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"entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00485": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00486": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00487": { "value": "2059000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00488": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00504": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "atg:TaxRelatingToItemsTakenDirectlyToEquity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00505": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "atg:TaxRelatingToItemsTakenDirectlyToEquity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00506": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "atg:TaxRelatingToItemsTakenDirectlyToEquity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00495": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "atg:TaxRelatingToItemsTakenDirectlyToEquity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00496": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "atg:TaxRelatingToItemsTakenDirectlyToEquity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00497": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "atg:TaxRelatingToItemsTakenDirectlyToEquity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00498": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "atg:TaxRelatingToItemsTakenDirectlyToEquity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00499": { "value": "103000.0", "decimals": -3, "dimensions": { "concept": "atg:TaxRelatingToItemsTakenDirectlyToEquity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00500": { "value": "103000.0", "decimals": -3, "dimensions": { "concept": "atg:TaxRelatingToItemsTakenDirectlyToEquity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00416": { "value": "17000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00417": { "value": "335162000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00418": { "value": "328251000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00428": { "value": "-16462000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00429": { "value": "7000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00430": { "value": "26465000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00431": { "value": "-27482000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00432": { "value": "-119324000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2025-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00433": { "value": "526634000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0076": { "value": "Consolidated Statement of Cash Flows
for the year ended 30 September 2025
Note
Year ended
30 September
2025
$000
Year ended
30 September
2024
$000
Cash \ufb02ows from operating activities
(Loss)/pro\ufb01t before tax
(145,779)
18,383
Adjustments for:
Impairment of goodwill
12
150,863
\u2013
Amortisation of acquired intangible assets
12
33,273
32,484
Amortisation of internally generated software
12
8,927
6,532
Depreciation of property, plant and equipment
13
439
426
Depreciation of right of use assets
17
907
939
Loss on derecognition of right of use assets
17
\u2013
99
Share-based payment expense
21
6,418
6,015
Finance income
8
(772)
(258)
Finance costs
8
12,332
14,303
Operating cash \ufb02ows before movements in working capital
66,608
78,923
Decrease in trade and other receivables
297
1,907
(Increase)/decrease in contract assets
(396)
433
Increase/(decrease) in trade and other payables
12,630
(9,383)
Decrease in contract liabilities
(366)
(253)
Cash generated by operations
78,773
71,627
Income taxes paid
(14,956)
(13,396)
Net cash from operating activities
63,817
58,231
Cash \ufb02ows from investing activities
Acquisition of subsidiaries, net of cash acquired
11
(84,843)
\u2013
Additions to internally generated software
12
(10,994)
(10,843)
Payment for property, plant and equipment
13
(311)
(362)
Receipt of interest on lease receivable
17
10
9
Receipt of lease asset
17
107
132
Finance income received
445
249
Net cash used in investing activities
(95,586)
(10,815)
Cash \ufb02ows from \ufb01nancing activities
Payment of deferred consideration
11
\u2013
(10,000)
Repayment of loans and borrowings
18
(142,636)
(37,150)
Proceeds from loans and borrowings
18
210,000
9,500
Payment of interest on lease liabilities
17
(182)
(281)
Payment of lease liabilities
17
(955)
(749)
Shares issued
20
699
5
Repurchase of shares
20
(16,462)
\u2013
Interest and fees on loans and borrowings paid
18
(12,632)
(12,459)
Net cash used in \ufb01nancing activities
37,832
(51,134)
Cash and cash equivalents at the beginning of the year
6,826
10,416
Net increase/(decrease) in cash and cash equivalents
6,063
(3,718)
Effect of foreign exchange rate changes
274
128
Cash and cash equivalents at the end of the year
15
13,163
6,826", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "ConsolidatedStatementOfCashFlows_Label_005": { "value": "-145779000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_006": { "value": "18383000.0", "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_0021": { "value": "150863000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0022": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0029": { "value": "33273000.0", "decimals": -3, "dimensions": { "concept": "atg:AdjustmentsForAmortisationOfAcquiredIntangibleAssets", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0030": { "value": "32484000.0", "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_0031": { "value": "8927000.0", "decimals": -3, "dimensions": { "concept": "atg:AdjustmentsForAmortisationOfInternallyGeneratedSoftware", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0032": { "value": "6532000.0", "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_0045": { "value": "439000.0", "decimals": -3, "dimensions": { "concept": "atg:AdjustmentsForDepreciationOfPropertyPlantAndEquipment", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0046": { "value": "426000.0", "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_0047": { "value": "907000.0", "decimals": -3, "dimensions": { "concept": "atg:AdjustmentsForDepreciationOfRightOfUseAssets", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0048": { "value": "939000.0", "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_0058": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0059": { "value": "99000.0", "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_0061": { "value": "6418000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0062": { "value": "6015000.0", "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_NegatedLabel_0070": { "value": "772000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_0071": { "value": "258000.0", "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_Label_0077": { "value": "12332000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_0078": { "value": "14303000.0", "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_TotalLabel_00134": { "value": "66608000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00135": { "value": "78923000.0", "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_Label_00434": { "value": "297000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00435": { "value": "1907000.0", "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_00436": { "value": "-396000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInContractAssets", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00437": { "value": "433000.0", "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_00438": { "value": "12630000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00439": { "value": "-9383000.0", "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_00456": { "value": "-366000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInContractLiabilities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00457": { "value": "-253000.0", "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_TotalLabel_00136": { "value": "78773000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00137": { "value": "71627000.0", "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_NegatedLabel_00179": { "value": "14956000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00180": { "value": "13396000.0", "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_TotalLabel_00185": { "value": "63817000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00186": { "value": "58231000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00217": { "value": "84843000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00218": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00229": { "value": "10994000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00230": { "value": "10843000.0", "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_00241": { "value": "311000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00242": { "value": "362000.0", "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_Label_00259": { "value": "10000.0", "decimals": -3, "dimensions": { "concept": "atg:ReceiptOfInterestOnLeaseReceivableClassifiedAsInvestingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00260": { "value": "9000.0", "decimals": -3, "dimensions": { "concept": "atg:ReceiptOfInterestOnLeaseReceivableClassifiedAsInvestingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00440": { "value": "107000.0", "decimals": -3, "dimensions": { "concept": "atg:ReceiptOfLeaseAssetClassifiedAsInvestingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00441": { "value": "132000.0", "decimals": -3, "dimensions": { "concept": "atg:ReceiptOfLeaseAssetClassifiedAsInvestingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00442": { "value": "445000.0", "decimals": -3, "dimensions": { "concept": "atg:FinanceIncomeReceivedClassifiesAsInvestingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00443": { "value": "249000.0", "decimals": -3, "dimensions": { "concept": "atg:FinanceIncomeReceivedClassifiesAsInvestingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00444": { "value": "-95586000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00445": { "value": "-10815000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00274": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "atg:PaymentOfDeferredConsiderationClassifiedAsFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00275": { "value": "10000000.0", "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_00276": { "value": "142636000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00277": { "value": "37150000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00286": { "value": "210000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00287": { "value": "9500000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00288": { "value": "182000.0", "decimals": -3, "dimensions": { "concept": "atg:PaymentOfInterestOnLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00289": { "value": "281000.0", "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_00295": { "value": "955000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00296": { "value": "749000.0", "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_Label_00297": { "value": "699000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00298": { "value": "5000.0", "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_NegatedLabel_00446": { "value": "16462000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00447": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00458": { "value": "12632000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00459": { "value": "12459000.0", "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_TotalLabel_00460": { "value": "37832000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00461": { "value": "-51134000.0", "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_PeriodStartLabel_00308": { "value": "6826000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00309": { "value": "10416000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2023-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00313": { "value": "6063000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00314": { "value": "-3718000.0", "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_Label_00323": { "value": "274000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00324": { "value": "128000.0", "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_PeriodEndLabel_00325": { "value": "13163000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2025-10-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00326": { "value": "6826000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00138": { "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 online marketplaces, through which the Group
generates income. The nature of the Company and its subsidiaries (the \u201cGroup\u201d) is set out in
note\u00a025 and in the Strategic Report on pages 3 to 77.
Restatement
Correction of misstatement in accounting for a business combination
During the preparation of the Consolidated Interim Financial Statements for the period ended
31\u00a0March 2025, a material misstatement was identi\ufb01ed in the accounting for the LiveAuctioneers
business combination, relating to the year ended 30 September 2022. Speci\ufb01cally, certain
identi\ufb01able deferred tax assets and goodwill as part of the business combination were overstated
by $9.2m.
A deferred tax asset of $9.2m should have been recognised at the acquisition date in respect
of\u00a0the equity-settled share options and restricted stock units (\u201creplacement awards\u201d) issued
to\u00a0management to replace their share options held in LiveAuctioneers pre-acquisition.
As\u00a0the\u00a0replacement awards are tax deductible, a deferred tax asset should have been recognised
at the\u00a0acquisition date based on the estimated tax deduction that would be received upon
exercise\u00a0in subsequent periods. The share price at the acquisition date was \u00a313.54, and these
replacement awards comprised \u00a327.3m ($36.7m) of the total consideration \u00a3404.7m ($543.9m).
From an accounting perspective, these replacement awards were concluded to be consideration
and accounted for under IFRS 3 \u201cBusiness Combinations\u201d. Therefore, there has been no
share-based payments charge under IFRS 2 \u201cShare-based Payments\u201d recorded in the Group
\ufb01nancial statements post-acquisition in respect of these replacement awards. The options had an
exercise price of \u00a31.86 and there were no vesting conditions attached to the options. The options
have not been underwater and are expected to be exercised. The timing of exercise is unknown
and at the discretion of the holders of the replacement awards. Subsequent to the acquisition
date, the deferred tax asset should have been remeasured at each reporting date to re\ufb02ect the
change in the Group\u2019s share price and anticipated tax deduction. The movements in deferred tax
asset and the current tax deduction are re\ufb02ected as tax relating to items taken directly to equity
in the Consolidated Statement of Changes in Equity.
The misstatement resulted from the incorrect application of IFRS 3 \u201cBusiness Combinations\u201d,
speci\ufb01cally in relation to the recognition and fair valuation of identi\ufb01able assets acquired. In
accordance with IAS 8 \u201cAccounting Policies, Changes in Accounting Estimates and Errors\u201d, the
Group has considered the quantitative and qualitative nature of the misstatement and concluded
it appropriate to restate the comparative information presented for the year ended 30 September
2024 on the basis that this adjustment is quantitatively material. In addition, the Group has
presented a third Statement of Financial Position as at 1 October 2023 as a result of the
adjustment impacting opening reserves.
Changes to Consolidated Statement of Financial Position and Consolidated Statement of Changes in Equity:
Reported
Restated
Reported
Restated
Audited
Audited
Audited
Audited
Year ended
Year ended
Year ended
Year ended
30 September
30 September
30 September
1 October
2024
Change
2024
2023
Change
2023
\u00a0
$000
$000
$000
$000
$000
$000
Goodwill (see note 12)
589,989
(9,160)
580,829
578,572
(9,160)
569,412
Net deferred tax liabilities (see note 19)
(34,673)
816
(33,857)
(49,629)
1,499
(48,130)
Retained earnings/(losses)
20,407
(8,344)
12,063
(8,195)
(7,661)
(15,856)
There was no impact to the Consolidated Statement of Pro\ufb01t and Loss and Other Comprehensive Income or Loss and the Consolidated Statement of Cash Flows as a result of this restatement.
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\u00a0requirements 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\u00a0184\u00a0to 188.
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
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
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.
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
Amendments to IAS 21: Lack of Exchangeability
\u2022
Amendments to IFRS 9 and IFRS 7: Classi\ufb01cation and Measurement of Financial Instruments
\u2022
Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7: Annual Improvements to Accounting
Standards
\u2022
IFRS 18: Presentation and Disclosure in Financial Statements
\u2022
IFRS 19: Subsidiaries without Public Accountability: Disclosures
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, \u201cPresentation of Financial Statements\u201d 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, it classi\ufb01es 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, introduces disclosures of management
de\ufb01ned performance measures and enhances 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 2026.
The Directors have assessed the Group\u2019s prospects, both as a going concern and its longer-term
viability as set out on pages 42 and 43. 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 its operational needs and will
remain in compliance with the \ufb01nancial covenants in its bank facilities until at least 31 December
2026. For this reason, the Directors continue to adopt the going concern basis in preparing the
Consolidated Financial Statements for the year ended 30 September 2025. The process and key
judgements in coming to this conclusion are set out below:
Liquidity
On 11 February 2025, the Group entered into a new senior facilities agreement (the \u201cSFA 2029\u201d)
comprising a multi-currency credit facility of $200.0m. On 4 August 2025, the facility was
increased by a further $75.0m under the existing agreement, bringing the total facility to $275.0m.
All amounts outstanding under the SFA 2029 will be due for repayment on 10 February 2029,
subject to the optionality of a 12-month extension. On 14 February 2025, the Group drew down
$115.6m under the revolving credit facility (\u201cRCF\u201d) to re\ufb01nance the existing term loan and
re\ufb01nancing costs. A further $90.0m was drawn on 4 August 2025 to fund the acquisition of
Chairish. At 30 September 2025, a total of $190.0m was drawn under the RCF, bearing interest
at\u00a0a\u00a0margin of 2.0% over US SOFR.
Covenants
The Group is subject to covenant tests on the SFA 2029, the net leverage ratio of <3.0x and
interest cover ratio >3.5x, with the most sensitive covenant being the net leverage ratio covenant,
adjusted net debt:trailing 12-month adjusted EBITDA. Under the base case forecasts and each of
the downside scenarios, including the combined downside scenario, the Group is forecast to be
in\u00a0compliance with the covenants and have cash headroom, without applying mitigating actions
which could be implemented such as reducing capital expenditure spend. At 30 September 2025,
the net leverage ratio was 2.2x (as per the SFA 2029 de\ufb01nition) compared to the limit of 3.0x 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
the 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 including the current macroeconomic
environment. These scenarios include:
signi\ufb01cant reduction in THV of 6% versus the base case;
\u2022
a reduction in conversion rate of 1ppt versus the base case;
\u2022
a 50% reduction in revenue growth from value-added services versus the base case; and
\u2022
removal of any integration-linked Chairish revenue synergies from the base case.
\u2022
None of these scenarios individually, or in the combined scenario, which reduces adjusted EBITDA
by $18.4m over the forecast period, 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 Group would be able to operate within the level of its current available debt
facilities and covenants. A reverse stress test has been performed and revenue would have to
decline by 14% across the whole Group without any cost mitigation actions applied, such as
reducing capital expenditure or discretional costs, before the Group has a going concern issue.
Accordingly, the Directors continue to adopt the going concern basis in preparing the Consolidated
Financial Statements for the year ended 30 September 2025.
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 2025, or the assessment of
going concern and the Group\u2019s viability over the next three years. Speci\ufb01cally, we have considered
the following areas:
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.
\u2022
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:
the impact on the Group\u2019s future cash \ufb02ows, and the resulting impact such adjustments to the
\u2022
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;
the carrying value of the Group\u2019s assets, in particular the recoverable amounts of intangible
\u2022
assets and property, plant and equipment; and
changes to estimates of the useful economic lives of intangible assets and property, plant
\u2022
and\u00a0equipment.
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\u00a0consideration transferred by the Group to obtain control of a subsidiary is calculated as
the\u00a0sum at 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\u00a0which the entity operates. The US holding companies in FY25 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 Consolidated Statement of Other Comprehensive Income or Loss together with the
exchange difference arising on the net investment in those undertakings. All other exchange
differences on monetary items are taken to the Consolidated Statement of Pro\ufb01t or 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 Consolidated Statement of Other Comprehensive Income and accumulated in
a\u00a0foreign 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 CGU 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:
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.
\u2022
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, balances held in online payment accounts, 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 receivables 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 ECL is updated at each\u00a0reporting date
to\u00a0re\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 the
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. Payments received from buyers on the Chairish and Pamono marketplaces
include amounts due to sellers. Such amounts are held on the Group\u2019s Statement of Financial
Position within trade payables to sellers until settlement. Accordingly the Group\u2019s Statement of
Financial Position includes signi\ufb01cant funds payable to sellers, re\ufb02ecting the timing difference
between buyer remittance and seller payout.
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
Revenue comprises the fair value of consideration received or receivable for services rendered
in\u00a0the ordinary course of the Group\u2019s activities, net of value-added tax. The Group recognises
revenue when (or as) it satis\ufb01es a performance obligation by transferring control of a promised
service to a customer in accordance with IFRS 15 \u201cRevenue from Contracts with Customers\u201d.
The Group\u2019s primary revenue streams are commission fees, subscription and \ufb01xed fees and value
added services which includes marketing and advertising services, payment processing and
shipping services.
For each revenue stream, management assesses whether the Group controls the speci\ufb01ed
goods\u00a0or services before they are transferred to the customer. This assessment is based on
whether the Group:
is primarily responsible for ful\ufb01lling the promise to provide the service;
\u2022
has inventory or credit risk; and
\u2022
has discretion in establishing prices.
\u2022
Commission fees
The Group charges auction houses or sellers a commission fee for each completed sale through
the platform. The fee is typically calculated as a percentage of the gross merchandise value
(\u201cGMV\u201d) of the transaction. The Group\u2019s performance obligation is to provide an online platform
that facilitates transactions between buyers and sellers. The Group does not obtain control of
the\u00a0goods sold by sellers before transfer to buyers and therefore acts as an agent in these
transactions. Revenue is therefore recognised on a net basis, representing the commission or fee
retained by the Group. Commission fee revenue is recognised at the point in time when the auction
or sale is completed on the marketplace, which is the point the Group\u2019s obligation is complete.
Subscription and \ufb01xed fees
Auction houses and sellers may subscribe to various service packages that offer enhanced
visibility, analytics tools, and promotional bene\ufb01ts. Subscription revenue is recognised on a
straight-line basis over the subscription period, as the Group provides continuous access to
the\u00a0subscribed services.
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 on the Group\u2019s marketplaces.
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.
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.
For the Antiques Trade Gazette magazine subscriptions, customers receive a speci\ufb01ed number of
editions during the subscription period and revenue is recognised evenly over the subscription period.
The Group acts as principal for subscription and \ufb01xed fee services, recognising revenue on a
gross\u00a0basis.
Value-added services
Value-added services include marketing and advertising services, payment processing and
shipping services. 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.
Marketing and advertising
Marketing revenues are principally derived from banner advertising and fees generated from email
campaigns. 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\u00a0website).
Print advertising services are 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. Digital advertising is recognised evenly over the period that the
advertisement is featured. The Group acts as principal for the marketing and advertising services,
recognising revenue on a gross basis.
Payment processing
The Group offers optional payment processing for its auction houses through atgPay and its
sellers on the Chairish and Pamono marketplaces. 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/buyer has been processed for the auction
house/seller.
Shipping services
The Group offers optional logistic services, such as shipping labels or shipping facilitation
through\u00a0atgShip to the bidders and its buyers on Chairish and Pamono marketplaces. Given the
complexity involved in shipping unique items, the logistics required to operate our atgShip and
shipping services require 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\u00a0the item sold (e.g. its size, shape and fragility) and the location which it is being shipped to.
Further, the Group takes responsibility for delivery of the shipped items by the shipping agent and
also has the primary responsibility for receiving and resolving customer service enquiries, including
directly keeping the bidder/buyer informed of the status of their delivery and handling complaints
for lost or damaged items. The Group also has sole discretion in establishing the prices charged
and the shipping services provided. Our network of shipping carriers arrange insurance for
the\u00a0shipped item through atgShip hence, retain the inventory risk of the products in transit.
For\u00a0the\u00a0e-label shipping service provided, the Group has its own insurance coverage and self-insure
for the shipment of items on Chairish and Pamono. Having assessed the overall substance of the
arrangements within this revenue stream, it has been concluded that the Group is acting as
the\u00a0principal in the shipping arrangements and the revenue is recognised when control of the
promised service is transferred to the customer, i.e. upon delivery to the bidders and buyers. On
LiveAuctioneers, 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.
There is judgement involved in determining whether the payment processing and shipping
services\u00a0should be recognised based on an agent or principal basis. The revenue for both services
is recognised as the full fees. The expenses for the fees paid to the other parties involved in the
payment and logistics services are recognised separately within cost of sales.
Contract assets
Timing of revenue recognition may differ from the timing of invoicing to customers. Contract
assets represent revenue recognised prior to invoicing when the Group has satis\ufb01ed its
performance obligation and has the unconditional right to payment. This largely arises from
commission revenue from the auction houses.
Contract liabilities
Contract liabilities arise when the Group receives consideration, or such consideration is due from
a customer before transferring the goods or services. The balance primarily comprises advanced
billings related to platform subscription fees, subscription fees for the Antiques Trade Gazette and
advertising and marketing services.
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 liabilities are recognised for all taxable temporary differences, except:
\u2022
when the deferred tax liability arises from the initial recognition of goodwill or an asset or
liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting pro\ufb01t nor taxable pro\ufb01t or loss and does not give rise to equal
taxable and deductible temporary differences; or
\u2022
in respect of taxable temporary differences associated with investments in subsidiaries, when
the timing of the reversal of the temporary differences can be controlled and it is probable that
the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward
of\u00a0unused tax credits and any unused tax losses. Deferred tax assets are recognised to the
extent\u00a0that it is probable that taxable pro\ufb01ts will be available against which the deductible
temporary differences, and the carry forward of unused tax credits and unused tax losses
can\u00a0be\u00a0utilised, except:
\u2022
when the deferred tax asset relating to the deductible temporary difference arises from the
initial recognition of an asset or liability in a transaction that is not a business combination and,
at the time of the transaction, affects neither the accounting pro\ufb01t nor taxable pro\ufb01t or loss and
does not give rise to equal taxable and deductible temporary differences; or
\u2022
in respect of deductible temporary differences associated with investments in subsidiaries,
deferred tax assets are recognised only to the extent that it is probable that the temporary
differences will reverse in the foreseeable future and taxable pro\ufb01t will be available against
which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the
extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01t will be available to allow all or
part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at
each reporting date and are recognised to the extent that it has become probable that future
taxable pro\ufb01ts will allow the deferred tax asset to be recovered.
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\u00a0substantively enacted at the 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.
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 on a straight-line basis over the shorter of the useful economic life
of the asset and the lease term. The depreciation is recognised within administrative expenses.
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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "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 online marketplaces, through which the Group
generates income. The nature of the Company and its subsidiaries (the \u201cGroup\u201d) is set out in
note\u00a025 and in the Strategic Report on pages 3 to 77.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_003": { "value": "Auction Technology Group plc ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0015": { "value": "Auction Technology Group plc ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0044": { "value": "Auction Technology Group plc ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0028": { "value": "United Kingdom ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0057": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0060": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_004": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0033": { "value": "The Group\u2019s principal activities are the operation of online marketplaces, through which the Group generates income. The nature of the Company and its subsidiaries (the \u201cGroup\u201d) is set out in note\u00a025 and in the Strategic Report on pages 3 to 77.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "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\u00a0requirements 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\u00a0184\u00a0to 188.
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
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
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.
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
Amendments to IAS 21: Lack of Exchangeability
\u2022
Amendments to IFRS 9 and IFRS 7: Classi\ufb01cation and Measurement of Financial Instruments
\u2022
Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7: Annual Improvements to Accounting
Standards
\u2022
IFRS 18: Presentation and Disclosure in Financial Statements
\u2022
IFRS 19: Subsidiaries without Public Accountability: Disclosures
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, \u201cPresentation of Financial Statements\u201d 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, it classi\ufb01es 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, introduces disclosures of management
de\ufb01ned performance measures and enhances 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "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\u00a0requirements of the Companies Act 2006. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "New and amended accounting standards adopted by the Group
The following amendments became applicable during the current reporting period:
\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
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "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
Amendments to IAS 21: Lack of Exchangeability
\u2022
Amendments to IFRS 9 and IFRS 7: Classi\ufb01cation and Measurement of Financial Instruments
\u2022
Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7: Annual Improvements to Accounting
Standards
\u2022
IFRS 18: Presentation and Disclosure in Financial Statements
\u2022
IFRS 19: Subsidiaries without Public Accountability: Disclosures
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, \u201cPresentation of Financial Statements\u201d 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, it classi\ufb01es 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, introduces disclosures of management
de\ufb01ned performance measures and enhances 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "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 2026.
The Directors have assessed the Group\u2019s prospects, both as a going concern and its longer-term
viability as set out on pages 42 and 43. 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 its operational needs and will
remain in compliance with the \ufb01nancial covenants in its bank facilities until at least 31 December
2026. For this reason, the Directors continue to adopt the going concern basis in preparing the
Consolidated Financial Statements for the year ended 30 September 2025. The process and key
judgements in coming to this conclusion are set out below:
Liquidity
On 11 February 2025, the Group entered into a new senior facilities agreement (the \u201cSFA 2029\u201d)
comprising a multi-currency credit facility of $200.0m. On 4 August 2025, the facility was
increased by a further $75.0m under the existing agreement, bringing the total facility to $275.0m.
All amounts outstanding under the SFA 2029 will be due for repayment on 10 February 2029,
subject to the optionality of a 12-month extension. On 14 February 2025, the Group drew down
$115.6m under the revolving credit facility (\u201cRCF\u201d) to re\ufb01nance the existing term loan and
re\ufb01nancing costs. A further $90.0m was drawn on 4 August 2025 to fund the acquisition of
Chairish. At 30 September 2025, a total of $190.0m was drawn under the RCF, bearing interest
at\u00a0a\u00a0margin of 2.0% over US SOFR.
Covenants
The Group is subject to covenant tests on the SFA 2029, the net leverage ratio of <3.0x and
interest cover ratio >3.5x, with the most sensitive covenant being the net leverage ratio covenant,
adjusted net debt:trailing 12-month adjusted EBITDA. Under the base case forecasts and each of
the downside scenarios, including the combined downside scenario, the Group is forecast to be
in\u00a0compliance with the covenants and have cash headroom, without applying mitigating actions
which could be implemented such as reducing capital expenditure spend. At 30 September 2025,
the net leverage ratio was 2.2x (as per the SFA 2029 de\ufb01nition) compared to the limit of 3.0x 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
the 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 including the current macroeconomic
environment. These scenarios include:
signi\ufb01cant reduction in THV of 6% versus the base case;
\u2022
a reduction in conversion rate of 1ppt versus the base case;
\u2022
a 50% reduction in revenue growth from value-added services versus the base case; and
\u2022
removal of any integration-linked Chairish revenue synergies from the base case.
\u2022
None of these scenarios individually, or in the combined scenario, which reduces adjusted EBITDA
by $18.4m over the forecast period, 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 Group would be able to operate within the level of its current available debt
facilities and covenants. A reverse stress test has been performed and revenue would have to
decline by 14% across the whole Group without any cost mitigation actions applied, such as
reducing capital expenditure or discretional costs, before the Group has a going concern issue.
Accordingly, the Directors continue to adopt the going concern basis in preparing the Consolidated
Financial Statements for the year ended 30 September 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "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\u00a0consideration transferred by the Group to obtain control of a subsidiary is calculated as
the\u00a0sum at 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "value": "Business combinations
The Group uses the acquisition method of accounting to account for business combinations.
The\u00a0consideration transferred by the Group to obtain control of a subsidiary is calculated as
the\u00a0sum at 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00383": { "value": "Business combinations
The Group uses the acquisition method of accounting to account for business combinations.
The\u00a0consideration transferred by the Group to obtain control of a subsidiary is calculated as
the\u00a0sum at 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 CGU 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "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\u00a0which the entity operates. The US holding companies in FY25 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 Consolidated Statement of Other Comprehensive Income or Loss together with the
exchange difference arising on the net investment in those undertakings. All other exchange
differences on monetary items are taken to the Consolidated Statement of Pro\ufb01t or 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 Consolidated Statement of Other Comprehensive Income and accumulated in
a\u00a0foreign 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "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\u00a0which the entity operates. The US holding companies in FY25 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "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 Consolidated Statement of Other Comprehensive Income and accumulated in a\u00a0foreign 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:DescriptionOfPresentationCurrency", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "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 Consolidated Statement of Other Comprehensive Income and accumulated in
a\u00a0foreign 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "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 on a straight-line basis over the shorter of the useful economic life
of the asset and the lease term. The depreciation is recognised within administrative expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00381": { "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 CGU 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:
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.
\u2022
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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00385": { "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:
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.
\u2022
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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "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 CGU 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00384": { "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 CGU 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "value": "Cash and cash equivalents
Cash and cash equivalents include cash at banks, balances held in online payment accounts, 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "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 receivables 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 ECL is updated at each\u00a0reporting date
to\u00a0re\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 the
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. Payments received from buyers on the Chairish and Pamono marketplaces
include amounts due to sellers. Such amounts are held on the Group\u2019s Statement of Financial
Position within trade payables to sellers until settlement. Accordingly the Group\u2019s Statement of
Financial Position includes signi\ufb01cant funds payable to sellers, re\ufb02ecting the timing difference
between buyer remittance and seller payout.
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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00392": { "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 receivables 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 ECL is updated at each\u00a0reporting date
to\u00a0re\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 the
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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00393": { "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 receivables 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 ECL is updated at each\u00a0reporting date
to\u00a0re\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 the
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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "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 receivables 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 ECL is updated at each\u00a0reporting date
to\u00a0re\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 the
time value of money where appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00396": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00397": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00398": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00399": { "value": "Classi\ufb01cation and subsequent measurement of \ufb01nancial liabilities
The Group\u2019s \ufb01nancial liabilities include borrowings, contract liabilities and trade and
other\u00a0payables. Payments received from buyers on the Chairish and Pamono marketplaces
include amounts due to sellers. Such amounts are held on the Group\u2019s Statement of Financial
Position within trade payables to sellers until settlement. Accordingly the Group\u2019s Statement of
Financial Position includes signi\ufb01cant funds payable to sellers, re\ufb02ecting the timing difference
between buyer remittance and seller payout.
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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "value": "Classi\ufb01cation and subsequent measurement of \ufb01nancial liabilities
The Group\u2019s \ufb01nancial liabilities include borrowings, contract liabilities and trade and
other\u00a0payables. Payments received from buyers on the Chairish and Pamono marketplaces
include amounts due to sellers. Such amounts are held on the Group\u2019s Statement of Financial
Position within trade payables to sellers until settlement. Accordingly the Group\u2019s Statement of
Financial Position includes signi\ufb01cant funds payable to sellers, re\ufb02ecting the timing difference
between buyer remittance and seller payout.
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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "value": "The Group\u2019s \ufb01nancial liabilities include borrowings, contract liabilities and trade and
other\u00a0payables. Payments received from buyers on the Chairish and Pamono marketplaces
include amounts due to sellers. Such amounts are held on the Group\u2019s Statement of Financial
Position within trade payables to sellers until settlement. Accordingly the Group\u2019s Statement of
Financial Position includes signi\ufb01cant funds payable to sellers, re\ufb02ecting the timing difference
between buyer remittance and seller payout.
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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00402": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "Revenue recognition
Revenue comprises the fair value of consideration received or receivable for services rendered
in\u00a0the ordinary course of the Group\u2019s activities, net of value-added tax. The Group recognises
revenue when (or as) it satis\ufb01es a performance obligation by transferring control of a promised
service to a customer in accordance with IFRS 15 \u201cRevenue from Contracts with Customers\u201d.
The Group\u2019s primary revenue streams are commission fees, subscription and \ufb01xed fees and value
added services which includes marketing and advertising services, payment processing and
shipping services.
For each revenue stream, management assesses whether the Group controls the speci\ufb01ed
goods\u00a0or services before they are transferred to the customer. This assessment is based on
whether the Group:
is primarily responsible for ful\ufb01lling the promise to provide the service;
\u2022
has inventory or credit risk; and
\u2022
has discretion in establishing prices.
\u2022
Commission fees
The Group charges auction houses or sellers a commission fee for each completed sale through
the platform. The fee is typically calculated as a percentage of the gross merchandise value
(\u201cGMV\u201d) of the transaction. The Group\u2019s performance obligation is to provide an online platform
that facilitates transactions between buyers and sellers. The Group does not obtain control of
the\u00a0goods sold by sellers before transfer to buyers and therefore acts as an agent in these
transactions. Revenue is therefore recognised on a net basis, representing the commission or fee
retained by the Group. Commission fee revenue is recognised at the point in time when the auction
or sale is completed on the marketplace, which is the point the Group\u2019s obligation is complete.
Subscription and \ufb01xed fees
Auction houses and sellers may subscribe to various service packages that offer enhanced
visibility, analytics tools, and promotional bene\ufb01ts. Subscription revenue is recognised on a
straight-line basis over the subscription period, as the Group provides continuous access to
the\u00a0subscribed services.
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 on the Group\u2019s marketplaces.
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.
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.
For the Antiques Trade Gazette magazine subscriptions, customers receive a speci\ufb01ed number of
editions during the subscription period and revenue is recognised evenly over the subscription period.
The Group acts as principal for subscription and \ufb01xed fee services, recognising revenue on a
gross\u00a0basis.
Value-added services
Value-added services include marketing and advertising services, payment processing and
shipping services. 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.
Marketing and advertising
Marketing revenues are principally derived from banner advertising and fees generated from email
campaigns. 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\u00a0website).
Print advertising services are 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. Digital advertising is recognised evenly over the period that the
advertisement is featured. The Group acts as principal for the marketing and advertising services,
recognising revenue on a gross basis.
Payment processing
The Group offers optional payment processing for its auction houses through atgPay and its
sellers on the Chairish and Pamono marketplaces. 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/buyer has been processed for the auction
house/seller.
Shipping services
The Group offers optional logistic services, such as shipping labels or shipping facilitation
through\u00a0atgShip to the bidders and its buyers on Chairish and Pamono marketplaces. Given the
complexity involved in shipping unique items, the logistics required to operate our atgShip and
shipping services require 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\u00a0the item sold (e.g. its size, shape and fragility) and the location which it is being shipped to.
Further, the Group takes responsibility for delivery of the shipped items by the shipping agent and
also has the primary responsibility for receiving and resolving customer service enquiries, including
directly keeping the bidder/buyer informed of the status of their delivery and handling complaints
for lost or damaged items. The Group also has sole discretion in establishing the prices charged
and the shipping services provided. Our network of shipping carriers arrange insurance for
the\u00a0shipped item through atgShip hence, retain the inventory risk of the products in transit.
For\u00a0the\u00a0e-label shipping service provided, the Group has its own insurance coverage and self-insure
for the shipment of items on Chairish and Pamono. Having assessed the overall substance of the
arrangements within this revenue stream, it has been concluded that the Group is acting as
the\u00a0principal in the shipping arrangements and the revenue is recognised when control of the
promised service is transferred to the customer, i.e. upon delivery to the bidders and buyers. On
LiveAuctioneers, 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.
There is judgement involved in determining whether the payment processing and shipping
services\u00a0should be recognised based on an agent or principal basis. The revenue for both services
is recognised as the full fees. The expenses for the fees paid to the other parties involved in the
payment and logistics services are recognised separately within cost of sales.
Contract assets
Timing of revenue recognition may differ from the timing of invoicing to customers. Contract
assets represent revenue recognised prior to invoicing when the Group has satis\ufb01ed its
performance obligation and has the unconditional right to payment. This largely arises from
commission revenue from the auction houses.
Contract liabilities
Contract liabilities arise when the Group receives consideration, or such consideration is due from
a customer before transferring the goods or services. The balance primarily comprises advanced
billings related to platform subscription fees, subscription fees for the Antiques Trade Gazette and
advertising and marketing services.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "Commission fees
The Group charges auction houses or sellers a commission fee for each completed sale through
the platform. The fee is typically calculated as a percentage of the gross merchandise value
(\u201cGMV\u201d) of the transaction. The Group\u2019s performance obligation is to provide an online platform
that facilitates transactions between buyers and sellers. The Group does not obtain control of
the\u00a0goods sold by sellers before transfer to buyers and therefore acts as an agent in these
transactions. Revenue is therefore recognised on a net basis, representing the commission or fee
retained by the Group. Commission fee revenue is recognised at the point in time when the auction
or sale is completed on the marketplace, which is the point the Group\u2019s obligation is complete.
Subscription and \ufb01xed fees
Auction houses and sellers may subscribe to various service packages that offer enhanced
visibility, analytics tools, and promotional bene\ufb01ts. Subscription revenue is recognised on a
straight-line basis over the subscription period, as the Group provides continuous access to
the\u00a0subscribed services.
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 on the Group\u2019s marketplaces.
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.
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.
For the Antiques Trade Gazette magazine subscriptions, customers receive a speci\ufb01ed number of
editions during the subscription period and revenue is recognised evenly over the subscription period.
The Group acts as principal for subscription and \ufb01xed fee services, recognising revenue on a
gross\u00a0basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00406": { "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 liabilities are recognised for all taxable temporary differences, except:
\u2022
when the deferred tax liability arises from the initial recognition of goodwill or an asset or
liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting pro\ufb01t nor taxable pro\ufb01t or loss and does not give rise to equal
taxable and deductible temporary differences; or
\u2022
in respect of taxable temporary differences associated with investments in subsidiaries, when
the timing of the reversal of the temporary differences can be controlled and it is probable that
the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward
of\u00a0unused tax credits and any unused tax losses. Deferred tax assets are recognised to the
extent\u00a0that it is probable that taxable pro\ufb01ts will be available against which the deductible
temporary differences, and the carry forward of unused tax credits and unused tax losses
can\u00a0be\u00a0utilised, except:
\u2022
when the deferred tax asset relating to the deductible temporary difference arises from the
initial recognition of an asset or liability in a transaction that is not a business combination and,
at the time of the transaction, affects neither the accounting pro\ufb01t nor taxable pro\ufb01t or loss and
does not give rise to equal taxable and deductible temporary differences; or
\u2022
in respect of deductible temporary differences associated with investments in subsidiaries,
deferred tax assets are recognised only to the extent that it is probable that the temporary
differences will reverse in the foreseeable future and taxable pro\ufb01t will be available against
which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the
extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01t will be available to allow all or
part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at
each reporting date and are recognised to the extent that it has become probable that future
taxable pro\ufb01ts will allow the deferred tax asset to be recovered.
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\u00a0substantively enacted at the 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00407": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00448": { "value": "Deferred tax liabilities are recognised for all taxable temporary differences, except:
\u2022
when the deferred tax liability arises from the initial recognition of goodwill or an asset or
liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting pro\ufb01t nor taxable pro\ufb01t or loss and does not give rise to equal
taxable and deductible temporary differences; or
\u2022
in respect of taxable temporary differences associated with investments in subsidiaries, when
the timing of the reversal of the temporary differences can be controlled and it is probable that
the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward
of\u00a0unused tax credits and any unused tax losses. Deferred tax assets are recognised to the
extent\u00a0that it is probable that taxable pro\ufb01ts will be available against which the deductible
temporary differences, and the carry forward of unused tax credits and unused tax losses
can\u00a0be\u00a0utilised, except:
\u2022
when the deferred tax asset relating to the deductible temporary difference arises from the
initial recognition of an asset or liability in a transaction that is not a business combination and,
at the time of the transaction, affects neither the accounting pro\ufb01t nor taxable pro\ufb01t or loss and
does not give rise to equal taxable and deductible temporary differences; or
\u2022
in respect of deductible temporary differences associated with investments in subsidiaries,
deferred tax assets are recognised only to the extent that it is probable that the temporary
differences will reverse in the foreseeable future and taxable pro\ufb01t will be available against
which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the
extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01t will be available to allow all or
part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at
each reporting date and are recognised to the extent that it has become probable that future
taxable pro\ufb01ts will allow the deferred tax asset to be recovered.
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\u00a0substantively enacted at the 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00449": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00451": { "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.
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 on a straight-line basis over the shorter of the useful economic life
of the asset and the lease term. The depreciation is recognised within administrative expenses.
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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00452": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00178": { "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.
Signi\ufb01cant judgements
Signi\ufb01cant judgements are those that the Group has made in the process of applying the Group\u2019s
accounting policies and that have the most signi\ufb01cant effect on the amounts recognised in the
\ufb01nancial statements. For the year ended 30 September 2025, the following signi\ufb01cant judgements
were identi\ufb01ed:
Goodwill and other intangible assets arising from business combinations
Chairish Inc. was acquired on 4 August 2025, and under IFRS 3 \u201cBusiness Combinations\u201d, the purchase
price of an acquired company must be allocated between intangible assets and the net assets of the
acquired business with the residual amount of the purchase price recorded as goodwill. The
determination of the value of the intangible assets requires signi\ufb01cant judgements and estimates to be
made by management. These judgements can include, but are not limited to, the cash \ufb02ows (including
synergies relating to cross-listing) that an asset is expected to generate in the future and the
appropriate weighted average cost of capital (including the inclusion of an alpha premium). Of the
intangibles acquired, the customer relationships and brands are especially sensitive to changes in
assumptions on customer attrition rates and royalty rates respectively, as further outlined in note 11.
Judgement is also required in determining appropriate useful economic lives (\u201cUEL\u201d) of the
intangible assets arising from business combinations. Management makes this judgement on
an\u00a0asset class basis and has determined that contracts with customers have a UEL of two to
14\u00a0years; brands have a UEL of \ufb01ve to 15 years; software has a UEL of three to 10 years; and
non-compete agreements have a UEL of four years.
Key estimates
Key estimation uncertainties are the key assumptions concerning the future and other key
sources\u00a0of 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 2025, the key sources of estimation uncertainties are detailed below:
Impairment of goodwill
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. Management performed an impairment
assessment for each group of cash-generating units (\u201cCGUs\u201d), in light of macroeconomic factors,
increase in the discount rate and reduction in the long-term growth rate assumptions, together
with revised forecasts and the resulting impact on the Group\u2019s market capitalisation.
This required an estimate of the value in use for each group of CGUs to which the goodwill and
intangible assets are allocated. To estimate the value in use, management estimates the expected
future cash \ufb02ows for each group of CGUs and using its speci\ufb01c discount rate, discounts them to
their present value, which is appropriate for the country where the goodwill and intangible assets
are allocated.
Forecasting expected cash \ufb02ows inherently requires estimation and selecting an appropriate
discount and long-term growth involves judgement. The resulting calculation for the Auction
Services and A&A CGU show an impairment as at 30 September 2025 of $8.3m and $142.6m
respectively.
Management considers that the assumptions made represent their best estimate of the future
cash \ufb02ows generated by the group of CGUs, and that the discount rate and long-term growth rate
used are appropriate given the risks associated with the speci\ufb01c cash \ufb02ows. Sensitivity analysis
has been performed over the estimates as disclosed in note 12.
Recognition of deferred tax assets
Following the acquisition of Chairish on 4 August 2025, the Group has tax losses and unrelieved
interest with a value of $47.0m, which are available to offset against future taxable pro\ufb01ts.
Deferred tax assets of $28.0m have been recognised in respect of a portion of these losses and
unrelieved interest, limited to the extent of when deferred tax liabilities in the same jurisdictions
are expected to reverse and calculation of and the state tax apportionment rates.
Given the quantum, complexity of legislation and limitations on the use of losses when there is a
change of ownership, there is signi\ufb01cant estimation required to determine the losses that should
be recognised. Estimates also have to be made on the expected timing of the deferred tax
liabilities reversing and apportionment factors of state taxes. Further detail is provided in note 19,
along with sensitivity analysis.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "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 29 to 33), 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 (loss)/pro\ufb01t before taxation, net \ufb01nance costs, impairment,
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 (loss)/pro\ufb01t before tax to adjusted EBITDA:
\u00a0
\n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
(Loss)/pro\ufb01t before tax
(145,779)
18,383
Adjustments for:
Net \ufb01nance costs (note 8)
11,560
14,045
Impairment of goodwill (note 12)
150,863
\u2013
Amortisation of acquired intangible assets (note 12)
33,273
32,484
Amortisation of internally generated software (note 12)
8,927
6,532
Depreciation of property, plant and equipment (note 13)
439
426
Depreciation of right of use assets (note 17)
907
939
Share-based payment expense (note 21)
6,418
6,015
Exceptional operating items
10,153
1,145
Adjusted EBITDA
76,761
79,969
The following table provides the calculation of adjusted EBITDA margin which represents adjusted
EBITDA divided by revenue:
\u00a0
\n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Reported revenue (note 4, 5)
190,151
174,148
Adjusted EBITDA
76,761
79,969
Adjusted EBITDA margin
40.4%
45.9%
The basis for treating these items as adjusting is as follows:
Impairment of goodwill
The Group conducts an annual impairment review of goodwill and intangible assets. This review
compares the carrying value on the Group\u2019s non-current assets against the present value of the
future cash \ufb02ows they are expected to generate. In light of macroeconomic factors, increase in
the\u00a0discount rate and reduction in the long-term growth rate assumptions, together with revised
forecasts and the resulting impact on the Group\u2019s market capitalisation contributed to an exceptional
non-cash goodwill impairment charge of $150.9m (FY24: $nil). More detail can be found in note 12.
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 Chairish; 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\u00a0Group\u2019s share price. As the Group is still early in its lifecycle as a listed business with signi\ufb01cant
acquisitions, the expense is distortive in the short term and is not representative of the cash
performance of the business.
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
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Acquisition costs
(6,591)
(828)
Integration costs
(3,562)
\u2013
Finance transformation
\u2013
(317)
Total exceptional operating items
(10,153)
(1,145)
The acquisition and integration costs in FY25 were primarily in respect of the costs relating to the
acquisition of Chairish on 4 August 2025 and integration into the Group (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, and other consultancy expenditure incurred. Integration costs comprise severance
costs, retention bonuses and consultancy expenditure.
The acquisition costs in FY24 were primarily in respect of the costs relating to the acquisition
of\u00a0ESN on 6\u00a0February 2023. Acquisition costs comprise legal, professional, and other
consultancy\u00a0expenditure incurred and retention bonuses for ESN employees payable one year
after completion. The retention bonus was subject to service conditions and was accrued over
the\u00a0period.
Costs of $0.3m in FY24 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 $6.2m (FY24: $2.5m).
Adjusted earnings and adjusted diluted earnings per share
Adjusted earnings excludes share-based payment expense, exceptional items (operating and
\ufb01nance), impairment of goodwill, amortisation of acquired intangible assets, and any related tax
effects.
The following table provides a reconciliation from (loss)/pro\ufb01t after tax to adjusted earnings:
\n \n
Year ended
Year ended
30 September
30 September
2025
2024
\u00a0
$000
$000
(Loss)/pro\ufb01t a\ue001ributable to equity shareholders of the
Company
(144,595)
24,192
Adjustments for:
Impairment of goodwill
150,863
\u2013
Amortisation of acquired intangible assets
33,273
32,484
Exceptional \ufb01nance items
1,724
906
Share-based payment expense
6,418
6,015
Exceptional operating items
10,153
1,145
Deferred tax on unrealised foreign exchange differences
\u2013
(8,054)
Tax on adjusted items
(10,927)
(8,929)
Adjusted earnings
46,909
47,759
\u00a0
\n \n
Number
Number
Diluted weighted average number of shares (note 10)
123,734,009
123,848,562
\n \n
cents
cents
Adjusted diluted earnings per share (cents)
37.9
38.6
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\u00a0separate acquisitions. These acquisitions are portfolio investment decisions that took place
at\u00a0different times and are items in the Consolidated Statement of Financial Position that relate
to\u00a0M&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\u00a0foreign 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 this is consistent with how the
business performance is reported and assessed by the Board.
Deferred tax on unrealised foreign exchange differences
For FY24, in calculating the adjusted tax rate, the Group excluded 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 (loss)/pro\ufb01t for
the year due to differences in the functional currency basis under tax and accounting rules for
the\u00a0US 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.
Reported organic revenue and organic revenue
The Group has made an acquisition in the year that has affected the comparability of the Group\u2019s
results. Therefore, to aid comparisons between FY24 and FY25, reported organic revenue is
presented to exclude the acquisition of Chairish.
Organic revenue is also shown, which excludes Chairish and 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
189 for the full\u00a0de\ufb01nition.
The following table provides a reconciliation of organic revenue from reported results:
\n \n
Unaudited
Unaudited
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Reported revenue
190,151
174,148
Acquisition related adjustment
(8,365)
\u2013
Reported organic revenue
181,786
174,148
Constant currency adjustment
\u2013
997
Organic revenue
181,786
175,145
Increase in reported organic revenue %
4.4%
Increase in organic revenue %
3.8%
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\u00a0restricted cash.
\n \n
30 September
30 September
2025
2024
$000
$000
Cash at bank (note 15)
13,162
6,824
Current loans and borrowings (note 18)
(35)
(22,953)
Non-current loans and borrowings (note 18)
(187,160)
(98,530)
Total loans and borrowings
(187,195)
(121,483)
Adjusted net debt
(174,033)
(114,659)
Adjusted operating cash \ufb02ow and adjusted operating cash \ufb02ow conversion
Adjusted operating 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 operating cash
\ufb02ow as\u00a0a percentage of adjusted EBITDA.
Adjusted free cash \ufb02ow
Adjusted free cash \ufb02ow represents adjusted operating cash \ufb02ow adjusted for interest, lease and
tax paid.
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 operating cash \ufb02ow and operating cash \ufb02ow conversion. A
reported operating cash \ufb02ow and cash conversion rate has not been provided as it would not give
a fair indication of the Group\u2019s operating cash \ufb02ow and conversion performance given the high
value of working capital from exceptional items.
\n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Adjusted EBITDA
76,761
79,969
Cash generated by operations
78,773
71,627
Adjustments for:
Exceptional operating items
10,153
1,145
Working capital from exceptional and other items
(3,960)
4,282
Additions to internally generated software (note 12)
(10,994)
(10,843)
Additions to property, plant and equipment (note 13)
(311)
(362)
Adjusted operating cash \ufb02ow
73,661
65,849
Adjusted operating cash \ufb02ow conversion (%)
96%
82%
Loan interest and lease liability paid
(13,769)
(13,489)
Finance income and lease income received
562
390
Income taxes paid
(14,956)
(13,396)
Adjusted free cash \ufb02ow
45,498
39,354
", "dimensions": { "concept": "atg:DisclosureOfAlternativePerformanceMeasuresExplanatoryTextBlock", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00187": { "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
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Acquisition costs
(6,591)
(828)
Integration costs
(3,562)
\u2013
Finance transformation
\u2013
(317)
Total exceptional operating items
(10,153)
(1,145)
The acquisition and integration costs in FY25 were primarily in respect of the costs relating to the
acquisition of Chairish on 4 August 2025 and integration into the Group (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, and other consultancy expenditure incurred. Integration costs comprise severance
costs, retention bonuses and consultancy expenditure.
The acquisition costs in FY24 were primarily in respect of the costs relating to the acquisition
of\u00a0ESN on 6\u00a0February 2023. Acquisition costs comprise legal, professional, and other
consultancy\u00a0expenditure incurred and retention bonuses for ESN employees payable one year
after completion. The retention bonus was subject to service conditions and was accrued over
the\u00a0period.
Costs of $0.3m in FY24 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 $6.2m (FY24: $2.5m). Exceptional \ufb01nance items
Exceptional \ufb01nance items include foreign exchange differences arising on the revaluation of
the\u00a0foreign 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 this 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00188": { "value": "Adjusted earnings excludes share-based payment expense, exceptional items (operating and
\ufb01nance), impairment of goodwill, amortisation of acquired intangible assets, and any related tax
effects.Basic (loss)/earnings per share is calculated by dividing the (loss)/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 (loss)/earnings per share is calculated by dividing the (loss)/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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00231": { "value": "4. Operating segments
IFRS 8 \u201cOperating segments\u201d, requires the Group to determine its operating segments based on
information which is provided internally to the chief operating decision maker (\u201cCODM\u201d) to assess
performance of the business and allocate resources within the Group. The CODM for the Group is
the Executive Leadership team. Previously, the Group had four reportable operating segments:
A&A marketplaces (\u201cA&A\u201d); I&C marketplaces (\u201cI&C\u201d); Auctions Services; and Content.
In September 2025, following the acquisition of Chairish, operational developments across
the\u00a0business and changes in \ufb01nance leadership, the Group now reports under two reportable
operating segments, representing an aggregation of operating segments in accordance with the
aggregation criteria within IFRS 8: Arts & Antiques (\u201cA&A\u201d) and Industrial & Commercial (\u201cI&C\u201d).
Chairish has been allocated to the A&A reported operating segment. This is on the basis that
Chairish traditionally includes items sold on arts and antique platforms and the purpose of the
acquisition was to expand the A&A segment into an attractive adjacent channel for the resale of
second-hand items.
Operations previously reported under Auction Services, which included the Group\u2019s auction house
back of\ufb01ce and white label products, have been allocated to the A&A segment, and WaveBid has
been allocated to the I&C segment. Content represented the Antiques Trade Gazette revenue
streams and therefore this has been included with A&A.
The Annual Report has presented for the year ending 30 September 2025 on this basis with the
prior year disclosures restated.
An overview of the two operating segments is summarised as follows:
\u2022
A&A focuses on providing auction houses and sellers, that specialise in the\u00a0sale of arts, antiques,
pre-owned furniture and home decor. It has access to its platforms which include; thesaleroom.
com, liveauctioneers.com, chairish.com, lot-tissimo.com, pamono.com and EstateSales.NET.
A\u00a0signi\ufb01cant part of the Group\u2019s services is provision of a\u00a0platform as a marketplace for the A&A
auction houses and sellers to sell their goods. The segment also generates earnings through
value-added services and subscription services. The Group contracts with customers
predominantly under service agreements, where the number of auctions to be held or the
number of items listed with the service offering differing from client to client. Within the A&A
segment it also includes earnings from the Antiques Trade Gazette subscriptions and advertising.
\u2022
I&C focuses on offering auction houses that specialise in the sale of industrial and commercial
goods and machinery access to its platforms which include 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 value-added services.
The Group contracts with customers predominantly under service agreements, where the
number of auctions to be held with the service offering differing from client to client.
There are no undisclosed or other operating segments.
Central costs consist of expenses for central services such as technology, marketing, human
resources and \ufb01nance, which support the overall organisation rather than individual operating
segments.
An analysis of the results for the year by reportable segment is as follows:
\n \n
Year ended 30 September 2025
Centrally
allocated
A&A
I&C
costs
Total
$000
$000
$000
$000
Revenue
115,163
74,988
\u2013
190,151
Adjusted EBITDA (see note 3 for de\ufb01nition
and reconciliation)
78,510
63,855
(65,604)
76,761
Impairment of goodwill (note 12)
(150,863)
\u2013
\u2013
(150,863)
Amortisation of intangible assets (note 12)
(28,982)
(13,218)
\u2013
(42,200)
Depreciation of property, plant
and\u00a0equipment (note 13)
(184)
(255)
\u2013
(439)
Depreciation of right of use assets (note 17)
(780)
(127)
\u2013
(907)
Share-based payment expense (note 21)
(2,010)
(2,209)
(2,199)
(6,418)
Exceptional operating items (note 3)
(10,153)
\u2013
\u2013
(10,153)
Operating (loss)/pro\ufb01t
(114,462)
48,046
(67,803)
(134,219)
Net \ufb01nance costs (note 8)
\u2013
\u2013
(11,560)
(11,560)
(Loss)/pro\ufb01t before tax
(114,462)
48,046
(79,363)
(145,779)
\n \n
Year ended 30 September 2024
Centrally
allocated
A&A
I&C
costs
Total
$000
$000
$000
$000
Revenue
101,294
72,854
\u2013
174,148
Adjusted EBITDA (see note 3 for de\ufb01nition
and reconciliation)
81,223
61,642
(62,896)
79,969
Amortisation of intangible assets (note 12)
(27,603)
(11,413)
\u2013
(39,016)
Depreciation of property, plant
and\u00a0equipment (note 13)
(186)
(240)
\u2013
(426)
Depreciation of right of use assets (note 17)
(740)
(199)
\u2013
(939)
Share-based payment expense (note 21)
(1,542)
(1,810)
(2,663)
(6,015)
Exceptional operating items (note 3)
(828)
\u2013
(317)
(1,145)
Operating pro\ufb01t/(loss)
50,324
47,980
(65,876)
32,428
Net \ufb01nance costs (note 8)
\u2013
\u2013
(14,045)
(14,045)
Pro\ufb01t/(loss) before tax
50,324
47,980
(79,921)
18,383
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 2025
30 September 2024 (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
516,619
100,102
595,885
5,156
I&C
223,891
5,350
234,171
6,088
740,510
105,452
830,056
11,244
\n \n
Restated
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
By geographical location
United Kingdom
60,749
68,202
United States
667,607
756,556
Germany
12,139
5,298
Mexico
15
\u2013
740,510
830,056
The reported comparatives have been restated to re\ufb02ect a prior year misstatement, as detailed
in\u00a0note 1.
The Group has taken advantage of paragraph 23 of IFRS 8 \u201cOperating Segments\u201d 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00240": { "value": "5. Revenue \n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Product
Commission
92,178
87,599
Subscription and \ufb01xed fees
40,244
38,965
Value-added services
52,769
41,991
Other
4,960
5,593
190,151
174,148
Primary geographical markets
By location of operations
United Kingdom
26,308
25,299
United States
156,439
143,282
Germany
7,404
5,567
190,151
174,148
By location of customer
United Kingdom
28,017
25,889
United States
146,018
132,708
Europe
10,300
8,892
Rest of world
5,816
6,659
190,151
174,148
Timing of transfer of goods and services
Point in time
170,922
155,285
Over time
19,229
18,863
190,151
174,148
The Group has recognised the following assets and liabilities related to contracts with customers:
\n \n
30 September
30 September
1 October
2025
2024
2023
$000
$000
$000
Contract assets
1,991
1,499
1,856
Contract liabilities
(3,631)
(1,639)
(1,851)
The following table shows how much of the revenue recognised in the current reporting period
relates to carried-forward contract liabilities:
\n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Revenue recognised that was included in the contract liabilities
balance at the beginning of the year
1,223
1,797
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00248": { "value": "5. Revenue \n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Product
Commission
92,178
87,599
Subscription and \ufb01xed fees
40,244
38,965
Value-added services
52,769
41,991
Other
4,960
5,593
190,151
174,148
Primary geographical markets
By location of operations
United Kingdom
26,308
25,299
United States
156,439
143,282
Germany
7,404
5,567
190,151
174,148
By location of customer
United Kingdom
28,017
25,889
United States
146,018
132,708
Europe
10,300
8,892
Rest of world
5,816
6,659
190,151
174,148
Timing of transfer of goods and services
Point in time
170,922
155,285
Over time
19,229
18,863
190,151
174,148
The Group has recognised the following assets and liabilities related to contracts with customers:
\n \n
30 September
30 September
1 October
2025
2024
2023
$000
$000
$000
Contract assets
1,991
1,499
1,856
Contract liabilities
(3,631)
(1,639)
(1,851)
The following table shows how much of the revenue recognised in the current reporting period
relates to carried-forward contract liabilities:
\n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Revenue recognised that was included in the contract liabilities
balance at the beginning of the year
1,223
1,797
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "The Group has recognised the following assets and liabilities related to contracts with customers: \n \n
30 September
30 September
1 October
2025
2024
2023
$000
$000
$000
Contract assets
1,991
1,499
1,856
Contract liabilities
(3,631)
(1,639)
(1,851)
The following table shows how much of the revenue recognised in the current reporting period
relates to carried-forward contract liabilities:
\n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Revenue recognised that was included in the contract liabilities
balance at the beginning of the year
1,223
1,797
16. Trade and other payables
30 September
30 September
2025
2024
$000
$000
Current
Trade payables
13,784
2,820
Payroll tax and other statutory liabilities
5,776
3,248
Accruals
17,092
5,423
36,652
11,491
The carrying amount of trade and other payables classi\ufb01ed as \ufb01nancial liabilities at amortised
cost approximates to their fair value. Increase in trade and other payables is relating to Chairish
(see note 11), exceptional operating costs not yet paid (see note 3) and change in performance
related pay accruals (see CFO review).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00251": { "value": "6. Operating (loss)/pro\ufb01t
Operating (loss)/pro\ufb01t is stated after charging the following:
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Employment costs (note 7)
54,963
45,278
Impairment of goodwill (note 12)
150,863
\u2013
Amortisation of intangible assets (note 12)
\u2013 Acquired intangible assets
33,273
32,484
\u2013 Internally generated software
8,927
6,532
Depreciation of property, plant and equipment (note 13)
439
426
Depreciation of right of use assets (note 17)
907
939
Exceptional operating items (note 3)
10,153
1,145
Research and development
9,844
9,523
Net exchange differences
2
3
The total remuneration of the Group\u2019s auditors for services to the Group is analysed\u00a0below:
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
The audit of parent Company and Consolidated Financial
Statements
1,621
1,120
The audit of the Company\u2019s subsidiaries
162
162
Total audit fees
1,783
1,282
Fees payable for other assurance services:
\u2013 Interim review
213
180
\u2013 Non-audit fees
\u2013
15
Total auditor\u2019s remuneration
1,996
1,477
The non-audit fees relate to covenant compliance reporting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00252": { "value": "6. Operating (loss)/pro\ufb01t
Operating (loss)/pro\ufb01t is stated after charging the following:
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Employment costs (note 7)
54,963
45,278
Impairment of goodwill (note 12)
150,863
\u2013
Amortisation of intangible assets (note 12)
\u2013 Acquired intangible assets
33,273
32,484
\u2013 Internally generated software
8,927
6,532
Depreciation of property, plant and equipment (note 13)
439
426
Depreciation of right of use assets (note 17)
907
939
Exceptional operating items (note 3)
10,153
1,145
Research and development
9,844
9,523
Net exchange differences
2
3
The total remuneration of the Group\u2019s auditors for services to the Group is analysed\u00a0below:
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
The audit of parent Company and Consolidated Financial
Statements
1,621
1,120
The audit of the Company\u2019s subsidiaries
162
162
Total audit fees
1,783
1,282
Fees payable for other assurance services:
\u2013 Interim review
213
180
\u2013 Non-audit fees
\u2013
15
Total auditor\u2019s remuneration
1,996
1,477
The non-audit fees relate to covenant compliance reporting.
7. Staff costs and numbers
Staff costs for the year were as follows:
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Wages and salaries
43,342
35,504
Social security costs
4,426
3,062
Pension costs
777
697
Share-based payment expense (note 21)
6,418
6,015
Total employment costs
54,963
45,278
The monthly average number of employees (including Executive Directors) by function:
Year ended
Year ended
30 September
30 September
2025
2024
Number
Number
Management
22
17
Administrative employees
60
59
Operational employees
308
294
Average number of employees
390
370
8. Net \ufb01nance costs
\n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
445
Interest income
249
Interest on tax
317
\u2013
Interest on lease receivable (note 17)
10
9
Finance income
772
258
Interest on loans and borrowings
(9,380)
(12,437)
Amortisation of \ufb01nance costs
(1,665)
(679)
Foreign exchange loss
(735)
(525)
Movements in deferred consideration
\u2013
(131)
Interest on lease liabilities (note 17)
(182)
(281)
Interest on tax
(370)
(250)
Finance costs
(12,332)
(14,303)
Net \ufb01nance costs
(11,560)
(14,045)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00261": { "value": "
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Employment costs (note 7)
54,963
45,278
Impairment of goodwill (note 12)
150,863
\u2013
Amortisation of intangible assets (note 12)
\u2013 Acquired intangible assets
33,273
32,484
\u2013 Internally generated software
8,927
6,532
Depreciation of property, plant and equipment (note 13)
439
426
Depreciation of right of use assets (note 17)
907
939
Exceptional operating items (note 3)
10,153
1,145
Research and development
9,844
9,523
Net exchange differences
2
3
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Employment costs (note 7)
54,963
45,278
Impairment of goodwill (note 12)
150,863
\u2013
Amortisation of intangible assets (note 12)
\u2013 Acquired intangible assets
33,273
32,484
\u2013 Internally generated software
8,927
6,532
Depreciation of property, plant and equipment (note 13)
439
426
Depreciation of right of use assets (note 17)
907
939
Exceptional operating items (note 3)
10,153
1,145
Research and development
9,844
9,523
Net exchange differences
2
3
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 2023
50,635
248,045
46,738
1,672
347,090
33,363
578,572
959,025
Adjustment (as detailed in note 1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(9,160)
(9,160)
1 October 2023 (restated as detailed in note 1)
50,635
248,045
46,738
1,672
347,090
33,363
569,412
949,865
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 (restated as detailed in note 1)
51,415
253,093
47,440
1,672
353,620
45,181
580,829
979,630
Acquisition of business (note 11)
5,507
25,664
12,849
\u2013
44,020
890
48,931
93,841
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
10,994
\u2013
10,994
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(16,678)
\u2013
(16,678)
Exchange differences
51
325
72
\u2013
448
111
698
1,257
30 September 2025
56,973
279,082
60,361
1,672
398,088
40,498
630,458
1,069,044
Amortisation and impairment
1 October 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 (restated as detailed in note 1)
25,317
87,735
13,518
1,656
128,226
26,301
\u2013
154,527
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(16,678)
\u2013
(16,678)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
150,863
150,863
Amortisation
4,555
24,841
3,861
16
33,273
8,927
\u2013
42,200
Exchange differences
49
412
59
\u2013
520
91
\u2013
611
30 September 2025
29,921
112,988
17,438
1,672
162,019
18,641
150,863
331,523
Net book value
1 October 2023 (restated as detailed in note 1)
30,510
187,261
37,213
469
255,453
14,276
569,412
839,141
30 September 2024 (restated as detailed in note 1)
26,098
165,358
33,922
16
225,394
18,880
580,829
825,103
30 September 2025
27,052
166,094
42,923
\u2013
236,069
21,857
479,595
737,521
Land and
Fixtures,
buildings
Computer
\ufb01ttings and
leasehold
equipment
equipment
Total
$000
$000
$000
$000
Cost
1 October 2023
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
Acquisition of business (note 11)
\u2013
8
\u2013
8
Additions
\u2013
290
21
311
Disposals
\u2013
(614)
(121)
(735)
Exchange differences
7
8
\u2013
15
30 September 2025
496
1,110
412
2,018
Accumulated depreciation
1 October 2023
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
Charge for the year
71
325
43
439
Disposals
\u2013
(614)
(121)
(735)
Exchange differences
7
7
\u2013
14
30 September 2025
315
670
325
1,310
Net book value
1 October 2023
281
442
151
874
30 September 2024
252
466
109
827
30 September 2025
181
440
87
708
Land and
buildings
Motor
leasehold
vehicles
Total
$000
$000
$000
Right of use assets
1 October 2023
3,941
\u2013
3,941
Additions
\u2013
39
39
Transfer to lease receivable
(419)
\u2013
(419)
Loss on derecognition
(99)
\u2013
(99)
Depreciation charge for the year
(932)
(7)
(939)
Exchange differences
174
2
176
30 September 2024
2,665
34
2,699
Acquisition of business (note 11)
298
\u2013
298
Modi\ufb01cation
(214)
(13)
(227)
Depreciation charge for the year
(896)
(11)
(907)
Exchange differences
11
\u2013
11
30 September 2025
1,864
10
1,874
Lease liabilities
1 October 2023
3,971
\u2013
3,971
Additions
\u2013
39
39
Interest charge for the year
280
1
281
Lease payments
(1,020)
(10)
(1,030)
Exchange differences
172
2
174
30 September 2024
3,403
32
3,435
Acquisition of business (note 11)
228
\u2013
228
Modi\ufb01cation
(214)
(13)
(227)
Interest charge for the year
180
2
182
Lease payments
(1,126)
(11)
(1,137)
Exchange differences
21
\u2013
21
30 September 2025
2,492
10
2,502
Current
1,001
7
1,008
Non-current
1,491
3
1,494
30 September 2025
2,492
10
2,502
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Depreciation charge
(907)
(939)
Interest charge
(182)
(281)
Loss on derecognition of right of use asset
\u2013
(99)
(1,089)
(1,319)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00265": { "value": "The total remuneration of the Group\u2019s auditors for services to the Group is analysed\u00a0below:
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
The audit of parent Company and Consolidated Financial
Statements
1,621
1,120
The audit of the Company\u2019s subsidiaries
162
162
Total audit fees
1,783
1,282
Fees payable for other assurance services:
\u2013 Interim review
213
180
\u2013 Non-audit fees
\u2013
15
Total auditor\u2019s remuneration
1,996
1,477
The non-audit fees relate to covenant compliance reporting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00266": { "value": "7. Staff costs and numbers
Staff costs for the year were as follows:
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Wages and salaries
43,342
35,504
Social security costs
4,426
3,062
Pension costs
777
697
Share-based payment expense (note 21)
6,418
6,015
Total employment costs
54,963
45,278
The monthly average number of employees (including Executive Directors) by function:
Year ended
Year ended
30 September
30 September
2025
2024
Number
Number
Management
22
17
Administrative employees
60
59
Operational employees
308
294
Average number of employees
390
370
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00273": { "value": "8. Net \ufb01nance costs \n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
445
Interest income
249
Interest on tax
317
\u2013
Interest on lease receivable (note 17)
10
9
Finance income
772
258
Interest on loans and borrowings
(9,380)
(12,437)
Amortisation of \ufb01nance costs
(1,665)
(679)
Foreign exchange loss
(735)
(525)
Movements in deferred consideration
\u2013
(131)
Interest on lease liabilities (note 17)
(182)
(281)
Interest on tax
(370)
(250)
Finance costs
(12,332)
(14,303)
Net \ufb01nance costs
(11,560)
(14,045)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "value": "8. Net \ufb01nance costs \n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
445
Interest income
249
Interest on tax
317
\u2013
Interest on lease receivable (note 17)
10
9
Finance income
772
258
Interest on loans and borrowings
(9,380)
(12,437)
Amortisation of \ufb01nance costs
(1,665)
(679)
Foreign exchange loss
(735)
(525)
Movements in deferred consideration
\u2013
(131)
Interest on lease liabilities (note 17)
(182)
(281)
Interest on tax
(370)
(250)
Finance costs
(12,332)
(14,303)
Net \ufb01nance costs
(11,560)
(14,045)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "8. Net \ufb01nance costs \n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
445
Interest income
249
Interest on tax
317
\u2013
Interest on lease receivable (note 17)
10
9
Finance income
772
258
Interest on loans and borrowings
(9,380)
(12,437)
Amortisation of \ufb01nance costs
(1,665)
(679)
Foreign exchange loss
(735)
(525)
Movements in deferred consideration
\u2013
(131)
Interest on lease liabilities (note 17)
(182)
(281)
Interest on tax
(370)
(250)
Finance costs
(12,332)
(14,303)
Net \ufb01nance costs
(11,560)
(14,045)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "8. Net \ufb01nance costs \n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
445
Interest income
249
Interest on tax
317
\u2013
Interest on lease receivable (note 17)
10
9
Finance income
772
258
Interest on loans and borrowings
(9,380)
(12,437)
Amortisation of \ufb01nance costs
(1,665)
(679)
Foreign exchange loss
(735)
(525)
Movements in deferred consideration
\u2013
(131)
Interest on lease liabilities (note 17)
(182)
(281)
Interest on tax
(370)
(250)
Finance costs
(12,332)
(14,303)
Net \ufb01nance costs
(11,560)
(14,045)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "8. Net \ufb01nance costs \n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
445
Interest income
249
Interest on tax
317
\u2013
Interest on lease receivable (note 17)
10
9
Finance income
772
258
Interest on loans and borrowings
(9,380)
(12,437)
Amortisation of \ufb01nance costs
(1,665)
(679)
Foreign exchange loss
(735)
(525)
Movements in deferred consideration
\u2013
(131)
Interest on lease liabilities (note 17)
(182)
(281)
Interest on tax
(370)
(250)
Finance costs
(12,332)
(14,303)
Net \ufb01nance costs
(11,560)
(14,045)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "8. Net \ufb01nance costs \n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
445
Interest income
249
Interest on tax
317
\u2013
Interest on lease receivable (note 17)
10
9
Finance income
772
258
Interest on loans and borrowings
(9,380)
(12,437)
Amortisation of \ufb01nance costs
(1,665)
(679)
Foreign exchange loss
(735)
(525)
Movements in deferred consideration
\u2013
(131)
Interest on lease liabilities (note 17)
(182)
(281)
Interest on tax
(370)
(250)
Finance costs
(12,332)
(14,303)
Net \ufb01nance costs
(11,560)
(14,045)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "9. Taxation \n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Current tax
Current tax on pro\ufb01t for the year
11,386
9,731
Adjustments in respect of prior years
(2,866)
214
Total current tax
8,520
9,945
Deferred tax
Current year
(10,359)
(15,967)
Adjustments from change in tax rates
(102)
(278)
Adjustments in respect of prior years
757
491
Deferred tax
(9,704)
(15,754)
Tax credit
(1,184)
(5,809)
The tax on the Group\u2019s (loss)/pro\ufb01t before tax differs from the theoretical amount that would arise
using the standard tax rate applicable to (losses)/pro\ufb01ts of the Group as follows:
\n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
(Loss)/pro\ufb01t before tax
(145,779)
18,383
Tax at United Kingdom tax rate of 25% (FY24: 25%)
(36,445)
4,596
Tax effect of:
Differences in overseas tax rates
564
370
Deferred tax on unrealised foreign exchange differences
(i)
\u2013
(8,054)
Foreign exchange difference not deductible/(taxable)
for tax purposes
(ii)
149
(3,440)
Non-deductible impairment of goodwill
(iii)
35,652
\u2013
Non-deductible expenditure
(iv)
716
1,313
Non-deductible exceptional operating items
(v)
1,407
\u2013
Research and development credits
(814)
(582)
Movement in provisions for tax uncertainties
(vi)
(637)
(439)
Movement in unrecognised deferred tax assets
(vii)
435
\u2013
Adjustments from change in tax rates
(viii)
(102)
(278)
Adjustments in respect of prior years
(ix)
(2,109)
705
Tax credit
(1,184)
(5,809)
(i)
In FY24, the deferred tax credit on unrealised foreign exchange differences of $8.1m arose 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. Unrealised
foreign exchange differences are not taxable until they are realised, giving rise to deferred tax.
On\u00a025\u00a0September\u00a02024, 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 2025 is $nil.
(ii)
The Group\u2019s (loss)/pro\ufb01t before tax includes foreign exchange gain of $0.4m (tax effected: $0.1m) from US holding
companies on their US dollar denominated intra-group balances (FY24: gain of $13.5m, tax effected $3.4m) which
are not deductible for US tax purposes. In FY25, a foreign exchange loss of $1m (tax effected: $0.3m) was excluded
from taxable pro\ufb01ts, in accordance with the UK\u2019s disregard rules.
(iii) The impairment of goodwill relating to the A&A CGU of $142.6m is not deductible for tax (see note 12).
(iv) Non-deductible expenditure primarily relates to share-based payments.
(v)
Non-deductible exceptional operating items are for the acquisition of Chairish (see note 3).
(vi)
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 2025 amounted to $nil (FY24: $0.6m).
(vii)
The movement in unrecognised deferred tax assets is due to unrecognised income tax losses in Germany.
(viii)
The adjustments from change in tax rates relates to the enacted changes of tax rates in Germany and the impact
in the US blended state tax rate arising from changes in the distribution of sales between states.
(ix)
The adjustments in respect of prior years primarily relates to tax refunds owing to the Group for the years ended
30 September 2020 and 2021.
Tax recognised in other comprehensive (loss)/income and equity:
\n \n
Restated
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Other comprehensive (loss)/income
Current tax
(30)
(3,255)
Equity
Current tax
361
\u2013
Deferred tax
(464)
(683)
(103)
(683)
The reported comparatives have been restated to re\ufb02ect a prior year misstatement, as detailed
in\u00a0note 1.
Current tax recognised in other comprehensive (loss)/income includes income tax on the Group\u2019s
net investment hedge. Current and deferred tax recognised directly in equity relates to
share-based payments.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "10. (Loss)/earnings per share
Basic (loss)/earnings per share is calculated by dividing the (loss)/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 (loss)/earnings per share is calculated by dividing the (loss)/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).
For FY25, the non-vested/non-exercised ordinary shares are anti-dilutive given the loss for the
year and are therefore excluded from the weighted average number of ordinary shares for the
purpose of diluted loss per share calculation.
\n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
(Loss)/pro\ufb01t a\ue001ributable to equity shareholders of the Company
(144,595)
24,192
Number
Number
Weighted average number of shares in issue
122,450,829
121,711,636
Weighted average number of options vested not exercised
889,051
1,082,642
Weighted average number of shares held by the Employee Bene\ufb01t Trust
(40,665)
(67,210)
Weighted average number of shares held in Treasury
(998,265)
\u2013
Weighted average number of shares
122,300,950
122,727,068
Dilutive share options
1,433,059
1,121,494
Diluted weighted average number of shares
123,734,009
123,848,562
cents
cents
Basic (loss)/earnings per share
(118.2)
19.7
Diluted (loss)/earnings per share
(118.2)
19.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "value": "11. Business combinations
Business combinations for the year ended 30 September 2025
Acquisition of Chairish, Inc. (\u201cChairish\u201d)
On 4 August 2025, the Group acquired 100% of the equity share capital of Chairish. Chairish
is\u00a0a\u00a0leading list price online marketplace for vintage furniture, d\u00e9cor and art. The acquisition
transforms our A&A value proposition as the Group can offer consumers the choice of auction
and list price merchandise across selling formats that is relevant to a range of consumer buyer
preferences and expands supply in complementary categories where the Group already has a
highly engaged and interested buyer base. The acquisition creates a stronger global platform for
the Group in the highly fragmented A&A market.
Consideration
The total consideration, including the working capital adjustment of $4.2m, was $89.2m. Part of
the consideration, $29.1m, was for the repayment of Chairish\u2019s existing borrowings which consisted
of bank loans and convertible notes. These were settled on the date of acquisition and have been
treated as cash used in investing activities in the Consolidated Statement of Cash Flows as the
repayment of the debt was not at the Group\u2019s discretion, it was subject to a pre-existing change
of\u00a0control clause. There is no deferred or contingent consideration.
Provisional purchase price allocation
Management assessed the fair value of the acquired assets and liabilities as part of the purchase
price allocation (\u201cPPA\u201d). The fair value is provisional as at 30 September 2025 as the completion
accounts remain subject to review and \ufb01nal agreement with the previous owners. It is expected
that the review will be concluded within the measurement period prescribed by IFRS 3, and no
later than 12 months from the acquisition date.
The provisional fair values of the assets and liabilities are set out below.
\n \n
Fair value
Provisional
Book value
adjustments
fair value
$000
$000
$000
Acquired intangible assets \u2013 software
\u2013
5,507
5,507
Acquired intangible assets \u2013 customer relationships
\u2013
25,664
25,664
Acquired intangible assets \u2013 brand
476
12,373
12,849
Internally generated software
890
\u2013
890
Property, plant and equipment
8
\u2013
8
Right of use assets
319
(21)
298
Cash and cash equivalents
4,316
\u2013
4,316
Trade receivables and other receivables
1,361
\u2013
1,361
Contract assets
74
\u2013
74
Trade and other payables
(12,274)
\u2013
(12,274)
Contract liabilities
(2,354)
\u2013
(2,354)
Tax liabilities
(54)
\u2013
(54)
Lease liabilities
(329)
101
(228)
Deferred tax asset
\u2013
4,171
4,171
Loans and borrowings
(29,139)
\u2013
(29,139)
Net (liabilities)/assets on acquisition
(36,706)
47,795
11,089
Goodwill (note 12)
48,931
Initial cash consideration
60,020
Consideration satis\ufb01ed by:
Initial cash consideration
60,020
Loans and borrowings settled
29,139
89,159
Net cash \ufb02ow arising on acquisition:
Initial cash consideration
60,020
Loans and borrowings settled
29,139
Less: cash and cash equivalent balances acquired
(4,316)
Cash used in investing activities
84,843
Acquired intangible assets
Acquired intangible assets represent customer relationships, software (technology platform)
and\u00a0brand. The\u00a0intangible assets are being amortised over their respective expected useful
economic lives:
customer relationships of eight to nine years;
\u2022
software of \ufb01ve years; and
\u2022
brand 10 to 15 years.
\u2022
Of the intangibles acquired, the customer relationship and brand balances are especially sensitive
to change in assumptions of customer attrition and royalty rates. A 1% change in the customer
attrition rate results in a $1.6m change in the customer relationships valuation and a 1% change
in\u00a0royalty rates results in a $2.8m change in the brand valuation.
Deferred tax
Deferred tax assets of $4.2m have been recognised as a fair value adjustment. The fair value
adjustment includes:
Deferred tax assets of $15.7m have been recognised in respect of previously unrecognised
\u2022
income tax losses and other temporary differences. The losses can be utilised against pro\ufb01ts
from the rest of the Group\u2019s United States businesses but are restricted to a substantial annual
limitation due to the change in ownership. For further details on the recognition of these
deferred tax assets refer to note 19.
Deferred tax liabilities of $11.5m recognised on the acquired intangible assets.
\u2022
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 revenue and cost synergies (such as
including bene\ufb01ts of cross-listing and headcount optimisation) expected to be realised
post-acquisition, new customer relationships and the fair value of the assembled workforce
within\u00a0the business acquired. Goodwill is not deductible for tax purposes.
Acquisition costs
Acquisition costs of $6.6m (FY24: $0.8m) 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). Exceptional operating
items are included in cash \ufb02ows from operating activities in the Consolidated Statement of
Cash\u00a0Flows.
Between 4 August 2025 and 30 September 2025, Chairish contributed $8.4m to FY25 Group
revenues and a loss before tax of $3.2m. If the acquisition had occurred on 1 October 2024, FY25
Group revenue would have been $234.5m and FY25 Group loss before tax would have been
$147.3m.
Business combinations for the year ended 30 September 2024
There were no business combinations during FY24. The deferred consideration of $10.0m for the
acquisition of ESN on 6 February 2023 was paid in full in February 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "value": "12. Goodwill and other intangible assets
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 2023
50,635
248,045
46,738
1,672
347,090
33,363
578,572
959,025
Adjustment (as detailed in note 1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(9,160)
(9,160)
1 October 2023 (restated as detailed in note 1)
50,635
248,045
46,738
1,672
347,090
33,363
569,412
949,865
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 (restated as detailed in note 1)
51,415
253,093
47,440
1,672
353,620
45,181
580,829
979,630
Acquisition of business (note 11)
5,507
25,664
12,849
\u2013
44,020
890
48,931
93,841
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
10,994
\u2013
10,994
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(16,678)
\u2013
(16,678)
Exchange differences
51
325
72
\u2013
448
111
698
1,257
30 September 2025
56,973
279,082
60,361
1,672
398,088
40,498
630,458
1,069,044
Amortisation and impairment
1 October 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 (restated as detailed in note 1)
25,317
87,735
13,518
1,656
128,226
26,301
\u2013
154,527
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(16,678)
\u2013
(16,678)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
150,863
150,863
Amortisation
4,555
24,841
3,861
16
33,273
8,927
\u2013
42,200
Exchange differences
49
412
59
\u2013
520
91
\u2013
611
30 September 2025
29,921
112,988
17,438
1,672
162,019
18,641
150,863
331,523
Net book value
1 October 2023 (restated as detailed in note 1)
30,510
187,261
37,213
469
255,453
14,276
569,412
839,141
30 September 2024 (restated as detailed in note 1)
26,098
165,358
33,922
16
225,394
18,880
580,829
825,103
30 September 2025
27,052
166,094
42,923
\u2013
236,069
21,857
479,595
737,521
The reported comparatives have been restated to re\ufb02ect a prior year misstatement, as detailed in note 1.
Included within internally generated software is capital work-in-progress of $7.5m (FY24: $5.7m). 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
Software
relationships
Brand
Total
$000
$000
$000
$000
One to \ufb01ve years
23,824
98,262
21,821
143,907
Six to 10 years
3,228
67,832
18,909
89,969
11 to 15 years
\u2013
\u2013
2,193
2,193
30 September 2025
27,052
166,094
42,923
236,069
Impairment assessment
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. Management performed an impairment
assessment for each group of cash-generating units (\u201cCGUs\u201d), in light of macroeconomic factors,
increase in the discount rate and reduction in the long-term growth rate assumptions, together
with revised forecasts and the resulting impact on the Group\u2019s market capitalisation.
IAS 36 \u201cImpairment of Assets\u201d de\ufb01nes a CGU as the smallest identi\ufb01able group of assets that
generates cash in\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or
groups of assets. These can be grouped at a level where goodwill is monitored and the expected
bene\ufb01ts are expected to arise. The Group tests for impairment of goodwill based on an
aggregation of CGUs which do not exceed the Group\u2019s operating segments as de\ufb01ned by IFRS 8
\u201cOperating Segments\u201d.
Following the impairment assessment, the carrying value of A&A marketplaces and Auction
Services was reduced to their recoverable amount through recognition of an impairment charge of
$142.6m and $8.3m respectively (FY24: $nil) against goodwill as at 30 September 2025. This charge
is recognised as a separate line on the Consolidated Statement of Pro\ufb01t or Loss.
The table sets out the carrying values of goodwill and other acquired intangible assets allocated
to each group of CGUs at 30 September 2025 post the impairment recognised along with the
pre-tax discount rates applied to the risk-adjusted cash \ufb02ow forecasts and the long-term growth
rate. The reported comparatives have been restated to re\ufb02ect a prior year misstatement, as
detailed in note 1.
\n \n
Acquired
intangible
Pre-tax
Goodwill
assets
Valuation
Long-term
discount
2025
$000
$000
method
growth rate
rate
A&A marketplaces
217,885
171,767
VIU
2.3%
14.3%
Chairish
48,931
43,184
VIU
2.3%
18.9%
I&C marketplaces
196,369
15,236
VIU
2.3%
14.4%
Auction Services
16,410
5,882
VIU
2.3%
12.0%
Total
479,595
236,069
\n \n
Acquired
intangible
Pre-tax
Goodwill
assets
Valuation
Long-term
discount
2024 (restated)
$000
$000
method
growth rate
rate
A&A marketplaces
358,458
194,215
VIU
3.0%
11.8%
I&C marketplaces
197,707
23,878
VIU
3.0%
11.9%
Auction Services
24,664
7,301
VIU
3.0%
10.3%
Total
580,829
225,394
Sensitivity analysis
For A&A marketplaces and Auction Services, any additional adverse movement in the key
assumptions at the balance sheet date would lead to a further impairment of goodwill. A 1%
increase in discount rate, 1% decrease in long-term growth rate and 0.5% decrease in CAGR would
increase impairment by $55.5m and $3.6m respectively.
Management has performed sensitivity analysis on the two remaining CGUs 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.
For the recoverable amount to fall below the carrying value it would require:
For I&C, with a headroom of $33.7m (FY24: $74.5m), an increase in the discount rate from 14.4%
\u2022
to 16.3% or a negative long-term growth rate of -0.8%, or decrease of 3ppt in the CAGR on the
\ufb01ve-year future forecast cash \ufb02ows.
For Chairish, with a headroom of $17.8m, an increase in the discount rate (which includes an
\u2022
alpha premium on it of 5%) from 18.9% to 21.7%, or a negative long-term growth rate of -2.9%.
For Chairish, if the integration-linked revenue synergies are not achieved, this would give rise to an
impairment of $21.2m.
Key assumptions
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:
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. As required by IAS 36
\u201cImpairment of Assets\u201d, Chairish cash \ufb02ows have been adjusted to exclude
synergies that are expected to arise from enhancing the asset\u2019s performance
which is not yet committed.
CAGR
is the \ufb01ve-year compound annual growth rate from FY25 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
industry, country or market in which the entity operates.
Pre-tax
are derived from the post-tax weighted average cost of capital (\u201cWACC\u201d) which has
discount
been calculated using the capital asset pricing model. They are weighted based on the
rates
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 2024 are driven by changes in market-based
inputs, including increases in size premium, risk-free rate and equity beta. For Chairish,
an alpha premium of 5% has been added to the pre-tax discount rate to represent the
risk associated with the synergies forecasted in the business. For the remaining CGUs
any unsystematic risk has been inherently built into the cash \ufb02ows of each and
therefore no additional element of risk has been included in the discount rates used at
30 September 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "12. Goodwill and other intangible assets
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 2023
50,635
248,045
46,738
1,672
347,090
33,363
578,572
959,025
Adjustment (as detailed in note 1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(9,160)
(9,160)
1 October 2023 (restated as detailed in note 1)
50,635
248,045
46,738
1,672
347,090
33,363
569,412
949,865
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 (restated as detailed in note 1)
51,415
253,093
47,440
1,672
353,620
45,181
580,829
979,630
Acquisition of business (note 11)
5,507
25,664
12,849
\u2013
44,020
890
48,931
93,841
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
10,994
\u2013
10,994
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(16,678)
\u2013
(16,678)
Exchange differences
51
325
72
\u2013
448
111
698
1,257
30 September 2025
56,973
279,082
60,361
1,672
398,088
40,498
630,458
1,069,044
Amortisation and impairment
1 October 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 (restated as detailed in note 1)
25,317
87,735
13,518
1,656
128,226
26,301
\u2013
154,527
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(16,678)
\u2013
(16,678)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
150,863
150,863
Amortisation
4,555
24,841
3,861
16
33,273
8,927
\u2013
42,200
Exchange differences
49
412
59
\u2013
520
91
\u2013
611
30 September 2025
29,921
112,988
17,438
1,672
162,019
18,641
150,863
331,523
Net book value
1 October 2023 (restated as detailed in note 1)
30,510
187,261
37,213
469
255,453
14,276
569,412
839,141
30 September 2024 (restated as detailed in note 1)
26,098
165,358
33,922
16
225,394
18,880
580,829
825,103
30 September 2025
27,052
166,094
42,923
\u2013
236,069
21,857
479,595
737,521
The reported comparatives have been restated to re\ufb02ect a prior year misstatement, as detailed in note 1.
Included within internally generated software is capital work-in-progress of $7.5m (FY24: $5.7m). 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
Software
relationships
Brand
Total
$000
$000
$000
$000
One to \ufb01ve years
23,824
98,262
21,821
143,907
Six to 10 years
3,228
67,832
18,909
89,969
11 to 15 years
\u2013
\u2013
2,193
2,193
30 September 2025
27,052
166,094
42,923
236,069
Impairment assessment
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. Management performed an impairment
assessment for each group of cash-generating units (\u201cCGUs\u201d), in light of macroeconomic factors,
increase in the discount rate and reduction in the long-term growth rate assumptions, together
with revised forecasts and the resulting impact on the Group\u2019s market capitalisation.
IAS 36 \u201cImpairment of Assets\u201d de\ufb01nes a CGU as the smallest identi\ufb01able group of assets that
generates cash in\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or
groups of assets. These can be grouped at a level where goodwill is monitored and the expected
bene\ufb01ts are expected to arise. The Group tests for impairment of goodwill based on an
aggregation of CGUs which do not exceed the Group\u2019s operating segments as de\ufb01ned by IFRS 8
\u201cOperating Segments\u201d.
Following the impairment assessment, the carrying value of A&A marketplaces and Auction
Services was reduced to their recoverable amount through recognition of an impairment charge of
$142.6m and $8.3m respectively (FY24: $nil) against goodwill as at 30 September 2025. This charge
is recognised as a separate line on the Consolidated Statement of Pro\ufb01t or Loss.
The table sets out the carrying values of goodwill and other acquired intangible assets allocated
to each group of CGUs at 30 September 2025 post the impairment recognised along with the
pre-tax discount rates applied to the risk-adjusted cash \ufb02ow forecasts and the long-term growth
rate. The reported comparatives have been restated to re\ufb02ect a prior year misstatement, as
detailed in note 1.
\n \n
Acquired
intangible
Pre-tax
Goodwill
assets
Valuation
Long-term
discount
2025
$000
$000
method
growth rate
rate
A&A marketplaces
217,885
171,767
VIU
2.3%
14.3%
Chairish
48,931
43,184
VIU
2.3%
18.9%
I&C marketplaces
196,369
15,236
VIU
2.3%
14.4%
Auction Services
16,410
5,882
VIU
2.3%
12.0%
Total
479,595
236,069
\n \n
Acquired
intangible
Pre-tax
Goodwill
assets
Valuation
Long-term
discount
2024 (restated)
$000
$000
method
growth rate
rate
A&A marketplaces
358,458
194,215
VIU
3.0%
11.8%
I&C marketplaces
197,707
23,878
VIU
3.0%
11.9%
Auction Services
24,664
7,301
VIU
3.0%
10.3%
Total
580,829
225,394
Sensitivity analysis
For A&A marketplaces and Auction Services, any additional adverse movement in the key
assumptions at the balance sheet date would lead to a further impairment of goodwill. A 1%
increase in discount rate, 1% decrease in long-term growth rate and 0.5% decrease in CAGR would
increase impairment by $55.5m and $3.6m respectively.
Management has performed sensitivity analysis on the two remaining CGUs 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.
For the recoverable amount to fall below the carrying value it would require:
For I&C, with a headroom of $33.7m (FY24: $74.5m), an increase in the discount rate from 14.4%
\u2022
to 16.3% or a negative long-term growth rate of -0.8%, or decrease of 3ppt in the CAGR on the
\ufb01ve-year future forecast cash \ufb02ows.
For Chairish, with a headroom of $17.8m, an increase in the discount rate (which includes an
\u2022
alpha premium on it of 5%) from 18.9% to 21.7%, or a negative long-term growth rate of -2.9%.
For Chairish, if the integration-linked revenue synergies are not achieved, this would give rise to an
impairment of $21.2m.
Key assumptions
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:
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. As required by IAS 36
\u201cImpairment of Assets\u201d, Chairish cash \ufb02ows have been adjusted to exclude
synergies that are expected to arise from enhancing the asset\u2019s performance
which is not yet committed.
CAGR
is the \ufb01ve-year compound annual growth rate from FY25 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
industry, country or market in which the entity operates.
Pre-tax
are derived from the post-tax weighted average cost of capital (\u201cWACC\u201d) which has
discount
been calculated using the capital asset pricing model. They are weighted based on the
rates
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 2024 are driven by changes in market-based
inputs, including increases in size premium, risk-free rate and equity beta. For Chairish,
an alpha premium of 5% has been added to the pre-tax discount rate to represent the
risk associated with the synergies forecasted in the business. For the remaining CGUs
any unsystematic risk has been inherently built into the cash \ufb02ows of each and
therefore no additional element of risk has been included in the discount rates used at
30 September 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "12. Goodwill and other intangible assets
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 2023
50,635
248,045
46,738
1,672
347,090
33,363
578,572
959,025
Adjustment (as detailed in note 1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(9,160)
(9,160)
1 October 2023 (restated as detailed in note 1)
50,635
248,045
46,738
1,672
347,090
33,363
569,412
949,865
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 (restated as detailed in note 1)
51,415
253,093
47,440
1,672
353,620
45,181
580,829
979,630
Acquisition of business (note 11)
5,507
25,664
12,849
\u2013
44,020
890
48,931
93,841
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
10,994
\u2013
10,994
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(16,678)
\u2013
(16,678)
Exchange differences
51
325
72
\u2013
448
111
698
1,257
30 September 2025
56,973
279,082
60,361
1,672
398,088
40,498
630,458
1,069,044
Amortisation and impairment
1 October 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 (restated as detailed in note 1)
25,317
87,735
13,518
1,656
128,226
26,301
\u2013
154,527
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(16,678)
\u2013
(16,678)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
150,863
150,863
Amortisation
4,555
24,841
3,861
16
33,273
8,927
\u2013
42,200
Exchange differences
49
412
59
\u2013
520
91
\u2013
611
30 September 2025
29,921
112,988
17,438
1,672
162,019
18,641
150,863
331,523
Net book value
1 October 2023 (restated as detailed in note 1)
30,510
187,261
37,213
469
255,453
14,276
569,412
839,141
30 September 2024 (restated as detailed in note 1)
26,098
165,358
33,922
16
225,394
18,880
580,829
825,103
30 September 2025
27,052
166,094
42,923
\u2013
236,069
21,857
479,595
737,521
The reported comparatives have been restated to re\ufb02ect a prior year misstatement, as detailed in note 1.
Included within internally generated software is capital work-in-progress of $7.5m (FY24: $5.7m). 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
Software
relationships
Brand
Total
$000
$000
$000
$000
One to \ufb01ve years
23,824
98,262
21,821
143,907
Six to 10 years
3,228
67,832
18,909
89,969
11 to 15 years
\u2013
\u2013
2,193
2,193
30 September 2025
27,052
166,094
42,923
236,069
Impairment assessment
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. Management performed an impairment
assessment for each group of cash-generating units (\u201cCGUs\u201d), in light of macroeconomic factors,
increase in the discount rate and reduction in the long-term growth rate assumptions, together
with revised forecasts and the resulting impact on the Group\u2019s market capitalisation.
IAS 36 \u201cImpairment of Assets\u201d de\ufb01nes a CGU as the smallest identi\ufb01able group of assets that
generates cash in\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or
groups of assets. These can be grouped at a level where goodwill is monitored and the expected
bene\ufb01ts are expected to arise. The Group tests for impairment of goodwill based on an
aggregation of CGUs which do not exceed the Group\u2019s operating segments as de\ufb01ned by IFRS 8
\u201cOperating Segments\u201d.
Following the impairment assessment, the carrying value of A&A marketplaces and Auction
Services was reduced to their recoverable amount through recognition of an impairment charge of
$142.6m and $8.3m respectively (FY24: $nil) against goodwill as at 30 September 2025. This charge
is recognised as a separate line on the Consolidated Statement of Pro\ufb01t or Loss.
The table sets out the carrying values of goodwill and other acquired intangible assets allocated
to each group of CGUs at 30 September 2025 post the impairment recognised along with the
pre-tax discount rates applied to the risk-adjusted cash \ufb02ow forecasts and the long-term growth
rate. The reported comparatives have been restated to re\ufb02ect a prior year misstatement, as
detailed in note 1.
\n \n
Acquired
intangible
Pre-tax
Goodwill
assets
Valuation
Long-term
discount
2025
$000
$000
method
growth rate
rate
A&A marketplaces
217,885
171,767
VIU
2.3%
14.3%
Chairish
48,931
43,184
VIU
2.3%
18.9%
I&C marketplaces
196,369
15,236
VIU
2.3%
14.4%
Auction Services
16,410
5,882
VIU
2.3%
12.0%
Total
479,595
236,069
\n \n
Acquired
intangible
Pre-tax
Goodwill
assets
Valuation
Long-term
discount
2024 (restated)
$000
$000
method
growth rate
rate
A&A marketplaces
358,458
194,215
VIU
3.0%
11.8%
I&C marketplaces
197,707
23,878
VIU
3.0%
11.9%
Auction Services
24,664
7,301
VIU
3.0%
10.3%
Total
580,829
225,394
Sensitivity analysis
For A&A marketplaces and Auction Services, any additional adverse movement in the key
assumptions at the balance sheet date would lead to a further impairment of goodwill. A 1%
increase in discount rate, 1% decrease in long-term growth rate and 0.5% decrease in CAGR would
increase impairment by $55.5m and $3.6m respectively.
Management has performed sensitivity analysis on the two remaining CGUs 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.
For the recoverable amount to fall below the carrying value it would require:
For I&C, with a headroom of $33.7m (FY24: $74.5m), an increase in the discount rate from 14.4%
\u2022
to 16.3% or a negative long-term growth rate of -0.8%, or decrease of 3ppt in the CAGR on the
\ufb01ve-year future forecast cash \ufb02ows.
For Chairish, with a headroom of $17.8m, an increase in the discount rate (which includes an
\u2022
alpha premium on it of 5%) from 18.9% to 21.7%, or a negative long-term growth rate of -2.9%.
For Chairish, if the integration-linked revenue synergies are not achieved, this would give rise to an
impairment of $21.2m.
Key assumptions
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:
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. As required by IAS 36
\u201cImpairment of Assets\u201d, Chairish cash \ufb02ows have been adjusted to exclude
synergies that are expected to arise from enhancing the asset\u2019s performance
which is not yet committed.
CAGR
is the \ufb01ve-year compound annual growth rate from FY25 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
industry, country or market in which the entity operates.
Pre-tax
are derived from the post-tax weighted average cost of capital (\u201cWACC\u201d) which has
discount
been calculated using the capital asset pricing model. They are weighted based on the
rates
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 2024 are driven by changes in market-based
inputs, including increases in size premium, risk-free rate and equity beta. For Chairish,
an alpha premium of 5% has been added to the pre-tax discount rate to represent the
risk associated with the synergies forecasted in the business. For the remaining CGUs
any unsystematic risk has been inherently built into the cash \ufb02ows of each and
therefore no additional element of risk has been included in the discount rates used at
30 September 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "Impairment assessment
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. Management performed an impairment
assessment for each group of cash-generating units (\u201cCGUs\u201d), in light of macroeconomic factors,
increase in the discount rate and reduction in the long-term growth rate assumptions, together
with revised forecasts and the resulting impact on the Group\u2019s market capitalisation.
IAS 36 \u201cImpairment of Assets\u201d de\ufb01nes a CGU as the smallest identi\ufb01able group of assets that
generates cash in\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or
groups of assets. These can be grouped at a level where goodwill is monitored and the expected
bene\ufb01ts are expected to arise. The Group tests for impairment of goodwill based on an
aggregation of CGUs which do not exceed the Group\u2019s operating segments as de\ufb01ned by IFRS 8
\u201cOperating Segments\u201d.
Following the impairment assessment, the carrying value of A&A marketplaces and Auction
Services was reduced to their recoverable amount through recognition of an impairment charge of
$142.6m and $8.3m respectively (FY24: $nil) against goodwill as at 30 September 2025. This charge
is recognised as a separate line on the Consolidated Statement of Pro\ufb01t or Loss.
The table sets out the carrying values of goodwill and other acquired intangible assets allocated
to each group of CGUs at 30 September 2025 post the impairment recognised along with the
pre-tax discount rates applied to the risk-adjusted cash \ufb02ow forecasts and the long-term growth
rate. The reported comparatives have been restated to re\ufb02ect a prior year misstatement, as
detailed in note 1.
\n \n
Acquired
intangible
Pre-tax
Goodwill
assets
Valuation
Long-term
discount
2025
$000
$000
method
growth rate
rate
A&A marketplaces
217,885
171,767
VIU
2.3%
14.3%
Chairish
48,931
43,184
VIU
2.3%
18.9%
I&C marketplaces
196,369
15,236
VIU
2.3%
14.4%
Auction Services
16,410
5,882
VIU
2.3%
12.0%
Total
479,595
236,069
\n \n
Acquired
intangible
Pre-tax
Goodwill
assets
Valuation
Long-term
discount
2024 (restated)
$000
$000
method
growth rate
rate
A&A marketplaces
358,458
194,215
VIU
3.0%
11.8%
I&C marketplaces
197,707
23,878
VIU
3.0%
11.9%
Auction Services
24,664
7,301
VIU
3.0%
10.3%
Total
580,829
225,394
Sensitivity analysis
For A&A marketplaces and Auction Services, any additional adverse movement in the key
assumptions at the balance sheet date would lead to a further impairment of goodwill. A 1%
increase in discount rate, 1% decrease in long-term growth rate and 0.5% decrease in CAGR would
increase impairment by $55.5m and $3.6m respectively.
Management has performed sensitivity analysis on the two remaining CGUs 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.
For the recoverable amount to fall below the carrying value it would require:
For I&C, with a headroom of $33.7m (FY24: $74.5m), an increase in the discount rate from 14.4%
\u2022
to 16.3% or a negative long-term growth rate of -0.8%, or decrease of 3ppt in the CAGR on the
\ufb01ve-year future forecast cash \ufb02ows.
For Chairish, with a headroom of $17.8m, an increase in the discount rate (which includes an
\u2022
alpha premium on it of 5%) from 18.9% to 21.7%, or a negative long-term growth rate of -2.9%.
For Chairish, if the integration-linked revenue synergies are not achieved, this would give rise to an
impairment of $21.2m.
Key assumptions
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:
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. As required by IAS 36
\u201cImpairment of Assets\u201d, Chairish cash \ufb02ows have been adjusted to exclude
synergies that are expected to arise from enhancing the asset\u2019s performance
which is not yet committed.
CAGR
is the \ufb01ve-year compound annual growth rate from FY25 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
industry, country or market in which the entity operates.
Pre-tax
are derived from the post-tax weighted average cost of capital (\u201cWACC\u201d) which has
discount
been calculated using the capital asset pricing model. They are weighted based on the
rates
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 2024 are driven by changes in market-based
inputs, including increases in size premium, risk-free rate and equity beta. For Chairish,
an alpha premium of 5% has been added to the pre-tax discount rate to represent the
risk associated with the synergies forecasted in the business. For the remaining CGUs
any unsystematic risk has been inherently built into the cash \ufb02ows of each and
therefore no additional element of risk has been included in the discount rates used at
30 September 2025.
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 $0.1m (FY24: $0.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "13. Property, plant and equipment
Land and
Fixtures,
buildings
Computer
\ufb01ttings and
leasehold
equipment
equipment
Total
$000
$000
$000
$000
Cost
1 October 2023
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
Acquisition of business (note 11)
\u2013
8
\u2013
8
Additions
\u2013
290
21
311
Disposals
\u2013
(614)
(121)
(735)
Exchange differences
7
8
\u2013
15
30 September 2025
496
1,110
412
2,018
Accumulated depreciation
1 October 2023
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
Charge for the year
71
325
43
439
Disposals
\u2013
(614)
(121)
(735)
Exchange differences
7
7
\u2013
14
30 September 2025
315
670
325
1,310
Net book value
1 October 2023
281
442
151
874
30 September 2024
252
466
109
827
30 September 2025
181
440
87
708
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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "14. Trade and other receivables \n \n
30 September
30 September
2025
2024
$000
$000
Current
Trade receivables
14,002
13,807
Less: loss provision
(1,557)
(1,505)
12,445
12,302
Other receivables
3,241
2,199
Prepayments
3,470
2,786
Lease receivable
131
136
19,287
17,423
Non-current
Other receivables
358
1,276
Lease receivable
49
151
407
1,427
19,694
18,850
The Group applies the IFRS 9 \u201cFinancial Instruments\u201d 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 2025, there were no customers who owed in
excess of 10% of the total trade debtor balance (FY24: $nil). The balance as at 1 October 2023
was\u00a0$15.9m.
The ageing of trade receivables at 30 September was:
\n \n
2025
2024
Loss
Expected
Loss
Expected
Gross
provision
loss rate
Gross
provision
loss rate
$000
$000
%
$000
$000
%
Within 30 days
11,730
387
3%
11,011
351
3%
Between 30 and 60 days
1,508
467
31%
1,176
25
2%
Between 60 and 90 days
84
23
27%
479
23
5%
Over 90 days
680
680
100%
1,141
1,106
97%
30 September
14,002
1,557
11%
13,807
1,505
11%
The movement in the loss provision during the year was as follows:
\n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
1 October
1,505
500
Increase in loss allowance recognised in Consolidated
Statement of Pro\ufb01t or Loss
707
2,224
Uncollectable amounts written off
(671)
(1,233)
Exchange differences
16
14
30 September
1,557
1,505
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 $0.1m (FY24: $0.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "14. Trade and other receivables \n \n
30 September
30 September
2025
2024
$000
$000
Current
Trade receivables
14,002
13,807
Less: loss provision
(1,557)
(1,505)
12,445
12,302
Other receivables
3,241
2,199
Prepayments
3,470
2,786
Lease receivable
131
136
19,287
17,423
Non-current
Other receivables
358
1,276
Lease receivable
49
151
407
1,427
19,694
18,850
The Group applies the IFRS 9 \u201cFinancial Instruments\u201d 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 2025, there were no customers who owed in
excess of 10% of the total trade debtor balance (FY24: $nil). The balance as at 1 October 2023
was\u00a0$15.9m.
The ageing of trade receivables at 30 September was:
\n \n
2025
2024
Loss
Expected
Loss
Expected
Gross
provision
loss rate
Gross
provision
loss rate
$000
$000
%
$000
$000
%
Within 30 days
11,730
387
3%
11,011
351
3%
Between 30 and 60 days
1,508
467
31%
1,176
25
2%
Between 60 and 90 days
84
23
27%
479
23
5%
Over 90 days
680
680
100%
1,141
1,106
97%
30 September
14,002
1,557
11%
13,807
1,505
11%
The movement in the loss provision during the year was as follows:
\n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
1 October
1,505
500
Increase in loss allowance recognised in Consolidated
Statement of Pro\ufb01t or Loss
707
2,224
Uncollectable amounts written off
(671)
(1,233)
Exchange differences
16
14
30 September
1,557
1,505
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 $0.1m (FY24: $0.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "\n \n
30 September
30 September
2025
2024
$000
$000
Current
Trade receivables
14,002
13,807
Less: loss provision
(1,557)
(1,505)
12,445
12,302
Other receivables
3,241
2,199
Prepayments
3,470
2,786
Lease receivable
131
136
19,287
17,423
Non-current
Other receivables
358
1,276
Lease receivable
49
151
407
1,427
19,694
18,850
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "15. Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and restricted cash. Cash at bank includes
balances held in online payment accounts, and cash in transit due from credit card providers.
The\u00a0carrying amount of these assets approximates to their fair value.
30 September
30 September
2025
2024
$000
$000
Cash at bank
13,162
6,824
Restricted cash
1
2
13,163
6,826
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "15. Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and restricted cash. Cash at bank includes
balances held in online payment accounts, and cash in transit due from credit card providers.
The\u00a0carrying amount of these assets approximates to their fair value.
30 September
30 September
2025
2024
$000
$000
Cash at bank
13,162
6,824
Restricted cash
1
2
13,163
6,826
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "16. Trade and other payables
30 September
30 September
2025
2024
$000
$000
Current
Trade payables
13,784
2,820
Payroll tax and other statutory liabilities
5,776
3,248
Accruals
17,092
5,423
36,652
11,491
The carrying amount of trade and other payables classi\ufb01ed as \ufb01nancial liabilities at amortised
cost approximates to their fair value. Increase in trade and other payables is relating to Chairish
(see note 11), exceptional operating costs not yet paid (see note 3) and change in performance
related pay accruals (see CFO review).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "
30 September
30 September
2025
2024
$000
$000
Current
Trade payables
13,784
2,820
Payroll tax and other statutory liabilities
5,776
3,248
Accruals
17,092
5,423
36,652
11,491
The carrying amount of trade and other payables classi\ufb01ed as \ufb01nancial liabilities at amortised
cost approximates to their fair value. Increase in trade and other payables is relating to Chairish
(see note 11), exceptional operating costs not yet paid (see note 3) and change in performance
related pay accruals (see CFO review).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "17. Leases
The Group leases assets including property and motor vehicles.
At 30 September 2024 and 2025, 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 FY25 was 7.1% (FY24: 7.8%).
Land and
buildings
Motor
leasehold
vehicles
Total
$000
$000
$000
Right of use assets
1 October 2023
3,941
\u2013
3,941
Additions
\u2013
39
39
Transfer to lease receivable
(419)
\u2013
(419)
Loss on derecognition
(99)
\u2013
(99)
Depreciation charge for the year
(932)
(7)
(939)
Exchange differences
174
2
176
30 September 2024
2,665
34
2,699
Acquisition of business (note 11)
298
\u2013
298
Modi\ufb01cation
(214)
(13)
(227)
Depreciation charge for the year
(896)
(11)
(907)
Exchange differences
11
\u2013
11
30 September 2025
1,864
10
1,874
Lease liabilities
1 October 2023
3,971
\u2013
3,971
Additions
\u2013
39
39
Interest charge for the year
280
1
281
Lease payments
(1,020)
(10)
(1,030)
Exchange differences
172
2
174
30 September 2024
3,403
32
3,435
Acquisition of business (note 11)
228
\u2013
228
Modi\ufb01cation
(214)
(13)
(227)
Interest charge for the year
180
2
182
Lease payments
(1,126)
(11)
(1,137)
Exchange differences
21
\u2013
21
30 September 2025
2,492
10
2,502
Current
1,001
7
1,008
Non-current
1,491
3
1,494
30 September 2025
2,492
10
2,502
The Group\u2019s existing property lease in Jackson, Missouri will terminate on 30 November 2025
following notice served in accordance with the lease agreement. The lease was originally
scheduled to end on 31 January 2028. As a result, a modi\ufb01cation has been made to the associated
right of use asset and lease liability to re\ufb02ect the revised lease term.
As part of the acquisition of Chairish (see note 11), the Group obtained the right to use a property
in Berlin, Germany previously recognised by the acquiree. In accordance with IFRS 3 \u201cBusiness
Combinations\u201d and IFRS 16 \u201cLeases\u201d, the Group accounted for the acquired lease as if it were a
new lease as the acquisition date.
The Group has entered into two new property leases in New York and Indianapolis in the United
States commencing on 1 October 2025 and 1 December 2025 respectively. These will be
accounted for as under IFRS 16 in FY26.
The charge recognised in the Consolidated Statement of Pro\ufb01t or Loss for the year was as follows:
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Depreciation charge
(907)
(939)
Interest charge
(182)
(281)
Loss on derecognition of right of use asset
\u2013
(99)
(1,089)
(1,319)
The non-cancellable lease rentals are payable as follows:
30 September
30 September
2025
2024
$000
$000
Within 1 year
1,012
1,030
Between 1 and 2 years
769
924
Between 2 and 5 years
573
1,328
2,354
3,282
As a lessor
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
Interest income for the year
10
Lease income received
(117)
30 September 2025
180
Current
131
Non-current
49
30 September 2025
180
The income recognised in the Consolidated Statement of Pro\ufb01t or Loss for the year was as follows:
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Interest income
10
9
The non-cancellable lease rentals receivables are as follows:
30 September
30 September
2025
2024
$000
$000
Within 1 year
121
117
Between 1 and 2 years
82
121
Between 2 and 5 years
\u2013
82
203
320
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "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
30 September
30 September
2025
2024
$000
$000
Current
Secured bank loan
\u2013
22,953
Revolving credit facility
35
\u2013
Non-current
Secured bank loan
\u2013
98,530
Revolving credit facility
187,160
\u2013
187,195
121,483
During the year ending 30 September 2025, the Group has undertaken a re\ufb01nancing exercise of its
Senior Facilities Agreement. On 11 February 2025, the Group entered into a new senior facilities
agreement (the \u201cSFA 2029\u201d) comprising a multi-currency credit facility of $200.0m. On
4\u00a0August\u00a02025, the facility was increased for the Chairish acquisition by a further $75.0m under
the existing agreement, bringing the total facility to $275.0m. All amounts outstanding under the
SFA 2029 will be due for repayment on 10\u00a0February\u00a02029, subject to the optionality of a 12-month
extension. On 14\u00a0February\u00a02025, the Group drew down $115.6m under the revolving credit facility
(\u201cRCF\u201d) to re\ufb01nance the existing term loan and re\ufb01nancing costs. A further $90.0m was drawn on
4\u00a0August\u00a02025 to fund the acquisition of Chairish. At 30\u00a0September\u00a02025, $190.0m in total was
drawn under the RCF, bearing interest at a margin of 2.0% over US SOFR. The balance is shown net
of prepaid fees of $2.8m (FY24: $1.3m).
The SFA 2029 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. The covenant is measured as\u00a0at the last date of each \ufb01nancial
quarter, commencing with the \ufb01nancial quarter ending 30\u00a0June\u00a02025. The Group has complied
with the \ufb01nancial covenants of its borrowing facilities during the year ended 30\u00a0September 2025.
The movements in loans and borrowings are as follows:
\n \n
30 September
30 September
2025
2024
$000
$000
1 October
121,483
148,611
Repayment of loans and borrowings
(142,636)
(37,150)
Proceeds from loans and borrowings
210,000
9,500
Accrued interest and amortisation of \ufb01nance costs
11,045
13,116
Payment of interest on loans and borrowings
(9,479)
(12,412)
Prepayment of fees on SFA 2029
(3,153)
(47)
Exchange differences
(65)
(135)
30 September
187,195
121,483
The currency pro\ufb01le of the loans and borrowings is as follows:
\n \n
30 September
30 September
2025
2024
$000
$000
US dollar
187,195
121,483
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
2025
2024
%
%
Secured bank loan
7%
8%
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "19. Deferred taxation
The movement of net deferred tax liabilities is as follows:
\n \n
Capitalised
Tax losses and
Other
goodwill and
unrelieved
Share-based
Foreign
Research and
temporary
intangibles
interest
payments
exchange
development
differences
Total
$000
$000
$000
$000
$000
$000
$000
1 October 2023
(57,880)
11,476
2,205
(7,716)
1,900
386
(49,629)
Adjustment (restated as detailed in note 1)
\u2013
\u2013
1,499
\u2013
\u2013
\u2013
1,499
1 October 2023 (restated as detailed in note 1)
(57,880)
11,476
3,704
(7,716)
1,900
386
(48,130)
Amount credited/(charged) to Consolidated Statement of Pro\ufb01t or Loss
5,568
546
(672)
8,038
1,627
647
15,754
Amount charged to Consolidated Statement of Equity (restated)
\u2013
\u2013
(683)
\u2013
\u2013
\u2013
(683)
Exchange differences
(621)
\u2013
172
(322)
(31)
4
(798)
30 September 2024 (restated as detailed in note 1)
(52,933)
12,022
2,521
\u2013
3,496
1,037
(33,857)
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Deferred tax liabilities
(52,933)
12,022
2,521
\u2013
3,496
1,037
(33,857)
1 October 2024 (restated as detailed in note 1)
(52,933)
12,022
2,521
\u2013
3,496
1,037
(33,857)
Acquisition of business (note 11)
(11,517)
15,304
\u2013
\u2013
169
215
4,171
Amount credited/(charged) to Consolidated Statement of Pro\ufb01t or Loss
7,611
633
(135)
\u2013
1,782
(187)
9,704
Amount charged to Consolidated Statement of Equity
\u2013
\u2013
(464)
\u2013
\u2013
\u2013
(464)
Exchange differences
(33)
6
12
\u2013
3
3
(9)
30 September 2025
(56,872)
27,965
1,934
\u2013
5,450
1,068
(20,455)
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Deferred tax liabilities
(56,872)
27,965
1,934
\u2013
5,450
1,068
(20,455)
The reported comparatives have been restated to re\ufb02ect a prior year misstatement, as detailed in note 1.
Following the acquisition of Chairish on 4 August 2025, the Group has tax losses and unrelieved interest with a value of $47.0m, which are available to offset against future taxable pro\ufb01ts. Deferred tax
assets of $28.0m have been recognised in respect of a portion of these losses, limited to the extent of when deferred tax liabilities in the same jurisdictions are expected to reverse.
Income tax losses in the United States can be utilised against pro\ufb01ts from the rest of the Group\u2019s businesses but are restricted to a substantial annual limitation due to the change in ownership.
Losses in Germany and the United Kingdom are limited to the pro\ufb01ts from the existing business. The Group\u2019s unrecognised deferred tax asset related to the unused tax losses and unrelieved interest
amounts to $19.0m and will be reassessed at each reporting date. If the reversal of the deferred tax liabilities is reduced by \ufb01ve years due to acceleration of the acquired intangibles useful life, this
would reduce the deferred tax asset recognised by $2.4m.
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.
Temporary differences relating to the unremitted earnings of overseas subsidiaries amounted
to\u00a0$0.4m (FY24: $0.8m). 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\u00a0the unremitted earnings on the basis that there is no intention to repatriate these amounts.
A deferred tax asset of $5.5m (FY24: $3.5m) relates to the US research and development credit.
Due to the change in US tax law in FY25, the deduction of this asset has been accelerated to be
utilised within one to two years rather than amortised over \ufb01ve years.
Tax on foreign exchange included 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 had given rise to the temporary differences on foreign exchange was
redenominated into US dollars realising the foreign exchange and reducing the temporary
difference\u00a0to $nil.
The gross amount of unused tax losses and unrelieved interest at 30 September 2025 is shown
in\u00a0the table below.
\n \n
Recognised
Unrecognised
Gross
Tax effect
Gross
Tax effect
2025
$000
$000
$000
$000
Unrelieved interest
52,030
13,123
11,186
2,933
Tax losses expiring:
Within 15 years
73,357
8,356
17,773
1,345
Inde\ufb01nitely
28,821
6,486
65,426
14,716
30 September
154,208
27,965
94,385
18,994
United States
147,696
26,164
72,750
13,474
United Kingdom
\u2013
\u2013
1,377
344
Germany
6,512
1,801
20,258
5,176
\n \n
Recognised
Unrecognised
Gross
Tax effect
Gross
Tax effect
2024
$000
$000
$000
$000
Unrelieved interest
47,777
12,022
\u2013
\u2013
Tax losses expiring
inde\ufb01nitely
\u2013
\u2013
836
209
30 September
47,777
12,022
836
209
United States
47,777
12,022
\u2013
\u2013
United Kingdom
\u2013
\u2013
836
209
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "20. Share capital and reserves \n \n
30 September
30 September
2025
2024
$000
$000
Authorised, called up and fully paid
122,848,795 ordinary shares at 0.01 pence each (FY24: 121,819,130)
17
17
The movements in share capital, share premium and other reserve are set out below:
\n \n
Number of
Share capital
Share premium
Other reserve
shares
$000
$000
$000
1 October 2023
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
Shares issued
737,062
\u2013
699
\u2013
Shares issued in respect of share-
based payment plans
292,603
\u2013
\u2013
\u2013
Transfer between reserves on
impairment of subsidiaries
\u2013
\u2013
\u2013
(2,059)
30 September 2025
122,848,795
17
335,162
328,251
For the year ended 30 September 2025
1,029,665 ordinary shares of 0.01 pence each with an aggregate nominal value of \u00a3103 ($134) were
issued for\u00a0options that vested for a cash consideration of \u00a3544,000 ($699,000). These included
LiveAuctioneers replacement awards, 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 2024
327,718 ordinary shares of 0.01 pence 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 LiveAuctioneers
replacement awards, 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.
Treasury shares
Treasury shares comprises the shares repurchased by the Company and held in treasury. On
4\u00a0March\u00a02025, the Company announced a share repurchase programme which concluded on
16\u00a0July 2025. All repurchased shares are held in treasury and have not been cancelled. The costs
directly attributable to the share repurchase amounted to $0.2m.
The movements in treasury shares held by the Company during the period were as follows:
\n \n
Treasury
Number
shares
of shares
$000
1 October 2024
\u2013
\u2013
Repurchase of ordinary share capital
2,272,654
16,462
30 September 2025
2,272,654
16,462
Reserves
The movements in reserves are set out below:
\n \n
Capital
Share
Foreign
Retained
redemption
option
currency
(losses)/
reserve
reserve
translation
earnings
$000
$000
$000
$000
1 October 2023
7
32,683
(42,825)
(8,195)
Adjustment (detailed in note 1)
\u2013
\u2013
\u2013
(7,661)
1 October 2023 (restated as detailed in note 1)
7
32,683
(42,825)
(15,856)
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
Tax relating to items taken directly to equity
\u2013
\u2013
\u2013
(683)
30 September 2024
(restated as detailed in note 1)
7
31,418
(28,862)
12,063
Total comprehensive income/(loss) for the
year
\u2013
\u2013
1,380
(144,625)
Share-based payment expense
\u2013
6,329
\u2013
\u2013
LTIP options exercised
\u2013
(6,966)
\u2013
6,966
LiveAuctioneers replacement awards
\u2013
(4,316)
\u2013
4,316
Transfer between reserves on impairment of
subsidiaries
\u2013
\u2013
\u2013
2,059
Tax relating to items taken directly to equity
\u2013
\u2013
\u2013
(103)
30 September 2025
7
26,465
(27,482)
(119,324)
The transfer of the other reserve to retained losses/(earnings) re\ufb02ect amounts that have become
realised through impairment of the Company\u2019s investments.
The following describes the nature and purpose of each reserve within equity:
\n \n
Retained (losses)/
represent the (losses)/earnings of the Group made in current and preceding
earnings
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. This reserve has been transferred to retained (loss)/earnings in
FY25 to re\ufb02ect the amounts that have become realised through the
impairment of the Company\u2019s investments; and
\u2022
other reserve in accordance with section 612 of the Companies Act 2006
for the equity raise on 17 June 2021 via a cashbox placing.
On disposal or impairment of a subsidiary any related component of the
merger reserve is released to retained (losses)/earnings. On disposal or
impairment of the Company\u2019s intra-group loan any related component of
the reserve arising on the cashbox is released to retained (loss)/earnings.
Capital redemption
arose on the redemption or purchase of the Company\u2019s own shares. The
reserve
Company issued 688,000 shares directly to the Trust during the year and
held 19,303 as at 30 September 2025 (FY24: 24,280).
Share option
relates to share options awarded (see note 21) and options granted in FY22 for
reserve
the acquisition of LiveAuctioneers (\u201cLiveAuctioneers replacement awards\u201d).
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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "20. Share capital and reserves \n \n
30 September
30 September
2025
2024
$000
$000
Authorised, called up and fully paid
122,848,795 ordinary shares at 0.01 pence each (FY24: 121,819,130)
17
17
The movements in share capital, share premium and other reserve are set out below:
\n \n
Number of
Share capital
Share premium
Other reserve
shares
$000
$000
$000
1 October 2023
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
Shares issued
737,062
\u2013
699
\u2013
Shares issued in respect of share-
based payment plans
292,603
\u2013
\u2013
\u2013
Transfer between reserves on
impairment of subsidiaries
\u2013
\u2013
\u2013
(2,059)
30 September 2025
122,848,795
17
335,162
328,251
For the year ended 30 September 2025
1,029,665 ordinary shares of 0.01 pence each with an aggregate nominal value of \u00a3103 ($134) were
issued for\u00a0options that vested for a cash consideration of \u00a3544,000 ($699,000). These included
LiveAuctioneers replacement awards, 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 2024
327,718 ordinary shares of 0.01 pence 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 LiveAuctioneers
replacement awards, 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "value": "Treasury shares
Treasury shares comprises the shares repurchased by the Company and held in treasury. On
4\u00a0March\u00a02025, the Company announced a share repurchase programme which concluded on
16\u00a0July 2025. All repurchased shares are held in treasury and have not been cancelled. The costs
directly attributable to the share repurchase amounted to $0.2m.
The movements in treasury shares held by the Company during the period were as follows:
\n \n
Treasury
Number
shares
of shares
$000
1 October 2024
\u2013
\u2013
Repurchase of ordinary share capital
2,272,654
16,462
30 September 2025
2,272,654
16,462
\n \n
Retained (losses)/
represent the (losses)/earnings of the Group made in current and preceding
earnings
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. This reserve has been transferred to retained (loss)/earnings in
FY25 to re\ufb02ect the amounts that have become realised through the
impairment of the Company\u2019s investments; and
\u2022
other reserve in accordance with section 612 of the Companies Act 2006
for the equity raise on 17 June 2021 via a cashbox placing.
On disposal or impairment of a subsidiary any related component of the
merger reserve is released to retained (losses)/earnings. On disposal or
impairment of the Company\u2019s intra-group loan any related component of
the reserve arising on the cashbox is released to retained (loss)/earnings.
Capital redemption
arose on the redemption or purchase of the Company\u2019s own shares. The
reserve
Company issued 688,000 shares directly to the Trust during the year and
held 19,303 as at 30 September 2025 (FY24: 24,280).
Share option
relates to share options awarded (see note 21) and options granted in FY22 for
reserve
the acquisition of LiveAuctioneers (\u201cLiveAuctioneers replacement awards\u201d).
Foreign currency
comprises all foreign exchange differences arising from the translation of
translation reserve
the \ufb01nancial statements of foreign operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "Reserves
The movements in reserves are set out below:
\n \n
Capital
Share
Foreign
Retained
redemption
option
currency
(losses)/
reserve
reserve
translation
earnings
$000
$000
$000
$000
1 October 2023
7
32,683
(42,825)
(8,195)
Adjustment (detailed in note 1)
\u2013
\u2013
\u2013
(7,661)
1 October 2023 (restated as detailed in note 1)
7
32,683
(42,825)
(15,856)
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
Tax relating to items taken directly to equity
\u2013
\u2013
\u2013
(683)
30 September 2024
(restated as detailed in note 1)
7
31,418
(28,862)
12,063
Total comprehensive income/(loss) for the
year
\u2013
\u2013
1,380
(144,625)
Share-based payment expense
\u2013
6,329
\u2013
\u2013
LTIP options exercised
\u2013
(6,966)
\u2013
6,966
LiveAuctioneers replacement awards
\u2013
(4,316)
\u2013
4,316
Transfer between reserves on impairment of
subsidiaries
\u2013
\u2013
\u2013
2,059
Tax relating to items taken directly to equity
\u2013
\u2013
\u2013
(103)
30 September 2025
7
26,465
(27,482)
(119,324)
The transfer of the other reserve to retained losses/(earnings) re\ufb02ect amounts that have become
realised through impairment of the Company\u2019s investments.
The following describes the nature and purpose of each reserve within equity:
\n \n
Retained (losses)/
represent the (losses)/earnings of the Group made in current and preceding
earnings
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. This reserve has been transferred to retained (loss)/earnings in
FY25 to re\ufb02ect the amounts that have become realised through the
impairment of the Company\u2019s investments; and
\u2022
other reserve in accordance with section 612 of the Companies Act 2006
for the equity raise on 17 June 2021 via a cashbox placing.
On disposal or impairment of a subsidiary any related component of the
merger reserve is released to retained (losses)/earnings. On disposal or
impairment of the Company\u2019s intra-group loan any related component of
the reserve arising on the cashbox is released to retained (loss)/earnings.
Capital redemption
arose on the redemption or purchase of the Company\u2019s own shares. The
reserve
Company issued 688,000 shares directly to the Trust during the year and
held 19,303 as at 30 September 2025 (FY24: 24,280).
Share option
relates to share options awarded (see note 21) and options granted in FY22 for
reserve
the acquisition of LiveAuctioneers (\u201cLiveAuctioneers replacement awards\u201d).
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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "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 $0.8m (FY24: $0.7m). There was $0.2m accruing to these
pension schemes as at 30\u00a0September 2025 (FY24: $0.1m).
Share-based payments
The Group had three share-based payment plans in effect in FY25, details of which are set out
in\u00a0this note and the Remuneration Committee Report.
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.
Nil-cost awards under the LTIP were granted to the CEO and CFO on 20 December 2024 and
27\u00a0June 2025 respectively, in the form of nil-cost options and will vest subject to continuing
employment and the achievement of targets linked to relative total shareholder return, absolute
total shareholder return and carbon emission reductions over the three-year period ending
30\u00a0September 2027.
Nil-cost awards under the LTIP were granted to employees on acquisition of Chairish on 4\u00a0August
2025. These awards will vest over a range from one month to two years subject to the recipient\u2019s
continued employment and/or the satisfaction of performance conditions at the date of vesting.
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. All awards under this grant are fully vested and exercised.
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.
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\u00a0be\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\u00a0participants 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\u00a0market prices prevailing at the beginning or end of the period. Employees purchased 29,639
(FY24: 60,986) shares of the Company at a weighted average exercise price of $6.66 (FY24: $6.90).
The share awards/options set out below are outstanding at 30 September 2025.
\n \n
Cancelled/
Share-based
Options at
Exercised
forfeited
Options at
payment
1 October
Granted
during the
during the
30 September
expense
2024
in the year
year
year
2025
$000
Number
Number
Number
Number
Number
LTIP
6,168
2,279,177
2,240,769
(671,148)
(417,915)
3,430,883
LA LTIP
(3)
52,081
\u2013
(51,701)
(380)
\u2013
Deferred bonus
\u2013 equity-settled
96
38,746
\u2013
(3,278)
\u2013
35,468
SIP and ESPP
68
22,098
10,389
(2,751)
(2,913)
26,823
Payroll tax
89
n/a
n/a
n/a
n/a
n/a
Total
6,418
2,392,102
2,251,158
(728,878)
(421,208)
3,493,174
The share awards/options set out below are outstanding at 30 September 2024.
\n \n
Cancelled/
Share-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
All share options outstanding are equity-settled and are options to subscribe for new ordinary
shares of 0.01 pence each in the Company.
The weighted average exercise price of the options granted was $nil (FY24: $0.54). The weighted
average exercise price of options exercised and forfeited was $nil (FY24: $nil) and the market price
at date of exercise was $6.40 (FY24: $6.99). The options outstanding at 30\u00a0September 2025 had
a\u00a0weighted average exercise price of $0.27 (FY24: $0.40) and a weighted average remaining
contractual life of 1.5 years (FY24: 1.4 years). There are 233,962 share options with a weighted
average exercise price of $nil exercisable at 30 September 2025 (FY24: 262,750).
Fair value
\n
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. The nil-cost awards granted to the Executive
\n
Directors in FY25 will vest subject to continuing employment and the achievement of targets linked to relative total shareholder return (\u201cTSR\u201d) (tranche 1), absolute total shareholder return (tranche 2)
\n
and carbon emission reductions (tranche 3). In previous years, the performance conditions were based on non-market conditions. On 13 June 2025, LTIP Awards previously made to an employee with
\n
an original grant date of 7 March 2023 were modi\ufb01ed, increasing the performance period, number of options and a change to the performance condition from a non-market condition to a market
\n
condition based on the Company\u2019s absolute share price at the date of vesting. In FY24, there was a one-off grant of 150,000 LTIP awards with an exercise cost of \u00a34.96 granted to members of the
\n
Leadership team.
\n
The following table lists the inputs to the models used for plans granted with market conditions during the year ended 30 September 2025. The remaining nil-cost awards granted in the year have no
\n
market performance conditions associated with them and fair value is deemed to be the share price at date of grant.
\n\n \n
Year ended
30 September 2025
Date of grant
20/12/2024
20/12/2024
20/12/2024
27/06/2025
27/06/2025
27/06/2025
13/06/2025
Number of options
86,410
86,410
19,202
79,837
79,837
17,742
267,715
Share price
\u00a35.53
\u00a35.53
\u00a35.53
\u00a34.50
\u00a34.50
\u00a34.50
\u00a34.53
Fair value at grant date
\u00a34.09
\u00a33.67
\u00a35.53
\u00a32.70
\u00a32.51
\u00a34.50
\u00a32.10
Exercise price
\u00a3nil
\u00a3nil
\u00a3nil
\u00a3nil
\u00a3nil
\u00a3nil
\u00a3nil
Expected life
3 years
3 years
3 years
2.78 years
2.78 years
2.78 years
4.55 years
Risk free interest rate
4.2%
4.2%
4.2%
3.72%
3.72%
3.72%
3.99%
Expected dividend yield
0%
0%
0%
0%
0%
0%
0%
Expected TSR volatility of the Company\u2019s shares
47%
47%
47%
45%
45%
45%
47%
Expected TSR volatility of the peer companies\u2019 share prices
35%
n/a
n/a
18%
n/a
n/a
n/a
Absolute
Market performance conditions
Tranche 1
Tranche 2
Tranche 3
Tranche 1
Tranche 2
Tranche 3
share price
Model used
Monte Carlo
Monte Carlo
Black-Scholes
Monte Carlo
Monte Carlo
Black-Scholes
Monte Carlo
\n\n \n
Year ended
30 September
2024
Date of grant
8/12/2023
Number of options
150,000
Share price
\u00a34.87
Fair value at grant date
\u00a32.50
Exercise price
\u00a34.96
Expected life
3 years
Risk free interest rate
4.3%
Expected dividend yield
0%
Expected TSR volatility of the Company\u2019s shares
44%
Expected TSR volatility of the peer companies\u2019 share prices
n/a
Market performance conditions
n/a
Model used
Black-Scholes
The expected TSR volatilities are based on the historical daily price changes of the underlying
shares, dividends and capital returns (based on the remaining life of the options), adjusted for any
expected changes to future volatility due to publicly available information.
The weighted average fair value per option granted during the year was $5.76 (FY24: $6.00). 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\u00a0options expected to vest.
LiveAuctioneers replacement awards
As part of the acquisition of LiveAuctioneers on 1 October 2021, equity-settled share options and
restricted stock units (\u201creplacement awards\u201d) were issued to management to replace their share
options held in LiveAuctioneers pre-acquisition. The share price at the acquisition date was \u00a313.54,
and these replacement awards comprised $36.7m of the total consideration of $543.9m. These
awards were considered part of the acquisition consideration and accounted for under IFRS\u00a03
\u201cBusiness Combinations\u201d. Therefore, there has been no share-based payments charge under IFRS\u00a02
\u201cShare-based Payments\u201d recorded in the Group \ufb01nancial statements post-acquisition for these
replacement awards. The options have an exercise price of \u00a31.86 ($2.50) and no vesting conditions.
They are expected to be exercised at the discretion of the holders until 18 May 2029. The reported
comparatives have been restated to re\ufb02ect a prior year misstatement on deferred taxation in
relation to these awards, as detailed in note 1.
\n \n
Options at
Exercised
Options at
1 October
during the year
30 September
Number
Number
Number
2025
1,081,637
(292,603)
789,034
2024
1,083,615
(1,978)
1,081,637
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "Share-based payments
The Group had three share-based payment plans in effect in FY25, details of which are set out
in\u00a0this note and the Remuneration Committee Report.
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.
Nil-cost awards under the LTIP were granted to the CEO and CFO on 20 December 2024 and
27\u00a0June 2025 respectively, in the form of nil-cost options and will vest subject to continuing
employment and the achievement of targets linked to relative total shareholder return, absolute
total shareholder return and carbon emission reductions over the three-year period ending
30\u00a0September 2027.
Nil-cost awards under the LTIP were granted to employees on acquisition of Chairish on 4\u00a0August
2025. These awards will vest over a range from one month to two years subject to the recipient\u2019s
continued employment and/or the satisfaction of performance conditions at the date of vesting.
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. All awards under this grant are fully vested and exercised.
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.
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\u00a0be\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\u00a0participants 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\u00a0market prices prevailing at the beginning or end of the period. Employees purchased 29,639
(FY24: 60,986) shares of the Company at a weighted average exercise price of $6.66 (FY24: $6.90).
The share awards/options set out below are outstanding at 30 September 2025.
\n \n
Cancelled/
Share-based
Options at
Exercised
forfeited
Options at
payment
1 October
Granted
during the
during the
30 September
expense
2024
in the year
year
year
2025
$000
Number
Number
Number
Number
Number
LTIP
6,168
2,279,177
2,240,769
(671,148)
(417,915)
3,430,883
LA LTIP
(3)
52,081
\u2013
(51,701)
(380)
\u2013
Deferred bonus
\u2013 equity-settled
96
38,746
\u2013
(3,278)
\u2013
35,468
SIP and ESPP
68
22,098
10,389
(2,751)
(2,913)
26,823
Payroll tax
89
n/a
n/a
n/a
n/a
n/a
Total
6,418
2,392,102
2,251,158
(728,878)
(421,208)
3,493,174
The share awards/options set out below are outstanding at 30 September 2024.
\n \n
Cancelled/
Share-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
All share options outstanding are equity-settled and are options to subscribe for new ordinary
shares of 0.01 pence each in the Company.
The weighted average exercise price of the options granted was $nil (FY24: $0.54). The weighted
average exercise price of options exercised and forfeited was $nil (FY24: $nil) and the market price
at date of exercise was $6.40 (FY24: $6.99). The options outstanding at 30\u00a0September 2025 had
a\u00a0weighted average exercise price of $0.27 (FY24: $0.40) and a weighted average remaining
contractual life of 1.5 years (FY24: 1.4 years). There are 233,962 share options with a weighted
average exercise price of $nil exercisable at 30 September 2025 (FY24: 262,750).
\n\n
Fair value
\n
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. The nil-cost awards granted to the Executive
\n
Directors in FY25 will vest subject to continuing employment and the achievement of targets linked to relative total shareholder return (\u201cTSR\u201d) (tranche 1), absolute total shareholder return (tranche 2)
\n
and carbon emission reductions (tranche 3). In previous years, the performance conditions were based on non-market conditions. On 13 June 2025, LTIP Awards previously made to an employee with
\n
an original grant date of 7 March 2023 were modi\ufb01ed, increasing the performance period, number of options and a change to the performance condition from a non-market condition to a market
\n
condition based on the Company\u2019s absolute share price at the date of vesting. In FY24, there was a one-off grant of 150,000 LTIP awards with an exercise cost of \u00a34.96 granted to members of the
\n
Leadership team.
\n
The following table lists the inputs to the models used for plans granted with market conditions during the year ended 30 September 2025. The remaining nil-cost awards granted in the year have no
\n
market performance conditions associated with them and fair value is deemed to be the share price at date of grant.
\n\n \n
Year ended
30 September 2025
Date of grant
20/12/2024
20/12/2024
20/12/2024
27/06/2025
27/06/2025
27/06/2025
13/06/2025
Number of options
86,410
86,410
19,202
79,837
79,837
17,742
267,715
Share price
\u00a35.53
\u00a35.53
\u00a35.53
\u00a34.50
\u00a34.50
\u00a34.50
\u00a34.53
Fair value at grant date
\u00a34.09
\u00a33.67
\u00a35.53
\u00a32.70
\u00a32.51
\u00a34.50
\u00a32.10
Exercise price
\u00a3nil
\u00a3nil
\u00a3nil
\u00a3nil
\u00a3nil
\u00a3nil
\u00a3nil
Expected life
3 years
3 years
3 years
2.78 years
2.78 years
2.78 years
4.55 years
Risk free interest rate
4.2%
4.2%
4.2%
3.72%
3.72%
3.72%
3.99%
Expected dividend yield
0%
0%
0%
0%
0%
0%
0%
Expected TSR volatility of the Company\u2019s shares
47%
47%
47%
45%
45%
45%
47%
Expected TSR volatility of the peer companies\u2019 share prices
35%
n/a
n/a
18%
n/a
n/a
n/a
Absolute
Market performance conditions
Tranche 1
Tranche 2
Tranche 3
Tranche 1
Tranche 2
Tranche 3
share price
Model used
Monte Carlo
Monte Carlo
Black-Scholes
Monte Carlo
Monte Carlo
Black-Scholes
Monte Carlo
\n\n \n
Year ended
30 September
2024
Date of grant
8/12/2023
Number of options
150,000
Share price
\u00a34.87
Fair value at grant date
\u00a32.50
Exercise price
\u00a34.96
Expected life
3 years
Risk free interest rate
4.3%
Expected dividend yield
0%
Expected TSR volatility of the Company\u2019s shares
44%
Expected TSR volatility of the peer companies\u2019 share prices
n/a
Market performance conditions
n/a
Model used
Black-Scholes
The expected TSR volatilities are based on the historical daily price changes of the underlying
shares, dividends and capital returns (based on the remaining life of the options), adjusted for any
expected changes to future volatility due to publicly available information.
The weighted average fair value per option granted during the year was $5.76 (FY24: $6.00). 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\u00a0options expected to vest.
LiveAuctioneers replacement awards
As part of the acquisition of LiveAuctioneers on 1 October 2021, equity-settled share options and
restricted stock units (\u201creplacement awards\u201d) were issued to management to replace their share
options held in LiveAuctioneers pre-acquisition. The share price at the acquisition date was \u00a313.54,
and these replacement awards comprised $36.7m of the total consideration of $543.9m. These
awards were considered part of the acquisition consideration and accounted for under IFRS\u00a03
\u201cBusiness Combinations\u201d. Therefore, there has been no share-based payments charge under IFRS\u00a02
\u201cShare-based Payments\u201d recorded in the Group \ufb01nancial statements post-acquisition for these
replacement awards. The options have an exercise price of \u00a31.86 ($2.50) and no vesting conditions.
They are expected to be exercised at the discretion of the holders until 18 May 2029. The reported
comparatives have been restated to re\ufb02ect a prior year misstatement on deferred taxation in
relation to these awards, as detailed in note 1.
\n \n
Options at
Exercised
Options at
1 October
during the year
30 September
Number
Number
Number
2025
1,081,637
(292,603)
789,034
2024
1,083,615
(1,978)
1,081,637
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "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
30 September
30 September
2025
2024
$000
$000
Financial assets held at amortised cost
Trade and other receivables (excluding prepayments)
16,224
16,064
Contract assets
1,991
1,499
Cash and cash equivalents
13,163
6,826
31,378
24,389
Financial liabilities held at amortised cost
Trade and other payables (excluding non-\ufb01nancial liabilities)
(30,876)
(8,243)
Contract liabilities
(3,631)
(1,639)
Loans and borrowings
(187,195)
(121,483)
(221,702)
(131,365)
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 and outstanding
receivables (see note 14).
The Group\u2019s cash and cash equivalents are all held on deposit with leading international banks and
payment processors and\u00a0hence the Directors consider the credit risk\u00a0associated with such balances
to be low. It is the\u00a0Group\u2019s policy that institutions with a minimum rating of \u201cA\u201d are accepted. If a
rating is downgraded the business is required to move institution 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\u00a0FY25, there was a charge to the Consolidated Statement of Pro\ufb01t or Loss of $0.7m
(FY24:\u00a0$2.2m) to increase the loss allowance and write off uncollectable 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 than
Between 1 and
amount
cash \ufb02ows
1 year
5 years
Over 5 years
2025
$000
$000
$000
$000
$000
Loans and borrowings
187,195
190,035
35
190,000
\u2013
Trade and other payables
30,876
30,876
30,876
\u2013
\u2013
Contract liabilities
3,631
3,631
3,631
\u2013
\u2013
30 September 2025
221,702
224,542
34,542
190,000
\u2013
\n \n
Carrying
Contractual
Due less than
Between 1 and
amount
cash \ufb02ows
1 year
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
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 the 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
30 September
30 September
2025
2024
$000
$000
Net foreign currency monetary assets/(liabilities)
Pound sterling
735
845
Euro
(3,335)
665
Mexican pesos
(352)
\u2013
The following table details the Group\u2019s sensitivity to a 10% (FY24: 10%) strengthening and
weakening in US dollar against the pound sterling, euro and Mexican peso. 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% (FY24:
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% (FY24: 10%) weakening in US
dollar against the relevant currency, there would be an equal and opposite impact on the (loss)/
pro\ufb01t in the Consolidated Statement of Pro\ufb01t or Loss and the Consolidated Statement of Changes
in Equity.
\n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Pound sterling
Change in (loss)/pro\ufb01t for the year in Consolidated Statement of
Pro\ufb01t or Loss
(376)
(130)
Change in (loss)/pro\ufb01t in Consolidated Statement of Changes in
Equity
(73)
(85)
Euro
Change in (loss)/pro\ufb01t for the year in Consolidated Statement of
Pro\ufb01t or Loss
(11)
(58)
Change in (loss)/pro\ufb01t in Consolidated Statement of Changes in
Equity
341
(9)
Mexican pesos
Change in (loss)/pro\ufb01t in Consolidated Statement of Changes in
Equity
35
\u2013
Net investment hedge
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
30 September
30 September
2025
2024
$000
$000
Net investment hedge
Loans and borrowings
187,195
121,483
Pound sterling carrying amount of Senior Term Facility
\u00a3141,303
\u00a390,833
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
2,117
13,019
Change in value of hedged item used to determine hedge
effectiveness
(2,117)
(13,019)
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 $187.2m outstanding at
30\u00a0September 2025 (FY24: $121.5m).
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\u00a02025 would increase or decrease by $2.6m (FY24:
$1.9m). This is mainly attributable to the Group\u2019s exposure on its variable rate loan facilities.
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\u00a013 \u201cFair Value Measurement\u201d 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
Other
1 October
Arising on
non-cash
Exchange
30 September
2024
acquisition
movements
Cash \ufb02ow
differences
2025
2025
$000
$000
$000
$000
$000
$000
Cash and cash
equivalents
6,826
\u2013
\u2013
6,063
274
13,163
Lease receivable
287
\u2013
10
(117)
\u2013
180
Total \ufb01nancing assets
7,113
\u2013
10
5,946
274
13,343
Bank loans
(121,483)
\u2013
(11,045)
(54,732)
65
(187,195)
Lease liabilities
(3,435)
(228)
45
1,137
(21)
(2,502)
Total \ufb01nancing liabilities
(124,918)
(228)
(11,000)
(53,595)
44
(189,697)
\n \n
Other
1 October
Arising on
non-cash
Exchange
30 September
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)
Other non-cash movements include accrued \ufb01nance costs, amortisation of \ufb01nance costs and
modi\ufb01cations and additions to lease receivable and liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "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 and outstanding
receivables (see note 14).
The Group\u2019s cash and cash equivalents are all held on deposit with leading international banks and
payment processors and\u00a0hence the Directors consider the credit risk\u00a0associated with such balances
to be low. It is the\u00a0Group\u2019s policy that institutions with a minimum rating of \u201cA\u201d are accepted. If a
rating is downgraded the business is required to move institution 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\u00a0FY25, there was a charge to the Consolidated Statement of Pro\ufb01t or Loss of $0.7m
(FY24:\u00a0$2.2m) to increase the loss allowance and write off uncollectable 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 than
Between 1 and
amount
cash \ufb02ows
1 year
5 years
Over 5 years
2025
$000
$000
$000
$000
$000
Loans and borrowings
187,195
190,035
35
190,000
\u2013
Trade and other payables
30,876
30,876
30,876
\u2013
\u2013
Contract liabilities
3,631
3,631
3,631
\u2013
\u2013
30 September 2025
221,702
224,542
34,542
190,000
\u2013
\n \n
Carrying
Contractual
Due less than
Between 1 and
amount
cash \ufb02ows
1 year
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
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 the 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
30 September
30 September
2025
2024
$000
$000
Net foreign currency monetary assets/(liabilities)
Pound sterling
735
845
Euro
(3,335)
665
Mexican pesos
(352)
\u2013
The following table details the Group\u2019s sensitivity to a 10% (FY24: 10%) strengthening and
weakening in US dollar against the pound sterling, euro and Mexican peso. 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% (FY24:
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% (FY24: 10%) weakening in US
dollar against the relevant currency, there would be an equal and opposite impact on the (loss)/
pro\ufb01t in the Consolidated Statement of Pro\ufb01t or Loss and the Consolidated Statement of Changes
in Equity.
\n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Pound sterling
Change in (loss)/pro\ufb01t for the year in Consolidated Statement of
Pro\ufb01t or Loss
(376)
(130)
Change in (loss)/pro\ufb01t in Consolidated Statement of Changes in
Equity
(73)
(85)
Euro
Change in (loss)/pro\ufb01t for the year in Consolidated Statement of
Pro\ufb01t or Loss
(11)
(58)
Change in (loss)/pro\ufb01t in Consolidated Statement of Changes in
Equity
341
(9)
Mexican pesos
Change in (loss)/pro\ufb01t in Consolidated Statement of Changes in
Equity
35
\u2013
Net investment hedge
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
30 September
30 September
2025
2024
$000
$000
Net investment hedge
Loans and borrowings
187,195
121,483
Pound sterling carrying amount of Senior Term Facility
\u00a3141,303
\u00a390,833
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
2,117
13,019
Change in value of hedged item used to determine hedge
effectiveness
(2,117)
(13,019)
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 $187.2m outstanding at
30\u00a0September 2025 (FY24: $121.5m).
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\u00a02025 would increase or decrease by $2.6m (FY24:
$1.9m). This is mainly attributable to the Group\u2019s exposure on its variable rate loan facilities.
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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "Credit risk
The Group\u2019s exposure to credit risk arises from cash and cash equivalents and outstanding
receivables (see note 14).
The Group\u2019s cash and cash equivalents are all held on deposit with leading international banks and
payment processors and\u00a0hence the Directors consider the credit risk\u00a0associated with such balances
to be low. It is the\u00a0Group\u2019s policy that institutions with a minimum rating of \u201cA\u201d are accepted. If a
rating is downgraded the business is required to move institution 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\u00a0FY25, there was a charge to the Consolidated Statement of Pro\ufb01t or Loss of $0.7m
(FY24:\u00a0$2.2m) to increase the loss allowance and write off uncollectable 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "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 than
Between 1 and
amount
cash \ufb02ows
1 year
5 years
Over 5 years
2025
$000
$000
$000
$000
$000
Loans and borrowings
187,195
190,035
35
190,000
\u2013
Trade and other payables
30,876
30,876
30,876
\u2013
\u2013
Contract liabilities
3,631
3,631
3,631
\u2013
\u2013
30 September 2025
221,702
224,542
34,542
190,000
\u2013
\n \n
Carrying
Contractual
Due less than
Between 1 and
amount
cash \ufb02ows
1 year
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "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 the 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
30 September
30 September
2025
2024
$000
$000
Net foreign currency monetary assets/(liabilities)
Pound sterling
735
845
Euro
(3,335)
665
Mexican pesos
(352)
\u2013
The following table details the Group\u2019s sensitivity to a 10% (FY24: 10%) strengthening and
weakening in US dollar against the pound sterling, euro and Mexican peso. 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% (FY24:
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% (FY24: 10%) weakening in US
dollar against the relevant currency, there would be an equal and opposite impact on the (loss)/
pro\ufb01t in the Consolidated Statement of Pro\ufb01t or Loss and the Consolidated Statement of Changes
in Equity.
\n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Pound sterling
Change in (loss)/pro\ufb01t for the year in Consolidated Statement of
Pro\ufb01t or Loss
(376)
(130)
Change in (loss)/pro\ufb01t in Consolidated Statement of Changes in
Equity
(73)
(85)
Euro
Change in (loss)/pro\ufb01t for the year in Consolidated Statement of
Pro\ufb01t or Loss
(11)
(58)
Change in (loss)/pro\ufb01t in Consolidated Statement of Changes in
Equity
341
(9)
Mexican pesos
Change in (loss)/pro\ufb01t in Consolidated Statement of Changes in
Equity
35
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "Fair value of \ufb01nancial instruments
The fair values of \ufb01nancial assets and \ufb01nancial liabilities are determined in accordance with
IFRS\u00a013 \u201cFair Value Measurement\u201d 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
Other
1 October
Arising on
non-cash
Exchange
30 September
2024
acquisition
movements
Cash \ufb02ow
differences
2025
2025
$000
$000
$000
$000
$000
$000
Cash and cash
equivalents
6,826
\u2013
\u2013
6,063
274
13,163
Lease receivable
287
\u2013
10
(117)
\u2013
180
Total \ufb01nancing assets
7,113
\u2013
10
5,946
274
13,343
Bank loans
(121,483)
\u2013
(11,045)
(54,732)
65
(187,195)
Lease liabilities
(3,435)
(228)
45
1,137
(21)
(2,502)
Total \ufb01nancing liabilities
(124,918)
(228)
(11,000)
(53,595)
44
(189,697)
\n \n
Other
1 October
Arising on
non-cash
Exchange
30 September
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)
Other non-cash movements include accrued \ufb01nance costs, amortisation of \ufb01nance costs and
modi\ufb01cations and additions to lease receivable and liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "Fair value of \ufb01nancial instruments
The fair values of \ufb01nancial assets and \ufb01nancial liabilities are determined in accordance with
IFRS\u00a013 \u201cFair Value Measurement\u201d 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
Other
1 October
Arising on
non-cash
Exchange
30 September
2024
acquisition
movements
Cash \ufb02ow
differences
2025
2025
$000
$000
$000
$000
$000
$000
Cash and cash
equivalents
6,826
\u2013
\u2013
6,063
274
13,163
Lease receivable
287
\u2013
10
(117)
\u2013
180
Total \ufb01nancing assets
7,113
\u2013
10
5,946
274
13,343
Bank loans
(121,483)
\u2013
(11,045)
(54,732)
65
(187,195)
Lease liabilities
(3,435)
(228)
45
1,137
(21)
(2,502)
Total \ufb01nancing liabilities
(124,918)
(228)
(11,000)
(53,595)
44
(189,697)
\n \n
Other
1 October
Arising on
non-cash
Exchange
30 September
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)
Other non-cash movements include accrued \ufb01nance costs, amortisation of \ufb01nance costs and
modi\ufb01cations and additions to lease receivable and liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "23. Related party transactions
For the year ended 30 September 2025, there were no related party transactions.
For the year ended 30 September 2024, the Group paid rent of $122,700 to McQuade Enterprises
LLC, a company owned by the previous owners of ESN.
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
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Short-term employee bene\ufb01ts
3,885
2,757
Post-employment bene\ufb01ts
75
83
Share-based payment expense
2,828
2,536
Total key management personnel compensation
6,788
5,376
Remuneration of Directors
Further details of the Directors\u2019 remuneration and share options are set out in the Remuneration
Committee Report on pages 112 to 128 The total amounts for Directors\u2019 remuneration were
as\u00a0follows:
\n \n
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Short-term employee bene\ufb01ts
1,447
1,131
Non-Executive Directors\u2019 fees
779
497
Post-employment bene\ufb01ts
58
66
Share-based payment expense
549
569
Total Directors\u2019 remuneration
2,833
2,263
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "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
Year ended
Year ended
30 September
30 September
2025
2024
$000
$000
Short-term employee bene\ufb01ts
3,885
2,757
Post-employment bene\ufb01ts
75
83
Share-based payment expense
2,828
2,536
Total key management personnel compensation
6,788
5,376
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "value": "25. List of subsidiaries
In accordance with section 409 of the Companies Act 2006, a full list of subsidiaries included in
these Consolidated Financial Statements at 30 September 2025, including the registered of\ufb01ce
and the effective percentage of equity owned, is disclosed below.
\n \n
Subsidiary
Principal
Proportion
undertakings
Registered of\ufb01ce
activity
held
ATG Holdings Limited
The Harlequin Building, 65 Southwark Street,
Holding company
100%
(previously known as ATG
London, SE1 0HR, United Kingdom
Media Holdings Limited)
ATG Mexico Holdings
The Harlequin Building, 65 Southwark Street,
Holding company
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 Limited
The Harlequin Building, 65 Southwark Street,
Holding company
100%
London, SE1 0HR, United Kingdom
Auction Holdco
The Harlequin Building, 65 Southwark Street,
Holding company
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
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.
Mexico
Bidspotter Limited
The Harlequin Building, 65 Southwark Street,
Dormant*
100%
(previously known as
London, SE1 0HR, United Kingdom
Peddars Management
Limited)
Chairish Inc.
251 Little Falls Drive, Wilmington, Delaware,
List price online
100%
19808, United States
marketplace
ECAL LLC
251 Little Falls Drive, Wilmington, Delaware,
Provision of auction
100%
19808, United States
marketplaces
i-bidder Limited
The Harlequin Building, 65 Southwark Street,
Dormant*
100%
(previously known as ATG
London, SE1 0HR, United Kingdom
Nominees Limited)
L\u2019ArcoBaleno GmbH
175 Uhland Street, 10719,Berlin, Germany
Holding company
100%
LiveAuctioneers LLC
80 State Street, Albany, New York, 12207-
Provision of auction
100%
2543, 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
Pamono GmbH
175 Uhland Street, 10719, Berlin, Germany
List price online
100%
marketplace
Pamono Inc.
251 Little Falls Drive, Wilmington, Delaware,
List price online
100%
19808, United States
marketplace
Pamono Ltd
A And L, Suite 1-3 Hop Exchange, 24
List price online
100%
Southwark Street, London, England, SE1 1TY
marketplace
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
The Saleroom Limited
The Harlequin Building, 65 Southwark Street,
Dormant*
100%
(previously known as
London, SE1 0HR, United Kingdom
Auction Fluency Limited)
Vintage Software LLC
221 Bolivar Street, Jefferson City, Missouri,
Provision of auction
100%
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 2025, 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 registration
Company
number
ATG Holdings Limited (previously known as ATG Media Holdings Limited)
06521301
ATG Mexico Holdings Limited (previously known as Auction Technology
Group UK Holdings Limited)
06636047
ATG US Holdings Limited
15024003
Auction Bidco Limited
12401140
Auction Holdco Limited
12400986
Pamono Ltd
11876679
Proxibid UK Limited
09023785
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800U8Q9K2XI3WRE39", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } } } }