services
Auction-related services include mirrored bidding, customer support, buy-it-now functionality,
online cataloguing and the provision of personnel to operate the auction. These contracts are
deemed to represent a single performance obligation, on the basis that the customer could not
bene\ufb01t from the auction-related services without also having access to the auction platform,
and\u00a0therefore are not distinct performance obligations.
Auction services revenues
For back-of\ufb01ce and software technology products, auction revenues sold under
subscription-based contracts, in which the performance obligation is the provision of access to
the technology platform and any auction-related services speci\ufb01ed in the contract for that period
of time, are recognised straight-line over the term of the contract. This recognition re\ufb02ects the
fact that the contract allows for continuous usage of the technology platform and its functionality
together with any auction-related services.
Auction revenues sold under pay-as-you-go contracts result in a performance obligation that
is\u00a0satis\ufb01ed by providing access for the duration of that speci\ufb01c auction. As auctions typically
complete within\u00a0one to three days, the Group recognises revenue on completion of the auction.
Content-related services
Content-related services primarily include print and digital advertising revenues and subscriptions
to the Antiques Trade Gazette.
The Group identi\ufb01ed one performance obligation for print advertising services which is to include
the advert in a particular edition of the Antiques Trade Gazette. The performance obligation is
satis\ufb01ed and revenue is recognised at the point that the magazine is published. Where the advert
is featured in a number of editions, the performance obligation is satis\ufb01ed over the period that the
advertisement is featured. Revenue is recognised evenly over the period that the advertisement is
featured.
For magazine subscriptions, customers receive a speci\ufb01ed number of editions during the
subscription period. Revenue is recognised evenly over the subscription period.
Contract balances
Timing of revenue recognition may differ from the timing of invoicing to customers. Contract
assets represent revenue recognised prior to invoicing when it has satis\ufb01ed its performance
obligation and has the unconditional right to payment.
Contract liabilities consist of fees received related to unsatis\ufb01ed performance obligations at the
end of the period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00396": { "value": "Commission fees
The Group recognises commission fees as an agent on the basis that there is no contractual
relationship with the bidder, the end-consumer of goods sold at auction, and the Group will
receive its commission from the auction house irrespective of whether the end-consumer makes
its payment to the auction house.
The commission element of both subscription and pay-as-you-go contracts (see below) is based
on the value of the items sold at auction. The commission element of auction revenue is not
recognised until the auction has completed and the revenue value is known.
Auction \ufb01xed fees
Contracts will typically specify an event (pay-as-you-go) or period of time during which the auction
house may host a number of events (subscription) as well as other auction-related services.
Auction \ufb01xed fees sold under subscription-based contracts, in which the performance obligation
is the provision of access to the technology platform and any auction-related services speci\ufb01ed
in\u00a0the contract for that period of time, are recognised straight-line over the term of the contract.
This recognition re\ufb02ects the fact that the contract allows for continuous usage of the technology
platform and its functionality together with any auction-related services.
Auction \ufb01xed fees sold under pay-as-you-go contracts result in a performance obligation that
is\u00a0satis\ufb01ed by providing access for the duration of that speci\ufb01c auction. As auctions typically
complete within one to three days, the Group recognises revenue on completion of the auction.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00397": { "value": "Taxation
Tax on the pro\ufb01t or loss for the year comprises current and deferred tax. Tax is recognised in the
Consolidated Statement of Pro\ufb01t or Loss except to the extent that it relates to items recognised
directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates and
laws enacted or substantively enacted at the reporting date, and any adjustment to tax payable
in\u00a0respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets
and\u00a0liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The
following temporary differences are not provided for: the taxable temporary difference arising from
initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither
accounting nor taxable pro\ufb01t other than in a business combination; and differences relating to
investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or
settlement of the carrying amount of assets and liabilities, using tax rates and laws enacted or
substantively enacted at the reporting date. A deferred tax asset is recognised only to the extent
that it is probable that future taxable pro\ufb01ts will be available against which the asset can be
utilised. The carrying amounts of deferred tax assets are reviewed at each reporting date.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off
current tax assets against current tax liabilities and when they relate to income taxes levied by
the same taxation authority and the Group intends to settle its current tax assets and liabilities
on\u00a0a net basis.
Deferred tax is provided in respect of the undistributed earnings of subsidiaries other than where
it is intended that those undistributed earnings will not be remitted in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00398": { "value": "Current tax is the expected tax payable on the taxable income for the year, using tax rates and
laws enacted or substantively enacted at the reporting date, and any adjustment to tax payable
in\u00a0respect of previous years.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00437": { "value": "Deferred tax is provided on temporary differences between the carrying amounts of assets
and\u00a0liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The
following temporary differences are not provided for: the taxable temporary difference arising from
initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither
accounting nor taxable pro\ufb01t other than in a business combination; and differences relating to
investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or
settlement of the carrying amount of assets and liabilities, using tax rates and laws enacted or
substantively enacted at the reporting date. A deferred tax asset is recognised only to the extent
that it is probable that future taxable pro\ufb01ts will be available against which the asset can be
utilised. The carrying amounts of deferred tax assets are reviewed at each reporting date.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off
current tax assets against current tax liabilities and when they relate to income taxes levied by
the same taxation authority and the Group intends to settle its current tax assets and liabilities
on\u00a0a net basis.
Deferred tax is provided in respect of the undistributed earnings of subsidiaries other than where
it is intended that those undistributed earnings will not be remitted in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00438": { "value": "Employee bene\ufb01ts
Short-term bene\ufb01ts
Short-term employee bene\ufb01t obligations are measured on an undiscounted basis and are expensed
as the related service is provided. A provision is recognised for the amount expected to\u00a0be paid under
short-term cash bonus if the Group has a present legal or constructive obligation to pay this amount
as a result of past service provided by the employee and the obligation can be estimated reliably.
De\ufb01ned contribution plans
Obligations for contributions to de\ufb01ned contribution pension plans are recognised as an expense
in the Consolidated Statement of Pro\ufb01t or Loss as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00439": { "value": "Share-based payments
The Group measures the cost of services received in exchange for share options based on the
grant-date fair value of the award and recognises the cost over the period of required service for
the award. The Group accounts for awards of shares to employees as share-based compensation
as they vest with a corresponding credit to reserve for share-based payments. The fair value of
share options is calculated as the share price at grant date, where the options are nil cost and
have no market performance conditions. Where share options have an exercise price or market
performance condition, an option pricing model is used to determine the fair value.
The number of options expected to vest is reviewed and adjusted at the end of each reporting
period such that the amount recognised for services received as consideration for the equity
instruments granted shall be based on the number of equity instruments that eventually vest.
Upon the exercise of share options, any proceeds received from share option holders are recorded
as an increase to share capital.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00440": { "value": "Leases
As a lessee
The Group\u2019s leases predominantly relate to property, mainly of\ufb01ces, however the Group\u2019s lease
portfolio also includes other assets such as motor vehicles and computer equipment.
The Group recognises all leases on the Consolidated Statement of Financial Position, apart from
in cases where the lease is for a period of less than 12 months or is for an asset with a low value.
Low-value and short-term leases continue to be charged to the Consolidated Statement of Pro\ufb01t
or Loss on a straight-line basis over the period of the lease.
Lease liabilities are recognised at the present value of future lease payments, determined using
the implicit interest rate in the lease where available, or using an incremental borrowing rate
appropriate to the subsidiary and lease term where an implicit interest rate is not available or
appropriate. A corresponding right of use asset is recognised, equivalent to the value of the lease
liability, which is depreciated in a straight line over the shorter of the useful economic life of the
asset and the lease term. The depreciation is recognised as an administrative expense within
overheads. The unwinding of the discount on the present value of the lease liability is recognised
as a \ufb01nance charge over the lease term. Rent payments are used to reduce the lease liability and
are disclosed as debt repayments in the Consolidated Statement of Cash Flows. Lease terms
include any options to extend when it is reasonably certain that the extension will be taken.
Lease liabilities are remeasured when there is a change in future lease payments arising from a
change in an index or rate, a change in the estimate of the amount expected to be payable under
a\u00a0residual value guarantee, or as appropriate, changes in the assessment of whether a purchase
or\u00a0extension option is reasonably certain to be exercised or a termination option is reasonably
certain not to be exercised.
As a lessor
Leases for which the Group is a lessor are classi\ufb01ed as \ufb01nance leases. A lease is classi\ufb01ed as a
\ufb01nance lease if it transfers substantially all the risks and rewards of ownership to the lessee, and
classi\ufb01ed as an operating lease if it does not. Amounts due from lessees under \ufb01nance leases are
recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance
lease income is allocated to accounting periods so as to re\ufb02ect a constant periodic rate of return
on the Group\u2019s net investment in the lease.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00441": { "value": "Alternative performance measures
Management exercises judgement in determining the adjustments to apply to UK-adopted IAS
measurements in order to derive suitable alternative performance measures (\u201cAPMs\u201d). As set
out\u00a0and reconciled in note 3, APMs are used as management believes these measures provide
additional useful information on the underlying trends, performance and position of the Group.
These measures are used for performance analysis. The APMs are not de\ufb01ned by UK-adopted IAS
and therefore may not be directly comparable with other companies\u2019 APMs. These measures are
not intended to be a substitute for, or superior to, their equivalent UK-adopted IAS.", "dimensions": { "concept": "atg:DescriptionOfAccountingPolicyForAlternativePerformanceMeasuresExplanatoryTextBlock", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00155": { "value": "2. Signi\ufb01cant judgements and key sources of estimation uncertainty
The preparation of the Group\u2019s Consolidated Financial Statements requires the use of certain
judgements, estimates and assumptions that affect the reported amounts of assets, liabilities,
income and expenses. Estimates and judgements are evaluated continually, and are based on
historical experience and other factors, including expectations of future events that are believed
to be reasonable under the\u00a0circumstances.
Key estimation uncertainties are the key assumptions concerning the future and other key sources
of estimation uncertainty at the reporting date that may have a signi\ufb01cant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the next period.
Changes in accounting estimates may be necessary if there are changes in the circumstances on
which the estimates were based, or as a result of new information or more experience. For the
year ended 30 September 2024, the key sources of estimation are detailed below:
Impairment of goodwill for Auction Services cash-generating unit
At least on an annual basis, or if there is an impairment indicator, management performs a review
of the carrying values of goodwill and intangible assets. This requires an estimate of the value in
use of the cash-generating unit (\u201cCGU\u201d) to which the goodwill and intangible assets are allocated.
To estimate the value in use, management estimates the expected future cash \ufb02ows from the
CGU and discounts them to their present value at a determined discount rate, which is appropriate
for the country where the goodwill and intangible assets are allocated.
Forecasting expected cash \ufb02ows and selecting an appropriate discount rate inherently require
estimation. The resulting calculation for Auction Services is sensitive to any one of the key
assumptions in respect of future cash \ufb02ows, the discount rate and long-term growth rate applied.
Sensitivity analysis has been performed over the estimates (see note 12). Management considers
that the assumptions made represent their best estimate of the future cash \ufb02ows generated by
the CGUs, and that the discount rate and long-term growth rate used are appropriate given the
risks associated with the speci\ufb01c cash \ufb02ows.
Signi\ufb01cant judgements are those that the Group has made in the process of applying the
Group\u2019s\u00a0accounting policies and that have the most signi\ufb01cant effect on the amounts recognised
in the \ufb01nancial statements. For the year ended 30 September 2024, there were no signi\ufb01cant
judgements. The signi\ufb01cant judgements disclosed in the annual \ufb01nancial statements for the year
ended 30 September 2023 which are no longer applicable are:
\u2022
Goodwill and other intangible assets arising from business combinations as no business
combinations have occurred in FY24, and no changes have been made in FY24 to the
judgements in respect of goodwill and other intangible assets previously recognised.
\u2022
Functional currency of subsidiaries as there have been no changes to the functional currency of
the US holding entities during the year. The impact of the US holding entities having a functional
currency of pound sterling does impact the deferred tax as a result of movements in exchange
rates but the level of judgement is not expected to signi\ufb01cantly change the amounts recognised
in the Consolidated Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00200": { "value": "3. Alternative performance measures
The Group uses a number of alternative performance measures (\u201cAPMs\u201d) in addition to those
measures reported in accordance with UK-adopted IAS. Such APMs are not de\ufb01ned terms under
UK-adopted IAS and are not intended to be a substitute for any UK-adopted IAS measure. The
Directors believe that the APMs are important when assessing the ongoing \ufb01nancial and operating
performance of the Group and do not consider them to be more important than, or superior to,
their equivalent UK-adopted IAS. The APMs improve the comparability of information between
reporting periods by adjusting for factors such as one-off items and the timing of acquisitions.
The APMs are used internally in the management of the Group\u2019s business performance, budgeting
and forecasting, and for determining Executive Directors\u2019 remuneration and that of other
management throughout the business. The APMs are also presented externally to meet investors\u2019
requirements for further clarity and transparency of the Group\u2019s \ufb01nancial performance. Where
items of income or expense are being excluded in an APM, these are included elsewhere in our
reported \ufb01nancial information as they represent actual income or costs of the Group.
Other commentary within the Annual Report and Accounts (CFO\u2019s Review pages 30 to 34), should
be referred to in order to fully appreciate all the factors that affect the Group.
Adjusted EBITDA
Adjusted EBITDA is the measure used by the Directors to assess the trading performance of the
Group\u2019s businesses and is the measure of segment pro\ufb01t.
Adjusted EBITDA represents pro\ufb01t/(loss) before taxation, \ufb01nance costs, depreciation and
amortisation, share-based payment expense and exceptional operating items. Adjusted EBITDA
at\u00a0segment level is consistently de\ufb01ned but excludes central administration costs including
Directors\u2019 salaries.
The following table provides a reconciliation from pro\ufb01t before tax to adjusted EBITDA:
\u00a0
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Pro\ufb01t before tax
18,383
8,664
Adjustments for:
Net \ufb01nance costs (note 8)
14,045
18,963
Amortisation of acquired intangible assets (note 12)
32,484
32,625
Amortisation of internally generated software (note 12)
6,532
4,725
Depreciation of property, plant and equipment (note 13)
426
391
Depreciation of right of use assets (note 17)
939
1,099
Share-based payment expense (note 21)
6,015
8,616
Exceptional operating items
1,145
3,311
Adjusted EBITDA
79,969
78,394
The following table provides the calculation of adjusted EBITDA margin which represents adjusted
EBITDA divided by revenue:
\u00a0
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Reported revenue (note 4, 5)
174,148
165,886
Adjusted EBITDA
79,969
78,394
Adjusted EBITDA margin
46%
47%
The basis for treating these items as adjusting is as follows:
Share-based payment expense
The Group has issued share awards to employees and Directors: at the time of IPO; for the
acquisition of LiveAuctioneers; and operates several employee share schemes. The share-based
payment expense is a signi\ufb01cant non-cash charge driven by a valuation model which references
the Group\u2019s share price. As the Group is still early in its lifecycle as a newly listed business the
expense is distortive in the short term and is not representative of the cash performance of the
business. In addition, as the share-based payment expense includes signi\ufb01cant charges related
to\u00a0the IPO and LiveAuctioneers acquisition, it is not representative of the Group\u2019s steady state
operational performance.
Exceptional operating items
The Group applies judgement in identifying signi\ufb01cant items of income and expenditure that are
disclosed separately from other administrative expenses as exceptional where, in the judgement of
the Directors, they need to be disclosed separately by virtue of their nature or size in order to obtain
a clear and consistent presentation of the Group\u2019s ongoing business performance. Such items could
include, but may not be limited to, costs associated with business combinations, gains and losses
on the disposal of businesses, signi\ufb01cant reorganisation or restructuring costs and impairment of
goodwill and acquired intangible assets. Any item classi\ufb01ed as an exceptional item will be signi\ufb01cant
and not attributable to ongoing operations and will be subject to speci\ufb01c quantitative and qualitative
thresholds set by and approved by the Directors prior to being classi\ufb01ed as exceptional.
The exceptional operating items are detailed below:
\u00a0
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Acquisition costs
(828)
(3,311)
Finance transformation
(317)
\u2013
Total exceptional operating items
(1,145)
(3,311)
The acquisition costs were primarily in respect of the costs relating to the acquisition of ESN on
6\u00a0February 2023 (see note 11). The business has undertaken focused acquisitive activity which has
been strategically implemented to increase income, service range and critical mass of the Group.
Acquisition costs comprise legal, professional, other consultancy expenditure incurred and
retention bonuses for ESN employees payable one year after completion. The retention bonus is
subject to service conditions and was accrued over the period.
Costs of $0.3m were incurred as a result of the transformation of the North America \ufb01nance
department. These exceptional operating items include the sublease of the Omaha of\ufb01ce (see
note 17) which is no longer being occupied by the \ufb01nance team, the merger of trading entities and
costs associated with the system \ufb01nance transformation which were not capitalised. These costs
include professional fees, retention costs and loss on derecognition of a right of use asset.
The net cash out\ufb02ow related to exceptional operating items in the period was $2.5m (FY23: $2.0m).
Adjusted earnings and adjusted diluted earnings per share
Adjusted earnings excludes share-based payment expense, exceptional items (operating and
\ufb01nance), amortisation of acquired intangible assets, and any related tax effects.
The following table provides a reconciliation from pro\ufb01t after tax to adjusted earnings:
\u00a0
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Pro\ufb01t a\ue001ributable to equity shareholders of the Company
24,192
20,543
Adjustments for:
Amortisation of acquired intangible assets
32,484
32,625
Exceptional \ufb01nance items
906
5,258
Share-based payment expense
6,015
8,616
Exceptional operating items
1,145
3,311
Deferred tax on unrealised foreign exchange differences
(8,054)
(8,810)
Tax on adjusted items
(8,929)
(12,607)
Adjusted earnings
47,759
48,936
\u00a0
Number
Number
Diluted weighted average number of shares (note 10)
123,848,562
123,088,377
cents
cents
Adjusted diluted earnings per share (cents)
38.6
39.8
The basis for treating these items not already de\ufb01ned above as adjusting is as follows:
Amortisation of acquired intangible assets through business combinations
The amortisation of acquired intangibles arises from the purchase consideration of a number of
separate acquisitions. These acquisitions are portfolio investment decisions that took place at
different times and are items in the Consolidated Statement of Financial Position that relate to
M&A activity rather than the trading performance of the business.
Exceptional \ufb01nance items
Exceptional \ufb01nance items include foreign exchange differences arising on the revaluation of the
foreign currency loans, intra-group balances and restricted cash, movements in contingent
consideration and costs incurred on the early repayment of loan costs. These exceptional \ufb01nance
items are excluded from adjusted earnings to provide readers with helpful additional information
on the performance of the business across periods because it is consistent with how the business
performance is reported and assessed by the Board.
Deferred tax on unrealised foreign exchange differences
In calculating the adjusted tax rate, the Group excludes the potential future impact of the deferred tax
effects on unrealised foreign exchange differences arising on intra-group loans. The unrealised foreign
exchange differences were not recognised in the Group\u2019s pro\ufb01t for the year due to differences in the
functional currency basis under tax and accounting rules for the US holding entities (see note 9).
Tax on adjusted items
Tax on adjusted items includes the tax effect of acquired intangible amortisation, exceptional
(operating and \ufb01nance items) and share-based payment expense. In calculating the adjusted tax
rate, the Group excludes the potential future impact of the deferred tax effects on deductible
goodwill and intangible amortisation (other than internally generated software), as the Group
prefers to give users of its accounts a view of the tax charge based on the current status of such
items. Deferred tax would only crystallise on a sale of the relevant businesses, which is not
anticipated at the current time, and such a sale, being an exceptional item, would result in an
exceptional tax impact.
Organic revenue
The Group has made certain acquisitions that have affected the comparability of the Group\u2019s results.
Organic revenue shows the current period results excluding the acquisition of ESN on 6 February
2023. Organic revenue is shown on a constant currency basis using average exchange rates for the
current \ufb01nancial period applied to the comparative period and is used to eliminate the effects of
\ufb02uctuations in assessing performance. Refer to the Glossary on page 184 for the full\u00a0de\ufb01nition.
The following table provides a reconciliation of organic revenue from reported results:
\n \n
Restated
Unaudited
Unaudited
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Reported revenue
174,148
165,886
Acquisition related adjustment
(11,982)
(7,063)
Constant currency adjustment
\u2013
945
Organic revenue
162,166
159,768
Increase in organic revenue %
2%
Adjusted net debt
Adjusted net debt comprises external borrowings net of arrangement fees and cash at bank which
allows management to monitor the indebtedness of the Group. Adjusted net debt excludes lease
liabilities and restricted cash (see note 15).
Cash and cash equivalents includes cash held by the Trustee of the Group\u2019s Employee Bene\ufb01t
Trust, which is not available to circulate within the Group on demand. This has been included in
restricted cash.
\n \n
Restated
30 September
30 September
2024
2023
$000
$000
Cash at bank (note 15)
6,824
7,437
Current loans and borrowings (note 18)
(22,953)
(15,688)
Non-current loans and borrowings (note 18)
(98,530)
(132,923)
Total loans and borrowings
(121,483)
(148,611)
Adjusted net debt
(114,659)
(141,174)
Adjusted free cash \ufb02ow and adjusted free cash \ufb02ow conversion
Adjusted free cash \ufb02ow represents cash \ufb02ow from operations less additions to internally
generated software and property, plant and equipment. Internally generated software includes
development costs in relation to software that are capitalised when the related projects meet the
recognition criteria under UK-adopted IAS for an internally generated intangible asset. Movement
in working capital is adjusted for balances relating to exceptional items. The Group monitors its
operational ef\ufb01ciency with reference to operational cash conversion, de\ufb01ned as free cash \ufb02ow
as\u00a0a percentage of adjusted EBITDA.
The Group uses adjusted cash \ufb02ow measures for the same purpose as adjusted pro\ufb01t measures,
in order to assist readers of the accounts in understanding the operational performance of the
Group. The two measures used are free cash \ufb02ow and free cash \ufb02ow conversion. A reported free
cash \ufb02ow and cash conversion rate has not been provided as it would not give a fair indication of
the Group\u2019s free cash \ufb02ow and conversion performance given the high value of working capital
from exceptional items.
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Adjusted EBITDA
79,969
78,394
Cash generated by operations
71,627
70,677
Adjustments for:
Exceptional operating items
1,145
3,311
Working capital from exceptional and other items
4,282
(1,348)
Additions to internally generated software (note 12)
(10,843)
(10,765)
Additions to property, plant and equipment (note 13)
(362)
(503)
Payment for right of use assets (note 17)
\u2013
(230)
Adjusted free cash \ufb02ow
65,849
61,142
Adjusted free cash \ufb02ow conversion (%)
82%
78%
", "dimensions": { "concept": "atg:DisclosureOfAlternativePerformanceMeasuresExplanatoryTextBlock", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00160": { "value": "Exceptional operating items
The Group applies judgement in identifying signi\ufb01cant items of income and expenditure that are
disclosed separately from other administrative expenses as exceptional where, in the judgement of
the Directors, they need to be disclosed separately by virtue of their nature or size in order to obtain
a clear and consistent presentation of the Group\u2019s ongoing business performance. Such items could
include, but may not be limited to, costs associated with business combinations, gains and losses
on the disposal of businesses, signi\ufb01cant reorganisation or restructuring costs and impairment of
goodwill and acquired intangible assets. Any item classi\ufb01ed as an exceptional item will be signi\ufb01cant
and not attributable to ongoing operations and will be subject to speci\ufb01c quantitative and qualitative
thresholds set by and approved by the Directors prior to being classi\ufb01ed as exceptional.
The exceptional operating items are detailed below:
\u00a0
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Acquisition costs
(828)
(3,311)
Finance transformation
(317)
\u2013
Total exceptional operating items
(1,145)
(3,311)
The acquisition costs were primarily in respect of the costs relating to the acquisition of ESN on
6\u00a0February 2023 (see note 11). The business has undertaken focused acquisitive activity which has
been strategically implemented to increase income, service range and critical mass of the Group.
Acquisition costs comprise legal, professional, other consultancy expenditure incurred and
retention bonuses for ESN employees payable one year after completion. The retention bonus is
subject to service conditions and was accrued over the period.
Costs of $0.3m were incurred as a result of the transformation of the North America \ufb01nance
department. These exceptional operating items include the sublease of the Omaha of\ufb01ce (see
note 17) which is no longer being occupied by the \ufb01nance team, the merger of trading entities and
costs associated with the system \ufb01nance transformation which were not capitalised. These costs
include professional fees, retention costs and loss on derecognition of a right of use asset.
The net cash out\ufb02ow related to exceptional operating items in the period was $2.5m (FY23: $2.0m).Exceptional \ufb01nance items
Exceptional \ufb01nance items include foreign exchange differences arising on the revaluation of the
foreign currency loans, intra-group balances and restricted cash, movements in contingent
consideration and costs incurred on the early repayment of loan costs. These exceptional \ufb01nance
items are excluded from adjusted earnings to provide readers with helpful additional information
on the performance of the business across periods because it is consistent with how the business
performance is reported and assessed by the Board.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00184": { "value": "Adjusted earnings excludes share-based payment expense, exceptional items (operating and \ufb01nance), amortisation of acquired intangible assets, and any related tax effects.Basic earnings per share is calculated by dividing the pro\ufb01t for the year attributable to ordinary
shareholders by the weighted average number of ordinary shares outstanding during the year,
after excluding the weighted average number of non-vested ordinary shares.
Diluted earnings per share is calculated by dividing the pro\ufb01t for the year attributable to ordinary
shareholders by the weighted average number of ordinary shares including non-vested/
non-exercised ordinary shares. During the year and prior year, the Group awarded conditional
share awards to Directors and certain employees through an LTIP (see note 21).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "value": "4. Operating segments
The operating segments re\ufb02ect the Group\u2019s management and internal reporting structure, which is
used to assess both the performance of the business and to allocate resources within the Group.
The assessment of performance and allocation of resources is focused on the category
of\u00a0customer for each type of activity.
The Board has determined an operating management structure aligned around the four core
operations of the Group.
The four operating segments are as follows:
\u2022
Arts & Antiques (\u201cA&A\u201d) marketplaces: focused on offering auction houses that specialise in
the\u00a0sale of arts and antiques access to the platforms thesaleroom.com, liveauctioneers.com,
lot-tissimo.com and EstateSales.NET. A signi\ufb01cant part of the Group\u2019s services is provision of
a\u00a0platform as a marketplace for the A&A auction houses to sell their goods. The segment also
generates earnings through additional services such as listing subscriptions, marketing income,
atgPay and atgShip. The Group contracts with customers predominantly under service
agreements, where the number of auctions to be held and the service offering differs from
client to client.
\u2022
Industrial & Commercial (\u201cI&C\u201d) marketplaces: focused on offering auction houses that specialise
in the sale of industrial and commercial goods and machinery access to the platforms
BidSpotter.com, BidSpotter.co.uk and proxibid.com, as well as i-bidder.com for consumer
surplus and retail returns. A signi\ufb01cant part of the Group\u2019s services is provision of the platform
as a marketplace for the I&C auction houses to sell their goods. The segment also generates
earnings through additional services such as marketing income and atgPay. The Group contracts
with customers predominantly under service agreements, where the number of auctions to be
held and the service offering differs from client to client.
\u2022
Auction Services: includes revenues from the Group\u2019s auction house back-of\ufb01ce products such
as Auction Mobility and other white label products including Wavebid.com.
\u2022
Content: focused on the Antiques Trade Gazette paper and online magazine. The business
focuses on two streams of income: selling subscriptions of the Gazette and selling advertising
space within the paper and online. The Directors have disclosed information required by IFRS 8
for the Content segment despite the segment not meeting the reporting threshold.
There are no undisclosed or other operating segments.
An analysis of the results for the year by reportable segment is as follows:
\n \n
Year ended 30 September 2024
Centrally
Auction
allocated
A&A
I&C
Services
Content
costs
Total
$000
$000
$000
$000
$000
$000
Revenue
90,289
71,795
8,406
3,658
\u2013 174,148
Adjusted EBITDA (see note 3 for
de\ufb01nition and reconciliation)
72,398
60,746
5,040
1,224
(59,439) 79,969
Amortisation of intangible assets (note 12)
(25,688) (11,413)
(1,915)
\u2013
\u2013 (39,016)
Depreciation of property, plant
and\u00a0equipment (note 13)
(158)
(240)
(12)
(16)
\u2013
(426)
Depreciation of right of use assets (note 17)
(678)
(199)
(5)
(57)
\u2013
(939)
Share-based payment expense (note 21)
(1,477)
(1,810)
(65)
\u2013
(2,663)
(6,015)
Exceptional operating items (note 3)
(828)
\u2013
\u2013
\u2013
(317)
(1,145)
Operating pro\ufb01t/(loss)
43,569
47,084
3,043
1,151
(62,419) 32,428
Net \ufb01nance costs (note 8)
\u2013
\u2013
\u2013
\u2013
(14,045) (14,045)
Pro\ufb01t/(loss) before tax
43,569
47,084
3,043
1,151
(76,464) 18,383
\n \n
Year ended 30 September 2023 (restated)
Centrally
Auction
allocated
A&A
I&C
Services
Content
costs
Total
$000
$000
$000
$000
$000
$000
Revenue
80,551
71,378
10,190
3,767
\u2013 165,886
Adjusted EBITDA (see note 3 for
de\ufb01nition and reconciliation)
66,211
61,171
6,403
1,366
(56,757)
78,394
Amortisation of intangible assets (note 12)
(24,383)
(11,235)
(1,732)
\u2013
\u2013
(37,350)
Depreciation of property, plant
and\u00a0equipment (note 13)
(129)
(236)
(10)
(16)
\u2013
(391)
Depreciation of right of use assets (note 17)
(678)
(342)
(10)
(69)
\u2013
(1,099)
Share-based payment expense (note 21)
(1,828)
(2,163)
(103)
\u2013
(4,522)
(8,616)
Exceptional operating items (note 3)
(3,311)
\u2013
\u2013
\u2013
\u2013
(3,311)
Operating pro\ufb01t/(loss)
35,882
47,195
4,548
1,281
(61,279)
27,627
Net \ufb01nance costs (note 8)
\u2013
\u2013
\u2013
\u2013
(18,963) (18,963)
Pro\ufb01t/(loss) before tax
35,882
47,195
4,548
1,281
(80,242)
8,664
Segment assets are measured in the same way as in the \ufb01nancial statements. These assets are
allocated based on the operations of the segment and the physical location of the asset.
\n \n
30 September 2024
30 September 2023 (restated)
Total
Additions
Total
Additions
non-current
to non-current
non-current
to non-current
assets
assets
assets
assets
$000
$000
$000
$000
By operating segment
A&A
572,367
5,033
589,956
46,142
I&C
234,171
6,088
228,752
7,365
Auction Services
32,398
105
34,212
423
Content
280
18
334
314
839,216
11,244
853,254
54,244
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
By geographical location
United Kingdom
68,202
70,698
United States
765,716
777,618
Germany
5,298
4,938
839,216
853,254
The Group has taken advantage of paragraph 23 of IFRS 8 Operating Segments and does not
provide segmental analysis of net assets as this information is not used by the Directors in
operational decision-making or monitoring of business performance.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "value": "5. Revenue \n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Product and customer types
A&A
90,289
80,551
I&C
71,795
71,378
Auction Services
8,406
10,190
Content
3,658
3,767
174,148
165,886
Primary geographical markets
by location of operations
United Kingdom
25,299
24,096
United States
143,282
136,964
Germany
5,567
4,826
174,148
165,886
by location of customer
United Kingdom
25,889
24,557
United States
132,708
125,308
Europe
8,892
8,645
Rest of world
6,659
7,376
174,148
165,886
Timing of transfer of goods and services
Point in time
155,285
150,274
Over time
18,863
15,612
174,148
165,886
The Group has recognised the following assets and liabilities related to contracts with customers:
\n \n
Restated
Restated
30 September
30 September
1 October
2024
2023
2022
$000
$000
$000
Contract assets
1,499
1,856
927
Contract liabilities
(1,639)
(1,851)
(1,886)
The following table shows how much of the revenue recognised in the current reporting period
relates to carried-forward contract liabilities:
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Revenue recognised that was included in the contract liabilities
balance at the beginning of the year
1,797
1,782
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00238": { "value": "5. Revenue \n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Product and customer types
A&A
90,289
80,551
I&C
71,795
71,378
Auction Services
8,406
10,190
Content
3,658
3,767
174,148
165,886
Primary geographical markets
by location of operations
United Kingdom
25,299
24,096
United States
143,282
136,964
Germany
5,567
4,826
174,148
165,886
by location of customer
United Kingdom
25,889
24,557
United States
132,708
125,308
Europe
8,892
8,645
Rest of world
6,659
7,376
174,148
165,886
Timing of transfer of goods and services
Point in time
155,285
150,274
Over time
18,863
15,612
174,148
165,886
The Group has recognised the following assets and liabilities related to contracts with customers:
\n \n
Restated
Restated
30 September
30 September
1 October
2024
2023
2022
$000
$000
$000
Contract assets
1,499
1,856
927
Contract liabilities
(1,639)
(1,851)
(1,886)
The following table shows how much of the revenue recognised in the current reporting period
relates to carried-forward contract liabilities:
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Revenue recognised that was included in the contract liabilities
balance at the beginning of the year
1,797
1,782
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "The Group has recognised the following assets and liabilities related to contracts with customers: \n \n
Restated
Restated
30 September
30 September
1 October
2024
2023
2022
$000
$000
$000
Contract assets
1,499
1,856
927
Contract liabilities
(1,639)
(1,851)
(1,886)
The following table shows how much of the revenue recognised in the current reporting period
relates to carried-forward contract liabilities:
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Revenue recognised that was included in the contract liabilities
balance at the beginning of the year
1,797
1,782
16. Trade and other payables \n \n
Restated
30 September
30 September
2024
2023
$000
$000
Current
Trade payables
2,820
4,516
Payroll tax and other statutory liabilities
3,248
6,694
Deferred consideration
\u2013
9,869
Accruals
5,423
9,264
11,491
30,343
The carrying amount of trade and other payables classi\ufb01ed as \ufb01nancial liabilities at amortised
cost approximates to their fair value.
The deferred consideration was settled in cash in February 2024. The unwinding of the discount
on deferred consideration in the year is $0.1m (FY23: $0.3m) which is included as a \ufb01nance cost
(note 8) in the Consolidated Statement of Pro\ufb01t or Loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00239": { "value": "6. Operating pro\ufb01t
Operating pro\ufb01t is stated after charging/(crediting) the following:
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Employment costs (note 7)
45,278
50,043
Amortisation of intangible assets (note 12)
\u2013 Acquired intangible assets
32,484
32,625
\u2013 Internally generated software
6,532
4,725
Depreciation of property, plant and equipment (note 13)
426
391
Depreciation of right of use assets (note 17)
939
1,099
Exceptional operating items (note 3)
1,145
3,311
Research and development
9,523
11,520
Net exchange differences
3
9
The total remuneration of the Group\u2019s auditors, which changed to EY in FY24 from Deloitte in
FY23, for services to the Group is analysed\u00a0below:
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
The audit of parent Company and Consolidated Financial
Statements
1,120
991
The audit of the Company\u2019s subsidiaries
162
110
Total audit fees
1,282
1,101
Fees payable for other assurance services:
\u2013 Interim review
180
123
\u2013 Non-audit fees
15
12
Total auditor\u2019s remuneration
1,477
1,236
The non-audit fees relate to covenant compliance reporting.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00245": { "value": "6. Operating pro\ufb01t
Operating pro\ufb01t is stated after charging/(crediting) the following:
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Employment costs (note 7)
45,278
50,043
Amortisation of intangible assets (note 12)
\u2013 Acquired intangible assets
32,484
32,625
\u2013 Internally generated software
6,532
4,725
Depreciation of property, plant and equipment (note 13)
426
391
Depreciation of right of use assets (note 17)
939
1,099
Exceptional operating items (note 3)
1,145
3,311
Research and development
9,523
11,520
Net exchange differences
3
9
The total remuneration of the Group\u2019s auditors, which changed to EY in FY24 from Deloitte in
FY23, for services to the Group is analysed\u00a0below:
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
The audit of parent Company and Consolidated Financial
Statements
1,120
991
The audit of the Company\u2019s subsidiaries
162
110
Total audit fees
1,282
1,101
Fees payable for other assurance services:
\u2013 Interim review
180
123
\u2013 Non-audit fees
15
12
Total auditor\u2019s remuneration
1,477
1,236
The non-audit fees relate to covenant compliance reporting.
7. Staff costs and numbers
Staff costs for the year were as follows:
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Wages and salaries
35,504
37,540
Social security costs
3,062
3,115
Pension costs
697
772
Share-based payment expense (note 21)
6,015
8,616
Total employment costs
45,278
50,043
The monthly average number of employees (including Executive Directors) by function:
\n \n
Year ended
Year ended
30 September
30 September
2024
2023
Number
Number
Management
17
13
Administrative employees
59
56
Operational employees
294
327
Average number of employees
370
396
8. Net \ufb01nance costs
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Interest income
249
220
Interest on lease receivable (note 17)
9
\u2013
Finance income
258
220
Interest on loans and borrowings
(12,437)
(12,985)
Amortisation of \ufb01nance costs
(679)
(612)
Foreign exchange loss
(525)
(4,995)
Movements in deferred consideration (note 16)
(131)
(263)
Interest on lease liabilities (note 17)
(281)
(232)
Interest on tax
(250)
(96)
Finance costs
(14,303)
(19,183)
Net \ufb01nance costs
(14,045)
(18,963)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Employment costs (note 7)
45,278
50,043
Amortisation of intangible assets (note 12)
\u2013 Acquired intangible assets
32,484
32,625
\u2013 Internally generated software
6,532
4,725
Depreciation of property, plant and equipment (note 13)
426
391
Depreciation of right of use assets (note 17)
939
1,099
Exceptional operating items (note 3)
1,145
3,311
Research and development
9,523
11,520
Net exchange differences
3
9
\n \n
Total acquired
Internally
Customer
Non-compete
intangible
generated
Software
relationships
Brand
agreement
assets
software
Goodwill
Total
$000
$000
$000
$000
$000
$000
$000
$000
Cost
1 October 2022 (restated as detailed in note 1)
47,347
232,108
42,940
1,672
324,067
21,911
546,167
892,145
Acquisition of business (note 11)
2,605
11,521
3,174
\u2013
17,300
\u2013
22,422
39,722
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
10,765
\u2013
10,765
Exchange differences
683
4,416
624
\u2013
5,723
687
9,983
16,393
30 September 2023 (restated as detailed in note 1)
50,635
248,045
46,738
1,672
347,090
33,363
578,572
959,025
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
10,843
\u2013
10,843
Exchange differences
780
5,048
702
\u2013
6,530
975
11,417
18,922
30 September 2024
51,415
253,093
47,440
1,672
353,620
45,181
589,989
988,790
Amortisation and impairment
1 October 2022 (restated as detailed in note 1)
13,884
36,182
5,770
785
56,621
14,025
\u2013
70,646
Amortisation
5,626
22,992
3,589
418
32,625
4,725
\u2013
37,350
Exchange differences
615
1,610
166
\u2013
2,391
337
\u2013
2,728
30 September 2023 (restated as detailed in note 1)
20,125
60,784
9,525
1,203
91,637
19,087
\u2013
110,724
Amortisation
4,412
23,925
3,694
453
32,484
6,532
\u2013
39,016
Exchange differences
780
3,026
299
\u2013
4,105
682
\u2013
4,787
30 September 2024
25,317
87,735
13,518
1,656
128,226
26,301
\u2013
154,527
Net book value
1 October 2022 (restated as detailed in note 1)
33,463
195,926
37,170
887
267,446
7,886
546,167
821,499
30 September 2023 (restated as detailed in note 1)
30,510
187,261
37,213
469
255,453
14,276
578,572
848,301
30 September 2024
26,098
165,358
33,922
16
225,394
18,880
589,989
834,263
\n \n
Land and
Fixtures,
buildings
Computer
\ufb01ttings and
leasehold
equipment
equipment
Total
$000
$000
$000
$000
Cost
1 October 2022 (restated as detailed in note 1)
581
689
414
1,684
Acquisition of business (note 11)
194
\u2013
\u2013
194
Additions
63
353
87
503
Disposals
(462)
(25)
(12)
(499)
Exchange differences
\u2013
41
5
46
30 September 2023 (restated as detailed in note 1)
376
1,058
494
1,928
Additions
43
307
12
362
Exchange differences
70
53
6
129
30 September 2024
489
1,418
512
2,419
Accumulated depreciation
1 October 2022 (restated as detailed in note 1)
440
403
291
1,134
Charge for the year
117
215
59
391
Disposals
(462)
(25)
(12)
(499)
Exchange differences
\u2013
23
5
28
30 September 2023 (restated as detailed in note 1)
95
616
343
1,054
Charge for the year
74
298
54
426
Exchange differences
68
38
6
112
30 September 2024
237
952
403
1,592
Net book value
1 October 2022 (restated as detailed in note 1)
141
286
123
550
30 September 2023 (restated as detailed in note 1)
281
442
151
874
30 September 2024
252
466
109
827
\n \n
Land and buildings
Computer
Motor
leasehold
equipment
vehicles
Total
$000
$000
$000
$000
Right of use assets
1 October 2022 (restated as detailed in note 1)
1,912
3
\u2013
1,915
Acquisition of business (note 11)
528
\u2013
\u2013
528
Additions
687
\u2013
\u2013
687
Modi\ufb01cations
1,845
\u2013
\u2013
1,845
Depreciation charge for the year
(1,096)
(3)
\u2013
(1,099)
Exchange differences
65
\u2013
\u2013
65
30 September 2023 (restated as detailed in note 1)
3,941
\u2013
\u2013
3,941
Additions
\u2013
\u2013
39
39
Transfer to lease receivable
(419)
\u2013
\u2013
(419)
Loss on derecognition
(99)
\u2013
\u2013
(99)
Depreciation charge for the year
(932)
\u2013
(7)
(939)
Exchange differences
174
\u2013
2
176
30 September 2024
2,665
\u2013
34
2,699
Lease liabilities
1 October 2022 (restated as detailed in note 1)
2,051
4
\u2013
2,055
Acquisition of business (note 11)
528
\u2013
\u2013
528
Additions
687
\u2013
\u2013
687
Modi\ufb01cations
1,615
\u2013
\u2013
1,615
Interest charge for the year
232
\u2013
\u2013
232
Lease payments
(1,192)
(4)
\u2013
(1,196)
Exchange differences
50
\u2013
\u2013
50
30 September 2023 (restated as detailed in note 1)
3,971
\u2013
\u2013
3,971
Additions
\u2013
\u2013
39
39
Interest charge for the year
280
\u2013
1
281
Lease payments
(1,020)
\u2013
(10)
(1,030)
Exchange differences
172
\u2013
2
174
30 September 2024
3,403
\u2013
32
3,435
Current
874
\u2013
12
886
Non-current
2,529
\u2013
20
2,549
30 September 2024
3,403
\u2013
32
3,435
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Depreciation charge
(939)
(1,099)
Interest charge
(281)
(232)
Loss on derecognition of right of use asset
(99)
\u2013
(1,319)
(1,331)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00249": { "value": "\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Employment costs (note 7)
45,278
50,043
Amortisation of intangible assets (note 12)
\u2013 Acquired intangible assets
32,484
32,625
\u2013 Internally generated software
6,532
4,725
Depreciation of property, plant and equipment (note 13)
426
391
Depreciation of right of use assets (note 17)
939
1,099
Exceptional operating items (note 3)
1,145
3,311
Research and development
9,523
11,520
Net exchange differences
3
9
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00252": { "value": "The total remuneration of the Group\u2019s auditors, which changed to EY in FY24 from Deloitte in
FY23, for services to the Group is analysed\u00a0below:
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
The audit of parent Company and Consolidated Financial
Statements
1,120
991
The audit of the Company\u2019s subsidiaries
162
110
Total audit fees
1,282
1,101
Fees payable for other assurance services:
\u2013 Interim review
180
123
\u2013 Non-audit fees
15
12
Total auditor\u2019s remuneration
1,477
1,236
The non-audit fees relate to covenant compliance reporting.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00259": { "value": "7. Staff costs and numbers
Staff costs for the year were as follows:
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Wages and salaries
35,504
37,540
Social security costs
3,062
3,115
Pension costs
697
772
Share-based payment expense (note 21)
6,015
8,616
Total employment costs
45,278
50,043
The monthly average number of employees (including Executive Directors) by function:
\n \n
Year ended
Year ended
30 September
30 September
2024
2023
Number
Number
Management
17
13
Administrative employees
59
56
Operational employees
294
327
Average number of employees
370
396
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00260": { "value": "8. Net \ufb01nance costs \n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Interest income
249
220
Interest on lease receivable (note 17)
9
\u2013
Finance income
258
220
Interest on loans and borrowings
(12,437)
(12,985)
Amortisation of \ufb01nance costs
(679)
(612)
Foreign exchange loss
(525)
(4,995)
Movements in deferred consideration (note 16)
(131)
(263)
Interest on lease liabilities (note 17)
(281)
(232)
Interest on tax
(250)
(96)
Finance costs
(14,303)
(19,183)
Net \ufb01nance costs
(14,045)
(18,963)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00268": { "value": "8. Net \ufb01nance costs \n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Interest income
249
220
Interest on lease receivable (note 17)
9
\u2013
Finance income
258
220
Interest on loans and borrowings
(12,437)
(12,985)
Amortisation of \ufb01nance costs
(679)
(612)
Foreign exchange loss
(525)
(4,995)
Movements in deferred consideration (note 16)
(131)
(263)
Interest on lease liabilities (note 17)
(281)
(232)
Interest on tax
(250)
(96)
Finance costs
(14,303)
(19,183)
Net \ufb01nance costs
(14,045)
(18,963)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "value": "8. Net \ufb01nance costs \n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Interest income
249
220
Interest on lease receivable (note 17)
9
\u2013
Finance income
258
220
Interest on loans and borrowings
(12,437)
(12,985)
Amortisation of \ufb01nance costs
(679)
(612)
Foreign exchange loss
(525)
(4,995)
Movements in deferred consideration (note 16)
(131)
(263)
Interest on lease liabilities (note 17)
(281)
(232)
Interest on tax
(250)
(96)
Finance costs
(14,303)
(19,183)
Net \ufb01nance costs
(14,045)
(18,963)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "8. Net \ufb01nance costs \n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Interest income
249
220
Interest on lease receivable (note 17)
9
\u2013
Finance income
258
220
Interest on loans and borrowings
(12,437)
(12,985)
Amortisation of \ufb01nance costs
(679)
(612)
Foreign exchange loss
(525)
(4,995)
Movements in deferred consideration (note 16)
(131)
(263)
Interest on lease liabilities (note 17)
(281)
(232)
Interest on tax
(250)
(96)
Finance costs
(14,303)
(19,183)
Net \ufb01nance costs
(14,045)
(18,963)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "8. Net \ufb01nance costs \n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Interest income
249
220
Interest on lease receivable (note 17)
9
\u2013
Finance income
258
220
Interest on loans and borrowings
(12,437)
(12,985)
Amortisation of \ufb01nance costs
(679)
(612)
Foreign exchange loss
(525)
(4,995)
Movements in deferred consideration (note 16)
(131)
(263)
Interest on lease liabilities (note 17)
(281)
(232)
Interest on tax
(250)
(96)
Finance costs
(14,303)
(19,183)
Net \ufb01nance costs
(14,045)
(18,963)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "8. Net \ufb01nance costs \n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Interest income
249
220
Interest on lease receivable (note 17)
9
\u2013
Finance income
258
220
Interest on loans and borrowings
(12,437)
(12,985)
Amortisation of \ufb01nance costs
(679)
(612)
Foreign exchange loss
(525)
(4,995)
Movements in deferred consideration (note 16)
(131)
(263)
Interest on lease liabilities (note 17)
(281)
(232)
Interest on tax
(250)
(96)
Finance costs
(14,303)
(19,183)
Net \ufb01nance costs
(14,045)
(18,963)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "9. Taxation \n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Current tax
Current tax on pro\ufb01t for the year
9,731
11,660
Adjustments in respect of prior years
214
(205)
Total current tax
9,945
11,455
Deferred tax
Current year
(15,967)
(22,368)
Adjustments from change in tax rates
(278)
(629)
Adjustments in respect of prior years
491
(337)
Deferred tax
(15,754)
(23,334)
Tax credit
(5,809)
(11,879)
The tax on the Group\u2019s pro\ufb01t before tax differs from the theoretical amount that would arise using
the standard tax rate applicable to pro\ufb01ts of the Group as follows:
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Pro\ufb01t before tax
18,383
8,664
Tax at United Kingdom tax rate of 25% (FY23: 22%)
4,596
1,907
Tax effect of:
Deferred tax on unrealised foreign exchange differences
(8,054)
(8,810)
Foreign exchange difference not taxable for tax purposes
(3,440)
(3,077)
Non-deductible expenditure
1,313
1,278
Deductible items
(582)
(1,695)
Movement in provisions for tax uncertainties
(439)
(312)
Differences in overseas tax rates
370
1
Adjustments from change in tax rates
(278)
(629)
Adjustments in respect of prior years
705
(542)
Tax credit
(5,809)
(11,879)
The deferred tax credit on unrealised foreign exchange differences of $8.1m (FY23: $8.8m) arises
from US holding companies with pound sterling as their functional currency for the Consolidated
Financial Statements but US dollar functional currency under US tax rules. Per the US tax basis
these holding companies included an unrealised foreign exchange loss of $30.6m on intra-group
loans denominated in pound sterling totalling \u00a3246.2m (FY23: $34.6m on intra-group loans of
\u00a3295.6m). Unrealised foreign exchange differences are not taxable until they are realised, giving
rise to deferred tax (see note 19). On 25 September 2024, the intra-group loan was redenominated
into US dollars and a loss of $0.7m realised. From this date there is no foreign exchange exposure
on this loan and deferred tax liability at 30 September 2024 is $nil.
The Group\u2019s pro\ufb01t before tax includes foreign exchange gain of $13.5m (tax effected: $3.4m) from
US holding companies on their US dollar denominated intra-group balances (FY23: $12.3m, tax
effected $3.1m) which are not taxable for US tax purposes.
Non-deductible expenditure primarily relates to share-based payments and in FY23 it also
included non-deductible exceptional operating items.
Deductible items include research and development tax credits and in FY23 it also included
deductions for the exercise of management rollover options and restricted stock units granted for
the acquisition of LiveAuctioneers.
The movement in provisions for tax uncertainties re\ufb02ects releases due to the expiry of relevant
statutes of limitation. The Group\u2019s tax affairs are governed by local tax regulations in the UK, North
America and Germany. Given the uncertainties that could arise in the application of these
regulations, judgements are often required in determining the tax that is due. Where management
is aware of potential uncertainties in local jurisdictions, that are judged more likely than not to
result in a liability for additional tax, a provision is made for management\u2019s expected value of the
liability, determined with reference to similar transactions and third-party advice. This provision at
30 September 2024 amounted to $0.6m (FY23: $1.0m).
In the current period, uncertain tax liabilities are recorded within current tax liabilities on the face
of the Consolidated Statement of Financial Position. In the prior period, uncertain tax liabilities
were recorded within non-current tax liabilities. Management has reassessed the fact pattern of
the uncertain tax liabilities taking into account requirements of IAS\u00a01 and considers that they are
better re\ufb02ected as current tax liabilities.
Tax recognised in other comprehensive income:
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Current tax
(3,255)
(3,186)
Tax recognised in other comprehensive income includes current tax on the Group\u2019s net
investment\u00a0hedge.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "10. Earnings per share
Basic earnings per share is calculated by dividing the pro\ufb01t for the year attributable to ordinary
shareholders by the weighted average number of ordinary shares outstanding during the year,
after excluding the weighted average number of non-vested ordinary shares.
Diluted earnings per share is calculated by dividing the pro\ufb01t for the year attributable to ordinary
shareholders by the weighted average number of ordinary shares including non-vested/
non-exercised ordinary shares. During the year and prior year, the Group awarded conditional
share awards to Directors and certain employees through an LTIP (see note 21).
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Pro\ufb01t a\ue001ributable to equity shareholders of the Company
24,192
20,543
Number
Number
Weighted average number of shares in issue
121,711,636
121,050,307
Weighted average number of options vested not exercised
1,082,642
1,338,182
Weighted average number of shares held by the Employee Bene\ufb01t Trust
(67,210)
(162,934)
Weighted average number of shares
122,727,068
122,225,555
Dilutive share options
1,121,494
862,822
Diluted weighted average number of shares
123,848,562
123,088,377
cents
cents
Basic earnings per share
19.7
16.8
Diluted earnings per share
19.5
16.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "11. Business combinations
Business combinations for the year ended 30 September 2024
There were no business combinations during FY24.
Business combinations for the year ended 30 September 2023
Acquisition of Vintage So\ufb05ware LLC., trading as EstateSales.NET (\u201cESN\u201d)
On 6 February 2023, the Group acquired 100% of the equity share capital of ESN. ESN provides a
platform to facilitate estate sales across the US. Both corporate estate sale companies as well as
private customers use ESN to advertise online the sale of millions of unique second-hand items
sourced from a range of events including private home estate sales and business liquidations. The
purpose of the acquisition was to further strengthen the Group\u2019s presence in the US and expand
its A&A segment into an attractive adjacent channel for the resale of second-hand items.
The maximum consideration payable was $40.0m, with an initial cash payment of $30.2m,
deferred consideration of $10.0m was payable after 12 months and a working capital adjustment
of $27,000. The deferred consideration was paid in full in February 2024.
Management calculated the fair value of the deferred consideration using the acquisition\u2019s internal
rate of return to discount the liability, resulting in a liability of $9.6m. The unwinding of discount of
$0.4m was reported as a \ufb01nance cost in the Consolidated Statement of Pro\ufb01t or Loss over the
period of the earn-out (see note 8).
Final purchase price allocation
Management assessed the fair value of the acquired assets and liabilities as part of the purchase
price allocation (\u201cPPA\u201d). The \ufb01nal fair values of the assets and liabilities are set out below.
\n \n
Fair value
Book value
adjustments
Final fair value
$000
$000
$000
Acquired intangible assets \u2013 software
\u2013
2,605
2,605
Acquired intangible assets \u2013 customer relationships
\u2013
11,521
11,521
Acquired intangible assets \u2013 brand
274
2,900
3,174
Property, plant and equipment
194
\u2013
194
Right of use assets
528
\u2013
528
Cash and cash equivalents
187
\u2013
187
Trade receivables and other receivables
50
\u2013
50
Lease liabilities
(528)
\u2013
(528)
Trade and other payables
(356)
\u2013
(356)
Net assets on acquisition
349
17,026
17,375
Goodwill (note 12)
22,422
Total consideration
39,797
Consideration satis\ufb01ed by:
Initial cash consideration
30,191
Deferred consideration
9,606
39,797
Net cash \ufb02ow arising on acquisition:
Initial cash consideration
30,191
Less: cash and cash equivalent balances acquired
(187)
30,004
Acquired intangible assets
Acquired intangible assets represent customer relationships, auction technology platform and
brand. The intangible assets are being amortised over their respective expected useful economic
lives: customer relationships of two to seven years, auction technology platform of \ufb01ve years and
brand of 15 years.
Deferred tax
Goodwill and acquired intangible assets of $39.8m are deductible for income tax\u00a0purposes.
Goodwill
Goodwill arises as a result of the surplus of consideration over the fair value of the separately
identi\ufb01able assets acquired. The main reason leading to the recognition of goodwill is the future
economic bene\ufb01ts arising from assets which are not capable of being individually identi\ufb01ed
and\u00a0separately recognised; these include the value of synergies expected to be realised
post-acquisition, new customer relationships and the fair value of the assembled workforce within
the business acquired.
Acquisition costs of $0.8m (FY23: $3.3m) directly related to the business combination were
immediately expensed to the Consolidated Statement of Pro\ufb01t or Loss as part of administrative
expenses and included within exceptional operating items (see note 3). Between 6 February 2023
and 30 September 2023, ESN contributed $7.1m to FY23 Group revenues and a pro\ufb01t before tax of
$1.3m. If the acquisition had occurred on 1 October 2022, FY23 Group revenue would have been
$168.5m and FY23 Group pro\ufb01t before tax would have been $10.0m.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "value": "12. Goodwill and other intangible assets \n \n
Total acquired
Internally
Customer
Non-compete
intangible
generated
Software
relationships
Brand
agreement
assets
software
Goodwill
Total
$000
$000
$000
$000
$000
$000
$000
$000
Cost
1 October 2022 (restated as detailed in note 1)
47,347
232,108
42,940
1,672
324,067
21,911
546,167
892,145
Acquisition of business (note 11)
2,605
11,521
3,174
\u2013
17,300
\u2013
22,422
39,722
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
10,765
\u2013
10,765
Exchange differences
683
4,416
624
\u2013
5,723
687
9,983
16,393
30 September 2023 (restated as detailed in note 1)
50,635
248,045
46,738
1,672
347,090
33,363
578,572
959,025
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
10,843
\u2013
10,843
Exchange differences
780
5,048
702
\u2013
6,530
975
11,417
18,922
30 September 2024
51,415
253,093
47,440
1,672
353,620
45,181
589,989
988,790
Amortisation and impairment
1 October 2022 (restated as detailed in note 1)
13,884
36,182
5,770
785
56,621
14,025
\u2013
70,646
Amortisation
5,626
22,992
3,589
418
32,625
4,725
\u2013
37,350
Exchange differences
615
1,610
166
\u2013
2,391
337
\u2013
2,728
30 September 2023 (restated as detailed in note 1)
20,125
60,784
9,525
1,203
91,637
19,087
\u2013
110,724
Amortisation
4,412
23,925
3,694
453
32,484
6,532
\u2013
39,016
Exchange differences
780
3,026
299
\u2013
4,105
682
\u2013
4,787
30 September 2024
25,317
87,735
13,518
1,656
128,226
26,301
\u2013
154,527
Net book value
1 October 2022 (restated as detailed in note 1)
33,463
195,926
37,170
887
267,446
7,886
546,167
821,499
30 September 2023 (restated as detailed in note 1)
30,510
187,261
37,213
469
255,453
14,276
578,572
848,301
30 September 2024
26,098
165,358
33,922
16
225,394
18,880
589,989
834,263
Included within internally generated software is capital work-in-progress of $5.7m (FY23: $4.3m).
Intangible assets, other than goodwill, have a \ufb01nite life and are amortised over their expected useful lives at the rates set out in the accounting policies in note 1.
The expected amortisation pro\ufb01le of acquired intangible assets is shown below:
\n \n
Customer
Non-compete
Software
relationships
Brand
agreement
Total
$000
$000
$000
$000
$000
One to \ufb01ve years
19,639
92,964
18,161
16
130,780
Six to 10 years
6,459
60,871
11,210
\u2013
78,540
11 to 15 years
\u2013
11,523
4,551
\u2013
16,074
30 September 2024
26,098
165,358
33,922
16
225,394
Impairment assessment
The goodwill and intangibles attributed to each of the group of cash-generating units (\u201cCGUs\u201d)
are\u00a0assessed for impairment at least annually or more frequently where there are indicators
of\u00a0impairment. The Group tests for impairment of goodwill at the operating segment level
representing an aggregation of CGUs, the level at which goodwill is monitored by management.
No\u00a0group of CGUs is larger than an operating segment as de\ufb01ned by IFRS 8 Operating Segments
before aggregation. The recoverable amount for the group of CGUs has been determined on a
value in use basis (\u201cVIU\u201d).
The table below sets out the carrying values of goodwill and other acquired intangible assets
allocated to each group of CGUs at 30 September 2024 along with the pre-tax discount rates
applied to the risk-adjusted cash \ufb02ow forecasts and the long-term growth rate.
\n \n
Acquired
intangible
Pre-tax
Goodwill
assets
Valuation
Long-term
discount
2024
$000
$000
method
growth rate
rate
A&A marketplaces
367,618
194,215
VIU
3%
11.8%
I&C marketplaces
197,707
23,878
VIU
3%
11.9%
Auction Services
24,664
7,301
VIU
3%
10.3%
Total
589,989
225,394
\n \n
Acquired
intangible
Pre-tax
Goodwill
assets
Valuation
Long-term
discount
2023 (restated)
$000
$000
method
growth rate
rate
A&A marketplaces
364,604
215,977
VIU
3%
12.7%
I&C marketplaces
189,304
30,468
VIU
3%
12.7%
Auction Services
24,664
9,008
VIU
3%
11.4%
Total
578,572
255,453
When testing for impairment, recoverable amounts for all the groups of CGUs are measured at
their value in use by discounting the future expected cash \ufb02ows from the assets in the group of
CGUs. These calculations use cash \ufb02ow projections based on Board approved budgets and
approved plans. While the Group prepares a \ufb01ve-year plan, levels of uncertainty increase as the
planning horizon extends. The Group\u2019s plan focuses more closely on the next three years, however
for the purposes of the impairment testing the \ufb01ve-year forecasts are used as we do not
anticipate the long-term growth rate to be achieved until after this time.
The key assumptions and estimates used for value in use calculations are summarised as follows:
\n \n
Assumption
Approach
Risk-adjusted
are determined by reference to the budget for the year following the balance
cash \ufb02ows
sheet date and forecasts for the following four years, after which a long-term
perpetuity growth rate is applied. The most recent \ufb01nancial budget approved
by the Board has been prepared after considering the current economic
environment in each of the Group\u2019s markets. These projections represent
the\u00a0Directors\u2019 best estimate of the future performance of these businesses.
CAGR
is the \ufb01ve-year compound annual growth rate from FY24 of the risk-adjusted
cash \ufb02ows above.
Long-term
are applied after the forecast period. These are based on external reports
growth rates
on\u00a0long-term GDP growth rates for the main markets in which each CGU
operates. Therefore, these do not exceed the long-term average growth rates
for the individual markets.
Pre-tax discount
are derived from the post-tax weighted average cost of capital (\u201cWACC\u201d)
rates
which has been calculated using the capital asset pricing model. They are
weighted based on the geographical area in which the CGU group\u2019s revenue
is generated. The assumptions used in the calculation of the WACC are
benchmarked to externally available data and they represent the Group\u2019s
current market assessment of the time value of money and risks speci\ufb01c to
the CGUs. Movements in the pre-tax discount rates for CGUs since the year
ended 30 September 2023 are driven by changes in market-based inputs. Any
unsystematic risk on the CGUs has been inherently built into the cash \ufb02ows
of each of the CGUs and therefore no additional element of risk has been
included in the discount rates used at 30 September 2024.
Sensitivity analysis
At 30 September 2024 under the impairment assessments prepared there is no impairment
required. Management have performed sensitivity analysis based on reasonably possible scenarios
including increasing the discount rates and reducing the CAGR on the future forecast cash \ufb02ows,
both of which are feasible given the current future uncertainty of macroeconomics. The Auction
Services CGU is sensitive to a movement in any one of the key assumptions.
For Auction Services, with a headroom of $0.9m (FY23: $7.4m), for the recoverable amount to
fall\u00a0to the carrying value, the discount rate would need to be increased to 10.5% from 10.3% (FY23:
13.4% from 11.4%), the long-term growth rate reduced to 2.7% from 3.0% (FY23: 0.2% from 3.0%),
or\u00a0the CAGR on the \ufb01ve-year future forecast cash \ufb02ows reduced by 0.5 ppt (FY23: 2 ppt). In the
future forecast cash \ufb02ows there is an assumption that the take rate CAGR improves by 2% over
the \ufb01ve-year period. If this is not achieved this would give rise to an impairment of $7.5m.
For the A&A and I&C marketplaces CGUs, there is no reasonable change of assumption that would
cause the CGU\u2019s carrying amount to exceed its recoverable amount. Under the base case scenario
for the A&A marketplaces CGU there is headroom of $147.8m at 30 September 2024 (FY23:
$302.6m). The year-on-year decrease in headroom is largely driven by the reduction in \ufb01ve-year
CAGR based on the slower consumer environment experienced in FY24. Under the base case
scenario for the I&C marketplaces CGU there is headroom of $74.5m at 30 September 2024 (FY23:
$417.5m). The year-on-year decrease in headroom is largely driven by the reduction in \ufb01ve-year
CAGR based on the slower consumer environment in A&A and softer performance in I&C in FY24.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "12. Goodwill and other intangible assets \n \n
Total acquired
Internally
Customer
Non-compete
intangible
generated
Software
relationships
Brand
agreement
assets
software
Goodwill
Total
$000
$000
$000
$000
$000
$000
$000
$000
Cost
1 October 2022 (restated as detailed in note 1)
47,347
232,108
42,940
1,672
324,067
21,911
546,167
892,145
Acquisition of business (note 11)
2,605
11,521
3,174
\u2013
17,300
\u2013
22,422
39,722
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
10,765
\u2013
10,765
Exchange differences
683
4,416
624
\u2013
5,723
687
9,983
16,393
30 September 2023 (restated as detailed in note 1)
50,635
248,045
46,738
1,672
347,090
33,363
578,572
959,025
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
10,843
\u2013
10,843
Exchange differences
780
5,048
702
\u2013
6,530
975
11,417
18,922
30 September 2024
51,415
253,093
47,440
1,672
353,620
45,181
589,989
988,790
Amortisation and impairment
1 October 2022 (restated as detailed in note 1)
13,884
36,182
5,770
785
56,621
14,025
\u2013
70,646
Amortisation
5,626
22,992
3,589
418
32,625
4,725
\u2013
37,350
Exchange differences
615
1,610
166
\u2013
2,391
337
\u2013
2,728
30 September 2023 (restated as detailed in note 1)
20,125
60,784
9,525
1,203
91,637
19,087
\u2013
110,724
Amortisation
4,412
23,925
3,694
453
32,484
6,532
\u2013
39,016
Exchange differences
780
3,026
299
\u2013
4,105
682
\u2013
4,787
30 September 2024
25,317
87,735
13,518
1,656
128,226
26,301
\u2013
154,527
Net book value
1 October 2022 (restated as detailed in note 1)
33,463
195,926
37,170
887
267,446
7,886
546,167
821,499
30 September 2023 (restated as detailed in note 1)
30,510
187,261
37,213
469
255,453
14,276
578,572
848,301
30 September 2024
26,098
165,358
33,922
16
225,394
18,880
589,989
834,263
Included within internally generated software is capital work-in-progress of $5.7m (FY23: $4.3m).
Intangible assets, other than goodwill, have a \ufb01nite life and are amortised over their expected useful lives at the rates set out in the accounting policies in note 1.
The expected amortisation pro\ufb01le of acquired intangible assets is shown below:
\n \n
Customer
Non-compete
Software
relationships
Brand
agreement
Total
$000
$000
$000
$000
$000
One to \ufb01ve years
19,639
92,964
18,161
16
130,780
Six to 10 years
6,459
60,871
11,210
\u2013
78,540
11 to 15 years
\u2013
11,523
4,551
\u2013
16,074
30 September 2024
26,098
165,358
33,922
16
225,394
Impairment assessment
The goodwill and intangibles attributed to each of the group of cash-generating units (\u201cCGUs\u201d)
are\u00a0assessed for impairment at least annually or more frequently where there are indicators
of\u00a0impairment. The Group tests for impairment of goodwill at the operating segment level
representing an aggregation of CGUs, the level at which goodwill is monitored by management.
No\u00a0group of CGUs is larger than an operating segment as de\ufb01ned by IFRS 8 Operating Segments
before aggregation. The recoverable amount for the group of CGUs has been determined on a
value in use basis (\u201cVIU\u201d).
The table below sets out the carrying values of goodwill and other acquired intangible assets
allocated to each group of CGUs at 30 September 2024 along with the pre-tax discount rates
applied to the risk-adjusted cash \ufb02ow forecasts and the long-term growth rate.
\n \n
Acquired
intangible
Pre-tax
Goodwill
assets
Valuation
Long-term
discount
2024
$000
$000
method
growth rate
rate
A&A marketplaces
367,618
194,215
VIU
3%
11.8%
I&C marketplaces
197,707
23,878
VIU
3%
11.9%
Auction Services
24,664
7,301
VIU
3%
10.3%
Total
589,989
225,394
\n \n
Acquired
intangible
Pre-tax
Goodwill
assets
Valuation
Long-term
discount
2023 (restated)
$000
$000
method
growth rate
rate
A&A marketplaces
364,604
215,977
VIU
3%
12.7%
I&C marketplaces
189,304
30,468
VIU
3%
12.7%
Auction Services
24,664
9,008
VIU
3%
11.4%
Total
578,572
255,453
When testing for impairment, recoverable amounts for all the groups of CGUs are measured at
their value in use by discounting the future expected cash \ufb02ows from the assets in the group of
CGUs. These calculations use cash \ufb02ow projections based on Board approved budgets and
approved plans. While the Group prepares a \ufb01ve-year plan, levels of uncertainty increase as the
planning horizon extends. The Group\u2019s plan focuses more closely on the next three years, however
for the purposes of the impairment testing the \ufb01ve-year forecasts are used as we do not
anticipate the long-term growth rate to be achieved until after this time.
The key assumptions and estimates used for value in use calculations are summarised as follows:
\n \n
Assumption
Approach
Risk-adjusted
are determined by reference to the budget for the year following the balance
cash \ufb02ows
sheet date and forecasts for the following four years, after which a long-term
perpetuity growth rate is applied. The most recent \ufb01nancial budget approved
by the Board has been prepared after considering the current economic
environment in each of the Group\u2019s markets. These projections represent
the\u00a0Directors\u2019 best estimate of the future performance of these businesses.
CAGR
is the \ufb01ve-year compound annual growth rate from FY24 of the risk-adjusted
cash \ufb02ows above.
Long-term
are applied after the forecast period. These are based on external reports
growth rates
on\u00a0long-term GDP growth rates for the main markets in which each CGU
operates. Therefore, these do not exceed the long-term average growth rates
for the individual markets.
Pre-tax discount
are derived from the post-tax weighted average cost of capital (\u201cWACC\u201d)
rates
which has been calculated using the capital asset pricing model. They are
weighted based on the geographical area in which the CGU group\u2019s revenue
is generated. The assumptions used in the calculation of the WACC are
benchmarked to externally available data and they represent the Group\u2019s
current market assessment of the time value of money and risks speci\ufb01c to
the CGUs. Movements in the pre-tax discount rates for CGUs since the year
ended 30 September 2023 are driven by changes in market-based inputs. Any
unsystematic risk on the CGUs has been inherently built into the cash \ufb02ows
of each of the CGUs and therefore no additional element of risk has been
included in the discount rates used at 30 September 2024.
Sensitivity analysis
At 30 September 2024 under the impairment assessments prepared there is no impairment
required. Management have performed sensitivity analysis based on reasonably possible scenarios
including increasing the discount rates and reducing the CAGR on the future forecast cash \ufb02ows,
both of which are feasible given the current future uncertainty of macroeconomics. The Auction
Services CGU is sensitive to a movement in any one of the key assumptions.
For Auction Services, with a headroom of $0.9m (FY23: $7.4m), for the recoverable amount to
fall\u00a0to the carrying value, the discount rate would need to be increased to 10.5% from 10.3% (FY23:
13.4% from 11.4%), the long-term growth rate reduced to 2.7% from 3.0% (FY23: 0.2% from 3.0%),
or\u00a0the CAGR on the \ufb01ve-year future forecast cash \ufb02ows reduced by 0.5 ppt (FY23: 2 ppt). In the
future forecast cash \ufb02ows there is an assumption that the take rate CAGR improves by 2% over
the \ufb01ve-year period. If this is not achieved this would give rise to an impairment of $7.5m.
For the A&A and I&C marketplaces CGUs, there is no reasonable change of assumption that would
cause the CGU\u2019s carrying amount to exceed its recoverable amount. Under the base case scenario
for the A&A marketplaces CGU there is headroom of $147.8m at 30 September 2024 (FY23:
$302.6m). The year-on-year decrease in headroom is largely driven by the reduction in \ufb01ve-year
CAGR based on the slower consumer environment experienced in FY24. Under the base case
scenario for the I&C marketplaces CGU there is headroom of $74.5m at 30 September 2024 (FY23:
$417.5m). The year-on-year decrease in headroom is largely driven by the reduction in \ufb01ve-year
CAGR based on the slower consumer environment in A&A and softer performance in I&C in FY24.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "12. Goodwill and other intangible assets \n \n
Total acquired
Internally
Customer
Non-compete
intangible
generated
Software
relationships
Brand
agreement
assets
software
Goodwill
Total
$000
$000
$000
$000
$000
$000
$000
$000
Cost
1 October 2022 (restated as detailed in note 1)
47,347
232,108
42,940
1,672
324,067
21,911
546,167
892,145
Acquisition of business (note 11)
2,605
11,521
3,174
\u2013
17,300
\u2013
22,422
39,722
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
10,765
\u2013
10,765
Exchange differences
683
4,416
624
\u2013
5,723
687
9,983
16,393
30 September 2023 (restated as detailed in note 1)
50,635
248,045
46,738
1,672
347,090
33,363
578,572
959,025
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
10,843
\u2013
10,843
Exchange differences
780
5,048
702
\u2013
6,530
975
11,417
18,922
30 September 2024
51,415
253,093
47,440
1,672
353,620
45,181
589,989
988,790
Amortisation and impairment
1 October 2022 (restated as detailed in note 1)
13,884
36,182
5,770
785
56,621
14,025
\u2013
70,646
Amortisation
5,626
22,992
3,589
418
32,625
4,725
\u2013
37,350
Exchange differences
615
1,610
166
\u2013
2,391
337
\u2013
2,728
30 September 2023 (restated as detailed in note 1)
20,125
60,784
9,525
1,203
91,637
19,087
\u2013
110,724
Amortisation
4,412
23,925
3,694
453
32,484
6,532
\u2013
39,016
Exchange differences
780
3,026
299
\u2013
4,105
682
\u2013
4,787
30 September 2024
25,317
87,735
13,518
1,656
128,226
26,301
\u2013
154,527
Net book value
1 October 2022 (restated as detailed in note 1)
33,463
195,926
37,170
887
267,446
7,886
546,167
821,499
30 September 2023 (restated as detailed in note 1)
30,510
187,261
37,213
469
255,453
14,276
578,572
848,301
30 September 2024
26,098
165,358
33,922
16
225,394
18,880
589,989
834,263
Included within internally generated software is capital work-in-progress of $5.7m (FY23: $4.3m).
Intangible assets, other than goodwill, have a \ufb01nite life and are amortised over their expected useful lives at the rates set out in the accounting policies in note 1.
The expected amortisation pro\ufb01le of acquired intangible assets is shown below:
\n \n
Customer
Non-compete
Software
relationships
Brand
agreement
Total
$000
$000
$000
$000
$000
One to \ufb01ve years
19,639
92,964
18,161
16
130,780
Six to 10 years
6,459
60,871
11,210
\u2013
78,540
11 to 15 years
\u2013
11,523
4,551
\u2013
16,074
30 September 2024
26,098
165,358
33,922
16
225,394
Impairment assessment
The goodwill and intangibles attributed to each of the group of cash-generating units (\u201cCGUs\u201d)
are\u00a0assessed for impairment at least annually or more frequently where there are indicators
of\u00a0impairment. The Group tests for impairment of goodwill at the operating segment level
representing an aggregation of CGUs, the level at which goodwill is monitored by management.
No\u00a0group of CGUs is larger than an operating segment as de\ufb01ned by IFRS 8 Operating Segments
before aggregation. The recoverable amount for the group of CGUs has been determined on a
value in use basis (\u201cVIU\u201d).
The table below sets out the carrying values of goodwill and other acquired intangible assets
allocated to each group of CGUs at 30 September 2024 along with the pre-tax discount rates
applied to the risk-adjusted cash \ufb02ow forecasts and the long-term growth rate.
\n \n
Acquired
intangible
Pre-tax
Goodwill
assets
Valuation
Long-term
discount
2024
$000
$000
method
growth rate
rate
A&A marketplaces
367,618
194,215
VIU
3%
11.8%
I&C marketplaces
197,707
23,878
VIU
3%
11.9%
Auction Services
24,664
7,301
VIU
3%
10.3%
Total
589,989
225,394
\n \n
Acquired
intangible
Pre-tax
Goodwill
assets
Valuation
Long-term
discount
2023 (restated)
$000
$000
method
growth rate
rate
A&A marketplaces
364,604
215,977
VIU
3%
12.7%
I&C marketplaces
189,304
30,468
VIU
3%
12.7%
Auction Services
24,664
9,008
VIU
3%
11.4%
Total
578,572
255,453
When testing for impairment, recoverable amounts for all the groups of CGUs are measured at
their value in use by discounting the future expected cash \ufb02ows from the assets in the group of
CGUs. These calculations use cash \ufb02ow projections based on Board approved budgets and
approved plans. While the Group prepares a \ufb01ve-year plan, levels of uncertainty increase as the
planning horizon extends. The Group\u2019s plan focuses more closely on the next three years, however
for the purposes of the impairment testing the \ufb01ve-year forecasts are used as we do not
anticipate the long-term growth rate to be achieved until after this time.
The key assumptions and estimates used for value in use calculations are summarised as follows:
\n \n
Assumption
Approach
Risk-adjusted
are determined by reference to the budget for the year following the balance
cash \ufb02ows
sheet date and forecasts for the following four years, after which a long-term
perpetuity growth rate is applied. The most recent \ufb01nancial budget approved
by the Board has been prepared after considering the current economic
environment in each of the Group\u2019s markets. These projections represent
the\u00a0Directors\u2019 best estimate of the future performance of these businesses.
CAGR
is the \ufb01ve-year compound annual growth rate from FY24 of the risk-adjusted
cash \ufb02ows above.
Long-term
are applied after the forecast period. These are based on external reports
growth rates
on\u00a0long-term GDP growth rates for the main markets in which each CGU
operates. Therefore, these do not exceed the long-term average growth rates
for the individual markets.
Pre-tax discount
are derived from the post-tax weighted average cost of capital (\u201cWACC\u201d)
rates
which has been calculated using the capital asset pricing model. They are
weighted based on the geographical area in which the CGU group\u2019s revenue
is generated. The assumptions used in the calculation of the WACC are
benchmarked to externally available data and they represent the Group\u2019s
current market assessment of the time value of money and risks speci\ufb01c to
the CGUs. Movements in the pre-tax discount rates for CGUs since the year
ended 30 September 2023 are driven by changes in market-based inputs. Any
unsystematic risk on the CGUs has been inherently built into the cash \ufb02ows
of each of the CGUs and therefore no additional element of risk has been
included in the discount rates used at 30 September 2024.
Sensitivity analysis
At 30 September 2024 under the impairment assessments prepared there is no impairment
required. Management have performed sensitivity analysis based on reasonably possible scenarios
including increasing the discount rates and reducing the CAGR on the future forecast cash \ufb02ows,
both of which are feasible given the current future uncertainty of macroeconomics. The Auction
Services CGU is sensitive to a movement in any one of the key assumptions.
For Auction Services, with a headroom of $0.9m (FY23: $7.4m), for the recoverable amount to
fall\u00a0to the carrying value, the discount rate would need to be increased to 10.5% from 10.3% (FY23:
13.4% from 11.4%), the long-term growth rate reduced to 2.7% from 3.0% (FY23: 0.2% from 3.0%),
or\u00a0the CAGR on the \ufb01ve-year future forecast cash \ufb02ows reduced by 0.5 ppt (FY23: 2 ppt). In the
future forecast cash \ufb02ows there is an assumption that the take rate CAGR improves by 2% over
the \ufb01ve-year period. If this is not achieved this would give rise to an impairment of $7.5m.
For the A&A and I&C marketplaces CGUs, there is no reasonable change of assumption that would
cause the CGU\u2019s carrying amount to exceed its recoverable amount. Under the base case scenario
for the A&A marketplaces CGU there is headroom of $147.8m at 30 September 2024 (FY23:
$302.6m). The year-on-year decrease in headroom is largely driven by the reduction in \ufb01ve-year
CAGR based on the slower consumer environment experienced in FY24. Under the base case
scenario for the I&C marketplaces CGU there is headroom of $74.5m at 30 September 2024 (FY23:
$417.5m). The year-on-year decrease in headroom is largely driven by the reduction in \ufb01ve-year
CAGR based on the slower consumer environment in A&A and softer performance in I&C in FY24.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00325": { "value": "Impairment assessment
The goodwill and intangibles attributed to each of the group of cash-generating units (\u201cCGUs\u201d)
are\u00a0assessed for impairment at least annually or more frequently where there are indicators
of\u00a0impairment. The Group tests for impairment of goodwill at the operating segment level
representing an aggregation of CGUs, the level at which goodwill is monitored by management.
No\u00a0group of CGUs is larger than an operating segment as de\ufb01ned by IFRS 8 Operating Segments
before aggregation. The recoverable amount for the group of CGUs has been determined on a
value in use basis (\u201cVIU\u201d).
The table below sets out the carrying values of goodwill and other acquired intangible assets
allocated to each group of CGUs at 30 September 2024 along with the pre-tax discount rates
applied to the risk-adjusted cash \ufb02ow forecasts and the long-term growth rate.
\n \n
Acquired
intangible
Pre-tax
Goodwill
assets
Valuation
Long-term
discount
2024
$000
$000
method
growth rate
rate
A&A marketplaces
367,618
194,215
VIU
3%
11.8%
I&C marketplaces
197,707
23,878
VIU
3%
11.9%
Auction Services
24,664
7,301
VIU
3%
10.3%
Total
589,989
225,394
\n \n
Acquired
intangible
Pre-tax
Goodwill
assets
Valuation
Long-term
discount
2023 (restated)
$000
$000
method
growth rate
rate
A&A marketplaces
364,604
215,977
VIU
3%
12.7%
I&C marketplaces
189,304
30,468
VIU
3%
12.7%
Auction Services
24,664
9,008
VIU
3%
11.4%
Total
578,572
255,453
When testing for impairment, recoverable amounts for all the groups of CGUs are measured at
their value in use by discounting the future expected cash \ufb02ows from the assets in the group of
CGUs. These calculations use cash \ufb02ow projections based on Board approved budgets and
approved plans. While the Group prepares a \ufb01ve-year plan, levels of uncertainty increase as the
planning horizon extends. The Group\u2019s plan focuses more closely on the next three years, however
for the purposes of the impairment testing the \ufb01ve-year forecasts are used as we do not
anticipate the long-term growth rate to be achieved until after this time.
The key assumptions and estimates used for value in use calculations are summarised as follows:
\n \n
Assumption
Approach
Risk-adjusted
are determined by reference to the budget for the year following the balance
cash \ufb02ows
sheet date and forecasts for the following four years, after which a long-term
perpetuity growth rate is applied. The most recent \ufb01nancial budget approved
by the Board has been prepared after considering the current economic
environment in each of the Group\u2019s markets. These projections represent
the\u00a0Directors\u2019 best estimate of the future performance of these businesses.
CAGR
is the \ufb01ve-year compound annual growth rate from FY24 of the risk-adjusted
cash \ufb02ows above.
Long-term
are applied after the forecast period. These are based on external reports
growth rates
on\u00a0long-term GDP growth rates for the main markets in which each CGU
operates. Therefore, these do not exceed the long-term average growth rates
for the individual markets.
Pre-tax discount
are derived from the post-tax weighted average cost of capital (\u201cWACC\u201d)
rates
which has been calculated using the capital asset pricing model. They are
weighted based on the geographical area in which the CGU group\u2019s revenue
is generated. The assumptions used in the calculation of the WACC are
benchmarked to externally available data and they represent the Group\u2019s
current market assessment of the time value of money and risks speci\ufb01c to
the CGUs. Movements in the pre-tax discount rates for CGUs since the year
ended 30 September 2023 are driven by changes in market-based inputs. Any
unsystematic risk on the CGUs has been inherently built into the cash \ufb02ows
of each of the CGUs and therefore no additional element of risk has been
included in the discount rates used at 30 September 2024.
Sensitivity analysis
At 30 September 2024 under the impairment assessments prepared there is no impairment
required. Management have performed sensitivity analysis based on reasonably possible scenarios
including increasing the discount rates and reducing the CAGR on the future forecast cash \ufb02ows,
both of which are feasible given the current future uncertainty of macroeconomics. The Auction
Services CGU is sensitive to a movement in any one of the key assumptions.
For Auction Services, with a headroom of $0.9m (FY23: $7.4m), for the recoverable amount to
fall\u00a0to the carrying value, the discount rate would need to be increased to 10.5% from 10.3% (FY23:
13.4% from 11.4%), the long-term growth rate reduced to 2.7% from 3.0% (FY23: 0.2% from 3.0%),
or\u00a0the CAGR on the \ufb01ve-year future forecast cash \ufb02ows reduced by 0.5 ppt (FY23: 2 ppt). In the
future forecast cash \ufb02ows there is an assumption that the take rate CAGR improves by 2% over
the \ufb01ve-year period. If this is not achieved this would give rise to an impairment of $7.5m.
For the A&A and I&C marketplaces CGUs, there is no reasonable change of assumption that would
cause the CGU\u2019s carrying amount to exceed its recoverable amount. Under the base case scenario
for the A&A marketplaces CGU there is headroom of $147.8m at 30 September 2024 (FY23:
$302.6m). The year-on-year decrease in headroom is largely driven by the reduction in \ufb01ve-year
CAGR based on the slower consumer environment experienced in FY24. Under the base case
scenario for the I&C marketplaces CGU there is headroom of $74.5m at 30 September 2024 (FY23:
$417.5m). The year-on-year decrease in headroom is largely driven by the reduction in \ufb01ve-year
CAGR based on the slower consumer environment in A&A and softer performance in I&C in FY24.Impairment losses on trade receivables and contract assets are presented as net impairment
losses within operating pro\ufb01t. Subsequent recoveries of amounts previously written off are
credited against the same line item. The carrying amount of trade and other receivables
approximates to their fair value. The total amount of trade receivables that were past due but not
impaired was $0.5m (FY23: $1.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00326": { "value": "13. Property, plant and equipment \n \n
Land and
Fixtures,
buildings
Computer
\ufb01ttings and
leasehold
equipment
equipment
Total
$000
$000
$000
$000
Cost
1 October 2022 (restated as detailed in note 1)
581
689
414
1,684
Acquisition of business (note 11)
194
\u2013
\u2013
194
Additions
63
353
87
503
Disposals
(462)
(25)
(12)
(499)
Exchange differences
\u2013
41
5
46
30 September 2023 (restated as detailed in note 1)
376
1,058
494
1,928
Additions
43
307
12
362
Exchange differences
70
53
6
129
30 September 2024
489
1,418
512
2,419
Accumulated depreciation
1 October 2022 (restated as detailed in note 1)
440
403
291
1,134
Charge for the year
117
215
59
391
Disposals
(462)
(25)
(12)
(499)
Exchange differences
\u2013
23
5
28
30 September 2023 (restated as detailed in note 1)
95
616
343
1,054
Charge for the year
74
298
54
426
Exchange differences
68
38
6
112
30 September 2024
237
952
403
1,592
Net book value
1 October 2022 (restated as detailed in note 1)
141
286
123
550
30 September 2023 (restated as detailed in note 1)
281
442
151
874
30 September 2024
252
466
109
827
There is no material difference between the property, plant and equipment\u2019s historical cost values
as stated above and their fair value equivalents.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "14. Trade and other receivables \n \n
Restated
30 September
30 September
2024
2023
$000
$000
Current
Trade receivables
13,807
15,819
Less: loss provision
(1,505)
(500)
12,302
15,319
Other receivables
2,199
1,329
Prepayments
2,786
3,317
Lease receivable
136
\u2013
17,423
19,965
Non-current
Other receivables
1,276
138
Lease receivable
151
\u2013
1,427
138
18,850
20,103
The Group applies the IFRS 9 Financial Instruments simpli\ufb01ed approach to measuring expected
credit losses using a lifetime expected credit loss provision for trade receivables and contract
assets. To measure expected credit losses on a collective basis, trade receivables and contract
assets are grouped based on similar credit risk and ageing. The contract assets have similar risk
characteristics to the trade receivables for similar types of contracts. The expected loss model
incorporates current and forward-looking information on macroeconomic factors affecting the
Group\u2019s customers.
The average credit period on sales is 30 days after the invoice has been issued. No interest is
charged on outstanding trade receivables. At 30\u00a0September 2024 there were no customers who
owed in excess of 10% of the total trade debtor balance (FY23: $nil).
The ageing of trade receivables at 30 September was:
\n \n
2024
2023 (restated)
Loss
Expected
Loss
Expected
Gross
provision
loss rate
Gross
provision
loss rate
$000
$000
%
$000
$000
%
Within 30 days
11,011
351
3%
12,120
52
0%
Between 30 and 60 days
1,176
25
2%
1,310
3
0%
Between 60 and 90 days
479
23
5%
640
12
2%
Over 90 days
1,141
1,106
97%
1,749
433
25%
30 September
13,807
1,505
11%
15,819
500
3%
The movement in the loss provision during the year was as follows:
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
1 October
500
935
Increase/(decrease) in loss allowance recognised in
Consolidated Statement of Pro\ufb01t or Loss
2,224
(210)
Uncollectable amounts written off
(1,233)
(234)
Exchange differences
14
9
30 September
1,505
500
Trade receivables and contract assets are written off where there is no reasonable expectation of
recovery. Indicators that there is no reasonable expectation of recovery include, amongst others,
the failure of a debtor to engage in a repayment plan with the Group, and a failure to make
contractual payments for a period of greater than 120 days past due.
Impairment losses on trade receivables and contract assets are presented as net impairment
losses within operating pro\ufb01t. Subsequent recoveries of amounts previously written off are
credited against the same line item. The carrying amount of trade and other receivables
approximates to their fair value. The total amount of trade receivables that were past due but not
impaired was $0.5m (FY23: $1.9m).
The decrease in trade receivables held by the Group is driven by the focused effort on collections
pre-year end in addition to the increased level of amounts written off in the year relating to aged
balances which were deemed uncollectable. The increase in the loss provision is due to the level
of uncollectible amounts written off in the year which impacts the expected credit loss model
calculation combined with the speci\ufb01c risk factors identi\ufb01ed for speci\ufb01c customer groups.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "14. Trade and other receivables \n \n
Restated
30 September
30 September
2024
2023
$000
$000
Current
Trade receivables
13,807
15,819
Less: loss provision
(1,505)
(500)
12,302
15,319
Other receivables
2,199
1,329
Prepayments
2,786
3,317
Lease receivable
136
\u2013
17,423
19,965
Non-current
Other receivables
1,276
138
Lease receivable
151
\u2013
1,427
138
18,850
20,103
The Group applies the IFRS 9 Financial Instruments simpli\ufb01ed approach to measuring expected
credit losses using a lifetime expected credit loss provision for trade receivables and contract
assets. To measure expected credit losses on a collective basis, trade receivables and contract
assets are grouped based on similar credit risk and ageing. The contract assets have similar risk
characteristics to the trade receivables for similar types of contracts. The expected loss model
incorporates current and forward-looking information on macroeconomic factors affecting the
Group\u2019s customers.
The average credit period on sales is 30 days after the invoice has been issued. No interest is
charged on outstanding trade receivables. At 30\u00a0September 2024 there were no customers who
owed in excess of 10% of the total trade debtor balance (FY23: $nil).
The ageing of trade receivables at 30 September was:
\n \n
2024
2023 (restated)
Loss
Expected
Loss
Expected
Gross
provision
loss rate
Gross
provision
loss rate
$000
$000
%
$000
$000
%
Within 30 days
11,011
351
3%
12,120
52
0%
Between 30 and 60 days
1,176
25
2%
1,310
3
0%
Between 60 and 90 days
479
23
5%
640
12
2%
Over 90 days
1,141
1,106
97%
1,749
433
25%
30 September
13,807
1,505
11%
15,819
500
3%
The movement in the loss provision during the year was as follows:
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
1 October
500
935
Increase/(decrease) in loss allowance recognised in
Consolidated Statement of Pro\ufb01t or Loss
2,224
(210)
Uncollectable amounts written off
(1,233)
(234)
Exchange differences
14
9
30 September
1,505
500
Trade receivables and contract assets are written off where there is no reasonable expectation of
recovery. Indicators that there is no reasonable expectation of recovery include, amongst others,
the failure of a debtor to engage in a repayment plan with the Group, and a failure to make
contractual payments for a period of greater than 120 days past due.
Impairment losses on trade receivables and contract assets are presented as net impairment
losses within operating pro\ufb01t. Subsequent recoveries of amounts previously written off are
credited against the same line item. The carrying amount of trade and other receivables
approximates to their fair value. The total amount of trade receivables that were past due but not
impaired was $0.5m (FY23: $1.9m).
The decrease in trade receivables held by the Group is driven by the focused effort on collections
pre-year end in addition to the increased level of amounts written off in the year relating to aged
balances which were deemed uncollectable. The increase in the loss provision is due to the level
of uncollectible amounts written off in the year which impacts the expected credit loss model
calculation combined with the speci\ufb01c risk factors identi\ufb01ed for speci\ufb01c customer groups.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "\n \n
Restated
30 September
30 September
2024
2023
$000
$000
Current
Trade receivables
13,807
15,819
Less: loss provision
(1,505)
(500)
12,302
15,319
Other receivables
2,199
1,329
Prepayments
2,786
3,317
Lease receivable
136
\u2013
17,423
19,965
Non-current
Other receivables
1,276
138
Lease receivable
151
\u2013
1,427
138
18,850
20,103
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "15. Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and restricted cash. Cash at bank includes cash
in transit due from credit card providers. The carrying amount of these assets approximates to
their fair value.
\n \n
Restated
30 September
30 September
2024
2023
$000
$000
Cash at bank
6,824
7,437
Restricted cash
2
2,979
6,826
10,416
Restricted cash consists of cash held by the Trustee of the Group\u2019s Employee Bene\ufb01t Trust (\u201cEBT\u201d)
relating to share awards for employees. Prior to the IPO, the EBT facilitated the making of pre-IPO
equity awards to bene\ufb01ciaries of the sub-fund out of sweet equity that had been allocated to
management by the private equity investors. However, not all of the assets in the sub-fund were
allocated to bene\ufb01ciaries on IPO. Given February 2024 was three years since the Company\u2019s IPO it
was agreed that the legacy sub-fund should be wound up by the Trustee in February 2024 and the
assets of the sub-fund be distributed to its bene\ufb01ciaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "15. Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and restricted cash. Cash at bank includes cash
in transit due from credit card providers. The carrying amount of these assets approximates to
their fair value.
\n \n
Restated
30 September
30 September
2024
2023
$000
$000
Cash at bank
6,824
7,437
Restricted cash
2
2,979
6,826
10,416
Restricted cash consists of cash held by the Trustee of the Group\u2019s Employee Bene\ufb01t Trust (\u201cEBT\u201d)
relating to share awards for employees. Prior to the IPO, the EBT facilitated the making of pre-IPO
equity awards to bene\ufb01ciaries of the sub-fund out of sweet equity that had been allocated to
management by the private equity investors. However, not all of the assets in the sub-fund were
allocated to bene\ufb01ciaries on IPO. Given February 2024 was three years since the Company\u2019s IPO it
was agreed that the legacy sub-fund should be wound up by the Trustee in February 2024 and the
assets of the sub-fund be distributed to its bene\ufb01ciaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "16. Trade and other payables \n \n
Restated
30 September
30 September
2024
2023
$000
$000
Current
Trade payables
2,820
4,516
Payroll tax and other statutory liabilities
3,248
6,694
Deferred consideration
\u2013
9,869
Accruals
5,423
9,264
11,491
30,343
The carrying amount of trade and other payables classi\ufb01ed as \ufb01nancial liabilities at amortised
cost approximates to their fair value.
The deferred consideration was settled in cash in February 2024. The unwinding of the discount
on deferred consideration in the year is $0.1m (FY23: $0.3m) which is included as a \ufb01nance cost
(note 8) in the Consolidated Statement of Pro\ufb01t or Loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "\n \n
Restated
30 September
30 September
2024
2023
$000
$000
Current
Trade payables
2,820
4,516
Payroll tax and other statutory liabilities
3,248
6,694
Deferred consideration
\u2013
9,869
Accruals
5,423
9,264
11,491
30,343
The carrying amount of trade and other payables classi\ufb01ed as \ufb01nancial liabilities at amortised
cost approximates to their fair value.
The deferred consideration was settled in cash in February 2024. The unwinding of the discount
on deferred consideration in the year is $0.1m (FY23: $0.3m) which is included as a \ufb01nance cost
(note 8) in the Consolidated Statement of Pro\ufb01t or Loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "17. Leases
The Group leases assets including property and motor vehicles.
During the year ended 30 September 2024, as part of the Group\u2019s restructure of the North
America \ufb01nance team, it was determined the of\ufb01ce in Omaha was no longer required. The original
lease was entered into in April 2023 and a decision was made to sublet the of\ufb01ce from June 2024
until the end of the \ufb01ve-year lease in April 2028. The loss on derecognition of the right of use
asset of $0.1m has been treated as an exceptional operating item (see note 3). The sublease has
been treated as a lease receivable included in trade and other receivables (see note 14).
The Group also entered into two new motor vehicle lease agreements. The new leases have been
treated as additions.
At 30 September 2023 and 2024, there were no non-cancellable commitments relating to
short-term leases or low-value lease commitments.
As a lessee
The weighted average incremental borrowing rate contracted in FY24 was 7.8% (FY23: 7.5%).
\n \n
Land and buildings
Computer
Motor
leasehold
equipment
vehicles
Total
$000
$000
$000
$000
Right of use assets
1 October 2022 (restated as detailed in note 1)
1,912
3
\u2013
1,915
Acquisition of business (note 11)
528
\u2013
\u2013
528
Additions
687
\u2013
\u2013
687
Modi\ufb01cations
1,845
\u2013
\u2013
1,845
Depreciation charge for the year
(1,096)
(3)
\u2013
(1,099)
Exchange differences
65
\u2013
\u2013
65
30 September 2023 (restated as detailed in note 1)
3,941
\u2013
\u2013
3,941
Additions
\u2013
\u2013
39
39
Transfer to lease receivable
(419)
\u2013
\u2013
(419)
Loss on derecognition
(99)
\u2013
\u2013
(99)
Depreciation charge for the year
(932)
\u2013
(7)
(939)
Exchange differences
174
\u2013
2
176
30 September 2024
2,665
\u2013
34
2,699
Lease liabilities
1 October 2022 (restated as detailed in note 1)
2,051
4
\u2013
2,055
Acquisition of business (note 11)
528
\u2013
\u2013
528
Additions
687
\u2013
\u2013
687
Modi\ufb01cations
1,615
\u2013
\u2013
1,615
Interest charge for the year
232
\u2013
\u2013
232
Lease payments
(1,192)
(4)
\u2013
(1,196)
Exchange differences
50
\u2013
\u2013
50
30 September 2023 (restated as detailed in note 1)
3,971
\u2013
\u2013
3,971
Additions
\u2013
\u2013
39
39
Interest charge for the year
280
\u2013
1
281
Lease payments
(1,020)
\u2013
(10)
(1,030)
Exchange differences
172
\u2013
2
174
30 September 2024
3,403
\u2013
32
3,435
Current
874
\u2013
12
886
Non-current
2,529
\u2013
20
2,549
30 September 2024
3,403
\u2013
32
3,435
The charge recognised in the Consolidated Statement of Pro\ufb01t or Loss for the year was as follows:
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Depreciation charge
(939)
(1,099)
Interest charge
(281)
(232)
Loss on derecognition of right of use asset
(99)
\u2013
(1,319)
(1,331)
The non-cancellable lease rentals are payable as follows:
\n \n
Restated
30 September
30 September
2024
2023
$000
$000
Within 1 year
1,030
922
Between 1 and 2 years
924
945
Between 2 and 5 years
1,328
2,085
3,282
3,952
As a lessor
\n \n
Land and
buildings
leasehold
$000
Lease receivable (see note 14)
Transfer from right of use assets
419
Interest income for the year
9
Lease income received
(141)
30 September 2024
287
Current
136
Non-current
151
30 September 2024
287
The income recognised in the Consolidated Statement of Pro\ufb01t or Loss for the year was as follows:
\n \n
Year ended
30 September
2024
$000
Interest income
9
The non-cancellable lease rentals receivables are as follows:
\n \n
30 September
2024
$000
Within 1 year
117
Between 1 and 2 years
121
Between 2 and 5 years
82
320
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "18. Loans and borrowings
The carrying amount of loans and borrowings classi\ufb01ed as \ufb01nancial liabilities at amortised cost
approximates to their fair value.
\n \n
Restated
30 September
30 September
2024
2023
$000
$000
Current
Secured bank loan
22,953
15,688
Non-current
Secured bank loan
98,530
132,923
121,483
148,611
The Group entered into a Senior Facilities Agreement on 17 June 2021 which included:
\u2022
A senior term loan facility (the \u201cSenior Term Facility\u201d) for $204.0m for the acquisition of
LiveAuctioneers. The Senior Term Facility was drawn down in full on 30 September 2021 prior
to\u00a0completion of the acquisition of LiveAuctioneers on 1 October 2021. In FY24, a payment of
$27.7m (FY23: $53.7m) was paid on the Senior Term Facility. In the absence of any other
prepayments, the scheduled repayment in FY25 is $6.1m on 31 March 2025 and then $8.7m
quarterly from 30 June 2025. The loan will be due for repayment on 17 June 2026.
\u2022
A multi-currency revolving credit working capital facility (the \u201cRevolving Credit Facility\u201d) for
$49.0m. Any sums outstanding under the Revolving Credit Facility will be due for repayment by
17\u00a0June 2026. On 13 February 2024, $9.5m (FY23: $26.3m) was drawn down to partly fund the
payment of deferred consideration and retention bonuses relating to the acquisition of ESN in
FY23 (see note 11), and has been fully repaid by 30 September 2024.
\u2022
The Senior Facilities Agreement contains an adjusted net leverage covenant which tests the
ratio\u00a0of\u00a0adjusted net debt against adjusted EBITDA and an interest cover ratio which tests the
ratio of adjusted EBITDA against net \ufb01nance charges. In each case the covenant is measured
as\u00a0at the last date of each \ufb01nancial quarter, commencing with the \ufb01nancial quarter ending
30\u00a0September\u00a02021. The Group has complied with the \ufb01nancial covenants of its borrowing
facilities during the year ended 30\u00a0September 2024.
The movements in loans and borrowings are as follows:
\n \n
Restated
30 September
30 September
2024
2023
$000
$000
1 October
148,611
201,997
Repayment of loans and borrowings
(37,150)
(80,014)
Proceeds from loans and borrowings
9,500
26,300
Accrued interest and amortisation of \ufb01nance costs
13,116
13,597
Interest paid
(12,459)
(13,097)
Exchange differences
(135)
(172)
30 September
121,483
148,611
The currency pro\ufb01le of the loans and borrowings is as follows:
\n \n
Restated
30 September
30 September
2024
2023
$000
$000
US dollar
121,483
148,611
The weighted average interest charge (including amortised cost written off) for the year is as follows:
\n \n
Year ended
Year ended
30 September
30 September
2024
2023
%
%
Secured bank loan
8%
8%
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "19. Deferred taxation
The movement of net deferred tax liabilities is as follows:
\n \n
Capitalised
Other
goodwill and
Share-based
Foreign
Research and
temporary
intangibles
Tax losses
payments
exchange
development
differences
Total
$000
$000
$000
$000
$000
$000
$000
1 October 2022 (restated as detailed in note 1)
(65,101)
6,832
1,267
(15,350)
\u2013
177
(72,175)
Amount credited to Consolidated Statement of Pro\ufb01t or Loss
8,055
4,644
827
7,634
1,900
274
23,334
Exchange differences
(834)
\u2013
111
\u2013
\u2013
(65)
(788)
30 September 2023 (restated as detailed in note 1)
(57,880)
11,476
2,205
(7,716)
1,900
386
(49,629)
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Deferred tax liabilities
(57,880)
11,476
2,205
(7,716)
1,900
386
(49,629)
1 October 2023 (restated as detailed in note 1)
(57,880)
11,476
2,205
(7,716)
1,900
386
(49,629)
Amount credited/(charged) to Consolidated Statement of Pro\ufb01t or Loss
5,568
546
(672)
8,038
1,627
647
15,754
Exchange differences
(621)
\u2013
172
(322)
(31)
4
(798)
30 September 2024
(52,933)
12,022
1,705
\u2013
3,496
1,037
(34,673)
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Deferred tax liabilities
(52,933)
12,022
1,705
\u2013
3,496
1,037
(34,673)
Tax losses include unrelieved interest in the US, where there are suf\ufb01cient taxable pro\ufb01ts forecast to be available in the future to enable them to be utilised. These losses are available inde\ufb01nitely. Tax
on foreign exchange include unrealised foreign exchange differences arises from US holding companies with pound sterling as their functional currency for the Consolidated Financial Statements but
US dollar functional currency under US tax rules (see note 9). On 25 September 2024, the intra-group loan which has given rise to the temporary differences on foreign exchange was redenominated
into US Dollars realising the foreign exchange and reducing the temporary difference to $nil. A deferred tax asset of $3.5m (FY23: $1.9m) relates to the US research and development credit which is
spread over future years rather than fully deductible in the year it arises.
No deferred tax asset has been recognised in respect of unused tax losses in the UK of $0.8m (FY23: $0.9m) as it is not considered probable that there will be future taxable pro\ufb01ts available to offset
these tax losses. The losses may be carried forward inde\ufb01nitely. The temporary differences relating to the unremitted earnings of overseas subsidiaries amounted to $0.8m (FY23: $1.1m). However, as
the Group can control whether it pays dividends from its subsidiaries and it can control the timing of any dividends, no deferred tax has been provided on the unremitted earnings on the basis there is
no intention to repatriate these amounts. In presenting the Group\u2019s deferred tax balances, the Group offsets assets and liabilities to the extent we have a legally enforceable right to set off the arising
income tax liabilities and assets when those deferred tax balances reverse.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "20. Share capital and reserves
Restated
30 September
30 September
2024
2023
$000
$000
Authorised, called up and fully paid
121,819,130 ordinary shares at 0.01p each (FY23: 121,491,412)
17
17
The movements in share capital, share premium and other reserve are set out below:
Share
Share
Other
Number of
capital
premium
reserve
shares
$000
$000
$000
1 October 2022 (restated as detailed in note 1)
120,525,304
17
334,045
330,310
Shares issued
680,794
\u2013
413
\u2013
Shares issued in respect of share-based payment plans
285,314
\u2013
\u2013
\u2013
30 September 2023 (restated as detailed in note 1)
121,491,412
17
334,458
330,310
Shares issued
1,978
\u2013
5
\u2013
Shares issued in respect of share-based payment plans
325,740
\u2013
\u2013
\u2013
30 September 2024
121,819,130
17
334,463
330,310
For the year ended 30 September 2024
327,718 ordinary shares of 0.01p each with an aggregate nominal value of \u00a333 ($42) were issued
for\u00a0options that vested for a cash consideration of \u00a34,000 ($5,000). These included Long-term
Incentive Plan Awards (\u201cLTIP Awards\u201d), Share Incentive Plan (\u201cSIP\u201d) and Employee Stock Purchase
Plan (\u201cESPP\u201d) and to the Trust for LTIP Awards that have vested in the year.
For the year ended 30 September 2023
966,108 ordinary shares of 0.01p each with an aggregate nominal value of \u00a397 ($118) were issued
for options that vested for a cash consideration of \u00a3328,000 ($413,000). These included
management rollover options and restricted stock units granted in FY22 for the acquisition of
LiveAuctioneers, Long-term Incentive Plan Awards (\u201cLTIP Awards\u201d), shares issued under the Share
Incentive Plan (\u201cSIP\u201d) and Employee Stock Purchase Plan (\u201cESPP\u201d) and to the Trust for LTIP Awards
that have vested in the year.
Reserves
The movements in reserves are set out below:
Capital
Share
Foreign
Retained
redemption
option
currency
earnings/
reserve
reserve
translation
losses)
$000
$000
$000
$000
1 October 2022 (restated as detailed in note 1)
7
46,313
(61,129)
(47,162)
Total comprehensive income for the year
\u2013
\u2013
18,304
17,357
Options exercised related to previous business
combination
\u2013
(19,297)
\u2013
19,297
Share-based payment expense
\u2013
7,980
\u2013
\u2013
LTIP options exercised
\u2013
(2,313)
\u2013
2,313
30 September 2023 (restated as detailed in note 1)
7
32,683
42,825
(8,195)
Total comprehensive income for the year
\u2013
\u2013
13,963
20,937
Share-based payment expense
\u2013
6,400
\u2013
\u2013
LTIP options exercised
\u2013
(7,665)
\u2013
7,665
30 September 2024
7
31,418
(28,862)
20,407
The following describes the nature and purpose of each reserve within equity:
Retained earnings/
represent the pro\ufb01ts/(losses) of the Group made in current and preceding
(losses)
years.
Other reserve
comprises:
\u2022
a merger reserve that arose on the Group reorganisation on 13 January
2020 and is the adjustment of the comparative and current year
consolidated reserves of the Group to re\ufb02ect the statutory share capital
and share premium of Auction Technology Group plc as if it had always
existed; and
\u2022
share premium, net of share issue costs, recognised in the other reserve
in accordance with section 612 of the Companies Act 2006 for the equity
raise on 17 June 2021 via a cashbox placing.
Capital redemption
arose on the redemption or purchase of the Company\u2019s own shares. The
reserve
Company issued shares directly to the Trust of 275,876 during the year and
held 24,280 as at 30 September 2024 (FY23: 210,475).
Share option
relates to share options awarded (see note 21) and options granted in FY22
reserve
for the acquisition of LiveAuctioneers.
Foreign currency
comprises all foreign exchange differences arising from the translation of
translation reserve
the \ufb01nancial statements of foreign operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "20. Share capital and reserves
Restated
30 September
30 September
2024
2023
$000
$000
Authorised, called up and fully paid
121,819,130 ordinary shares at 0.01p each (FY23: 121,491,412)
17
17
The movements in share capital, share premium and other reserve are set out below:
Share
Share
Other
Number of
capital
premium
reserve
shares
$000
$000
$000
1 October 2022 (restated as detailed in note 1)
120,525,304
17
334,045
330,310
Shares issued
680,794
\u2013
413
\u2013
Shares issued in respect of share-based payment plans
285,314
\u2013
\u2013
\u2013
30 September 2023 (restated as detailed in note 1)
121,491,412
17
334,458
330,310
Shares issued
1,978
\u2013
5
\u2013
Shares issued in respect of share-based payment plans
325,740
\u2013
\u2013
\u2013
30 September 2024
121,819,130
17
334,463
330,310
For the year ended 30 September 2024
327,718 ordinary shares of 0.01p each with an aggregate nominal value of \u00a333 ($42) were issued
for\u00a0options that vested for a cash consideration of \u00a34,000 ($5,000). These included Long-term
Incentive Plan Awards (\u201cLTIP Awards\u201d), Share Incentive Plan (\u201cSIP\u201d) and Employee Stock Purchase
Plan (\u201cESPP\u201d) and to the Trust for LTIP Awards that have vested in the year.
For the year ended 30 September 2023
966,108 ordinary shares of 0.01p each with an aggregate nominal value of \u00a397 ($118) were issued
for options that vested for a cash consideration of \u00a3328,000 ($413,000). These included
management rollover options and restricted stock units granted in FY22 for the acquisition of
LiveAuctioneers, Long-term Incentive Plan Awards (\u201cLTIP Awards\u201d), shares issued under the Share
Incentive Plan (\u201cSIP\u201d) and Employee Stock Purchase Plan (\u201cESPP\u201d) and to the Trust for LTIP Awards
that have vested in the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "Reserves
The movements in reserves are set out below:
Capital
Share
Foreign
Retained
redemption
option
currency
earnings/
reserve
reserve
translation
losses)
$000
$000
$000
$000
1 October 2022 (restated as detailed in note 1)
7
46,313
(61,129)
(47,162)
Total comprehensive income for the year
\u2013
\u2013
18,304
17,357
Options exercised related to previous business
combination
\u2013
(19,297)
\u2013
19,297
Share-based payment expense
\u2013
7,980
\u2013
\u2013
LTIP options exercised
\u2013
(2,313)
\u2013
2,313
30 September 2023 (restated as detailed in note 1)
7
32,683
42,825
(8,195)
Total comprehensive income for the year
\u2013
\u2013
13,963
20,937
Share-based payment expense
\u2013
6,400
\u2013
\u2013
LTIP options exercised
\u2013
(7,665)
\u2013
7,665
30 September 2024
7
31,418
(28,862)
20,407
The following describes the nature and purpose of each reserve within equity:
Retained earnings/
represent the pro\ufb01ts/(losses) of the Group made in current and preceding
(losses)
years.
Other reserve
comprises:
\u2022
a merger reserve that arose on the Group reorganisation on 13 January
2020 and is the adjustment of the comparative and current year
consolidated reserves of the Group to re\ufb02ect the statutory share capital
and share premium of Auction Technology Group plc as if it had always
existed; and
\u2022
share premium, net of share issue costs, recognised in the other reserve
in accordance with section 612 of the Companies Act 2006 for the equity
raise on 17 June 2021 via a cashbox placing.
Capital redemption
arose on the redemption or purchase of the Company\u2019s own shares. The
reserve
Company issued shares directly to the Trust of 275,876 during the year and
held 24,280 as at 30 September 2024 (FY23: 210,475).
Share option
relates to share options awarded (see note 21) and options granted in FY22
reserve
for the acquisition of LiveAuctioneers.
Foreign currency
comprises all foreign exchange differences arising from the translation of
translation reserve
the \ufb01nancial statements of foreign operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "
Capital redemption
arose on the redemption or purchase of the Company\u2019s own shares. The
reserve
Company issued shares directly to the Trust of 275,876 during the year and
held 24,280 as at 30 September 2024 (FY23: 210,475).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "21. Employee bene\ufb01ts
De\ufb01ned contribution pension plans
The Group operates several de\ufb01ned contribution pension plans. The total expense relating to
these plans in the current year was $0.7m (FY23: $0.8m). There was $86,000 accruing to these
pension schemes as at 30\u00a0September 2024 (FY23: $85,000).
Share-based payments
The Group had three share-based payment plans in effect in FY24, details of which are set out
in\u00a0this note and the Remuneration Committee Report.
Pre-admission awards
Pre-admission awards were granted to employees in January and February 2021 in advance of the
IPO. Pre-admission awards subject to a three-year holding period subject to the recipient\u2019s
continued employment vested in FY24.
LTIP
The Long-term Incentive Plan (\u201cLTIP\u201d) is the primary long-term incentive plan for approximately
180 employees within the Group. Under the plan, annual awards, based on a percentage of salary,
may be offered. These awards will vest over a range from one to four years subject to the
recipient\u2019s continued employment at the date of vesting and, for Executive Directors, the
satisfaction of performance conditions to be measured over three \ufb01nancial years.
LA LTIP
Nil-cost awards under the LTIP were granted to employees on acquisition of LiveAuctioneers on
1\u00a0October 2021. These awards will vest over a range from one to six years subject to the recipient\u2019s
continued employment at the date of vesting.
SIP and ESPP
The Group operates a Share Incentive Plan (\u201cSIP\u201d) and Employee Stock Purchase Plan (\u201cESPP\u201d)
in\u00a0which all employees, including Executive Directors, are eligible to participate. The plans were
approved by shareholders in 2021 and implemented with effect from 1\u00a0November 2021.
UK participants in the SIP may invest up to \u00a31,800 of their pre-tax salary each year to purchase
shares in the Company. For each share acquired, the Company purchases a matching share.
Employees must remain with the Group for three years from the date of purchase of each
Partnership Share in order to qualify for the matching share, and for \ufb01ve years for the shares to
be\u00a0transferred to them tax free. The employee is entitled to dividends on shares purchased, and
to vote at shareholder meetings. There is a similar scheme for employees in Germany. US
participants in the ESPP may contribute a portion of their monthly salary over six-month periods
up to a maximum of $12,500. At the end of the period, the employee has the option to withdraw
their accumulated funds or purchase shares at a price equal to\u00a085% of the lower of the market
prices prevailing at the beginning or end of the period. Employees purchased 60,986 (FY23: 50,184)
shares of the Company at a weighted average exercise price of $6.90 (FY23: $7.23).
Deferred bonus \u2013 equity se\ue001led
The Deferred Share Bonus Plan (\u201cDSBP\u201d) is a discretionary plan for Executive employees to defer a
portion of their cash bonus into an award of shares. Of the annual incentive to Executive Directors,
25% is deferred into shares under the DSBP. Deferred shares must normally be held for a period of
three years.
The share awards/options set out below are outstanding at 30 September 2024.
\n \n
Share-
Cancelled/
based
Options at
Exercised
forfeited
Options at
payment
1 October
Granted
during the
during the
30 September
expense
2023
in the year
year
year
2024
$000
Number
Number
Number
Number
Number
Pre-admission awards
1,623
483,566
\u2013
(483,566)
\u2013
\u2013
LTIP
4,476
1,572,292 1,724,333
(270,136)
(747,312)
2,279,177
LA LTIP
74
171,178
\u2013
(92,672)
(26,425)
52,081
Deferred bonus \u2013
equity settled
127
27,823
10,923
\u2013
\u2013
38,746
SIP and ESPP
100
12,671
16,605
(751)
(6,427)
22,098
Payroll tax
(385)
n/a
n/a
n/a
n/a
n/a
Total
6,015
2,267,530
1,751,861
(847,125)
(780,164)
2,392,102
The share awards/options set out below are outstanding at 30 September 2023.
\n \n
Restated
Share-
Cancelled/
based
Options at
Exercised
forfeited
Options at
payment
1 October
Granted
during the
during the
30 September
expense
2022
in the year
year
year
2023
$000
Number
Number
Number
Number
Number
Pre-admission awards
975
549,069
\u2013
\u2013
(65,503)
483,566
LTIP
5,987
1,043,047
919,954
(147,167)
(243,542)
1,572,292
LA LTIP
813
236,241
82,289
(39,820)
(107,532)
171,178
Deferred bonus \u2013
equity settled
97
8,636
19,187
\u2013
\u2013
27,823
SIP and ESPP
108
\u2013
14,343
\u2013
(1,672)
12,671
Payroll tax
636
n/a
n/a
n/a
n/a
n/a
Total
8,616
1,836,993
1,035,773
(186,987)
(418,249)
2,267,530
All share options outstanding are equity-settled and are options to subscribe for new ordinary
shares of 0.01p each in the Company.
The weighted average exercise price of the options granted was $0.54 (FY23: $nil). The weighted
average exercise price of options exercised and forfeited was $nil (FY23: $nil) and the market price
at date of exercise was $6.99 (FY23: $8.67). The options outstanding at 30\u00a0September 2024 had a
weighted average exercise price of $0.40 (FY23: $nil) and a weighted average remaining contractual
life of 1.4 years (FY23: 1.1 years). There are 262,750 share options with a weighted average exercise
price of $nil exercisable at 30 September 2024 (FY23: 18,850).
Fair value
The fair value is determined at the date of grant and is not subsequently remeasured unless
conditions on which the award was granted are modi\ufb01ed.
On 8 December 2023, 150,000 LTIP options were granted with an exercise price of \u00a34.96 ($6.23).
The fair value of these options has been measured using the Black-Scholes model. The principal
assumptions were:
\n \n
Exercise price
\u00a34.96
Share price
\u00a34.87
Expected life
3 years
Risk free interest rate
4.3%
Expected volatility
43.8%
Expected dividend yield
0%
Expected volatility is measured over a three-year period immediately prior to the date of the
grant.
The remaining nil-cost share options granted in the year have no market performance conditions
associated with them and so\u00a0fair value is deemed to be the share price at date of grant. The
weighted average fair value per option granted during the year was $6.00 (FY23: $9.21). The
resulting fair value which is expensed over the service period is adjusted, based on management\u2019s
best estimate, for a percentage of employees that will leave the Group. The fair value of the
performance options is reviewed at each balance sheet date and adjusted through the number of
options expected to vest.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "Share-based payments
The Group had three share-based payment plans in effect in FY24, details of which are set out
in\u00a0this note and the Remuneration Committee Report.
Pre-admission awards
Pre-admission awards were granted to employees in January and February 2021 in advance of the
IPO. Pre-admission awards subject to a three-year holding period subject to the recipient\u2019s
continued employment vested in FY24.
LTIP
The Long-term Incentive Plan (\u201cLTIP\u201d) is the primary long-term incentive plan for approximately
180 employees within the Group. Under the plan, annual awards, based on a percentage of salary,
may be offered. These awards will vest over a range from one to four years subject to the
recipient\u2019s continued employment at the date of vesting and, for Executive Directors, the
satisfaction of performance conditions to be measured over three \ufb01nancial years.
LA LTIP
Nil-cost awards under the LTIP were granted to employees on acquisition of LiveAuctioneers on
1\u00a0October 2021. These awards will vest over a range from one to six years subject to the recipient\u2019s
continued employment at the date of vesting.
SIP and ESPP
The Group operates a Share Incentive Plan (\u201cSIP\u201d) and Employee Stock Purchase Plan (\u201cESPP\u201d)
in\u00a0which all employees, including Executive Directors, are eligible to participate. The plans were
approved by shareholders in 2021 and implemented with effect from 1\u00a0November 2021.
UK participants in the SIP may invest up to \u00a31,800 of their pre-tax salary each year to purchase
shares in the Company. For each share acquired, the Company purchases a matching share.
Employees must remain with the Group for three years from the date of purchase of each
Partnership Share in order to qualify for the matching share, and for \ufb01ve years for the shares to
be\u00a0transferred to them tax free. The employee is entitled to dividends on shares purchased, and
to vote at shareholder meetings. There is a similar scheme for employees in Germany. US
participants in the ESPP may contribute a portion of their monthly salary over six-month periods
up to a maximum of $12,500. At the end of the period, the employee has the option to withdraw
their accumulated funds or purchase shares at a price equal to\u00a085% of the lower of the market
prices prevailing at the beginning or end of the period. Employees purchased 60,986 (FY23: 50,184)
shares of the Company at a weighted average exercise price of $6.90 (FY23: $7.23).
Deferred bonus \u2013 equity se\ue001led
The Deferred Share Bonus Plan (\u201cDSBP\u201d) is a discretionary plan for Executive employees to defer a
portion of their cash bonus into an award of shares. Of the annual incentive to Executive Directors,
25% is deferred into shares under the DSBP. Deferred shares must normally be held for a period of
three years.
The share awards/options set out below are outstanding at 30 September 2024.
\n \n
Share-
Cancelled/
based
Options at
Exercised
forfeited
Options at
payment
1 October
Granted
during the
during the
30 September
expense
2023
in the year
year
year
2024
$000
Number
Number
Number
Number
Number
Pre-admission awards
1,623
483,566
\u2013
(483,566)
\u2013
\u2013
LTIP
4,476
1,572,292 1,724,333
(270,136)
(747,312)
2,279,177
LA LTIP
74
171,178
\u2013
(92,672)
(26,425)
52,081
Deferred bonus \u2013
equity settled
127
27,823
10,923
\u2013
\u2013
38,746
SIP and ESPP
100
12,671
16,605
(751)
(6,427)
22,098
Payroll tax
(385)
n/a
n/a
n/a
n/a
n/a
Total
6,015
2,267,530
1,751,861
(847,125)
(780,164)
2,392,102
The share awards/options set out below are outstanding at 30 September 2023.
\n \n
Restated
Share-
Cancelled/
based
Options at
Exercised
forfeited
Options at
payment
1 October
Granted
during the
during the
30 September
expense
2022
in the year
year
year
2023
$000
Number
Number
Number
Number
Number
Pre-admission awards
975
549,069
\u2013
\u2013
(65,503)
483,566
LTIP
5,987
1,043,047
919,954
(147,167)
(243,542)
1,572,292
LA LTIP
813
236,241
82,289
(39,820)
(107,532)
171,178
Deferred bonus \u2013
equity settled
97
8,636
19,187
\u2013
\u2013
27,823
SIP and ESPP
108
\u2013
14,343
\u2013
(1,672)
12,671
Payroll tax
636
n/a
n/a
n/a
n/a
n/a
Total
8,616
1,836,993
1,035,773
(186,987)
(418,249)
2,267,530
All share options outstanding are equity-settled and are options to subscribe for new ordinary
shares of 0.01p each in the Company.
The weighted average exercise price of the options granted was $0.54 (FY23: $nil). The weighted
average exercise price of options exercised and forfeited was $nil (FY23: $nil) and the market price
at date of exercise was $6.99 (FY23: $8.67). The options outstanding at 30\u00a0September 2024 had a
weighted average exercise price of $0.40 (FY23: $nil) and a weighted average remaining contractual
life of 1.4 years (FY23: 1.1 years). There are 262,750 share options with a weighted average exercise
price of $nil exercisable at 30 September 2024 (FY23: 18,850).
Fair value
The fair value is determined at the date of grant and is not subsequently remeasured unless
conditions on which the award was granted are modi\ufb01ed.
On 8 December 2023, 150,000 LTIP options were granted with an exercise price of \u00a34.96 ($6.23).
The fair value of these options has been measured using the Black-Scholes model. The principal
assumptions were:
\n \n
Exercise price
\u00a34.96
Share price
\u00a34.87
Expected life
3 years
Risk free interest rate
4.3%
Expected volatility
43.8%
Expected dividend yield
0%
Expected volatility is measured over a three-year period immediately prior to the date of the
grant.
The remaining nil-cost share options granted in the year have no market performance conditions
associated with them and so\u00a0fair value is deemed to be the share price at date of grant. The
weighted average fair value per option granted during the year was $6.00 (FY23: $9.21). The
resulting fair value which is expensed over the service period is adjusted, based on management\u2019s
best estimate, for a percentage of employees that will leave the Group. The fair value of the
performance options is reviewed at each balance sheet date and adjusted through the number of
options expected to vest.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "22. Financial instruments
The Group is exposed to risks that arise from its use of \ufb01nancial instruments. This note describes
the Group\u2019s objectives, policies and processes for managing those risks and the methods used to
measure them. The signi\ufb01cant accounting policies are disclosed in note 1.
Financial instruments by category
\n \n
Restated
30 September
30 September
2024
2023
$000
$000
Financial assets held at amortised cost
Trade and other receivables (excluding prepayments)
16,064
16,786
Contract assets
1,499
1,856
Cash and cash equivalents
6,826
10,416
24,389
29,058
Financial liabilities held at amortised cost
Trade and other payables (excluding non-\ufb01nancial liabilities)
(8,243)
(23,649)
Contract liabilities
(1,639)
(1,851)
Loans and borrowings
(121,483)
(148,611)
(131,365)
(174,111)
Financial risk management
The Group\u2019s activities and the existence of the above \ufb01nancial instruments expose it to a variety
of\u00a0\ufb01nancial risks. The Board has overall responsibility for the determination of the Group\u2019s risk
management objectives and policies. The overall objective of the Board is to set policies that seek
to reduce ongoing risk as far as possible without unduly affecting the Group\u2019s competitiveness
and \ufb02exibility.
The Group is exposed to the following \ufb01nancial risks:
Credit risk
The Group\u2019s exposure to credit risk arises from cash and cash equivalents, as well as outstanding
receivables (note 14).
The Group\u2019s cash and cash equivalents are all held on deposit with leading international banks
and\u00a0hence the Directors consider the credit risk\u00a0associated with such balances to be low. It is
the\u00a0Group\u2019s policy that banks and \ufb01nancial institutions with a minimum rating of \u2018A\u2019 are accepted.
If a bank rating is downgraded the business is required to move banks as soon as practicably
possible.
The Group provides credit to customers in the normal course of business. The amounts presented
in\u00a0the Consolidated Statement of Financial Position in relation to the Group\u2019s trade receivables
are\u00a0presented net of loss allowances. The Group measures loss allowances at an amount equal
to\u00a0the lifetime expected credit losses using both qualitative and quantitative information
and\u00a0analysis based on the Group\u2019s historical experience and forward-looking information.
During\u00a0FY24 there was a charge to the Consolidated Statement of Pro\ufb01t or Loss of $2.2m
(FY23:\u00a0credit of $0.2m) to increase the loss allowance and write off uncollectible amounts.
See\u00a0note\u00a014 for further details about trade receivables including movements in loss provisions.
The carrying amount of \ufb01nancial assets recorded in the \ufb01nancial statements, which is net
of\u00a0impairment losses, represents the Group\u2019s maximum exposure to credit risk.
Liquidity risk
Liquidity risk arises from the Group\u2019s management of working capital and the amount of funding
required for growth. It is the risk that the Group will encounter dif\ufb01culty in meeting its \ufb01nancial
obligations as they fall due. The Group manages its cash and borrowing requirements through
preparation of annual cash \ufb02ow forecasts re\ufb02ecting known commitments and anticipated
projects in order to maximise interest income and minimise interest expense, whilst ensuring that
the Group has suf\ufb01cient liquid resources to meet the operating needs of the Group. Borrowing
facilities are arranged as necessary to \ufb01nance requirements.
The table below analyses the Group\u2019s \ufb01nancial liabilities based on the period remaining to the
contractual maturity dates at the reporting date. The amounts disclosed in the table are the
carrying amounts and undiscounted net contractual cash \ufb02ows.
\n \n
Carrying
Contractual
Due less
Between 1
amount
cash \ufb02ows
than 1 year
and 5 years
Over 5 years
2024
$000
$000
$000
$000
$000
Loans and borrowings
121,483
122,772
23,686
99,086
\u2013
Trade and other payables
8,243
8,243
8,243
\u2013
\u2013
Contract liabilities
1,639
1,639
1,639
\u2013
\u2013
30 September 2024
131,365
132,654
33,568
99,086
\u2013
\n \n
Carrying
Contractual
Due less
Between 1
amount
cash \ufb02ows
than 1 year
and 5 years
Over 5 years
2023 (restated)
$000
$000
$000
$000
$000
Loans and borrowings
148,611
150,392
16,335
134,057
\u2013
Trade and other payables
23,649
23,649
23,649
\u2013
\u2013
Contract liabilities
1,851
1,851
1,851
\u2013
\u2013
30 September 2023
174,111
175,892
41,835
134,057
\u2013
Foreign exchange risk
Foreign exchange risk is the risk that movements in exchange rates affect the pro\ufb01tability of
the\u00a0business. The Group\u2019s policy is, where possible, to allow Group entities to settle liabilities
denominated in their local functional currency (primarily pound sterling, US dollars or euro) with
the cash generated from their own operations in that currency.
The Group earns revenue and incurs costs in local currencies and is able to manage foreign
exchange risk by matching the currency in which revenue is generated and expenses are incurred.
Movements in the exchange rate of the pound sterling and the euro against US dollar have an
impact on both the result for the period and equity.
The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and
monetary liabilities at the reporting date are as follows:
\n \n
Restated
30 September
30 September
2024
2023
$000
$000
Net foreign currency monetary assets/(liabilities)
Pound sterling
845
(3,318)
Euros
665
152
The following table details the Group\u2019s sensitivity to a 10% (FY23: 10%) strengthening and
weakening in US dollar against the pound sterling and euro. The sensitivity analysis includes only
foreign currency denominated monetary items and adjusts their translation at the period end for
a\u00a010% change in foreign currency rates. Where the US dollar strengthens 10% (FY23: 10%) against
the relevant currency, a negative number below indicates an increase in pro\ufb01t in the Consolidated
Statement of Pro\ufb01t or Loss and the Consolidated Statement of Changes in Equity and a positive
number indicates a decrease in pro\ufb01t in the Consolidated Statement of Pro\ufb01t or Loss and the
Consolidated Statement of Changes in Equity. For a 10% (FY23: 10%) weakening in US dollar against
the relevant currency, there would be an equal and opposite impact on the pro\ufb01t in the
Consolidated Statement of Pro\ufb01t or Loss and the Consolidated Statement of Changes in Equity.
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Pound sterling
Change in pro\ufb01t for the year in Consolidated Statement of Pro\ufb01t or Loss
(130)
(283)
Change in pro\ufb01t in Consolidated Statement of Changes in Equity
(85)
332
Euro
Change in pro\ufb01t for the year in Consolidated Statement of Pro\ufb01t or Loss
(58)
(10)
Change in pro\ufb01t in Consolidated Statement of Changes in Equity
(9)
(5)
Deferred tax on unrealised foreign exchange differences arises from US holding companies with
pound sterling as their functional currency for the Consolidated Financial Statements but
US\u00a0dollar functional currency under US tax rules (see note 9). Under the US tax basis these
holding companies incurred an unrealised foreign exchange loss of $30.6m on intra-group loans
denominated in pound sterling totalling \u00a3246.2m (FY23: gain of $34.6m on intra-group loans of
\u00a3295.6m). Unrealised foreign exchange differences are not taxable until realised, giving rise to
deferred tax. Movements in the exchange rate of the US dollar against sterling have an impact on
the result for the period. A 10% strengthening or weakening in pound sterling against the US dollar
would result in an decrease or increase in the pro\ufb01t in the Consolidated Statement of Pro\ufb01t or
Loss of $7.6m (FY23: $7.6m). On 25 September 2024, the intra-group loan was redenominated into
US dollars and a loss of $0.7m realised. From this date there is no foreign exchange exposure on
this loan and deferred tax liability at 30 September 2024 is $nil.
Net investment hedge
In June 2022, the Senior Term Facility was designated as a hedge of the net investment in the US
dollar denominated subsidiaries. There was no ineffectiveness recorded from the net investment
in foreign entity hedges.
\n \n
Restated
30 September
30 September
2024
2023
$000
$000
Net investment hedge
Loans and borrowings
121,483
148,611
Pound sterling carrying amount of Senior Term Facility
\u00a390,833
\u00a3121,830
Hedge ratio
1:1
1:1
Change in carrying amount of Senior Term Facility as a result of
foreign currency movements recognised in Consolidated Statement
of Pro\ufb01t or Loss and Other Comprehensive Income or Loss
13,019
14,478
Change in value of hedged item used to determine hedge effectiveness
(13,019)
(14,478)
Interest rate risk
The Group was exposed to interest rate risk during the year because entities in the Group
borrowed funds at \ufb02oating interest rates. There were loans of $121.5m outstanding at
30\u00a0September 2024 (FY23: $148.6m).
The sensitivity analyses below have been determined based on the exposure to interest rates. For
\ufb02oating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the
reporting date was outstanding for the whole period.
If interest rates had been 200bps higher/lower and all other variables were held constant, the
Group\u2019s pro\ufb01t for the year ended 30 September\u00a02024 would increase or decrease by $1.9m (FY23:
$2.8m). This is mainly attributable to the Group\u2019s exposure on its variable rate Senior Term Facility
and Revolving Credit Facility.
Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as
a\u00a0going concern and to maintain an optimal capital structure which provides an adequate return
to shareholders. The Group sets the amount of capital it requires in proportion to risk. The Group
manages its capital structure and adjusts it in the light of changes in economic conditions and the
risk characteristics of the underlying assets. In order to maintain or adjust the capital structure,
the Group may adjust the amount of dividends paid to shareholders, return capital to
shareholders, issue new shares, or sell assets to reduce debt.
Fair value of \ufb01nancial instruments
The fair values of \ufb01nancial assets and \ufb01nancial liabilities are determined in accordance with IFRS 13 Fair Value Measurement as follows:
Level 1
The fair value of \ufb01nancial assets and \ufb01nancial liabilities with standard terms and conditions and traded on active liquid markets is determined with reference to quoted market prices.
Level 2
The fair value of other \ufb01nancial assets and \ufb01nancial liabilities (excluding derivative instruments) is determined in accordance with generally accepted pricing models based on discounted cash \ufb02ow
analysis using prices from observable current market transactions and dealer quotes for similar instruments.
Level 3
If one or more signi\ufb01cant inputs are not based on observable market data, the instrument is included in level 3.
There are no \ufb01nancial instruments classi\ufb01ed as level 3.
Financing activities
The movements in assets/(liabilities) arising from \ufb01nancing activities are as follows:
\n \n
Restated
Arising on
Other non-cash
Exchange
30 September
1 October 2023
acquisition
movements
Cash \ufb02ow
differences
2024
2024
$000
$000
$000
$000
$000
$000
Cash and cash equivalents
10,416
\u2013
\u2013
(3,718)
128
6,826
Lease receivable
\u2013
\u2013
428
(141)
\u2013
287
Total \ufb01nancing assets
10,416
\u2013
428
(3,859)
128
7,113
Bank loans
(148,611)
\u2013
(13,116)
40,109
135
(121,483)
Lease liabilities
(3,971)
\u2013
(320)
1,030
(174)
(3,435)
Total \ufb01nancing liabilities
(152,582)
\u2013
(13,436)
41,139
(39)
(124,918)
Arising on
Other non-cash
Exchange
30 September
1 October 2022
acquisition
movements
Cash \ufb02ow
differences
2023
2023 (restated)
$000
$000
$000
$000
$000
$000
Cash and cash equivalents
57,876
\u2013
\u2013
(48,319)
859
10,416
Total \ufb01nancing assets
57,876
\u2013
\u2013
(48,319)
859
10,416
Bank loans
(201,997)
\u2013
(13,597)
66,811
172
(148,611)
Lease liabilities
(2,055)
(528)
(2,534)
1,196
(50)
(3,971)
Total \ufb01nancing liabilities
(204,052)
(528)
(16,131)
68,007
122
(152,582)
Other non-cash movements include accrued \ufb01nance costs, amortisation of \ufb01nance costs and additions to lease receivable and liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "Financial risk management
The Group\u2019s activities and the existence of the above \ufb01nancial instruments expose it to a variety
of\u00a0\ufb01nancial risks. The Board has overall responsibility for the determination of the Group\u2019s risk
management objectives and policies. The overall objective of the Board is to set policies that seek
to reduce ongoing risk as far as possible without unduly affecting the Group\u2019s competitiveness
and \ufb02exibility.
The Group is exposed to the following \ufb01nancial risks:
Credit risk
The Group\u2019s exposure to credit risk arises from cash and cash equivalents, as well as outstanding
receivables (note 14).
The Group\u2019s cash and cash equivalents are all held on deposit with leading international banks
and\u00a0hence the Directors consider the credit risk\u00a0associated with such balances to be low. It is
the\u00a0Group\u2019s policy that banks and \ufb01nancial institutions with a minimum rating of \u2018A\u2019 are accepted.
If a bank rating is downgraded the business is required to move banks as soon as practicably
possible.
The Group provides credit to customers in the normal course of business. The amounts presented
in\u00a0the Consolidated Statement of Financial Position in relation to the Group\u2019s trade receivables
are\u00a0presented net of loss allowances. The Group measures loss allowances at an amount equal
to\u00a0the lifetime expected credit losses using both qualitative and quantitative information
and\u00a0analysis based on the Group\u2019s historical experience and forward-looking information.
During\u00a0FY24 there was a charge to the Consolidated Statement of Pro\ufb01t or Loss of $2.2m
(FY23:\u00a0credit of $0.2m) to increase the loss allowance and write off uncollectible amounts.
See\u00a0note\u00a014 for further details about trade receivables including movements in loss provisions.
The carrying amount of \ufb01nancial assets recorded in the \ufb01nancial statements, which is net
of\u00a0impairment losses, represents the Group\u2019s maximum exposure to credit risk.
Liquidity risk
Liquidity risk arises from the Group\u2019s management of working capital and the amount of funding
required for growth. It is the risk that the Group will encounter dif\ufb01culty in meeting its \ufb01nancial
obligations as they fall due. The Group manages its cash and borrowing requirements through
preparation of annual cash \ufb02ow forecasts re\ufb02ecting known commitments and anticipated
projects in order to maximise interest income and minimise interest expense, whilst ensuring that
the Group has suf\ufb01cient liquid resources to meet the operating needs of the Group. Borrowing
facilities are arranged as necessary to \ufb01nance requirements.
The table below analyses the Group\u2019s \ufb01nancial liabilities based on the period remaining to the
contractual maturity dates at the reporting date. The amounts disclosed in the table are the
carrying amounts and undiscounted net contractual cash \ufb02ows.
\n \n
Carrying
Contractual
Due less
Between 1
amount
cash \ufb02ows
than 1 year
and 5 years
Over 5 years
2024
$000
$000
$000
$000
$000
Loans and borrowings
121,483
122,772
23,686
99,086
\u2013
Trade and other payables
8,243
8,243
8,243
\u2013
\u2013
Contract liabilities
1,639
1,639
1,639
\u2013
\u2013
30 September 2024
131,365
132,654
33,568
99,086
\u2013
\n \n
Carrying
Contractual
Due less
Between 1
amount
cash \ufb02ows
than 1 year
and 5 years
Over 5 years
2023 (restated)
$000
$000
$000
$000
$000
Loans and borrowings
148,611
150,392
16,335
134,057
\u2013
Trade and other payables
23,649
23,649
23,649
\u2013
\u2013
Contract liabilities
1,851
1,851
1,851
\u2013
\u2013
30 September 2023
174,111
175,892
41,835
134,057
\u2013
Foreign exchange risk
Foreign exchange risk is the risk that movements in exchange rates affect the pro\ufb01tability of
the\u00a0business. The Group\u2019s policy is, where possible, to allow Group entities to settle liabilities
denominated in their local functional currency (primarily pound sterling, US dollars or euro) with
the cash generated from their own operations in that currency.
The Group earns revenue and incurs costs in local currencies and is able to manage foreign
exchange risk by matching the currency in which revenue is generated and expenses are incurred.
Movements in the exchange rate of the pound sterling and the euro against US dollar have an
impact on both the result for the period and equity.
The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and
monetary liabilities at the reporting date are as follows:
\n \n
Restated
30 September
30 September
2024
2023
$000
$000
Net foreign currency monetary assets/(liabilities)
Pound sterling
845
(3,318)
Euros
665
152
The following table details the Group\u2019s sensitivity to a 10% (FY23: 10%) strengthening and
weakening in US dollar against the pound sterling and euro. The sensitivity analysis includes only
foreign currency denominated monetary items and adjusts their translation at the period end for
a\u00a010% change in foreign currency rates. Where the US dollar strengthens 10% (FY23: 10%) against
the relevant currency, a negative number below indicates an increase in pro\ufb01t in the Consolidated
Statement of Pro\ufb01t or Loss and the Consolidated Statement of Changes in Equity and a positive
number indicates a decrease in pro\ufb01t in the Consolidated Statement of Pro\ufb01t or Loss and the
Consolidated Statement of Changes in Equity. For a 10% (FY23: 10%) weakening in US dollar against
the relevant currency, there would be an equal and opposite impact on the pro\ufb01t in the
Consolidated Statement of Pro\ufb01t or Loss and the Consolidated Statement of Changes in Equity.
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Pound sterling
Change in pro\ufb01t for the year in Consolidated Statement of Pro\ufb01t or Loss
(130)
(283)
Change in pro\ufb01t in Consolidated Statement of Changes in Equity
(85)
332
Euro
Change in pro\ufb01t for the year in Consolidated Statement of Pro\ufb01t or Loss
(58)
(10)
Change in pro\ufb01t in Consolidated Statement of Changes in Equity
(9)
(5)
Deferred tax on unrealised foreign exchange differences arises from US holding companies with
pound sterling as their functional currency for the Consolidated Financial Statements but
US\u00a0dollar functional currency under US tax rules (see note 9). Under the US tax basis these
holding companies incurred an unrealised foreign exchange loss of $30.6m on intra-group loans
denominated in pound sterling totalling \u00a3246.2m (FY23: gain of $34.6m on intra-group loans of
\u00a3295.6m). Unrealised foreign exchange differences are not taxable until realised, giving rise to
deferred tax. Movements in the exchange rate of the US dollar against sterling have an impact on
the result for the period. A 10% strengthening or weakening in pound sterling against the US dollar
would result in an decrease or increase in the pro\ufb01t in the Consolidated Statement of Pro\ufb01t or
Loss of $7.6m (FY23: $7.6m). On 25 September 2024, the intra-group loan was redenominated into
US dollars and a loss of $0.7m realised. From this date there is no foreign exchange exposure on
this loan and deferred tax liability at 30 September 2024 is $nil.
Net investment hedge
In June 2022, the Senior Term Facility was designated as a hedge of the net investment in the US
dollar denominated subsidiaries. There was no ineffectiveness recorded from the net investment
in foreign entity hedges.
\n \n
Restated
30 September
30 September
2024
2023
$000
$000
Net investment hedge
Loans and borrowings
121,483
148,611
Pound sterling carrying amount of Senior Term Facility
\u00a390,833
\u00a3121,830
Hedge ratio
1:1
1:1
Change in carrying amount of Senior Term Facility as a result of
foreign currency movements recognised in Consolidated Statement
of Pro\ufb01t or Loss and Other Comprehensive Income or Loss
13,019
14,478
Change in value of hedged item used to determine hedge effectiveness
(13,019)
(14,478)
Interest rate risk
The Group was exposed to interest rate risk during the year because entities in the Group
borrowed funds at \ufb02oating interest rates. There were loans of $121.5m outstanding at
30\u00a0September 2024 (FY23: $148.6m).
The sensitivity analyses below have been determined based on the exposure to interest rates. For
\ufb02oating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the
reporting date was outstanding for the whole period.
If interest rates had been 200bps higher/lower and all other variables were held constant, the
Group\u2019s pro\ufb01t for the year ended 30 September\u00a02024 would increase or decrease by $1.9m (FY23:
$2.8m). This is mainly attributable to the Group\u2019s exposure on its variable rate Senior Term Facility
and Revolving Credit Facility.
Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as
a\u00a0going concern and to maintain an optimal capital structure which provides an adequate return
to shareholders. The Group sets the amount of capital it requires in proportion to risk. The Group
manages its capital structure and adjusts it in the light of changes in economic conditions and the
risk characteristics of the underlying assets. In order to maintain or adjust the capital structure,
the Group may adjust the amount of dividends paid to shareholders, return capital to
shareholders, issue new shares, or sell assets to reduce debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "value": "Credit risk
The Group\u2019s exposure to credit risk arises from cash and cash equivalents, as well as outstanding
receivables (note 14).
The Group\u2019s cash and cash equivalents are all held on deposit with leading international banks
and\u00a0hence the Directors consider the credit risk\u00a0associated with such balances to be low. It is
the\u00a0Group\u2019s policy that banks and \ufb01nancial institutions with a minimum rating of \u2018A\u2019 are accepted.
If a bank rating is downgraded the business is required to move banks as soon as practicably
possible.
The Group provides credit to customers in the normal course of business. The amounts presented
in\u00a0the Consolidated Statement of Financial Position in relation to the Group\u2019s trade receivables
are\u00a0presented net of loss allowances. The Group measures loss allowances at an amount equal
to\u00a0the lifetime expected credit losses using both qualitative and quantitative information
and\u00a0analysis based on the Group\u2019s historical experience and forward-looking information.
During\u00a0FY24 there was a charge to the Consolidated Statement of Pro\ufb01t or Loss of $2.2m
(FY23:\u00a0credit of $0.2m) to increase the loss allowance and write off uncollectible amounts.
See\u00a0note\u00a014 for further details about trade receivables including movements in loss provisions.
The carrying amount of \ufb01nancial assets recorded in the \ufb01nancial statements, which is net
of\u00a0impairment losses, represents the Group\u2019s maximum exposure to credit risk.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "Liquidity risk
Liquidity risk arises from the Group\u2019s management of working capital and the amount of funding
required for growth. It is the risk that the Group will encounter dif\ufb01culty in meeting its \ufb01nancial
obligations as they fall due. The Group manages its cash and borrowing requirements through
preparation of annual cash \ufb02ow forecasts re\ufb02ecting known commitments and anticipated
projects in order to maximise interest income and minimise interest expense, whilst ensuring that
the Group has suf\ufb01cient liquid resources to meet the operating needs of the Group. Borrowing
facilities are arranged as necessary to \ufb01nance requirements.
The table below analyses the Group\u2019s \ufb01nancial liabilities based on the period remaining to the
contractual maturity dates at the reporting date. The amounts disclosed in the table are the
carrying amounts and undiscounted net contractual cash \ufb02ows.
\n \n
Carrying
Contractual
Due less
Between 1
amount
cash \ufb02ows
than 1 year
and 5 years
Over 5 years
2024
$000
$000
$000
$000
$000
Loans and borrowings
121,483
122,772
23,686
99,086
\u2013
Trade and other payables
8,243
8,243
8,243
\u2013
\u2013
Contract liabilities
1,639
1,639
1,639
\u2013
\u2013
30 September 2024
131,365
132,654
33,568
99,086
\u2013
\n \n
Carrying
Contractual
Due less
Between 1
amount
cash \ufb02ows
than 1 year
and 5 years
Over 5 years
2023 (restated)
$000
$000
$000
$000
$000
Loans and borrowings
148,611
150,392
16,335
134,057
\u2013
Trade and other payables
23,649
23,649
23,649
\u2013
\u2013
Contract liabilities
1,851
1,851
1,851
\u2013
\u2013
30 September 2023
174,111
175,892
41,835
134,057
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "Foreign exchange risk
Foreign exchange risk is the risk that movements in exchange rates affect the pro\ufb01tability of
the\u00a0business. The Group\u2019s policy is, where possible, to allow Group entities to settle liabilities
denominated in their local functional currency (primarily pound sterling, US dollars or euro) with
the cash generated from their own operations in that currency.
The Group earns revenue and incurs costs in local currencies and is able to manage foreign
exchange risk by matching the currency in which revenue is generated and expenses are incurred.
Movements in the exchange rate of the pound sterling and the euro against US dollar have an
impact on both the result for the period and equity.
The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and
monetary liabilities at the reporting date are as follows:
\n \n
Restated
30 September
30 September
2024
2023
$000
$000
Net foreign currency monetary assets/(liabilities)
Pound sterling
845
(3,318)
Euros
665
152
The following table details the Group\u2019s sensitivity to a 10% (FY23: 10%) strengthening and
weakening in US dollar against the pound sterling and euro. The sensitivity analysis includes only
foreign currency denominated monetary items and adjusts their translation at the period end for
a\u00a010% change in foreign currency rates. Where the US dollar strengthens 10% (FY23: 10%) against
the relevant currency, a negative number below indicates an increase in pro\ufb01t in the Consolidated
Statement of Pro\ufb01t or Loss and the Consolidated Statement of Changes in Equity and a positive
number indicates a decrease in pro\ufb01t in the Consolidated Statement of Pro\ufb01t or Loss and the
Consolidated Statement of Changes in Equity. For a 10% (FY23: 10%) weakening in US dollar against
the relevant currency, there would be an equal and opposite impact on the pro\ufb01t in the
Consolidated Statement of Pro\ufb01t or Loss and the Consolidated Statement of Changes in Equity.
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Pound sterling
Change in pro\ufb01t for the year in Consolidated Statement of Pro\ufb01t or Loss
(130)
(283)
Change in pro\ufb01t in Consolidated Statement of Changes in Equity
(85)
332
Euro
Change in pro\ufb01t for the year in Consolidated Statement of Pro\ufb01t or Loss
(58)
(10)
Change in pro\ufb01t in Consolidated Statement of Changes in Equity
(9)
(5)
Deferred tax on unrealised foreign exchange differences arises from US holding companies with
pound sterling as their functional currency for the Consolidated Financial Statements but
US\u00a0dollar functional currency under US tax rules (see note 9). Under the US tax basis these
holding companies incurred an unrealised foreign exchange loss of $30.6m on intra-group loans
denominated in pound sterling totalling \u00a3246.2m (FY23: gain of $34.6m on intra-group loans of
\u00a3295.6m). Unrealised foreign exchange differences are not taxable until realised, giving rise to
deferred tax. Movements in the exchange rate of the US dollar against sterling have an impact on
the result for the period. A 10% strengthening or weakening in pound sterling against the US dollar
would result in an decrease or increase in the pro\ufb01t in the Consolidated Statement of Pro\ufb01t or
Loss of $7.6m (FY23: $7.6m). On 25 September 2024, the intra-group loan was redenominated into
US dollars and a loss of $0.7m realised. From this date there is no foreign exchange exposure on
this loan and deferred tax liability at 30 September 2024 is $nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as
a\u00a0going concern and to maintain an optimal capital structure which provides an adequate return
to shareholders. The Group sets the amount of capital it requires in proportion to risk. The Group
manages its capital structure and adjusts it in the light of changes in economic conditions and the
risk characteristics of the underlying assets. In order to maintain or adjust the capital structure,
the Group may adjust the amount of dividends paid to shareholders, return capital to
shareholders, issue new shares, or sell assets to reduce debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "Fair value of \ufb01nancial instruments
The fair values of \ufb01nancial assets and \ufb01nancial liabilities are determined in accordance with IFRS 13 Fair Value Measurement as follows:
Level 1
The fair value of \ufb01nancial assets and \ufb01nancial liabilities with standard terms and conditions and traded on active liquid markets is determined with reference to quoted market prices.
Level 2
The fair value of other \ufb01nancial assets and \ufb01nancial liabilities (excluding derivative instruments) is determined in accordance with generally accepted pricing models based on discounted cash \ufb02ow
analysis using prices from observable current market transactions and dealer quotes for similar instruments.
Level 3
If one or more signi\ufb01cant inputs are not based on observable market data, the instrument is included in level 3.
There are no \ufb01nancial instruments classi\ufb01ed as level 3.
Financing activities
The movements in assets/(liabilities) arising from \ufb01nancing activities are as follows:
\n \n
Restated
Arising on
Other non-cash
Exchange
30 September
1 October 2023
acquisition
movements
Cash \ufb02ow
differences
2024
2024
$000
$000
$000
$000
$000
$000
Cash and cash equivalents
10,416
\u2013
\u2013
(3,718)
128
6,826
Lease receivable
\u2013
\u2013
428
(141)
\u2013
287
Total \ufb01nancing assets
10,416
\u2013
428
(3,859)
128
7,113
Bank loans
(148,611)
\u2013
(13,116)
40,109
135
(121,483)
Lease liabilities
(3,971)
\u2013
(320)
1,030
(174)
(3,435)
Total \ufb01nancing liabilities
(152,582)
\u2013
(13,436)
41,139
(39)
(124,918)
Arising on
Other non-cash
Exchange
30 September
1 October 2022
acquisition
movements
Cash \ufb02ow
differences
2023
2023 (restated)
$000
$000
$000
$000
$000
$000
Cash and cash equivalents
57,876
\u2013
\u2013
(48,319)
859
10,416
Total \ufb01nancing assets
57,876
\u2013
\u2013
(48,319)
859
10,416
Bank loans
(201,997)
\u2013
(13,597)
66,811
172
(148,611)
Lease liabilities
(2,055)
(528)
(2,534)
1,196
(50)
(3,971)
Total \ufb01nancing liabilities
(204,052)
(528)
(16,131)
68,007
122
(152,582)
Other non-cash movements include accrued \ufb01nance costs, amortisation of \ufb01nance costs and additions to lease receivable and liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "value": "Fair value of \ufb01nancial instruments
The fair values of \ufb01nancial assets and \ufb01nancial liabilities are determined in accordance with IFRS 13 Fair Value Measurement as follows:
Level 1
The fair value of \ufb01nancial assets and \ufb01nancial liabilities with standard terms and conditions and traded on active liquid markets is determined with reference to quoted market prices.
Level 2
The fair value of other \ufb01nancial assets and \ufb01nancial liabilities (excluding derivative instruments) is determined in accordance with generally accepted pricing models based on discounted cash \ufb02ow
analysis using prices from observable current market transactions and dealer quotes for similar instruments.
Level 3
If one or more signi\ufb01cant inputs are not based on observable market data, the instrument is included in level 3.
There are no \ufb01nancial instruments classi\ufb01ed as level 3.
Financing activities
The movements in assets/(liabilities) arising from \ufb01nancing activities are as follows:
\n \n
Restated
Arising on
Other non-cash
Exchange
30 September
1 October 2023
acquisition
movements
Cash \ufb02ow
differences
2024
2024
$000
$000
$000
$000
$000
$000
Cash and cash equivalents
10,416
\u2013
\u2013
(3,718)
128
6,826
Lease receivable
\u2013
\u2013
428
(141)
\u2013
287
Total \ufb01nancing assets
10,416
\u2013
428
(3,859)
128
7,113
Bank loans
(148,611)
\u2013
(13,116)
40,109
135
(121,483)
Lease liabilities
(3,971)
\u2013
(320)
1,030
(174)
(3,435)
Total \ufb01nancing liabilities
(152,582)
\u2013
(13,436)
41,139
(39)
(124,918)
Arising on
Other non-cash
Exchange
30 September
1 October 2022
acquisition
movements
Cash \ufb02ow
differences
2023
2023 (restated)
$000
$000
$000
$000
$000
$000
Cash and cash equivalents
57,876
\u2013
\u2013
(48,319)
859
10,416
Total \ufb01nancing assets
57,876
\u2013
\u2013
(48,319)
859
10,416
Bank loans
(201,997)
\u2013
(13,597)
66,811
172
(148,611)
Lease liabilities
(2,055)
(528)
(2,534)
1,196
(50)
(3,971)
Total \ufb01nancing liabilities
(204,052)
(528)
(16,131)
68,007
122
(152,582)
Other non-cash movements include accrued \ufb01nance costs, amortisation of \ufb01nance costs and additions to lease receivable and liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "value": "23. Related party transactions
In FY24, the Group paid rent of $122,700 (FY23: $80,000) to McQuade Enterprises LLC, a company
owned by the previous owners of ESN. There were other no related party transactions.
Key management personnel compensation
The Group has determined that the key management personnel constitute the Board and the
members of the Senior Management Team.
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Short-term employee bene\ufb01ts
2,757
3,907
Post-employment bene\ufb01ts
83
75
Share-based payment expense
2,536
4,797
Total key management personnel compensation
5,376
8,779
Remuneration of Directors
Further details of the Directors\u2019 remuneration and share options are set out in the Remuneration
Committee Report on pages 107 to 125. The total amounts for Directors\u2019 remuneration were
as\u00a0follows:
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Short-term employee bene\ufb01ts
1,131
1,269
Non-Executive Directors\u2019 fees
497
410
Post-employment bene\ufb01ts
66
59
Share-based payment expense
569
1,994
Total Directors\u2019 remuneration
2,263
3,732
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "Key management personnel compensation
The Group has determined that the key management personnel constitute the Board and the
members of the Senior Management Team.
\n \n
Restated
Year ended
Year ended
30 September
30 September
2024
2023
$000
$000
Short-term employee bene\ufb01ts
2,757
3,907
Post-employment bene\ufb01ts
83
75
Share-based payment expense
2,536
4,797
Total key management personnel compensation
5,376
8,779
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "24. Events a\ufb05er the balance sheet date There were no other events after the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "25. List of subsidiaries
In accordance with section 409 of the Companies Act 2006, a full list of subsidiaries, the
registered of\ufb01ce and the effective percentage of equity owned included in these Consolidated
Financial Statements at 30 September 2024 are disclosed below.
\n \n
Subsidiary
Principal
Proportion
undertakings
Registered of\ufb01ce
activity
held
ATG Media Holdings
The Harlequin Building, 65 Southwark Street,
Holding company
100%
Limited
London, SE1 0HR, United Kingdom
ATG Nominees
The Harlequin Building, 65 Southwark Street,
Dormant*
100%
Limited
London, SE1 0HR, United Kingdom
ATG US Holdings Inc.
251 Little Falls Drive, Wilmington, Delaware,
Holding company
100%
19808, United States
ATG US Holdings
The Harlequin Building, 65 Southwark Street,
Holding company
100%
Limited
London, SE1 0HR, United Kingdom
Auction Bidco
The Harlequin Building, 65 Southwark Street,
Holding company
100%
Limited
London, SE1 0HR, United Kingdom
Auction Fluency
The Harlequin Building, 65 Southwark Street,
Dormant*
100%
Limited
London, SE1 0HR, United Kingdom
Auction Holdco
The Harlequin Building, 65 Southwark Street,
Holding company
100%
Limited
London, SE1 0HR, United Kingdom
Auction Midco
The Harlequin Building, 65 Southwark Street,
Dormant
100%
Limited
London, SE1 0HR, United Kingdom
Auction Mobility LLC
251 Little Falls Drive, Wilmington, Delaware,
Provision of auction
100%
19808, United States
trading software
Auction Payment
233 South 13th Street Suite 1900, Lincoln,
Dormant
100%
Network LLC
Nebraska, 68508, United States
Auction Technology
Grosse Backerstrasse 9, 20095, Hamburg,
Provision of auction
100%
Group Germany
Germany
marketplaces
GmbH
ATG Mexico Holdings
The Harlequin Building, 65 Southwark Street,
Holding company
100%
Limited (previously
London, SE1 0HR, United Kingdom
known as Auction
Technology Group UK
Holdings Limited)
Auction Topco
The Harlequin Building, 65 Southwark Street,
Dormant
100%
Limited
London, SE1 0HR, United Kingdom
LiveAuctioneers LLC
80 State Street, Albany, New York, 12207-2543,
Provision of auction
100%
United States
marketplaces
Metropress Limited
The Harlequin Building, 65 Southwark Street,
Provision of auction
100%
London, SE1 0HR, United Kingdom
marketplaces
\n \n
Subsidiary
Principal
Proportion
undertakings
Registered of\ufb01ce
activity
held
Auction Technology
Severo Diaz 38, Int. E, Colonia Ladron de
Shared service
100%
Group Mexico
Guevara, CP 44600, Guadalajara, Jalisco
centre
S.A. DE C.V.
M\u00e9xico
Peddars
The Harlequin Building, 65 Southwark Street,
Dormant*
100%
Management Limited
London, SE1 0HR, United Kingdom
Proxibid Inc.
1209 Orange Street, Wilmington, Delaware,
Provision of auction
100%
19801, United States
marketplaces
Proxibid UK Limited
The Harlequin Building, 65 Southwark Street,
Dormant
100%
London, SE1 0HR, United Kingdom
Turner Bidco Limited
The Harlequin Building, 65 Southwark Street,
Dormant
100%
London, SE1 0HR, United Kingdom
Turner Topco Limited The Harlequin Building, 65 Southwark Street,
Dormant
100%
London, SE1 0HR, United Kingdom
Vintage Software
221 Bolivar Street, Jefferson City, Missouri,
Provision of auction
100%
LLC
65101, United States
marketplaces
All holdings of subsidiaries are of ordinary shares. In addition, there are 100% preference shares
held in Auction Topco Limited.
* The United Kingdom dormant companies listed above are exempt from preparing individual
accounts and from \ufb01ling with the registrar individual accounts by virtue of Sections 394 and 448
of the Companies Act 2006 respectively.
For the year ended 30 September 2024, the following subsidiary undertakings of the Group were
exempt from the requirements of the Companies Act 2006 relating to the audit of individual
accounts by virtue of Section 479A of the Companies Act 2006.
\n \n
Company
Company registration number
ATG Media Holdings Limited
06521301
ATG US Holdings Limited
15024003
Auction Bidco Limited
12401140
Auction Holdco Limited
12400986
Auction Midco Limited
12400881
ATG Mexico Holdings Limited (previously known as Auction
Technology Group UK Holdings Limited)
06636047
Auction Topco Limited
12400807
Proxibid UK Limited
09023785
Turner Bidco Limited
08968359
Turner Topco Limited
08968154
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } } } }