{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "pennongroupplc": "http://pennongroupplc.com/xbrl/2024", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://pennongroupplc.com/xbrl/2024/213800V1CCTS41GWH423-2025-03-31.xsd" ] }, "facts": { "fact-5": { "value": "1047800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-6": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-7": { "value": "1047800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-8": { "value": "907800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-9": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-10": { "value": "907800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-11": { "value": "151100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-12": { "value": "11700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-13": { "value": "162800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-14": { "value": "114800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-15": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-16": { "value": "115500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-17": { "value": "51700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RawMaterialsAndConsumablesUsed", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-18": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RawMaterialsAndConsumablesUsed", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-19": { "value": "51900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RawMaterialsAndConsumablesUsed", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-20": { "value": "37400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RawMaterialsAndConsumablesUsed", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-21": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RawMaterialsAndConsumablesUsed", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-22": { "value": "37400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RawMaterialsAndConsumablesUsed", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-23": { "value": "499700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherExpenseByFunction", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-24": { "value": "25700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherExpenseByFunction", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-25": { "value": "525400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherExpenseByFunction", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-26": { "value": "410200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherExpenseByFunction", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-27": { "value": "25200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherExpenseByFunction", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-28": { "value": "435400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherExpenseByFunction", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-29": { "value": "9700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-30": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-31": { "value": "9700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-32": { "value": "7100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-33": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-34": { "value": "7100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-35": { "value": "335600000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:EarningsBeforeInterestTaxDepreciationAndAmortisation", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-36": { "value": "-37600000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:EarningsBeforeInterestTaxDepreciationAndAmortisation", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-37": { "value": "298000000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:EarningsBeforeInterestTaxDepreciationAndAmortisation", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-38": { "value": "338300000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:EarningsBeforeInterestTaxDepreciationAndAmortisation", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-39": { "value": "-25900000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:EarningsBeforeInterestTaxDepreciationAndAmortisation", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-40": { "value": "312400000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:EarningsBeforeInterestTaxDepreciationAndAmortisation", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-41": { "value": "187100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-42": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-43": { "value": "187100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-44": { "value": "172000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-45": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-46": { "value": "172000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-47": { "value": "148500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-48": { "value": "-37600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-49": { "value": "110900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-50": { "value": "166300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-51": { "value": "-25900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-52": { "value": "140400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-53": { "value": "15000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-54": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-55": { "value": "15000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-56": { "value": "12600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-57": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-58": { "value": "12600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-59": { "value": "199400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-60": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-61": { "value": "199400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-62": { "value": "162800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-63": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-64": { "value": "162800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-65": { "value": "-184400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-66": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-67": { "value": "-184400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-68": { "value": "-150200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-69": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-70": { "value": "-150200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-71": { "value": "800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-72": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-73": { "value": "800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-74": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-75": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-76": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-77": { "value": "-35100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-78": { "value": "-37600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-79": { "value": "-72700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-80": { "value": "16800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-81": { "value": "-25900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-82": { "value": "-9100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-83": { "value": "-7000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-84": { "value": "-8900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-85": { "value": "-15900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-86": { "value": "4300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-87": { "value": "-4900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-88": { "value": "-600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-89": { "value": "-28100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-90": { "value": "-28700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-91": { "value": "-56800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-92": { "value": "12500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-93": { "value": "-21000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedIncomeStatementsAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-94": { "value": "-8500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-95": { "value": "-57900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-96": { "value": "-9500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-97": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-98": { "value": "1000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-99": { "value": "-0.161", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-100": { "value": "-0.029", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-101": { "value": "-0.161", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-102": { "value": "-0.029", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-103": { "value": "-28100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-104": { "value": "-28700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-105": { "value": "-56800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-106": { "value": "12500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-107": { "value": "-21000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-108": { "value": "-8500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-109": { "value": "3500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-110": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-111": { "value": "3500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-112": { "value": "-7700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-113": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-114": { "value": "-7700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-115": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-116": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-117": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-118": { "value": "-2200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-119": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-120": { "value": "-2200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-121": { "value": "2600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-122": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-123": { "value": "2600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-124": { "value": "-5500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-125": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-126": { "value": "-5500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-127": { "value": "-19700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-128": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-129": { "value": "-19700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-130": { "value": "-34700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-131": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-132": { "value": "-34700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-133": { "value": "-15400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-134": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-135": { "value": "-15400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-136": { "value": "-18300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-137": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-138": { "value": "-18300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-139": { "value": "-2400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-140": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-141": { "value": "-2400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-142": { "value": "-4100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-143": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-144": { "value": "-4100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-145": { "value": "-1900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-146": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-147": { "value": "-1900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-148": { "value": "-12300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-149": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-150": { "value": "-12300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-151": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-152": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-153": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-154": { "value": "-17800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-155": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-156": { "value": "-17800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-157": { "value": "-27400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-158": { "value": "-28700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-159": { "value": "-56100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-160": { "value": "-5300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:BeforeNonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-161": { "value": "-21000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "pennongroupplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pennongroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-162": { "value": "-26300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-163": { "value": "-57200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-164": { "value": "-27300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-165": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-166": { "value": "1000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-167": { "value": "179900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-168": { "value": "179900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-169": { "value": "62200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-170": { "value": "60300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-171": { "value": "5849400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-172": { "value": "5374300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-173": { "value": "8700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentAssets", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-174": { "value": "8700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentAssets", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-175": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-176": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-177": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-178": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-179": { "value": "22400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialAssets", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-180": { "value": "17400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialAssets", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-181": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentsInSubsidiaries", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-182": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentsInSubsidiaries", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-183": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentsInAssociates", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-184": { "value": "1000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentsInAssociates", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-185": { "value": "22000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-186": { "value": "26600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-187": { "value": "6147000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-188": { "value": "5669100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-189": { "value": "12800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-190": { "value": "13200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-191": { "value": "391800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-192": { "value": "355400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-193": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-194": { "value": "6000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-195": { "value": "9800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-196": { "value": "23400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-197": { "value": "417900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-198": { "value": "134000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-199": { "value": "58200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentRestrictedCashAndCashEquivalents", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-200": { "value": "37400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentRestrictedCashAndCashEquivalents", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-201": { "value": "9200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-202": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-203": { "value": "900600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-204": { "value": "569400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-205": { "value": "257400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-206": { "value": "240700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-207": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentFinancialLiabilitiesAtFairValueThroughProfitOrLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-208": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentFinancialLiabilitiesAtFairValueThroughProfitOrLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-209": { "value": "500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-210": { "value": "5400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-211": { "value": "331000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-212": { "value": "346500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-213": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-214": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-215": { "value": "6800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-216": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-217": { "value": "596000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-218": { "value": "592700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-219": { "value": "304600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssetsLiabilities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-220": { "value": "-23300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssetsLiabilities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-221": { "value": "4296900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-222": { "value": "3775500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-223": { "value": "171300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentLiabilities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-224": { "value": "154900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentLiabilities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-225": { "value": "1600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-226": { "value": "3300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-227": { "value": "530600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-228": { "value": "548400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-229": { "value": "500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-230": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-231": { "value": "5000900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-232": { "value": "4483200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-233": { "value": "1450700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-234": { "value": "1162600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-235": { "value": "288100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-236": { "value": "174600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-237": { "value": "755000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-238": { "value": "398200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-239": { "value": "157100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-240": { "value": "157100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-241": { "value": "248000000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:RetainedEarningsAndOtherReserves", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-242": { "value": "431300000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:RetainedEarningsAndOtherReserves", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-243": { "value": "1448200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-244": { "value": "1161200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-245": { "value": "2500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-246": { "value": "1400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-247": { "value": "1450700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-248": { "value": "1162600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-1": { "value": " The financial statements on pages 194 to 247 were approved by the Board of Directors and authorised for issue on 3 June 2025 and were signed on its behalf by: Laura Flowerdew Chief Financial Officer Pennon Group plc", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-249": { "value": "159500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-250": { "value": "237600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-251": { "value": "157100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-252": { "value": "570600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-253": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-254": { "value": "1125200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-255": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-256": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-257": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-258": { "value": "-9500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-259": { "value": "1000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-260": { "value": "-8500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-261": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-262": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-263": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-264": { "value": "-17800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-265": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-266": { "value": "-17800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-267": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-268": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-269": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-270": { "value": "-27300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-271": { "value": "1000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-272": { "value": "-26300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-273": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-274": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-275": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-276": { "value": "111700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-277": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-278": { "value": "111700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-279": { "value": "15100000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:SharesIssued", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-280": { "value": "164900000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:SharesIssued", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-281": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:SharesIssued", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-282": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:SharesIssued", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-283": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:SharesIssued", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-284": { "value": "180000000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:SharesIssued", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-285": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-286": { "value": "4700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-287": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-288": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-289": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-290": { "value": "4700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-291": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-292": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-293": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-294": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-295": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-296": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-297": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:OwnSharesAcquiredByThePennonEmployeeShareTrustInRespectOfShareOptionsGranted", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-298": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:OwnSharesAcquiredByThePennonEmployeeShareTrustInRespectOfShareOptionsGranted", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-299": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:OwnSharesAcquiredByThePennonEmployeeShareTrustInRespectOfShareOptionsGranted", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-300": { "value": "1400000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:OwnSharesAcquiredByThePennonEmployeeShareTrustInRespectOfShareOptionsGranted", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-301": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:OwnSharesAcquiredByThePennonEmployeeShareTrustInRespectOfShareOptionsGranted", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-302": { "value": "1400000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:OwnSharesAcquiredByThePennonEmployeeShareTrustInRespectOfShareOptionsGranted", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-303": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-304": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-305": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-306": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-307": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-308": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-309": { "value": "15100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-310": { "value": "160600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-311": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-312": { "value": "-112000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-313": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-314": { "value": "63700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-315": { "value": "174600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-316": { "value": "398200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-317": { "value": "157100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-318": { "value": "431300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-319": { "value": "1400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-320": { "value": "1162600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-321": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-322": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-323": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-324": { "value": "-57900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-325": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-326": { "value": "-56800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-327": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-328": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-329": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-330": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-331": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-332": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-333": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-334": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-335": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-336": { "value": "-57200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-337": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-338": { "value": "-56100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-339": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-340": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-341": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-342": { "value": "126900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-343": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-344": { "value": "126900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-345": { "value": "113500000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:RightsIssue", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-346": { "value": "377500000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:RightsIssue", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-347": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:RightsIssue", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-348": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:RightsIssue", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-349": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:RightsIssue", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-350": { "value": "491000000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:RightsIssue", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-351": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:TransactionCostsRelatingToRightsIssue", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-352": { "value": "20500000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:TransactionCostsRelatingToRightsIssue", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-353": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:TransactionCostsRelatingToRightsIssue", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-354": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:TransactionCostsRelatingToRightsIssue", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-355": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:TransactionCostsRelatingToRightsIssue", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-356": { "value": "20500000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:TransactionCostsRelatingToRightsIssue", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-357": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-358": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-359": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-360": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-361": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-362": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-363": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-364": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-365": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-366": { "value": "2000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-367": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-368": { "value": "2000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-369": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:OwnSharesAcquiredByThePennonEmployeeShareTrustInRespectOfShareOptionsGranted", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-370": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:OwnSharesAcquiredByThePennonEmployeeShareTrustInRespectOfShareOptionsGranted", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-371": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:OwnSharesAcquiredByThePennonEmployeeShareTrustInRespectOfShareOptionsGranted", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-372": { "value": "1200000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:OwnSharesAcquiredByThePennonEmployeeShareTrustInRespectOfShareOptionsGranted", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-373": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:OwnSharesAcquiredByThePennonEmployeeShareTrustInRespectOfShareOptionsGranted", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-374": { "value": "1200000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:OwnSharesAcquiredByThePennonEmployeeShareTrustInRespectOfShareOptionsGranted", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-375": { "value": "113500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-376": { "value": "356800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-377": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-378": { "value": "-126100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-379": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-380": { "value": "344200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-381": { "value": "288100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-382": { "value": "755000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-383": { "value": "157100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-384": { "value": "248000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "pennongroupplc:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:GBP" } }, "fact-385": { "value": "2500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-386": { "value": "1450700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-387": { "value": "233600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-388": { "value": "261700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-389": { "value": "143100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-390": { "value": "116200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-391": { "value": "-3000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-392": { "value": "-3400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-393": { "value": "93500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-394": { "value": "148900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-395": { "value": "11100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-396": { "value": "7100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-397": { "value": "663100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-398": { "value": "555100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-399": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:AcquisitionOfSubsidiariesNetOfCashAcquiredClassifiedAsInvestingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-400": { "value": "62700000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:AcquisitionOfSubsidiariesNetOfCashAcquiredClassifiedAsInvestingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-401": { "value": "-20800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-402": { "value": "-4300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-403": { "value": "5500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-404": { "value": "43800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-405": { "value": "1900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-406": { "value": "800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-407": { "value": "-676400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-408": { "value": "-658000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-409": { "value": "491000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-410": { "value": "175700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-411": { "value": "15400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-412": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-413": { "value": "1200000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:PurchaseOfOrdinarySharesByThePennonEmployeeShareTrustClassifiedAsFinancingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-414": { "value": "1400000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:PurchaseOfOrdinarySharesByThePennonEmployeeShareTrustClassifiedAsFinancingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-415": { "value": "920000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-416": { "value": "574500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-417": { "value": "328500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-418": { "value": "168700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-419": { "value": "25000000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:CashInflowsFromLeaseFinancingArrangementsClassifiedAsFinancingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-420": { "value": "64800000.0", "decimals": -5, "dimensions": { "concept": "pennongroupplc:CashInflowsFromLeaseFinancingArrangementsClassifiedAsFinancingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-421": { "value": "97200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-422": { "value": "22400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-423": { "value": "126900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-424": { "value": "111700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-425": { "value": "866800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-426": { "value": "510800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-427": { "value": "283900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-428": { "value": "1700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-429": { "value": "134000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-430": { "value": "132300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-431": { "value": "417900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800V1CCTS41GWH423", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-432": { "value": "134000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-439": { "value": "
1. General information
Pennon Group plc is a company registered in the United Kingdom under the
Companies Act 2006. The address of the registered office is given on page
255. Pennon Group\u2019s business is operated through its principal subsidiaries:
South West Water Limited provides water and wastewater services in Devon,
Cornwall and parts of Dorset and Somerset and water only services in parts
of Dorset, Hampshire, Wiltshire and Bristol. Sutton and East Surrey Water plc
(\u201cSES Water\u201d) provides water only services in the South East region. Sutton
and South East Surrey Water Services (\u201cSESWS\u201d) provides water and
wastewater retail services to non-household customer accounts. Pennon
Group is the majority shareholder of Pennon Water Services Limited,
a company providing water and wastewater retail services to non-household
customer accounts across Great Britain. The Company owns a 30% share in
Water 2 Business Limited, a joint venture with Wessex Water, operating in the
same sector as Pennon Water Services Limited and SESWS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-2": { "value": "Pennon Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-433": { "value": "Pennon Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-436": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-3": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-434": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-435": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-4": { "value": "Pennon Group\u2019s business is operated through its principal subsidiaries: South West Water Limited provides water and wastewater services in Devon, Cornwall and parts of Dorset and Somerset and water only services in parts of Dorset, Hampshire, Wiltshire and Bristol. Sutton and East Surrey Water plc (\u201cSES Water\u201d) provides water only services in the South East region. Sutton and South East Surrey Water Services (\u201cSESWS\u201d) provides water and wastewater retail services to non-household customer accounts. Pennon Group is the majority shareholder of Pennon Water Services Limited, a company providing water and wastewater retail services to non-household customer accounts across Great Britain. The Company owns a 30% share in Water 2 Business Limited, a joint venture with Wessex Water, operating in the same sector as Pennon Water Services Limited and SESWS. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-438": { "value": "
(a) Basis of preparation
The financial statements for the Group have been prepared on the historical
cost accounting basis (except for fair value items, principally acquisitions,
transfers of assets from customers and certain financial instruments as
described in accounting policy notes (b), (u) and (n) respectively) and
in accordance with UK-adopted international accounting standards.
The parent company financial statements have been prepared in accordance
with UK-adopted International Accounting Standards and with the
requirements of the Companies Act 2006. The Company meets the definition
of a qualifying entity as defined in FRS 100 \u2018Application of Financial
Reporting Requirements\u2019, accordingly the Company has elected to apply FRS
101 \u2018Reduced Disclosure Framework\u2019.
Therefore, the recognition and measurement requirements of United
Kingdom adopted International Financial Reporting Standards have been
applied, with amendments where necessary in order to comply with
Companies Act 2006 and The Large and Medium-sized Companies and
Groups (Accounts and Reports) Regulations 2008 (SI 2008/410) as the
parent company financial statements are Companies Act 2006 accounts.
The following exemptions from the requirements of IFRS have been applied
in the preparation of these financial statements, in accordance with FRS 101:
\u2022 Paragraphs 45(b) and 46 to 52 of IFRS 2, \u2018Share-based payment\u2019 (details
of the number and weighted average exercise prices of share options, and
how the fair value of goods or services received was determined).
\u2022 IFRS 7, \u2018Financial instruments: Disclosures\u2019.
\u2022 Paragraphs 91 to 99 of IFRS 13, \u2018Fair value measurement\u2019 (disclosure of
valuation techniques and inputs used for fair value measurement of assets
and liabilities).
\u2022 Paragraph 38 of IAS 1, 'Presentation of financial statements' \u2013 comparative
information requirements in respect of:
\u2022 Paragraph 79(a)(iv) of IAS 1,
\u2022 Paragraph 73(e) of IAS 16, 'Property, plant and equipment', and
\u2022 Paragraph 118(e) of IAS 38, 'Intangible assets' (reconciliations between
the carrying amount at the beginning and end of the period).
\u2022 The following paragraphs of IAS 1, \u2018Presentation of financial statements\u2019:
\u2022 10(d) (statement of cash flows),
\u2022 16 (statement of compliance with all IFRS),
\u2022 38A (requirement for minimum of two primary statements, including
cash flow statements),
\u2022 38B-D (additional comparative information),
\u2022 111 (statement of cash flows information), and
\u2022 134-136 (capital management disclosures).
\u2022 IAS 7, \u2018Statement of cash flows\u2019.
\u2022 The requirements of paragraphs 88C and 88D of IAS 12 Income Taxes.
\u2022 Paragraphs 30 and 31 of IAS 8, \u2018Accounting policies, changes in
accounting estimates and errors\u2019 (requirement for the disclosure of
information when an entity has not applied a new IFRS that has been
issued but is not yet effective).
\u2022 Paragraph 17 of IAS 24, \u2018Related party disclosures\u2019 (key management
compensation).
\u2022 The requirements in IAS 24, \u2018Related party disclosures\u2019, to disclose related
party transactions entered into between two or more members of a group.
The Company has taken advantage of section 408 of the Companies Act
2006 not to present the parent company profit and loss account. The loss for
the year is disclosed in the Company statement of changes in equity and the
Company balance sheet.
The Group and parent company financial statements are presented in
pounds sterling and all values rounded to the nearest one-hundred thousand
pounds, except when otherwise indicated.
Restatements
In the prior year \u2018Cash and cash deposits\u2019 consisted of \u2018Cash and cash
equivalents\u2019 and \u2018Restricted funds\u2019. As restricted funds do not form part of
cash and cash equivalents has been re-presented in the 2024 balance sheet.
Cash and cash equivalents totalled \u00a3134.0 million and Restricted funds \u00a337.4
million at 31 March 2024. An adjustment has also been reflected in the cash
flow statement, the opening and closing values of cash and cash equivalents
in the prior year have been restated to \u00a3132.3 million and \u00a3134.0 million
respectively from \u00a3143.7 million and \u00a3145.4 million.
In the prior year \u2018Financial liabilities at fair value through profit\u2019 (FVTP)
included a \u00a32.5m current liability and \u00a331.8m non-current liability. These
items relate to an unamortised hedging adjustment following a decision to
de-designate a hedging relationship on a bond in a prior period. The
unamortised hedging adjustment has been reclassified to be shown as part
of borrowings to align with the debt for which the hedge was entered into.
In the prior year purchases of water from wholesalers by SESWS were
presented as raw materials in operating costs, to align with the existing
group presentation this has been reclassified to other operating expenses,
the total being \u00a314.4m.
In the prior year movements on cash flow hedges were presented net in the
statement of comprehensive income, the presentation has been amended to
show the gross values in relation to the loss on cash flow hedging (2024:
\u00a334.7 million) and hedging gains recycled to profit or loss (2024: \u00a318.3
million).
Adjustments to the prior period have been made in relation to the acquisition
of SES as detailed in note 43.
A summary of the principal accounting policies is set out below,
together with an explanation where changes have been made to
previous policies on the adoption of new accounting standards and
interpretations in the year.
Going concern
The going concern basis has been adopted in preparing these financial
statements. At 31 March 2025 the Group has access to undrawn committed
funds and cash and cash equivalents totalling \u00a3977.9 million, including cash and
other short-term deposits of \u00a3417.9 million and \u00a3560.0 million of undrawn
facilities. Cash and cash equivalents excludes \u00a358.2 million of restricted funds
deposited with financial institutions which are available for access, subject to
being replaced by an equivalent valued security. The Group has an expected
headroom of \u00a3379.6 million at 30 September 2026.
In making their assessment, the Directors reviewed the principal risks and
considered which risks might threaten the Group\u2019s going concern status, to
do this the Group\u2019s business plan has been stress-tested. Whilst the Group\u2019s
risk management processes seek to mitigate the impact of principal risks as
set out on pages 70 to 79, individual sensitivities against these risks have
been identified. These sensitivities, which are ascribed a value with reference
to risk weighting, factoring in the likelihood of occurrence and financial
impact, were applied to the baseline financial forecast which uses the Group\u2019s
annual budget for FY 2025/26, and longer-term strategic business plan for
the remainder of the going concern period to 30 September 2026. The risks
and sensitivities include consideration of: legislative impacts such as change
in government policy and non-compliance with laws and regulations, macro-
economic impacts such as inflation and interest rate increases and
operational impacts such as ensuring adequate water resources and failure
of operational assets. A combined stress testing scenario has been
performed to assess the overall impact of these individual scenarios
impacting the Group collectively. The combined weighted impact of the risks
occurring is a cash outflow of c.\u00a3108.5 million; this value is considered
equivalent to an extreme one-off event that could occur by 30 September
2026, the probability of such an event happening is deemed unlikely.
Through this testing, it has been determined that none of the individual
principal risks would in isolation, or in aggregate, compromise the going
concern of the Group over the going concern period, the assessment has
been considered by reviewing the impact on the solvency position as well as
debt and interest covenants. In the combined scenario to ensure that the
Group was able to continue as a going concern, additional mitigations could
be deployed to reduce gearing and increase covenant headroom. In the
combined stress test scenario, the group has sufficient liquidity and
covenant headroom which reflects that no mitigations would be needed by
the Group. However, if required additional mitigations could be deployed to
reduce gearing and increase covenant headroom. Examples of mitigations
could include: reduction in discretionary operational expenditure, deferral of
capital expenditure and/or cancellation of non-essential capital expenditure,
reduction in the amount of dividend payable, and raising additional funding.
We have considered the Group\u2019s funding position and financial projections
which take into account a range of possible impacts, including the
refinancing required within and immediately after the going concern
assessment period. Having considered these factors, the Directors have a
reasonable expectation that that the Group will meet the requirements of its
covenants and has adequate resources to continue in operational existence
for the period to at least the end of the going concern assessment period of
30 September 2026, and that there are no material uncertainties to disclose.
For this reason, they continue to adopt the going concern basis in preparing
the financial statements .
In preparing the financial statements, management has considered the
impact of climate change, taking into account the relevant disclosures
in the Strategic Report, including those made in accordance with the
recommendations of the Taskforce on Climate-related Financial Disclosure.
The expected environmental impact of climate change on the water business
has been modelled noting that the physical risks are increasing. It is likely
that the Group will need to invest to protect certain assets such as sewage
works and pumping stations against sea level inundation and these
considerations form part of the planning process for new capital expenditure.
Longer term investment, outlined in the strategic plans, will be needed to
manage future risks. To achieve this, combined regulatory and government
support within their policy frameworks will be essential. Whilst it is estimated
additional spend will be required to manage future risks, the current available
information and assessment did not identify any risks regarding the
sufficiency of funds available to the Group to support this additional spend or
any risk that would require the useful economic lives of assets to be reduced
in the year or identify the need for impairment that would impact the carrying
values of such assets or have any other impact on the financial statements.
The impact assessments will be continuously updated to reflect the latest
available information on the impact of climate change.
New standards or interpretations which were mandatory for the first time in
the year beginning 1 April 2024 did not have a material impact on the net
assets or results of the Group and the parent company. Existing borrowing
covenants were not impacted by changes in accounting standards.
New standards or interpretations due to be adopted from 1 April 2025 are not
expected to have a material impact on the Group\u2019s and the parent company\u2019s
net assets or results.
(b) Basis of consolidation
The Group financial statements include the results of Pennon Group plc and
its subsidiaries and joint ventures.
The results of subsidiaries and joint ventures are included from the date of
acquisition or incorporation and excluded from the date of disposal. The
results of subsidiaries are consolidated where the Group is exposed to, or has
rights to, variable returns from its involvement with the entity and has the
ability to affect those returns through its power over the entity. The results of
joint ventures are accounted for on an equity basis.
Intra-group trading, loan balances and transactions are eliminated
on consolidation.
The acquisition method of accounting is used to account for the purchase of
subsidiaries. The excess of the value transferred to the seller in return for
control of the acquired business, together with the fair value of any
previously held equity interest in that business over the Group\u2019s share of the
fair value of the identifiable net assets, is recorded as goodwill.
(c) Revenue recognition
Group revenue is recognised following delivery of performance obligations
and an assessment of when control over the product or service is transferred
to the customer. Revenue is only recognised when collection of
consideration is highly probable.
Revenue is recognised either when the performance obligation in the
contract has been performed (point in time recognition) or \u2018over time\u2019 as
the performance obligations to the customer are satisfied. For each obligation
satisfied over time, the Group applies a revenue recognition method that
accurately reflects performance in transferring control of the services to
the customer.
Where a contract with a customer includes more than one performance
obligation, revenue is allocated to each obligation in proportion to a fair value
assessment of the total contract sales value split across the
services provided.
At the inception of a contract the total transaction price is estimated, being
the fair value to which the Group expects to be entitled under the contract,
including any variable consideration. Variable consideration is based on the
most likely outcome of the performance obligations. Revenue excludes value
added tax, trade discounts and revenue arising from transactions between
Group companies.
Water (domestic and non-household retail)
For most of the services provided to domestic customers, contract terms
are implied through statute and regulation in the absence of formal, written
contracts. South West Water and SES Water have a duty under legislation
to provide domestic customers with services regardless of payment and are
not permitted to disconnect domestic customers for non-payment of bills.
Charges are set via the periodic review price-setting process, regulated
by Ofwat.
In respect of ongoing, continuous services to customers, such as the provision
of drinking water and wastewater services, revenue is recognised over time.
Customers with an unmeasured supply are billed at the start of the year for
the full amount of the annual charge but typically take advantage of a choice
of payment arrangements to pay by regular instalments. The performance
obligation has been assessed as standing ready to provide water and sewerage
services when required by our customers, and accordingly revenue is
recognised under IFRS 15 as the stand-ready obligation is fulfilled over time.
Customers with a metered supply are sent up to four bills per year, based either
on actual meter readings or estimated usage. For these customers, revenue
includes an estimation of the amount of unbilled usage at the period end.
Payment options for domestic customers include an annual meter payment
plan where customers agree to pay a fixed amount per month which is adjusted
to reflect actual consumption at the end of the year. Revenue is recognised as
water is supplied, based on estimate usage for unbilled elements.
A range of regulated services is offered to property developers and owners who
require connection to the water and sewerage networks or need the networks
to be extended or altered. Typically, these customers pay an estimate of the
charges in advance as a deposit, which is treated as a contract liability and are
billed or refunded the difference between the estimate and actual costs on
completion of the work.
The principle components of these contributions are as follows:
i) Where the performance obligation relates solely to a connection to the
network, revenue is recognised at the point of connection when the
customer is deemed to obtain control.
ii) Where assets are constructed or provided by the Group or assets
transferred to the Group, it is considered that there is an explicit or implied
performance obligation to provide an ongoing water and/or wastewater
service, with the result that revenue is recognised over a time no longer than
the economic life of assets provided by or transferred to the Group.
Pennon Water Services provides specialist retail water and wastewater
services to business customers. It raises bills and recognises revenue
in accordance with its contracts with customers and in line with the
limits established for the non-household periodic price-setting process
where applicable.
Contract assets and liabilities
A trade receivable is recognised when the Group has an unconditional right
to receive consideration in exchange for performance obligations already
fulfilled. A contract asset is recognised when the Group has fulfilled some of
its performance obligations but has not yet obtained an unconditional right
to receive consideration. The amounts for contract assets, when applicable,
are disclosed within note 19 (Other non-current assets) and note 22 (Trade
and other receivables) as appropriate. A contract liability is recognised when
consideration is received in advance of the Group performing its
performance obligations to customers, including, when appropriate, transfers
of assets from customers (per paragraph (u) below). The value of contract
liabilities is disclosed within note 26 (Trade and other payables) and note 29
(Other non-current liabilities) as appropriate.
(d) Segmental reporting
Each of the Group\u2019s business segments provides services which are subject
to risks and returns which are different from those of the other business
segments. The Group\u2019s internal organisation and management structure
and its system of internal financial reporting are based primarily on
business segments. The Group is organised into two operating segments.
The water segment comprises the regulated water and wastewater services
undertaken by South West Water and the regulated water services
undertaken by SES Water. The non-household retail business reflects the
services provided by Pennon Water Services and SESWS. Other components,
including Pennon Group plc, are not reportable segments as they are not
reported to Chief Decision makers. Segmental revenue and results include
transactions between businesses. Inter-segmental transactions are
eliminated on consolidation.
(e) Goodwill
Goodwill arising on consolidation from the acquisition of subsidiary
undertakings represents the excess of the purchase consideration over the
fair value of net assets acquired, less any subsequent impairment charges.
Goodwill is recognised as an asset and reviewed for impairment at least
annually. Any impairment is recognised immediately in the income statement
and is not subsequently reversed. For the purpose of impairment testing,
goodwill acquired in a business combination is allocated to each of the cash
generating units (CGUs) or group of CGUs, that is expected to benefit from
the synergies of the combination. Each unit or group of units to which
goodwill is allocated represents the lowest level within the entity at which the
goodwill is monitored for internal reporting purposes. Goodwill is allocated
and monitored at the reportable operating segment level. Further details are
contained in accounting policy (i).
When a subsidiary undertaking is sold, the profit or loss on disposal is
determined after including the attributable amount of goodwill.
(f) Other intangible assets
Other intangible assets include assets acquired in business combination and
are capitalised at fair value at the date of acquisition. Following initial
recognition, finite life intangible assets are amortised on a straight-line basis
over their estimated useful lives, with the expense charged to the income
statement through operating costs.
(g) Property, plant and equipment
i) Infrastructure assets (being water mains and sewers, impounding
and pumped raw water storage reservoirs, dams, pipelines and sea
outfalls)
Infrastructure assets were included at fair value on transition to IFRS, and
subsequent additions are recorded at cost less accumulated depreciation
and impairment charges. Expenditure to increase capacity or enhance
infrastructure assets is capitalised where it can be reliably measured, and it is
probable that incremental future economic benefits will flow to the Group.
The cost of day-to-day servicing of infrastructure components is recognised
in the income statement as it arises.
Infrastructure assets are depreciated evenly over their useful economic lives,
and are principally:
Dams and impounding reservoirs
100 to 200 years
Water mains
60 to 180 years
Sewers
75 to 150 years
Assets in the course of construction are not depreciated until commissioned.
ii) Other assets (being property, overground plant and equipment)
Other assets are included at cost less accumulated depreciation.
Freehold land is not depreciated. Other assets are depreciated evenly to their
residual value over their estimated economic lives, and are principally:
Land and buildings \u2013 freehold 10 to 80 years
buildings
Land and buildings \u2013 leasehold Over the estimated economic lives or the
buildings
lease period, whichever is the
shorter
Operational properties
15 to 100 years
Fixed and moveable equipment
4 to 30 years
Assets in the course of construction are not depreciated until commissioned.
The cost of assets includes directly attributable labour and overhead costs
which are incremental to the Group. Borrowing costs directly attributable to the
construction of a qualifying asset (an asset necessarily taking a substantial
period of time to be prepared for its intended use) are capitalised as part of the
asset. Assets transferred from customers are recognised at fair value as set out
in accounting policy (u).
The assets\u2019 residual values and useful lives are reviewed annually.
Gains and losses on disposal are determined by comparing sale proceeds
with carrying amounts. These are included in the statement of profit or loss.
(h) Leased assets
All are accounted for by recognising a right-of-use asset and a lease liability
except for:
\u2022 Low value assets; and
\u2022 Leases with a duration of 12 months or less.
Contracts are initially measured at the present value of contractual payments
due to the lessor over the lease term, with the discount rate determined by
reference to the rate inherent in the lease unless this is not readily
determinable, in which case the Group\u2019s incremental borrowing rate on
commencement of the lease is used. After initial measurement, lease
payments are allocated between the liability and finance cost. The finance
cost is charged to profit and loss over the lease period to produce a constant
periodic rate of interest on the remaining balance of the liability for each
period. The interest element of cash payments in respect of these leases is
included within interest payments in determining net cash generated from
operating activities. The capital element of the cash payment is included
within cash flows from financing activities. Right-of-use assets are amortised
on a straight-line basis over the remaining term of the lease or the remaining
economic life of the asset if shorter.
Assets are included within property, plant and equipment as right-of-use
assets at the present value of the minimum lease payments and are
depreciated over their estimated economic lives or the finance lease period,
whichever is the shorter.
The Group uses sale and leaseback transactions to finance its capital
programme. A sale and leaseback transaction is where the Group sells an
asset and immediately reacquires the use of the asset by entering into a
lease with the buyer. Each transaction is assessed as to whether it meets the
criteria within IFRS 15 \u2018Revenue from contracts with customers\u2019 for a sale to
have occurred. If the sale criteria are met a lease liability is recognised, the
associated property, plant and equipment asset is derecognised, and a right-
of-use asset is recognised at the proportion of the carrying value relating to
the right retained. Any gain or loss arising relates to the rights transferred to
the buyer. If the criteria for a sale under IFRS 15 have not been met the asset
is not derecognised and no sale is recorded.
(i) Impairment of non-financial assets
Assets with an indefinite useful life are not subject to amortisation and are
tested annually for impairment, or whenever events or changes in
circumstance indicate that the carrying amount may not be recoverable.
Assets subject to amortisation or depreciation are tested for impairment
whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable.
An impairment loss is recognised for the amount by which an asset\u2019s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher of
an asset\u2019s fair value, less costs to sell, and value-in-use. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are
separately identifiable cash flows (CGUs). Value-in-use represents the present
value of projected future cash flows expected to be derived from a CGU,
discounted using a pre-tax discount rate which reflects an assessment of the
market cost of capital of the CGU. Impairments are charged to the income
statement in the year in which they arise.
Non-financial assets other than goodwill that have been impaired are
reviewed for possible reversal of the impairment at each reporting date.
Where a previously impaired asset or CGU\u2019s recoverable amount is in excess
of its carrying amount, previous impairments are reversed to the carrying
value that would have expected to be recognised had the original
impairment not occurred.
(j) Parent company: Investment in subsidiary undertakings Investments in subsidiary undertakings are initially recorded at cost, being the fair value of the consideration paid. Subsequently investments are reviewed for impairment on an individual basis annually or if events or changes in circumstances indicate that the carrying value may not be fully recoverable. (k) Investment in associated companies Associated companies are entities over which the Group exercises joint control. Investments in associated companies are accounted for using the equity method of accounting. Any excess of the cost of acquisition over the Group\u2019s share of the fair values of the identifiable net assets of the associated company at the date of acquisition is recognised as goodwill and is included in the carrying value of the investment in the associated company. The carrying value of the Group\u2019s investment is adjusted for the Group\u2019s share of post-acquisition profits or losses recognised in the income statement and statement of comprehensive income. Losses of an associated company in excess of the Group\u2019s interest are not recognised unless the Group has a legal or constructive obligation to fund those losses. (l) Inventories Inventories are stated at the lower of cost and net realisable value. The cost of finished goods and work in progress includes raw materials and the cost of bringing stocks to their present location and condition. It excludes borrowing costs. Net realisable value is the estimated selling price less cost to sell. The costs of items of inventory are determined using weighted average costs. (m) Cash and cash equivalents Cash and cash equivalents comprise cash in hand and short-term deposits held at banks. Bank overdrafts are offset against cash balances where there is a legally enforceable right to offset and there is an intention to settle the balances on a net basis. Otherwise, overdrafts are included within current borrowings. ( n) Financial instruments Financial instruments are recognised and measured in accordance with IFRS 9. The Group classifies its financial instruments in the following categories: i) Debt instruments at amortised cost All loans and borrowings are initially recognised at fair value, net of transaction costs incurred. Following initial recognition, interest-bearing loans and borrowings are subsequently stated at amortised cost using the effective interest method. Gains and losses are recognised in the income statement when instruments are derecognised or impaired. Premia, discounts and other costs and fees are recognised in the income statement through amortisation. Borrowings are classified as current liabilities unless the Group has a right to defer settlement of the liability for at least 12 months after the balance sheet date. ii) Trade receivables Trade receivables do not carry any interest receivable and are recognised initially at fair value and subsequently at amortised cost using the effective interest method, less provision for expected credit losses (ECLs). In accordance with IFRS 9, each Group entity performs an impairment analysis at each reporting date to measure the ECLs. Each entity does not track changes in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Each subsidiary has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the receivables and the economic environment
iii) Trade payables
Trade payables are not interest-bearing and are recognised initially at fair
value and subsequently measured at amortised cost using the effective
interest method.
iv) Derivative financial instruments and hedging activities
The Group uses derivative financial instruments, principally interest rate
swaps, cross-currency interest rate swaps and inflation swaps to hedge risks
associated with interest rate and exchange rate fluctuations. Derivative
instruments are initially recognised at fair value on the date the derivative
contract is entered into and subsequently remeasured at fair value for the
reported balance sheet.
The Group designates certain hedging derivatives as either:
\u2022 A hedge of a highly probable forecast transaction or change in the cash
flows of a recognised asset or liability (a cash flow hedge); or
\u2022 A hedge of the exposure to change in the fair value of a recognised asset
or liability (a fair value hedge).
The gain or loss on remeasurement is recognised in the income statement
except for cash flow hedges which meet the conditions for hedge
accounting, when the portion of the gain or loss on the hedging instrument
which is determined to be an effective hedge is recognised directly in equity,
and the ineffective portion in the income statement. The gains or losses
deferred in equity in this way are subsequently recognised in the income
statement in the same period in which the hedged underlying transaction or
firm commitment is recognised in the income statement.
In order to qualify for hedge accounting, the Group is required to document
in advance the relationship between the item being hedged and the hedging
instrument. The Group is also required to document and demonstrate an
assessment of the relationship between the hedged item and the hedging
instrument which shows that the hedge will be highly effective on an ongoing
basis. This effectiveness testing is reperformed at the end of each reporting
period to ensure that the hedge remains highly effective.
The full fair value of a hedging derivative is apportioned on a straight-line
basis between non-current and current assets and liabilities based on the
remaining maturity of the hedging derivative.
Derivative financial instruments deemed held for trading, which are
not subject to hedge accounting, are classified as a current asset or liability
with any change in fair value recognised immediately in the income
statement.
The Group uses cross-currency swaps for some of its foreign currency
denominated private placement borrowings. The swaps either have the
effect of (i) converting variable rate foreign currency borrowings into fixed
rate sterling borrowings, (ii) converting fixed rate foreign currency
borrowings into fixed rate sterling borrowings, or (iii) converting fixed rate
foreign currency borrowings into floating rate sterling borrowings.
v) Financial instruments at fair value through profit
Financial instruments at fair value through profit reflect the fair value
movement of the hedged risk on a hedged item through a fair value hedging
relationship. The fair values of these financial instruments are initially
recognised on the date the hedging relationship is entered into and
thereafter remeasured at each subsequent balance sheet date. The gain or
loss on remeasurement for the period is recognised in the income statement.
vi) Receivables due from subsidiary undertakings
Amounts owed by subsidiaries are classified and recorded at amortised cost
and reduced by allowances for ECLs. Estimated future credit losses are first
recorded on initial recognition of a receivable and are based on estimated
probability of default. Individual balances are written off when management
deems them not to be collectible.
(o) Taxation including deferred taxation
The tax charge for the year comprises current and deferred taxation. Tax is
recognised in the income statement, except to the extent that it relates to
items recognised in the statement of comprehensive income or directly in
equity. In this case the tax is also recognised in the statement of
comprehensive income or directly in equity as appropriate.
Current tax
The current tax expense or credit for the period is the tax payable on the
current period\u2019s taxable income, based on the applicable income tax rate for
each jurisdiction, adjusted by changes in deferred tax assets and liabilities
attributable to temporary differences and to unused tax losses. The amount
is calculated on the basis of tax laws enacted or substantively enacted at the
balance sheet date. Management periodically evaluates tax items subject to
interpretation and establishes provisions on individual tax items, where in the
judgement of management, the position is uncertain. The Group includes a
number of companies, including the parent company, which are part of a tax
group for certain aspects of the tax legislation. One of these aspects relates
to group relief whereby current tax liabilities can be offset by current tax
losses arising in other companies within the same tax group. Payments for
group relief are included within the current tax disclosures.
Deferred tax
Deferred tax is provided in full on temporary differences between the carrying
amount of assets and liabilities in the financial statements and the tax base,
except where they arise from initial recognition of an asset or liability in a
transaction, other than a business combination, that at the time of the
transaction affects neither accounting nor taxable profit or loss. Deferred tax
assets are recognised only to the extent that it is probable that future taxable
profits will be available against which the assets can be realised. Deferred tax is
determined using the tax rates enacted or substantively enacted at the balance
sheet date and expected to apply when the deferred tax liability is settled or the
deferred tax asset is realised. Deferred tax liabilities are recognised for all
temporary differences, with the following exceptions:
\u2022 where the temporary difference arises from the initial recognition of
goodwill or 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 profit nor taxable profit or loss; and
\u2022 in respect of taxable temporary differences associated with investments in
subsidiaries, associates and joint ventures where the timing of the reversal
of temporary differences can be controlled and it is probably that the
temporary differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset where there is a legally
enforceable right to offset current tax assets and liabilities and where the
deferred tax balances relate to the same taxation authority. Current tax
assets and tax liabilities are offset where the entity has a legally enforceable
right to offset and intends either to settle on a net basis, or to realise the
asset and settle the liability simultaneously.
The group measures its tax balances either based on the most likely amount
or the expected value, depending on which method provides a better
prediction of the resolution of the uncertainty.
(p) Provisions
Provisions are made where there is a present legal or constructive obligation
as a result of a past event and it is probable that there will be an outflow of
economic benefits to settle this obligation and a reliable estimate of this
amount can be made. Where the effect of the time value of money is material
the current amount of a provision is the present value of the expenditures
expected to be required to settle obligations. The unwinding of the discount
to present value is included as notional interest within finance costs.
(q) Share capital and treasury shares
Ordinary shares are classified as equity.
Where the Company purchases the Company\u2019s equity share capital (treasury
shares) the consideration paid, including any directly attributable costs, is
deducted from equity until the shares are cancelled or reissued. Where such
shares are subsequently reissued, any consideration received, net of any
directly attributable transaction costs, is included in equity.
The Group and Company balance sheet includes the shares held by the
Pennon Group plc Employee Benefit Trust relating to employee share-based
payments which have not vested at the balance sheet date. These are shown
as a deduction from shareholders\u2019 equity until such time as they vest.
Share buy-back scheme and tender offer
Shares purchased for cancellation are deducted from retained earnings at
the total consideration paid or payable, including any related expenses.
Where the Group has an irrevocable commitment to purchase shares for
cancellation at the balance sheet date, a liability is recognised in other
creditors based on the share price at the balance sheet date and retained
earnings reduced by the amount of the liability.
Shares purchased and held by the Group (treasury shares) are deducted
from the treasury reserve at the total consideration paid or payable. On
cancellation of treasury shares, the cost is transferred from the treasury
reserve to retained earnings.
When treasury shares are issued at below cost, an amount representing the
difference between the cost of those shares and issue proceeds is
transferred to retained earnings. No gain or loss is recognised in the
consolidated income statement on the purchase, sale, issue or cancellation of
the Group\u2019s own equity instruments.
(r) Dividend distributions
Dividend distributions are recognised as a liability in the financial statements
in the period in which the dividends are approved by the Company\u2019s
shareholders. Interim dividends are recognised when paid, final dividends
when approved by shareholders at the Annual General Meeting.
(s) Employee benefits
i) Retirement benefit obligations
The Group operates defined benefit and defined contribution
pension schemes.
Defined benefit pension schemes
The liability recognised in the balance sheet in respect of defined benefit
pension plans is the present value of the defined benefit obligation at the
end of the year less the fair value of plan assets. If the value of a plan\u2019s assets
exceeds the present value of its obligations, the resulting surplus is only
recognised if the Group has an unconditional right to that surplus.
The defined benefit obligation is calculated by independent actuaries who
advise on the selection of Directors\u2019 best estimates of assumptions, using the
projected unit credit method. The present value of the defined benefit
obligation is determined by discounting the estimated future cash outflows
using interest rates of high-quality corporate bonds, and that have terms to
maturity approximating to the terms of the related pension obligation. The
increase in liabilities of the Group\u2019s defined benefit pension schemes,
expected to arise from employee service in the year, is charged against
operating profit.
Changes in benefits granted by the employer are recognised immediately as
a past service cost in the income statement.
Actuarial gains and losses arising from experience adjustments and changes
in actuarial assumptions are charged or credited to equity in the statement
of comprehensive income in the period in which they arise.
Defined contribution scheme
Costs of the defined contribution pension scheme are charged to the income
statement in the year in which they arise. The Group has no further payment
obligations once the contributions have been paid.
ii) Share-based payment
The Group operates a number of equity-settled, share-based payment
plans for employees. The fair value of the employee services required in
exchange for the grant is recognised as an expense over the vesting period
of the grant.
Fair values are calculated using an appropriate pricing model. Non-market-
based vesting conditions are considered in the assumptions as to the
number of shares which are expected to vest.
(t) Fair values
The fair value of interest rate, inflation and cross currency swaps is based on
the market price to transfer the asset or liability at the balance sheet date in
an ordinary transaction between market participants. The fair values of
short-term deposits, loans and overdrafts with a maturity of less than one
year are assumed to approximate to their book values. In the case of non-
current bank loans and other loans, the fair value of financial liabilities for
disclosure purposes is estimated by discounting the future contractual cash
flows at the current market interest rate available to the Group for similar
financial instruments.
(u) Transfers of assets from customers
Where an item of property, plant and equipment that must be used to
connect customers to the network is received from a customer, or where
cash is received from a customer for the acquisition or construction of such
an item, that asset is recorded and measured on initial recognition at its fair
value. The credit created by the recognition of the asset is recognised as a
contract liability on the balance sheet. The contract liability reduces, and
revenue is recognised in the income statement, as performance obligations
are satisfied. The period over which the credit is recognised depends upon
the nature of the service provided, as determined by the agreement with the
customer. Where the service provided is solely a connection to the network,
the credit is recognised at the point of connection. If the agreement does not
specify a period, revenue is recognised over a period no longer than the
economic life of the transferred asset used to provide the ongoing service.
The fair value of assets on transfer from customers is determined using a
cost valuation approach allowing for depreciation.
(v) Foreign exchange
Transactions denominated in foreign currencies are translated at the
exchange rate at the date of the transaction. Monetary assets and liabilities
denominated in a foreign currency are translated at the closing balance
sheet rate. The resulting gain or loss is recognised in the income statement.
(w) Non-underlying items
Non-underlying items are those that in the Directors\u2019 view should be
separately disclosed by virtue of their size, nature or incidence to enable a
full understanding of the Group\u2019s financial performance.
(x) Grants and contributions
Grants and contributions receivable in respect of property, plant and
equipment which provide the customer with ongoing access to the water and
sewerage networks are treated as contract liabilities and released to revenue
over the economic life of those elements of property, plant and equipment.
Grants and contributions receivable in respect of expenses charged against
profits in the year have been included in the income statement.
Government grants are recognised where there is reasonable certainty that
the grant will be received, and all attached conditions will be complied with.
When the grant relates to an expense item, it is recognised on a systematic
basis over the periods that the related costs, for which it is intended to
compensate, are expensed. The income from such grants is presented in the
financial statements as a deduction from the expense to which it relates.
(y) Variable consideration
Variable consideration in connection with the purchase of individual assets
outside of business combinations is recognised as a financial liability at fair
value when the amount of consideration payable is contingent upon future
events that are not within the direct control of the group. Initial recognition of
the financial liability is at fair value. Where the variability of the consideration
is directly linked to the quality or output of the asset received then any
changes in the consideration is recognised by adjusting the carrying amount
of the related asset.
(z) Acquisitions of groups of assets that do not constitute
a business
The identifiable assets and liabilities in acquisitions of groups of assets that
do not constitute a business, are initially measured at amounts specified in
the relevant accounting standards, or determined based on an allocation of
the cost. Details of acquisitions in the prior year meeting this definition can
be found in note 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-440": { "value": "(a) Basis of preparation The financial statements for the Group have been prepared on the historical cost accounting basis (except for fair value items, principally acquisitions, transfers of assets from customers and certain financial instruments as described in accounting policy notes (b), (u) and (n) respectively) and in accordance with UK-adopted international accounting standards. The parent company financial statements have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006. The Company meets the definition of a qualifying entity as defined in FRS 100 \u2018Application of Financial Reporting Requirements\u2019, accordingly the Company has elected to apply FRS 101 \u2018Reduced Disclosure Framework\u2019. Therefore, the recognition and measurement requirements of United Kingdom adopted International Financial Reporting Standards have been applied, with amendments where necessary in order to comply with Companies Act 2006 and The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410) as the parent company financial statements are Companies Act 2006 accounts. The following exemptions from the requirements of IFRS have been applied in the preparation of these financial statements, in accordance with FRS 101: \u2022 Paragraphs 45(b) and 46 to 52 of IFRS 2, \u2018Share-based payment\u2019 (details of the number and weighted average exercise prices of share options, and how the fair value of goods or services received was determined). \u2022 IFRS 7, \u2018Financial instruments: Disclosures\u2019. \u2022 Paragraphs 91 to 99 of IFRS 13, \u2018Fair value measurement\u2019 (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities). \u2022 Paragraph 38 of IAS 1, 'Presentation of financial statements' \u2013 comparative information requirements in respect of: \u2022 Paragraph 79(a)(iv) of IAS 1, \u2022 Paragraph 73(e) of IAS 16, 'Property, plant and equipment', and \u2022 Paragraph 118(e) of IAS 38, 'Intangible assets' (reconciliations between the carrying amount at the beginning and end of the period). \u2022 The following paragraphs of IAS 1, \u2018Presentation of financial statements\u2019: \u2022 10(d) (statement of cash flows), \u2022 16 (statement of compliance with all IFRS), \u2022 38A (requirement for minimum of two primary statements, including cash flow statements), \u2022 38B-D (additional comparative information), \u2022 111 (statement of cash flows information), and \u2022 134-136 (capital management disclosures). \u2022 IAS 7, \u2018Statement of cash flows\u2019. \u2022 The requirements of paragraphs 88C and 88D of IAS 12 Income Taxes. \u2022 Paragraphs 30 and 31 of IAS 8, \u2018Accounting policies, changes in accounting estimates and errors\u2019 (requirement for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet effective). \u2022 Paragraph 17 of IAS 24, \u2018Related party disclosures\u2019 (key management compensation). \u2022 The requirements in IAS 24, \u2018Related party disclosures\u2019, to disclose related party transactions entered into between two or more members of a group. The Company has taken advantage of section 408 of the Companies Act 2006 not to present the parent company profit and loss account. The loss for the year is disclosed in the Company statement of changes in equity and the Company balance sheet. The Group and parent company financial statements are presented in pounds sterling and all values rounded to the nearest one-hundred thousand pounds, except when otherwise indicated. Restatements In the prior year \u2018Cash and cash deposits\u2019 consisted of \u2018Cash and cash equivalents\u2019 and \u2018Restricted funds\u2019. As restricted funds do not form part of cash and cash equivalents has been re-presented in the 2024 balance sheet. Cash and cash equivalents totalled \u00a3134.0 million and Restricted funds \u00a337.4 million at 31 March 2024. An adjustment has also been reflected in the cash flow statement, the opening and closing values of cash and cash equivalents in the prior year have been restated to \u00a3132.3 million and \u00a3134.0 million respectively from \u00a3143.7 million and \u00a3145.4 million. In the prior year \u2018Financial liabilities at fair value through profit\u2019 (FVTP) included a \u00a32.5m current liability and \u00a331.8m non-current liability. These items relate to an unamortised hedging adjustment following a decision to de-designate a hedging relationship on a bond in a prior period. The unamortised hedging adjustment has been reclassified to be shown as part of borrowings to align with the debt for which the hedge was entered into. In the prior year purchases of water from wholesalers by SESWS were presented as raw materials in operating costs, to align with the existing group presentation this has been reclassified to other operating expenses, the total being \u00a314.4m. In the prior year movements on cash flow hedges were presented net in the statement of comprehensive income, the presentation has been amended to show the gross values in relation to the loss on cash flow hedging (2024: \u00a334.7 million) and hedging gains recycled to profit or loss (2024: \u00a318.3 million). Adjustments to the prior period have been made in relation to the acquisition of SES as detailed in note 43. A summary of the principal accounting policies is set out below, together with an explanation where changes have been made to previous policies on the adoption of new accounting standards and interpretations in the year. Going concern The going concern basis has been adopted in preparing these financial statements. At 31 March 2025 the Group has access to undrawn committed funds and cash and cash equivalents totalling \u00a3977.9 million, including cash and other short-term deposits of \u00a3417.9 million and \u00a3560.0 million of undrawn facilities. Cash and cash equivalents excludes \u00a358.2 million of restricted funds deposited with financial institutions which are available for access, subject to being replaced by an equivalent valued security. The Group has an expected headroom of \u00a3379.6 million at 30 September 2026. In making their assessment, the Directors reviewed the principal risks and considered which risks might threaten the Group\u2019s going concern status, to do this the Group\u2019s business plan has been stress-tested. Whilst the Group\u2019s risk management processes seek to mitigate the impact of principal risks as set out on pages 70 to 79, individual sensitivities against these risks have been identified. These sensitivities, which are ascribed a value with reference to risk weighting, factoring in the likelihood of occurrence and financial impact, were applied to the baseline financial forecast which uses the Group\u2019s annual budget for FY 2025/26, and longer-term strategic business plan for the remainder of the going concern period to 30 September 2026. The risks and sensitivities include consideration of: legislative impacts such as change in government policy and non-compliance with laws and regulations, macro- economic impacts such as inflation and interest rate increases and operational impacts such as ensuring adequate water resources and failure of operational assets. A combined stress testing scenario has been performed to assess the overall impact of these individual scenarios impacting the Group collectively. The combined weighted impact of the risks occurring is a cash outflow of c.\u00a3108.5 million; this value is considered equivalent to an extreme one-off event that could occur by 30 September 2026, the probability of such an event happening is deemed unlikely. Through this testing, it has been determined that none of the individual principal risks would in isolation, or in aggregate, compromise the going concern of the Group over the going concern period, the assessment has been considered by reviewing the impact on the solvency position as well as debt and interest covenants. In the combined scenario to ensure that the Group was able to continue as a going concern, additional mitigations could be deployed to reduce gearing and increase covenant headroom. In the combined stress test scenario, the group has sufficient liquidity and covenant headroom which reflects that no mitigations would be needed by the Group. However, if required additional mitigations could be deployed to reduce gearing and increase covenant headroom. Examples of mitigations could include: reduction in discretionary operational expenditure, deferral of capital expenditure and/or cancellation of non-essential capital expenditure, reduction in the amount of dividend payable, and raising additional funding. We have considered the Group\u2019s funding position and financial projections which take into account a range of possible impacts, including the refinancing required within and immediately after the going concern assessment period. Having considered these factors, the Directors have a reasonable expectation that that the Group will meet the requirements of its covenants and has adequate resources to continue in operational existence for the period to at least the end of the going concern assessment period of 30 September 2026, and that there are no material uncertainties to disclose. For this reason, they continue to adopt the going concern basis in preparing the financial statements . In preparing the financial statements, management has considered the impact of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate-related Financial Disclosure. The expected environmental impact of climate change on the water business has been modelled noting that the physical risks are increasing. It is likely that the Group will need to invest to protect certain assets such as sewage works and pumping stations against sea level inundation and these considerations form part of the planning process for new capital expenditure. Longer term investment, outlined in the strategic plans, will be needed to manage future risks. To achieve this, combined regulatory and government support within their policy frameworks will be essential. Whilst it is estimated additional spend will be required to manage future risks, the current available information and assessment did not identify any risks regarding the sufficiency of funds available to the Group to support this additional spend or any risk that would require the useful economic lives of assets to be reduced in the year or identify the need for impairment that would impact the carrying values of such assets or have any other impact on the financial statements. The impact assessments will be continuously updated to reflect the latest available information on the impact of climate change. New standards or interpretations which were mandatory for the first time in the year beginning 1 April 2024 did not have a material impact on the net assets or results of the Group and the parent company. Existing borrowing covenants were not impacted by changes in accounting standards. New standards or interpretations due to be adopted from 1 April 2025 are not expected to have a material impact on the Group\u2019s and the parent company\u2019s net assets or results.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-492": { "value": "The financial statements for the Group have been prepared on the historical cost accounting basis (except for fair value items, principally acquisitions, transfers of assets from customers and certain financial instruments as described in accounting policy notes (b), (u) and (n) respectively) and in accordance with UK-adopted international accounting standards. The parent company financial statements have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006. The Company meets the definition of a qualifying entity as defined in FRS 100 \u2018Application of Financial Reporting Requirements\u2019, accordingly the Company has elected to apply FRS 101 \u2018Reduced Disclosure Framework\u2019. Therefore, the recognition and measurement requirements of United Kingdom adopted International Financial Reporting Standards have been applied, with amendments where necessary in order to comply with Companies Act 2006 and The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410) as the parent company financial statements are Companies Act 2006 accounts. The following exemptions from the requirements of IFRS have been applied in the preparation of these financial statements, in accordance with FRS 101: \u2022 Paragraphs 45(b) and 46 to 52 of IFRS 2, \u2018Share-based payment\u2019 (details of the number and weighted average exercise prices of share options, and how the fair value of goods or services received was determined). \u2022 IFRS 7, \u2018Financial instruments: Disclosures\u2019. \u2022 Paragraphs 91 to 99 of IFRS 13, \u2018Fair value measurement\u2019 (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities). \u2022 Paragraph 38 of IAS 1, 'Presentation of financial statements' \u2013 comparative information requirements in respect of: \u2022 Paragraph 79(a)(iv) of IAS 1, \u2022 Paragraph 73(e) of IAS 16, 'Property, plant and equipment', and \u2022 Paragraph 118(e) of IAS 38, 'Intangible assets' (reconciliations between the carrying amount at the beginning and end of the period). \u2022 The following paragraphs of IAS 1, \u2018Presentation of financial statements\u2019: \u2022 10(d) (statement of cash flows), \u2022 16 (statement of compliance with all IFRS), \u2022 38A (requirement for minimum of two primary statements, including cash flow statements), \u2022 38B-D (additional comparative information), \u2022 111 (statement of cash flows information), and \u2022 134-136 (capital management disclosures). \u2022 IAS 7, \u2018Statement of cash flows\u2019. \u2022 The requirements of paragraphs 88C and 88D of IAS 12 Income Taxes. \u2022 Paragraphs 30 and 31 of IAS 8, \u2018Accounting policies, changes in accounting estimates and errors\u2019 (requirement for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet effective). \u2022 Paragraph 17 of IAS 24, \u2018Related party disclosures\u2019 (key management compensation). \u2022 The requirements in IAS 24, \u2018Related party disclosures\u2019, to disclose related party transactions entered into between two or more members of a group. The Company has taken advantage of section 408 of the Companies Act 2006 not to present the parent company profit and loss account. The loss for the year is disclosed in the Company statement of changes in equity and the Company balance sheet. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-493": { "value": "Going concern The going concern basis has been adopted in preparing these financial statements. At 31 March 2025 the Group has access to undrawn committed funds and cash and cash equivalents totalling \u00a3977.9 million, including cash and other short-term deposits of \u00a3417.9 million and \u00a3560.0 million of undrawn facilities. Cash and cash equivalents excludes \u00a358.2 million of restricted funds deposited with financial institutions which are available for access, subject to being replaced by an equivalent valued security. The Group has an expected headroom of \u00a3379.6 million at 30 September 2026. In making their assessment, the Directors reviewed the principal risks and considered which risks might threaten the Group\u2019s going concern status, to do this the Group\u2019s business plan has been stress-tested. Whilst the Group\u2019s risk management processes seek to mitigate the impact of principal risks as set out on pages 70 to 79, individual sensitivities against these risks have been identified. These sensitivities, which are ascribed a value with reference to risk weighting, factoring in the likelihood of occurrence and financial impact, were applied to the baseline financial forecast which uses the Group\u2019s annual budget for FY 2025/26, and longer-term strategic business plan for the remainder of the going concern period to 30 September 2026. The risks and sensitivities include consideration of: legislative impacts such as change in government policy and non-compliance with laws and regulations, macro- economic impacts such as inflation and interest rate increases and operational impacts such as ensuring adequate water resources and failure of operational assets. A combined stress testing scenario has been performed to assess the overall impact of these individual scenarios impacting the Group collectively. The combined weighted impact of the risks occurring is a cash outflow of c.\u00a3108.5 million; this value is considered equivalent to an extreme one-off event that could occur by 30 September 2026, the probability of such an event happening is deemed unlikely. Through this testing, it has been determined that none of the individual principal risks would in isolation, or in aggregate, compromise the going concern of the Group over the going concern period, the assessment has been considered by reviewing the impact on the solvency position as well as debt and interest covenants. In the combined scenario to ensure that the Group was able to continue as a going concern, additional mitigations could be deployed to reduce gearing and increase covenant headroom. In the combined stress test scenario, the group has sufficient liquidity and covenant headroom which reflects that no mitigations would be needed by the Group. However, if required additional mitigations could be deployed to reduce gearing and increase covenant headroom. Examples of mitigations could include: reduction in discretionary operational expenditure, deferral of capital expenditure and/or cancellation of non-essential capital expenditure, reduction in the amount of dividend payable, and raising additional funding. We have considered the Group\u2019s funding position and financial projections which take into account a range of possible impacts, including the refinancing required within and immediately after the going concern assessment period. Having considered these factors, the Directors have a reasonable expectation that that the Group will meet the requirements of its covenants and has adequate resources to continue in operational existence for the period to at least the end of the going concern assessment period of 30 September 2026, and that there are no material uncertainties to disclose. For this reason, they continue to adopt the going concern basis in preparing the financial statements ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-543": { "value": "New standards or interpretations which were mandatory for the first time in the year beginning 1 April 2024 did not have a material impact on the net assets or results of the Group and the parent company. Existing borrowing covenants were not impacted by changes in accounting standards. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-494": { "value": "New standards or interpretations which were mandatory for the first time in the year beginning 1 April 2024 did not have a material impact on the net assets or results of the Group and the parent company. Existing borrowing covenants were not impacted by changes in accounting standards. New standards or interpretations due to be adopted from 1 April 2025 are not expected to have a material impact on the Group\u2019s and the parent company\u2019s net assets or results.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-544": { "value": "New standards or interpretations due to be adopted from 1 April 2025 are not expected to have a material impact on the Group\u2019s and the parent company\u2019s net assets or results.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-545": { "value": "(b) Basis of consolidation The Group financial statements include the results of Pennon Group plc and its subsidiaries and joint ventures. The results of subsidiaries and joint ventures are included from the date of acquisition or incorporation and excluded from the date of disposal. The results of subsidiaries are consolidated where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The results of joint ventures are accounted for on an equity basis. Intra-group trading, loan balances and transactions are eliminated on consolidation. The acquisition method of accounting is used to account for the purchase of subsidiaries. The excess of the value transferred to the seller in return for control of the acquired business, together with the fair value of any previously held equity interest in that business over the Group\u2019s share of the fair value of the identifiable net assets, is recorded as goodwill. (e) Goodwill Goodwill arising on consolidation from the acquisition of subsidiary undertakings represents the excess of the purchase consideration over the fair value of net assets acquired, less any subsequent impairment charges. Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement and is not subsequently reversed. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash generating units (CGUs) or group of CGUs, that is expected to benefit from the synergies of the combination. Each unit or group of units to which goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal reporting purposes. Goodwill is allocated and monitored at the reportable operating segment level. Further details are contained in accounting policy (i). When a subsidiary undertaking is sold, the profit or loss on disposal is determined after including the attributable amount of goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-495": { "value": "(b) Basis of consolidation The Group financial statements include the results of Pennon Group plc and its subsidiaries and joint ventures. The results of subsidiaries and joint ventures are included from the date of acquisition or incorporation and excluded from the date of disposal. The results of subsidiaries are consolidated where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The results of joint ventures are accounted for on an equity basis. Intra-group trading, loan balances and transactions are eliminated on consolidation. The acquisition method of accounting is used to account for the purchase of subsidiaries. The excess of the value transferred to the seller in return for control of the acquired business, together with the fair value of any previously held equity interest in that business over the Group\u2019s share of the fair value of the identifiable net assets, is recorded as goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-441": { "value": "(b) Basis of consolidation The Group financial statements include the results of Pennon Group plc and its subsidiaries and joint ventures. The results of subsidiaries and joint ventures are included from the date of acquisition or incorporation and excluded from the date of disposal. The results of subsidiaries are consolidated where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The results of joint ventures are accounted for on an equity basis. Intra-group trading, loan balances and transactions are eliminated on consolidation. The acquisition method of accounting is used to account for the purchase of subsidiaries. The excess of the value transferred to the seller in return for control of the acquired business, together with the fair value of any previously held equity interest in that business over the Group\u2019s share of the fair value of the identifiable net assets, is recorded as goodwill. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-442": { "value": "(c) Revenue recognition Group revenue is recognised following delivery of performance obligations and an assessment of when control over the product or service is transferred to the customer. Revenue is only recognised when collection of consideration is highly probable. Revenue is recognised either when the performance obligation in the contract has been performed (point in time recognition) or \u2018over time\u2019 as the performance obligations to the customer are satisfied. For each obligation satisfied over time, the Group applies a revenue recognition method that accurately reflects performance in transferring control of the services to the customer. Where a contract with a customer includes more than one performance obligation, revenue is allocated to each obligation in proportion to a fair value assessment of the total contract sales value split across the services provided. At the inception of a contract the total transaction price is estimated, being the fair value to which the Group expects to be entitled under the contract, including any variable consideration. Variable consideration is based on the most likely outcome of the performance obligations. Revenue excludes value added tax, trade discounts and revenue arising from transactions between Group companies. Water (domestic and non-household retail) For most of the services provided to domestic customers, contract terms are implied through statute and regulation in the absence of formal, written contracts. South West Water and SES Water have a duty under legislation to provide domestic customers with services regardless of payment and are not permitted to disconnect domestic customers for non-payment of bills. Charges are set via the periodic review price-setting process, regulated by Ofwat. In respect of ongoing, continuous services to customers, such as the provision of drinking water and wastewater services, revenue is recognised over time. Customers with an unmeasured supply are billed at the start of the year for the full amount of the annual charge but typically take advantage of a choice of payment arrangements to pay by regular instalments. The performance obligation has been assessed as standing ready to provide water and sewerage services when required by our customers, and accordingly revenue is recognised under IFRS 15 as the stand-ready obligation is fulfilled over time. Customers with a metered supply are sent up to four bills per year, based either on actual meter readings or estimated usage. For these customers, revenue includes an estimation of the amount of unbilled usage at the period end. Payment options for domestic customers include an annual meter payment plan where customers agree to pay a fixed amount per month which is adjusted to reflect actual consumption at the end of the year. Revenue is recognised as water is supplied, based on estimate usage for unbilled elements. A range of regulated services is offered to property developers and owners who require connection to the water and sewerage networks or need the networks to be extended or altered. Typically, these customers pay an estimate of the charges in advance as a deposit, which is treated as a contract liability and are billed or refunded the difference between the estimate and actual costs on completion of the work. The principle components of these contributions are as follows: i) Where the performance obligation relates solely to a connection to the network, revenue is recognised at the point of connection when the customer is deemed to obtain control. ii) Where assets are constructed or provided by the Group or assets transferred to the Group, it is considered that there is an explicit or implied performance obligation to provide an ongoing water and/or wastewater service, with the result that revenue is recognised over a time no longer than the economic life of assets provided by or transferred to the Group. Pennon Water Services provides specialist retail water and wastewater services to business customers. It raises bills and recognises revenue in accordance with its contracts with customers and in line with the limits established for the non-household periodic price-setting process where applicable. Contract assets and liabilities A trade receivable is recognised when the Group has an unconditional right to receive consideration in exchange for performance obligations already fulfilled. A contract asset is recognised when the Group has fulfilled some of its performance obligations but has not yet obtained an unconditional right to receive consideration. The amounts for contract assets, when applicable, are disclosed within note 19 (Other non-current assets) and note 22 (Trade and other receivables) as appropriate. A contract liability is recognised when consideration is received in advance of the Group performing its performance obligations to customers, including, when appropriate, transfers of assets from customers (per paragraph (u) below). The value of contract liabilities is disclosed within note 26 (Trade and other payables) and note 29 (Other non-current liabilities) as appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-443": { "value": "(d) Segmental reporting Each of the Group\u2019s business segments provides services which are subject to risks and returns which are different from those of the other business segments. The Group\u2019s internal organisation and management structure and its system of internal financial reporting are based primarily on business segments. The Group is organised into two operating segments. The water segment comprises the regulated water and wastewater services undertaken by South West Water and the regulated water services undertaken by SES Water. The non-household retail business reflects the services provided by Pennon Water Services and SESWS. Other components, including Pennon Group plc, are not reportable segments as they are not reported to Chief Decision makers. Segmental revenue and results include transactions between businesses. Inter-segmental transactions are eliminated on consolidation", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-496": { "value": "(e) Goodwill Goodwill arising on consolidation from the acquisition of subsidiary undertakings represents the excess of the purchase consideration over the fair value of net assets acquired, less any subsequent impairment charges. Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement and is not subsequently reversed. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash generating units (CGUs) or group of CGUs, that is expected to benefit from the synergies of the combination. Each unit or group of units to which goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal reporting purposes. Goodwill is allocated and monitored at the reportable operating segment level. Further details are contained in accounting policy (i). When a subsidiary undertaking is sold, the profit or loss on disposal is determined after including the attributable amount of goodwill. (f) Other intangible assets Other intangible assets include assets acquired in business combination and are capitalised at fair value at the date of acquisition. Following initial recognition, finite life intangible assets are amortised on a straight-line basis over their estimated useful lives, with the expense charged to the income statement through operating costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-444": { "value": "(e) Goodwill Goodwill arising on consolidation from the acquisition of subsidiary undertakings represents the excess of the purchase consideration over the fair value of net assets acquired, less any subsequent impairment charges. Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement and is not subsequently reversed. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash generating units (CGUs) or group of CGUs, that is expected to benefit from the synergies of the combination. Each unit or group of units to which goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal reporting purposes. Goodwill is allocated and monitored at the reportable operating segment level. Further details are contained in accounting policy (i). When a subsidiary undertaking is sold, the profit or loss on disposal is determined after including the attributable amount of goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-445": { "value": "(f) Other intangible assets Other intangible assets include assets acquired in business combination and are capitalised at fair value at the date of acquisition. Following initial recognition, finite life intangible assets are amortised on a straight-line basis over their estimated useful lives, with the expense charged to the income statement through operating costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-446": { "value": "(g) Property, plant and equipment i) Infrastructure assets (being water mains and sewers, impounding and pumped raw water storage reservoirs, dams, pipelines and sea outfalls) Infrastructure assets were included at fair value on transition to IFRS, and subsequent additions are recorded at cost less accumulated depreciation and impairment charges. Expenditure to increase capacity or enhance infrastructure assets is capitalised where it can be reliably measured, and it is probable that incremental future economic benefits will flow to the Group. The cost of day-to-day servicing of infrastructure components is recognised in the income statement as it arises. Infrastructure assets are depreciated evenly over their useful economic lives, and are principally:
Dams and impounding reservoirs
100 to 200 years
Water mains
60 to 180 years
Sewers
75 to 150 years
Assets in the course of construction are not depreciated until commissioned. ii) Other assets (being property, overground plant and equipment) Other assets are included at cost less accumulated depreciation. Freehold land is not depreciated. Other assets are depreciated evenly to their residual value over their estimated economic lives, and are principally:
Land and buildings \u2013 freehold 10 to 80 years
buildings
Land and buildings \u2013 leasehold Over the estimated economic lives or the
buildings
lease period, whichever is the
shorter
Operational properties
15 to 100 years
Fixed and moveable equipment
4 to 30 years
Assets in the course of construction are not depreciated until commissioned. The cost of assets includes directly attributable labour and overhead costs which are incremental to the Group. Borrowing costs directly attributable to the construction of a qualifying asset (an asset necessarily taking a substantial period of time to be prepared for its intended use) are capitalised as part of the asset. Assets transferred from customers are recognised at fair value as set out in accounting policy (u). The assets\u2019 residual values and useful lives are reviewed annually. Gains and losses on disposal are determined by comparing sale proceeds with carrying amounts. These are included in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-497": { "value": "(g) Property, plant and equipment i) Infrastructure assets (being water mains and sewers, impounding and pumped raw water storage reservoirs, dams, pipelines and sea outfalls) Infrastructure assets were included at fair value on transition to IFRS, and subsequent additions are recorded at cost less accumulated depreciation and impairment charges. Expenditure to increase capacity or enhance infrastructure assets is capitalised where it can be reliably measured, and it is probable that incremental future economic benefits will flow to the Group. The cost of day-to-day servicing of infrastructure components is recognised in the income statement as it arises. Infrastructure assets are depreciated evenly over their useful economic lives, and are principally:
Dams and impounding reservoirs
100 to 200 years
Water mains
60 to 180 years
Sewers
75 to 150 years
Assets in the course of construction are not depreciated until commissioned. ii) Other assets (being property, overground plant and equipment) Other assets are included at cost less accumulated depreciation. Freehold land is not depreciated. Other assets are depreciated evenly to their residual value over their estimated economic lives, and are principally:
Land and buildings \u2013 freehold 10 to 80 years
buildings
Land and buildings \u2013 leasehold Over the estimated economic lives or the
buildings
lease period, whichever is the
shorter
Operational properties
15 to 100 years
Fixed and moveable equipment
4 to 30 years
Assets in the course of construction are not depreciated until commissioned. The cost of assets includes directly attributable labour and overhead costs which are incremental to the Group. Borrowing costs directly attributable to the construction of a qualifying asset (an asset necessarily taking a substantial period of time to be prepared for its intended use) are capitalised as part of the asset. Assets transferred from customers are recognised at fair value as set out in accounting policy (u). The assets\u2019 residual values and useful lives are reviewed annually. Gains and losses on disposal are determined by comparing sale proceeds with carrying amounts. These are included in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-546": { "value": "(g) Property, plant and equipment i) Infrastructure assets (being water mains and sewers, impounding and pumped raw water storage reservoirs, dams, pipelines and sea outfalls) Infrastructure assets were included at fair value on transition to IFRS, and subsequent additions are recorded at cost less accumulated depreciation and impairment charges. Expenditure to increase capacity or enhance infrastructure assets is capitalised where it can be reliably measured, and it is probable that incremental future economic benefits will flow to the Group. The cost of day-to-day servicing of infrastructure components is recognised in the income statement as it arises. Infrastructure assets are depreciated evenly over their useful economic lives, and are principally:
Dams and impounding reservoirs
100 to 200 years
Water mains
60 to 180 years
Sewers
75 to 150 years
Assets in the course of construction are not depreciated until commissioned. ii) Other assets (being property, overground plant and equipment) Other assets are included at cost less accumulated depreciation. Freehold land is not depreciated. Other assets are depreciated evenly to their residual value over their estimated economic lives, and are principally:
Land and buildings \u2013 freehold 10 to 80 years
buildings
Land and buildings \u2013 leasehold Over the estimated economic lives or the
buildings
lease period, whichever is the
shorter
Operational properties
15 to 100 years
Fixed and moveable equipment
4 to 30 years
Assets in the course of construction are not depreciated until commissioned. The cost of assets includes directly attributable labour and overhead costs which are incremental to the Group. Borrowing costs directly attributable to the construction of a qualifying asset (an asset necessarily taking a substantial period of time to be prepared for its intended use) are capitalised as part of the asset. Assets transferred from customers are recognised at fair value as set out in accounting policy (u). The assets\u2019 residual values and useful lives are reviewed annually. Gains and losses on disposal are determined by comparing sale proceeds with carrying amounts. These are included in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-447": { "value": "(h) Leased assets All are accounted for by recognising a right-of-use asset and a lease liability except for: \u2022 Low value assets; and \u2022 Leases with a duration of 12 months or less. Contracts are initially measured at the present value of contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless this is not readily determinable, in which case the Group\u2019s incremental borrowing rate on commencement of the lease is used. After initial measurement, lease payments are allocated between the liability and finance cost. The finance cost is charged to profit and loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The interest element of cash payments in respect of these leases is included within interest payments in determining net cash generated from operating activities. The capital element of the cash payment is included within cash flows from financing activities. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or the remaining economic life of the asset if shorter. Assets are included within property, plant and equipment as right-of-use assets at the present value of the minimum lease payments and are depreciated over their estimated economic lives or the finance lease period, whichever is the shorter. The Group uses sale and leaseback transactions to finance its capital programme. A sale and leaseback transaction is where the Group sells an asset and immediately reacquires the use of the asset by entering into a lease with the buyer. Each transaction is assessed as to whether it meets the criteria within IFRS 15 \u2018Revenue from contracts with customers\u2019 for a sale to have occurred. If the sale criteria are met a lease liability is recognised, the associated property, plant and equipment asset is derecognised, and a right- of-use asset is recognised at the proportion of the carrying value relating to the right retained. Any gain or loss arising relates to the rights transferred to the buyer. If the criteria for a sale under IFRS 15 have not been met the asset is not derecognised and no sale is recorded. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-498": { "value": "(i) Impairment of non-financial assets Assets with an indefinite useful life are not subject to amortisation and are tested annually for impairment, or whenever events or changes in circumstance indicate that the carrying amount may not be recoverable. Assets subject to amortisation or depreciation are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which an asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value, less costs to sell, and value-in-use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Value-in-use represents the present value of projected future cash flows expected to be derived from a CGU, discounted using a pre-tax discount rate which reflects an assessment of the market cost of capital of the CGU. Impairments are charged to the income statement in the year in which they arise. Non-financial assets other than goodwill that have been impaired are reviewed for possible reversal of the impairment at each reporting date. Where a previously impaired asset or CGU\u2019s recoverable amount is in excess of its carrying amount, previous impairments are reversed to the carrying value that would have expected to be recognised had the original impairment not occurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-448": { "value": "(i) Impairment of non-financial assets Assets with an indefinite useful life are not subject to amortisation and are tested annually for impairment, or whenever events or changes in circumstance indicate that the carrying amount may not be recoverable. Assets subject to amortisation or depreciation are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which an asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value, less costs to sell, and value-in-use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Value-in-use represents the present value of projected future cash flows expected to be derived from a CGU, discounted using a pre-tax discount rate which reflects an assessment of the market cost of capital of the CGU. Impairments are charged to the income statement in the year in which they arise. Non-financial assets other than goodwill that have been impaired are reviewed for possible reversal of the impairment at each reporting date. Where a previously impaired asset or CGU\u2019s recoverable amount is in excess of its carrying amount, previous impairments are reversed to the carrying value that would have expected to be recognised had the original impairment not occurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-449": { "value": "
(j) Parent company: Investment in subsidiary undertakings
Investments in subsidiary undertakings are initially recorded at cost, being
the fair value of the consideration paid. Subsequently investments are
reviewed for impairment on an individual basis annually or if events or
changes in circumstances indicate that the carrying value may not be fully
recoverable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-499": { "value": "(j) Parent company: Investment in subsidiary undertakings Investments in subsidiary undertakings are initially recorded at cost, being the fair value of the consideration paid. Subsequently investments are reviewed for impairment on an individual basis annually or if events or changes in circumstances indicate that the carrying value may not be fully recoverable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-450": { "value": "
(k) Investment in associated companies
Associated companies are entities over which the Group exercises joint
control. Investments in associated companies are accounted for using the
equity method of accounting. Any excess of the cost of acquisition over
the Group\u2019s share of the fair values of the identifiable net assets of the
associated company at the date of acquisition is recognised as goodwill
and is included in the carrying value of the investment in the
associated company.
The carrying value of the Group\u2019s investment is adjusted for the Group\u2019s
share of post-acquisition profits or losses recognised in the income
statement and statement of comprehensive income. Losses of an associated
company in excess of the Group\u2019s interest are not recognised unless the
Group has a legal or constructive obligation to fund those losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-500": { "value": "(k) Investment in associated companies Associated companies are entities over which the Group exercises joint control. Investments in associated companies are accounted for using the equity method of accounting. Any excess of the cost of acquisition over the Group\u2019s share of the fair values of the identifiable net assets of the associated company at the date of acquisition is recognised as goodwill and is included in the carrying value of the investment in the associated company. The carrying value of the Group\u2019s investment is adjusted for the Group\u2019s share of post-acquisition profits or losses recognised in the income statement and statement of comprehensive income. Losses of an associated company in excess of the Group\u2019s interest are not recognised unless the Group has a legal or constructive obligation to fund those losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-451": { "value": "
(l) Inventories
Inventories are stated at the lower of cost and net realisable value. The cost
of finished goods and work in progress includes raw materials and the cost of
bringing stocks to their present location and condition. It excludes borrowing
costs. Net realisable value is the estimated selling price less cost to sell. The
costs of items of inventory are determined using weighted average costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-452": { "value": "
(m) Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and short-term deposits
held at banks. Bank overdrafts are offset against cash balances where
there is a legally enforceable right to offset and there is an intention to
settle the balances on a net basis. Otherwise, overdrafts are included within
current borrowings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-578": { "value": "( n) Financial instruments Financial instruments are recognised and measured in accordance with IFRS 9. The Group classifies its financial instruments in the following categories: i) Debt instruments at amortised cost All loans and borrowings are initially recognised at fair value, net of transaction costs incurred. Following initial recognition, interest-bearing loans and borrowings are subsequently stated at amortised cost using the effective interest method. Gains and losses are recognised in the income statement when instruments are derecognised or impaired. Premia, discounts and other costs and fees are recognised in the income statement through amortisation. Borrowings are classified as current liabilities unless the Group has a right to defer settlement of the liability for at least 12 months after the balance sheet date. ii) Trade receivables Trade receivables do not carry any interest receivable and are recognised initially at fair value and subsequently at amortised cost using the effective interest method, less provision for expected credit losses (ECLs). In accordance with IFRS 9, each Group entity performs an impairment analysis at each reporting date to measure the ECLs. Each entity does not track changes in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Each subsidiary has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the receivables and the economic environment . iii) Trade payables Trade payables are not interest-bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. iv) Derivative financial instruments and hedging activities The Group uses derivative financial instruments, principally interest rate swaps, cross-currency interest rate swaps and inflation swaps to hedge risks associated with interest rate and exchange rate fluctuations. Derivative instruments are initially recognised at fair value on the date the derivative contract is entered into and subsequently remeasured at fair value for the reported balance sheet. The Group designates certain hedging derivatives as either: \u2022 A hedge of a highly probable forecast transaction or change in the cash flows of a recognised asset or liability (a cash flow hedge); or \u2022 A hedge of the exposure to change in the fair value of a recognised asset or liability (a fair value hedge). The gain or loss on remeasurement is recognised in the income statement except for cash flow hedges which meet the conditions for hedge accounting, when the portion of the gain or loss on the hedging instrument which is determined to be an effective hedge is recognised directly in equity, and the ineffective portion in the income statement. The gains or losses deferred in equity in this way are subsequently recognised in the income statement in the same period in which the hedged underlying transaction or firm commitment is recognised in the income statement. In order to qualify for hedge accounting, the Group is required to document in advance the relationship between the item being hedged and the hedging instrument. The Group is also required to document and demonstrate an assessment of the relationship between the hedged item and the hedging instrument which shows that the hedge will be highly effective on an ongoing basis. This effectiveness testing is reperformed at the end of each reporting period to ensure that the hedge remains highly effective. The full fair value of a hedging derivative is apportioned on a straight-line basis between non-current and current assets and liabilities based on the remaining maturity of the hedging derivative. Derivative financial instruments deemed held for trading, which are not subject to hedge accounting, are classified as a current asset or liability with any change in fair value recognised immediately in the income statement. The Group uses cross-currency swaps for some of its foreign currency denominated private placement borrowings. The swaps either have the effect of (i) converting variable rate foreign currency borrowings into fixed rate sterling borrowings, (ii) converting fixed rate foreign currency borrowings into fixed rate sterling borrowings, or (iii) converting fixed rate foreign currency borrowings into floating rate sterling borrowings. v) Financial instruments at fair value through profit Financial instruments at fair value through profit reflect the fair value movement of the hedged risk on a hedged item through a fair value hedging relationship. The fair values of these financial instruments are initially recognised on the date the hedging relationship is entered into and thereafter remeasured at each subsequent balance sheet date. The gain or loss on remeasurement for the period is recognised in the income statement. vi) Receivables due from subsidiary undertakings Amounts owed by subsidiaries are classified and recorded at amortised cost and reduced by allowances for ECLs. Estimated future credit losses are first recorded on initial recognition of a receivable and are based on estimated probability of default. Individual balances are written off when management deems them not to be collectible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-569": { "value": "( n) Financial instruments Financial instruments are recognised and measured in accordance with IFRS 9. The Group classifies its financial instruments in the following categories: i) Debt instruments at amortised cost All loans and borrowings are initially recognised at fair value, net of transaction costs incurred. Following initial recognition, interest-bearing loans and borrowings are subsequently stated at amortised cost using the effective interest method. Gains and losses are recognised in the income statement when instruments are derecognised or impaired. Premia, discounts and other costs and fees are recognised in the income statement through amortisation. Borrowings are classified as current liabilities unless the Group has a right to defer settlement of the liability for at least 12 months after the balance sheet date. ii) Trade receivables Trade receivables do not carry any interest receivable and are recognised initially at fair value and subsequently at amortised cost using the effective interest method, less provision for expected credit losses (ECLs). In accordance with IFRS 9, each Group entity performs an impairment analysis at each reporting date to measure the ECLs. Each entity does not track changes in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Each subsidiary has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the receivables and the economic environment . iii) Trade payables Trade payables are not interest-bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. iv) Derivative financial instruments and hedging activities The Group uses derivative financial instruments, principally interest rate swaps, cross-currency interest rate swaps and inflation swaps to hedge risks associated with interest rate and exchange rate fluctuations. Derivative instruments are initially recognised at fair value on the date the derivative contract is entered into and subsequently remeasured at fair value for the reported balance sheet. The Group designates certain hedging derivatives as either: \u2022 A hedge of a highly probable forecast transaction or change in the cash flows of a recognised asset or liability (a cash flow hedge); or \u2022 A hedge of the exposure to change in the fair value of a recognised asset or liability (a fair value hedge). The gain or loss on remeasurement is recognised in the income statement except for cash flow hedges which meet the conditions for hedge accounting, when the portion of the gain or loss on the hedging instrument which is determined to be an effective hedge is recognised directly in equity, and the ineffective portion in the income statement. The gains or losses deferred in equity in this way are subsequently recognised in the income statement in the same period in which the hedged underlying transaction or firm commitment is recognised in the income statement. In order to qualify for hedge accounting, the Group is required to document in advance the relationship between the item being hedged and the hedging instrument. The Group is also required to document and demonstrate an assessment of the relationship between the hedged item and the hedging instrument which shows that the hedge will be highly effective on an ongoing basis. This effectiveness testing is reperformed at the end of each reporting period to ensure that the hedge remains highly effective. The full fair value of a hedging derivative is apportioned on a straight-line basis between non-current and current assets and liabilities based on the remaining maturity of the hedging derivative. Derivative financial instruments deemed held for trading, which are not subject to hedge accounting, are classified as a current asset or liability with any change in fair value recognised immediately in the income statement. The Group uses cross-currency swaps for some of its foreign currency denominated private placement borrowings. The swaps either have the effect of (i) converting variable rate foreign currency borrowings into fixed rate sterling borrowings, (ii) converting fixed rate foreign currency borrowings into fixed rate sterling borrowings, or (iii) converting fixed rate foreign currency borrowings into floating rate sterling borrowings. v) Financial instruments at fair value through profit Financial instruments at fair value through profit reflect the fair value movement of the hedged risk on a hedged item through a fair value hedging relationship. The fair values of these financial instruments are initially recognised on the date the hedging relationship is entered into and thereafter remeasured at each subsequent balance sheet date. The gain or loss on remeasurement for the period is recognised in the income statement. vi) Receivables due from subsidiary undertakings Amounts owed by subsidiaries are classified and recorded at amortised cost and reduced by allowances for ECLs. Estimated future credit losses are first recorded on initial recognition of a receivable and are based on estimated probability of default. Individual balances are written off when management deems them not to be collectible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-453": { "value": "( n) Financial instruments Financial instruments are recognised and measured in accordance with IFRS 9. The Group classifies its financial instruments in the following categories: i) Debt instruments at amortised cost All loans and borrowings are initially recognised at fair value, net of transaction costs incurred. Following initial recognition, interest-bearing loans and borrowings are subsequently stated at amortised cost using the effective interest method. Gains and losses are recognised in the income statement when instruments are derecognised or impaired. Premia, discounts and other costs and fees are recognised in the income statement through amortisation. Borrowings are classified as current liabilities unless the Group has a right to defer settlement of the liability for at least 12 months after the balance sheet date. ii) Trade receivables Trade receivables do not carry any interest receivable and are recognised initially at fair value and subsequently at amortised cost using the effective interest method, less provision for expected credit losses (ECLs). In accordance with IFRS 9, each Group entity performs an impairment analysis at each reporting date to measure the ECLs. Each entity does not track changes in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Each subsidiary has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the receivables and the economic environment . iii) Trade payables Trade payables are not interest-bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. iv) Derivative financial instruments and hedging activities The Group uses derivative financial instruments, principally interest rate swaps, cross-currency interest rate swaps and inflation swaps to hedge risks associated with interest rate and exchange rate fluctuations. Derivative instruments are initially recognised at fair value on the date the derivative contract is entered into and subsequently remeasured at fair value for the reported balance sheet. The Group designates certain hedging derivatives as either: \u2022 A hedge of a highly probable forecast transaction or change in the cash flows of a recognised asset or liability (a cash flow hedge); or \u2022 A hedge of the exposure to change in the fair value of a recognised asset or liability (a fair value hedge). The gain or loss on remeasurement is recognised in the income statement except for cash flow hedges which meet the conditions for hedge accounting, when the portion of the gain or loss on the hedging instrument which is determined to be an effective hedge is recognised directly in equity, and the ineffective portion in the income statement. The gains or losses deferred in equity in this way are subsequently recognised in the income statement in the same period in which the hedged underlying transaction or firm commitment is recognised in the income statement. In order to qualify for hedge accounting, the Group is required to document in advance the relationship between the item being hedged and the hedging instrument. The Group is also required to document and demonstrate an assessment of the relationship between the hedged item and the hedging instrument which shows that the hedge will be highly effective on an ongoing basis. This effectiveness testing is reperformed at the end of each reporting period to ensure that the hedge remains highly effective. The full fair value of a hedging derivative is apportioned on a straight-line basis between non-current and current assets and liabilities based on the remaining maturity of the hedging derivative. Derivative financial instruments deemed held for trading, which are not subject to hedge accounting, are classified as a current asset or liability with any change in fair value recognised immediately in the income statement. The Group uses cross-currency swaps for some of its foreign currency denominated private placement borrowings. The swaps either have the effect of (i) converting variable rate foreign currency borrowings into fixed rate sterling borrowings, (ii) converting fixed rate foreign currency borrowings into fixed rate sterling borrowings, or (iii) converting fixed rate foreign currency borrowings into floating rate sterling borrowings. v) Financial instruments at fair value through profit Financial instruments at fair value through profit reflect the fair value movement of the hedged risk on a hedged item through a fair value hedging relationship. The fair values of these financial instruments are initially recognised on the date the hedging relationship is entered into and thereafter remeasured at each subsequent balance sheet date. The gain or loss on remeasurement for the period is recognised in the income statement. vi) Receivables due from subsidiary undertakings Amounts owed by subsidiaries are classified and recorded at amortised cost and reduced by allowances for ECLs. Estimated future credit losses are first recorded on initial recognition of a receivable and are based on estimated probability of default. Individual balances are written off when management deems them not to be collectible. (t) Fair values The fair value of interest rate, inflation and cross currency swaps is based on the market price to transfer the asset or liability at the balance sheet date in an ordinary transaction between market participants. The fair values of short-term deposits, loans and overdrafts with a maturity of less than one year are assumed to approximate to their book values. In the case of non- current bank loans and other loans, the fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate available to the Group for similar financial instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-547": { "value": "n) Financial instruments Financial instruments are recognised and measured in accordance with IFRS 9. The Group classifies its financial instruments in the following categories: i) Debt instruments at amortised cost All loans and borrowings are initially recognised at fair value, net of transaction costs incurred. Following initial recognition, interest-bearing loans and borrowings are subsequently stated at amortised cost using the effective interest method. Gains and losses are recognised in the income statement when instruments are derecognised or impaired. Premia, discounts and other costs and fees are recognised in the income statement through amortisation. Borrowings are classified as current liabilities unless the Group has a right to defer settlement of the liability for at least 12 months after the balance sheet date. ii) Trade receivables Trade receivables do not carry any interest receivable and are recognised initially at fair value and subsequently at amortised cost using the effective interest method, less provision for expected credit losses (ECLs). In accordance with IFRS 9, each Group entity performs an impairment analysis at each reporting date to measure the ECLs. Each entity does not track changes in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Each subsidiary has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the receivables and the economic environment . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-501": { "value": "
i) Debt instruments at amortised cost
All loans and borrowings are initially recognised at fair value, net of
transaction costs incurred. Following initial recognition, interest-bearing
loans and borrowings are subsequently stated at amortised cost using the
effective interest method. Gains and losses are recognised in the income
statement when instruments are derecognised or impaired. Premia,
discounts and other costs and fees are recognised in the income statement
through amortisation.
Borrowings are classified as current liabilities unless the Group has a right
to defer settlement of the liability for at least 12 months after the balance
sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-502": { "value": "
ii) Trade receivables
Trade receivables do not carry any interest receivable and are recognised
initially at fair value and subsequently at amortised cost using the effective
interest method, less provision for expected credit losses (ECLs). In
accordance with IFRS 9, each Group entity performs an impairment analysis
at each reporting date to measure the ECLs. Each entity does not track
changes in credit risk but instead recognises a loss allowance based on
lifetime ECLs at each reporting date. Each subsidiary has established a
provision matrix that is based on its historical credit loss experience, adjusted
for forward-looking factors specific to the receivables and the
economic environment .
vi) Receivables due from subsidiary undertakings Amounts owed by subsidiaries are classified and recorded at amortised cost and reduced by allowances for ECLs. Estimated future credit losses are first recorded on initial recognition of a receivable and are based on estimated probability of default. Individual balances are written off when management deems them not to be collectible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-503": { "value": "iii) Trade payables Trade payables are not interest-bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-584": { "value": "iv) Derivative financial instruments and hedging activities The Group uses derivative financial instruments, principally interest rate swaps, cross-currency interest rate swaps and inflation swaps to hedge risks associated with interest rate and exchange rate fluctuations. Derivative instruments are initially recognised at fair value on the date the derivative contract is entered into and subsequently remeasured at fair value for the reported balance sheet. The Group designates certain hedging derivatives as either: \u2022 A hedge of a highly probable forecast transaction or change in the cash flows of a recognised asset or liability (a cash flow hedge); or \u2022 A hedge of the exposure to change in the fair value of a recognised asset or liability (a fair value hedge). The gain or loss on remeasurement is recognised in the income statement except for cash flow hedges which meet the conditions for hedge accounting, when the portion of the gain or loss on the hedging instrument which is determined to be an effective hedge is recognised directly in equity, and the ineffective portion in the income statement. The gains or losses deferred in equity in this way are subsequently recognised in the income statement in the same period in which the hedged underlying transaction or firm commitment is recognised in the income statement. In order to qualify for hedge accounting, the Group is required to document in advance the relationship between the item being hedged and the hedging instrument. The Group is also required to document and demonstrate an assessment of the relationship between the hedged item and the hedging instrument which shows that the hedge will be highly effective on an ongoing basis. This effectiveness testing is reperformed at the end of each reporting period to ensure that the hedge remains highly effective. The full fair value of a hedging derivative is apportioned on a straight-line basis between non-current and current assets and liabilities based on the remaining maturity of the hedging derivative. Derivative financial instruments deemed held for trading, which are not subject to hedge accounting, are classified as a current asset or liability with any change in fair value recognised immediately in the income statement. The Group uses cross-currency swaps for some of its foreign currency denominated private placement borrowings. The swaps either have the effect of (i) converting variable rate foreign currency borrowings into fixed rate sterling borrowings, (ii) converting fixed rate foreign currency borrowings into fixed rate sterling borrowings, or (iii) converting fixed rate foreign currency borrowings into floating rate sterling borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-548": { "value": "iv) Derivative financial instruments and hedging activities The Group uses derivative financial instruments, principally interest rate swaps, cross-currency interest rate swaps and inflation swaps to hedge risks associated with interest rate and exchange rate fluctuations. Derivative instruments are initially recognised at fair value on the date the derivative contract is entered into and subsequently remeasured at fair value for the reported balance sheet. The Group designates certain hedging derivatives as either: \u2022 A hedge of a highly probable forecast transaction or change in the cash flows of a recognised asset or liability (a cash flow hedge); or \u2022 A hedge of the exposure to change in the fair value of a recognised asset or liability (a fair value hedge). The gain or loss on remeasurement is recognised in the income statement except for cash flow hedges which meet the conditions for hedge accounting, when the portion of the gain or loss on the hedging instrument which is determined to be an effective hedge is recognised directly in equity, and the ineffective portion in the income statement. The gains or losses deferred in equity in this way are subsequently recognised in the income statement in the same period in which the hedged underlying transaction or firm commitment is recognised in the income statement. In order to qualify for hedge accounting, the Group is required to document in advance the relationship between the item being hedged and the hedging instrument. The Group is also required to document and demonstrate an assessment of the relationship between the hedged item and the hedging instrument which shows that the hedge will be highly effective on an ongoing basis. This effectiveness testing is reperformed at the end of each reporting period to ensure that the hedge remains highly effective. The full fair value of a hedging derivative is apportioned on a straight-line basis between non-current and current assets and liabilities based on the remaining maturity of the hedging derivative. Derivative financial instruments deemed held for trading, which are not subject to hedge accounting, are classified as a current asset or liability with any change in fair value recognised immediately in the income statement. The Group uses cross-currency swaps for some of its foreign currency denominated private placement borrowings. The swaps either have the effect of (i) converting variable rate foreign currency borrowings into fixed rate sterling borrowings, (ii) converting fixed rate foreign currency borrowings into fixed rate sterling borrowings, or (iii) converting fixed rate foreign currency borrowings into floating rate sterling borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-504": { "value": "iv) Derivative financial instruments and hedging activities The Group uses derivative financial instruments, principally interest rate swaps, cross-currency interest rate swaps and inflation swaps to hedge risks associated with interest rate and exchange rate fluctuations. Derivative instruments are initially recognised at fair value on the date the derivative contract is entered into and subsequently remeasured at fair value for the reported balance sheet. The Group designates certain hedging derivatives as either: \u2022 A hedge of a highly probable forecast transaction or change in the cash flows of a recognised asset or liability (a cash flow hedge); or \u2022 A hedge of the exposure to change in the fair value of a recognised asset or liability (a fair value hedge). The gain or loss on remeasurement is recognised in the income statement except for cash flow hedges which meet the conditions for hedge accounting, when the portion of the gain or loss on the hedging instrument which is determined to be an effective hedge is recognised directly in equity, and the ineffective portion in the income statement. The gains or losses deferred in equity in this way are subsequently recognised in the income statement in the same period in which the hedged underlying transaction or firm commitment is recognised in the income statement. In order to qualify for hedge accounting, the Group is required to document in advance the relationship between the item being hedged and the hedging instrument. The Group is also required to document and demonstrate an assessment of the relationship between the hedged item and the hedging instrument which shows that the hedge will be highly effective on an ongoing basis. This effectiveness testing is reperformed at the end of each reporting period to ensure that the hedge remains highly effective. The full fair value of a hedging derivative is apportioned on a straight-line basis between non-current and current assets and liabilities based on the remaining maturity of the hedging derivative. Derivative financial instruments deemed held for trading, which are not subject to hedge accounting, are classified as a current asset or liability with any change in fair value recognised immediately in the income statement. The Group uses cross-currency swaps for some of its foreign currency denominated private placement borrowings. The swaps either have the effect of (i) converting variable rate foreign currency borrowings into fixed rate sterling borrowings, (ii) converting fixed rate foreign currency borrowings into fixed rate sterling borrowings, or (iii) converting fixed rate foreign currency borrowings into floating rate sterling borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-549": { "value": "v) Financial instruments at fair value through profit Financial instruments at fair value through profit reflect the fair value movement of the hedged risk on a hedged item through a fair value hedging relationship. The fair values of these financial instruments are initially recognised on the date the hedging relationship is entered into and thereafter remeasured at each subsequent balance sheet date. The gain or loss on remeasurement for the period is recognised in the income statement. (t) Fair values The fair value of interest rate, inflation and cross currency swaps is based on the market price to transfer the asset or liability at the balance sheet date in an ordinary transaction between market participants. The fair values of short-term deposits, loans and overdrafts with a maturity of less than one year are assumed to approximate to their book values. In the case of non- current bank loans and other loans, the fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate available to the Group for similar financial instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-505": { "value": "v) Financial instruments at fair value through profit Financial instruments at fair value through profit reflect the fair value movement of the hedged risk on a hedged item through a fair value hedging relationship. The fair values of these financial instruments are initially recognised on the date the hedging relationship is entered into and thereafter remeasured at each subsequent balance sheet date. The gain or loss on remeasurement for the period is recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-506": { "value": "(o) Taxation including deferred taxation The tax charge for the year comprises current and deferred taxation. Tax is recognised in the income statement, except to the extent that it relates to items recognised in the statement of comprehensive income or directly in equity. In this case the tax is also recognised in the statement of comprehensive income or directly in equity as appropriate. Current tax The current tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The amount is calculated on the basis of tax laws enacted or substantively enacted at the balance sheet date. Management periodically evaluates tax items subject to interpretation and establishes provisions on individual tax items, where in the judgement of management, the position is uncertain. The Group includes a number of companies, including the parent company, which are part of a tax group for certain aspects of the tax legislation. One of these aspects relates to group relief whereby current tax liabilities can be offset by current tax losses arising in other companies within the same tax group. Payments for group relief are included within the current tax disclosures. Deferred tax Deferred tax is provided in full on temporary differences between the carrying amount of assets and liabilities in the financial statements and the tax base, except where they arise from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be realised. Deferred tax is determined using the tax rates enacted or substantively enacted at the balance sheet date and expected to apply when the deferred tax liability is settled or the deferred tax asset is realised. Deferred tax liabilities are recognised for all temporary differences, with the following exceptions: \u2022 where the temporary difference arises from the initial recognition of goodwill or 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 profit nor taxable profit or loss; and \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures where the timing of the reversal of temporary differences can be controlled and it is probably that the temporary differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. The group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-454": { "value": "(o) Taxation including deferred taxation The tax charge for the year comprises current and deferred taxation. Tax is recognised in the income statement, except to the extent that it relates to items recognised in the statement of comprehensive income or directly in equity. In this case the tax is also recognised in the statement of comprehensive income or directly in equity as appropriate. Current tax The current tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The amount is calculated on the basis of tax laws enacted or substantively enacted at the balance sheet date. Management periodically evaluates tax items subject to interpretation and establishes provisions on individual tax items, where in the judgement of management, the position is uncertain. The Group includes a number of companies, including the parent company, which are part of a tax group for certain aspects of the tax legislation. One of these aspects relates to group relief whereby current tax liabilities can be offset by current tax losses arising in other companies within the same tax group. Payments for group relief are included within the current tax disclosures. Deferred tax Deferred tax is provided in full on temporary differences between the carrying amount of assets and liabilities in the financial statements and the tax base, except where they arise from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be realised. Deferred tax is determined using the tax rates enacted or substantively enacted at the balance sheet date and expected to apply when the deferred tax liability is settled or the deferred tax asset is realised. Deferred tax liabilities are recognised for all temporary differences, with the following exceptions: \u2022 where the temporary difference arises from the initial recognition of goodwill or 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 profit nor taxable profit or loss; and \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures where the timing of the reversal of temporary differences can be controlled and it is probably that the temporary differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. The group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-455": { "value": "(p) Provisions Provisions are made where there is a present legal or constructive obligation as a result of a past event and it is probable that there will be an outflow of economic benefits to settle this obligation and a reliable estimate of this amount can be made. Where the effect of the time value of money is material the current amount of a provision is the present value of the expenditures expected to be required to settle obligations. The unwinding of the discount to present value is included as notional interest within finance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-507": { "value": "(q) Share capital and treasury shares Ordinary shares are classified as equity. Where the Company purchases the Company\u2019s equity share capital (treasury shares) the consideration paid, including any directly attributable costs, is deducted from equity until the shares are cancelled or reissued. Where such shares are subsequently reissued, any consideration received, net of any directly attributable transaction costs, is included in equity. The Group and Company balance sheet includes the shares held by the Pennon Group plc Employee Benefit Trust relating to employee share-based payments which have not vested at the balance sheet date. These are shown as a deduction from shareholders\u2019 equity until such time as they vest. Share buy-back scheme and tender offer Shares purchased for cancellation are deducted from retained earnings at the total consideration paid or payable, including any related expenses. Where the Group has an irrevocable commitment to purchase shares for cancellation at the balance sheet date, a liability is recognised in other creditors based on the share price at the balance sheet date and retained earnings reduced by the amount of the liability. Shares purchased and held by the Group (treasury shares) are deducted from the treasury reserve at the total consideration paid or payable. On cancellation of treasury shares, the cost is transferred from the treasury reserve to retained earnings. When treasury shares are issued at below cost, an amount representing the difference between the cost of those shares and issue proceeds is transferred to retained earnings. No gain or loss is recognised in the consolidated income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-456": { "value": "(q) Share capital and treasury shares Ordinary shares are classified as equity. Where the Company purchases the Company\u2019s equity share capital (treasury shares) the consideration paid, including any directly attributable costs, is deducted from equity until the shares are cancelled or reissued. Where such shares are subsequently reissued, any consideration received, net of any directly attributable transaction costs, is included in equity. The Group and Company balance sheet includes the shares held by the Pennon Group plc Employee Benefit Trust relating to employee share-based payments which have not vested at the balance sheet date. These are shown as a deduction from shareholders\u2019 equity until such time as they vest. Share buy-back scheme and tender offer Shares purchased for cancellation are deducted from retained earnings at the total consideration paid or payable, including any related expenses. Where the Group has an irrevocable commitment to purchase shares for cancellation at the balance sheet date, a liability is recognised in other creditors based on the share price at the balance sheet date and retained earnings reduced by the amount of the liability. Shares purchased and held by the Group (treasury shares) are deducted from the treasury reserve at the total consideration paid or payable. On cancellation of treasury shares, the cost is transferred from the treasury reserve to retained earnings. When treasury shares are issued at below cost, an amount representing the difference between the cost of those shares and issue proceeds is transferred to retained earnings. No gain or loss is recognised in the consolidated income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-457": { "value": "(r) Dividend distributions Dividend distributions are recognised as a liability in the financial statements in the period in which the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid, final dividends when approved by shareholders at the Annual General Meeting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-458": { "value": "(s) Employee benefits i) Retirement benefit obligations The Group operates defined benefit and defined contribution pension schemes. Defined benefit pension schemes The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the year less the fair value of plan assets. If the value of a plan\u2019s assets exceeds the present value of its obligations, the resulting surplus is only recognised if the Group has an unconditional right to that surplus. The defined benefit obligation is calculated by independent actuaries who advise on the selection of Directors\u2019 best estimates of assumptions, using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds, and that have terms to maturity approximating to the terms of the related pension obligation. The increase in liabilities of the Group\u2019s defined benefit pension schemes, expected to arise from employee service in the year, is charged against operating profit. Changes in benefits granted by the employer are recognised immediately as a past service cost in the income statement. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in the statement of comprehensive income in the period in which they arise. Defined contribution scheme Costs of the defined contribution pension scheme are charged to the income statement in the year in which they arise. The Group has no further payment obligations once the contributions have been paid. ii) Share-based payment The Group operates a number of equity-settled, share-based payment plans for employees. The fair value of the employee services required in exchange for the grant is recognised as an expense over the vesting period of the grant. Fair values are calculated using an appropriate pricing model. Non-market- based vesting conditions are considered in the assumptions as to the number of shares which are expected to vest. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-508": { "value": "ii) Share-based payment The Group operates a number of equity-settled, share-based payment plans for employees. The fair value of the employee services required in exchange for the grant is recognised as an expense over the vesting period of the grant. Fair values are calculated using an appropriate pricing model. Non-market- based vesting conditions are considered in the assumptions as to the number of shares which are expected to vest. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-509": { "value": "(u) Transfers of assets from customers Where an item of property, plant and equipment that must be used to connect customers to the network is received from a customer, or where cash is received from a customer for the acquisition or construction of such an item, that asset is recorded and measured on initial recognition at its fair value. The credit created by the recognition of the asset is recognised as a contract liability on the balance sheet. The contract liability reduces, and revenue is recognised in the income statement, as performance obligations are satisfied. The period over which the credit is recognised depends upon the nature of the service provided, as determined by the agreement with the customer. Where the service provided is solely a connection to the network, the credit is recognised at the point of connection. If the agreement does not specify a period, revenue is recognised over a period no longer than the economic life of the transferred asset used to provide the ongoing service. The fair value of assets on transfer from customers is determined using a cost valuation approach allowing for depreciation. (y) Variable consideration Variable consideration in connection with the purchase of individual assets outside of business combinations is recognised as a financial liability at fair value when the amount of consideration payable is contingent upon future events that are not within the direct control of the group. Initial recognition of the financial liability is at fair value. Where the variability of the consideration is directly linked to the quality or output of the asset received then any changes in the consideration is recognised by adjusting the carrying amount of the related asset. (z) Acquisitions of groups of assets that do not constitute a business The identifiable assets and liabilities in acquisitions of groups of assets that do not constitute a business, are initially measured at amounts specified in the relevant accounting standards, or determined based on an allocation of the cost. Details of acquisitions in the prior year meeting this definition can be found in note 16.", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-459": { "value": "(u) Transfers of assets from customers Where an item of property, plant and equipment that must be used to connect customers to the network is received from a customer, or where cash is received from a customer for the acquisition or construction of such an item, that asset is recorded and measured on initial recognition at its fair value. The credit created by the recognition of the asset is recognised as a contract liability on the balance sheet. The contract liability reduces, and revenue is recognised in the income statement, as performance obligations are satisfied. The period over which the credit is recognised depends upon the nature of the service provided, as determined by the agreement with the customer. Where the service provided is solely a connection to the network, the credit is recognised at the point of connection. If the agreement does not specify a period, revenue is recognised over a period no longer than the economic life of the transferred asset used to provide the ongoing service. The fair value of assets on transfer from customers is determined using a cost valuation approach allowing for depreciation. ", "dimensions": { "concept": "pennongroupplc:DescriptionOfAccountingPolicyForTransfersOfAssetsFromCustomers", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-461": { "value": "(v) Foreign exchange Transactions denominated in foreign currencies are translated at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency are translated at the closing balance sheet rate. The resulting gain or loss is recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-462": { "value": "(w) Non-underlying items Non-underlying items are those that in the Directors\u2019 view should be separately disclosed by virtue of their size, nature or incidence to enable a full understanding of the Group\u2019s financial performance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-463": { "value": "(x) Grants and contributions Grants and contributions receivable in respect of property, plant and equipment which provide the customer with ongoing access to the water and sewerage networks are treated as contract liabilities and released to revenue over the economic life of those elements of property, plant and equipment. Grants and contributions receivable in respect of expenses charged against profits in the year have been included in the income statement. Government grants are recognised where there is reasonable certainty that the grant will be received, and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. The income from such grants is presented in the financial statements as a deduction from the expense to which it relates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-464": { "value": "(y) Variable consideration Variable consideration in connection with the purchase of individual assets outside of business combinations is recognised as a financial liability at fair value when the amount of consideration payable is contingent upon future events that are not within the direct control of the group. Initial recognition of the financial liability is at fair value. Where the variability of the consideration is directly linked to the quality or output of the asset received then any changes in the consideration is recognised by adjusting the carrying amount of the related asset. ", "dimensions": { "concept": "pennongroupplc:DescriptionOfAccountingPolicyForVariableConsideration", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-465": { "value": "(z) Acquisitions of groups of assets that do not constitute a business The identifiable assets and liabilities in acquisitions of groups of assets that do not constitute a business, are initially measured at amounts specified in the relevant accounting standards, or determined based on an allocation of the cost. Details of acquisitions in the prior year meeting this definition can be found in note 16.", "dimensions": { "concept": "pennongroupplc:DescriptionOfAccountingPolicyForAcquisitionsOfGroupOfAssetsThatDoNotConstituteABusiness", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-460": { "value": "
3. Financial risk management
(a) Financial risk factors
The Group\u2019s activities expose it to a variety of financial risks, liquidity risk,
market risk (interest rate and foreign currency risk), credit risk and
inflation risk.
The Group\u2019s treasury function seeks to ensure that sufficient funding is
available to meet foreseeable needs and to maintain reasonable headroom
for contingencies, and manages inflation and interest rate risk.
The principal financial risks faced by the Group relate to liquidity, interest
rate and credit counterparty risk.
These risks and treasury operations are managed by the Pennon Chief
Financial Officer in accordance with policies established by the Board. Major
transactions are individually approved by the Board. Treasury activities are
reported to the Board and are subject to review by internal audit.
Financial instruments are used to raise finance, manage risk, optimise the use
of surplus funds and manage overall interest rate performance. The Group
does not engage in speculative activity.
i) Liquidity risk
The Group actively maintains a mixture of long-term and short-term
committed facilities which are designed to ensure the Group has sufficient
available funds for operations and planned expansions equivalent to at least
one year\u2019s forecast requirements at all times. Details of undrawn committed
facilities and short-term facilities are provided in note 28.
Refinancing risk is managed under a Group policy that requires that no more than
20% of Group net borrowings should mature in any financial year.
The Group and water business have entered into covenants with lenders.
While terms vary, these typically provide for limits on gearing (primarily
based on the water business\u2019s regulatory capital value and unregulated
EBITDA) and interest cover. Existing covenants are not impacted by
subsequent changes to accounting standards.
Contractual undiscounted cash flows, including interest payments, at the balance sheet date were:
Due within Due between Due between Due over
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
31 March 2025
Non-derivative financial liabilities
Borrowings excluding lease liabilities
164.8
40.5
101.5
3,062.4
3,369.2
Interest payments on borrowings
183.0
160.3
519.1
1,763.7
2,626.1
Lease liabilities including interest
156.1
60.8
297.9
1,095.4
1,610.2
Trade and other payables
284.3
\u2013
\u2013
\u2013
284.3
Derivative contracts
Derivative contracts \u2013 net receipts
(6.9)
(5.0)
(14.0)
(5.3)
(31.2)
31 March 2024
Non-derivative financial liabilities
Borrowings excluding lease liabilities (restated, note 2)
186.3
191.0
335.2
2,145.0
2,857.5
Interest payments on borrowings
114.3
101.4
277.8
832.2
1,325.7
Lease liabilities including interest
89.8
153.6
215.5
1,192.6
1,651.5
Trade and other payables (restated, note 43)
335.9
\u2013
\u2013
\u2013
335.9
Derivative contracts
Derivative contracts \u2013 net receipts
(19.1)
(6.5)
(9.3)
(3.8)
(38.7)
ii) Market risk
The treasury policy states at least 60% of the Group\u2019s debt should be fixed, this is managed through fixed rate debt and the use of derivatives to ensure these
levels are met. Of the Group\u2019s net borrowings a proportion is RPI index-linked. The interest rate for index-linked debt is based mainly upon an RPI measure; due
to current Ofwat methodology the Group has considered other index linked indices which are also used in determining the amount of revenue from customers
of South West Water. The Group uses a combination of fixed rate, index-linked borrowings and fixed rate interest swaps as cash flow hedges of future variable
interest payments to achieve this policy. The notional principal amounts of the interest rate swaps are used to determine settlement under those swaps and are
not therefore an exposure for the Group. These instruments are analysed in note 23.
The Group has no significant interest-bearing assets upon which the net return fluctuates from market risk. Deposit interest receivable is expected to
largely fluctuate in line with interest payable on floating rate borrowings. Consequently, the Group\u2019s income and cash generated from operations (note 37) are
largely independent of changes in market interest rates.
For 2025 if interest rates on variable net borrowings had been on average 1% higher/lower with all other variables held constant, post-tax profit for the year and
equity would have increased/decreased by \u00a34.0 million (2024 post tax profit for the year and equity would have increased/decreased by \u00a37.6 million), for the
equity sensitivity fair value, with derivative impacts included. This provides an indication of the changes which could be expected and can be multiplied to
support sensitivity analysis, the expected volatility is within the range of 0%-2%.
For 2025 if the indices on index-linked borrowings had been on average 1% higher/lower with all other variables held constant, post-tax profit for the year
and equity would have decreased/increased by \u00a310.0 million (2024 post tax profit for the year and equity would have increased/decreased by \u00a35.5 million).
This provides an indication of the changes which could be expected and can be multiplied to support sensitivity analysis, the expected volatility is within
the range of 0%-2%.
Foreign currency risk occurs at transactional and translation level from borrowings and transactions in foreign currencies. These risks are managed through
forward contracts, which provide certainty over foreign currency risk.
iii) Credit risk
Credit counterparty risk arises from cash and cash equivalents, derivative financial instruments and exposure to customers, including outstanding receivables.
Further information on the credit risk relating to trade and other receivables is given in note 22.
Counterparty risk arises from the investment of surplus funds and from the use of derivative financial instruments. The Board has agreed a policy for managing such risk which is controlled through credit limits, counterparty approvals, and rigorous monitoring procedures. The Group has no other significant concentration of credit risk. The Group\u2019s surplus funds are managed by the Group\u2019s treasury function and are usually placed in short-term fixed interest deposits or the overnight money markets. Deposit counterparties must meet Board approved minimum criteria based on their short- term credit ratings and therefore be of good credit quality. iv) Inflation risk Market inflation has caused inflationary pressures across the Group, the Group has index linked facilities which are predominantly Retail Price Index (RPI) linked. Inflation risk arises if the indexes increase meaning the Group will either be paying or accreting the inflation, this could put pressure on the gearing or interest cover ratios. Inflation risk is mitigated through the index linked nature of our revenues and RCV calculations. (b) Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to minimise the cost of capital. The Group\u2019s policy is to have a minimum of 12 months pre-funding of projected capital expenditure. At 31 March 2025 the Group had cash and facilities, including restricted funds, of \u00a31,036 million (2024: \u00a3601 million), meeting this objective. In order to maintain or adjust the capital structure, the Group seeks to maintain a balance of returns to shareholders through dividends and an appropriate capital structure of debt and equity for each business segment and the Group. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net borrowings divided by total capital. Net borrowings are analysed in note 38 and calculated as total borrowings less cash and cash equivalents. Total capital is calculated as total shareholders\u2019 equity plus net borrowings. The Group currently manages a net borrowings position of \u00a34,078.2 million (2024: \u00a33,844.8 million). The gearing ratios at the balance sheet date were:
2025 2024
\u00a3m \u00a3m
Net borrowings (restated, note 2)
4,078.2
3,844.8
Total equity
1,450.7
1,162.6
Total capital
5,528.9
5,007.4
Gearing ratio
73.6%
76.6%
The water segment is also monitored on the basis of the ratio of its net borrowings to regulatory capital value. Ofwat\u2019s notional gearing target for the K7 (2020- 25) regulatory period is set at 60%. The water segment is also monitored on the basis of the ratio of its net borrowings to regulatory capital value. The table below reflects water segment gearing that comprises South West Water Limited\u2019s group of companies and SES Water.
Water
2025 2024
\u00a3m \u00a3m
Shadow Regulatory Capital Value
5,983.1
5,536.0
Net borrowings
3,698.3
3,567.8
Net borrowings/Shadow Regulatory Capital Value
61.8%
64.4%
The Group has entered into covenants with lenders and, while terms vary, these typically provide for limits on gearing and interest cover. The Group has been in compliance with its covenants during the year. (c) Determination of fair values The Group uses the following hierarchy for determining the fair value of financial instruments by valuation technique: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1) \u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2) \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). The Group\u2019s financial instruments are valued principally using level 2 measures as analysed in note 23. The fair value of financial instruments not traded in an active market (for example over-the-counter derivatives) is determined by using valuation techniques. A variety of methods and assumptions are used based on market conditions existing at each balance sheet date. Quoted market prices or dealer quotes for similar instruments are used for long-term debt. Other techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining financial instruments. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows. The carrying values, less expected credit losses, of trade receivables and payables are assumed to approximate to their fair values
18. Financial instruments by category
The accounting policies for financial instruments that have been applied to line items are:
Fair value
Amortised cost
Derivatives used Derivatives used Debt
for fair value for cash flow instruments at Trade receivables
hedging hedging amortised cost and trade payables Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
31 March 2025
Financial assets
Amounts owed by associated companies
19
\u2013
\u2013
8.7
\u2013
8.7
Trade receivables
22
\u2013
\u2013
\u2013
270.0
270.0
Derivative financial instruments
23
0.4
31.8
\u2013
\u2013
32.2
Cash and cash equivalents and restricted funds
25
\u2013
\u2013
476.1
\u2013
476.1
Total
0.4
31.8
484.8
270.0
787.0
Financial liabilities
Borrowings
28
\u2013
\u2013
(4,554.3)
\u2013
(4,554.3)
Derivative financial instruments
23
\u2013
( 2 . 1 )
\u2013
\u2013
( 2 . 1 )
Trade and other payables
26
\u2013
\u2013
\u2013
(281.7)
(281.7)
Total
\u2013
( 2 . 1 )
(4,554.3)
(281.7)
(4,838.1)
31 March 2024
Financial assets
Amounts owed by associated companies
19
\u2013
\u2013
8.7
\u2013
8.7
Trade receivables
22
\u2013
\u2013
\u2013
250.0
250.0
Derivative financial instruments
23
0.3
40.5
\u2013
\u2013
40.8
Cash and cash equivalents and restricted funds
25
\u2013
\u2013
171.4
\u2013
171.4
Total
0.3
40.5
180.1
250.0
470.9
Financial liabilities
Borrowings*
28
\u2013
\u2013
(4,016.2)
\u2013
(4,016.2)
Derivative financial instruments
23
\u2013
(8.7)
\u2013
\u2013
(8.7)
Trade and other payables (restated, note 43)
26
\u2013
\u2013
\u2013
(332.8)
(332.8)
Total
\u2013
(8.7)
(4,016.2)
(332.8)
(4,357.7)
* Restated, see note 2 for further explanation.
23. Derivative financial instruments
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Derivatives used for cash flow hedging
Non-current assets
22.3
17.2
\u2013
\u2013
Current assets
9.5
23.3
0.4
1.0
Current liabilities
(0.5)
(5.4)
(0.1)
(0.1)
Non-current liabilities
(1.6)
(3.3)
\u2013
\u2013
Derivatives used for fair value hedging
Non-current assets
0.1
0.2
0.1
0.2
Current assets
0.3
0.1
0.3
0.1
The Group\u2019s financial risks and risk management policies are set out in note 3. The fair value of derivatives is split between current and non-current assets or
liabilities based on the maturity of the cash flows. The ineffective portion recognised in the statement of profit or loss arising from hedging relationships was \u00a3nil
(2024: \u00a3nil).
A net \u00a34.3 million debit (2024: \u00a316.4 million debit) was recognised in other comprehensive income for cash flow hedges, including a \u00a30.1 million credit (2024:
\u00a30.2 million credit) recognised in profit and loss relating to cash flow hedges previously recognised through other comprehensive income and recorded in the
hedging reserve.
Interest rate swaps, primarily cash flow hedges, and fixed rate borrowings are used to manage the mix of fixed and floating rates to ensure at least 60% of Group
net borrowings are at fixed rate.
At 31 March 2025 the Group had interest rate swaps, to swap from floating to fixed rate, and hedged financial liabilities with a notional value of \u00a3636.0 million and a weighted
average maturity of 5.3 years (2024: \u00a3939.0 million, with 3.5 years). The weighted average interest rate of the swaps for their nominal amount was 2.92% (2024: 1.85%).
At 31 March 2025 the Group had cross currency swaps and hedged financial liabilities with a notional value of \u00a356.1 million (2024: \u00a364.0 million) and a weighted
average maturity of 4.1 years (2024: 4.5 years). The weighted average interest rate of the swaps for their nominal amount was 5.6% (2024: 5.8%). The swaps are
denominated in USD and EUR to match the underlying currency exposures.
The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risks of the swaps are identical to the hedged risk components.
To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instrument
against the changes in fair value of the hedged item attributable to the hedged risk.
The hedge ineffectiveness can arise from:
\u2022 Different interest rate curve applied to discount the hedged item and hedging instrument
\u2022 Differences in timing of cash flows of the hedged item and hedging instrument
\u2022 The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument and hedged item.
The impact of the hedging instrument on the balance sheet is as follows:
Notional Carrying Change in fair value used for measuring
amount amount ineffectiveness in the period
Group \u00a3m
\u00a3m
Line item in the balance sheet
\u00a3m
As at 31 March 2025
Interest rate swaps
636.0
27.7
Derivative financial instruments
10.3
RPI swaps
\u2013
\u2013
Derivative financial instruments
(4.6)
Cross currency swaps
56.1
(1.3)
Derivative financial instruments
\u2013
As at 31 March 2024
Interest rate swaps
939.4
38.0
Derivative financial instruments
(14.4)
RPI swaps
300.0
(4.6)
Derivative financial instruments
(0.2)
Cross currency swaps
64.1
(1.3)
Derivative financial instruments
(2.4)
Notional Carrying Change in fair value used for measuring
amount amount ineffectiveness in the period
Company \u00a3m
\u00a3m
Line item in the balance sheet
\u00a3m
As at 31 March 2025
Cross currency swaps
16.0
0.4
Derivative financial instruments
(0.4)
As at 31 March 2024
Cross currency swaps
24.0
0.8
Derivative financial instruments
(0.3)
Valuation hierarchy
The Group uses the following hierarchy for determining the fair value of financial instruments by valuation technique:
\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1)
\u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is,
derived from prices) (level 2)
\u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).
The fair value of financial instruments not traded in an active market (level 2, for example over-the-counter derivatives) is determined by using valuation
techniques. A variety of methods and assumptions are used based on market conditions existing at each balance sheet date. Quoted market prices or dealer
quotes for similar instruments are used for long-term debt. Other techniques, such as estimated discounted cash flows, are used to determine fair value for the
remaining financial instruments. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows.
The Group\u2019s financial derivatives are valued using level 2 measures:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Assets
Derivatives used for cash flow hedging
31.8
40.5
0.4
0.9
Derivatives used for fair value hedging
0.4
0.3
0.4
0.3
Total assets
32.2
40.8
0.8
1.2
Liabilities
Derivatives used for cash flow hedging
(2.1)
(8.7)
(0.1)
(0.1)
Total liabilities
(2.1)
(8.7)
(0.1)
(0.1)
24. Financial instruments at fair value through profit
Group
Company
2024
2025 (Restated) 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current liabilities
(0.3)
(0.1)
(0.3)
(0.1)
Non-current assets
0.6
0.9
0.6
0.9
An unamortised hedging adjustment has been reclassified to borrowing in the current year and the prior year restated. See note 2 for further explanation.
Financial instruments at fair value through profit reflect the fair value movement of the hedged risk on the hedged item which had been designated in a fair
value hedging relationship.
28. Borrowings
Group Company
(restated,
Note 2, 43)
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Bank and other loans
222.0
178.3
49.5
\u2013
Private placements
\u2013
8.0
\u2013
8.0
Fixed rate bonds
2.5
2.5
\u2013
\u2013
Amounts owed to subsidiary undertakings
\u2013
\u2013
2.0
\u2013
224.5
188.8
51.5
8.0
Leases
32.9
51.9
\u2013
\u2013
Total current borrowings
257.4
240.7
51.5
8.0
Non-current
Bank and other loans
506.3
733.5
99.9
148.9
Private placements
841.9
719.1
95.7
96.7
Fixed rate bonds
886.4
241.8
\u2013
\u2013
RPI index-linked bonds
1,030.5
997.4
\u2013
\u2013
Listed preference shares
12.5
12.5
\u2013
\u2013
3,277.6
2,704.3
195.6
245.6
Leases
1,019.3
1,071.2
\u2013
\u2013
Total non-current borrowings
4,296.9
3,775.5
195.6
245.6
Total borrowings
4,554.3
4,016.2
247.2
253.6
An unamortised hedging adjustment has been reclassified from fair value through profit and loss to borrowings in the current year and the prior year restated,
see note 2 for further information. The unamortised hedging adjustment is included within fixed rate bonds in current and non current borrowings above. The
hedged item was the \u00a3150 million bond issued by South West Water Finance Plc in 2010 which matures in July 2040. The hedging relationship was de-
designated in a previous period at which point the fair value amount recognised at that point ceased to be revalued. The fixed financial liability at the point of
de-designation is released to the income statement over the remaining life of the debt.
South West Water Finance Plc issued a \u00a3250 million fixed rate bond in December 2024 maturing in 2032 with a cash coupon of 5.75%.
South West Water Finance Plc issued a \u00a3400 million fixed rate bond in July 2024 maturing in 2041 with a cash coupon of 6.375%.
South West Water Finance Plc issued a \u00a3150 million fixed rate bond in July 2010 maturing in 2040 with a cash coupon of 5.875%.
South West Water Finance Plc issued a \u00a3200 million RPI index-linked bond in July 2008 maturing in 2057 with a cash coupon of 1.99%. Bournemouth Water
Limited issued a \u00a365 million RPI index-linked bond in April 2005 maturing in 2033 with a cash coupon of 3.084%. This instrument was transferred to South West
Water Limited in April 2017. Prior to acquisition by Pennon, Bristol Water Plc issued RPI index-linked bonds totalling \u00a391 million maturing in 2032 with a cash
coupon of 3.635%. These were transferred to South West Water Limited in February 2023.
Sutton and East Surrey Water Plc issued a \u00a3100 million RPI index-linked bond in March 2001 maturing in 2031 with a cash coupon of 2.874%.
Fair value adjustments of \u00a3109.8 million (2024: \u00a3125.7 million) in relation to the acquisition of Bournemouth Water Limited, Bristol Water Plc and SES Water have
been allocated to the instruments to which they relate.
The listed preference shares were issued by Bristol Water Plc at \u00a31 in 1992. They are held by external shareholders and are listed on the London Stock
Exchange. Shareholders are entitled to receive dividends at 8.75% per annum on the par value of the shares on a cumulative basis; these dividends are payable
half yearly on 1 April and 1 October. On winding up, the preference shareholders rank ahead of Bristol Water ordinary shareholders and are entitled to receive \u00a31
per share and any dividends accrued but unpaid in respect of their shares. In the event that dividends on the preference shares are in arrears for six months or
more, holders of the preference shares become entitled to vote at general meetings of members. The preference share capital consists of 12,500,000 8.75%
irredeemable cumulative preference shares of \u00a31 each. The preference shares are classified as liabilities in the consolidated balance sheet of the Group and the
related dividends are classified as finance costs.
All bank and other loans and private placement debt (carrying value \u00a31,570.2 million, 2024 \u00a31,637.5 million) require compliance with financial covenants which
relate to gearing and interest cover ratios. The group has complied with these covenants throughout the reporting period. There are no indications that the
group would have difficulties complying with the covenants when they will next be tested.
The fair values of borrowings are valued using level 2 measures, unless otherwise stated below, (as set out in note 23) were:
2025
2024
Book value
(restated,
Book value Fair value Note 2,43) Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Group
Bank and other loans
222.0
222.0
178.3
178.3
Fixed rate bonds
2.5
\u2013
2.5
\u2013
Private placement
\u2013
\u2013
8.0
8.0
224.5
222.0
188.8
186.3
Leases
32.9
32.9
51.9
\u2013
Total current borrowings
257.4
254.9
240.7
186.3
Group
Bank and other loans
506.3
556.1
733.5
704.7
Private placements
841.9
842.2
719.1
737.2
Fixed rate bonds (level 1)
781.4
784.0
136.2
145.2
Fixed rate bonds
105.0
61.6
105.6
64.6
RPI index-linked bonds (level 1)
224.6
233.0
216.4
230.5
RPI index-linked bond
805.9
602.2
781.0
658.6
Listed preference shares
12.5
18.5
12.5
20.1
3,277.6
3,097.6
2,704.3
2,560.9
Leases
1,019.3
1,007.4
1,071.2
\u2013
Total non-current borrowings
4,296.9
4,105.0
3,775.5
2,560.9
Total borrowings
4,554.3
4,359.9
4,016.2
2,747.2
Under IFRS 7 the disclosure of the fair value of leases is not required.
Where market values are not available, fair values of borrowings have been calculated by discounting expected future cash flows at prevailing interest rates.
During the year ended 31 March 2025, as part of an ongoing programme to renew and raise new financing, the group entered into \u00a3800 million of new Public Bonds
issuances and Private placements with an average maturity of 13.8 years.
During the year ended 31 March 2024, as part of its ongoing programme to renew and raise new financing, the Group entered into \u00a3200 million of new terms loans
and leasing facility arrangements, with an average maturity of 6 years, \u00a3300 million private placements with an average maturity of 12 years, \u00a325 million 20-year
private placement and \u00a3100 million of new and renewed revolving credit facilities.
The maturity of non-current borrowings, excluding leases, was:
Group
(restated,
Note 43)
2025 2024
\u00a3m \u00a3m
Between 1 and 2 years
71.8
191.0
Over 2 years and less than 5 years
268.2
335.2
Over 5 years
2,937.6
2,178.1
3,277.6
2,704.3
The weighted average maturity of non-current borrowings, excluding leases, was 12.3 years (2024: 12.0 years).
Undrawn committed borrowing facilities at the balance sheet date were:
Group
2025 2024
\u00a3m \u00a3m
Floating rate:
Expiring within 1 year
65.0
50.0
Expiring after 1 year
495.0
380.0
560.0
430.0
Information on leases The Group has leases for various assets as shown in note 17. The maturity of lease liabilities was:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
32.9
51.9
\u2013
\u2013
Over 1 year and less than 5 years
169.8
187.4
\u2013
\u2013
Over 5 years
849.5
883.8
\u2013
\u2013
1,052.2
1,123.1
\u2013
\u2013
Analysed as:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current
32.9
51.9
\u2013
\u2013
Non-current
1,019.3
1,071.2
\u2013
\u2013
1,052.2
1,123.1
\u2013
\u2013
Lease liabilities includes liabilities of \u00a31,007.2 million (2024: \u00a31,086.7 million) that are subject to secured financing arrangements (see note 17) and lease liabilities under IFRS 16 of \u00a345.0 million (2024: \u00a336.4 million). The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group\u2019s treasury function. The discount rate used to calculate the lease liabilities above involves estimation. Where the Group cannot readily determine the rate implicit in the lease the Group uses an estimated incremental borrowing rate (IBR). At 31 March 2025 the range of IBRs used was between 5.1% and 6.9% (2024: between 6.1% and 6.8%) and the weighted average IBR across all leases was 6.2% (2024: 6.3%). If the weighted average rate used increased or decreased by 10bps, this would result in a c.0.9% increase or reduction in the present value of lease liabilities recognised at 31 March 2025 (2024: c.1.0%). The period for repayment of certain leases includes an agreement to deposit with the lessor group amounts equal to the difference between the original and revised payments due. The accumulated deposits, \u00a346.1 million at 31 March 2025 (2024: \u00a325.9 million), are currently being held to settle the lease liability subject to rights to release by negotiation with the lessor. The deposits are subject to a registered charge given as security to the lessor for the balance outstanding. Cash outflows in respect of leasing relate to principal repayments of \u00a394.3 million (2024: \u00a319.0 million) and interest repayments of \u00a363.0 million (2024: \u00a353.1 million), in addition to inflows from lease financing arrangements of \u00a325.0 million (2024: \u00a364.8 million). Other information required to be disclosed under IFRS 16 is included in note 17
38. Net borrowings
Group
Company
(restated,
note 2, 43)
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Borrowings \u2013 current
Bank and other current borrowings*
(224.5)
(188.8)
(51.5)
(8.0)
Lease obligations
(32.9)
(51.9)
\u2013
\u2013
Total current borrowings
(257.4)
(240.7)
(51.5)
(8.0)
Borrowings \u2013 non-current
Bank and other non-current borrowings*
(3,265.1)
(2,691.8)
(195.6)
(245.6)
Listed preference shares
(12.5)
(12.5)
\u2013
\u2013
Lease obligations
(1,019.3)
(1,071.2)
\u2013
\u2013
Total non-current borrowings
(4,296.9)
(3,775.5)
(195.6)
(245.6)
Total financing liabilities
(4,554.3)
(4,016.2)
(247.1)
(253.6)
Less:
Cash and cash equivalents
417.9
134.0
45.0
79.2
Restricted funds
58.2
37.4
\u2013
\u2013
Total net borrowings
(4,078.2)
(3,844.8)
(202.1)
(174.4)
The movements in net borrowings during the periods presented were as follows: Group
SES Water Group Net borrowings
Net borrowings acquisition Transfer between at 31 March
at 1 April (restated, note non-current Other non-cash 2024
2023 43) Cash flows and current movements (restated)
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank and other current borrowings
(95.1)
(58.5)
52.9
(88.8)
0.7
(188.8)
Current lease obligations
(32.0)
(0.7)
73.9
(33.8)
(59.3)
(51.9)
Bank and other non-current borrowings
(1,994.9)
(301.7)
(458.7)
88.8
(25.3)
(2,691.8)
Listed preference shares
(12.5)
\u2013
\u2013
\u2013
\u2013
( 1 2 . 5 )
Non-current lease obligations
(1,032.7)
(0.5)
(64.8)
33.8
(7.0)
(1,071.2)
Total financing liabilities
(3,167.2)
(361.4)
(396.7)
\u2013
(90.9)
(4,016.2)
Less:
Cash and cash equivalents
132.2
\u2013
1.8
\u2013
\u2013
134.0
Restricted funds
33.2
\u2013
4.2
\u2013
\u2013
37.4
(3,001.8)
(361.4)
(390.7)
\u2013
(90.9)
(3,844.8)
The movement in net borrowings for the prior year has been corrected to show the gross cash flows and other non-cash movements relating to lease obligations whereby interest accrues to and is paid from net borrowings, these amounts were previously shown net within other non-cash movements. Transfers between non-current and current for these items has also been corrected. * An unamortised hedging adjustment has been reclassified from fair value through profit and loss to borrowing in the current year (\u00a332.2m) and the prior year restated, see note 2 for further information. This is reflected in Bank and other current borrowings (2025: \u00a32.5m, 2024: \u00a32.5m) and Bank and other non-current borrowings (2025: \u00a329.7m, 2024: \u00a331.8m). The 1 April 2023 values in the above table also reflect this adjustment to allow for comparison between periods. The total of the unamortised hedging adjustment as at 1 April 2023 was \u00a336.4m reflected in Bank and other current borrowings (\u00a32.4m) and Bank and other non-current borrowings (\u00a334.0m).
Net borrowings
at 31 March Transfer between Net borrowings
2024 non-current Other non-cash at 31 March
(restated) Cash flows and current movements 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank and other current borrowings
(188.8)
152.0
(190.7)
3.0
(224.5)
Current lease obligations
(51.9)
101.3
(20.4)
(61.9)
(32.9)
Bank and other non-current borrowings
(2,691.8)
(743.5)
190.7
(20.5)
(3,265.1)
Listed preference shares
(12.5)
\u2013
\u2013
\u2013
(12.5)
Non-current lease obligations
(1,071.2)
35.2
20.4
(3.7)
(1,019.3)
Total financing liabilities
(4,016.2)
(455.0)
\u2013
(83.1)
(4,554.3)
Less
Cash and cash equivalents
134.0
283.9
\u2013
\u2013
417.9
Restricted funds
37.4
20.8
\u2013
\u2013
58.2
(3,844.8)
(150.3)
\u2013
(83.1)
(4,078.2)
Other non-cash movements for the Group in the year ended 31 March 2024 included the increase in borrowings from interest which is rolled into the amount repayable. Cash flows of \u00a36.0 million in the year ended 31 March 2024 include the cash acquired on acquisition of SES Water Group of \u00a327.5 million (see note 43).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-510": { "value": "i) Liquidity risk The Group actively maintains a mixture of long-term and short-term committed facilities which are designed to ensure the Group has sufficient available funds for operations and planned expansions equivalent to at least one year\u2019s forecast requirements at all times. Details of undrawn committed facilities and short-term facilities are provided in note 28. Refinancing risk is managed under a Group policy that requires that no more than 20% of Group net borrowings should mature in any financial year. The Group and water business have entered into covenants with lenders. While terms vary, these typically provide for limits on gearing (primarily based on the water business\u2019s regulatory capital value and unregulated EBITDA) and interest cover. Existing covenants are not impacted by subsequent changes to accounting standards. Contractual undiscounted cash flows, including interest payments, at the balance sheet date were:
Due within Due between Due between Due over
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
31 March 2025
Non-derivative financial liabilities
Borrowings excluding lease liabilities
164.8
40.5
101.5
3,062.4
3,369.2
Interest payments on borrowings
183.0
160.3
519.1
1,763.7
2,626.1
Lease liabilities including interest
156.1
60.8
297.9
1,095.4
1,610.2
Trade and other payables
284.3
\u2013
\u2013
\u2013
284.3
Derivative contracts
Derivative contracts \u2013 net receipts
(6.9)
(5.0)
(14.0)
(5.3)
(31.2)
31 March 2024
Non-derivative financial liabilities
Borrowings excluding lease liabilities (restated, note 2)
186.3
191.0
335.2
2,145.0
2,857.5
Interest payments on borrowings
114.3
101.4
277.8
832.2
1,325.7
Lease liabilities including interest
89.8
153.6
215.5
1,192.6
1,651.5
Trade and other payables (restated, note 43)
335.9
\u2013
\u2013
\u2013
335.9
Derivative contracts
Derivative contracts \u2013 net receipts
(19.1)
(6.5)
(9.3)
(3.8)
(38.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-550": { "value": "
Due within Due between Due between Due over
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
31 March 2025
Non-derivative financial liabilities
Borrowings excluding lease liabilities
164.8
40.5
101.5
3,062.4
3,369.2
Interest payments on borrowings
183.0
160.3
519.1
1,763.7
2,626.1
Lease liabilities including interest
156.1
60.8
297.9
1,095.4
1,610.2
Trade and other payables
284.3
\u2013
\u2013
\u2013
284.3
Derivative contracts
Derivative contracts \u2013 net receipts
(6.9)
(5.0)
(14.0)
(5.3)
(31.2)
31 March 2024
Non-derivative financial liabilities
Borrowings excluding lease liabilities (restated, note 2)
186.3
191.0
335.2
2,145.0
2,857.5
Interest payments on borrowings
114.3
101.4
277.8
832.2
1,325.7
Lease liabilities including interest
89.8
153.6
215.5
1,192.6
1,651.5
Trade and other payables (restated, note 43)
335.9
\u2013
\u2013
\u2013
335.9
Derivative contracts
Derivative contracts \u2013 net receipts
(19.1)
(6.5)
(9.3)
(3.8)
(38.7)
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-511": { "value": "ii) Market risk The treasury policy states at least 60% of the Group\u2019s debt should be fixed, this is managed through fixed rate debt and the use of derivatives to ensure these levels are met. Of the Group\u2019s net borrowings a proportion is RPI index-linked. The interest rate for index-linked debt is based mainly upon an RPI measure; due to current Ofwat methodology the Group has considered other index linked indices which are also used in determining the amount of revenue from customers of South West Water. The Group uses a combination of fixed rate, index-linked borrowings and fixed rate interest swaps as cash flow hedges of future variable interest payments to achieve this policy. The notional principal amounts of the interest rate swaps are used to determine settlement under those swaps and are not therefore an exposure for the Group. These instruments are analysed in note 23. The Group has no significant interest-bearing assets upon which the net return fluctuates from market risk. Deposit interest receivable is expected to largely fluctuate in line with interest payable on floating rate borrowings. Consequently, the Group\u2019s income and cash generated from operations (note 37) are largely independent of changes in market interest rates. For 2025 if interest rates on variable net borrowings had been on average 1% higher/lower with all other variables held constant, post-tax profit for the year and equity would have increased/decreased by \u00a34.0 million (2024 post tax profit for the year and equity would have increased/decreased by \u00a37.6 million), for the equity sensitivity fair value, with derivative impacts included. This provides an indication of the changes which could be expected and can be multiplied to support sensitivity analysis, the expected volatility is within the range of 0%-2%. For 2025 if the indices on index-linked borrowings had been on average 1% higher/lower with all other variables held constant, post-tax profit for the year and equity would have decreased/increased by \u00a310.0 million (2024 post tax profit for the year and equity would have increased/decreased by \u00a35.5 million). This provides an indication of the changes which could be expected and can be multiplied to support sensitivity analysis, the expected volatility is within the range of 0%-2%. Foreign currency risk occurs at transactional and translation level from borrowings and transactions in foreign currencies. These risks are managed through forward contracts, which provide certainty over foreign currency risk.
Counterparty risk arises from the investment of surplus funds and from the use of derivative financial instruments. The Board has agreed a policy for managing
such risk which is controlled through credit limits, counterparty approvals, and rigorous monitoring procedures.
The Group has no other significant concentration of credit risk. The Group\u2019s surplus funds are managed by the Group\u2019s treasury function and are usually placed
in short-term fixed interest deposits or the overnight money markets. Deposit counterparties must meet Board approved minimum criteria based on their short-
term credit ratings and therefore be of good credit quality.
iv) Inflation risk
Market inflation has caused inflationary pressures across the Group, the Group has index linked facilities which are predominantly Retail Price Index (RPI) linked.
Inflation risk arises if the indexes increase meaning the Group will either be paying or accreting the inflation, this could put pressure on the gearing or interest
cover ratios.
Inflation risk is mitigated through the index linked nature of our revenues and RCV calculations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-512": { "value": "iii) Credit risk Credit counterparty risk arises from cash and cash equivalents, derivative financial instruments and exposure to customers, including outstanding receivables. Further information on the credit risk relating to trade and other receivables is given in note 22. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-513": { "value": "
(b) Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders
and benefits for other stakeholders and to maintain an optimal capital structure to minimise the cost of capital.
The Group\u2019s policy is to have a minimum of 12 months pre-funding of projected capital expenditure. At 31 March 2025 the Group had cash and facilities,
including restricted funds, of \u00a31,036 million (2024: \u00a3601 million), meeting this objective.
In order to maintain or adjust the capital structure, the Group seeks to maintain a balance of returns to shareholders through dividends and an appropriate
capital structure of debt and equity for each business segment and the Group.
The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net borrowings divided by total capital. Net borrowings are analysed in
note 38 and calculated as total borrowings less cash and cash equivalents. Total capital is calculated as total shareholders\u2019 equity plus net borrowings. The
Group currently manages a net borrowings position of \u00a34,078.2 million (2024: \u00a33,844.8 million). The gearing ratios at the balance sheet date were:
2025 2024
\u00a3m \u00a3m
Net borrowings (restated, note 2)
4,078.2
3,844.8
Total equity
1,450.7
1,162.6
Total capital
5,528.9
5,007.4
Gearing ratio
73.6%
76.6%
The water segment is also monitored on the basis of the ratio of its net borrowings to regulatory capital value. Ofwat\u2019s notional gearing target for the K7 (2020-
25) regulatory period is set at 60%. The water segment is also monitored on the basis of the ratio of its net borrowings to regulatory capital value. The table
below reflects water segment gearing that comprises South West Water Limited\u2019s group of companies and SES Water.
Water
2025 2024
\u00a3m \u00a3m
Shadow Regulatory Capital Value
5,983.1
5,536.0
Net borrowings
3,698.3
3,567.8
Net borrowings/Shadow Regulatory Capital Value
61.8%
64.4%
The Group has entered into covenants with lenders and, while terms vary, these typically provide for limits on gearing and interest cover. The Group has been in
compliance with its covenants during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-514": { "value": "(c) Determination of fair values The Group uses the following hierarchy for determining the fair value of financial instruments by valuation technique: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1) \u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2) \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). The Group\u2019s financial instruments are valued principally using level 2 measures as analysed in note 23. The fair value of financial instruments not traded in an active market (for example over-the-counter derivatives) is determined by using valuation techniques. A variety of methods and assumptions are used based on market conditions existing at each balance sheet date. Quoted market prices or dealer quotes for similar instruments are used for long-term debt. Other techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining financial instruments. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows. The carrying values, less expected credit losses, of trade receivables and payables are assumed to approximate to their fair values The accounting policies for financial instruments that have been applied to line items are:
Fair value
Amortised cost
Derivatives used Derivatives used Debt
for fair value for cash flow instruments at Trade receivables
hedging hedging amortised cost and trade payables Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
31 March 2025
Financial assets
Amounts owed by associated companies
19
\u2013
\u2013
8.7
\u2013
8.7
Trade receivables
22
\u2013
\u2013
\u2013
270.0
270.0
Derivative financial instruments
23
0.4
31.8
\u2013
\u2013
32.2
Cash and cash equivalents and restricted funds
25
\u2013
\u2013
476.1
\u2013
476.1
Total
0.4
31.8
484.8
270.0
787.0
Financial liabilities
Borrowings
28
\u2013
\u2013
(4,554.3)
\u2013
(4,554.3)
Derivative financial instruments
23
\u2013
( 2 . 1 )
\u2013
\u2013
( 2 . 1 )
Trade and other payables
26
\u2013
\u2013
\u2013
(281.7)
(281.7)
Total
\u2013
( 2 . 1 )
(4,554.3)
(281.7)
(4,838.1)
31 March 2024
Financial assets
Amounts owed by associated companies
19
\u2013
\u2013
8.7
\u2013
8.7
Trade receivables
22
\u2013
\u2013
\u2013
250.0
250.0
Derivative financial instruments
23
0.3
40.5
\u2013
\u2013
40.8
Cash and cash equivalents and restricted funds
25
\u2013
\u2013
171.4
\u2013
171.4
Total
0.3
40.5
180.1
250.0
470.9
Financial liabilities
Borrowings*
28
\u2013
\u2013
(4,016.2)
\u2013
(4,016.2)
Derivative financial instruments
23
\u2013
(8.7)
\u2013
\u2013
(8.7)
Trade and other payables (restated, note 43)
26
\u2013
\u2013
\u2013
(332.8)
(332.8)
Total
\u2013
(8.7)
(4,016.2)
(332.8)
(4,357.7)
* Restated, see note 2 for further explanation. 24. Financial instruments at fair value through profit
Group
Company
2024
2025 (Restated) 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current liabilities
(0.3)
(0.1)
(0.3)
(0.1)
Non-current assets
0.6
0.9
0.6
0.9
An unamortised hedging adjustment has been reclassified to borrowing in the current year and the prior year restated. See note 2 for further explanation. Financial instruments at fair value through profit reflect the fair value movement of the hedged risk on the hedged item which had been designated in a fair value hedging relationship. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-466": { "value": "
4. Critical accounting judgements and estimates
The Group\u2019s principal accounting policies are set out in note 2. Management
is required to exercise significant judgement and make use of estimates and
assumptions in the application of these policies. Estimates are based on
factors including historical experience and expectations of future events that
management believe to be reasonable. However, given the judgemental
nature of such estimates, actual results could be different from the
assumptions used.
Estimates
Provision for doubtful debts
The Group has a material level of exposure to collection of trade
receivables. Provisions in respect of these balances are calculated with
reference to historical credit loss experience, adjusted for forward-looking
factors which by their nature are subject to uncertainty. Analysis of actual
recovery compared with provisioning levels have not, to date, resulted in
material variances.
Under its regular review procedures at the balance sheet date, the Group
applies a simplified approach in calculating ECLs for trade receivables and
contract assets. Therefore, the Group does not track changes in credit risk
but instead recognises a loss allowance based on lifetime ECLs at each
reporting date. Each subsidiary has established a provision matrix that
is informed by its historical credit loss experience, adjusted for forward-
looking factors specific to the receivables and the economic environment.
The Group's policy is to write-off trade receivables where the expectation of
recovery is considered highly unlikely.
The actual level of debt collected may differ from the estimated levels
of recovery. As at 31 March 2025 the Group\u2019s trade and other receivables
were \u00a3509.1 million (2024: \u00a3480.7 million), against which \u00a3117.3 million (2024:
\u00a3125.3 million) had been provided for ECLs (note 22). Whilst the provisions
are considered to be appropriate, changes in estimation basis or in economic
conditions could lead to a change in the level of provisions recorded and
consequently the charge or credit to the Income Statement. In determining
the allowance for ECLs a provisioning matrix is applied to the debt of
customers in Devon, Cornwall and Bournemouth, as set out in note 22. An
increase/decrease in the provision rates for current occupiers of 1% would
lead to an increase/decrease in the level of provision by \u00a31.4 million (2024:
\u00a31.4 million).
Retirement benefit obligations
The Group operates defined benefit pension schemes for which actuarial
valuations are carried out as determined by the trustees at intervals of not
more than three years. The most recent triennial valuation of the main
scheme was as at 31 March 2022, the outcome of which is summarised
in note 30.
The pension cost and liabilities under IAS 19 are assessed in accordance with
Directors\u2019 best estimates using the advice of an independent qualified
actuary and assumptions in the latest actuarial valuation. The assumptions
are based on member data supplied to the actuary and market observations
for interest rates and inflation, supplemented by discussions between
the actuary and management. The mortality assumption uses a scheme-
specific calculation based on CMI 2023 actuarial tables with an allowance for
future longevity improvement. The principal assumptions used to measure
schemes\u2019 liabilities, sensitivities to changes in those assumptions and future
funding obligations are set out in note 30.
Useful economic lives of property, plant and equipment
Calculating the depreciation charge and hence the carrying value for
property, plant and equipment requires estimates to be made on the useful
lives of the assets. The estimates are based on engineering data and the
Group\u2019s experience of similar assets. Asset lives are reviewed annually and
amended where changes are made to assumptions relating to the expected
life of the asset from judgement around usage and performance experience,
technological advancement and other relevant factors. Overall assessments
on the impact of climate change on long life assets have been completed and
will be continuously updated for the latest available information. The most
recent assessment of the impact on climate change, which includes the
potential to mitigate adverse impacts, has not identified any specific impact
on the useful economic lives of long-life assets. Environmental factors and
climate change form part of the planning process for new capital
expenditure, where the Group continues to apply a consistent policy on
capitalisation. The depreciation charge is sensitive to amendments of the
useful economic lives of these assets, a significant change in the estimated
life of these assets could have a material impact on depreciation, this is
therefore noted as a material other estimate.
Judgements
Non-underlying items
In establishing which items are disclosed separately as non-underlying,
to enable a full understanding of the Group\u2019s financial performance,
the Directors exercise their judgement in assessing the size, nature
or incidence of specific items. See note 6 for further details.
Goodwill allocation
Goodwill arising on the acquisition of Surrey and East Sutton Water is
allocated to the group of cash-generating units that are expected to benefit
from the synergies of the combination, the \u2018Water CGU\u2019. The Water CGU
comprises the regions of South West Water, Bournemouth Water, Bristol
Water and Surrey and East Sutton Water. The Water CGU operates under
one management structure with functional integration across the operating
segment generating the synergies of the combination. SES operated under
separate management whilst the CMA\u2019s Initial Enforcement Order (IEO) was
in place, however the acquisition was cleared by the CMA in June 2024,
allowing integration to proceed. The recoverable amount is the higher of fair
value, less costs to sell, and value-in-use. Value-in-use represents the
present value of projected future cash flows expected to be derived from a
CGU, discounted using a pre-tax discount rate which reflects an assessment
of the market cost of capital of the CGU. Impairments are charged to the
income statement in the year in which they arise.
Capitalisation of property, plant and equipment
The property, plant and equipment of the Group relates primarily to
infrastructure assets (being water mains and sewers, impounding and
pumped raw water storage reservoirs, dams, pipelines and sea outfalls) as
well as other assets which include fixed plant and operational properties.
Given the nature of these assets, the Group incurs expenditure including
both asset enhancement as well as repairs and maintenance, which involves
judgement in allocation of costs between operating and capital expenditure.
The Group continues to apply a consistent policy and approach on
capitalisation of property, plant and equipment.
Other estimates
Revenue recognition
Management assessed and resolved that the level of estimation for revenue
recognition of accrued revenue relating to water and wastewater should not
be considered critical as the estimates are largely calculated on a systematic
basis. However, management consider the total level of estimation of
accrued revenue relating to water and wastewater to be material and
highlight this as a material other estimate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-467": { "value": "
5. Segmental information
Operating segments are reported in a manner consistent with internal reporting provided to the Chief Operating Decision-Maker (CODM), which has been
identified as the Pennon Group plc Board. The earnings measures below are used by the Board in making decisions.
The Group is organised into two operating segments. The water segment comprises the regulated water and wastewater services undertaken by South West Water and
the regulated water services undertaken by SES Water. The non-household retail segment (business retail) reflects the services provided by Pennon Water Services and
SESWS. The other segment comprises smaller ancillary business as well as intermediate holding companies not further separated in reports to the Board.
Segment assets include goodwill and other intangible assets, property, plant and equipment, inventories, trade and other receivables and cash and cash
equivalents. Segment liabilities comprise operating liabilities and borrowings and exclude taxation. The other segment liabilities include the Company\u2019s financing
arrangements and Group taxation liabilities. Capital expenditure comprises additions to property, plant and equipment.
Non-
household
Water retail Other Eliminations Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2025
Revenue
820.5
320.3
12.8
(105.8)
1,047.8
Employment Costs
(126.3)
(7.8)
(17.0)
\u2013
(151.1)
Raw materials and consumables used
(48.3)
(0.9)
(2.5)
\u2013
(51.7)
Operating costs
(307.7)
(304.1)
(3.4)
105.8
(509.4)
Operating Profit before depreciation, amortisation and non-underlying items (Underlying EBITDA)
338.2
7.5
(10.1)
\u2013
335.6
Depreciation and amortisation
(184.4)
(0.3)
(2.4)
\u2013
(187.1)
Operating Profit before non-underlying items
153.8
7.2
(12.5)
\u2013
148.5
Finance income
13.1
0.4
18.8
(17.3)
15.0
Finance costs
(202.5)
(3.3)
(10.9)
17.3
(199.4)
Share of post-tax profit from associated companies
\u2013
\u2013
0.8
\u2013
0.8
Loss before tax and non-underlying items
(35.6)
4.3
(3.8)
\u2013
(35.1)
Non-underlying items
(36.1)
\u2013
(1.5)
\u2013
(37.6)
Loss before tax
(71.7)
4.3
(5.3)
\u2013
(72.7)
2024
Revenue
745.8
253.5
11.8
(103.3)
907.8
Employment Costs
(98.6)
(6.2)
(10.0)
\u2013
(114.8)
Raw materials and consumables used
(37.1)
(0.4)
\u2013
\u2013
(37.5)
Operating costs
(274.3)
(239.2)
(7.0)
103.3
(417.2)
Operating Profit before depreciation, amortisation and non-underlying items (Underlying EBITDA)
335.8
7.7
(5.2)
\u2013
338.3
Depreciation and amortisation
(165.9)
(0.8)
(5.3)
\u2013
(172.0)
Operating Profit before non-underlying items
169.9
6.9
(10.5)
\u2013
166.3
Finance income
7.2
0.4
15.6
(10.6)
12.6
Finance costs
(165.3)
(2.4)
(5.7)
10.6
(162.8)
Share of post-tax profit from associated companies
\u2013
\u2013
0.7
\u2013
0.7
Loss before tax and non-underlying items
11.8
4.9
0.1
\u2013
16.8
Non-underlying items
(25.2)
\u2013
(0.7)
\u2013
(25.9)
Loss before tax
(13.4)
4.9
(0.6)
\u2013
(9.1)
1. Intra-segment transactions between and to different segments are under normal market-based commercial terms and conditions. Intra-segment revenue of the other segment is at cost.
Non-
household
Water retail Other Eliminations Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance sheet
31 March 2025
Assets (excluding carrying value in associated companies)
6,657.6
105.3
479.0
(204.8)
7,037.1
Carrying value in associated companies
\u2013
\u2013
1 0 . 5
\u2013
1 0 . 5
Total assets
6,657.6
105.3
489.5
(204.8)
7,047.6
Liabilities
(5,327.6)
(115.2)
(358.9)
204.8
(5,596.9)
Net assets
1,330.0
(9.9)
130.6
\u2013
1,450.7
31 March 2024
Assets (excluding carrying value in associated companies)
5,802.3
209.7
432.4
(215.6)
6,228.8
Carrying value in associated companies
\u2013
\u2013
9.7
\u2013
9.7
Total assets (restated, note 43)
5,802.3
209.7
442.1
(215.6)
6,238.5
Liabilities (restated, note 43)
(4,845.6)
(130.6)
(315.3)
215.6
(5,075.9)
Net assets
956.7
79.1
126.8
\u2013
1,162.6
Segment liabilities of the water segment comprise of operating liabilities and borrowings. The other segment includes Company only assets and liabilities as well as Group taxation liabilities and should be considered in conjunction with the eliminations column.
Non-household Other and
Water retail eliminations Group
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Other information
31 March 2025
Intangible asset additions
16
4.1
2.1
(0.7)
5.5
Amortisation of other intangible assets
7
4.0
0.3
(2.0)
2.3
Capital expenditure (Property, plant and equipment)
17
606.1
\u2013
40.9
647.0
31 March 2024
Intangible asset additions
16
4.2
0.4
40.4
45.0
Amortisation of other intangible assets
7
3.5
0.2
\u2013
3.7
Capital expenditure (Property, plant and equipment)
17
585.6
0.1
18.8
604.5
All revenue is generated in the United Kingdom. The grouping of revenue streams by how they are affected by economic factors, as required by IFRS 15, is as follows:
Non-household
Water retail Other Total
Year ended 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Segment revenue \u2013 underlying
820.5
320.3
12.8
1,153.6
Inter-segment revenue
(100.6)
(0.2)
(5.0)
(105.8)
Revenue from external customers
719.9
320.1
7.8
1,047.8
Significant service lines
Water
719.9
\u2013
\u2013
719.9
Non-household retail
\u2013
320.1
\u2013
320.1
Other
\u2013
\u2013
7 . 8
7 . 8
719.9
320.1
7.8
1,047.8
Non-household
Water retail Other Total
Year ended 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Segment revenue \u2013 underlying
745.8
253.5
11.8
1,011.1
Inter-segment revenue
(91.4)
(0.2)
(11.7)
(103.3)
Revenue from external customers
654.4
253.3
0.1
907.8
Significant service lines
Water
654.4
\u2013
\u2013
654.4
Non-household retail
\u2013
253.3
\u2013
253.3
Other
\u2013
\u2013
0 . 1
0 . 1
654.4
253.3
0.1
907.8
The Group\u2019s country of domicile is the United Kingdom and this is the country in which it generates the majority of its revenue. The Group\u2019s non-current assets are all located in the United Kingdom", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-570": { "value": "5. Segmental information Operating segments are reported in a manner consistent with internal reporting provided to the Chief Operating Decision-Maker (CODM), which has been identified as the Pennon Group plc Board. The earnings measures below are used by the Board in making decisions. The Group is organised into two operating segments. The water segment comprises the regulated water and wastewater services undertaken by South West Water and the regulated water services undertaken by SES Water. The non-household retail segment (business retail) reflects the services provided by Pennon Water Services and SESWS. The other segment comprises smaller ancillary business as well as intermediate holding companies not further separated in reports to the Board. Segment assets include goodwill and other intangible assets, property, plant and equipment, inventories, trade and other receivables and cash and cash equivalents. Segment liabilities comprise operating liabilities and borrowings and exclude taxation. The other segment liabilities include the Company\u2019s financing arrangements and Group taxation liabilities. Capital expenditure comprises additions to property, plant and equipment.
Non-
household
Water retail Other Eliminations Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2025
Revenue
820.5
320.3
12.8
(105.8)
1,047.8
Employment Costs
(126.3)
(7.8)
(17.0)
\u2013
(151.1)
Raw materials and consumables used
(48.3)
(0.9)
(2.5)
\u2013
(51.7)
Operating costs
(307.7)
(304.1)
(3.4)
105.8
(509.4)
Operating Profit before depreciation, amortisation and non-underlying items (Underlying EBITDA)
338.2
7.5
(10.1)
\u2013
335.6
Depreciation and amortisation
(184.4)
(0.3)
(2.4)
\u2013
(187.1)
Operating Profit before non-underlying items
153.8
7.2
(12.5)
\u2013
148.5
Finance income
13.1
0.4
18.8
(17.3)
15.0
Finance costs
(202.5)
(3.3)
(10.9)
17.3
(199.4)
Share of post-tax profit from associated companies
\u2013
\u2013
0.8
\u2013
0.8
Loss before tax and non-underlying items
(35.6)
4.3
(3.8)
\u2013
(35.1)
Non-underlying items
(36.1)
\u2013
(1.5)
\u2013
(37.6)
Loss before tax
(71.7)
4.3
(5.3)
\u2013
(72.7)
2024
Revenue
745.8
253.5
11.8
(103.3)
907.8
Employment Costs
(98.6)
(6.2)
(10.0)
\u2013
(114.8)
Raw materials and consumables used
(37.1)
(0.4)
\u2013
\u2013
(37.5)
Operating costs
(274.3)
(239.2)
(7.0)
103.3
(417.2)
Operating Profit before depreciation, amortisation and non-underlying items (Underlying EBITDA)
335.8
7.7
(5.2)
\u2013
338.3
Depreciation and amortisation
(165.9)
(0.8)
(5.3)
\u2013
(172.0)
Operating Profit before non-underlying items
169.9
6.9
(10.5)
\u2013
166.3
Finance income
7.2
0.4
15.6
(10.6)
12.6
Finance costs
(165.3)
(2.4)
(5.7)
10.6
(162.8)
Share of post-tax profit from associated companies
\u2013
\u2013
0.7
\u2013
0.7
Loss before tax and non-underlying items
11.8
4.9
0.1
\u2013
16.8
Non-underlying items
(25.2)
\u2013
(0.7)
\u2013
(25.9)
Loss before tax
(13.4)
4.9
(0.6)
\u2013
(9.1)
1. Intra-segment transactions between and to different segments are under normal market-based commercial terms and conditions. Intra-segment revenue of the other segment is at cost.
Non-
household
Water retail Other Eliminations Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance sheet
31 March 2025
Assets (excluding carrying value in associated companies)
6,657.6
105.3
479.0
(204.8)
7,037.1
Carrying value in associated companies
\u2013
\u2013
1 0 . 5
\u2013
1 0 . 5
Total assets
6,657.6
105.3
489.5
(204.8)
7,047.6
Liabilities
(5,327.6)
(115.2)
(358.9)
204.8
(5,596.9)
Net assets
1,330.0
(9.9)
130.6
\u2013
1,450.7
31 March 2024
Assets (excluding carrying value in associated companies)
5,802.3
209.7
432.4
(215.6)
6,228.8
Carrying value in associated companies
\u2013
\u2013
9.7
\u2013
9.7
Total assets (restated, note 43)
5,802.3
209.7
442.1
(215.6)
6,238.5
Liabilities (restated, note 43)
(4,845.6)
(130.6)
(315.3)
215.6
(5,075.9)
Net assets
956.7
79.1
126.8
\u2013
1,162.6
Segment liabilities of the water segment comprise of operating liabilities and borrowings. The other segment includes Company only assets and liabilities as well as Group taxation liabilities and should be considered in conjunction with the eliminations column.
Non-household Other and
Water retail eliminations Group
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Other information
31 March 2025
Intangible asset additions
16
4.1
2.1
(0.7)
5.5
Amortisation of other intangible assets
7
4.0
0.3
(2.0)
2.3
Capital expenditure (Property, plant and equipment)
17
606.1
\u2013
40.9
647.0
31 March 2024
Intangible asset additions
16
4.2
0.4
40.4
45.0
Amortisation of other intangible assets
7
3.5
0.2
\u2013
3.7
Capital expenditure (Property, plant and equipment)
17
585.6
0.1
18.8
604.5
All revenue is generated in the United Kingdom. The grouping of revenue streams by how they are affected by economic factors, as required by IFRS 15, is as follows:
Non-household
Water retail Other Total
Year ended 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Segment revenue \u2013 underlying
820.5
320.3
12.8
1,153.6
Inter-segment revenue
(100.6)
(0.2)
(5.0)
(105.8)
Revenue from external customers
719.9
320.1
7.8
1,047.8
Significant service lines
Water
719.9
\u2013
\u2013
719.9
Non-household retail
\u2013
320.1
\u2013
320.1
Other
\u2013
\u2013
7 . 8
7 . 8
719.9
320.1
7.8
1,047.8
Non-household
Water retail Other Total
Year ended 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Segment revenue \u2013 underlying
745.8
253.5
11.8
1,011.1
Inter-segment revenue
(91.4)
(0.2)
(11.7)
(103.3)
Revenue from external customers
654.4
253.3
0.1
907.8
Significant service lines
Water
654.4
\u2013
\u2013
654.4
Non-household retail
\u2013
253.3
\u2013
253.3
Other
\u2013
\u2013
0 . 1
0 . 1
654.4
253.3
0.1
907.8
The Group\u2019s country of domicile is the United Kingdom and this is the country in which it generates the majority of its revenue. The Group\u2019s non-current assets are all located in the United Kingdom.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-551": { "value": "5. Segmental information Operating segments are reported in a manner consistent with internal reporting provided to the Chief Operating Decision-Maker (CODM), which has been identified as the Pennon Group plc Board. The earnings measures below are used by the Board in making decisions. The Group is organised into two operating segments. The water segment comprises the regulated water and wastewater services undertaken by South West Water and the regulated water services undertaken by SES Water. The non-household retail segment (business retail) reflects the services provided by Pennon Water Services and SESWS. The other segment comprises smaller ancillary business as well as intermediate holding companies not further separated in reports to the Board. Segment assets include goodwill and other intangible assets, property, plant and equipment, inventories, trade and other receivables and cash and cash equivalents. Segment liabilities comprise operating liabilities and borrowings and exclude taxation. The other segment liabilities include the Company\u2019s financing arrangements and Group taxation liabilities. Capital expenditure comprises additions to property, plant and equipment.
Non-
household
Water retail Other Eliminations Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2025
Revenue
820.5
320.3
12.8
(105.8)
1,047.8
Employment Costs
(126.3)
(7.8)
(17.0)
\u2013
(151.1)
Raw materials and consumables used
(48.3)
(0.9)
(2.5)
\u2013
(51.7)
Operating costs
(307.7)
(304.1)
(3.4)
105.8
(509.4)
Operating Profit before depreciation, amortisation and non-underlying items (Underlying EBITDA)
338.2
7.5
(10.1)
\u2013
335.6
Depreciation and amortisation
(184.4)
(0.3)
(2.4)
\u2013
(187.1)
Operating Profit before non-underlying items
153.8
7.2
(12.5)
\u2013
148.5
Finance income
13.1
0.4
18.8
(17.3)
15.0
Finance costs
(202.5)
(3.3)
(10.9)
17.3
(199.4)
Share of post-tax profit from associated companies
\u2013
\u2013
0.8
\u2013
0.8
Loss before tax and non-underlying items
(35.6)
4.3
(3.8)
\u2013
(35.1)
Non-underlying items
(36.1)
\u2013
(1.5)
\u2013
(37.6)
Loss before tax
(71.7)
4.3
(5.3)
\u2013
(72.7)
2024
Revenue
745.8
253.5
11.8
(103.3)
907.8
Employment Costs
(98.6)
(6.2)
(10.0)
\u2013
(114.8)
Raw materials and consumables used
(37.1)
(0.4)
\u2013
\u2013
(37.5)
Operating costs
(274.3)
(239.2)
(7.0)
103.3
(417.2)
Operating Profit before depreciation, amortisation and non-underlying items (Underlying EBITDA)
335.8
7.7
(5.2)
\u2013
338.3
Depreciation and amortisation
(165.9)
(0.8)
(5.3)
\u2013
(172.0)
Operating Profit before non-underlying items
169.9
6.9
(10.5)
\u2013
166.3
Finance income
7.2
0.4
15.6
(10.6)
12.6
Finance costs
(165.3)
(2.4)
(5.7)
10.6
(162.8)
Share of post-tax profit from associated companies
\u2013
\u2013
0.7
\u2013
0.7
Loss before tax and non-underlying items
11.8
4.9
0.1
\u2013
16.8
Non-underlying items
(25.2)
\u2013
(0.7)
\u2013
(25.9)
Loss before tax
(13.4)
4.9
(0.6)
\u2013
(9.1)
1. Intra-segment transactions between and to different segments are under normal market-based commercial terms and conditions. Intra-segment revenue of the other segment is at cost.
Non-
household
Water retail Other Eliminations Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance sheet
31 March 2025
Assets (excluding carrying value in associated companies)
6,657.6
105.3
479.0
(204.8)
7,037.1
Carrying value in associated companies
\u2013
\u2013
1 0 . 5
\u2013
1 0 . 5
Total assets
6,657.6
105.3
489.5
(204.8)
7,047.6
Liabilities
(5,327.6)
(115.2)
(358.9)
204.8
(5,596.9)
Net assets
1,330.0
(9.9)
130.6
\u2013
1,450.7
31 March 2024
Assets (excluding carrying value in associated companies)
5,802.3
209.7
432.4
(215.6)
6,228.8
Carrying value in associated companies
\u2013
\u2013
9.7
\u2013
9.7
Total assets (restated, note 43)
5,802.3
209.7
442.1
(215.6)
6,238.5
Liabilities (restated, note 43)
(4,845.6)
(130.6)
(315.3)
215.6
(5,075.9)
Net assets
956.7
79.1
126.8
\u2013
1,162.6
Segment liabilities of the water segment comprise of operating liabilities and borrowings. The other segment includes Company only assets and liabilities as well
as Group taxation liabilities and should be considered in conjunction with the eliminations column.
Non-household Other and
Water retail eliminations Group
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Other information
31 March 2025
Intangible asset additions
16
4.1
2.1
(0.7)
5.5
Amortisation of other intangible assets
7
4.0
0.3
(2.0)
2.3
Capital expenditure (Property, plant and equipment)
17
606.1
\u2013
40.9
647.0
31 March 2024
Intangible asset additions
16
4.2
0.4
40.4
45.0
Amortisation of other intangible assets
7
3.5
0.2
\u2013
3.7
Capital expenditure (Property, plant and equipment)
17
585.6
0.1
18.8
604.5
All revenue is generated in the United Kingdom. The grouping of revenue streams by how they are affected by economic factors, as required by IFRS 15, is as follows:
Non-household
Water retail Other Total
Year ended 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Segment revenue \u2013 underlying
820.5
320.3
12.8
1,153.6
Inter-segment revenue
(100.6)
(0.2)
(5.0)
(105.8)
Revenue from external customers
719.9
320.1
7.8
1,047.8
Significant service lines
Water
719.9
\u2013
\u2013
719.9
Non-household retail
\u2013
320.1
\u2013
320.1
Other
\u2013
\u2013
7 . 8
7 . 8
719.9
320.1
7.8
1,047.8
Non-household
Water retail Other Total
Year ended 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Segment revenue \u2013 underlying
745.8
253.5
11.8
1,011.1
Inter-segment revenue
(91.4)
(0.2)
(11.7)
(103.3)
Revenue from external customers
654.4
253.3
0.1
907.8
Significant service lines
Water
654.4
\u2013
\u2013
654.4
Non-household retail
\u2013
253.3
\u2013
253.3
Other
\u2013
\u2013
0 . 1
0 . 1
654.4
253.3
0.1
907.8
The Group\u2019s country of domicile is the United Kingdom and this is the country in which it generates the majority of its revenue. The Group\u2019s non-current assets
are all located in the United Kingdom.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-515": { "value": "5. Segmental information Operating segments are reported in a manner consistent with internal reporting provided to the Chief Operating Decision-Maker (CODM), which has been identified as the Pennon Group plc Board. The earnings measures below are used by the Board in making decisions. The Group is organised into two operating segments. The water segment comprises the regulated water and wastewater services undertaken by South West Water and the regulated water services undertaken by SES Water. The non-household retail segment (business retail) reflects the services provided by Pennon Water Services and SESWS. The other segment comprises smaller ancillary business as well as intermediate holding companies not further separated in reports to the Board. Segment assets include goodwill and other intangible assets, property, plant and equipment, inventories, trade and other receivables and cash and cash equivalents. Segment liabilities comprise operating liabilities and borrowings and exclude taxation. The other segment liabilities include the Company\u2019s financing arrangements and Group taxation liabilities. Capital expenditure comprises additions to property, plant and equipment.
Non-
household
Water retail Other Eliminations Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2025
Revenue
820.5
320.3
12.8
(105.8)
1,047.8
Employment Costs
(126.3)
(7.8)
(17.0)
\u2013
(151.1)
Raw materials and consumables used
(48.3)
(0.9)
(2.5)
\u2013
(51.7)
Operating costs
(307.7)
(304.1)
(3.4)
105.8
(509.4)
Operating Profit before depreciation, amortisation and non-underlying items (Underlying EBITDA)
338.2
7.5
(10.1)
\u2013
335.6
Depreciation and amortisation
(184.4)
(0.3)
(2.4)
\u2013
(187.1)
Operating Profit before non-underlying items
153.8
7.2
(12.5)
\u2013
148.5
Finance income
13.1
0.4
18.8
(17.3)
15.0
Finance costs
(202.5)
(3.3)
(10.9)
17.3
(199.4)
Share of post-tax profit from associated companies
\u2013
\u2013
0.8
\u2013
0.8
Loss before tax and non-underlying items
(35.6)
4.3
(3.8)
\u2013
(35.1)
Non-underlying items
(36.1)
\u2013
(1.5)
\u2013
(37.6)
Loss before tax
(71.7)
4.3
(5.3)
\u2013
(72.7)
2024
Revenue
745.8
253.5
11.8
(103.3)
907.8
Employment Costs
(98.6)
(6.2)
(10.0)
\u2013
(114.8)
Raw materials and consumables used
(37.1)
(0.4)
\u2013
\u2013
(37.5)
Operating costs
(274.3)
(239.2)
(7.0)
103.3
(417.2)
Operating Profit before depreciation, amortisation and non-underlying items (Underlying EBITDA)
335.8
7.7
(5.2)
\u2013
338.3
Depreciation and amortisation
(165.9)
(0.8)
(5.3)
\u2013
(172.0)
Operating Profit before non-underlying items
169.9
6.9
(10.5)
\u2013
166.3
Finance income
7.2
0.4
15.6
(10.6)
12.6
Finance costs
(165.3)
(2.4)
(5.7)
10.6
(162.8)
Share of post-tax profit from associated companies
\u2013
\u2013
0.7
\u2013
0.7
Loss before tax and non-underlying items
11.8
4.9
0.1
\u2013
16.8
Non-underlying items
(25.2)
\u2013
(0.7)
\u2013
(25.9)
Loss before tax
(13.4)
4.9
(0.6)
\u2013
(9.1)
1. Intra-segment transactions between and to different segments are under normal market-based commercial terms and conditions. Intra-segment revenue of the other segment is at cost.
Non-
household
Water retail Other Eliminations Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance sheet
31 March 2025
Assets (excluding carrying value in associated companies)
6,657.6
105.3
479.0
(204.8)
7,037.1
Carrying value in associated companies
\u2013
\u2013
1 0 . 5
\u2013
1 0 . 5
Total assets
6,657.6
105.3
489.5
(204.8)
7,047.6
Liabilities
(5,327.6)
(115.2)
(358.9)
204.8
(5,596.9)
Net assets
1,330.0
(9.9)
130.6
\u2013
1,450.7
31 March 2024
Assets (excluding carrying value in associated companies)
5,802.3
209.7
432.4
(215.6)
6,228.8
Carrying value in associated companies
\u2013
\u2013
9.7
\u2013
9.7
Total assets (restated, note 43)
5,802.3
209.7
442.1
(215.6)
6,238.5
Liabilities (restated, note 43)
(4,845.6)
(130.6)
(315.3)
215.6
(5,075.9)
Net assets
956.7
79.1
126.8
\u2013
1,162.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-468": { "value": "
6. Non-underlying items
Non-underlying items are those that in the Directors\u2019 view should be separately disclosed by virtue of their size, nature or incidence to enable a full
understanding of the Group\u2019s financial performance in the year and business trends over time. The presentation of results is consistent with internal
performance monitoring.
2025 2024
Notes \u00a3m \u00a3m
Operating costs
Brixham water quality incident
1
(21.0)
\u2013
Restructuring/Transformational costs
2
(15.8)
(13.9)
SES Water Group acquisition costs
3
(0.7)
(9.6)
Renewables Projects acquisition related costs
4
(0.1)
(0.6)
Drought costs
5
\u2013
(1.8)
Earnings before interest, tax, depreciation and amortisation
(37.6)
(25.9)
Net tax credit arising on non-underlying items above
6
9
8.9
4.9
Net non-underlying charge
(28.7)
(21.0)
1. On 15 May 2024 an outbreak of cryptosporidium was detected in the water supply in the Brixham area of Devon, causing South West Water to issue a notice to customers in the
area to boil water before consuming. \u00a321.0 million (2024 \u00a3nil) of costs have been incurred which include enhanced customer compensation, provision of bottled water over an
eight-week period, and extensive interventions to clean and filter the network. \u00a30.8m of the costs incurred were employment costs.
2. \u00a315.8 million (2024: \u00a313.9 million) of costs were incurred in connection with the business transformation of the Group, \u00a310.9 million (2024: \u00a30.7 million) of which were employment
costs. These restructuring and transformation costs are one-off in nature and incidence, with the benefits from incurring these costs expected to endure into the future on a
recurring basis. Further costs are not expected to arise in the year ended 31 March 2026.
3. In the year the Group incurred expenses of \u00a30.7 million (2024: \u00a39.6 million) in connection with the acquisition of SES Water Group. Due to the one-off nature and incidence of the
costs they have been classified as non-underlying.
4. Expenses in connection with the strategic review of renewal energy generating investments, not directly attributable to the intangible assets acquired, totalled \u00a30.1 million (2024:
\u00a30.6 million). Due to the one-off nature and incidence of the costs they have been classified as non-underlying.
5. In financial year 2022/23, a combination of elevated demand from increased tourism and record-breaking extremes of prolonged dry and hot weather led to extremely low water
storage levels in the Cornwall region. Drought permits were issued allowing increased extractions, and water-saving measures for the South West Water region were implemented
for the first time since 1995. To ensure the region could be supplied with water over the summer and continuing into 2023, South West Water instigated a series of mitigating
measures and one-off expenditure to address the situation. \u00a31.8 million of specifically identifiable costs were recognised in the first eight months of 2023/24.
6. The net tax credit arising on non-underlying items relates to a deferred tax credit in respect of tax losses carried forwards. The prior year credit reflected a \u00a34.9 million current tax
credit also in respect of transformation losses carried forwards.
", "dimensions": { "concept": "pennongroupplc:DisclosureOfNonUnderlyingItems", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-552": { "value": "
7. Operating costs
2025 2024
Notes \u00a3m \u00a3m
Employment costs (underlying)
13
151.1
114.8
Raw materials and consumables*
51.7
37.4
Other operating expenses before non-underlying items include:
Profit on disposal of property, plant and equipment
(1.2)
(0.8)
Short-term/low value asset lease expense
6.2
3.6
Trade receivables impairment
22
9.7
7.1
Depreciation of property, plant and equipment:
\u2022
Owned assets
17
147.7
133.7
\u2022
Under leases
17
37.0
34.6
Amortisation of other intangible assets
16
2.3
3.7
Impairment of assets
17
0.1
\u2013
* Raw materials and consumables used and other operating expenses have been restated, see note 2.
Operating costs include a charge of \u00a337.6 million (2024: \u00a325.9 million) relating to non-underlying items, as detailed in note 6.
Fees payable to the Company\u2019s auditor in the year were:
2025 2024
\u00a3000 \u00a3000
Fees payable to the Company\u2019s auditor and its associates for the audit of parent company and consolidated financial statements
922
465
Fees payable to the Company\u2019s auditor and its associates for other services:
The audit of Company\u2019s subsidiaries
1,511
969
Audit-related assurance services
360
133
Other non-audit services
1,866
111
Total fees
4,659
1,678
Fees payable to the Company\u2019s auditor in respect of Pennon Group pension schemes:
Audit
\u2013
35
A description of the work of the Audit Committee is set out in its report on pages 151 to 155 which includes an explanation of how the auditor\u2019s objectivity and
independence are safeguarded when non-audit services are provided by the auditor\u2019s firm.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-587": { "value": "7. Operating costs
2025 2024
Notes \u00a3m \u00a3m
Employment costs (underlying)
13
151.1
114.8
Raw materials and consumables*
51.7
37.4
Other operating expenses before non-underlying items include:
Profit on disposal of property, plant and equipment
(1.2)
(0.8)
Short-term/low value asset lease expense
6.2
3.6
Trade receivables impairment
22
9.7
7.1
Depreciation of property, plant and equipment:
\u2022
Owned assets
17
147.7
133.7
\u2022
Under leases
17
37.0
34.6
Amortisation of other intangible assets
16
2.3
3.7
Impairment of assets
17
0.1
\u2013
* Raw materials and consumables used and other operating expenses have been restated, see note 2. Operating costs include a charge of \u00a337.6 million (2024: \u00a325.9 million) relating to non-underlying items, as detailed in note 6. Fees payable to the Company\u2019s auditor in the year were:
2025 2024
\u00a3000 \u00a3000
Fees payable to the Company\u2019s auditor and its associates for the audit of parent company and consolidated financial statements
922
465
Fees payable to the Company\u2019s auditor and its associates for other services:
The audit of Company\u2019s subsidiaries
1,511
969
Audit-related assurance services
360
133
Other non-audit services
1,866
111
Total fees
4,659
1,678
Fees payable to the Company\u2019s auditor in respect of Pennon Group pension schemes:
Audit
\u2013
35
A description of the work of the Audit Committee is set out in its report on pages 151 to 155 which includes an explanation of how the auditor\u2019s objectivity and independence are safeguarded when non-audit services are provided by the auditor\u2019s firm.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-571": { "value": "7. Operating costs
2025 2024
Notes \u00a3m \u00a3m
Employment costs (underlying)
13
151.1
114.8
Raw materials and consumables*
51.7
37.4
Other operating expenses before non-underlying items include:
Profit on disposal of property, plant and equipment
(1.2)
(0.8)
Short-term/low value asset lease expense
6.2
3.6
Trade receivables impairment
22
9.7
7.1
Depreciation of property, plant and equipment:
\u2022
Owned assets
17
147.7
133.7
\u2022
Under leases
17
37.0
34.6
Amortisation of other intangible assets
16
2.3
3.7
Impairment of assets
17
0.1
\u2013
* Raw materials and consumables used and other operating expenses have been restated, see note 2. Operating costs include a charge of \u00a337.6 million (2024: \u00a325.9 million) relating to non-underlying items, as detailed in note 6. Fees payable to the Company\u2019s auditor in the year were:
2025 2024
\u00a3000 \u00a3000
Fees payable to the Company\u2019s auditor and its associates for the audit of parent company and consolidated financial statements
922
465
Fees payable to the Company\u2019s auditor and its associates for other services:
The audit of Company\u2019s subsidiaries
1,511
969
Audit-related assurance services
360
133
Other non-audit services
1,866
111
Total fees
4,659
1,678
Fees payable to the Company\u2019s auditor in respect of Pennon Group pension schemes:
Audit
\u2013
35
A description of the work of the Audit Committee is set out in its report on pages 151 to 155 which includes an explanation of how the auditor\u2019s objectivity and independence are safeguarded when non-audit services are provided by the auditor\u2019s firm.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-516": { "value": "7. Operating costs
2025 2024
Notes \u00a3m \u00a3m
Employment costs (underlying)
13
151.1
114.8
Raw materials and consumables*
51.7
37.4
Other operating expenses before non-underlying items include:
Profit on disposal of property, plant and equipment
(1.2)
(0.8)
Short-term/low value asset lease expense
6.2
3.6
Trade receivables impairment
22
9.7
7.1
Depreciation of property, plant and equipment:
\u2022
Owned assets
17
147.7
133.7
\u2022
Under leases
17
37.0
34.6
Amortisation of other intangible assets
16
2.3
3.7
Impairment of assets
17
0.1
\u2013
* Raw materials and consumables used and other operating expenses have been restated, see note 2. Operating costs include a charge of \u00a337.6 million (2024: \u00a325.9 million) relating to non-underlying items, as detailed in note 6. Fees payable to the Company\u2019s auditor in the year were:
2025 2024
\u00a3000 \u00a3000
Fees payable to the Company\u2019s auditor and its associates for the audit of parent company and consolidated financial statements
922
465
Fees payable to the Company\u2019s auditor and its associates for other services:
The audit of Company\u2019s subsidiaries
1,511
969
Audit-related assurance services
360
133
Other non-audit services
1,866
111
Total fees
4,659
1,678
Fees payable to the Company\u2019s auditor in respect of Pennon Group pension schemes:
Audit
\u2013
35
A description of the work of the Audit Committee is set out in its report on pages 151 to 155 which includes an explanation of how the auditor\u2019s objectivity and independence are safeguarded when non-audit services are provided by the auditor\u2019s firm", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-469": { "value": "7. Operating costs
2025 2024
Notes \u00a3m \u00a3m
Employment costs (underlying)
13
151.1
114.8
Raw materials and consumables*
51.7
37.4
Other operating expenses before non-underlying items include:
Profit on disposal of property, plant and equipment
(1.2)
(0.8)
Short-term/low value asset lease expense
6.2
3.6
Trade receivables impairment
22
9.7
7.1
Depreciation of property, plant and equipment:
\u2022
Owned assets
17
147.7
133.7
\u2022
Under leases
17
37.0
34.6
Amortisation of other intangible assets
16
2.3
3.7
Impairment of assets
17
0.1
\u2013
* Raw materials and consumables used and other operating expenses have been restated, see note 2. Operating costs include a charge of \u00a337.6 million (2024: \u00a325.9 million) relating to non-underlying items, as detailed in note 6. Fees payable to the Company\u2019s auditor in the year were:
2025 2024
\u00a3000 \u00a3000
Fees payable to the Company\u2019s auditor and its associates for the audit of parent company and consolidated financial statements
922
465
Fees payable to the Company\u2019s auditor and its associates for other services:
The audit of Company\u2019s subsidiaries
1,511
969
Audit-related assurance services
360
133
Other non-audit services
1,866
111
Total fees
4,659
1,678
Fees payable to the Company\u2019s auditor in respect of Pennon Group pension schemes:
Audit
\u2013
35
A description of the work of the Audit Committee is set out in its report on pages 151 to 155 which includes an explanation of how the auditor\u2019s objectivity and independence are safeguarded when non-audit services are provided by the auditor\u2019s firm", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-470": { "value": "
8. Net finance costs
2025
2024
Finance Finance Finance Finance
cost income Total cost income Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost of servicing debt
Bank borrowings and overdrafts
(138.6)
\u2013
(138.6)
(113.0)
\u2013
(113.0)
Interest element of lease payments
(49.9)
\u2013
(49.9)
(44.0)
\u2013
(44.0)
Other finance costs
(10.9)
\u2013
(10.9)
(5.8)
\u2013
( 5 . 8 )
Interest received
\u2013
11.1
11.1
\u2013
7 . 1
7 . 1
Net gains on derivative financial instruments \u2013 transfer
from OCI
\u2013
2 . 3
2 . 3
\u2013
3 . 8
3 . 8
(199.4)
13.4
(186.0)
(162.8)
10.9
(151.9)
Notional interest
Retirement benefit obligations
30
\u2013
1 . 6
1 . 6
\u2013
1 . 7
1 . 7
Net finance costs
(199.4)
15.0
(184.4)
(162.8)
12.6
(150.2)
In addition to the above, finance costs of \u00a327.7 million (2024: \u00a315.5 million) have been capitalised on qualifying assets included in property, plant and equipment,
at an average borrowing rate of 5.7% (2024: 6.4%).
Other finance costs include \u00a31.1 million (2024: \u00a31.1 million) of dividends payable on listed preference shares issued by Bristol Water plc, which are classified as
debt (see note 28).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-585": { "value": "8. Net finance costs
2025
2024
Finance Finance Finance Finance
cost income Total cost income Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost of servicing debt
Bank borrowings and overdrafts
(138.6)
\u2013
(138.6)
(113.0)
\u2013
(113.0)
Interest element of lease payments
(49.9)
\u2013
(49.9)
(44.0)
\u2013
(44.0)
Other finance costs
(10.9)
\u2013
(10.9)
(5.8)
\u2013
( 5 . 8 )
Interest received
\u2013
11.1
11.1
\u2013
7 . 1
7 . 1
Net gains on derivative financial instruments \u2013 transfer
from OCI
\u2013
2 . 3
2 . 3
\u2013
3 . 8
3 . 8
(199.4)
13.4
(186.0)
(162.8)
10.9
(151.9)
Notional interest
Retirement benefit obligations
30
\u2013
1 . 6
1 . 6
\u2013
1 . 7
1 . 7
Net finance costs
(199.4)
15.0
(184.4)
(162.8)
12.6
(150.2)
In addition to the above, finance costs of \u00a327.7 million (2024: \u00a315.5 million) have been capitalised on qualifying assets included in property, plant and equipment, at an average borrowing rate of 5.7% (2024: 6.4%). Other finance costs include \u00a31.1 million (2024: \u00a31.1 million) of dividends payable on listed preference shares issued by Bristol Water plc, which are classified as debt (see note 28).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-579": { "value": "8. Net finance costs
2025
2024
Finance Finance Finance Finance
cost income Total cost income Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost of servicing debt
Bank borrowings and overdrafts
(138.6)
\u2013
(138.6)
(113.0)
\u2013
(113.0)
Interest element of lease payments
(49.9)
\u2013
(49.9)
(44.0)
\u2013
(44.0)
Other finance costs
(10.9)
\u2013
(10.9)
(5.8)
\u2013
( 5 . 8 )
Interest received
\u2013
11.1
11.1
\u2013
7 . 1
7 . 1
Net gains on derivative financial instruments \u2013 transfer
from OCI
\u2013
2 . 3
2 . 3
\u2013
3 . 8
3 . 8
(199.4)
13.4
(186.0)
(162.8)
10.9
(151.9)
Notional interest
Retirement benefit obligations
30
\u2013
1 . 6
1 . 6
\u2013
1 . 7
1 . 7
Net finance costs
(199.4)
15.0
(184.4)
(162.8)
12.6
(150.2)
In addition to the above, finance costs of \u00a327.7 million (2024: \u00a315.5 million) have been capitalised on qualifying assets included in property, plant and equipment, at an average borrowing rate of 5.7% (2024: 6.4%). Other finance costs include \u00a31.1 million (2024: \u00a31.1 million) of dividends payable on listed preference shares issued by Bristol Water plc, which are classified as debt (see note 28).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-572": { "value": "8. Net finance costs
2025
2024
Finance Finance Finance Finance
cost income Total cost income Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost of servicing debt
Bank borrowings and overdrafts
(138.6)
\u2013
(138.6)
(113.0)
\u2013
(113.0)
Interest element of lease payments
(49.9)
\u2013
(49.9)
(44.0)
\u2013
(44.0)
Other finance costs
(10.9)
\u2013
(10.9)
(5.8)
\u2013
( 5 . 8 )
Interest received
\u2013
11.1
11.1
\u2013
7 . 1
7 . 1
Net gains on derivative financial instruments \u2013 transfer
from OCI
\u2013
2 . 3
2 . 3
\u2013
3 . 8
3 . 8
(199.4)
13.4
(186.0)
(162.8)
10.9
(151.9)
Notional interest
Retirement benefit obligations
30
\u2013
1 . 6
1 . 6
\u2013
1 . 7
1 . 7
Net finance costs
(199.4)
15.0
(184.4)
(162.8)
12.6
(150.2)
In addition to the above, finance costs of \u00a327.7 million (2024: \u00a315.5 million) have been capitalised on qualifying assets included in property, plant and equipment, at an average borrowing rate of 5.7% (2024: 6.4%). Other finance costs include \u00a31.1 million (2024: \u00a31.1 million) of dividends payable on listed preference shares issued by Bristol Water plc, which are classified as debt (see note 28).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-553": { "value": "8. Net finance costs
2025
2024
Finance Finance Finance Finance
cost income Total cost income Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost of servicing debt
Bank borrowings and overdrafts
(138.6)
\u2013
(138.6)
(113.0)
\u2013
(113.0)
Interest element of lease payments
(49.9)
\u2013
(49.9)
(44.0)
\u2013
(44.0)
Other finance costs
(10.9)
\u2013
(10.9)
(5.8)
\u2013
( 5 . 8 )
Interest received
\u2013
11.1
11.1
\u2013
7 . 1
7 . 1
Net gains on derivative financial instruments \u2013 transfer
from OCI
\u2013
2 . 3
2 . 3
\u2013
3 . 8
3 . 8
(199.4)
13.4
(186.0)
(162.8)
10.9
(151.9)
Notional interest
Retirement benefit obligations
30
\u2013
1 . 6
1 . 6
\u2013
1 . 7
1 . 7
Net finance costs
(199.4)
15.0
(184.4)
(162.8)
12.6
(150.2)
In addition to the above, finance costs of \u00a327.7 million (2024: \u00a315.5 million) have been capitalised on qualifying assets included in property, plant and equipment, at an average borrowing rate of 5.7% (2024: 6.4%). Other finance costs include \u00a31.1 million (2024: \u00a31.1 million) of dividends payable on listed preference shares issued by Bristol Water plc, which are classified as debt (see note 28).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-517": { "value": "8. Net finance costs
2025
2024
Finance Finance Finance Finance
cost income Total cost income Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost of servicing debt
Bank borrowings and overdrafts
(138.6)
\u2013
(138.6)
(113.0)
\u2013
(113.0)
Interest element of lease payments
(49.9)
\u2013
(49.9)
(44.0)
\u2013
(44.0)
Other finance costs
(10.9)
\u2013
(10.9)
(5.8)
\u2013
( 5 . 8 )
Interest received
\u2013
11.1
11.1
\u2013
7 . 1
7 . 1
Net gains on derivative financial instruments \u2013 transfer
from OCI
\u2013
2 . 3
2 . 3
\u2013
3 . 8
3 . 8
(199.4)
13.4
(186.0)
(162.8)
10.9
(151.9)
Notional interest
Retirement benefit obligations
30
\u2013
1 . 6
1 . 6
\u2013
1 . 7
1 . 7
Net finance costs
(199.4)
15.0
(184.4)
(162.8)
12.6
(150.2)
In addition to the above, finance costs of \u00a327.7 million (2024: \u00a315.5 million) have been capitalised on qualifying assets included in property, plant and equipment, at an average borrowing rate of 5.7% (2024: 6.4%). Other finance costs include \u00a31.1 million (2024: \u00a31.1 million) of dividends payable on listed preference shares issued by Bristol Water plc, which are classified as debt (see note 28).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-471": { "value": "
9. Taxation
Non- Non-
underlying underlying
Before non- items Before non- items
underlying items (note 6) Total underlying items (note 6) Total
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Analysis of charge/(credit) in year
Current tax charge/(credit)
0.8
(0.5)
0.3
(0.6)
\u2013
(0.6)
Deferred tax (credit)/charge
(7.8)
(8.4)
(16.2)
4.9
(4.9)
\u2013
Tax (credit)/charge for year
(7.0)
(8.9)
(15.9)
4.3
(4.9)
(0.6)
UK corporation tax is calculated at 25% (2024: 25%) of the estimated assessable profit for the year.
UK corporation tax for the Group is stated after a charge relating to prior year current tax of \u00a30.3 million (2024: \u00a30.6 million credit) and a prior year deferred tax
charge of \u00a30.7 million (2024: \u00a3nil). These items relate to prior year adjustments in respect of capital allowances claimed in accordance with UK tax legislation
(2024 additional interest deductions).
The tax for the year differs from the theoretical amount which would arise using the standard rate of corporation tax in the UK of 25% (2024: 25%) as follows:
2025 2024
\u00a3m \u00a3m
Reconciliation of total tax credit
Loss before tax
(72.7)
(9.1)
Loss multiplied by the standard rate of UK corporation tax of 25% (2024: 25%)
(18.2)
(2.3)
Effects of:
Expenses not deductible for tax purposes
0.8
1.6
Associate profits not taxable
(0.2)
(0.2)
Adjustments to tax charge in respect of prior years
1.5
(0.6)
Depreciation charged on non-qualifying assets
1.0
0.9
Adjustment in respect of deferred revenue contributions
(0.7)
\u2013
Other
(0.1)
\u2013
Tax credit for year
(15.9)
(0.6)
2025 2024
\u00a3m \u00a3m
Reconciliation of current tax credit
Loss before tax
(72.7)
(9.1)
Loss multiplied by the standard rate of UK corporation tax of 25% (2024: 25%)
(18.2)
(2.3)
Effects of:
Relief for capital allowances in place of depreciation
(26.5)
(37.0)
Disallowance of depreciation charged in the accounts
39.6
36.5
Other timing differences
(6.6)
(5.3)
Expenses not deductible for tax purposes
0.8
1.6
Associate profits not taxable
(0.2)
(0.2)
Adjustments to tax charge in respect of prior years
0.3
(0.6)
Depreciation charged on non-qualifying assets
1.0
0.9
Tax losses carried forward
15.9
9.3
Relief for capitalised interest and foreign exchange gains/losses
(5.8)
(3.5)
Current tax charge/(credit) for year
0.3
(0.6)
The Group's current tax charge is lower (2024: lower) than the UK headline rate of 25% (2024: 25%), primarily due to losses generated which are carried forward
to offset against future taxable profit.
The Group benefits from the 100% full expensing and 50% enhanced allowances in respect of qualifying spend relating to certain qualifying assets (largely plant
and machinery). The Group incurs significant capital expenditure each year as it maintains and enhances its assets for the benefit of its customers, communities
and the environment. These enhanced allowances have increased capital allowance claims for the year and contributed significantly to the current tax credit for
the year. There is also a consequently higher deferred tax liability and charge due to the additional capital allowance deductions.
Certain types of expenditure are not deductible for tax purposes. These types of expenditure are set out in tax legislation. The main category of expenditure not
deductible during the year are acquisition costs relating to the purchase of the SES Group and various renewables businesses, where these are classified as
capital in nature for tax purposes.
Profits from associates and joint ventures are included in the consolidated accounts on an after-tax basis, as such these profits are not taxable in the Group
accounts.
Depreciation charge on non-qualifying assets generates a permanent adjustment which increases the tax charge. Non-qualifying assets are those which do not
qualify for writing down tax allowances including certain fixed assets typically in relation to older buildings and premises where tax relief is not available.
Tax losses generated in the year and carried forward generate a deferred tax rather than current tax credit, hence the adjustment to current tax. When utilised,
the adjustment will be reflected through a movement from deferred to current tax.
Other timing differences relate to the timing of relief for items including pensions, general provisions and financial derivatives. The reduction in the year relates
mainly to additional pension contributions made to fund deficits in the scheme.
Immediate tax relief is available in respect of capitalised interest and foreign exchange gains/losses.
In addition to the amounts recognised in the statement of profit or loss, the following tax charges/(credits) were recognised:
2025 2024
\u00a3m \u00a3m
Amounts recognised directly in other comprehensive income
Deferred tax charge/(credit) on defined benefit pension schemes
0.9
(2.2)
Deferred tax credit on cash flow hedges
(2.4)
(4.1)
Amounts recognised directly in equity
Deferred tax charge on share-based payments
\u2013
0.1
OECD Pillar 2
On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing the Pillar Two global minimum effective tax rate of 15%. The legislation
implements a domestic top-up tax and a multinational top-up tax, effective for accounting periods starting on or after 31 December 2023. Under the legislation, the
group will be required to pay, in the UK, top-up tax on profits of its subsidiaries that are taxed at a Pillar Two effective tax rate of less than 15%. 2024/25 is the first
accounting period where the Group is within scope of the Pillar Two rules. The UK is the only jurisdiction in which the Group operates therefore an assessment of
any potential Pillar Two tax exposure for 2024/25 has been performed focusing solely on the application of the UK domestic top-up tax rules. The assessment
performed by the Group is based on country-by-country reporting principles and financial statements information for 2024/25. Based on that information, the UK is
expected to meet the conditions of the transitional safe harbours such that no top-up tax arises. The Group is continuing to assess the impact of the Pillar Two
income taxes legislation and related updates on its future financial performance.
27. Current tax assets/(liabilities)
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current year debtor/(creditor)
(0.1)
0.4
0.4
(0.4)
Prior year tax items
1.0
5.6
(2.3)
(2.8)
0.9
6.0
(1.9)
(3.2)
31. Deferred tax Deferred tax is provided in full on temporary differences under the liability method using enacted tax rates. Movements on deferred tax were:
Group
Company
(Restated,
note 43)
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities/(assets) at 1 April
548.4
507.0
(20.7)
(18.6)
(Credited)/charged to the income statement
(7.8)
4.9
(3.0)
(0.7)
(Credited)/charged to other comprehensive income
(1.5)
(6.3)
0.1
(0.3)
Charged to equity, including impact of change in tax rate
\u2013
0.1
\u2013
\u2013
Other non-underlying credits in the income statement
(8.5)
(4.9)
\u2013
(1.1)
Amounts relating to acquired operations
\u2013
47.6
\u2013
\u2013
Liabilities/(assets) at 31 March
530.6
548.4
(23.6)
(20.7)
Deferred tax assets have been recognised in respect of all temporary differences where it is probable that these assets will be recovered. The Group has applied the exception to recognised and disclosing deferred tax related to Pillar Two income taxes. The majority of the Group\u2019s deferred tax assets and liabilities are expected to be recovered over more than one year. All deferred tax assets and liabilities within the same jurisdiction are offset where it is appropriate to do so
The movements in deferred tax assets (after offset) were:
Group
Deferred tax liabilities
Fair value Short-term
Property, plant adjustments liabilities Retirement
and equipment (restated, including benefit
Derivatives depreciation note 43) provisions obligations Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
2.9
473.2
94.5
1.5
2.9
575.0
Charged/(credited) to the income statement
0.5
5.8
(5.5)
3.4
2.5
6.7
Credited to other comprehensive income
(4.1)
\u2013
\u2013
\u2013
( 2 . 2 )
( 6 . 3 )
R e c l a s s i f i c a t i o n
4 . 2
\u2013
\u2013
\u2013
\u2013
4 . 2
Transferred in on acquisition of SES
(3.5)
43.3
15.7
\u2013
(0.9)
54.6
At 31 March 2024
\u2013
522.3
104.7
4.9
2.3
634.2
Charged/(credited) to the income statement
\u2013
39.1
0.5
(0.5)
0.7
39.8
Charged to other comprehensive income
\u2013
\u2013
\u2013
\u2013
0.9
0.9
At 31 March 2025
\u2013
561.4
105.2
4.4
3.9
674.9
Deferred tax assets
Loan
Share-based relationship Fair value
Derivatives payments Tax losses deficits adjustment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
\u2013
(1.0)
(27.5)
(8.4)
(31.1)
(68.0)
Underlying charged/(credited) to the income statement
\u2013
0.3
(2.8)
(2.3)
3.0
(1.8)
Non-underlying credit to the income statement
\u2013
\u2013
(4.9)
\u2013
\u2013
(4.9)
Reclassification to deferred tax liabilities
(4.2)
\u2013
\u2013
\u2013
\u2013
( 4 . 2 )
Charged to equity
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Transferred in on acquisition of SES
\u2013
\u2013
(7.0)
\u2013
\u2013
( 7 . 0 )
At 31 March 2024
(4.2)
(0.6)
(42.2)
(10.7)
(28.1)
(85.8)
Charged/(credited) to the income statement
1.1
(0.1)
(51.0)
(0.6)
3.0
(47.6)
Non-underlying credit to the income statement
\u2013
\u2013
(8.5)
\u2013
\u2013
(8.5)
Charged to equity
(2.4)
\u2013
\u2013
\u2013
\u2013
( 2 . 4 )
At 31 March 2025
(5.5)
(0.7)
(101.7)
(11.3)
(25.1)
(144.3)
Net liability
At 31 March 2024
548.4
At 31 March 2025
530.6
Deferred tax assets not recognised
Tax losses and
Short-term non-trade loan
liabilities relationship
Accelerated including deficits available
tax depreciation provisions indefinitely Total
Gross \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
\u2013
\u2013
\u2013
\u2013
(Credited)/charged to the income statement
\u2013
(0.1)
0.2
0.1
Transferred in on acquisition from SES
0.4
0.3
21.8
22.5
At 31 March 2024
0.4
0.2
22.0
22.6
Origination and reversal of temporary differences in relation
(0.1)
\u2013
11.6
11.5
to SES
At 31 March 2025
0.3
0.2
33.6
34.1
Tax losses and
Short-term non-trade loan
liabilities relationship
Accelerated including deficits available
tax depreciation provisions indefinitely Total
Tax effect \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
\u2013
\u2013
\u2013
\u2013
Transferred in on acquisition from SES
0.1
\u2013
5.5
5.6
At 31 March 2024
0.1
\u2013
5.5
5.6
Origination and reversal of temporary differences in relation to
SES
\u2013
\u2013
2 . 9
2 . 9
At 31 March 2025
0.1
\u2013
8.4
8.5
Following the acquisition of SES Water, the group has acquired temporary differences for which no deferred tax assets are recognised in relation to post 2017
tax losses (\u00a325.5 million), non-trade deficits carried forwards in relation to the UK's corporate interest restriction rules (\u00a38.1 million), fixed assets (\u00a30.3 million)
and provisions (\u00a30.1 million). The group has concluded that it is appropriate to continue not to recognise a deferred tax asset on these temporary differences.
While the Group is in a net deferred tax liability position, the Group consider there is not a right to offset these deferred tax assets against deferred tax liabilities.
In addition, whilst the assets are available indefinitely, there is uncertainty regarding the availability of suitable future taxable profits.
Company
Deferred tax assets
Retirement
benefit Share-based
obligations payments Tax losses Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
(1.3)
(0.7)
(16.6)
(18.6)
Charged/(credited) to the income statement
2.5
0.2
(3.4)
(0.7)
Non-underlying credit to the income statement
\u2013
\u2013
(1.1)
(1.1)
Credited to other comprehensive income
(0.3)
\u2013
\u2013
(0.3)
At 31 March 2024
0.9
(0.5)
(21.1)
(20.7)
Credited to the income statement
\u2013
\u2013
(3.0)
(3.0)
Credited to other comprehensive income
0.1
\u2013
\u2013
0.1
At 31 March 2025
1.0
(0.5)
(24.1)
(23.6)
Deferred tax charged/(credited) to equity or other comprehensive income during the year was:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Remeasurement of defined benefit obligations
0.9
(2.2)
0.1
(0.3)
Cash flow hedges
(2.4)
(4.1)
\u2013
\u2013
Share-based payments
\u2013
0.1
\u2013
\u2013
(1.5)
(6.2)
0.1
(0.3)
Capital allowances are available when a business incurs qualifying expenditure on capital items such as infrastructure assets. Capital allowances provide tax
relief on these items in place of accounting depreciation which is not tax deductible. Over the period of ownership of an asset, cumulative depreciation and
capital allowances will equalise. Capital allowance rates are set by the UK Government and every business receives the same rate of allowance. Capital allowance
rates typically vary from 3% up to 100%. Depreciation periods vary from 4 to 200 years. Due to the group's continuing capital investment programme,
deductions for capital allowances are expected to exceed depreciation in future years.
The different accounting treatment of property, plant and equipment for tax and accounting purposes means that the taxable income of the Group is not the same as
the profit reported in the financial statements. The adjustments for this are reflected in the current tax reconciliation. In 2023, the Government has introduced
permanent full expensing and 50% first year allowances for certain qualifying expenditure. This provides an increase in current tax relief for the Group with a
consequently higher deferred tax liability and charge due to the additional capital allowance deductions.
Short term temporary differences arise on items such as retirement benefit obligations, derivatives and share based payments because the treatment of such items
are different for tax and accounting purposes. These differences reverse over future years following that in which they arise, as is reflected in the deferred tax charge
in these financial statements. Specifically, retirement benefit obligations will crystallise over the life of the pension scheme and/or the period when spreading applies
(this can be up to three years for spreading purposes), whilst share based payments will crystallise over the remaining life of the share schemes which are up to five
years. Short term liabilities including provisions will typically crystallise in the following year.
The fair value liability relates to the revaluation of tangible fixed assets on the acquisition of Bournemouth Water, Bristol Water and SES Water. The fair value
asset relates to the revaluation of debt on the acquisition of Bournemouth Water and Bristol Water. These items will be released over their remaining life which is
up to 150 years.
Where interest charges or other costs are capitalised in the accounts, tax relief is given either as the charges are incurred or when the costs are taken to the
income statement.
Derivatives reflect the fair value movements on treasury derivatives; these can fluctuate considerably each year. The balance will crystallise when derivative
items are either terminated or mature; the life of these items can be up to ten years.
Tax losses relate to trading losses and non-trade deficits carried forwards in relation to the UK's corporate interest restriction rules. These are available
indefinitely. With respect to both items, these are recognised on the basis the UK Group has taxable temporary differences that are expected to reverse in the
same periods as the unused tax losses and there is a right of offset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-472": { "value": "
10. (Loss)/profit of the parent company
2025 2024
\u00a3m \u00a3m
(Loss)/profit attributable to ordinary shareholders\u2019 equity dealt within the accounts of the parent company
(13.5)
34.4
As permitted by Section 408 of the Companies Act 2006, no statement of profit or loss or statement of comprehensive income is presented for the Company.
", "dimensions": { "concept": "pennongroupplc:DisclosureOfProfitOfTheParentCompany", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-473": { "value": "
11. Earnings per share
Basic earnings per share are calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares
outstanding during the year, excluding those held in the employee share trust (note 36), which are treated as cancelled.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to include all dilutive potential ordinary shares. The Group has
two types of dilutive potential ordinary shares \u2013 those share options granted to employees where the exercise price is less than the average market price of the
Company\u2019s ordinary shares during the year; and the contingently issuable shares under the Group\u2019s Performance and Co-investment Plan, the long-term incentive
plan and the deferred shares element of the Annual Incentive Bonus Plan, based on performance criteria for the vesting of the awards.
Basic and diluted earnings per share figures and the weighted average number of shares for the comparative period have been restated and adjusted for the
bonus factor of 1.21 to reflect the bonus element of the February 2025 rights issue, in accordance with IAS 33 Earnings per Share. Amounts as originally stated at
31 March 2024 were (3.6)p basic and diluted earnings per share, 6.2p basic and diluted adjusted earnings per share and 266.6 million weighted average number
of shares.
Potential ordinary shares, as discussed above, that could dilute basic earnings per share in the future, were not included in the calculation for statutory earnings
per share because they were anti-dilutive for the current year. The weighted average number of shares and earnings used in the calculations are detailed in the
table below.
2025
2024 (restated)
Number of shares (millions)
For basic earnings per share
360.5
322.5
Effect of dilutive potential ordinary shares from share options
\u2013
\u2013
For diluted earnings per share
360.5
322.5
Basic and diluted earnings per ordinary share
Earnings per ordinary share before non-underlying items and deferred tax are presented as the Directors believe that this measure provides a more useful year-
on-year comparison of business trends and performance. Deferred tax is excluded as the Directors believe it reflects a distortive effect of changes in
corporation tax rates and the level of long-term capital investment. Earnings per share have been calculated as follows:
2025
2024 (restated)
(Loss)/profit
Earnings per share
(Loss)/profit
Earnings per share
after tax after tax
\u00a3m
Basic p
Diluted p
\u00a3m
Basic p
Diluted p
Statutory earnings attributable to ordinary shareholders
of the parent
(57.9)
(16.1)
(16.1)
(9.5)
(2.9)
(2.9)
Deferred tax (credit)/charge before non-underlying items
(7.8)
(2.1)
(2.1)
4.9
1.5
1.5
Non-underlying items (net of tax)
28.6
7.9
7.9
21.0
6.5
6.5
Adjusted earnings
(37.1)
(10.3)
(10.3)
16.4
5.1
5.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-518": { "value": "11. Earnings per share Basic earnings per share are calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year, excluding those held in the employee share trust (note 36), which are treated as cancelled. For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to include all dilutive potential ordinary shares. The Group has two types of dilutive potential ordinary shares \u2013 those share options granted to employees where the exercise price is less than the average market price of the Company\u2019s ordinary shares during the year; and the contingently issuable shares under the Group\u2019s Performance and Co-investment Plan, the long-term incentive plan and the deferred shares element of the Annual Incentive Bonus Plan, based on performance criteria for the vesting of the awards. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-474": { "value": "
12. Dividends
2025 2024
\u00a3m \u00a3m
Amounts recognised as distributions to ordinary equity holders in the year
Interim dividend paid for the year ended 31 March 2024 11.60p (restated) (2023: 10.71p restated) per share
40.1
33.9
Final dividend paid for the year ended 31 March 2024 25.07p (restated) (2023: 24.60p restated) per share
86.8
77.8
126.9
111.7
Proposed dividends
Proposed interim dividend for the year ended 31 March 2025 12.14p (2024: 11.60p restated) per share
42.0
40.2
Proposed final dividend for the year ended 31 March 2025 19.43p (2024: 25.07p restated) per share
91.7
86.7
133.7
126.9
The proposed interim and final dividends have not been included as liabilities in these financial statements.
The proposed interim dividend for 2025 was paid on 4 April 2025 and the proposed final dividend is subject to approval by shareholders at the AGM.
Proposed dividends per share for the 2024 comparative period have been restated and adjusted for the bonus factor of 1.21 to reflect the bonus element of the
February 2025 rights issue, in accordance with IAS 33 Earnings per Share and as detailed in note 11. The proposed interim dividend for the year ended 31 March
2025 of 14.69p as announced previously has been restated to 12.14p as adjusted by the bonus factor.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-519": { "value": "0.2507", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-520": { "value": "0.246", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800V1CCTS41GWH423", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-521": { "value": "0.1943", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-522": { "value": "0.2507", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-523": { "value": "91700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-524": { "value": "86700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800V1CCTS41GWH423", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-475": { "value": "
13. Employment costs
2025 2024
Notes \u00a3m \u00a3m
Wages and salaries
175.5
134.9
Social security costs
17.5
14.2
Pension costs
30
16.2
13.8
Share-based payments
33
2.0
1.1
Total employment costs
211.2
164.0
Charged:
\u2022
Employment costs (excluding non-underlying items)
151.1
114.8
\u2022
Employment costs (non-underlying items)
11.7
0.7
\u2022
Capital schemes \u2013 property, plant and equipment
48.1
47.8
\u2022
Research and development
0.3
0.7
Total employment costs
211.2
164.0
Details of Directors\u2019 emoluments are set out in note 14. There are no personnel, other than Directors, who as key management exercise authority and have
responsibility for planning, directing and controlling the activities of the Group. Members of other executive committees assist the Directors in their duties but
do not hold authority to control the activities of the Group.
2025
2024
Employees (average full-time equivalent number)
The average monthly number of employees (including Executive Directors) was:
Water
3,528
3,051
Non-household retail
259
192
Other
123
90
Total
3,910
3,333
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-476": { "value": "
14. Directors\u2019 emoluments
2025 2024
\u00a3000 \u00a3000
Executive Directors:
\u2022
Salary
968
895
\u2022
Share-based payments
680
1,103
\u2022
Other emoluments, including payments in lieu of pension provision
121
111
Non-Executive Directors
648
649
2,417
2,758
More detailed information concerning Directors\u2019 emoluments (including pensions and the highest paid Director) and share interests is shown in the Directors\u2019
remuneration report on pages 166 to 183.
Remuneration of key management personnel
2025
\u00a3000
Salaries and short-term employee benefits
3,724
Share-based payments
854
4,578
Key management personnel (KMP) remuneration has been disclosed for the first time in this financial year to align with restructuring into the four new business
units. KMP remuneration comprises all directors and certain senior managers who are members of the executive team.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-477": { "value": "
15. Goodwill
\u00a3m
Cost:
At 1 April 2023
163.9
Acquisition of SES Water Group (restated, note 43)
16.0
At 31 March 2024 (restated)
179.9
At 31 March 2025
179.9
Carrying amount:
At 1 April 2023
163.9
At 31 March 2024 (restated)
179.9
At 31 March 2025
179.9
Goodwill acquired in a business combination is allocated at acquisition to the CGU expected to benefit from that business combination. During the year ended
31 March 2024, the Group acquired the SES Water Group, adding \u00a316.0 million to goodwill (see note 43).
All goodwill represents the water business, therefore this is the lowest level at which goodwill is monitored and tested.
Impairment testing of goodwill
The Group tests goodwill for impairment annually, or more frequently if there are any indications that impairment may have arisen.
Impairment testing is carried out based on the fair value less costs of disposal method. The recoverable amount of the water business segment is assessed
using level 2 fair value hierarchy techniques, with reference to the market value of the water business, using a market-based observable premium, based on
historical water industry merger and acquisition activity, to regulated capital value (RCV) as defined by Ofwat. Costs to sell are calculated using the sale of
Viridor by Pennon in 2020 as an estimate. RCV for the water business is disclosed in note 3, historical water industry transactions provide a range of premia that
could be used in the calculation, for the current financial year applying a premium to RCV was not required to maintain impairment headroom.
The results of tests performed during the year demonstrate significant headroom in the water CGU, and it is judged that no reasonable change in the key
assumptions would cause the carrying amount of the CGUs to exceed the recoverable amount.
16. Other intangible assets
Software
Renewable development
Energy (restated,
Generation note 43) Total
\u00a3m \u00a3m \u00a3m
Cost:
At 1 April 2023
\u2013
22.3
22.3
Arising on acquisitions
\u2013
4 . 2
4 . 2
Additions
40.3
4.7
45.0
Disposals
\u2013
(1.3)
(1.3)
At 31 March 2024
40.3
29.9
70.2
Additions
\u2013
5 . 5
5 . 5
Transfers/reclassifications
\u2013
3 . 6
3 . 6
Disposals
\u2013
\u2013
\u2013
At 31 March 2025
40.3
39.0
79.3
Accumulated amortisation:
At 1 April 2023
\u2013
7 . 4
7 . 4
Charge for year
\u2013
3 . 7
3 . 7
Disposals
\u2013
(1.2)
(1.2)
At 31 March 2024
\u2013
9 . 9
9 . 9
Charge for year
\u2013
2 . 3
2 . 3
Transfers/reclassifications
\u2013
3 . 6
3 . 6
Impairment charge
\u2013
1 . 3
1 . 3
At 31 March 2025
\u2013
17.1
17.1
Carrying amount:
At 1 April 2023
\u2013
14.9
14.9
At 31 March 2024
40.3
20.0
60.3
At 31 March 2025
40.3
21.9
62.2
Additions to intangible assets during the year ended 31 March 2024 included \u00a340.3m as a result of acquiring renewable energy sites with rights to generate
energy in the future. The sites acquired have been accounted for under \u201casset purchase\u201d accounting as opposed to \u201cbusiness combination\u201d accounting, having
considered the facts and circumstances surrounding the sites acquired. The intangible assets acquired relate to energy generation rights on all four sites
purchased and a battery energy storage system on a single site, these assets will be amortised over periods expected to be between 35 and 45 years in line with
the rights acquired. These assets will be tested for impairment annually until they are available for use.
The carrying values of other intangible assets are reviewed annually or when events or changes in circumstance indicate that the carrying amounts may not be
fully recoverable.
An adjustment has been made to reclassify cost and accumulated depreciation in relation to assets acquired on the acquisition of Bristol Water plc
totalling \u00a33.6m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-525": { "value": "15. Goodwill
\u00a3m
Cost:
At 1 April 2023
163.9
Acquisition of SES Water Group (restated, note 43)
16.0
At 31 March 2024 (restated)
179.9
At 31 March 2025
179.9
Carrying amount:
At 1 April 2023
163.9
At 31 March 2024 (restated)
179.9
At 31 March 2025
179.9
Goodwill acquired in a business combination is allocated at acquisition to the CGU expected to benefit from that business combination. During the year ended 31 March 2024, the Group acquired the SES Water Group, adding \u00a316.0 million to goodwill (see note 43). All goodwill represents the water business, therefore this is the lowest level at which goodwill is monitored and tested. Impairment testing of goodwill The Group tests goodwill for impairment annually, or more frequently if there are any indications that impairment may have arisen. Impairment testing is carried out based on the fair value less costs of disposal method. The recoverable amount of the water business segment is assessed using level 2 fair value hierarchy techniques, with reference to the market value of the water business, using a market-based observable premium, based on historical water industry merger and acquisition activity, to regulated capital value (RCV) as defined by Ofwat. Costs to sell are calculated using the sale of Viridor by Pennon in 2020 as an estimate. RCV for the water business is disclosed in note 3, historical water industry transactions provide a range of premia that could be used in the calculation, for the current financial year applying a premium to RCV was not required to maintain impairment headroom. The results of tests performed during the year demonstrate significant headroom in the water CGU, and it is judged that no reasonable change in the key assumptions would cause the carrying amount of the CGUs to exceed the recoverable amount. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-554": { "value": "Impairment testing of goodwill The Group tests goodwill for impairment annually, or more frequently if there are any indications that impairment may have arisen. Impairment testing is carried out based on the fair value less costs of disposal method. The recoverable amount of the water business segment is assessed using level 2 fair value hierarchy techniques, with reference to the market value of the water business, using a market-based observable premium, based on historical water industry merger and acquisition activity, to regulated capital value (RCV) as defined by Ofwat. Costs to sell are calculated using the sale of Viridor by Pennon in 2020 as an estimate. RCV for the water business is disclosed in note 3, historical water industry transactions provide a range of premia that could be used in the calculation, for the current financial year applying a premium to RCV was not required to maintain impairment headroom. The results of tests performed during the year demonstrate significant headroom in the water CGU, and it is judged that no reasonable change in the key assumptions would cause the carrying amount of the CGUs to exceed the recoverable amount. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-526": { "value": "16. Other intangible assets
Software
Renewable development
Energy (restated,
Generation note 43) Total
\u00a3m \u00a3m \u00a3m
Cost:
At 1 April 2023
\u2013
22.3
22.3
Arising on acquisitions
\u2013
4 . 2
4 . 2
Additions
40.3
4.7
45.0
Disposals
\u2013
(1.3)
(1.3)
At 31 March 2024
40.3
29.9
70.2
Additions
\u2013
5 . 5
5 . 5
Transfers/reclassifications
\u2013
3 . 6
3 . 6
Disposals
\u2013
\u2013
\u2013
At 31 March 2025
40.3
39.0
79.3
Accumulated amortisation:
At 1 April 2023
\u2013
7 . 4
7 . 4
Charge for year
\u2013
3 . 7
3 . 7
Disposals
\u2013
(1.2)
(1.2)
At 31 March 2024
\u2013
9 . 9
9 . 9
Charge for year
\u2013
2 . 3
2 . 3
Transfers/reclassifications
\u2013
3 . 6
3 . 6
Impairment charge
\u2013
1 . 3
1 . 3
At 31 March 2025
\u2013
17.1
17.1
Carrying amount:
At 1 April 2023
\u2013
14.9
14.9
At 31 March 2024
40.3
20.0
60.3
At 31 March 2025
40.3
21.9
62.2
Additions to intangible assets during the year ended 31 March 2024 included \u00a340.3m as a result of acquiring renewable energy sites with rights to generate energy in the future. The sites acquired have been accounted for under \u201casset purchase\u201d accounting as opposed to \u201cbusiness combination\u201d accounting, having considered the facts and circumstances surrounding the sites acquired. The intangible assets acquired relate to energy generation rights on all four sites purchased and a battery energy storage system on a single site, these assets will be amortised over periods expected to be between 35 and 45 years in line with the rights acquired. These assets will be tested for impairment annually until they are available for use. The carrying values of other intangible assets are reviewed annually or when events or changes in circumstance indicate that the carrying amounts may not be fully recoverable. An adjustment has been made to reclassify cost and accumulated depreciation in relation to assets acquired on the acquisition of Bristol Water plc totalling \u00a33.6m.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-478": { "value": "
17. Property, plant and equipment
Fixed and
Land and Infrastructure moveable plant
buildings assets and equipment
(restated, (restated, Operational (restated, Construction
note 43) note 43) properties note 43) in progress Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Cost:
At 31 March 2023
188.8
2,863.3
971.6
2,377.0
290.4
6,691.1
Additions
1.3
65.0
14.3
118.6
405.3
604.5
Arising on acquisition
14.2
268.6
92.2
74.1
5.2
454.3
Assets adopted at fair value
\u2013
10.6
\u2013
\u2013
\u2013
10.6
Disposals
\u2013
(1.4)
\u2013
(3.4)
\u2013
(4.8)
Transfers/reclassifications
1.3
36.7
12.5
82.6
(133.1)
\u2013
At 31 March 2024
205.6
3,242.8
1,090.6
2,648.9
567.8
7,755.7
Additions
1.5
68.3
8.9
99.1
469.2
647.0
Assets adopted at fair value
\u2013
1 7 . 4
\u2013
\u2013
\u2013
1 7 . 4
Disposals
(0.7)
(1.3)
(1.0)
(13.8)
\u2013
( 1 6 . 8 )
Transfers/reclassifications
3.0
40.1
14.6
74.4
(134.1)
(2.0)
At 31 March 2025
209.4
3,367.3
1,113.1
2,808.6
902.9
8,401.3
Accumulated depreciation:
At 31 March 2023
27.3
402.9
332.1
1,451.9
\u2013
2,214.2
Charge for year
4.3
41.0
21.4
105.3
\u2013
172.0
Disposals
\u2013
(1.4)
\u2013
(3.4)
\u2013
(4.8)
At 31 March 2024
31.6
442.5
353.5
1,553.8
\u2013
2,381.4
Charge for year
2.7
49.0
23.9
113.1
\u2013
188.7
Disposals
(0.1)
(1.5)
(0.9)
(13.6)
\u2013
(16.1)
Impairment loss
\u2013
\u2013
\u2013
( 0 . 1 )
\u2013
( 0 . 1 )
Transfers/reclassifications
\u2013
( 8 . 6 )
2 . 2
4 . 4
(2.0)
At 31 March 2025
34.2
481.4
378.7
1,657.6
\u2013
2,551.9
Net book value:
At 31 March 2023
161.5
2,460.4
639.5
925.1
290.4
4,476.9
At 31 March 2024
174.0
2,800.3
737.1
1,095.1
567.8
5,374.3
At 31 March 2025
175.2
2,885.9
734.4
1,151.0
902.9
5,849.4
Of the total depreciation charge of \u00a3188.7 million (2024: \u00a3172.0 million), \u00a31.6 million (2024: \u00a31.5 million) has been charged to capital projects, \u00a32.4 million (2024:
\u00a32.2 million) has been offset by deferred income and \u00a3184.7 million (2024: \u00a3168.3 million) has been charged against profits. Asset lives and residual values are
reviewed annually. During the year borrowing costs of \u00a327.7 million (2024: \u00a315.5 million) have been capitalised on qualifying assets, at an average borrowing rate
of 5.7% (2024: 6.4%).
Groups of assets forming cash generating units are reviewed for indicators of impairment. No indicators of impairment were identified during the year.
Asset lives are reviewed annually. No significant changes were required in 2024/25.
An adjustment has been made to reclassify cost and accumulated depreciation in relation to assets acquired on the acquisition of Bristol Water plc
totalling \u00a32.0m.
Assets subject to secured financing arrangements
When the group enters into sale and leaseback arrangements, the accounting for the arrangement depends on whether the transaction meets the criteria within
IFRS 15 for a sale to have occurred. If the sale criteria are met, the associated property, plant and equipment asset is derecognised, and a right-of-use asset is
recognised at the proportion of the carrying value relating to the right retained. If the criteria for a sale under IFRS 15 have not been met the asset is not
derecognised and a liability to make ongoing payments is recognised as part of the leases liability included within borrowings. The table below shows amounts
held within property, plant and equipment for assets subject to these arrangements:
Fixed and mobile
Land and Infrastructure Operational plant, vehicles and Construction
buildings assets properties computers in progress Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Cost:
At 31 March 2023
4.1
383.9
335.1
384.0
\u2013
1,107.1
Additions
1.2
20.1
1.8
41.7
\u2013
64.8
Arising on acquisition
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
D i s p o s a l s
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 March 2024
5.3
404.0
336.9
425.7
\u2013
1,171.9
Additions
\u2013
22.1
0.8
2.1
\u2013
25.0
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Transfers/reclassifications
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 March 2025
5.3
426.1
337.7
427.8
\u2013
1,196.9
Accumulated depreciation:
At 31 March 2023
0.5
69.8
90.6
189.1
\u2013
350.0
Charge for year
0.1
5.3
5.8
20.8
\u2013
32.0
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 March 2024
0.6
75.1
96.4
209.9
\u2013
382.0
Charge for year
0.1
6.2
5.8
21.5
\u2013
33.6
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 March 2025
0.7
81.3
102.2
231.4
\u2013
415.6
Net book amount:
At 31 March 2023
3.6
314.1
244.5
194.9
\u2013
757.1
At 31 March 2024
4.7
328.9
240.5
215.8
\u2013
789.9
At 31 March 2025
4.6
344.8
235.5
196.4
\u2013
781.3
IFRS 16 \u2013 Right of Use Assets
Right-of-use assets classifying as leases under IFRS included in property, plant and equipment above were:
Fixed and mobile
Land and Infrastructure Operational plant, vehicles and Construction
buildings assets properties computers in progress Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Cost:
At 31 March 2023
31.3
\u2013
\u2013
5.0
\u2013
36.3
Additions
0.6
\u2013
\u2013
3.2
5.5
9.3
Arising on acquisition
\u2013
\u2013
\u2013
0.8
\u2013
0.8
Disposals
\u2013
\u2013
\u2013
(0.9)
\u2013
(0.9)
At 31 March 2024
31.9
\u2013
\u2013
8.1
5.5
45.5
Additions
1.0
\u2013
\u2013
2.6
(0.3)
3.3
Disposals
\u2013
\u2013
\u2013
( 0 . 1 )
\u2013
( 0 . 1 )
Transfers/reclassifications
2 . 1
\u2013
\u2013
\u2013
( 2 . 1 )
\u2013
At 31 March 2025
35.0
\u2013
\u2013
10.6
3.1
48.7
Accumulated depreciation:
At 31 March 2023
4.6
\u2013
\u2013
2.7
\u2013
7.3
Charge for year
1.1
\u2013
\u2013
1.5
\u2013
2.6
Disposals
\u2013
\u2013
\u2013
(0.8)
\u2013
(0.8)
At 31 March 2024
5.7
\u2013
\u2013
3.4
\u2013
9.1
Charge for year
1.4
\u2013
\u2013
1.9
\u2013
3.3
Disposals
\u2013
\u2013
\u2013
( 0 . 1 )
\u2013
( 0 . 1 )
At 31 March 2025
7.1
\u2013
\u2013
5.2
\u2013
12.3
Net book amount:
At 31 March 2023
26.7
\u2013
\u2013
2.3
\u2013
29.0
At 31 March 2024
26.2
\u2013
\u2013
4.7
5.5
36.4
At 31 March 2025
27.9
\u2013
\u2013
5.4
3.1
36.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-580": { "value": "18. Financial instruments by category The accounting policies for financial instruments that have been applied to line items are:
Fair value
Amortised cost
Derivatives used Derivatives used Debt
for fair value for cash flow instruments at Trade receivables
hedging hedging amortised cost and trade payables Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
31 March 2025
Financial assets
Amounts owed by associated companies
19
\u2013
\u2013
8.7
\u2013
8.7
Trade receivables
22
\u2013
\u2013
\u2013
270.0
270.0
Derivative financial instruments
23
0.4
31.8
\u2013
\u2013
32.2
Cash and cash equivalents and restricted funds
25
\u2013
\u2013
476.1
\u2013
476.1
Total
0.4
31.8
484.8
270.0
787.0
Financial liabilities
Borrowings
28
\u2013
\u2013
(4,554.3)
\u2013
(4,554.3)
Derivative financial instruments
23
\u2013
( 2 . 1 )
\u2013
\u2013
( 2 . 1 )
Trade and other payables
26
\u2013
\u2013
\u2013
(281.7)
(281.7)
Total
\u2013
( 2 . 1 )
(4,554.3)
(281.7)
(4,838.1)
31 March 2024
Financial assets
Amounts owed by associated companies
19
\u2013
\u2013
8.7
\u2013
8.7
Trade receivables
22
\u2013
\u2013
\u2013
250.0
250.0
Derivative financial instruments
23
0.3
40.5
\u2013
\u2013
40.8
Cash and cash equivalents and restricted funds
25
\u2013
\u2013
171.4
\u2013
171.4
Total
0.3
40.5
180.1
250.0
470.9
Financial liabilities
Borrowings*
28
\u2013
\u2013
(4,016.2)
\u2013
(4,016.2)
Derivative financial instruments
23
\u2013
(8.7)
\u2013
\u2013
(8.7)
Trade and other payables (restated, note 43)
26
\u2013
\u2013
\u2013
(332.8)
(332.8)
Total
\u2013
(8.7)
(4,016.2)
(332.8)
(4,357.7)
* Restated, see note 2 for further explanation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-555": { "value": "18. Financial instruments by category The accounting policies for financial instruments that have been applied to line items are:
Fair value
Amortised cost
Derivatives used Derivatives used Debt
for fair value for cash flow instruments at Trade receivables
hedging hedging amortised cost and trade payables Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
31 March 2025
Financial assets
Amounts owed by associated companies
19
\u2013
\u2013
8.7
\u2013
8.7
Trade receivables
22
\u2013
\u2013
\u2013
270.0
270.0
Derivative financial instruments
23
0.4
31.8
\u2013
\u2013
32.2
Cash and cash equivalents and restricted funds
25
\u2013
\u2013
476.1
\u2013
476.1
Total
0.4
31.8
484.8
270.0
787.0
Financial liabilities
Borrowings
28
\u2013
\u2013
(4,554.3)
\u2013
(4,554.3)
Derivative financial instruments
23
\u2013
( 2 . 1 )
\u2013
\u2013
( 2 . 1 )
Trade and other payables
26
\u2013
\u2013
\u2013
(281.7)
(281.7)
Total
\u2013
( 2 . 1 )
(4,554.3)
(281.7)
(4,838.1)
31 March 2024
Financial assets
Amounts owed by associated companies
19
\u2013
\u2013
8.7
\u2013
8.7
Trade receivables
22
\u2013
\u2013
\u2013
250.0
250.0
Derivative financial instruments
23
0.3
40.5
\u2013
\u2013
40.8
Cash and cash equivalents and restricted funds
25
\u2013
\u2013
171.4
\u2013
171.4
Total
0.3
40.5
180.1
250.0
470.9
Financial liabilities
Borrowings*
28
\u2013
\u2013
(4,016.2)
\u2013
(4,016.2)
Derivative financial instruments
23
\u2013
(8.7)
\u2013
\u2013
(8.7)
Trade and other payables (restated, note 43)
26
\u2013
\u2013
\u2013
(332.8)
(332.8)
Total
\u2013
(8.7)
(4,016.2)
(332.8)
(4,357.7)
* Restated, see note 2 for further explanation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-573": { "value": "The accounting policies for financial instruments that have been applied to line items are:
Fair value
Amortised cost
Derivatives used Derivatives used Debt
for fair value for cash flow instruments at Trade receivables
hedging hedging amortised cost and trade payables Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
31 March 2025
Financial assets
Amounts owed by associated companies
19
\u2013
\u2013
8.7
\u2013
8.7
Trade receivables
22
\u2013
\u2013
\u2013
270.0
270.0
Derivative financial instruments
23
0.4
31.8
\u2013
\u2013
32.2
Cash and cash equivalents and restricted funds
25
\u2013
\u2013
476.1
\u2013
476.1
Total
0.4
31.8
484.8
270.0
787.0
Financial liabilities
Borrowings
28
\u2013
\u2013
(4,554.3)
\u2013
(4,554.3)
Derivative financial instruments
23
\u2013
( 2 . 1 )
\u2013
\u2013
( 2 . 1 )
Trade and other payables
26
\u2013
\u2013
\u2013
(281.7)
(281.7)
Total
\u2013
( 2 . 1 )
(4,554.3)
(281.7)
(4,838.1)
31 March 2024
Financial assets
Amounts owed by associated companies
19
\u2013
\u2013
8.7
\u2013
8.7
Trade receivables
22
\u2013
\u2013
\u2013
250.0
250.0
Derivative financial instruments
23
0.3
40.5
\u2013
\u2013
40.8
Cash and cash equivalents and restricted funds
25
\u2013
\u2013
171.4
\u2013
171.4
Total
0.3
40.5
180.1
250.0
470.9
Financial liabilities
Borrowings*
28
\u2013
\u2013
(4,016.2)
\u2013
(4,016.2)
Derivative financial instruments
23
\u2013
(8.7)
\u2013
\u2013
(8.7)
Trade and other payables (restated, note 43)
26
\u2013
\u2013
\u2013
(332.8)
(332.8)
Total
\u2013
(8.7)
(4,016.2)
(332.8)
(4,357.7)
* Restated, see note 2 for further explanation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-479": { "value": "
19. Other non-current assets
Non-current receivables
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Amounts owed by subsidiary undertakings
\u2013
\u2013
95.9
54.1
Amounts owed by related parties (note 42)
8.7
8.7
8.7
\u2013
8.7
8.7
104.6
54.1
Non-current receivables were due:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Between 1 and 2 years
\u2013
8.7
12.2
8.0
Over 2 years and less than 5 years
8.7
\u2013
45.3
24.1
Over 5 years
\u2013
\u2013
47.1
22.0
8.7
8.7
104.6
54.1
The fair values of non-current receivables were:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Amounts owed by subsidiary undertakings
\u2013
\u2013
95.9
54.1
Amounts owed by associates
8.7
8.7
8.7
\u2013
Other receivables
\u2013
\u2013
\u2013
\u2013
8.7
8.7
104.6
54.1
The fair values of the above non-current receivables are valued using level 2 measures.
On 31 January 2025 the \u00a38.7m (2024: \u00a38.7m) loan receivable with Water 2 Business Limited (\u201cW2B\u201d) an indirect associate was transferred from Bristol Water
Holdings Limited (\u201cBWH\u201d) to the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-581": { "value": "19. Other non-current assets Non-current receivables
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Amounts owed by subsidiary undertakings
\u2013
\u2013
95.9
54.1
Amounts owed by related parties (note 42)
8.7
8.7
8.7
\u2013
8.7
8.7
104.6
54.1
Non-current receivables were due:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Between 1 and 2 years
\u2013
8.7
12.2
8.0
Over 2 years and less than 5 years
8.7
\u2013
45.3
24.1
Over 5 years
\u2013
\u2013
47.1
22.0
8.7
8.7
104.6
54.1
The fair values of non-current receivables were:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Amounts owed by subsidiary undertakings
\u2013
\u2013
95.9
54.1
Amounts owed by associates
8.7
8.7
8.7
\u2013
Other receivables
\u2013
\u2013
\u2013
\u2013
8.7
8.7
104.6
54.1
The fair values of the above non-current receivables are valued using level 2 measures. On 31 January 2025 the \u00a38.7m (2024: \u00a38.7m) loan receivable with Water 2 Business Limited (\u201cW2B\u201d) an indirect associate was transferred from Bristol Water Holdings Limited (\u201cBWH\u201d) to the Company. 22. Trade and other receivables \u2013 current
Group
Company
2024
(restated,
2025 note 43) 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
387.3
375.3
\u2013
\u2013
Less: allowance for expected credit losses in respect of trade receivables
(117.3)
(125.3)
\u2013
\u2013
Net trade receivables
270.0
250.0
\u2013
\u2013
Amounts owed by subsidiary undertakings
\u2013
\u2013
51.2
148.5
Amounts owed by associated companies
0.2
0.2
0.2
\u2013
Other receivables
45.6
40.4
1.5
2.5
Accrued income
57.4
45.5
\u2013
\u2013
Prepayments
18.6
19.3
0.9
0.8
391.8
355.4
53.8
151.8
Trade receivables include accrued income relating to customers with water budget payment plans. Accrued income includes \u00a334.8million (2024: \u00a328.3 million) in respect of metered accrual revenue in the retail water business. Metered accrual revenue relates to performance obligations that have been fully extinguished in providing services to customers prior to the reporting date. Payment in respect of these services is a matter of time following issuance of invoices. The Directors consider that the carrying amounts of trade and other receivables approximate to their fair value. There is no concentration of credit risk in trade receivables. The Group has a large number of customers who are dispersed and there is no significant loss on trade receivables expected that has not been provided for. The Group applies the simplified approach in calculating the expected credit losses for trade receivables allowing a provision matrix to be used which is based on the expected life of trade receivables, default rates for different customer categories within the collection process and forward-looking information. As at 31 March, an analysis of the ageing of trade receivables is as follows:
2025 2024
\u00a3m \u00a3m
Group
Not due
64.6
40.9
Past due 1 \u2013 30 days
31.1
45.7
Past due 31 \u2013 120 days
29.3
29.5
More than 120 days
262.3
259.2
387.3
375.3
The aged trade receivables above are taken directly from aged sales ledger records. The Group\u2019s operating businesses specifically review separate categories of debt to identify an appropriate allowance for expected credit losses as outlined in note 2(n) ii). South West Water Limited and SES Water have a duty under legislation to continue to provide domestic customers with services regardless of payment. Given the different nature of customer demographics within South West Water\u2019s operating area, SES Water\u2019s operating area and the non-household retail business of PWS and SESWS, different provision matrices are adopted by each business. The provision matrix adopted for household customers in the most significant operating region of Devon, Cornwall & Bournemouth is outlined in the table below, showing the range of provision rates dependent on phase of collection. The table also includes the gross debt and provision rates for other customer areas:
Allowance for Allowance for
Trade expected Trade expected
receivables credit losses receivables credit losses
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Devon, Cornwall & Bournemouth (household customers)
\u2022
Current occupier < 12 months: 1% - 30%
68.7
0.4
44.8
0.2
\u2022
Current occupier 12 \u2013 24 months: 10% \u2013 60%
12.4
2.9
23.1
3.2
\u2022
Current occupier 24 \u2013 36 months: 15% \u2013 80%
10.9
3.0
11.5
2.8
\u2022
Current occupier > 36 months: 20% \u2013 100%
91.6
39.9
89.2
48.2
\u2022
Previous occupier: 55% \u2013 100%
51.3
32.1
53.3
31.3
Bristol
37.4
17.6
37.8
8.6
SES
54.6
16.7
53.3
16.7
Pennon Water Services (Non-household retail)
50.1
4.7
40.6
14.3
Other
10.3
\u2013
21.7
\u2013
387.3
117.3
375.3
125.3
No material expected credit loss provision has been recognised in respect of amounts owed by subsidiary undertakings. The movement in the allowance for expected credit losses in respect of trade receivables was:
2025 2024
\u00a3m \u00a3m
At 1 April
125.3
106.5
Arising on acquisition
\u2013
19.8
Provision for expected credit losses
9.7
7.1
Receivables written off during the year as uncollectable
(17.7)
(8.1)
At 31 March
117.3
125.3
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 where a failure to make payments on overdue invoices indicate the debt is unrecoverable. 31. Deferred tax Deferred tax is provided in full on temporary differences under the liability method using enacted tax rates. Movements on deferred tax were:
Group
Company
(Restated,
note 43)
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities/(assets) at 1 April
548.4
507.0
(20.7)
(18.6)
(Credited)/charged to the income statement
(7.8)
4.9
(3.0)
(0.7)
(Credited)/charged to other comprehensive income
(1.5)
(6.3)
0.1
(0.3)
Charged to equity, including impact of change in tax rate
\u2013
0.1
\u2013
\u2013
Other non-underlying credits in the income statement
(8.5)
(4.9)
\u2013
(1.1)
Amounts relating to acquired operations
\u2013
47.6
\u2013
\u2013
Liabilities/(assets) at 31 March
530.6
548.4
(23.6)
(20.7)
Deferred tax assets have been recognised in respect of all temporary differences where it is probable that these assets will be recovered. The Group has applied the exception to recognised and disclosing deferred tax related to Pillar Two income taxes. The majority of the Group\u2019s deferred tax assets and liabilities are expected to be recovered over more than one year. All deferred tax assets and liabilities within the same jurisdiction are offset where it is appropriate to do so . The movements in deferred tax assets (after offset) were: Group Deferred tax liabilities
Fair value Short-term
Property, plant adjustments liabilities Retirement
and equipment (restated, including benefit
Derivatives depreciation note 43) provisions obligations Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
2.9
473.2
94.5
1.5
2.9
575.0
Charged/(credited) to the income statement
0.5
5.8
(5.5)
3.4
2.5
6.7
Credited to other comprehensive income
(4.1)
\u2013
\u2013
\u2013
( 2 . 2 )
( 6 . 3 )
R e c l a s s i f i c a t i o n
4 . 2
\u2013
\u2013
\u2013
\u2013
4 . 2
Transferred in on acquisition of SES
(3.5)
43.3
15.7
\u2013
(0.9)
54.6
At 31 March 2024
\u2013
522.3
104.7
4.9
2.3
634.2
Charged/(credited) to the income statement
\u2013
39.1
0.5
(0.5)
0.7
39.8
Charged to other comprehensive income
\u2013
\u2013
\u2013
\u2013
0.9
0.9
At 31 March 2025
\u2013
561.4
105.2
4.4
3.9
674.9
Deferred tax assets
Loan
Share-based relationship Fair value
Derivatives payments Tax losses deficits adjustment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
\u2013
(1.0)
(27.5)
(8.4)
(31.1)
(68.0)
Underlying charged/(credited) to the income statement
\u2013
0.3
(2.8)
(2.3)
3.0
(1.8)
Non-underlying credit to the income statement
\u2013
\u2013
(4.9)
\u2013
\u2013
(4.9)
Reclassification to deferred tax liabilities
(4.2)
\u2013
\u2013
\u2013
\u2013
( 4 . 2 )
Charged to equity
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Transferred in on acquisition of SES
\u2013
\u2013
(7.0)
\u2013
\u2013
( 7 . 0 )
At 31 March 2024
(4.2)
(0.6)
(42.2)
(10.7)
(28.1)
(85.8)
Charged/(credited) to the income statement
1.1
(0.1)
(51.0)
(0.6)
3.0
(47.6)
Non-underlying credit to the income statement
\u2013
\u2013
(8.5)
\u2013
\u2013
(8.5)
Charged to equity
(2.4)
\u2013
\u2013
\u2013
\u2013
( 2 . 4 )
At 31 March 2025
(5.5)
(0.7)
(101.7)
(11.3)
(25.1)
(144.3)
Net liability
At 31 March 2024
548.4
At 31 March 2025
530.6
Deferred tax assets not recognised
Tax losses and
Short-term non-trade loan
liabilities relationship
Accelerated including deficits available
tax depreciation provisions indefinitely Total
Gross \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
\u2013
\u2013
\u2013
\u2013
(Credited)/charged to the income statement
\u2013
(0.1)
0.2
0.1
Transferred in on acquisition from SES
0.4
0.3
21.8
22.5
At 31 March 2024
0.4
0.2
22.0
22.6
Origination and reversal of temporary differences in relation
(0.1)
\u2013
11.6
11.5
to SES
At 31 March 2025
0.3
0.2
33.6
34.1
Tax losses and
Short-term non-trade loan
liabilities relationship
Accelerated including deficits available
tax depreciation provisions indefinitely Total
Tax effect \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
\u2013
\u2013
\u2013
\u2013
Transferred in on acquisition from SES
0.1
\u2013
5.5
5.6
At 31 March 2024
0.1
\u2013
5.5
5.6
Origination and reversal of temporary differences in relation to
SES
\u2013
\u2013
2 . 9
2 . 9
At 31 March 2025
0.1
\u2013
8.4
8.5
Following the acquisition of SES Water, the group has acquired temporary differences for which no deferred tax assets are recognised in relation to post 2017 tax losses (\u00a325.5 million), non-trade deficits carried forwards in relation to the UK's corporate interest restriction rules (\u00a38.1 million), fixed assets (\u00a30.3 million) and provisions (\u00a30.1 million). The group has concluded that it is appropriate to continue not to recognise a deferred tax asset on these temporary differences. While the Group is in a net deferred tax liability position, the Group consider there is not a right to offset these deferred tax assets against deferred tax liabilities. In addition, whilst the assets are available indefinitely, there is uncertainty regarding the availability of suitable future taxable profits. Company Deferred tax assets
Retirement
benefit Share-based
obligations payments Tax losses Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
(1.3)
(0.7)
(16.6)
(18.6)
Charged/(credited) to the income statement
2.5
0.2
(3.4)
(0.7)
Non-underlying credit to the income statement
\u2013
\u2013
(1.1)
(1.1)
Credited to other comprehensive income
(0.3)
\u2013
\u2013
(0.3)
At 31 March 2024
0.9
(0.5)
(21.1)
(20.7)
Credited to the income statement
\u2013
\u2013
(3.0)
(3.0)
Credited to other comprehensive income
0.1
\u2013
\u2013
0.1
At 31 March 2025
1.0
(0.5)
(24.1)
(23.6)
Deferred tax charged/(credited) to equity or other comprehensive income during the year was:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Remeasurement of defined benefit obligations
0.9
(2.2)
0.1
(0.3)
Cash flow hedges
(2.4)
(4.1)
\u2013
\u2013
Share-based payments
\u2013
0.1
\u2013
\u2013
(1.5)
(6.2)
0.1
(0.3)
Capital allowances are available when a business incurs qualifying expenditure on capital items such as infrastructure assets. Capital allowances provide tax relief on these items in place of accounting depreciation which is not tax deductible. Over the period of ownership of an asset, cumulative depreciation and capital allowances will equalise. Capital allowance rates are set by the UK Government and every business receives the same rate of allowance. Capital allowance rates typically vary from 3% up to 100%. Depreciation periods vary from 4 to 200 years. Due to the group's continuing capital investment programme, deductions for capital allowances are expected to exceed depreciation in future years. The different accounting treatment of property, plant and equipment for tax and accounting purposes means that the taxable income of the Group is not the same as the profit reported in the financial statements. The adjustments for this are reflected in the current tax reconciliation. In 2023, the Government has introduced permanent full expensing and 50% first year allowances for certain qualifying expenditure. This provides an increase in current tax relief for the Group with a consequently higher deferred tax liability and charge due to the additional capital allowance deductions. Short term temporary differences arise on items such as retirement benefit obligations, derivatives and share based payments because the treatment of such items are different for tax and accounting purposes. These differences reverse over future years following that in which they arise, as is reflected in the deferred tax charge in these financial statements. Specifically, retirement benefit obligations will crystallise over the life of the pension scheme and/or the period when spreading applies (this can be up to three years for spreading purposes), whilst share based payments will crystallise over the remaining life of the share schemes which are up to five years. Short term liabilities including provisions will typically crystallise in the following year. The fair value liability relates to the revaluation of tangible fixed assets on the acquisition of Bournemouth Water, Bristol Water and SES Water. The fair value asset relates to the revaluation of debt on the acquisition of Bournemouth Water and Bristol Water. These items will be released over their remaining life which is up to 150 years. Where interest charges or other costs are capitalised in the accounts, tax relief is given either as the charges are incurred or when the costs are taken to the income statement. Derivatives reflect the fair value movements on treasury derivatives; these can fluctuate considerably each year. The balance will crystallise when derivative items are either terminated or mature; the life of these items can be up to ten years. Tax losses relate to trading losses and non-trade deficits carried forwards in relation to the UK's corporate interest restriction rules. These are available indefinitely. With respect to both items, these are recognised on the basis the UK Group has taxable temporary differences that are expected to reverse in the same periods as the unused tax losses and there is a right of offset.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-480": { "value": "
20. Investments
Subsidiary undertakings
\u00a3m
Company
At 31 March 2023
1,316.6
Investment in subsidiary undertakings:
SES Water Group acquisition
90.2
SES Water Group share issue
5.0
Pennon Power share acquisition
25.0
Impairment of investment in subsidiary undertakings
(283.6)
At 31 March 2024
1,153.2
Investment in subsidiary undertakings:
SES Water Group share issue
80.0
PIL share issue
1.0
SWW share issue
330.0
Impairment of investment in subsidiary undertakings
(1.5)
At 31 March 2025
1,562.7
There are no indicators of impairment in the current year.
In December 2024 the company subscribed for 1,000,000 new shares in Peninsula Insurance Limited, for consideration of \u00a31,000,000.
On 31 March 2025 the company subscribed for 330,000,000 new shares in South West Water Limited, for consideration of \u00a3330,000,000.
On 12 December 2024 the company subscribed for 60,000,000 new shares and on 31 March 2025 for 100,000,000 new shares in Sutton and East Surrey Group
Holdings Limited, for consideration of \u00a330,000,000 and \u00a350,000,000 respectively.
On 31 January 2025 the investment in Water 2 Business Limited (\u201cW2B\u201d), an indirect associate, was transferred from Bristol Water Holdings Limited (\u201cBWH\u201d) to
the Company. Accordingly, the investment in the BWH\u2019s parent company Bristol Water Holdings UK Limited was reduced by \u00a31,500,000.
On 10 January 2024 the Company acquired 100% of the issued share capital of Sumisho Osaka Gas Water UK Limited, which has subsequently been renamed
Sutton and East Surrey Group Holdings Limited (\u2018SESGHL\u2019). SESGHL is the holding company of the SESGHL Group which comprises Sutton and East Surrey
Water plc (\u2018SES Water\u2019), a regulated water only company, and certain other ancillary businesses.
On 28 March 2024, the Company subscribed for 10,000,000 new ordinary shares in Sutton and East Surrey Group Holdings Limited, for consideration
of \u00a35,000,000.
On 1 February 2024, the Company subscribed for 25,000 new ordinary shares in its wholly-owned subsidiary undertaking, Pennon Power Limited, for
consideration of \u00a325,000,000.
During the year ended 31 March 2024, the Company received a dividend of \u00a3283.6 million from its subsidiary, Viridor Waste 2 Limited, reducing that entity\u2019s net
assets to \u00a3nil. Accordingly, the Company impaired its investment in Viridor Waste 2 Limited.
Investment in associates and joint ventures
Place of
business/country of
Name of entity
Principal activity
incorporation
% of ownership
Measurement method
Water 2 Business Limited (\u201cW2B\u201d) National retailer in the non-household market and
England
30%
Equity
provides retail water services to non-household
customers
Bristol Wessex Billing Services Limited (\u201cBWBSL\u201d)
Meter reading, billing, debt recovery and customer
England
50%
Equity
contact management services
Searchlight Collection Limited
Debt collection services
England
50%
Equity
The carrying value of the Group\u2019s share of these investments in associates and joint ventures at 31 March 2025 is \u00a31.8 million (2024: \u00a31.0 million). The Group\u2019s
share of the profits and other comprehensive income of these investments in associates and joint ventures for the year ended 31 March 2025 is \u00a30.8 million
(2024: \u00a30.7 million).
The Group\u2019s joint ventures and associates are all private companies and there are no quoted market prices available for the shares.
Summarised financial
information for the joint ventures and investments in associates is set out below:
Summarised balance sheets
2025 2024
\u00a3m \u00a3m
W2B
BWBSL
Searchlight
W2B
BWBSL
Searchlight
Current
Cash and cash equivalents
2.2
1.7
\u2013
\u2013
1 . 3
\u2013
Other current assets
71.3
1.2
0.1
66.9
2.1
0.1
Total current assets
73.5
2.9
0.1
66.9
3.4
0.1
Non-current assets
4.2
\u2013
\u2013
4.9
\u2013
\u2013
\u2013
Financial liabilities (excluding trade payables)
\u2013
\u2013
\u2013
(1.2)
\u2013
\u2013
Current liabilities (including trade payables)
(42.5)
(2.9)
\u2013
(37.9)
(3.4)
\u2013
Total current liabilities
(42.5)
(2.9)
\u2013
(39.1)
(3.4)
\u2013
Non-current liabilities
(29.4)
\u2013
\u2013
(29.4)
\u2013
\u2013
Net assets
5.8
\u2013
0.1
3.3
\u2013
0.1
Summarised statement of comprehensive income
2025 2024
\u00a3m \u00a3m
W2B
BWBSL
Searchlight
W2B
BWBSL
Searchlight
Revenue
327.3
19.7
0.2
278.3
18.5
0.2
Cost of sales and other operating expenses
(321.5)
(19.7)
(0.2)
(273.1)
(18.5)
(0.2)
Interest
(2.1)
\u2013
\u2013
(1.9)
\u2013
\u2013
Pre-tax profit
3 . 7
\u2013
\u2013
3.3
\u2013
\u2013
Taxation charge
(1.1)
\u2013
\u2013
(1.0)
\u2013
\u2013
Total comprehensive income
2.6
\u2013
\u2013
2.3
\u2013
\u2013
The information above reflects the amounts presented in the financial statements of the associates (and not the Group\u2019s share of these amounts) adjusted for
differences in accounting policies between the Group and associates.
W2B\u2019s year end date is 30 June. BWBSL\u2019s and Searchlight\u2019s year ends are 31 March. The
Group's carrying amount of the investments held is \u00a31.8 million (2024: \u00a31.0 million) which comprises 30% of the Group's share of equity of W2B. For BWBSL and
Searchlight, the net equity is \u00a3nil (2024: \u00a3nil). The Group\u2019s share of profit from associated companies is \u00a30.8 million (2024: \u00a30.7 million) which comprises 30% of
the Group\u2019s share of W2B, restricted by brought forward losses.
39. Subsidiary and joint venture undertakings at 31 March 2025
Country of incorporation, registration
Principal subsidiary companies
Registered office address
and principal operations
Water
Bristol Water Plc
Bridgwater Road, Bristol, BS13 7AT
England
South West Water Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Finance Plc
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Customer Services Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Sutton and East Surrey Water Plc
66-74 London Road, Redhill, RH1 1LJ
England
Non-household retail
Pennon Water Services Limited*
(1)
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Sutton and East Surrey Water Services Limited
66-74 London Road, Redhill, RH1 1LJ
England
Other
Advanced Minerals Limited
(1)
66-74 London Road, Redhill, RH1 1LJ
England
Allmat (East Surrey) Limited
66-74 London Road, Redhill, RH1 1LJ
England
Dunfermline Solar Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
East Surrey Holdings Limited
66-74 London Road, Redhill, RH1 1LJ
England
EEB16 Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
EEB17 Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
EEB31 Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Peninsula Insurance Limited*
(2)
Level 5, Mill Court, La Charroterie, St Peter Port, GY1 1EJ
Guernsey
Pennon Power Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
SES Business Water Limited
66-74 London Road, Redhill, RH1 1LJ
England
SES Home Services Limited
66-74 London Road, Redhill, RH1 1LJ
England
Sutton and East Surrey Group Holdings Limited*
66-74 London Road, Redhill, RH1 1LJ
England
SESW Holding Company Limited
66-74 London Road, Redhill, RH1 1LJ
England
Surrey Downs Estates Limited
66-74 London Road, Redhill, RH1 1LJ
England
Surrey Downs Property Investment Limited
66-74 London Road, Redhill, RH1 1LJ
England
The Cheam Group Plc
66-74 London Road, Redhill, RH1 1LJ
England
Other trading companies
Registered office address
Country of incorporation
Bristol Water Holdings Limited
Bridgwater Road, Bristol, BS13 7AT
England
Bristol Water Holdings UK Limited*
Bridgwater Road, Bristol, BS13 7AT
England
Dormant companies
Registered office address
Country of incorporation
Avon Valley Water Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Bristol Water Core Holdings Limited
(3)
Bridgwater Road, Bristol, BS13 7AT
England
Peninsula Properties (Exeter) Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Peninsula Trustees Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Pennon Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Pennon Defined Contribution Pension Trustee Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Pennon Pension Trustees Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
SES Water Limited
66-74 London Road, Redhill, RH1 1LJ
England
Source for Business Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Services Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
SWW Pension Trustees Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
The Calcite Factory B.V
(1)
Moezelhavenweg 9, 1043 AM, Amsterdam
Netherlands
The Sutton District Water Plc
66-74 London Road, Redhill, RH1 1LJ
England
The subsidiary undertakings are wholly owned unless stated otherwise and all shares in issue are ordinary shares. All companies above are consolidated in the Group financial statements.
Joint Ventures and Associates
Registered office address
Country of incorporation
Stake (%)
Bristol Wessex Billing Services Limited
1 Clevedon Walk, Nailsea, Bristol, BS48 1WA
England
50
CREWW Executive Board Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
50
Searchlight Collections Limited
PO BOX 930 Galmington Office, Galmington Trading Estate,
England
50
Cornishwa
y
West, Taunton, Somerset, TA1 9LQ
Water 2 Business Limited
21e Somerset Square, Nailsea, Bristol, United Kingdom, BS48 1RQ
England
30
* Indicates the shares are held directly by Pennon Group plc, the Company. 1. 80% of share capital owned by Pennon Group plc. All shares in issue are ordinary shares. 2. Captive insurance company established with the specific objective of financing risks emanating from within the Group. 3. Dissolved 6 May 2025
Subsidiary audit exemption
Pennon Group plc has issued guarantees over the liabilities of the following companies at 31 March 2025 under section 479C of Companies Act 2006 and these
entities are exempt from the requirements of the Act relating to the audit of individual accounts by virtue of section 479A of the Act.
Company
Company number
Bristol Water Holdings Limited
02630760
Bristol Water Holdings UK Limited
04789566
Dunfermline Solar Limited
12683727
EEB16 Limited
10789260
EEB17 Limited
10790759
EEB31 Limited
11780715
East Surrey Holdings Limited
02660370
Pennon Power Limited
00736732
SESW Holding Company Limited
04151446
South West Water Customer Services Limited
07620338
Surrey Downs Estates Limited
02465343
Surrey Downs Property Investment Limited
02783440
43. Acquisition of SES Water Group
On 10 January 2024, the Pennon Group acquired 100% of the issued share capital of Sumisho Osaka Gas Water UK Limited, which has subsequently been
renamed Sutton and East Surrey Group Holdings Limited (\u2018SESGHL\u2019). SESGHL is the holding company of the SES Water Group which comprises Sutton and
East Surrey Water plc (\u2018SES Water\u2019), a regulated water only company, and certain other ancillary businesses. The purpose of the acquisition was to expand the
Group\u2019s presence in water supply across Southern England.
The acquisition of SESGHL was reviewed by the Competition and Markets Authority and given full clearance on 14 June 2024. For the year ended 31 March
2024, the SESGHL Group was consolidated into Pennon Group plc\u2019s consolidated financial statements from 10 January 2024 due to management\u2019s assessment
of obtaining control of SESGHL as of that date in accordance with IFRS 10.
The net assets recognised in the 31 March 2024 financial statements were based on a provisional assessment of their fair value. This valuation exercise has now
been finalised. Final Fair values on acquisition are shown in the table below. Corresponding amounts for the financial year ended 31 March 2024 have also been
restated in the balance sheet.
The fair value of trade and other receivables acquired as part of the business combination amounted to \u00a363.1 million with a gross contractual amount of
\u00a382.6 million. At the acquisition date the Group\u2019s best estimate of the contractual cash flows expected not to be collected amounted to \u00a319.5 million.
The Goodwill that arose on acquisition is attributable to the recognition of deferred tax liabilities on fair value gains recognised as part of the acquisition.
None of the goodwill recognised is expected to be deductible for tax purposes. Goodwill has been allocated to the water segment. The acquisition of the
SES Water Group provides a strategic fit for Pennon Group plc as the Group expands its presence in water supply across Southern England.
The details of the business combination are as follows:
10 January 2024 10 January 2024
Adjustments included Adjustments included
until 31 March 2024 Adjustments until 9 January 2025
\u00a3m \u00a3m \u00a3m
Fair value of consideration transferred
Amount settled in cash
90.2
\u2013
90.2
Total consideration transferred
90.2
\u2013
90.2
Fair value of assets and liabilities recognised on acquisition
Property, plant and equipment
441.6
12.7
454.3
Intangible assets
11.6
(7.4)
4.2
Inventories
2.1
\u2013
2.1
Trade and other receivables
61.4
1.7
63.1
Cash and cash equivalents
27.5
\u2013
27.5
Current tax receivable
0.4
\u2013
0.4
Borrowings
(360.1)
(1.3)
(361.4)
Trade and other payables
(65.3)
(5.3)
(70.6)
Retirement benefit obligations
3.3
\u2013
3.3
Deferred tax liabilities
(47.5)
(0.1)
(47.6)
Provisions
(0.4)
(0.7)
(1.1)
Identifiable net assets
74.6
(0.4)
74.2
Goodwill on acquisition
15.6
0.4
16.0
Outflow of cash to acquire subsidiary, net of cash acquired
Consideration for equity settled in cash
90.2
\u2013
90.2
Cash and cash equivalents acquired
(27.5)
\u2013
(27.5)
Net cash outflow on acquisition
62.7
\u2013
62.7
Acquisition related costs
Total acquisition related costs of \u00a310.3 million, including \u00a39.6 million incurred in the prior year, are not included as part of the consideration transferred and were
recognised as an expense in the consolidated income statement within other operating expenses .
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-574": { "value": "20. Investments Subsidiary undertakings
\u00a3m
Company
At 31 March 2023
1,316.6
Investment in subsidiary undertakings:
SES Water Group acquisition
90.2
SES Water Group share issue
5.0
Pennon Power share acquisition
25.0
Impairment of investment in subsidiary undertakings
(283.6)
At 31 March 2024
1,153.2
Investment in subsidiary undertakings:
SES Water Group share issue
80.0
PIL share issue
1.0
SWW share issue
330.0
Impairment of investment in subsidiary undertakings
(1.5)
At 31 March 2025
1,562.7
There are no indicators of impairment in the current year. In December 2024 the company subscribed for 1,000,000 new shares in Peninsula Insurance Limited, for consideration of \u00a31,000,000. On 31 March 2025 the company subscribed for 330,000,000 new shares in South West Water Limited, for consideration of \u00a3330,000,000. On 12 December 2024 the company subscribed for 60,000,000 new shares and on 31 March 2025 for 100,000,000 new shares in Sutton and East Surrey Group Holdings Limited, for consideration of \u00a330,000,000 and \u00a350,000,000 respectively. On 31 January 2025 the investment in Water 2 Business Limited (\u201cW2B\u201d), an indirect associate, was transferred from Bristol Water Holdings Limited (\u201cBWH\u201d) to the Company. Accordingly, the investment in the BWH\u2019s parent company Bristol Water Holdings UK Limited was reduced by \u00a31,500,000. On 10 January 2024 the Company acquired 100% of the issued share capital of Sumisho Osaka Gas Water UK Limited, which has subsequently been renamed Sutton and East Surrey Group Holdings Limited (\u2018SESGHL\u2019). SESGHL is the holding company of the SESGHL Group which comprises Sutton and East Surrey Water plc (\u2018SES Water\u2019), a regulated water only company, and certain other ancillary businesses. On 28 March 2024, the Company subscribed for 10,000,000 new ordinary shares in Sutton and East Surrey Group Holdings Limited, for consideration of \u00a35,000,000. On 1 February 2024, the Company subscribed for 25,000 new ordinary shares in its wholly-owned subsidiary undertaking, Pennon Power Limited, for consideration of \u00a325,000,000. During the year ended 31 March 2024, the Company received a dividend of \u00a3283.6 million from its subsidiary, Viridor Waste 2 Limited, reducing that entity\u2019s net assets to \u00a3nil. Accordingly, the Company impaired its investment in Viridor Waste 2 Limited. Investment in associates and joint ventures
Place of
business/country of
Name of entity
Principal activity
incorporation
% of ownership
Measurement method
Water 2 Business Limited (\u201cW2B\u201d) National retailer in the non-household market and
England
30%
Equity
provides retail water services to non-household
customers
Bristol Wessex Billing Services Limited (\u201cBWBSL\u201d)
Meter reading, billing, debt recovery and customer
England
50%
Equity
contact management services
Searchlight Collection Limited
Debt collection services
England
50%
Equity
The carrying value of the Group\u2019s share of these investments in associates and joint ventures at 31 March 2025 is \u00a31.8 million (2024: \u00a31.0 million). The Group\u2019s share of the profits and other comprehensive income of these investments in associates and joint ventures for the year ended 31 March 2025 is \u00a30.8 million (2024: \u00a30.7 million). The Group\u2019s joint ventures and associates are all private companies and there are no quoted market prices available for the shares. Summarised financial information for the joint ventures and investments in associates is set out below: Summarised balance sheets
2025 2024
\u00a3m \u00a3m
W2B
BWBSL
Searchlight
W2B
BWBSL
Searchlight
Current
Cash and cash equivalents
2.2
1.7
\u2013
\u2013
1 . 3
\u2013
Other current assets
71.3
1.2
0.1
66.9
2.1
0.1
Total current assets
73.5
2.9
0.1
66.9
3.4
0.1
Non-current assets
4.2
\u2013
\u2013
4.9
\u2013
\u2013
\u2013
Financial liabilities (excluding trade payables)
\u2013
\u2013
\u2013
(1.2)
\u2013
\u2013
Current liabilities (including trade payables)
(42.5)
(2.9)
\u2013
(37.9)
(3.4)
\u2013
Total current liabilities
(42.5)
(2.9)
\u2013
(39.1)
(3.4)
\u2013
Non-current liabilities
(29.4)
\u2013
\u2013
(29.4)
\u2013
\u2013
Net assets
5.8
\u2013
0.1
3.3
\u2013
0.1
Summarised statement of comprehensive income
2025 2024
\u00a3m \u00a3m
W2B
BWBSL
Searchlight
W2B
BWBSL
Searchlight
Revenue
327.3
19.7
0.2
278.3
18.5
0.2
Cost of sales and other operating expenses
(321.5)
(19.7)
(0.2)
(273.1)
(18.5)
(0.2)
Interest
(2.1)
\u2013
\u2013
(1.9)
\u2013
\u2013
Pre-tax profit
3 . 7
\u2013
\u2013
3.3
\u2013
\u2013
Taxation charge
(1.1)
\u2013
\u2013
(1.0)
\u2013
\u2013
Total comprehensive income
2.6
\u2013
\u2013
2.3
\u2013
\u2013
The information above reflects the amounts presented in the financial statements of the associates (and not the Group\u2019s share of these amounts) adjusted for differences in accounting policies between the Group and associates. W2B\u2019s year end date is 30 June. BWBSL\u2019s and Searchlight\u2019s year ends are 31 March. The Group's carrying amount of the investments held is \u00a31.8 million (2024: \u00a31.0 million) which comprises 30% of the Group's share of equity of W2B. For BWBSL and Searchlight, the net equity is \u00a3nil (2024: \u00a3nil). The Group\u2019s share of profit from associated companies is \u00a30.8 million (2024: \u00a30.7 million) which comprises 30% of the Group\u2019s share of W2B, restricted by brought forward losses. 39. Subsidiary and joint venture undertakings at 31 March 2025
Country of incorporation, registration
Principal subsidiary companies
Registered office address
and principal operations
Water
Bristol Water Plc
Bridgwater Road, Bristol, BS13 7AT
England
South West Water Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Finance Plc
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Customer Services Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Sutton and East Surrey Water Plc
66-74 London Road, Redhill, RH1 1LJ
England
Non-household retail
Pennon Water Services Limited*
(1)
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Sutton and East Surrey Water Services Limited
66-74 London Road, Redhill, RH1 1LJ
England
Other
Advanced Minerals Limited
(1)
66-74 London Road, Redhill, RH1 1LJ
England
Allmat (East Surrey) Limited
66-74 London Road, Redhill, RH1 1LJ
England
Dunfermline Solar Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
East Surrey Holdings Limited
66-74 London Road, Redhill, RH1 1LJ
England
EEB16 Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
EEB17 Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
EEB31 Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Peninsula Insurance Limited*
(2)
Level 5, Mill Court, La Charroterie, St Peter Port, GY1 1EJ
Guernsey
Pennon Power Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
SES Business Water Limited
66-74 London Road, Redhill, RH1 1LJ
England
SES Home Services Limited
66-74 London Road, Redhill, RH1 1LJ
England
Sutton and East Surrey Group Holdings Limited*
66-74 London Road, Redhill, RH1 1LJ
England
SESW Holding Company Limited
66-74 London Road, Redhill, RH1 1LJ
England
Surrey Downs Estates Limited
66-74 London Road, Redhill, RH1 1LJ
England
Surrey Downs Property Investment Limited
66-74 London Road, Redhill, RH1 1LJ
England
The Cheam Group Plc
66-74 London Road, Redhill, RH1 1LJ
England
Other trading companies
Registered office address
Country of incorporation
Bristol Water Holdings Limited
Bridgwater Road, Bristol, BS13 7AT
England
Bristol Water Holdings UK Limited*
Bridgwater Road, Bristol, BS13 7AT
England
Dormant companies
Registered office address
Country of incorporation
Avon Valley Water Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Bristol Water Core Holdings Limited
(3)
Bridgwater Road, Bristol, BS13 7AT
England
Peninsula Properties (Exeter) Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Peninsula Trustees Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Pennon Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Pennon Defined Contribution Pension Trustee Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Pennon Pension Trustees Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
SES Water Limited
66-74 London Road, Redhill, RH1 1LJ
England
Source for Business Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Services Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
SWW Pension Trustees Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
The Calcite Factory B.V
(1)
Moezelhavenweg 9, 1043 AM, Amsterdam
Netherlands
The Sutton District Water Plc
66-74 London Road, Redhill, RH1 1LJ
England
The subsidiary undertakings are wholly owned unless stated otherwise and all shares in issue are ordinary shares. All companies above are consolidated in the Group financial statements.
Joint Ventures and Associates
Registered office address
Country of incorporation
Stake (%)
Bristol Wessex Billing Services Limited
1 Clevedon Walk, Nailsea, Bristol, BS48 1WA
England
50
CREWW Executive Board Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
50
Searchlight Collections Limited
PO BOX 930 Galmington Office, Galmington Trading Estate,
England
50
Cornishwa
y
West, Taunton, Somerset, TA1 9LQ
Water 2 Business Limited
21e Somerset Square, Nailsea, Bristol, United Kingdom, BS48 1RQ
England
30
* Indicates the shares are held directly by Pennon Group plc, the Company. 1. 80% of share capital owned by Pennon Group plc. All shares in issue are ordinary shares. 2. Captive insurance company established with the specific objective of financing risks emanating from within the Group. 3. Dissolved 6 May 2025 Subsidiary audit exemption Pennon Group plc has issued guarantees over the liabilities of the following companies at 31 March 2025 under section 479C of Companies Act 2006 and these entities are exempt from the requirements of the Act relating to the audit of individual accounts by virtue of section 479A of the Act.
Company
Company number
Bristol Water Holdings Limited
02630760
Bristol Water Holdings UK Limited
04789566
Dunfermline Solar Limited
12683727
EEB16 Limited
10789260
EEB17 Limited
10790759
EEB31 Limited
11780715
East Surrey Holdings Limited
02660370
Pennon Power Limited
00736732
SESW Holding Company Limited
04151446
South West Water Customer Services Limited
07620338
Surrey Downs Estates Limited
02465343
Surrey Downs Property Investment Limited
02783440
43. Acquisition of SES Water Group On 10 January 2024, the Pennon Group acquired 100% of the issued share capital of Sumisho Osaka Gas Water UK Limited, which has subsequently been renamed Sutton and East Surrey Group Holdings Limited (\u2018SESGHL\u2019). SESGHL is the holding company of the SES Water Group which comprises Sutton and East Surrey Water plc (\u2018SES Water\u2019), a regulated water only company, and certain other ancillary businesses. The purpose of the acquisition was to expand the Group\u2019s presence in water supply across Southern England. The acquisition of SESGHL was reviewed by the Competition and Markets Authority and given full clearance on 14 June 2024. For the year ended 31 March 2024, the SESGHL Group was consolidated into Pennon Group plc\u2019s consolidated financial statements from 10 January 2024 due to management\u2019s assessment of obtaining control of SESGHL as of that date in accordance with IFRS 10. The net assets recognised in the 31 March 2024 financial statements were based on a provisional assessment of their fair value. This valuation exercise has now been finalised. Final Fair values on acquisition are shown in the table below. Corresponding amounts for the financial year ended 31 March 2024 have also been restated in the balance sheet. The fair value of trade and other receivables acquired as part of the business combination amounted to \u00a363.1 million with a gross contractual amount of \u00a382.6 million. At the acquisition date the Group\u2019s best estimate of the contractual cash flows expected not to be collected amounted to \u00a319.5 million. The Goodwill that arose on acquisition is attributable to the recognition of deferred tax liabilities on fair value gains recognised as part of the acquisition. None of the goodwill recognised is expected to be deductible for tax purposes. Goodwill has been allocated to the water segment. The acquisition of the SES Water Group provides a strategic fit for Pennon Group plc as the Group expands its presence in water supply across Southern England. The details of the business combination are as follows:
10 January 2024 10 January 2024
Adjustments included Adjustments included
until 31 March 2024 Adjustments until 9 January 2025
\u00a3m \u00a3m \u00a3m
Fair value of consideration transferred
Amount settled in cash
90.2
\u2013
90.2
Total consideration transferred
90.2
\u2013
90.2
Fair value of assets and liabilities recognised on acquisition
Property, plant and equipment
441.6
12.7
454.3
Intangible assets
11.6
(7.4)
4.2
Inventories
2.1
\u2013
2.1
Trade and other receivables
61.4
1.7
63.1
Cash and cash equivalents
27.5
\u2013
27.5
Current tax receivable
0.4
\u2013
0.4
Borrowings
(360.1)
(1.3)
(361.4)
Trade and other payables
(65.3)
(5.3)
(70.6)
Retirement benefit obligations
3.3
\u2013
3.3
Deferred tax liabilities
(47.5)
(0.1)
(47.6)
Provisions
(0.4)
(0.7)
(1.1)
Identifiable net assets
74.6
(0.4)
74.2
Goodwill on acquisition
15.6
0.4
16.0
Outflow of cash to acquire subsidiary, net of cash acquired
Consideration for equity settled in cash
90.2
\u2013
90.2
Cash and cash equivalents acquired
(27.5)
\u2013
(27.5)
Net cash outflow on acquisition
62.7
\u2013
62.7
Acquisition related costs Total acquisition related costs of \u00a310.3 million, including \u00a39.6 million incurred in the prior year, are not included as part of the consideration transferred and were recognised as an expense in the consolidated income statement within other operating expenses ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-527": { "value": "20. Investments Subsidiary undertakings
\u00a3m
Company
At 31 March 2023
1,316.6
Investment in subsidiary undertakings:
SES Water Group acquisition
90.2
SES Water Group share issue
5.0
Pennon Power share acquisition
25.0
Impairment of investment in subsidiary undertakings
(283.6)
At 31 March 2024
1,153.2
Investment in subsidiary undertakings:
SES Water Group share issue
80.0
PIL share issue
1.0
SWW share issue
330.0
Impairment of investment in subsidiary undertakings
(1.5)
At 31 March 2025
1,562.7
There are no indicators of impairment in the current year. In December 2024 the company subscribed for 1,000,000 new shares in Peninsula Insurance Limited, for consideration of \u00a31,000,000. On 31 March 2025 the company subscribed for 330,000,000 new shares in South West Water Limited, for consideration of \u00a3330,000,000. On 12 December 2024 the company subscribed for 60,000,000 new shares and on 31 March 2025 for 100,000,000 new shares in Sutton and East Surrey Group Holdings Limited, for consideration of \u00a330,000,000 and \u00a350,000,000 respectively. On 31 January 2025 the investment in Water 2 Business Limited (\u201cW2B\u201d), an indirect associate, was transferred from Bristol Water Holdings Limited (\u201cBWH\u201d) to the Company. Accordingly, the investment in the BWH\u2019s parent company Bristol Water Holdings UK Limited was reduced by \u00a31,500,000. On 10 January 2024 the Company acquired 100% of the issued share capital of Sumisho Osaka Gas Water UK Limited, which has subsequently been renamed Sutton and East Surrey Group Holdings Limited (\u2018SESGHL\u2019). SESGHL is the holding company of the SESGHL Group which comprises Sutton and East Surrey Water plc (\u2018SES Water\u2019), a regulated water only company, and certain other ancillary businesses. On 28 March 2024, the Company subscribed for 10,000,000 new ordinary shares in Sutton and East Surrey Group Holdings Limited, for consideration of \u00a35,000,000. On 1 February 2024, the Company subscribed for 25,000 new ordinary shares in its wholly-owned subsidiary undertaking, Pennon Power Limited, for consideration of \u00a325,000,000. During the year ended 31 March 2024, the Company received a dividend of \u00a3283.6 million from its subsidiary, Viridor Waste 2 Limited, reducing that entity\u2019s net assets to \u00a3nil. Accordingly, the Company impaired its investment in Viridor Waste 2 Limited. 39. Subsidiary and joint venture undertakings at 31 March 2025
Country of incorporation, registration
Principal subsidiary companies
Registered office address
and principal operations
Water
Bristol Water Plc
Bridgwater Road, Bristol, BS13 7AT
England
South West Water Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Finance Plc
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Customer Services Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Sutton and East Surrey Water Plc
66-74 London Road, Redhill, RH1 1LJ
England
Non-household retail
Pennon Water Services Limited*
(1)
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Sutton and East Surrey Water Services Limited
66-74 London Road, Redhill, RH1 1LJ
England
Other
Advanced Minerals Limited
(1)
66-74 London Road, Redhill, RH1 1LJ
England
Allmat (East Surrey) Limited
66-74 London Road, Redhill, RH1 1LJ
England
Dunfermline Solar Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
East Surrey Holdings Limited
66-74 London Road, Redhill, RH1 1LJ
England
EEB16 Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
EEB17 Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
EEB31 Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Peninsula Insurance Limited*
(2)
Level 5, Mill Court, La Charroterie, St Peter Port, GY1 1EJ
Guernsey
Pennon Power Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
SES Business Water Limited
66-74 London Road, Redhill, RH1 1LJ
England
SES Home Services Limited
66-74 London Road, Redhill, RH1 1LJ
England
Sutton and East Surrey Group Holdings Limited*
66-74 London Road, Redhill, RH1 1LJ
England
SESW Holding Company Limited
66-74 London Road, Redhill, RH1 1LJ
England
Surrey Downs Estates Limited
66-74 London Road, Redhill, RH1 1LJ
England
Surrey Downs Property Investment Limited
66-74 London Road, Redhill, RH1 1LJ
England
The Cheam Group Plc
66-74 London Road, Redhill, RH1 1LJ
England
Other trading companies
Registered office address
Country of incorporation
Bristol Water Holdings Limited
Bridgwater Road, Bristol, BS13 7AT
England
Bristol Water Holdings UK Limited*
Bridgwater Road, Bristol, BS13 7AT
England
Dormant companies
Registered office address
Country of incorporation
Avon Valley Water Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Bristol Water Core Holdings Limited
(3)
Bridgwater Road, Bristol, BS13 7AT
England
Peninsula Properties (Exeter) Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Peninsula Trustees Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Pennon Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Pennon Defined Contribution Pension Trustee Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Pennon Pension Trustees Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
SES Water Limited
66-74 London Road, Redhill, RH1 1LJ
England
Source for Business Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Services Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
SWW Pension Trustees Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
The Calcite Factory B.V
(1)
Moezelhavenweg 9, 1043 AM, Amsterdam
Netherlands
The Sutton District Water Plc
66-74 London Road, Redhill, RH1 1LJ
England
The subsidiary undertakings are wholly owned unless stated otherwise and all shares in issue are ordinary shares. All companies above are consolidated in the Group financial statements.
Joint Ventures and Associates
Registered office address
Country of incorporation
Stake (%)
Bristol Wessex Billing Services Limited
1 Clevedon Walk, Nailsea, Bristol, BS48 1WA
England
50
CREWW Executive Board Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
50
Searchlight Collections Limited
PO BOX 930 Galmington Office, Galmington Trading Estate,
England
50
Cornishwa
y
West, Taunton, Somerset, TA1 9LQ
Water 2 Business Limited
21e Somerset Square, Nailsea, Bristol, United Kingdom, BS48 1RQ
England
30
* Indicates the shares are held directly by Pennon Group plc, the Company. 1. 80% of share capital owned by Pennon Group plc. All shares in issue are ordinary shares. 2. Captive insurance company established with the specific objective of financing risks emanating from within the Group. 3. Dissolved 6 May 2025 Subsidiary audit exemption Pennon Group plc has issued guarantees over the liabilities of the following companies at 31 March 2025 under section 479C of Companies Act 2006 and these entities are exempt from the requirements of the Act relating to the audit of individual accounts by virtue of section 479A of the Act.
Company
Company number
Bristol Water Holdings Limited
02630760
Bristol Water Holdings UK Limited
04789566
Dunfermline Solar Limited
12683727
EEB16 Limited
10789260
EEB17 Limited
10790759
EEB31 Limited
11780715
East Surrey Holdings Limited
02660370
Pennon Power Limited
00736732
SESW Holding Company Limited
04151446
South West Water Customer Services Limited
07620338
Surrey Downs Estates Limited
02465343
Surrey Downs Property Investment Limited
02783440
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-556": { "value": "Investment in associates and joint ventures
Place of
business/country of
Name of entity
Principal activity
incorporation
% of ownership
Measurement method
Water 2 Business Limited (\u201cW2B\u201d) National retailer in the non-household market and
England
30%
Equity
provides retail water services to non-household
customers
Bristol Wessex Billing Services Limited (\u201cBWBSL\u201d)
Meter reading, billing, debt recovery and customer
England
50%
Equity
contact management services
Searchlight Collection Limited
Debt collection services
England
50%
Equity
The carrying value of the Group\u2019s share of these investments in associates and joint ventures at 31 March 2025 is \u00a31.8 million (2024: \u00a31.0 million). The Group\u2019s share of the profits and other comprehensive income of these investments in associates and joint ventures for the year ended 31 March 2025 is \u00a30.8 million (2024: \u00a30.7 million). The Group\u2019s joint ventures and associates are all private companies and there are no quoted market prices available for the shares. Summarised financial information for the joint ventures and investments in associates is set out below: Summarised balance sheets
2025 2024
\u00a3m \u00a3m
W2B
BWBSL
Searchlight
W2B
BWBSL
Searchlight
Current
Cash and cash equivalents
2.2
1.7
\u2013
\u2013
1 . 3
\u2013
Other current assets
71.3
1.2
0.1
66.9
2.1
0.1
Total current assets
73.5
2.9
0.1
66.9
3.4
0.1
Non-current assets
4.2
\u2013
\u2013
4.9
\u2013
\u2013
\u2013
Financial liabilities (excluding trade payables)
\u2013
\u2013
\u2013
(1.2)
\u2013
\u2013
Current liabilities (including trade payables)
(42.5)
(2.9)
\u2013
(37.9)
(3.4)
\u2013
Total current liabilities
(42.5)
(2.9)
\u2013
(39.1)
(3.4)
\u2013
Non-current liabilities
(29.4)
\u2013
\u2013
(29.4)
\u2013
\u2013
Net assets
5.8
\u2013
0.1
3.3
\u2013
0.1
Summarised statement of comprehensive income
2025 2024
\u00a3m \u00a3m
W2B
BWBSL
Searchlight
W2B
BWBSL
Searchlight
Revenue
327.3
19.7
0.2
278.3
18.5
0.2
Cost of sales and other operating expenses
(321.5)
(19.7)
(0.2)
(273.1)
(18.5)
(0.2)
Interest
(2.1)
\u2013
\u2013
(1.9)
\u2013
\u2013
Pre-tax profit
3 . 7
\u2013
\u2013
3.3
\u2013
\u2013
Taxation charge
(1.1)
\u2013
\u2013
(1.0)
\u2013
\u2013
Total comprehensive income
2.6
\u2013
\u2013
2.3
\u2013
\u2013
The information above reflects the amounts presented in the financial statements of the associates (and not the Group\u2019s share of these amounts) adjusted for differences in accounting policies between the Group and associates. W2B\u2019s year end date is 30 June. BWBSL\u2019s and Searchlight\u2019s year ends are 31 March. The Group's carrying amount of the investments held is \u00a31.8 million (2024: \u00a31.0 million) which comprises 30% of the Group's share of equity of W2B. For BWBSL and Searchlight, the net equity is \u00a3nil (2024: \u00a3nil). The Group\u2019s share of profit from associated companies is \u00a30.8 million (2024: \u00a30.7 million) which comprises 30% of the Group\u2019s share of W2B, restricted by brought forward losses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-528": { "value": "Investment in associates and joint ventures
Place of
business/country of
Name of entity
Principal activity
incorporation
% of ownership
Measurement method
Water 2 Business Limited (\u201cW2B\u201d) National retailer in the non-household market and
England
30%
Equity
provides retail water services to non-household
customers
Bristol Wessex Billing Services Limited (\u201cBWBSL\u201d)
Meter reading, billing, debt recovery and customer
England
50%
Equity
contact management services
Searchlight Collection Limited
Debt collection services
England
50%
Equity
The carrying value of the Group\u2019s share of these investments in associates and joint ventures at 31 March 2025 is \u00a31.8 million (2024: \u00a31.0 million). The Group\u2019s share of the profits and other comprehensive income of these investments in associates and joint ventures for the year ended 31 March 2025 is \u00a30.8 million (2024: \u00a30.7 million). The Group\u2019s joint ventures and associates are all private companies and there are no quoted market prices available for the shares. Summarised financial information for the joint ventures and investments in associates is set out below: Summarised balance sheets
2025 2024
\u00a3m \u00a3m
W2B
BWBSL
Searchlight
W2B
BWBSL
Searchlight
Current
Cash and cash equivalents
2.2
1.7
\u2013
\u2013
1 . 3
\u2013
Other current assets
71.3
1.2
0.1
66.9
2.1
0.1
Total current assets
73.5
2.9
0.1
66.9
3.4
0.1
Non-current assets
4.2
\u2013
\u2013
4.9
\u2013
\u2013
\u2013
Financial liabilities (excluding trade payables)
\u2013
\u2013
\u2013
(1.2)
\u2013
\u2013
Current liabilities (including trade payables)
(42.5)
(2.9)
\u2013
(37.9)
(3.4)
\u2013
Total current liabilities
(42.5)
(2.9)
\u2013
(39.1)
(3.4)
\u2013
Non-current liabilities
(29.4)
\u2013
\u2013
(29.4)
\u2013
\u2013
Net assets
5.8
\u2013
0.1
3.3
\u2013
0.1
Summarised statement of comprehensive income
2025 2024
\u00a3m \u00a3m
W2B
BWBSL
Searchlight
W2B
BWBSL
Searchlight
Revenue
327.3
19.7
0.2
278.3
18.5
0.2
Cost of sales and other operating expenses
(321.5)
(19.7)
(0.2)
(273.1)
(18.5)
(0.2)
Interest
(2.1)
\u2013
\u2013
(1.9)
\u2013
\u2013
Pre-tax profit
3 . 7
\u2013
\u2013
3.3
\u2013
\u2013
Taxation charge
(1.1)
\u2013
\u2013
(1.0)
\u2013
\u2013
Total comprehensive income
2.6
\u2013
\u2013
2.3
\u2013
\u2013
The information above reflects the amounts presented in the financial statements of the associates (and not the Group\u2019s share of these amounts) adjusted for differences in accounting policies between the Group and associates. W2B\u2019s year end date is 30 June. BWBSL\u2019s and Searchlight\u2019s year ends are 31 March. The Group's carrying amount of the investments held is \u00a31.8 million (2024: \u00a31.0 million) which comprises 30% of the Group's share of equity of W2B. For BWBSL and Searchlight, the net equity is \u00a3nil (2024: \u00a3nil). The Group\u2019s share of profit from associated companies is \u00a30.8 million (2024: \u00a30.7 million) which comprises 30% of the Group\u2019s share of W2B, restricted by brought forward losses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-481": { "value": "
21. Inventories
Group
2025 2024
\u00a3m \u00a3m
Raw materials and consumables
12.1
11.0
Work in progress
0.3
1.6
Finished goods
0.4
0.6
12.8
13.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-482": { "value": "
22. Trade and other receivables \u2013 current
Group
Company
2024
(restated,
2025 note 43) 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
387.3
375.3
\u2013
\u2013
Less: allowance for expected credit losses in respect of trade receivables
(117.3)
(125.3)
\u2013
\u2013
Net trade receivables
270.0
250.0
\u2013
\u2013
Amounts owed by subsidiary undertakings
\u2013
\u2013
51.2
148.5
Amounts owed by associated companies
0.2
0.2
0.2
\u2013
Other receivables
45.6
40.4
1.5
2.5
Accrued income
57.4
45.5
\u2013
\u2013
Prepayments
18.6
19.3
0.9
0.8
391.8
355.4
53.8
151.8
Trade receivables include accrued income relating to customers with water budget payment plans.
Accrued income includes \u00a334.8million (2024: \u00a328.3 million) in respect of metered accrual revenue in the retail water business. Metered accrual revenue relates
to performance obligations that have been fully extinguished in providing services to customers prior to the reporting date. Payment in respect of these services
is a matter of time following issuance of invoices.
The Directors consider that the carrying amounts of trade and other receivables approximate to their fair value.
There is no concentration of credit risk in trade receivables. The Group has a large number of customers who are dispersed and there is no significant loss on
trade receivables expected that has not been provided for.
The Group applies the simplified approach in calculating the expected credit losses for trade receivables allowing a provision matrix to be used which is based
on the expected life of trade receivables, default rates for different customer categories within the collection process and forward-looking information.
As at 31 March, an analysis of the ageing of trade receivables is as follows:
2025 2024
\u00a3m \u00a3m
Group
Not due
64.6
40.9
Past due 1 \u2013 30 days
31.1
45.7
Past due 31 \u2013 120 days
29.3
29.5
More than 120 days
262.3
259.2
387.3
375.3
The aged trade receivables above are taken directly from aged sales ledger records.
The Group\u2019s operating businesses specifically review separate categories of debt to identify an appropriate allowance for expected credit losses as outlined in
note 2(n) ii). South West Water Limited and SES Water have a duty under legislation to continue to provide domestic customers with services regardless of
payment. Given the different nature of customer demographics within South West Water\u2019s operating area, SES Water\u2019s operating area and the non-household
retail business of PWS and SESWS, different provision matrices are adopted by each business. The provision matrix adopted for household customers in the
most significant operating region of Devon, Cornwall & Bournemouth is outlined in the table below, showing the range of provision rates dependent on phase of
collection. The table also includes the gross debt and provision rates for other customer areas:
Allowance for Allowance for
Trade expected Trade expected
receivables credit losses receivables credit losses
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Devon, Cornwall & Bournemouth (household customers)
\u2022
Current occupier < 12 months: 1% - 30%
68.7
0.4
44.8
0.2
\u2022
Current occupier 12 \u2013 24 months: 10% \u2013 60%
12.4
2.9
23.1
3.2
\u2022
Current occupier 24 \u2013 36 months: 15% \u2013 80%
10.9
3.0
11.5
2.8
\u2022
Current occupier > 36 months: 20% \u2013 100%
91.6
39.9
89.2
48.2
\u2022
Previous occupier: 55% \u2013 100%
51.3
32.1
53.3
31.3
Bristol
37.4
17.6
37.8
8.6
SES
54.6
16.7
53.3
16.7
Pennon Water Services (Non-household retail)
50.1
4.7
40.6
14.3
Other
10.3
\u2013
21.7
\u2013
387.3
117.3
375.3
125.3
No material expected credit loss provision has been recognised in respect of amounts owed by subsidiary undertakings.
The movement in the allowance for expected credit losses in respect of trade receivables was:
2025 2024
\u00a3m \u00a3m
At 1 April
125.3
106.5
Arising on acquisition
\u2013
19.8
Provision for expected credit losses
9.7
7.1
Receivables written off during the year as uncollectable
(17.7)
(8.1)
At 31 March
117.3
125.3
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 where a failure to make payments on overdue
invoices indicate the debt is unrecoverable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-575": { "value": "22. Trade and other receivables \u2013 current
Group
Company
2024
(restated,
2025 note 43) 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
387.3
375.3
\u2013
\u2013
Less: allowance for expected credit losses in respect of trade receivables
(117.3)
(125.3)
\u2013
\u2013
Net trade receivables
270.0
250.0
\u2013
\u2013
Amounts owed by subsidiary undertakings
\u2013
\u2013
51.2
148.5
Amounts owed by associated companies
0.2
0.2
0.2
\u2013
Other receivables
45.6
40.4
1.5
2.5
Accrued income
57.4
45.5
\u2013
\u2013
Prepayments
18.6
19.3
0.9
0.8
391.8
355.4
53.8
151.8
Trade receivables include accrued income relating to customers with water budget payment plans. Accrued income includes \u00a334.8million (2024: \u00a328.3 million) in respect of metered accrual revenue in the retail water business. Metered accrual revenue relates to performance obligations that have been fully extinguished in providing services to customers prior to the reporting date. Payment in respect of these services is a matter of time following issuance of invoices. The Directors consider that the carrying amounts of trade and other receivables approximate to their fair value. There is no concentration of credit risk in trade receivables. The Group has a large number of customers who are dispersed and there is no significant loss on trade receivables expected that has not been provided for. The Group applies the simplified approach in calculating the expected credit losses for trade receivables allowing a provision matrix to be used which is based on the expected life of trade receivables, default rates for different customer categories within the collection process and forward-looking information. As at 31 March, an analysis of the ageing of trade receivables is as follows:
2025 2024
\u00a3m \u00a3m
Group
Not due
64.6
40.9
Past due 1 \u2013 30 days
31.1
45.7
Past due 31 \u2013 120 days
29.3
29.5
More than 120 days
262.3
259.2
387.3
375.3
The aged trade receivables above are taken directly from aged sales ledger records. The Group\u2019s operating businesses specifically review separate categories of debt to identify an appropriate allowance for expected credit losses as outlined in note 2(n) ii). South West Water Limited and SES Water have a duty under legislation to continue to provide domestic customers with services regardless of payment. Given the different nature of customer demographics within South West Water\u2019s operating area, SES Water\u2019s operating area and the non-household retail business of PWS and SESWS, different provision matrices are adopted by each business. The provision matrix adopted for household customers in the most significant operating region of Devon, Cornwall & Bournemouth is outlined in the table below, showing the range of provision rates dependent on phase of collection. The table also includes the gross debt and provision rates for other customer areas:
Allowance for Allowance for
Trade expected Trade expected
receivables credit losses receivables credit losses
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Devon, Cornwall & Bournemouth (household customers)
\u2022
Current occupier < 12 months: 1% - 30%
68.7
0.4
44.8
0.2
\u2022
Current occupier 12 \u2013 24 months: 10% \u2013 60%
12.4
2.9
23.1
3.2
\u2022
Current occupier 24 \u2013 36 months: 15% \u2013 80%
10.9
3.0
11.5
2.8
\u2022
Current occupier > 36 months: 20% \u2013 100%
91.6
39.9
89.2
48.2
\u2022
Previous occupier: 55% \u2013 100%
51.3
32.1
53.3
31.3
Bristol
37.4
17.6
37.8
8.6
SES
54.6
16.7
53.3
16.7
Pennon Water Services (Non-household retail)
50.1
4.7
40.6
14.3
Other
10.3
\u2013
21.7
\u2013
387.3
117.3
375.3
125.3
No material expected credit loss provision has been recognised in respect of amounts owed by subsidiary undertakings. The movement in the allowance for expected credit losses in respect of trade receivables was:
2025 2024
\u00a3m \u00a3m
At 1 April
125.3
106.5
Arising on acquisition
\u2013
19.8
Provision for expected credit losses
9.7
7.1
Receivables written off during the year as uncollectable
(17.7)
(8.1)
At 31 March
117.3
125.3
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 where a failure to make payments on overdue invoices indicate the debt is unrecoverable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-557": { "value": "22. Trade and other receivables \u2013 current
Group
Company
2024
(restated,
2025 note 43) 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
387.3
375.3
\u2013
\u2013
Less: allowance for expected credit losses in respect of trade receivables
(117.3)
(125.3)
\u2013
\u2013
Net trade receivables
270.0
250.0
\u2013
\u2013
Amounts owed by subsidiary undertakings
\u2013
\u2013
51.2
148.5
Amounts owed by associated companies
0.2
0.2
0.2
\u2013
Other receivables
45.6
40.4
1.5
2.5
Accrued income
57.4
45.5
\u2013
\u2013
Prepayments
18.6
19.3
0.9
0.8
391.8
355.4
53.8
151.8
Trade receivables include accrued income relating to customers with water budget payment plans. Accrued income includes \u00a334.8million (2024: \u00a328.3 million) in respect of metered accrual revenue in the retail water business. Metered accrual revenue relates to performance obligations that have been fully extinguished in providing services to customers prior to the reporting date. Payment in respect of these services is a matter of time following issuance of invoices. The Directors consider that the carrying amounts of trade and other receivables approximate to their fair value. There is no concentration of credit risk in trade receivables. The Group has a large number of customers who are dispersed and there is no significant loss on trade receivables expected that has not been provided for. The Group applies the simplified approach in calculating the expected credit losses for trade receivables allowing a provision matrix to be used which is based on the expected life of trade receivables, default rates for different customer categories within the collection process and forward-looking information. As at 31 March, an analysis of the ageing of trade receivables is as follows:
2025 2024
\u00a3m \u00a3m
Group
Not due
64.6
40.9
Past due 1 \u2013 30 days
31.1
45.7
Past due 31 \u2013 120 days
29.3
29.5
More than 120 days
262.3
259.2
387.3
375.3
The aged trade receivables above are taken directly from aged sales ledger records. The Group\u2019s operating businesses specifically review separate categories of debt to identify an appropriate allowance for expected credit losses as outlined in note 2(n) ii). South West Water Limited and SES Water have a duty under legislation to continue to provide domestic customers with services regardless of payment. Given the different nature of customer demographics within South West Water\u2019s operating area, SES Water\u2019s operating area and the non-household retail business of PWS and SESWS, different provision matrices are adopted by each business. The provision matrix adopted for household customers in the most significant operating region of Devon, Cornwall & Bournemouth is outlined in the table below, showing the range of provision rates dependent on phase of collection. The table also includes the gross debt and provision rates for other customer areas:
Allowance for Allowance for
Trade expected Trade expected
receivables credit losses receivables credit losses
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Devon, Cornwall & Bournemouth (household customers)
\u2022
Current occupier < 12 months: 1% - 30%
68.7
0.4
44.8
0.2
\u2022
Current occupier 12 \u2013 24 months: 10% \u2013 60%
12.4
2.9
23.1
3.2
\u2022
Current occupier 24 \u2013 36 months: 15% \u2013 80%
10.9
3.0
11.5
2.8
\u2022
Current occupier > 36 months: 20% \u2013 100%
91.6
39.9
89.2
48.2
\u2022
Previous occupier: 55% \u2013 100%
51.3
32.1
53.3
31.3
Bristol
37.4
17.6
37.8
8.6
SES
54.6
16.7
53.3
16.7
Pennon Water Services (Non-household retail)
50.1
4.7
40.6
14.3
Other
10.3
\u2013
21.7
\u2013
387.3
117.3
375.3
125.3
No material expected credit loss provision has been recognised in respect of amounts owed by subsidiary undertakings. The movement in the allowance for expected credit losses in respect of trade receivables was:
2025 2024
\u00a3m \u00a3m
At 1 April
125.3
106.5
Arising on acquisition
\u2013
19.8
Provision for expected credit losses
9.7
7.1
Receivables written off during the year as uncollectable
(17.7)
(8.1)
At 31 March
117.3
125.3
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 where a failure to make payments on overdue invoices indicate the debt is unrecoverable", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-529": { "value": "22. Trade and other receivables \u2013 current
Group
Company
2024
(restated,
2025 note 43) 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
387.3
375.3
\u2013
\u2013
Less: allowance for expected credit losses in respect of trade receivables
(117.3)
(125.3)
\u2013
\u2013
Net trade receivables
270.0
250.0
\u2013
\u2013
Amounts owed by subsidiary undertakings
\u2013
\u2013
51.2
148.5
Amounts owed by associated companies
0.2
0.2
0.2
\u2013
Other receivables
45.6
40.4
1.5
2.5
Accrued income
57.4
45.5
\u2013
\u2013
Prepayments
18.6
19.3
0.9
0.8
391.8
355.4
53.8
151.8
Trade receivables include accrued income relating to customers with water budget payment plans. Accrued income includes \u00a334.8million (2024: \u00a328.3 million) in respect of metered accrual revenue in the retail water business. Metered accrual revenue relates to performance obligations that have been fully extinguished in providing services to customers prior to the reporting date. Payment in respect of these services is a matter of time following issuance of invoices. The Directors consider that the carrying amounts of trade and other receivables approximate to their fair value. There is no concentration of credit risk in trade receivables. The Group has a large number of customers who are dispersed and there is no significant loss on trade receivables expected that has not been provided for. The Group applies the simplified approach in calculating the expected credit losses for trade receivables allowing a provision matrix to be used which is based on the expected life of trade receivables, default rates for different customer categories within the collection process and forward-looking information. As at 31 March, an analysis of the ageing of trade receivables is as follows:
2025 2024
\u00a3m \u00a3m
Group
Not due
64.6
40.9
Past due 1 \u2013 30 days
31.1
45.7
Past due 31 \u2013 120 days
29.3
29.5
More than 120 days
262.3
259.2
387.3
375.3
The aged trade receivables above are taken directly from aged sales ledger records. The Group\u2019s operating businesses specifically review separate categories of debt to identify an appropriate allowance for expected credit losses as outlined in note 2(n) ii). South West Water Limited and SES Water have a duty under legislation to continue to provide domestic customers with services regardless of payment. Given the different nature of customer demographics within South West Water\u2019s operating area, SES Water\u2019s operating area and the non-household retail business of PWS and SESWS, different provision matrices are adopted by each business. The provision matrix adopted for household customers in the most significant operating region of Devon, Cornwall & Bournemouth is outlined in the table below, showing the range of provision rates dependent on phase of collection. The table also includes the gross debt and provision rates for other customer areas:
Allowance for Allowance for
Trade expected Trade expected
receivables credit losses receivables credit losses
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Devon, Cornwall & Bournemouth (household customers)
\u2022
Current occupier < 12 months: 1% - 30%
68.7
0.4
44.8
0.2
\u2022
Current occupier 12 \u2013 24 months: 10% \u2013 60%
12.4
2.9
23.1
3.2
\u2022
Current occupier 24 \u2013 36 months: 15% \u2013 80%
10.9
3.0
11.5
2.8
\u2022
Current occupier > 36 months: 20% \u2013 100%
91.6
39.9
89.2
48.2
\u2022
Previous occupier: 55% \u2013 100%
51.3
32.1
53.3
31.3
Bristol
37.4
17.6
37.8
8.6
SES
54.6
16.7
53.3
16.7
Pennon Water Services (Non-household retail)
50.1
4.7
40.6
14.3
Other
10.3
\u2013
21.7
\u2013
387.3
117.3
375.3
125.3
No material expected credit loss provision has been recognised in respect of amounts owed by subsidiary undertakings. The movement in the allowance for expected credit losses in respect of trade receivables was:
2025 2024
\u00a3m \u00a3m
At 1 April
125.3
106.5
Arising on acquisition
\u2013
19.8
Provision for expected credit losses
9.7
7.1
Receivables written off during the year as uncollectable
(17.7)
(8.1)
At 31 March
117.3
125.3
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 where a failure to make payments on overdue invoices indicate the debt is unrecoverable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-558": { "value": "23. Derivative financial instruments
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Derivatives used for cash flow hedging
Non-current assets
22.3
17.2
\u2013
\u2013
Current assets
9.5
23.3
0.4
1.0
Current liabilities
(0.5)
(5.4)
(0.1)
(0.1)
Non-current liabilities
(1.6)
(3.3)
\u2013
\u2013
Derivatives used for fair value hedging
Non-current assets
0.1
0.2
0.1
0.2
Current assets
0.3
0.1
0.3
0.1
The Group\u2019s financial risks and risk management policies are set out in note 3. The fair value of derivatives is split between current and non-current assets or liabilities based on the maturity of the cash flows. The ineffective portion recognised in the statement of profit or loss arising from hedging relationships was \u00a3nil (2024: \u00a3nil). A net \u00a34.3 million debit (2024: \u00a316.4 million debit) was recognised in other comprehensive income for cash flow hedges, including a \u00a30.1 million credit (2024: \u00a30.2 million credit) recognised in profit and loss relating to cash flow hedges previously recognised through other comprehensive income and recorded in the hedging reserve. Interest rate swaps, primarily cash flow hedges, and fixed rate borrowings are used to manage the mix of fixed and floating rates to ensure at least 60% of Group net borrowings are at fixed rate. At 31 March 2025 the Group had interest rate swaps, to swap from floating to fixed rate, and hedged financial liabilities with a notional value of \u00a3636.0 million and a weighted average maturity of 5.3 years (2024: \u00a3939.0 million, with 3.5 years). The weighted average interest rate of the swaps for their nominal amount was 2.92% (2024: 1.85%). At 31 March 2025 the Group had cross currency swaps and hedged financial liabilities with a notional value of \u00a356.1 million (2024: \u00a364.0 million) and a weighted average maturity of 4.1 years (2024: 4.5 years). The weighted average interest rate of the swaps for their nominal amount was 5.6% (2024: 5.8%). The swaps are denominated in USD and EUR to match the underlying currency exposures. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risks of the swaps are identical to the hedged risk components. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instrument against the changes in fair value of the hedged item attributable to the hedged risk. The hedge ineffectiveness can arise from: \u2022 Different interest rate curve applied to discount the hedged item and hedging instrument \u2022 Differences in timing of cash flows of the hedged item and hedging instrument \u2022 The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument and hedged item. The impact of the hedging instrument on the balance sheet is as follows:
Notional Carrying Change in fair value used for measuring
amount amount ineffectiveness in the period
Group \u00a3m
\u00a3m
Line item in the balance sheet
\u00a3m
As at 31 March 2025
Interest rate swaps
636.0
27.7
Derivative financial instruments
10.3
RPI swaps
\u2013
\u2013
Derivative financial instruments
(4.6)
Cross currency swaps
56.1
(1.3)
Derivative financial instruments
\u2013
As at 31 March 2024
Interest rate swaps
939.4
38.0
Derivative financial instruments
(14.4)
RPI swaps
300.0
(4.6)
Derivative financial instruments
(0.2)
Cross currency swaps
64.1
(1.3)
Derivative financial instruments
(2.4)
Notional Carrying Change in fair value used for measuring
amount amount ineffectiveness in the period
Company \u00a3m
\u00a3m
Line item in the balance sheet
\u00a3m
As at 31 March 2025
Cross currency swaps
16.0
0.4
Derivative financial instruments
(0.4)
As at 31 March 2024
Cross currency swaps
24.0
0.8
Derivative financial instruments
(0.3)
Valuation hierarchy The Group uses the following hierarchy for determining the fair value of financial instruments by valuation technique: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1) \u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2) \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). The fair value of financial instruments not traded in an active market (level 2, for example over-the-counter derivatives) is determined by using valuation techniques. A variety of methods and assumptions are used based on market conditions existing at each balance sheet date. Quoted market prices or dealer quotes for similar instruments are used for long-term debt. Other techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining financial instruments. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows. The Group\u2019s financial derivatives are valued using level 2 measures:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Assets
Derivatives used for cash flow hedging
31.8
40.5
0.4
0.9
Derivatives used for fair value hedging
0.4
0.3
0.4
0.3
Total assets
32.2
40.8
0.8
1.2
Liabilities
Derivatives used for cash flow hedging
(2.1)
(8.7)
(0.1)
(0.1)
Total liabilities
(2.1)
(8.7)
(0.1)
(0.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-530": { "value": "23. Derivative financial instruments
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Derivatives used for cash flow hedging
Non-current assets
22.3
17.2
\u2013
\u2013
Current assets
9.5
23.3
0.4
1.0
Current liabilities
(0.5)
(5.4)
(0.1)
(0.1)
Non-current liabilities
(1.6)
(3.3)
\u2013
\u2013
Derivatives used for fair value hedging
Non-current assets
0.1
0.2
0.1
0.2
Current assets
0.3
0.1
0.3
0.1
The Group\u2019s financial risks and risk management policies are set out in note 3. The fair value of derivatives is split between current and non-current assets or liabilities based on the maturity of the cash flows. The ineffective portion recognised in the statement of profit or loss arising from hedging relationships was \u00a3nil (2024: \u00a3nil). A net \u00a34.3 million debit (2024: \u00a316.4 million debit) was recognised in other comprehensive income for cash flow hedges, including a \u00a30.1 million credit (2024: \u00a30.2 million credit) recognised in profit and loss relating to cash flow hedges previously recognised through other comprehensive income and recorded in the hedging reserve. Interest rate swaps, primarily cash flow hedges, and fixed rate borrowings are used to manage the mix of fixed and floating rates to ensure at least 60% of Group net borrowings are at fixed rate. At 31 March 2025 the Group had interest rate swaps, to swap from floating to fixed rate, and hedged financial liabilities with a notional value of \u00a3636.0 million and a weighted average maturity of 5.3 years (2024: \u00a3939.0 million, with 3.5 years). The weighted average interest rate of the swaps for their nominal amount was 2.92% (2024: 1.85%). At 31 March 2025 the Group had cross currency swaps and hedged financial liabilities with a notional value of \u00a356.1 million (2024: \u00a364.0 million) and a weighted average maturity of 4.1 years (2024: 4.5 years). The weighted average interest rate of the swaps for their nominal amount was 5.6% (2024: 5.8%). The swaps are denominated in USD and EUR to match the underlying currency exposures. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risks of the swaps are identical to the hedged risk components. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instrument against the changes in fair value of the hedged item attributable to the hedged risk. The hedge ineffectiveness can arise from: \u2022 Different interest rate curve applied to discount the hedged item and hedging instrument \u2022 Differences in timing of cash flows of the hedged item and hedging instrument \u2022 The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument and hedged item. The impact of the hedging instrument on the balance sheet is as follows:
Notional Carrying Change in fair value used for measuring
amount amount ineffectiveness in the period
Group \u00a3m
\u00a3m
Line item in the balance sheet
\u00a3m
As at 31 March 2025
Interest rate swaps
636.0
27.7
Derivative financial instruments
10.3
RPI swaps
\u2013
\u2013
Derivative financial instruments
(4.6)
Cross currency swaps
56.1
(1.3)
Derivative financial instruments
\u2013
As at 31 March 2024
Interest rate swaps
939.4
38.0
Derivative financial instruments
(14.4)
RPI swaps
300.0
(4.6)
Derivative financial instruments
(0.2)
Cross currency swaps
64.1
(1.3)
Derivative financial instruments
(2.4)
Notional Carrying Change in fair value used for measuring
amount amount ineffectiveness in the period
Company \u00a3m
\u00a3m
Line item in the balance sheet
\u00a3m
As at 31 March 2025
Cross currency swaps
16.0
0.4
Derivative financial instruments
(0.4)
As at 31 March 2024
Cross currency swaps
24.0
0.8
Derivative financial instruments
(0.3)
Valuation hierarchy The Group uses the following hierarchy for determining the fair value of financial instruments by valuation technique: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1) \u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2) \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). The fair value of financial instruments not traded in an active market (level 2, for example over-the-counter derivatives) is determined by using valuation techniques. A variety of methods and assumptions are used based on market conditions existing at each balance sheet date. Quoted market prices or dealer quotes for similar instruments are used for long-term debt. Other techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining financial instruments. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows. The Group\u2019s financial derivatives are valued using level 2 measures:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Assets
Derivatives used for cash flow hedging
31.8
40.5
0.4
0.9
Derivatives used for fair value hedging
0.4
0.3
0.4
0.3
Total assets
32.2
40.8
0.8
1.2
Liabilities
Derivatives used for cash flow hedging
(2.1)
(8.7)
(0.1)
(0.1)
Total liabilities
(2.1)
(8.7)
(0.1)
(0.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-559": { "value": "24. Financial instruments at fair value through profit
Group
Company
2024
2025 (Restated) 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current liabilities
(0.3)
(0.1)
(0.3)
(0.1)
Non-current assets
0.6
0.9
0.6
0.9
An unamortised hedging adjustment has been reclassified to borrowing in the current year and the prior year restated. See note 2 for further explanation. Financial instruments at fair value through profit reflect the fair value movement of the hedged risk on the hedged item which had been designated in a fair value hedging relationship. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-483": { "value": "
25. Cash and cash equivalents and restricted funds
Group
Company
2024
2025 (restated) 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash at bank and in hand
166.2
78.8
44.8
29.2
Short-term bank deposits
0.2
50.0
0.2
50.0
Other deposits
251.5
5.2
\u2013
\u2013
Cash and cash equivalents
417.9
134.0
45.0
79.2
Restricted funds
58.2
37.4
\u2013
\u2013
Total
476.1
171.4
45.0
79.2
Cash and cash deposits have been re-presented on the balance sheet to separately disclose cash and cash equivalents and restricted funds. See note 2 for
further explanation.
Group short-term deposits have an average maturity of one working day (2024: one working day).
Group other deposits (including restricted funds) have an average maturity of 14 days (2024: 73 days).
Restricted funds include \u00a346.1 million (2024: \u00a326.0 million) to settle long-term lease liabilities (note 28) and \u00a312.1 million (2024: \u00a311.4 million) held in an instant
access account. Restricted funds are available for access, subject to being replaced by an equivalent valued security.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-531": { "value": "25. Cash and cash equivalents and restricted funds
Group
Company
2024
2025 (restated) 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash at bank and in hand
166.2
78.8
44.8
29.2
Short-term bank deposits
0.2
50.0
0.2
50.0
Other deposits
251.5
5.2
\u2013
\u2013
Cash and cash equivalents
417.9
134.0
45.0
79.2
Restricted funds
58.2
37.4
\u2013
\u2013
Total
476.1
171.4
45.0
79.2
Cash and cash deposits have been re-presented on the balance sheet to separately disclose cash and cash equivalents and restricted funds. See note 2 for further explanation. Group short-term deposits have an average maturity of one working day (2024: one working day). Group other deposits (including restricted funds) have an average maturity of 14 days (2024: 73 days). Restricted funds include \u00a346.1 million (2024: \u00a326.0 million) to settle long-term lease liabilities (note 28) and \u00a312.1 million (2024: \u00a311.4 million) held in an instant access account. Restricted funds are available for access, subject to being replaced by an equivalent valued security.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-532": { "value": "26. Trade and other payables \u2013 current
Group Company
2024
(restated,
2025 Note 43) 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
138.8
227.5
0.9
2.6
Contract liabilities
46.7
10.6
\u2013
\u2013
Other tax and social security
2.6
3.1
0.3
0.4
Accruals
54.4
37.4
6.1
7.4
Other payables
88.5
67.9
3.5
1.1
Amounts owed to subsidiary undertakings
\u2013
\u2013
8.8
\u2013
331.0
346.5
19.6
11.5
The Directors consider that the carrying amount of trade and other payables approximates to their fair value. The movement in the contract liabilities was:
Group
2025 2024
Contract liabilities \u00a3m \u00a3m
At 1 April
165.5
159.0
Revenue recognised in the year
(9.9)
(4.8)
Consideration received in advance of completion of performance obligations*
62.4
5.9
Amounts acquired on acquisition
\u2013
5.4
At 31 March
218.0
165.5
The analysis of contract liabilities between current and non-current is:
Group
2025 2024
\u00a3m \u00a3m
Current
46.7
10.6
Non-current (note 29)
171.3
154.9
218.0
165.5
Performance obligations related to the current contract liabilities balance above are expected to be satisfied, and revenue will be recognised, within the financial year ended 31 March 2026. * The Group previously presented cash received in advance from customers within trade debtors in the balance sheet and some contributions received from developers in trade payables. These have been reclassified to contract liabilities in the current year ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-586": { "value": "26. Trade and other payables \u2013 current
Group Company
2024
(restated,
2025 Note 43) 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
138.8
227.5
0.9
2.6
Contract liabilities
46.7
10.6
\u2013
\u2013
Other tax and social security
2.6
3.1
0.3
0.4
Accruals
54.4
37.4
6.1
7.4
Other payables
88.5
67.9
3.5
1.1
Amounts owed to subsidiary undertakings
\u2013
\u2013
8.8
\u2013
331.0
346.5
19.6
11.5
The Directors consider that the carrying amount of trade and other payables approximates to their fair value. The movement in the contract liabilities was:
Group
2025 2024
Contract liabilities \u00a3m \u00a3m
At 1 April
165.5
159.0
Revenue recognised in the year
(9.9)
(4.8)
Consideration received in advance of completion of performance obligations*
62.4
5.9
Amounts acquired on acquisition
\u2013
5.4
At 31 March
218.0
165.5
The analysis of contract liabilities between current and non-current is:
Group
2025 2024
\u00a3m \u00a3m
Current
46.7
10.6
Non-current (note 29)
171.3
154.9
218.0
165.5
Performance obligations related to the current contract liabilities balance above are expected to be satisfied, and revenue will be recognised, within the financial year ended 31 March 2026. * The Group previously presented cash received in advance from customers within trade debtors in the balance sheet and some contributions received from developers in trade payables. These have been reclassified to contract liabilities in the current year 29. Other non-current liabilities
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Contract liabilities
171.3
154.9
\u2013
\u2013
171.3
154.9
\u2013
\u2013
Non-current contract liabilities relate to consideration received in advance of the Group performing its performance obligations to customers where performance obligations will not be completed within 12 months of the balance sheet date. The overall movement in total contract liabilities is disclosed in note 26. Contract liabilities reflect the fair value of assets transferred from customers in the water segment. The majority of the contract liabilities included above are expected to unwind after five years. 31. Deferred tax Deferred tax is provided in full on temporary differences under the liability method using enacted tax rates. Movements on deferred tax were:
Group
Company
(Restated,
note 43)
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities/(assets) at 1 April
548.4
507.0
(20.7)
(18.6)
(Credited)/charged to the income statement
(7.8)
4.9
(3.0)
(0.7)
(Credited)/charged to other comprehensive income
(1.5)
(6.3)
0.1
(0.3)
Charged to equity, including impact of change in tax rate
\u2013
0.1
\u2013
\u2013
Other non-underlying credits in the income statement
(8.5)
(4.9)
\u2013
(1.1)
Amounts relating to acquired operations
\u2013
47.6
\u2013
\u2013
Liabilities/(assets) at 31 March
530.6
548.4
(23.6)
(20.7)
Deferred tax assets have been recognised in respect of all temporary differences where it is probable that these assets will be recovered. The Group has applied the exception to recognised and disclosing deferred tax related to Pillar Two income taxes. The majority of the Group\u2019s deferred tax assets and liabilities are expected to be recovered over more than one year. All deferred tax assets and liabilities within the same jurisdiction are offset where it is appropriate to do so . The movements in deferred tax assets (after offset) were: Group Deferred tax liabilities
Fair value Short-term
Property, plant adjustments liabilities Retirement
and equipment (restated, including benefit
Derivatives depreciation note 43) provisions obligations Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
2.9
473.2
94.5
1.5
2.9
575.0
Charged/(credited) to the income statement
0.5
5.8
(5.5)
3.4
2.5
6.7
Credited to other comprehensive income
(4.1)
\u2013
\u2013
\u2013
( 2 . 2 )
( 6 . 3 )
R e c l a s s i f i c a t i o n
4 . 2
\u2013
\u2013
\u2013
\u2013
4 . 2
Transferred in on acquisition of SES
(3.5)
43.3
15.7
\u2013
(0.9)
54.6
At 31 March 2024
\u2013
522.3
104.7
4.9
2.3
634.2
Charged/(credited) to the income statement
\u2013
39.1
0.5
(0.5)
0.7
39.8
Charged to other comprehensive income
\u2013
\u2013
\u2013
\u2013
0.9
0.9
At 31 March 2025
\u2013
561.4
105.2
4.4
3.9
674.9
Deferred tax assets
Loan
Share-based relationship Fair value
Derivatives payments Tax losses deficits adjustment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
\u2013
(1.0)
(27.5)
(8.4)
(31.1)
(68.0)
Underlying charged/(credited) to the income statement
\u2013
0.3
(2.8)
(2.3)
3.0
(1.8)
Non-underlying credit to the income statement
\u2013
\u2013
(4.9)
\u2013
\u2013
(4.9)
Reclassification to deferred tax liabilities
(4.2)
\u2013
\u2013
\u2013
\u2013
( 4 . 2 )
Charged to equity
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Transferred in on acquisition of SES
\u2013
\u2013
(7.0)
\u2013
\u2013
( 7 . 0 )
At 31 March 2024
(4.2)
(0.6)
(42.2)
(10.7)
(28.1)
(85.8)
Charged/(credited) to the income statement
1.1
(0.1)
(51.0)
(0.6)
3.0
(47.6)
Non-underlying credit to the income statement
\u2013
\u2013
(8.5)
\u2013
\u2013
(8.5)
Charged to equity
(2.4)
\u2013
\u2013
\u2013
\u2013
( 2 . 4 )
At 31 March 2025
(5.5)
(0.7)
(101.7)
(11.3)
(25.1)
(144.3)
Net liability
At 31 March 2024
548.4
At 31 March 2025
530.6
Deferred tax assets not recognised
Tax losses and
Short-term non-trade loan
liabilities relationship
Accelerated including deficits available
tax depreciation provisions indefinitely Total
Gross \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
\u2013
\u2013
\u2013
\u2013
(Credited)/charged to the income statement
\u2013
(0.1)
0.2
0.1
Transferred in on acquisition from SES
0.4
0.3
21.8
22.5
At 31 March 2024
0.4
0.2
22.0
22.6
Origination and reversal of temporary differences in relation
(0.1)
\u2013
11.6
11.5
to SES
At 31 March 2025
0.3
0.2
33.6
34.1
Tax losses and
Short-term non-trade loan
liabilities relationship
Accelerated including deficits available
tax depreciation provisions indefinitely Total
Tax effect \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
\u2013
\u2013
\u2013
\u2013
Transferred in on acquisition from SES
0.1
\u2013
5.5
5.6
At 31 March 2024
0.1
\u2013
5.5
5.6
Origination and reversal of temporary differences in relation to
SES
\u2013
\u2013
2 . 9
2 . 9
At 31 March 2025
0.1
\u2013
8.4
8.5
Following the acquisition of SES Water, the group has acquired temporary differences for which no deferred tax assets are recognised in relation to post 2017 tax losses (\u00a325.5 million), non-trade deficits carried forwards in relation to the UK's corporate interest restriction rules (\u00a38.1 million), fixed assets (\u00a30.3 million) and provisions (\u00a30.1 million). The group has concluded that it is appropriate to continue not to recognise a deferred tax asset on these temporary differences. While the Group is in a net deferred tax liability position, the Group consider there is not a right to offset these deferred tax assets against deferred tax liabilities. In addition, whilst the assets are available indefinitely, there is uncertainty regarding the availability of suitable future taxable profits. Company Deferred tax assets
Retirement
benefit Share-based
obligations payments Tax losses Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
(1.3)
(0.7)
(16.6)
(18.6)
Charged/(credited) to the income statement
2.5
0.2
(3.4)
(0.7)
Non-underlying credit to the income statement
\u2013
\u2013
(1.1)
(1.1)
Credited to other comprehensive income
(0.3)
\u2013
\u2013
(0.3)
At 31 March 2024
0.9
(0.5)
(21.1)
(20.7)
Credited to the income statement
\u2013
\u2013
(3.0)
(3.0)
Credited to other comprehensive income
0.1
\u2013
\u2013
0.1
At 31 March 2025
1.0
(0.5)
(24.1)
(23.6)
Deferred tax charged/(credited) to equity or other comprehensive income during the year was:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Remeasurement of defined benefit obligations
0.9
(2.2)
0.1
(0.3)
Cash flow hedges
(2.4)
(4.1)
\u2013
\u2013
Share-based payments
\u2013
0.1
\u2013
\u2013
(1.5)
(6.2)
0.1
(0.3)
Capital allowances are available when a business incurs qualifying expenditure on capital items such as infrastructure assets. Capital allowances provide tax relief on these items in place of accounting depreciation which is not tax deductible. Over the period of ownership of an asset, cumulative depreciation and capital allowances will equalise. Capital allowance rates are set by the UK Government and every business receives the same rate of allowance. Capital allowance rates typically vary from 3% up to 100%. Depreciation periods vary from 4 to 200 years. Due to the group's continuing capital investment programme, deductions for capital allowances are expected to exceed depreciation in future years. The different accounting treatment of property, plant and equipment for tax and accounting purposes means that the taxable income of the Group is not the same as the profit reported in the financial statements. The adjustments for this are reflected in the current tax reconciliation. In 2023, the Government has introduced permanent full expensing and 50% first year allowances for certain qualifying expenditure. This provides an increase in current tax relief for the Group with a consequently higher deferred tax liability and charge due to the additional capital allowance deductions. Short term temporary differences arise on items such as retirement benefit obligations, derivatives and share based payments because the treatment of such items are different for tax and accounting purposes. These differences reverse over future years following that in which they arise, as is reflected in the deferred tax charge in these financial statements. Specifically, retirement benefit obligations will crystallise over the life of the pension scheme and/or the period when spreading applies (this can be up to three years for spreading purposes), whilst share based payments will crystallise over the remaining life of the share schemes which are up to five years. Short term liabilities including provisions will typically crystallise in the following year. The fair value liability relates to the revaluation of tangible fixed assets on the acquisition of Bournemouth Water, Bristol Water and SES Water. The fair value asset relates to the revaluation of debt on the acquisition of Bournemouth Water and Bristol Water. These items will be released over their remaining life which is up to 150 years. Where interest charges or other costs are capitalised in the accounts, tax relief is given either as the charges are incurred or when the costs are taken to the income statement. Derivatives reflect the fair value movements on treasury derivatives; these can fluctuate considerably each year. The balance will crystallise when derivative items are either terminated or mature; the life of these items can be up to ten years. Tax losses relate to trading losses and non-trade deficits carried forwards in relation to the UK's corporate interest restriction rules. These are available indefinitely. With respect to both items, these are recognised on the basis the UK Group has taxable temporary differences that are expected to reverse in the same periods as the unused tax losses and there is a right of offset.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-582": { "value": "26. Trade and other payables \u2013 current
Group Company
2024
(restated,
2025 Note 43) 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
138.8
227.5
0.9
2.6
Contract liabilities
46.7
10.6
\u2013
\u2013
Other tax and social security
2.6
3.1
0.3
0.4
Accruals
54.4
37.4
6.1
7.4
Other payables
88.5
67.9
3.5
1.1
Amounts owed to subsidiary undertakings
\u2013
\u2013
8.8
\u2013
331.0
346.5
19.6
11.5
The Directors consider that the carrying amount of trade and other payables approximates to their fair value. The movement in the contract liabilities was:
Group
2025 2024
Contract liabilities \u00a3m \u00a3m
At 1 April
165.5
159.0
Revenue recognised in the year
(9.9)
(4.8)
Consideration received in advance of completion of performance obligations*
62.4
5.9
Amounts acquired on acquisition
\u2013
5.4
At 31 March
218.0
165.5
The analysis of contract liabilities between current and non-current is:
Group
2025 2024
\u00a3m \u00a3m
Current
46.7
10.6
Non-current (note 29)
171.3
154.9
218.0
165.5
Performance obligations related to the current contract liabilities balance above are expected to be satisfied, and revenue will be recognised, within the financial year ended 31 March 2026. * The Group previously presented cash received in advance from customers within trade debtors in the balance sheet and some contributions received from developers in trade payables. These have been reclassified to contract liabilities in the current year
29. Other non-current liabilities
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Contract liabilities
171.3
154.9
\u2013
\u2013
171.3
154.9
\u2013
\u2013
Non-current contract liabilities relate to consideration received in advance of the Group performing its performance obligations to customers where
performance obligations will not be completed within 12 months of the balance sheet date. The overall movement in total contract liabilities is disclosed in
note 26. Contract liabilities reflect the fair value of assets transferred from customers in the water segment. The majority of the contract liabilities included
above are expected to unwind after five years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-560": { "value": "26. Trade and other payables \u2013 current
Group Company
2024
(restated,
2025 Note 43) 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
138.8
227.5
0.9
2.6
Contract liabilities
46.7
10.6
\u2013
\u2013
Other tax and social security
2.6
3.1
0.3
0.4
Accruals
54.4
37.4
6.1
7.4
Other payables
88.5
67.9
3.5
1.1
Amounts owed to subsidiary undertakings
\u2013
\u2013
8.8
\u2013
331.0
346.5
19.6
11.5
The Directors consider that the carrying amount of trade and other payables approximates to their fair value. The movement in the contract liabilities was:
Group
2025 2024
Contract liabilities \u00a3m \u00a3m
At 1 April
165.5
159.0
Revenue recognised in the year
(9.9)
(4.8)
Consideration received in advance of completion of performance obligations*
62.4
5.9
Amounts acquired on acquisition
\u2013
5.4
At 31 March
218.0
165.5
The analysis of contract liabilities between current and non-current is:
Group
2025 2024
\u00a3m \u00a3m
Current
46.7
10.6
Non-current (note 29)
171.3
154.9
218.0
165.5
Performance obligations related to the current contract liabilities balance above are expected to be satisfied, and revenue will be recognised, within the financial year ended 31 March 2026. * The Group previously presented cash received in advance from customers within trade debtors in the balance sheet and some contributions received from developers in trade payables. These have been reclassified to contract liabilities in the current year 27. Current tax assets/(liabilities)
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current year debtor/(creditor)
(0.1)
0.4
0.4
(0.4)
Prior year tax items
1.0
5.6
(2.3)
(2.8)
0.9
6.0
(1.9)
(3.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-484": { "value": "26. Trade and other payables \u2013 current
Group Company
2024
(restated,
2025 Note 43) 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
138.8
227.5
0.9
2.6
Contract liabilities
46.7
10.6
\u2013
\u2013
Other tax and social security
2.6
3.1
0.3
0.4
Accruals
54.4
37.4
6.1
7.4
Other payables
88.5
67.9
3.5
1.1
Amounts owed to subsidiary undertakings
\u2013
\u2013
8.8
\u2013
331.0
346.5
19.6
11.5
The Directors consider that the carrying amount of trade and other payables approximates to their fair value. The movement in the contract liabilities was:
Group
2025 2024
Contract liabilities \u00a3m \u00a3m
At 1 April
165.5
159.0
Revenue recognised in the year
(9.9)
(4.8)
Consideration received in advance of completion of performance obligations*
62.4
5.9
Amounts acquired on acquisition
\u2013
5.4
At 31 March
218.0
165.5
The analysis of contract liabilities between current and non-current is:
Group
2025 2024
\u00a3m \u00a3m
Current
46.7
10.6
Non-current (note 29)
171.3
154.9
218.0
165.5
Performance obligations related to the current contract liabilities balance above are expected to be satisfied, and revenue will be recognised, within the financial year ended 31 March 2026. * The Group previously presented cash received in advance from customers within trade debtors in the balance sheet and some contributions received from developers in trade payables. These have been reclassified to contract liabilities in the current year ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-533": { "value": "27. Current tax assets/(liabilities)
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current year debtor/(creditor)
(0.1)
0.4
0.4
(0.4)
Prior year tax items
1.0
5.6
(2.3)
(2.8)
0.9
6.0
(1.9)
(3.2)
31. Deferred tax
Deferred tax is provided in full on temporary differences under the liability method using enacted tax rates.
Movements on deferred tax were:
Group
Company
(Restated,
note 43)
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities/(assets) at 1 April
548.4
507.0
(20.7)
(18.6)
(Credited)/charged to the income statement
(7.8)
4.9
(3.0)
(0.7)
(Credited)/charged to other comprehensive income
(1.5)
(6.3)
0.1
(0.3)
Charged to equity, including impact of change in tax rate
\u2013
0.1
\u2013
\u2013
Other non-underlying credits in the income statement
(8.5)
(4.9)
\u2013
(1.1)
Amounts relating to acquired operations
\u2013
47.6
\u2013
\u2013
Liabilities/(assets) at 31 March
530.6
548.4
(23.6)
(20.7)
Deferred tax assets have been recognised in respect of all temporary differences where it is probable that these assets will be recovered.
The Group has applied the exception to recognised and disclosing deferred tax related to Pillar Two income taxes.
The majority of the Group\u2019s deferred tax assets and liabilities are expected to be recovered over more than one year. All deferred tax assets and liabilities within
the same jurisdiction are offset where it is appropriate to do so .
The movements in deferred tax assets (after offset) were: Group Deferred tax liabilities
Fair value Short-term
Property, plant adjustments liabilities Retirement
and equipment (restated, including benefit
Derivatives depreciation note 43) provisions obligations Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
2.9
473.2
94.5
1.5
2.9
575.0
Charged/(credited) to the income statement
0.5
5.8
(5.5)
3.4
2.5
6.7
Credited to other comprehensive income
(4.1)
\u2013
\u2013
\u2013
( 2 . 2 )
( 6 . 3 )
R e c l a s s i f i c a t i o n
4 . 2
\u2013
\u2013
\u2013
\u2013
4 . 2
Transferred in on acquisition of SES
(3.5)
43.3
15.7
\u2013
(0.9)
54.6
At 31 March 2024
\u2013
522.3
104.7
4.9
2.3
634.2
Charged/(credited) to the income statement
\u2013
39.1
0.5
(0.5)
0.7
39.8
Charged to other comprehensive income
\u2013
\u2013
\u2013
\u2013
0.9
0.9
At 31 March 2025
\u2013
561.4
105.2
4.4
3.9
674.9
Deferred tax assets
Loan
Share-based relationship Fair value
Derivatives payments Tax losses deficits adjustment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
\u2013
(1.0)
(27.5)
(8.4)
(31.1)
(68.0)
Underlying charged/(credited) to the income statement
\u2013
0.3
(2.8)
(2.3)
3.0
(1.8)
Non-underlying credit to the income statement
\u2013
\u2013
(4.9)
\u2013
\u2013
(4.9)
Reclassification to deferred tax liabilities
(4.2)
\u2013
\u2013
\u2013
\u2013
( 4 . 2 )
Charged to equity
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Transferred in on acquisition of SES
\u2013
\u2013
(7.0)
\u2013
\u2013
( 7 . 0 )
At 31 March 2024
(4.2)
(0.6)
(42.2)
(10.7)
(28.1)
(85.8)
Charged/(credited) to the income statement
1.1
(0.1)
(51.0)
(0.6)
3.0
(47.6)
Non-underlying credit to the income statement
\u2013
\u2013
(8.5)
\u2013
\u2013
(8.5)
Charged to equity
(2.4)
\u2013
\u2013
\u2013
\u2013
( 2 . 4 )
At 31 March 2025
(5.5)
(0.7)
(101.7)
(11.3)
(25.1)
(144.3)
Net liability
At 31 March 2024
548.4
At 31 March 2025
530.6
Deferred tax assets not recognised
Tax losses and
Short-term non-trade loan
liabilities relationship
Accelerated including deficits available
tax depreciation provisions indefinitely Total
Gross \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
\u2013
\u2013
\u2013
\u2013
(Credited)/charged to the income statement
\u2013
(0.1)
0.2
0.1
Transferred in on acquisition from SES
0.4
0.3
21.8
22.5
At 31 March 2024
0.4
0.2
22.0
22.6
Origination and reversal of temporary differences in relation
(0.1)
\u2013
11.6
11.5
to SES
At 31 March 2025
0.3
0.2
33.6
34.1
Tax losses and
Short-term non-trade loan
liabilities relationship
Accelerated including deficits available
tax depreciation provisions indefinitely Total
Tax effect \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
\u2013
\u2013
\u2013
\u2013
Transferred in on acquisition from SES
0.1
\u2013
5.5
5.6
At 31 March 2024
0.1
\u2013
5.5
5.6
Origination and reversal of temporary differences in relation to
SES
\u2013
\u2013
2 . 9
2 . 9
At 31 March 2025
0.1
\u2013
8.4
8.5
Following the acquisition of SES Water, the group has acquired temporary differences for which no deferred tax assets are recognised in relation to post 2017 tax losses (\u00a325.5 million), non-trade deficits carried forwards in relation to the UK's corporate interest restriction rules (\u00a38.1 million), fixed assets (\u00a30.3 million) and provisions (\u00a30.1 million). The group has concluded that it is appropriate to continue not to recognise a deferred tax asset on these temporary differences. While the Group is in a net deferred tax liability position, the Group consider there is not a right to offset these deferred tax assets against deferred tax liabilities. In addition, whilst the assets are available indefinitely, there is uncertainty regarding the availability of suitable future taxable profits. Company Deferred tax assets
Retirement
benefit Share-based
obligations payments Tax losses Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
(1.3)
(0.7)
(16.6)
(18.6)
Charged/(credited) to the income statement
2.5
0.2
(3.4)
(0.7)
Non-underlying credit to the income statement
\u2013
\u2013
(1.1)
(1.1)
Credited to other comprehensive income
(0.3)
\u2013
\u2013
(0.3)
At 31 March 2024
0.9
(0.5)
(21.1)
(20.7)
Credited to the income statement
\u2013
\u2013
(3.0)
(3.0)
Credited to other comprehensive income
0.1
\u2013
\u2013
0.1
At 31 March 2025
1.0
(0.5)
(24.1)
(23.6)
Deferred tax charged/(credited) to equity or other comprehensive income during the year was:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Remeasurement of defined benefit obligations
0.9
(2.2)
0.1
(0.3)
Cash flow hedges
(2.4)
(4.1)
\u2013
\u2013
Share-based payments
\u2013
0.1
\u2013
\u2013
(1.5)
(6.2)
0.1
(0.3)
Capital allowances are available when a business incurs qualifying expenditure on capital items such as infrastructure assets. Capital allowances provide tax relief on these items in place of accounting depreciation which is not tax deductible. Over the period of ownership of an asset, cumulative depreciation and capital allowances will equalise. Capital allowance rates are set by the UK Government and every business receives the same rate of allowance. Capital allowance rates typically vary from 3% up to 100%. Depreciation periods vary from 4 to 200 years. Due to the group's continuing capital investment programme, deductions for capital allowances are expected to exceed depreciation in future years. The different accounting treatment of property, plant and equipment for tax and accounting purposes means that the taxable income of the Group is not the same as the profit reported in the financial statements. The adjustments for this are reflected in the current tax reconciliation. In 2023, the Government has introduced permanent full expensing and 50% first year allowances for certain qualifying expenditure. This provides an increase in current tax relief for the Group with a consequently higher deferred tax liability and charge due to the additional capital allowance deductions. Short term temporary differences arise on items such as retirement benefit obligations, derivatives and share based payments because the treatment of such items are different for tax and accounting purposes. These differences reverse over future years following that in which they arise, as is reflected in the deferred tax charge in these financial statements. Specifically, retirement benefit obligations will crystallise over the life of the pension scheme and/or the period when spreading applies (this can be up to three years for spreading purposes), whilst share based payments will crystallise over the remaining life of the share schemes which are up to five years. Short term liabilities including provisions will typically crystallise in the following year. The fair value liability relates to the revaluation of tangible fixed assets on the acquisition of Bournemouth Water, Bristol Water and SES Water. The fair value asset relates to the revaluation of debt on the acquisition of Bournemouth Water and Bristol Water. These items will be released over their remaining life which is up to 150 years. Where interest charges or other costs are capitalised in the accounts, tax relief is given either as the charges are incurred or when the costs are taken to the income statement. Derivatives reflect the fair value movements on treasury derivatives; these can fluctuate considerably each year. The balance will crystallise when derivative items are either terminated or mature; the life of these items can be up to ten years. Tax losses relate to trading losses and non-trade deficits carried forwards in relation to the UK's corporate interest restriction rules. These are available indefinitely. With respect to both items, these are recognised on the basis the UK Group has taxable temporary differences that are expected to reverse in the same periods as the unused tax losses and there is a right of offset.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-576": { "value": "28. Borrowings
Group Company
(restated,
Note 2, 43)
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Bank and other loans
222.0
178.3
49.5
\u2013
Private placements
\u2013
8.0
\u2013
8.0
Fixed rate bonds
2.5
2.5
\u2013
\u2013
Amounts owed to subsidiary undertakings
\u2013
\u2013
2.0
\u2013
224.5
188.8
51.5
8.0
Leases
32.9
51.9
\u2013
\u2013
Total current borrowings
257.4
240.7
51.5
8.0
Non-current
Bank and other loans
506.3
733.5
99.9
148.9
Private placements
841.9
719.1
95.7
96.7
Fixed rate bonds
886.4
241.8
\u2013
\u2013
RPI index-linked bonds
1,030.5
997.4
\u2013
\u2013
Listed preference shares
12.5
12.5
\u2013
\u2013
3,277.6
2,704.3
195.6
245.6
Leases
1,019.3
1,071.2
\u2013
\u2013
Total non-current borrowings
4,296.9
3,775.5
195.6
245.6
Total borrowings
4,554.3
4,016.2
247.2
253.6
An unamortised hedging adjustment has been reclassified from fair value through profit and loss to borrowings in the current year and the prior year restated, see note 2 for further information. The unamortised hedging adjustment is included within fixed rate bonds in current and non current borrowings above. The hedged item was the \u00a3150 million bond issued by South West Water Finance Plc in 2010 which matures in July 2040. The hedging relationship was de- designated in a previous period at which point the fair value amount recognised at that point ceased to be revalued. The fixed financial liability at the point of de-designation is released to the income statement over the remaining life of the debt. South West Water Finance Plc issued a \u00a3250 million fixed rate bond in December 2024 maturing in 2032 with a cash coupon of 5.75%. South West Water Finance Plc issued a \u00a3400 million fixed rate bond in July 2024 maturing in 2041 with a cash coupon of 6.375%. South West Water Finance Plc issued a \u00a3150 million fixed rate bond in July 2010 maturing in 2040 with a cash coupon of 5.875%. South West Water Finance Plc issued a \u00a3200 million RPI index-linked bond in July 2008 maturing in 2057 with a cash coupon of 1.99%. Bournemouth Water Limited issued a \u00a365 million RPI index-linked bond in April 2005 maturing in 2033 with a cash coupon of 3.084%. This instrument was transferred to South West Water Limited in April 2017. Prior to acquisition by Pennon, Bristol Water Plc issued RPI index-linked bonds totalling \u00a391 million maturing in 2032 with a cash coupon of 3.635%. These were transferred to South West Water Limited in February 2023. Sutton and East Surrey Water Plc issued a \u00a3100 million RPI index-linked bond in March 2001 maturing in 2031 with a cash coupon of 2.874%. Fair value adjustments of \u00a3109.8 million (2024: \u00a3125.7 million) in relation to the acquisition of Bournemouth Water Limited, Bristol Water Plc and SES Water have been allocated to the instruments to which they relate. The listed preference shares were issued by Bristol Water Plc at \u00a31 in 1992. They are held by external shareholders and are listed on the London Stock Exchange. Shareholders are entitled to receive dividends at 8.75% per annum on the par value of the shares on a cumulative basis; these dividends are payable half yearly on 1 April and 1 October. On winding up, the preference shareholders rank ahead of Bristol Water ordinary shareholders and are entitled to receive \u00a31 per share and any dividends accrued but unpaid in respect of their shares. In the event that dividends on the preference shares are in arrears for six months or more, holders of the preference shares become entitled to vote at general meetings of members. The preference share capital consists of 12,500,000 8.75% irredeemable cumulative preference shares of \u00a31 each. The preference shares are classified as liabilities in the consolidated balance sheet of the Group and the related dividends are classified as finance costs. All bank and other loans and private placement debt (carrying value \u00a31,570.2 million, 2024 \u00a31,637.5 million) require compliance with financial covenants which relate to gearing and interest cover ratios. The group has complied with these covenants throughout the reporting period. There are no indications that the group would have difficulties complying with the covenants when they will next be tested. The fair values of borrowings are valued using level 2 measures, unless otherwise stated below, (as set out in note 23) were:
2025
2024
Book value
(restated,
Book value Fair value Note 2,43) Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Group
Bank and other loans
222.0
222.0
178.3
178.3
Fixed rate bonds
2.5
\u2013
2.5
\u2013
Private placement
\u2013
\u2013
8.0
8.0
224.5
222.0
188.8
186.3
Leases
32.9
32.9
51.9
\u2013
Total current borrowings
257.4
254.9
240.7
186.3
Group
Bank and other loans
506.3
556.1
733.5
704.7
Private placements
841.9
842.2
719.1
737.2
Fixed rate bonds (level 1)
781.4
784.0
136.2
145.2
Fixed rate bonds
105.0
61.6
105.6
64.6
RPI index-linked bonds (level 1)
224.6
233.0
216.4
230.5
RPI index-linked bond
805.9
602.2
781.0
658.6
Listed preference shares
12.5
18.5
12.5
20.1
3,277.6
3,097.6
2,704.3
2,560.9
Leases
1,019.3
1,007.4
1,071.2
\u2013
Total non-current borrowings
4,296.9
4,105.0
3,775.5
2,560.9
Total borrowings
4,554.3
4,359.9
4,016.2
2,747.2
Under IFRS 7 the disclosure of the fair value of leases is not required. Where market values are not available, fair values of borrowings have been calculated by discounting expected future cash flows at prevailing interest rates. During the year ended 31 March 2025, as part of an ongoing programme to renew and raise new financing, the group entered into \u00a3800 million of new Public Bonds issuances and Private placements with an average maturity of 13.8 years. During the year ended 31 March 2024, as part of its ongoing programme to renew and raise new financing, the Group entered into \u00a3200 million of new terms loans and leasing facility arrangements, with an average maturity of 6 years, \u00a3300 million private placements with an average maturity of 12 years, \u00a325 million 20-year private placement and \u00a3100 million of new and renewed revolving credit facilities. The maturity of non-current borrowings, excluding leases, was:
Group
(restated,
Note 43)
2025 2024
\u00a3m \u00a3m
Between 1 and 2 years
71.8
191.0
Over 2 years and less than 5 years
268.2
335.2
Over 5 years
2,937.6
2,178.1
3,277.6
2,704.3
The weighted average maturity of non-current borrowings, excluding leases, was 12.3 years (2024: 12.0 years). Undrawn committed borrowing facilities at the balance sheet date were:
Group
2025 2024
\u00a3m \u00a3m
Floating rate:
Expiring within 1 year
65.0
50.0
Expiring after 1 year
495.0
380.0
560.0
430.0
Information on leases The Group has leases for various assets as shown in note 17. The maturity of lease liabilities was:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
32.9
51.9
\u2013
\u2013
Over 1 year and less than 5 years
169.8
187.4
\u2013
\u2013
Over 5 years
849.5
883.8
\u2013
\u2013
1,052.2
1,123.1
\u2013
\u2013
Analysed as:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current
32.9
51.9
\u2013
\u2013
Non-current
1,019.3
1,071.2
\u2013
\u2013
1,052.2
1,123.1
\u2013
\u2013
Lease liabilities includes liabilities of \u00a31,007.2 million (2024: \u00a31,086.7 million) that are subject to secured financing arrangements (see note 17) and lease liabilities under IFRS 16 of \u00a345.0 million (2024: \u00a336.4 million). The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group\u2019s treasury function. The discount rate used to calculate the lease liabilities above involves estimation. Where the Group cannot readily determine the rate implicit in the lease the Group uses an estimated incremental borrowing rate (IBR). At 31 March 2025 the range of IBRs used was between 5.1% and 6.9% (2024: between 6.1% and 6.8%) and the weighted average IBR across all leases was 6.2% (2024: 6.3%). If the weighted average rate used increased or decreased by 10bps, this would result in a c.0.9% increase or reduction in the present value of lease liabilities recognised at 31 March 2025 (2024: c.1.0%). The period for repayment of certain leases includes an agreement to deposit with the lessor group amounts equal to the difference between the original and revised payments due. The accumulated deposits, \u00a346.1 million at 31 March 2025 (2024: \u00a325.9 million), are currently being held to settle the lease liability subject to rights to release by negotiation with the lessor. The deposits are subject to a registered charge given as security to the lessor for the balance outstanding. Cash outflows in respect of leasing relate to principal repayments of \u00a394.3 million (2024: \u00a319.0 million) and interest repayments of \u00a363.0 million (2024: \u00a353.1 million), in addition to inflows from lease financing arrangements of \u00a325.0 million (2024: \u00a364.8 million). Other information required to be disclosed under IFRS 16 is included in note 17 . 38. Net borrowings
Group
Company
(restated,
note 2, 43)
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Borrowings \u2013 current
Bank and other current borrowings*
(224.5)
(188.8)
(51.5)
(8.0)
Lease obligations
(32.9)
(51.9)
\u2013
\u2013
Total current borrowings
(257.4)
(240.7)
(51.5)
(8.0)
Borrowings \u2013 non-current
Bank and other non-current borrowings*
(3,265.1)
(2,691.8)
(195.6)
(245.6)
Listed preference shares
(12.5)
(12.5)
\u2013
\u2013
Lease obligations
(1,019.3)
(1,071.2)
\u2013
\u2013
Total non-current borrowings
(4,296.9)
(3,775.5)
(195.6)
(245.6)
Total financing liabilities
(4,554.3)
(4,016.2)
(247.1)
(253.6)
Less:
Cash and cash equivalents
417.9
134.0
45.0
79.2
Restricted funds
58.2
37.4
\u2013
\u2013
Total net borrowings
(4,078.2)
(3,844.8)
(202.1)
(174.4)
The movements in net borrowings during the periods presented were as follows: Group
SES Water Group Net borrowings
Net borrowings acquisition Transfer between at 31 March
at 1 April (restated, note non-current Other non-cash 2024
2023 43) Cash flows and current movements (restated)
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank and other current borrowings
(95.1)
(58.5)
52.9
(88.8)
0.7
(188.8)
Current lease obligations
(32.0)
(0.7)
73.9
(33.8)
(59.3)
(51.9)
Bank and other non-current borrowings
(1,994.9)
(301.7)
(458.7)
88.8
(25.3)
(2,691.8)
Listed preference shares
(12.5)
\u2013
\u2013
\u2013
\u2013
( 1 2 . 5 )
Non-current lease obligations
(1,032.7)
(0.5)
(64.8)
33.8
(7.0)
(1,071.2)
Total financing liabilities
(3,167.2)
(361.4)
(396.7)
\u2013
(90.9)
(4,016.2)
Less:
Cash and cash equivalents
132.2
\u2013
1.8
\u2013
\u2013
134.0
Restricted funds
33.2
\u2013
4.2
\u2013
\u2013
37.4
(3,001.8)
(361.4)
(390.7)
\u2013
(90.9)
(3,844.8)
The movement in net borrowings for the prior year has been corrected to show the gross cash flows and other non-cash movements relating to lease obligations whereby interest accrues to and is paid from net borrowings, these amounts were previously shown net within other non-cash movements. Transfers between non-current and current for these items has also been corrected. * An unamortised hedging adjustment has been reclassified from fair value through profit and loss to borrowing in the current year (\u00a332.2m) and the prior year restated, see note 2 for further information. This is reflected in Bank and other current borrowings (2025: \u00a32.5m, 2024: \u00a32.5m) and Bank and other non-current borrowings (2025: \u00a329.7m, 2024: \u00a331.8m). The 1 April 2023 values in the above table also reflect this adjustment to allow for comparison between periods. The total of the unamortised hedging adjustment as at 1 April 2023 was \u00a336.4m reflected in Bank and other current borrowings (\u00a32.4m) and Bank and other non-current borrowings (\u00a334.0m).
Net borrowings
at 31 March Transfer between Net borrowings
2024 non-current Other non-cash at 31 March
(restated) Cash flows and current movements 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank and other current borrowings
(188.8)
152.0
(190.7)
3.0
(224.5)
Current lease obligations
(51.9)
101.3
(20.4)
(61.9)
(32.9)
Bank and other non-current borrowings
(2,691.8)
(743.5)
190.7
(20.5)
(3,265.1)
Listed preference shares
(12.5)
\u2013
\u2013
\u2013
(12.5)
Non-current lease obligations
(1,071.2)
35.2
20.4
(3.7)
(1,019.3)
Total financing liabilities
(4,016.2)
(455.0)
\u2013
(83.1)
(4,554.3)
Less
Cash and cash equivalents
134.0
283.9
\u2013
\u2013
417.9
Restricted funds
37.4
20.8
\u2013
\u2013
58.2
(3,844.8)
(150.3)
\u2013
(83.1)
(4,078.2)
Other non-cash movements for the Group in the year ended 31 March 2024 included the increase in borrowings from interest which is rolled into the amount repayable. Cash flows of \u00a36.0 million in the year ended 31 March 2024 include the cash acquired on acquisition of SES Water Group of \u00a327.5 million (see note 43).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-561": { "value": "28. Borrowings
Group Company
(restated,
Note 2, 43)
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Bank and other loans
222.0
178.3
49.5
\u2013
Private placements
\u2013
8.0
\u2013
8.0
Fixed rate bonds
2.5
2.5
\u2013
\u2013
Amounts owed to subsidiary undertakings
\u2013
\u2013
2.0
\u2013
224.5
188.8
51.5
8.0
Leases
32.9
51.9
\u2013
\u2013
Total current borrowings
257.4
240.7
51.5
8.0
Non-current
Bank and other loans
506.3
733.5
99.9
148.9
Private placements
841.9
719.1
95.7
96.7
Fixed rate bonds
886.4
241.8
\u2013
\u2013
RPI index-linked bonds
1,030.5
997.4
\u2013
\u2013
Listed preference shares
12.5
12.5
\u2013
\u2013
3,277.6
2,704.3
195.6
245.6
Leases
1,019.3
1,071.2
\u2013
\u2013
Total non-current borrowings
4,296.9
3,775.5
195.6
245.6
Total borrowings
4,554.3
4,016.2
247.2
253.6
An unamortised hedging adjustment has been reclassified from fair value through profit and loss to borrowings in the current year and the prior year restated, see note 2 for further information. The unamortised hedging adjustment is included within fixed rate bonds in current and non current borrowings above. The hedged item was the \u00a3150 million bond issued by South West Water Finance Plc in 2010 which matures in July 2040. The hedging relationship was de- designated in a previous period at which point the fair value amount recognised at that point ceased to be revalued. The fixed financial liability at the point of de-designation is released to the income statement over the remaining life of the debt. South West Water Finance Plc issued a \u00a3250 million fixed rate bond in December 2024 maturing in 2032 with a cash coupon of 5.75%. South West Water Finance Plc issued a \u00a3400 million fixed rate bond in July 2024 maturing in 2041 with a cash coupon of 6.375%. South West Water Finance Plc issued a \u00a3150 million fixed rate bond in July 2010 maturing in 2040 with a cash coupon of 5.875%. South West Water Finance Plc issued a \u00a3200 million RPI index-linked bond in July 2008 maturing in 2057 with a cash coupon of 1.99%. Bournemouth Water Limited issued a \u00a365 million RPI index-linked bond in April 2005 maturing in 2033 with a cash coupon of 3.084%. This instrument was transferred to South West Water Limited in April 2017. Prior to acquisition by Pennon, Bristol Water Plc issued RPI index-linked bonds totalling \u00a391 million maturing in 2032 with a cash coupon of 3.635%. These were transferred to South West Water Limited in February 2023. Sutton and East Surrey Water Plc issued a \u00a3100 million RPI index-linked bond in March 2001 maturing in 2031 with a cash coupon of 2.874%. Fair value adjustments of \u00a3109.8 million (2024: \u00a3125.7 million) in relation to the acquisition of Bournemouth Water Limited, Bristol Water Plc and SES Water have been allocated to the instruments to which they relate. The listed preference shares were issued by Bristol Water Plc at \u00a31 in 1992. They are held by external shareholders and are listed on the London Stock Exchange. Shareholders are entitled to receive dividends at 8.75% per annum on the par value of the shares on a cumulative basis; these dividends are payable half yearly on 1 April and 1 October. On winding up, the preference shareholders rank ahead of Bristol Water ordinary shareholders and are entitled to receive \u00a31 per share and any dividends accrued but unpaid in respect of their shares. In the event that dividends on the preference shares are in arrears for six months or more, holders of the preference shares become entitled to vote at general meetings of members. The preference share capital consists of 12,500,000 8.75% irredeemable cumulative preference shares of \u00a31 each. The preference shares are classified as liabilities in the consolidated balance sheet of the Group and the related dividends are classified as finance costs. All bank and other loans and private placement debt (carrying value \u00a31,570.2 million, 2024 \u00a31,637.5 million) require compliance with financial covenants which relate to gearing and interest cover ratios. The group has complied with these covenants throughout the reporting period. There are no indications that the group would have difficulties complying with the covenants when they will next be tested. The fair values of borrowings are valued using level 2 measures, unless otherwise stated below, (as set out in note 23) were:
2025
2024
Book value
(restated,
Book value Fair value Note 2,43) Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Group
Bank and other loans
222.0
222.0
178.3
178.3
Fixed rate bonds
2.5
\u2013
2.5
\u2013
Private placement
\u2013
\u2013
8.0
8.0
224.5
222.0
188.8
186.3
Leases
32.9
32.9
51.9
\u2013
Total current borrowings
257.4
254.9
240.7
186.3
Group
Bank and other loans
506.3
556.1
733.5
704.7
Private placements
841.9
842.2
719.1
737.2
Fixed rate bonds (level 1)
781.4
784.0
136.2
145.2
Fixed rate bonds
105.0
61.6
105.6
64.6
RPI index-linked bonds (level 1)
224.6
233.0
216.4
230.5
RPI index-linked bond
805.9
602.2
781.0
658.6
Listed preference shares
12.5
18.5
12.5
20.1
3,277.6
3,097.6
2,704.3
2,560.9
Leases
1,019.3
1,007.4
1,071.2
\u2013
Total non-current borrowings
4,296.9
4,105.0
3,775.5
2,560.9
Total borrowings
4,554.3
4,359.9
4,016.2
2,747.2
Under IFRS 7 the disclosure of the fair value of leases is not required. Where market values are not available, fair values of borrowings have been calculated by discounting expected future cash flows at prevailing interest rates. During the year ended 31 March 2025, as part of an ongoing programme to renew and raise new financing, the group entered into \u00a3800 million of new Public Bonds issuances and Private placements with an average maturity of 13.8 years. During the year ended 31 March 2024, as part of its ongoing programme to renew and raise new financing, the Group entered into \u00a3200 million of new terms loans and leasing facility arrangements, with an average maturity of 6 years, \u00a3300 million private placements with an average maturity of 12 years, \u00a325 million 20-year private placement and \u00a3100 million of new and renewed revolving credit facilities. The maturity of non-current borrowings, excluding leases, was:
Group
(restated,
Note 43)
2025 2024
\u00a3m \u00a3m
Between 1 and 2 years
71.8
191.0
Over 2 years and less than 5 years
268.2
335.2
Over 5 years
2,937.6
2,178.1
3,277.6
2,704.3
The weighted average maturity of non-current borrowings, excluding leases, was 12.3 years (2024: 12.0 years). Undrawn committed borrowing facilities at the balance sheet date were:
Group
2025 2024
\u00a3m \u00a3m
Floating rate:
Expiring within 1 year
65.0
50.0
Expiring after 1 year
495.0
380.0
560.0
430.0
Information on leases The Group has leases for various assets as shown in note 17. The maturity of lease liabilities was:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
32.9
51.9
\u2013
\u2013
Over 1 year and less than 5 years
169.8
187.4
\u2013
\u2013
Over 5 years
849.5
883.8
\u2013
\u2013
1,052.2
1,123.1
\u2013
\u2013
Analysed as:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current
32.9
51.9
\u2013
\u2013
Non-current
1,019.3
1,071.2
\u2013
\u2013
1,052.2
1,123.1
\u2013
\u2013
Lease liabilities includes liabilities of \u00a31,007.2 million (2024: \u00a31,086.7 million) that are subject to secured financing arrangements (see note 17) and lease liabilities under IFRS 16 of \u00a345.0 million (2024: \u00a336.4 million). The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group\u2019s treasury function. The discount rate used to calculate the lease liabilities above involves estimation. Where the Group cannot readily determine the rate implicit in the lease the Group uses an estimated incremental borrowing rate (IBR). At 31 March 2025 the range of IBRs used was between 5.1% and 6.9% (2024: between 6.1% and 6.8%) and the weighted average IBR across all leases was 6.2% (2024: 6.3%). If the weighted average rate used increased or decreased by 10bps, this would result in a c.0.9% increase or reduction in the present value of lease liabilities recognised at 31 March 2025 (2024: c.1.0%). The period for repayment of certain leases includes an agreement to deposit with the lessor group amounts equal to the difference between the original and revised payments due. The accumulated deposits, \u00a346.1 million at 31 March 2025 (2024: \u00a325.9 million), are currently being held to settle the lease liability subject to rights to release by negotiation with the lessor. The deposits are subject to a registered charge given as security to the lessor for the balance outstanding. Cash outflows in respect of leasing relate to principal repayments of \u00a394.3 million (2024: \u00a319.0 million) and interest repayments of \u00a363.0 million (2024: \u00a353.1 million), in addition to inflows from lease financing arrangements of \u00a325.0 million (2024: \u00a364.8 million). Other information required to be disclosed under IFRS 16 is included in note 17 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-534": { "value": "28. Borrowings
Group Company
(restated,
Note 2, 43)
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Bank and other loans
222.0
178.3
49.5
\u2013
Private placements
\u2013
8.0
\u2013
8.0
Fixed rate bonds
2.5
2.5
\u2013
\u2013
Amounts owed to subsidiary undertakings
\u2013
\u2013
2.0
\u2013
224.5
188.8
51.5
8.0
Leases
32.9
51.9
\u2013
\u2013
Total current borrowings
257.4
240.7
51.5
8.0
Non-current
Bank and other loans
506.3
733.5
99.9
148.9
Private placements
841.9
719.1
95.7
96.7
Fixed rate bonds
886.4
241.8
\u2013
\u2013
RPI index-linked bonds
1,030.5
997.4
\u2013
\u2013
Listed preference shares
12.5
12.5
\u2013
\u2013
3,277.6
2,704.3
195.6
245.6
Leases
1,019.3
1,071.2
\u2013
\u2013
Total non-current borrowings
4,296.9
3,775.5
195.6
245.6
Total borrowings
4,554.3
4,016.2
247.2
253.6
An unamortised hedging adjustment has been reclassified from fair value through profit and loss to borrowings in the current year and the prior year restated, see note 2 for further information. The unamortised hedging adjustment is included within fixed rate bonds in current and non current borrowings above. The hedged item was the \u00a3150 million bond issued by South West Water Finance Plc in 2010 which matures in July 2040. The hedging relationship was de- designated in a previous period at which point the fair value amount recognised at that point ceased to be revalued. The fixed financial liability at the point of de-designation is released to the income statement over the remaining life of the debt. South West Water Finance Plc issued a \u00a3250 million fixed rate bond in December 2024 maturing in 2032 with a cash coupon of 5.75%. South West Water Finance Plc issued a \u00a3400 million fixed rate bond in July 2024 maturing in 2041 with a cash coupon of 6.375%. South West Water Finance Plc issued a \u00a3150 million fixed rate bond in July 2010 maturing in 2040 with a cash coupon of 5.875%. South West Water Finance Plc issued a \u00a3200 million RPI index-linked bond in July 2008 maturing in 2057 with a cash coupon of 1.99%. Bournemouth Water Limited issued a \u00a365 million RPI index-linked bond in April 2005 maturing in 2033 with a cash coupon of 3.084%. This instrument was transferred to South West Water Limited in April 2017. Prior to acquisition by Pennon, Bristol Water Plc issued RPI index-linked bonds totalling \u00a391 million maturing in 2032 with a cash coupon of 3.635%. These were transferred to South West Water Limited in February 2023. Sutton and East Surrey Water Plc issued a \u00a3100 million RPI index-linked bond in March 2001 maturing in 2031 with a cash coupon of 2.874%. Fair value adjustments of \u00a3109.8 million (2024: \u00a3125.7 million) in relation to the acquisition of Bournemouth Water Limited, Bristol Water Plc and SES Water have been allocated to the instruments to which they relate. The listed preference shares were issued by Bristol Water Plc at \u00a31 in 1992. They are held by external shareholders and are listed on the London Stock Exchange. Shareholders are entitled to receive dividends at 8.75% per annum on the par value of the shares on a cumulative basis; these dividends are payable half yearly on 1 April and 1 October. On winding up, the preference shareholders rank ahead of Bristol Water ordinary shareholders and are entitled to receive \u00a31 per share and any dividends accrued but unpaid in respect of their shares. In the event that dividends on the preference shares are in arrears for six months or more, holders of the preference shares become entitled to vote at general meetings of members. The preference share capital consists of 12,500,000 8.75% irredeemable cumulative preference shares of \u00a31 each. The preference shares are classified as liabilities in the consolidated balance sheet of the Group and the related dividends are classified as finance costs. All bank and other loans and private placement debt (carrying value \u00a31,570.2 million, 2024 \u00a31,637.5 million) require compliance with financial covenants which relate to gearing and interest cover ratios. The group has complied with these covenants throughout the reporting period. There are no indications that the group would have difficulties complying with the covenants when they will next be tested. The fair values of borrowings are valued using level 2 measures, unless otherwise stated below, (as set out in note 23) were:
2025
2024
Book value
(restated,
Book value Fair value Note 2,43) Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Group
Bank and other loans
222.0
222.0
178.3
178.3
Fixed rate bonds
2.5
\u2013
2.5
\u2013
Private placement
\u2013
\u2013
8.0
8.0
224.5
222.0
188.8
186.3
Leases
32.9
32.9
51.9
\u2013
Total current borrowings
257.4
254.9
240.7
186.3
Group
Bank and other loans
506.3
556.1
733.5
704.7
Private placements
841.9
842.2
719.1
737.2
Fixed rate bonds (level 1)
781.4
784.0
136.2
145.2
Fixed rate bonds
105.0
61.6
105.6
64.6
RPI index-linked bonds (level 1)
224.6
233.0
216.4
230.5
RPI index-linked bond
805.9
602.2
781.0
658.6
Listed preference shares
12.5
18.5
12.5
20.1
3,277.6
3,097.6
2,704.3
2,560.9
Leases
1,019.3
1,007.4
1,071.2
\u2013
Total non-current borrowings
4,296.9
4,105.0
3,775.5
2,560.9
Total borrowings
4,554.3
4,359.9
4,016.2
2,747.2
Under IFRS 7 the disclosure of the fair value of leases is not required. Where market values are not available, fair values of borrowings have been calculated by discounting expected future cash flows at prevailing interest rates. During the year ended 31 March 2025, as part of an ongoing programme to renew and raise new financing, the group entered into \u00a3800 million of new Public Bonds issuances and Private placements with an average maturity of 13.8 years. During the year ended 31 March 2024, as part of its ongoing programme to renew and raise new financing, the Group entered into \u00a3200 million of new terms loans and leasing facility arrangements, with an average maturity of 6 years, \u00a3300 million private placements with an average maturity of 12 years, \u00a325 million 20-year private placement and \u00a3100 million of new and renewed revolving credit facilities. The maturity of non-current borrowings, excluding leases, was:
Group
(restated,
Note 43)
2025 2024
\u00a3m \u00a3m
Between 1 and 2 years
71.8
191.0
Over 2 years and less than 5 years
268.2
335.2
Over 5 years
2,937.6
2,178.1
3,277.6
2,704.3
The weighted average maturity of non-current borrowings, excluding leases, was 12.3 years (2024: 12.0 years).
Undrawn committed borrowing facilities at the balance sheet date were:
Group
2025 2024
\u00a3m \u00a3m
Floating rate:
Expiring within 1 year
65.0
50.0
Expiring after 1 year
495.0
380.0
560.0
430.0
Information on leases
The Group has leases for various assets as shown in note 17.
The maturity of lease liabilities was:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
32.9
51.9
\u2013
\u2013
Over 1 year and less than 5 years
169.8
187.4
\u2013
\u2013
Over 5 years
849.5
883.8
\u2013
\u2013
1,052.2
1,123.1
\u2013
\u2013
Analysed as:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current
32.9
51.9
\u2013
\u2013
Non-current
1,019.3
1,071.2
\u2013
\u2013
1,052.2
1,123.1
\u2013
\u2013
Lease liabilities includes liabilities of \u00a31,007.2 million (2024: \u00a31,086.7 million) that are subject to secured financing arrangements (see note 17) and lease liabilities
under IFRS 16 of \u00a345.0 million (2024: \u00a336.4 million).
The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group\u2019s treasury function.
The discount rate used to calculate the lease liabilities above involves estimation. Where the Group cannot readily determine the rate implicit in the lease the
Group uses an estimated incremental borrowing rate (IBR). At 31 March 2025 the range of IBRs used was between 5.1% and 6.9% (2024: between 6.1% and 6.8%)
and the weighted average IBR across all leases was 6.2% (2024: 6.3%). If the weighted average rate used increased or decreased by 10bps, this would result in a
c.0.9% increase or reduction in the present value of lease liabilities recognised at 31 March 2025 (2024: c.1.0%).
The period for repayment of certain leases includes an agreement to deposit with the lessor group amounts equal to the difference between the original
and revised payments due. The accumulated deposits, \u00a346.1 million at 31 March 2025 (2024: \u00a325.9 million), are currently being held to settle the lease
liability subject to rights to release by negotiation with the lessor. The deposits are subject to a registered charge given as security to the lessor for the
balance outstanding.
Cash outflows in respect of leasing relate to principal repayments of \u00a394.3 million (2024: \u00a319.0 million) and interest repayments of \u00a363.0 million (2024: \u00a353.1
million), in addition to inflows from lease financing arrangements of \u00a325.0 million (2024: \u00a364.8 million).
Other information required to be disclosed under IFRS 16 is included in note 17 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-485": { "value": "29. Other non-current liabilities
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Contract liabilities
171.3
154.9
\u2013
\u2013
171.3
154.9
\u2013
\u2013
Non-current contract liabilities relate to consideration received in advance of the Group performing its performance obligations to customers where performance obligations will not be completed within 12 months of the balance sheet date. The overall movement in total contract liabilities is disclosed in note 26. Contract liabilities reflect the fair value of assets transferred from customers in the water segment. The majority of the contract liabilities included above are expected to unwind after five years", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-486": { "value": "
30. Retirement benefit obligations
During the year the Group operated a number of defined benefit pension schemes and also defined contribution schemes. The principal plan within the Group is
the Pennon Group Pension Scheme (PGPS), which is a funded defined benefit, final salary pension scheme in the UK. Following the acquisition of Bristol Water
and SES, the Group also assumed defined benefit obligations through Bristol Water\u2019s and SES\u2019s membership of Water Companies Pension Scheme (\u2018WCPS\u2019).
The Group\u2019s pension schemes are established under trust law and comply with all relevant UK legislation. The assets of the Group\u2019s pension schemes are held in
separate trustee administered funds. The trustees of the funds are required to act in the best interest of the funds\u2019 beneficiaries. The appointment of schemes\u2019
trustees is determined by the schemes\u2019 trust documentation. The Group has a policy for the PGPS that one-half of all trustees, other than the Chair, are
nominated by members of the schemes, including pensioners.
Bristol Water\u2019s membership of WCPS is through a separate section of that scheme. The assets of the section are held separately from those of the Group and
are invested by discretionary fund managers appointed by the trustees of the scheme. The employees in the section ceased to earn additional defined benefit
pensions on 31 March 2016. There were no employer contributions to the scheme from that date and from 30 June 2016, with the agreement of the trustees,
deficit contributions also ceased. All eligible employees were offered membership of a stakeholder pension scheme.
In 2018 the trustees of the Bristol Water section of the WCPS purchased a bulk annuity policy to insure the benefits for members of the section. Following this,
the method for valuing the liabilities of the pension scheme has remained the same. However, the scheme assets, in the form of the insurance policy, now
materially match the value of the liabilities. The process to buy up and wind up the scheme is continuing, including discussions regarding the release of the
surplus on completion of this process. SES\u2019s membership of WCPS is through a separate section of that scheme. The assets of the section are held separately
from those of the Group and are invested by discretionary fund managers appointed by the trustees of the scheme. The employees in the section ceased to
earn additional defined benefit pensions on 31 March 2019.
With effect from 31 March 2023 the trustees of the SES section of the WCPS purchased a bulk annuity policy to insure the benefits for members of the section.
Following this the method for valuing the liabilities of the pension scheme has remained the same. However, the scheme assets, in the form of the insurance
policy, now materially match the value of the liabilities.
PGPS is closed to future accrual.
In June 2023, the High Court handed down a decision (Virgin Media Limited v NTL Pension Trustees II Limited and others) which potentially has implications
for the validity of amendments made by schemes, including the PGPS and other Group defined benefit schemes, which were contracted-out on a salary-related
basis between 6 April 1997 and the abolition of contracting-out in 2016. This decision was upheld by the Court of Appeal in August 2024. There is potential for
legislative intervention following industry lobbying efforts that may retrospectively validate certain rule amendments that would otherwise be held void where
the requirements of section 37 were not met. However, the Company has engaged with the relevant Trustee for PGPS and other Group defined benefit schemes
who have confirmed that based on the governance processes in place and reviews of significant deed changes during the period in question, these bodies have
no reason to believe that the relevant requirements were not complied with in relation to the Schemes with regard to the relevant period in question. Given that
there is no indication of non-compliance with the relevant requirements, the PGPS and other Group defined benefit schemes\u2019 valuation as at 31 March 2025
does not reflect potential additional liabilities arising from the Virgin Media case.
Defined contribution schemes
Pension costs for defined contribution schemes were \u00a314.9 million (2024: \u00a312.0 million).
Defined benefit schemes
Assumptions
The principal actuarial assumptions at 31 March were:
2025 2024
% %
Rate of increase in pensionable pay
2.5
2.6
Rate of increase for current and future pensions
2.7
2.8
Rate used to discount schemes\u2019 liabilities and expected return on schemes\u2019 assets
5.8
4.8
Inflation
3.1
3.2
Mortality
Assumptions regarding future mortality experience are set based on actuarial advice in accordance with published statistics and experience. The mortality
assumption uses a scheme-specific calculation based on CMI 2023 actuarial tables with an allowance for future longevity improvement.
The average life expectancy in years of a member having retired at age 62 on the balance sheet date is projected as:
2025
2024
Male
23.8
24.1
Female
26.6
26.8
The average life expectancy in years of a future pensioner retiring at age 62, 20 years after the balance sheet date, is projected as:
2025
2024
Male
24.9
25.5
Female
27.7
28.3
The sensitivities regarding the principal assumptions used to measure the schemes\u2019 liabilities are:
Change in Impact on
assumption schemes\u2019 liabilities
Rate of increase in current and future pensions
+/\u2013 0.5%
+/\u2013 4.4%
Rate used to discount schemes\u2019 liabilities
+/\u20130.5%
\u2013/+5.6%
Inflation
+/\u2013 0.5%
+/\u2013 4.3%
Life expectancy
+/\u2013 1 year
+/\u2013 3.4%
The sensitivity analysis shows the effect of changes in the principal assumptions used for the measurement of the pension liability. The method used to
calculate the sensitivities is approximate and has been determined taking into account the duration of the liabilities and the overall profile of each scheme\u2019s
membership. This is the same approach as has been adopted in previous years.
The amounts recognised in the balance sheet were:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Present value of financial obligations
(673.3)
(774.2)
(120.5)
(138.0)
Fair value of plan assets
709.7
806.2
124.5
141.5
Surplus of funded plans
36.4
32.0
4.0
3.5
Less: restriction of surplus
(5.2)
(5.4)
\u2013
\u2013
Net asset recognised in the balance sheet
31.2
26.6
4.0
3.5
The movement in the net defined benefit obligation over the accounting period is as follows:
2025
2024
Present value Fair value Present value Fair value
of obligation of plan assets Total of obligation of plan assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
(774.2)
800.8
26.6
(719.5)
748.8
29.3
Acquisition SES Water Group
\u2013
\u2013
\u2013
(66.8)
70.1
3.3
Current service cost
(1.0)
(1.4)
(2.4)
(1.2)
(0.6)
(1.8)
Past service cost, curtailments and gains/losses on settlements
\u2013
\u2013
\u2013
(0.2)
\u2013
(0.2)
Interest (expense)/income
(36.0)
37.6
1.6
(33.5)
35.2
1.7
(37.0)
36.2
(0.8)
(101.7)
104.7
3.0
Remeasurements:
Loss on plan assets excluding amounts included in interest expense
\u2013
(87.9)
(87.9)
\u2013
(13.6)
(13.6)
Gain from change in demographic assumptions
7.2
\u2013
7.2
5.9
\u2013
5.9
Gain from change in financial assumptions
86.3
\u2013
86.3
13.7
\u2013
13.7
Experience (losses)/gains
(2.3)
0.2
(2.1)
(14.9)
1.2
(13.7)
91.2
(87.7)
3.5
4.7
(12.4)
(7.7)
Contributions:
Employers
0.1
1.8
1.9
\u2013
2 . 0
2 . 0
Payments from plans:
Benefit payments
46.6
(46.6)
\u2013
42.3
(42.3)
\u2013
46.7
(44.8)
1.9
42.3
(40.3)
2.0
At 31 March
(673.3)
704.5
31.2
(774.2)
800.8
26.6
Recognition of surplus on principal pension scheme
In accordance with IAS 19 \u2018Employee Benefits\u2019 the value of the net pension scheme surplus that can be recognised in the balance sheet is restricted to the
present value of economic benefits available in the form of refunds from the scheme or reductions in future contributions. In respect of the Group\u2019s principal
pension scheme, PGPS, the surplus has been recognised as the Group believes that ultimately it has an unconditional right to a refund of any surplus assuming
the full settlement of the plan\u2019s liabilities in a single event, such as a scheme wind up.
Bristol Water
The Group believes that it has an unconditional right to a refund of surplus and that the gross pension surplus can be recognised. This benefit is only available
as a refund as no additional defined pension benefits are being earned. Under UK tax legislation a tax deduction of 25% (2024: 25%) is applied to a refund from
a UK pension scheme, before it is passed to the employer. This tax deduction has been applied to restrict the value of the surplus recognised for this scheme.
The process to buy out and wind up the scheme continues and the Trustee has indicated its intention to return the surplus to the Company. The buy-out of the
section is expected to complete within the next 12 months and therefore the \u00a39.2m surplus relating to the Bristol Water Section has been recognised as a
current asset on the balance sheet.
Sutton and East Surrey Water
The Group believes that it has an unconditional right to a refund of surplus and that the gross pension surplus can be recognised. This benefit is only available
as a refund as no additional defined pension benefits are being earned. Under UK tax legislation a tax deduction of 25% is applied to a refund from a UK pension
scheme, before it is passed to the employer. This tax deduction has been applied to restrict the value of the surplus recognised for this scheme.
The movement in the Company\u2019s net defined benefit obligation over the accounting period is as follows:
2025
2024
Present value Fair value Present value Fair value
of obligation of plan assets Total of obligation of plan assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
(137.9)
141.4
3.5
(139.5)
144.2
4.7
Current service cost
(0.4)
\u2013
(0.4)
(0.4)
\u2013
(0.4)
Interest (expense)/income
(6.5)
6.6
0.1
(6.4)
6.6
0.2
(6.9)
6.6
(0.3)
(6.8)
6.6
(0.2)
Remeasurements:
Loss on plan assets excluding amounts included in interest expense
\u2013
(16.2)
(16.2)
\u2013
(2.1)
(2.1)
Gain from change in demographic assumptions
1.2
\u2013
1.2
1.1
\u2013
1.1
Gain from change in financial assumptions
15.8
\u2013
15.8
2.8
\u2013
2.8
Experience losses
(0.4)
\u2013
(0.4)
(3.2)
\u2013
( 3 . 2 )
16.6
(16.2)
0.4
0.7
(2.1)
(1.4)
Contributions:
Employers
\u2013
0 . 4
0 . 4
\u2013
0 . 4
0 . 4
Payments from plans:
Benefit payments
7.7
(7.7)
\u2013
7.7
(7.7)
\u2013
7.7
(7.3)
0.4
7.7
(7.3)
0.4
At 31 March
(120.5)
124.5
4.0
(137.9)
141.4
3.5
The schemes\u2019 assets relating to the Group were:
2025
2024
Quoted Prices not Quoted Prices not
prices in quoted in prices in quoted in
active market active market Fund active market active market Fund
\u00a3m \u00a3m % \u00a3m \u00a3m %
Equities
92.2
\u2013
13
163.7
\u2013
20
Government bonds
16.4
\u2013
2
13.5
\u2013
2
Other bonds
91.7
49.1
20
117.2
55.7
22
Diversified growth
39.1
\u2013
6
38.8
\u2013
5
Property/Infrastructure
42.7
27.8
10
41.2
32.6
9
Insurance linked security
50.0
142.8
27
44.2
165.8
26
LDI investments
114.3
\u2013
16
96.5
\u2013
12
Other (including cash funds)
18.3
20.1
6
10.1
21.5
4
464.7
239.8
100
525.2
275.6
100
The Company\u2019s share of the schemes\u2019 assets at the balance sheet date was:
2025
2024
Quoted Prices not Quoted Prices not
prices in quoted in prices in quoted in
active market active market Fund active market active market Fund
\u00a3m \u00a3m % \u00a3m \u00a3m %
Equities
21.2
\u2013
17
37.7
\u2013
27
Government bonds
3.8
\u2013
3
3.1
\u2013
2
Other bonds
21.1
11.3
26
27.0
12.8
28
Diversified growth
9.0
\u2013
7
8.9
\u2013
6
Property/Infrastructure
9.8
6.4
13
9.5
7.5
12
Insurance linked security
11.5
\u2013
9
10.2
\u2013
7
LDI investments
26.3
\u2013
21
22.3
\u2013
16
Other
4.1
\u2013
4
2.4
\u2013
2
106.8
17.7
100
121.1
20.3
100
Through its defined benefit pension plan, the Group is exposed to a number of risks, the most significant of which are detailed below:
Asset volatility The liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this yield, this will create a
deficit. The schemes hold a proportion of growth assets (equities and diversified growth funds) which are expected to outperform corporate bonds
in the long term, but can give rise to volatility and risk in the short term. As the funding of the schemes improves, an increasing proportion of the
schemes\u2019 assets are invested in less volatile asset classes such as cash and bonds which more closely reflect market movements in the schemes\u2019
liabilities. The allocation to growth assets is monitored such that it is suitable with the schemes\u2019 long-term objectives.
Changes in bond A decrease in corporate bond yields will increase the schemes\u2019 liabilities, although this will be partially offset by an increase in the value of the
yields schemes\u2019 bond holdings.
Inflation risk
The majority of the schemes\u2019 benefit obligations are linked to inflation, and higher inflation will lead to higher liabilities (although, in most cases, caps
on the level of inflationary increases are in place to protect against extreme inflation). The scheme uses LDIs (\u2018Liability Driven Investment Funds\u2019)
within the asset portfolios to hedge against the value of liabilities changing as a result of movements in long-term interest rates and inflation
expectations. The structure allows the scheme to both hedge against the risks and retain capital investment in assets that are expected to generate
higher returns. Whilst LDIs are an integral part of the hedging strategy, risk management and monitoring strategies are in place to ensure that the
collateral requirements to maintain these structures are closely managed.
Life expectancy
The majority of the schemes\u2019 obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in
the liabilities.
In conjunction with its investment advisers, the trustees have structured the schemes\u2019 investments with the objective of balancing investment returns and levels
of risk. The asset allocation for the main scheme has three principal elements:
\u2022 Holding of cash funds and bonds which are expected to be less volatile than most other asset classes and reflects market movements in the
schemes\u2019 liabilities
\u2022 A proportion of equities with fund managers having freedom in making investment decisions to maximise returns, and
\u2022 Investment of a proportion of the schemes\u2019 assets in alternative asset classes which give the potential for diversification (currently property, insurance linked
securities and diversified growth).
The liabilities of the defined benefit schemes are measured by using the projected unit credit method which is an accrued benefits valuation method in which
the scheme liabilities make allowance for projected increases in pensionable pay.
As funding of our principal pension scheme has improved the investment portfolio has been de-risked through increasing the scheme\u2019s real gilts hedging position
through LDIs (Liability Driven Investments), which are commonly used by UK pension schemes.
The weighted average duration of the defined benefit obligation is 10 to 12 years (2024: 12 to 13 years).
The 2022 triennial actuarial valuation of the principal defined benefit scheme was agreed in 2024 with an actuarial valuation surplus of \u00a37.6 million. No deficit
recovery contributions are required as a result of the 2022 valuation. Additional contributions of \u00a31.8 million were paid into the scheme in respect of scheme
expenses (2024: \u00a32.0 million). The Group monitors funding levels on an annual basis and the Group expects to pay only scheme expenses of around \u00a31.8 million,
during the year ended 31 March 2026.
The last formal actuarial valuation of the Bristol Water section of the WCPS was at 31 March 2017. The last formal valuation of the SES section of the WCPS was
at 31 March 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-535": { "value": "Defined contribution schemes Pension costs for defined contribution schemes were \u00a314.9 million (2024: \u00a312.0 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-536": { "value": "Defined benefit schemes Assumptions The principal actuarial assumptions at 31 March were:
2025 2024
% %
Rate of increase in pensionable pay
2.5
2.6
Rate of increase for current and future pensions
2.7
2.8
Rate used to discount schemes\u2019 liabilities and expected return on schemes\u2019 assets
5.8
4.8
Inflation
3.1
3.2
Mortality Assumptions regarding future mortality experience are set based on actuarial advice in accordance with published statistics and experience. The mortality assumption uses a scheme-specific calculation based on CMI 2023 actuarial tables with an allowance for future longevity improvement. The average life expectancy in years of a member having retired at age 62 on the balance sheet date is projected as:
2025
2024
Male
23.8
24.1
Female
26.6
26.8
The average life expectancy in years of a future pensioner retiring at age 62, 20 years after the balance sheet date, is projected as:
2025
2024
Male
24.9
25.5
Female
27.7
28.3
The sensitivities regarding the principal assumptions used to measure the schemes\u2019 liabilities are:
Change in Impact on
assumption schemes\u2019 liabilities
Rate of increase in current and future pensions
+/\u2013 0.5%
+/\u2013 4.4%
Rate used to discount schemes\u2019 liabilities
+/\u20130.5%
\u2013/+5.6%
Inflation
+/\u2013 0.5%
+/\u2013 4.3%
Life expectancy
+/\u2013 1 year
+/\u2013 3.4%
The sensitivity analysis shows the effect of changes in the principal assumptions used for the measurement of the pension liability. The method used to calculate the sensitivities is approximate and has been determined taking into account the duration of the liabilities and the overall profile of each scheme\u2019s membership. This is the same approach as has been adopted in previous years. The amounts recognised in the balance sheet were:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Present value of financial obligations
(673.3)
(774.2)
(120.5)
(138.0)
Fair value of plan assets
709.7
806.2
124.5
141.5
Surplus of funded plans
36.4
32.0
4.0
3.5
Less: restriction of surplus
(5.2)
(5.4)
\u2013
\u2013
Net asset recognised in the balance sheet
31.2
26.6
4.0
3.5
The movement in the net defined benefit obligation over the accounting period is as follows:
2025
2024
Present value Fair value Present value Fair value
of obligation of plan assets Total of obligation of plan assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
(774.2)
800.8
26.6
(719.5)
748.8
29.3
Acquisition SES Water Group
\u2013
\u2013
\u2013
(66.8)
70.1
3.3
Current service cost
(1.0)
(1.4)
(2.4)
(1.2)
(0.6)
(1.8)
Past service cost, curtailments and gains/losses on settlements
\u2013
\u2013
\u2013
(0.2)
\u2013
(0.2)
Interest (expense)/income
(36.0)
37.6
1.6
(33.5)
35.2
1.7
(37.0)
36.2
(0.8)
(101.7)
104.7
3.0
Remeasurements:
Loss on plan assets excluding amounts included in interest expense
\u2013
(87.9)
(87.9)
\u2013
(13.6)
(13.6)
Gain from change in demographic assumptions
7.2
\u2013
7.2
5.9
\u2013
5.9
Gain from change in financial assumptions
86.3
\u2013
86.3
13.7
\u2013
13.7
Experience (losses)/gains
(2.3)
0.2
(2.1)
(14.9)
1.2
(13.7)
91.2
(87.7)
3.5
4.7
(12.4)
(7.7)
Contributions:
Employers
0.1
1.8
1.9
\u2013
2 . 0
2 . 0
Payments from plans:
Benefit payments
46.6
(46.6)
\u2013
42.3
(42.3)
\u2013
46.7
(44.8)
1.9
42.3
(40.3)
2.0
At 31 March
(673.3)
704.5
31.2
(774.2)
800.8
26.6
Recognition of surplus on principal pension scheme In accordance with IAS 19 \u2018Employee Benefits\u2019 the value of the net pension scheme surplus that can be recognised in the balance sheet is restricted to the present value of economic benefits available in the form of refunds from the scheme or reductions in future contributions. In respect of the Group\u2019s principal pension scheme, PGPS, the surplus has been recognised as the Group believes that ultimately it has an unconditional right to a refund of any surplus assuming the full settlement of the plan\u2019s liabilities in a single event, such as a scheme wind up. Bristol Water The Group believes that it has an unconditional right to a refund of surplus and that the gross pension surplus can be recognised. This benefit is only available as a refund as no additional defined pension benefits are being earned. Under UK tax legislation a tax deduction of 25% (2024: 25%) is applied to a refund from a UK pension scheme, before it is passed to the employer. This tax deduction has been applied to restrict the value of the surplus recognised for this scheme. The process to buy out and wind up the scheme continues and the Trustee has indicated its intention to return the surplus to the Company. The buy-out of the section is expected to complete within the next 12 months and therefore the \u00a39.2m surplus relating to the Bristol Water Section has been recognised as a current asset on the balance sheet. Sutton and East Surrey Water The Group believes that it has an unconditional right to a refund of surplus and that the gross pension surplus can be recognised. This benefit is only available as a refund as no additional defined pension benefits are being earned. Under UK tax legislation a tax deduction of 25% is applied to a refund from a UK pension scheme, before it is passed to the employer. This tax deduction has been applied to restrict the value of the surplus recognised for this scheme. The movement in the Company\u2019s net defined benefit obligation over the accounting period is as follows:
2025
2024
Present value Fair value Present value Fair value
of obligation of plan assets Total of obligation of plan assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
(137.9)
141.4
3.5
(139.5)
144.2
4.7
Current service cost
(0.4)
\u2013
(0.4)
(0.4)
\u2013
(0.4)
Interest (expense)/income
(6.5)
6.6
0.1
(6.4)
6.6
0.2
(6.9)
6.6
(0.3)
(6.8)
6.6
(0.2)
Remeasurements:
Loss on plan assets excluding amounts included in interest expense
\u2013
(16.2)
(16.2)
\u2013
(2.1)
(2.1)
Gain from change in demographic assumptions
1.2
\u2013
1.2
1.1
\u2013
1.1
Gain from change in financial assumptions
15.8
\u2013
15.8
2.8
\u2013
2.8
Experience losses
(0.4)
\u2013
(0.4)
(3.2)
\u2013
( 3 . 2 )
16.6
(16.2)
0.4
0.7
(2.1)
(1.4)
Contributions:
Employers
\u2013
0 . 4
0 . 4
\u2013
0 . 4
0 . 4
Payments from plans:
Benefit payments
7.7
(7.7)
\u2013
7.7
(7.7)
\u2013
7.7
(7.3)
0.4
7.7
(7.3)
0.4
At 31 March
(120.5)
124.5
4.0
(137.9)
141.4
3.5
The schemes\u2019 assets relating to the Group were:
2025
2024
Quoted Prices not Quoted Prices not
prices in quoted in prices in quoted in
active market active market Fund active market active market Fund
\u00a3m \u00a3m % \u00a3m \u00a3m %
Equities
92.2
\u2013
13
163.7
\u2013
20
Government bonds
16.4
\u2013
2
13.5
\u2013
2
Other bonds
91.7
49.1
20
117.2
55.7
22
Diversified growth
39.1
\u2013
6
38.8
\u2013
5
Property/Infrastructure
42.7
27.8
10
41.2
32.6
9
Insurance linked security
50.0
142.8
27
44.2
165.8
26
LDI investments
114.3
\u2013
16
96.5
\u2013
12
Other (including cash funds)
18.3
20.1
6
10.1
21.5
4
464.7
239.8
100
525.2
275.6
100
The Company\u2019s share of the schemes\u2019 assets at the balance sheet date was:
2025
2024
Quoted Prices not Quoted Prices not
prices in quoted in prices in quoted in
active market active market Fund active market active market Fund
\u00a3m \u00a3m % \u00a3m \u00a3m %
Equities
21.2
\u2013
17
37.7
\u2013
27
Government bonds
3.8
\u2013
3
3.1
\u2013
2
Other bonds
21.1
11.3
26
27.0
12.8
28
Diversified growth
9.0
\u2013
7
8.9
\u2013
6
Property/Infrastructure
9.8
6.4
13
9.5
7.5
12
Insurance linked security
11.5
\u2013
9
10.2
\u2013
7
LDI investments
26.3
\u2013
21
22.3
\u2013
16
Other
4.1
\u2013
4
2.4
\u2013
2
106.8
17.7
100
121.1
20.3
100
Through its defined benefit pension plan, the Group is exposed to a number of risks, the most significant of which are detailed below:
Asset volatility The liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this yield, this will create a
deficit. The schemes hold a proportion of growth assets (equities and diversified growth funds) which are expected to outperform corporate bonds
in the long term, but can give rise to volatility and risk in the short term. As the funding of the schemes improves, an increasing proportion of the
schemes\u2019 assets are invested in less volatile asset classes such as cash and bonds which more closely reflect market movements in the schemes\u2019
liabilities. The allocation to growth assets is monitored such that it is suitable with the schemes\u2019 long-term objectives.
Changes in bond A decrease in corporate bond yields will increase the schemes\u2019 liabilities, although this will be partially offset by an increase in the value of the
yields schemes\u2019 bond holdings.
Inflation risk
The majority of the schemes\u2019 benefit obligations are linked to inflation, and higher inflation will lead to higher liabilities (although, in most cases, caps
on the level of inflationary increases are in place to protect against extreme inflation). The scheme uses LDIs (\u2018Liability Driven Investment Funds\u2019)
within the asset portfolios to hedge against the value of liabilities changing as a result of movements in long-term interest rates and inflation
expectations. The structure allows the scheme to both hedge against the risks and retain capital investment in assets that are expected to generate
higher returns. Whilst LDIs are an integral part of the hedging strategy, risk management and monitoring strategies are in place to ensure that the
collateral requirements to maintain these structures are closely managed.
Life expectancy
The majority of the schemes\u2019 obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in
the liabilities.
In conjunction with its investment advisers, the trustees have structured the schemes\u2019 investments with the objective of balancing investment returns and levels of risk. The asset allocation for the main scheme has three principal elements: \u2022 Holding of cash funds and bonds which are expected to be less volatile than most other asset classes and reflects market movements in the schemes\u2019 liabilities \u2022 A proportion of equities with fund managers having freedom in making investment decisions to maximise returns, and \u2022 Investment of a proportion of the schemes\u2019 assets in alternative asset classes which give the potential for diversification (currently property, insurance linked securities and diversified growth). The liabilities of the defined benefit schemes are measured by using the projected unit credit method which is an accrued benefits valuation method in which the scheme liabilities make allowance for projected increases in pensionable pay. As funding of our principal pension scheme has improved the investment portfolio has been de-risked through increasing the scheme\u2019s real gilts hedging position through LDIs (Liability Driven Investments), which are commonly used by UK pension schemes. The weighted average duration of the defined benefit obligation is 10 to 12 years (2024: 12 to 13 years). The 2022 triennial actuarial valuation of the principal defined benefit scheme was agreed in 2024 with an actuarial valuation surplus of \u00a37.6 million. No deficit recovery contributions are required as a result of the 2022 valuation. Additional contributions of \u00a31.8 million were paid into the scheme in respect of scheme expenses (2024: \u00a32.0 million). The Group monitors funding levels on an annual basis and the Group expects to pay only scheme expenses of around \u00a31.8 million, during the year ended 31 March 2026. The last formal actuarial valuation of the Bristol Water section of the WCPS was at 31 March 2017. The last formal valuation of the SES section of the WCPS was at 31 March 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-562": { "value": "The sensitivities regarding the principal assumptions used to measure the schemes\u2019 liabilities are:
Change in Impact on
assumption schemes\u2019 liabilities
Rate of increase in current and future pensions
+/\u2013 0.5%
+/\u2013 4.4%
Rate used to discount schemes\u2019 liabilities
+/\u20130.5%
\u2013/+5.6%
Inflation
+/\u2013 0.5%
+/\u2013 4.3%
Life expectancy
+/\u2013 1 year
+/\u2013 3.4%
The sensitivity analysis shows the effect of changes in the principal assumptions used for the measurement of the pension liability. The method used to calculate the sensitivities is approximate and has been determined taking into account the duration of the liabilities and the overall profile of each scheme\u2019s membership. This is the same approach as has been adopted in previous years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-563": { "value": "The amounts recognised in the balance sheet were:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Present value of financial obligations
(673.3)
(774.2)
(120.5)
(138.0)
Fair value of plan assets
709.7
806.2
124.5
141.5
Surplus of funded plans
36.4
32.0
4.0
3.5
Less: restriction of surplus
(5.2)
(5.4)
\u2013
\u2013
Net asset recognised in the balance sheet
31.2
26.6
4.0
3.5
The movement in the net defined benefit obligation over the accounting period is as follows:
2025
2024
Present value Fair value Present value Fair value
of obligation of plan assets Total of obligation of plan assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
(774.2)
800.8
26.6
(719.5)
748.8
29.3
Acquisition SES Water Group
\u2013
\u2013
\u2013
(66.8)
70.1
3.3
Current service cost
(1.0)
(1.4)
(2.4)
(1.2)
(0.6)
(1.8)
Past service cost, curtailments and gains/losses on settlements
\u2013
\u2013
\u2013
(0.2)
\u2013
(0.2)
Interest (expense)/income
(36.0)
37.6
1.6
(33.5)
35.2
1.7
(37.0)
36.2
(0.8)
(101.7)
104.7
3.0
Remeasurements:
Loss on plan assets excluding amounts included in interest expense
\u2013
(87.9)
(87.9)
\u2013
(13.6)
(13.6)
Gain from change in demographic assumptions
7.2
\u2013
7.2
5.9
\u2013
5.9
Gain from change in financial assumptions
86.3
\u2013
86.3
13.7
\u2013
13.7
Experience (losses)/gains
(2.3)
0.2
(2.1)
(14.9)
1.2
(13.7)
91.2
(87.7)
3.5
4.7
(12.4)
(7.7)
Contributions:
Employers
0.1
1.8
1.9
\u2013
2 . 0
2 . 0
Payments from plans:
Benefit payments
46.6
(46.6)
\u2013
42.3
(42.3)
\u2013
46.7
(44.8)
1.9
42.3
(40.3)
2.0
At 31 March
(673.3)
704.5
31.2
(774.2)
800.8
26.6
Recognition of surplus on principal pension scheme In accordance with IAS 19 \u2018Employee Benefits\u2019 the value of the net pension scheme surplus that can be recognised in the balance sheet is restricted to the present value of economic benefits available in the form of refunds from the scheme or reductions in future contributions. In respect of the Group\u2019s principal pension scheme, PGPS, the surplus has been recognised as the Group believes that ultimately it has an unconditional right to a refund of any surplus assuming the full settlement of the plan\u2019s liabilities in a single event, such as a scheme wind up. Bristol Water The Group believes that it has an unconditional right to a refund of surplus and that the gross pension surplus can be recognised. This benefit is only available as a refund as no additional defined pension benefits are being earned. Under UK tax legislation a tax deduction of 25% (2024: 25%) is applied to a refund from a UK pension scheme, before it is passed to the employer. This tax deduction has been applied to restrict the value of the surplus recognised for this scheme. The process to buy out and wind up the scheme continues and the Trustee has indicated its intention to return the surplus to the Company. The buy-out of the section is expected to complete within the next 12 months and therefore the \u00a39.2m surplus relating to the Bristol Water Section has been recognised as a current asset on the balance sheet. Sutton and East Surrey Water The Group believes that it has an unconditional right to a refund of surplus and that the gross pension surplus can be recognised. This benefit is only available as a refund as no additional defined pension benefits are being earned. Under UK tax legislation a tax deduction of 25% is applied to a refund from a UK pension scheme, before it is passed to the employer. This tax deduction has been applied to restrict the value of the surplus recognised for this scheme. The movement in the Company\u2019s net defined benefit obligation over the accounting period is as follows:
2025
2024
Present value Fair value Present value Fair value
of obligation of plan assets Total of obligation of plan assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
(137.9)
141.4
3.5
(139.5)
144.2
4.7
Current service cost
(0.4)
\u2013
(0.4)
(0.4)
\u2013
(0.4)
Interest (expense)/income
(6.5)
6.6
0.1
(6.4)
6.6
0.2
(6.9)
6.6
(0.3)
(6.8)
6.6
(0.2)
Remeasurements:
Loss on plan assets excluding amounts included in interest expense
\u2013
(16.2)
(16.2)
\u2013
(2.1)
(2.1)
Gain from change in demographic assumptions
1.2
\u2013
1.2
1.1
\u2013
1.1
Gain from change in financial assumptions
15.8
\u2013
15.8
2.8
\u2013
2.8
Experience losses
(0.4)
\u2013
(0.4)
(3.2)
\u2013
( 3 . 2 )
16.6
(16.2)
0.4
0.7
(2.1)
(1.4)
Contributions:
Employers
\u2013
0 . 4
0 . 4
\u2013
0 . 4
0 . 4
Payments from plans:
Benefit payments
7.7
(7.7)
\u2013
7.7
(7.7)
\u2013
7.7
(7.3)
0.4
7.7
(7.3)
0.4
At 31 March
(120.5)
124.5
4.0
(137.9)
141.4
3.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-564": { "value": "31. Deferred tax Deferred tax is provided in full on temporary differences under the liability method using enacted tax rates. Movements on deferred tax were:
Group
Company
(Restated,
note 43)
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities/(assets) at 1 April
548.4
507.0
(20.7)
(18.6)
(Credited)/charged to the income statement
(7.8)
4.9
(3.0)
(0.7)
(Credited)/charged to other comprehensive income
(1.5)
(6.3)
0.1
(0.3)
Charged to equity, including impact of change in tax rate
\u2013
0.1
\u2013
\u2013
Other non-underlying credits in the income statement
(8.5)
(4.9)
\u2013
(1.1)
Amounts relating to acquired operations
\u2013
47.6
\u2013
\u2013
Liabilities/(assets) at 31 March
530.6
548.4
(23.6)
(20.7)
Deferred tax assets have been recognised in respect of all temporary differences where it is probable that these assets will be recovered. The Group has applied the exception to recognised and disclosing deferred tax related to Pillar Two income taxes. The majority of the Group\u2019s deferred tax assets and liabilities are expected to be recovered over more than one year. All deferred tax assets and liabilities within the same jurisdiction are offset where it is appropriate to do so . The movements in deferred tax assets (after offset) were: Group Deferred tax liabilities
Fair value Short-term
Property, plant adjustments liabilities Retirement
and equipment (restated, including benefit
Derivatives depreciation note 43) provisions obligations Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
2.9
473.2
94.5
1.5
2.9
575.0
Charged/(credited) to the income statement
0.5
5.8
(5.5)
3.4
2.5
6.7
Credited to other comprehensive income
(4.1)
\u2013
\u2013
\u2013
( 2 . 2 )
( 6 . 3 )
R e c l a s s i f i c a t i o n
4 . 2
\u2013
\u2013
\u2013
\u2013
4 . 2
Transferred in on acquisition of SES
(3.5)
43.3
15.7
\u2013
(0.9)
54.6
At 31 March 2024
\u2013
522.3
104.7
4.9
2.3
634.2
Charged/(credited) to the income statement
\u2013
39.1
0.5
(0.5)
0.7
39.8
Charged to other comprehensive income
\u2013
\u2013
\u2013
\u2013
0.9
0.9
At 31 March 2025
\u2013
561.4
105.2
4.4
3.9
674.9
Deferred tax assets
Loan
Share-based relationship Fair value
Derivatives payments Tax losses deficits adjustment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
\u2013
(1.0)
(27.5)
(8.4)
(31.1)
(68.0)
Underlying charged/(credited) to the income statement
\u2013
0.3
(2.8)
(2.3)
3.0
(1.8)
Non-underlying credit to the income statement
\u2013
\u2013
(4.9)
\u2013
\u2013
(4.9)
Reclassification to deferred tax liabilities
(4.2)
\u2013
\u2013
\u2013
\u2013
( 4 . 2 )
Charged to equity
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Transferred in on acquisition of SES
\u2013
\u2013
(7.0)
\u2013
\u2013
( 7 . 0 )
At 31 March 2024
(4.2)
(0.6)
(42.2)
(10.7)
(28.1)
(85.8)
Charged/(credited) to the income statement
1.1
(0.1)
(51.0)
(0.6)
3.0
(47.6)
Non-underlying credit to the income statement
\u2013
\u2013
(8.5)
\u2013
\u2013
(8.5)
Charged to equity
(2.4)
\u2013
\u2013
\u2013
\u2013
( 2 . 4 )
At 31 March 2025
(5.5)
(0.7)
(101.7)
(11.3)
(25.1)
(144.3)
Net liability
At 31 March 2024
548.4
At 31 March 2025
530.6
Deferred tax assets not recognised
Tax losses and
Short-term non-trade loan
liabilities relationship
Accelerated including deficits available
tax depreciation provisions indefinitely Total
Gross \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
\u2013
\u2013
\u2013
\u2013
(Credited)/charged to the income statement
\u2013
(0.1)
0.2
0.1
Transferred in on acquisition from SES
0.4
0.3
21.8
22.5
At 31 March 2024
0.4
0.2
22.0
22.6
Origination and reversal of temporary differences in relation
(0.1)
\u2013
11.6
11.5
to SES
At 31 March 2025
0.3
0.2
33.6
34.1
Tax losses and
Short-term non-trade loan
liabilities relationship
Accelerated including deficits available
tax depreciation provisions indefinitely Total
Tax effect \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
\u2013
\u2013
\u2013
\u2013
Transferred in on acquisition from SES
0.1
\u2013
5.5
5.6
At 31 March 2024
0.1
\u2013
5.5
5.6
Origination and reversal of temporary differences in relation to
SES
\u2013
\u2013
2 . 9
2 . 9
At 31 March 2025
0.1
\u2013
8.4
8.5
Following the acquisition of SES Water, the group has acquired temporary differences for which no deferred tax assets are recognised in relation to post 2017 tax losses (\u00a325.5 million), non-trade deficits carried forwards in relation to the UK's corporate interest restriction rules (\u00a38.1 million), fixed assets (\u00a30.3 million) and provisions (\u00a30.1 million). The group has concluded that it is appropriate to continue not to recognise a deferred tax asset on these temporary differences. While the Group is in a net deferred tax liability position, the Group consider there is not a right to offset these deferred tax assets against deferred tax liabilities. In addition, whilst the assets are available indefinitely, there is uncertainty regarding the availability of suitable future taxable profits. Company Deferred tax assets
Retirement
benefit Share-based
obligations payments Tax losses Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
(1.3)
(0.7)
(16.6)
(18.6)
Charged/(credited) to the income statement
2.5
0.2
(3.4)
(0.7)
Non-underlying credit to the income statement
\u2013
\u2013
(1.1)
(1.1)
Credited to other comprehensive income
(0.3)
\u2013
\u2013
(0.3)
At 31 March 2024
0.9
(0.5)
(21.1)
(20.7)
Credited to the income statement
\u2013
\u2013
(3.0)
(3.0)
Credited to other comprehensive income
0.1
\u2013
\u2013
0.1
At 31 March 2025
1.0
(0.5)
(24.1)
(23.6)
Deferred tax charged/(credited) to equity or other comprehensive income during the year was:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Remeasurement of defined benefit obligations
0.9
(2.2)
0.1
(0.3)
Cash flow hedges
(2.4)
(4.1)
\u2013
\u2013
Share-based payments
\u2013
0.1
\u2013
\u2013
(1.5)
(6.2)
0.1
(0.3)
Capital allowances are available when a business incurs qualifying expenditure on capital items such as infrastructure assets. Capital allowances provide tax relief on these items in place of accounting depreciation which is not tax deductible. Over the period of ownership of an asset, cumulative depreciation and capital allowances will equalise. Capital allowance rates are set by the UK Government and every business receives the same rate of allowance. Capital allowance rates typically vary from 3% up to 100%. Depreciation periods vary from 4 to 200 years. Due to the group's continuing capital investment programme, deductions for capital allowances are expected to exceed depreciation in future years. The different accounting treatment of property, plant and equipment for tax and accounting purposes means that the taxable income of the Group is not the same as the profit reported in the financial statements. The adjustments for this are reflected in the current tax reconciliation. In 2023, the Government has introduced permanent full expensing and 50% first year allowances for certain qualifying expenditure. This provides an increase in current tax relief for the Group with a consequently higher deferred tax liability and charge due to the additional capital allowance deductions. Short term temporary differences arise on items such as retirement benefit obligations, derivatives and share based payments because the treatment of such items are different for tax and accounting purposes. These differences reverse over future years following that in which they arise, as is reflected in the deferred tax charge in these financial statements. Specifically, retirement benefit obligations will crystallise over the life of the pension scheme and/or the period when spreading applies (this can be up to three years for spreading purposes), whilst share based payments will crystallise over the remaining life of the share schemes which are up to five years. Short term liabilities including provisions will typically crystallise in the following year. The fair value liability relates to the revaluation of tangible fixed assets on the acquisition of Bournemouth Water, Bristol Water and SES Water. The fair value asset relates to the revaluation of debt on the acquisition of Bournemouth Water and Bristol Water. These items will be released over their remaining life which is up to 150 years. Where interest charges or other costs are capitalised in the accounts, tax relief is given either as the charges are incurred or when the costs are taken to the income statement. Derivatives reflect the fair value movements on treasury derivatives; these can fluctuate considerably each year. The balance will crystallise when derivative items are either terminated or mature; the life of these items can be up to ten years. Tax losses relate to trading losses and non-trade deficits carried forwards in relation to the UK's corporate interest restriction rules. These are available indefinitely. With respect to both items, these are recognised on the basis the UK Group has taxable temporary differences that are expected to reverse in the same periods as the unused tax losses and there is a right of offset.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-487": { "value": "
32. Provisions
Restructuring Other Total
\u00a3m \u00a3m \u00a3m
Group
As at 1 April 2023
0.4
\u2013
0.4
Utilised
(0.4)
\u2013
(0.4)
Arising on acquisition (restated, note 43)
\u2013
1 . 1
1 . 1
At 1 April 2024
\u2013
1 . 1
1 . 1
Charge
9.9
0.5
10.4
Utilised
(3.5)
(0.7)
(4.2)
At 31 March 2025
6.4
0.9
7.3
A provision for restructuring of \u00a39.9 million was created in the year in connection with the business transformation of the Group; the majority of the provision
relates to employment costs. This restructuring provision is expected to be utilised within one year. Other provisions include amounts in relation to dilapidations
and onerous contracts, \u00a30.4 million of these provisions are expected to be utilised within one year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-566": { "value": "32. Provisions
Restructuring Other Total
\u00a3m \u00a3m \u00a3m
Group
As at 1 April 2023
0.4
\u2013
0.4
Utilised
(0.4)
\u2013
(0.4)
Arising on acquisition (restated, note 43)
\u2013
1 . 1
1 . 1
At 1 April 2024
\u2013
1 . 1
1 . 1
Charge
9.9
0.5
10.4
Utilised
(3.5)
(0.7)
(4.2)
At 31 March 2025
6.4
0.9
7.3
A provision for restructuring of \u00a39.9 million was created in the year in connection with the business transformation of the Group; the majority of the provision relates to employment costs. This restructuring provision is expected to be utilised within one year. Other provisions include amounts in relation to dilapidations and onerous contracts, \u00a30.4 million of these provisions are expected to be utilised within one year. 40. Contingencies Contingent liabilities
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Guarantees:
Performance bonds
20.0
13.8
15.0
13.8
20.0
13.8
15.0
13.8
Guarantees in respect of performance bonds relate to changes to the collateral requirements for the non-household retail business with other wholesalers. The possibility of the bond being required is remote hence the fair value of the bond is not material. Other contractual and litigation uncertainties Ofwat and the Environment Agency (EA) announced an industry-wide investigation into sewage treatment works on 18th November 2021. On 27th June 2022, as part of its ongoing investigation, Ofwat announced enforcement action against South West Water Limited and the company is now included alongside all other waste water companies. The Group continues to work openly with Ofwat to comply with the notice as part of this ongoing investigation. The Group has undertaken its own internal investigation and investment interventions have been undertaken at a small number of our sites. In addition, the Group has looked for opportunities for additional future investment to include further storm storage and an extension of its sewer misuse programme which has been shared with Ofwat. Ofwat have yet to formally respond on the investigation and the timing of a response is unknown, although has been potentially indicated for later in 2025. Until such time that an initial response is received, the potential outcome of these investigations continues to be unknown. Ofwat has a range of options that it could apply from closing the investigation with no further action, agreeing to formal S.19 undertakings through to fining the Group up to 10% of its revenue in relation to the regulated wastewater business. Given the wide range of possible outcomes therefore the potential outcome of this investigation continues to be unknown, and it is not possible to estimate any obligations arising from the investigation with any certainty. On 23rd May 2023 Ofwat announced an investigation into South West Water's 2021/22 operational performance data relating to leakage and per capita consumption. This operational performance data was reported in South West Water's Annual Performance Report 2021/22. This report is subject to assurance processes which include independent checks and balances carried out by an external technical auditor. The Group continues to work openly and constructively with Ofwat to comply with the formal notice issued to South West Water as part of this investigation. The Group has undertaken its own internal investigation into the data and third party experts have concluded the calculations are within a tolerance as reported, as a result there were no detrimental impacts to customers through Outcome Delivery Incentives (ODIs). The Group recognises opportunities to enhance data quality to improve the estimation process and these have been shared with Ofwat. Until such time that an initial response is received, the potential outcome of these investigations continues to be unknown. Ofwat has a range of options that it could apply from closing the investigation with no further action, agreeing to formal S.19 undertakings through to fining the Group up to 10% of its revenue in relation to the regulated drinking water business. Given the wide range of possible outcomes therefore the potential outcome of this investigation continues to be unknown, and it is not possible to estimate any obligations arising from the investigation with any certainty. On 2nd February 2024 summons were received by South West Water Limited from the EA in relation to alleged non permitted discharges at 7 locations with a total of 30 charges. The EA have since withdrawn 6 of these charges relating to 1 site. At a hearing on 14th November 2024, South West Water pleaded guilty to 5 of the charges and the sentencing hearing for all 24 charges will take place in the third quarter of 2025 with judgment following at a later date. On 15th May 2024, cryptosporidium was detected in South West Water\u2019s water network and, in response, boil water notices were issued for certain customers in the Brixham area that were lifted in a phased manner completing on 8th July 2024. South West Water continues to assist the Drinking Water Inspectorate in their ongoing investigation, the outcome of which is not known at this time. The Group establishes provisions in connection with contracts and litigation where it has a present legal or constructive obligation as a result of past events and where it is more likely than not an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Where it is uncertain that these conditions are met, a contingent liability is disclosed unless the likelihood of the obligation arising is remote or the matter is not deemed material. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-488": { "value": "
33. Share capital
Allotted, called\u2013up and fully paid
Number of shares
Treasury Ordinary
shares
shares
\u00a3m
Group and Company
At 31 March 2023 ordinary shares of 61.05p each
5,628
261,315,489
159.5
For consideration of \u00a3460,000, shares issued under the Company\u2019s Sharesave Scheme
\u2013
72,299
\u2013
Shares issued
\u2013
24,657,535
15.1
At 31 March 2024 ordinary shares of 61.05p each
5,628
286,045,323
174.6
For consideration of \u00a321,000, shares issued under the Company\u2019s Sharesave Scheme
\u2013
3,386
\u2013
Rights issue
\u2013
185,928,002
113.5
At 31 March 2025 ordinary shares of 61.05p each
5,628
471,976,711
288.1
Shares held as treasury shares may be sold or reissued for any of the Company\u2019s share schemes or cancelled.
On 17 February 2025 the Company completed a rights issue to existing shareholders on the basis of 13 ordinary shares for every 20 fully paid ordinary shares held. As
a result, 185,928,002 ordinary shares with an aggregate nominal value of \u00a3113.5 million were issued for cash consideration of \u00a3491.0 million. Transaction costs directly
attributable to the rights issue of \u00a320.5 million were incurred and have been accounted for as a deduction from share premium.
During the year ended 31 March 2024 the Group issued 24,657,535 new ordinary shares of 61.05 pence each in connection with the acquisition of SES Water Group
(see note 43). The equity capital raise was used to reduce leverage in the enlarged group following the acquisition.
Employee share schemes
The Group operates a number of equity-settled share plans for the benefit of employees. Details of each plan are:
i) Sharesave Scheme
An all-employee savings-related plan is operated that enables employees, including Executive Directors, to invest up to a maximum of \u00a3500 per month for three
or five years. These savings can then be used to buy ordinary shares, at a price set at a discount to the market value at the start of the savings period, at the
third or fifth year anniversary of the option being granted. Options expire six months following the exercise date and, except for certain specific circumstances
such as redundancy, lapse if the employee leaves the Group before the option exercise period commences.
Outstanding options to subscribe for ordinary shares of 61.05 pence each under the Company\u2019s share option schemes are:
Date granted and Period when Thousands of shares in respect of
subscription price options normally which options outstanding at
fully paid exercisable 31 March
2025
2024
3 July 2018
635p
2021 \u2013 2023
\u2013
1
9 July 2019
501p
2022 \u2013 2024
\u2013
69
19 July 2020
750p
2023 \u2013 2025
27
30
6 July 2021
710p
2024 \u2013 2026
53
306
5 July 2022
669p
2025 \u2013 2027
206
302
4 July 2023
536p
2026 \u2013 2028
495
753
2 July 2024
406p
2027 \u2013 2029
1,383
\u2013
2,164
1,461
The number of shares and, where relevant, the exercise subscription prices above have been adjusted to reflect the impact of the rights issue which took place
on 17 February 2025. The options outstanding at 31 March 2025 have been updated at the time of the rights issue and the options outstanding at 31 March 2024
remain at the pre rights issue value.
The number and weighted average exercise price of Sharesave options are:
2025
Weighted
2024
average Weighted
Number of exercise Number of average exercise
ordinary shares price per share ordinary shares price per share
(thousands) (p) (thousands) (p)
At 1 April
1,461
746
1,462
835
Granted
1,324
406
847
663
Additional options awarded as part of rights issue
493
492
\u2013
\u2013
Forfeited
(789)
543
(617)
828
Exercised
(4)
501
(72)
639
Expired
(321)
645
(159)
859
At 31 March
2,164
472
1,461
746
The weighted average price of the Company\u2019s shares at the date of exercise of Sharesave options during the year was 612 pence (2024: 689 pence). The
options outstanding at 31 March 2025 had a weighted average exercise price of 472 pence (2024: 746 pence) and a weighted average remaining contractual life
of 2.4 years (2024: 2.0 years). The number of exercisable Sharesave options at 31 March 2024 was 2,277 (2024: 1,000) and the weighted average exercise price
of exercisable Sharesave options was 710 pence (2024: 799 pence).
The aggregate fair value of Sharesave options granted during the year was \u00a31.0 million (2024: \u00a30.7 million), determined using the Black-Scholes valuation model.
The significant inputs into the valuation model at the date of issue of the options were:
2025
2024
Weighted average share price (pence)
564
700
Weighted average exercise price (pence)
406
663
Expected volatility
27%
26%
Expected life
3.5 years
3.4 years
Risk-free rate
5.3%
4.5%
Expected dividend yield
7.8%
6.1%
Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the previous three years and five years periods
depending on the life of the scheme.
ii) Long-term incentive plan (LTIP)
Executive Directors and senior management receive an annual grant of conditional shares. Share awards vest subject to the achievement of specific
performance conditions measured over a performance period of not less than three years. More details concerning LTIPs, including performance conditions,
is shown in the Directors\u2019 remuneration report on pages 176 to 177.
The number and price of shares in the LTIP are:
2025
Weighted
2024
Weighted
Number of average award Number of average award
ordinary shares price per share ordinary shares price per share
(thousands) (p) (thousands) (p)
At 1 April
1,122
863
880
990
Granted
603
646
553
714
Additional shares awarded as part of rights issue
470
\u2013
Vested
(133)
753
(125)
784
Lapsed
(84)
1,093
(186)
1,069
At 31 March
1,978
773
1,122
863
The number of shares above have been adjusted to reflect the impact of the rights issue which took place on 17 February 2025. The granted shares outstanding
at 31 March 2025 have been updated at the time of the rights issue and the granted shares outstanding at 31 March 2024 remain at the pre rights issue value.
The awards outstanding at 31 March 2025 had a weighted award price of 773 pence (2024: 863 pence) and a weighted average remaining contractual life of
3.3 years (2024: 3.1 years).
The aggregate fair value of awards granted during the year was \u00a31.3 million (2024: \u00a31.8 million), determined from market value. No option pricing methodology is
applied since the vesting of the shares depends on non-market performance vesting conditions.
iii) Annual Incentive Bonus Plan \u2013 deferred shares
Awards under the plan to Executive Directors and senior management involve the release of ordinary shares in the Company to participants. There is no
performance condition since vesting is conditional upon continuous service with the Group for a period of three years from the award. The number and
weighted average price of shares in the Annual Incentive Bonus Plan are:
2025
Weighted
2024
Weighted
Number of average award Number of average award
ordinary shares price per share ordinary shares price per share
(thousands) (p) (thousands) (p)
At 1 April
217
863
141
1,065
Granted
22
665
124
700
Vested
(45)
(1,141)
(41)
1,079
Lapsed
(86)
(729)
(7)
972
At 31 March
108
803
217
863
The awards outstanding at 31 March 2025 had a weighted average award price of 803 pence (2024: 863 pence) and a weighted average remaining contractual
life of 1.6 years (2024: 1.3 years). The Company\u2019s share price at the date of the awards ranged from 665 pence to 1,141 pence (2024: 700 pence to 1,141 pence).
The aggregate fair value of awards granted during the year was \u00a30.1 million (2024: \u00a30.9 million), determined from market value. No option pricing methodology
is applied since dividends paid on the shares are receivable by the participants in the scheme.
Further details of the plans and options granted to Directors, included above, are shown in the Directors\u2019 remuneration report.
34. Share premium account
\u00a3m
Group and Company
At 31 March 2023
237.6
Shares issued under the Sharesave Scheme
0.4
Other shares issued
164.9
402.9
Less: Transaction costs arising on share issues
(4.7)
At 31 March 2024
398.2
Rights issue
377.5
775.7
Less: Transaction costs arising on share issues
(0.2)
Less Transaction costs directly attributable to rights issue
(20.5)
At 31 March 2025
755.0
35. Capital redemption reserve The capital redemption reserve represents the redemption of B shares and cancellation of deferred shares arising from a capital return to shareholders undertaken during 2006, together with the redemption of shares during the years ended 31 March 2023 and 31 March 2022.
\u00a3m
Group and Company
At 1 April 2023
157.1
At 31 March 2024
157.1
At 31 March 2025
157.1
36. Retained earnings and other reserves
Own Hedging Retained
shares reserve earnings Total
\u00a3m \u00a3m \u00a3m \u00a3m
Group
At 31 March 2023
(3.5)
38.9
535.2
570.6
Loss for the year
\u2013
\u2013
( 9 . 5 )
( 9 . 5 )
Other comprehensive loss for the year
\u2013
(12.3)
(5.5)
(17.8)
Dividends paid relating to 2023
\u2013
\u2013
(111.7)
(111.7)
Credit to equity in respect of share-based payments (net of tax)
\u2013
\u2013
1.1
1.1
Charge in respect of share options vesting
2.2
\u2013
(2.2)
\u2013
Own shares acquired by the Pennon Employee Share Trust in respect of share options granted
(1.4)
\u2013
\u2013
(1.4)
At 31 March 2024
(2.7)
26.6
407.4
431.3
Loss for the year
\u2013
\u2013
(57.9)
(57.9)
Other comprehensive (loss)/ income for the year
\u2013
(1.9)
2.6
0.7
Dividends paid relating to 2024
\u2013
\u2013
(126.9)
(126.9)
Credit to equity in respect of share-based payments (net of tax)
\u2013
\u2013
2.0
2.0
Historic reserves transfer
1.8
\u2013
(1.8)
\u2013
Charge in respect of share options vesting
1.4
\u2013
(1.4)
\u2013
Own shares acquired by the Pennon Employee Share Trust in respect of share options granted
(1.2)
\u2013
\u2013
(1.2)
At 31 March 2025
(0.7)
24.7
224.0
248.0
The own shares reserve represents the cost of ordinary shares in Pennon Group plc issued to or purchased in the market and held by the Pennon Group plc Employee Benefit Trust to satisfy awards under the Group\u2019s Annual Incentive Bonus Plan. The market value of the 127,801 ordinary shares (2024: 162,024 ordinary shares) held by the Trust at 31 March 2025 was \u00a3573,000 (2024: \u00a3825,000).
Own Retained Total
shares earnings \u00a3m
\u00a3m \u00a3m
Company
At 31 March 2023
\u2013
545.7
545.7
Profit for the year
\u2013
34.4
34.4
Other comprehensive loss for the year
\u2013
(1.0)
(1.0)
Dividends paid relating to 2023
\u2013
(111.7)
(111.7)
Credit to equity in respect of share-based payments (net of tax)
\u2013
1.1
1.1
Charge in respect of share options vesting
\u2013
(2.2)
(2.2)
At 31 March 2024
\u2013
466.3
466.3
Loss for the year
\u2013
(13.5)
(13.5)
Other comprehensive income for the year
\u2013
0 . 3
0 . 3
Dividends paid relating to 2024
\u2013
(126.9)
(126.9)
Charge to equity in respect of share-based payments (net of tax)
\u2013
1.5
1.5
Credit in respect of share options vesting
1.4
(1.4)
\u2013
Own shares acquired by the Pennon Employee Share Trust in respect of share options granted
(2.1)
\u2013
(2.1)
At 31 March 2025
(0.7)
326.3
325.6
In making decisions about the level of dividends to be proposed the Directors take steps to check that retained earnings include a sufficient amount of realised profits and are therefore distributable within the requirements of the Companies Act 2006", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-537": { "value": "33. Share capital Allotted, called\u2013up and fully paid
Number of shares
Treasury Ordinary
shares
shares
\u00a3m
Group and Company
At 31 March 2023 ordinary shares of 61.05p each
5,628
261,315,489
159.5
For consideration of \u00a3460,000, shares issued under the Company\u2019s Sharesave Scheme
\u2013
72,299
\u2013
Shares issued
\u2013
24,657,535
15.1
At 31 March 2024 ordinary shares of 61.05p each
5,628
286,045,323
174.6
For consideration of \u00a321,000, shares issued under the Company\u2019s Sharesave Scheme
\u2013
3,386
\u2013
Rights issue
\u2013
185,928,002
113.5
At 31 March 2025 ordinary shares of 61.05p each
5,628
471,976,711
288.1
Shares held as treasury shares may be sold or reissued for any of the Company\u2019s share schemes or cancelled. On 17 February 2025 the Company completed a rights issue to existing shareholders on the basis of 13 ordinary shares for every 20 fully paid ordinary shares held. As a result, 185,928,002 ordinary shares with an aggregate nominal value of \u00a3113.5 million were issued for cash consideration of \u00a3491.0 million. Transaction costs directly attributable to the rights issue of \u00a320.5 million were incurred and have been accounted for as a deduction from share premium. During the year ended 31 March 2024 the Group issued 24,657,535 new ordinary shares of 61.05 pence each in connection with the acquisition of SES Water Group (see note 43). The equity capital raise was used to reduce leverage in the enlarged group following the acquisition. Employee share schemes The Group operates a number of equity-settled share plans for the benefit of employees. Details of each plan are: i) Sharesave Scheme An all-employee savings-related plan is operated that enables employees, including Executive Directors, to invest up to a maximum of \u00a3500 per month for three or five years. These savings can then be used to buy ordinary shares, at a price set at a discount to the market value at the start of the savings period, at the third or fifth year anniversary of the option being granted. Options expire six months following the exercise date and, except for certain specific circumstances such as redundancy, lapse if the employee leaves the Group before the option exercise period commences. Outstanding options to subscribe for ordinary shares of 61.05 pence each under the Company\u2019s share option schemes are:
Date granted and Period when Thousands of shares in respect of
subscription price options normally which options outstanding at
fully paid exercisable 31 March
2025
2024
3 July 2018
635p
2021 \u2013 2023
\u2013
1
9 July 2019
501p
2022 \u2013 2024
\u2013
69
19 July 2020
750p
2023 \u2013 2025
27
30
6 July 2021
710p
2024 \u2013 2026
53
306
5 July 2022
669p
2025 \u2013 2027
206
302
4 July 2023
536p
2026 \u2013 2028
495
753
2 July 2024
406p
2027 \u2013 2029
1,383
\u2013
2,164
1,461
The number of shares and, where relevant, the exercise subscription prices above have been adjusted to reflect the impact of the rights issue which took place on 17 February 2025. The options outstanding at 31 March 2025 have been updated at the time of the rights issue and the options outstanding at 31 March 2024 remain at the pre rights issue value. The number and weighted average exercise price of Sharesave options are:
2025
Weighted
2024
average Weighted
Number of exercise Number of average exercise
ordinary shares price per share ordinary shares price per share
(thousands) (p) (thousands) (p)
At 1 April
1,461
746
1,462
835
Granted
1,324
406
847
663
Additional options awarded as part of rights issue
493
492
\u2013
\u2013
Forfeited
(789)
543
(617)
828
Exercised
(4)
501
(72)
639
Expired
(321)
645
(159)
859
At 31 March
2,164
472
1,461
746
The weighted average price of the Company\u2019s shares at the date of exercise of Sharesave options during the year was 612 pence (2024: 689 pence). The options outstanding at 31 March 2025 had a weighted average exercise price of 472 pence (2024: 746 pence) and a weighted average remaining contractual life of 2.4 years (2024: 2.0 years). The number of exercisable Sharesave options at 31 March 2024 was 2,277 (2024: 1,000) and the weighted average exercise price of exercisable Sharesave options was 710 pence (2024: 799 pence). The aggregate fair value of Sharesave options granted during the year was \u00a31.0 million (2024: \u00a30.7 million), determined using the Black-Scholes valuation model. The significant inputs into the valuation model at the date of issue of the options were:
2025
2024
Weighted average share price (pence)
564
700
Weighted average exercise price (pence)
406
663
Expected volatility
27%
26%
Expected life
3.5 years
3.4 years
Risk-free rate
5.3%
4.5%
Expected dividend yield
7.8%
6.1%
Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the previous three years and five years periods depending on the life of the scheme. ii) Long-term incentive plan (LTIP) Executive Directors and senior management receive an annual grant of conditional shares. Share awards vest subject to the achievement of specific performance conditions measured over a performance period of not less than three years. More details concerning LTIPs, including performance conditions, is shown in the Directors\u2019 remuneration report on pages 176 to 177. The number and price of shares in the LTIP are:
2025
Weighted
2024
Weighted
Number of average award Number of average award
ordinary shares price per share ordinary shares price per share
(thousands) (p) (thousands) (p)
At 1 April
1,122
863
880
990
Granted
603
646
553
714
Additional shares awarded as part of rights issue
470
\u2013
Vested
(133)
753
(125)
784
Lapsed
(84)
1,093
(186)
1,069
At 31 March
1,978
773
1,122
863
The number of shares above have been adjusted to reflect the impact of the rights issue which took place on 17 February 2025. The granted shares outstanding at 31 March 2025 have been updated at the time of the rights issue and the granted shares outstanding at 31 March 2024 remain at the pre rights issue value. The awards outstanding at 31 March 2025 had a weighted award price of 773 pence (2024: 863 pence) and a weighted average remaining contractual life of 3.3 years (2024: 3.1 years). The aggregate fair value of awards granted during the year was \u00a31.3 million (2024: \u00a31.8 million), determined from market value. No option pricing methodology is applied since the vesting of the shares depends on non-market performance vesting conditions. iii) Annual Incentive Bonus Plan \u2013 deferred shares Awards under the plan to Executive Directors and senior management involve the release of ordinary shares in the Company to participants. There is no performance condition since vesting is conditional upon continuous service with the Group for a period of three years from the award. The number and weighted average price of shares in the Annual Incentive Bonus Plan are:
2025
Weighted
2024
Weighted
Number of average award Number of average award
ordinary shares price per share ordinary shares price per share
(thousands) (p) (thousands) (p)
At 1 April
217
863
141
1,065
Granted
22
665
124
700
Vested
(45)
(1,141)
(41)
1,079
Lapsed
(86)
(729)
(7)
972
At 31 March
108
803
217
863
The awards outstanding at 31 March 2025 had a weighted average award price of 803 pence (2024: 863 pence) and a weighted average remaining contractual life of 1.6 years (2024: 1.3 years). The Company\u2019s share price at the date of the awards ranged from 665 pence to 1,141 pence (2024: 700 pence to 1,141 pence). The aggregate fair value of awards granted during the year was \u00a30.1 million (2024: \u00a30.9 million), determined from market value. No option pricing methodology is applied since dividends paid on the shares are receivable by the participants in the scheme. Further details of the plans and options granted to Directors, included above, are shown in the Directors\u2019 remuneration report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-565": { "value": "Allotted, called\u2013up and fully paid
Number of shares
Treasury Ordinary
shares
shares
\u00a3m
Group and Company
At 31 March 2023 ordinary shares of 61.05p each
5,628
261,315,489
159.5
For consideration of \u00a3460,000, shares issued under the Company\u2019s Sharesave Scheme
\u2013
72,299
\u2013
Shares issued
\u2013
24,657,535
15.1
At 31 March 2024 ordinary shares of 61.05p each
5,628
286,045,323
174.6
For consideration of \u00a321,000, shares issued under the Company\u2019s Sharesave Scheme
\u2013
3,386
\u2013
Rights issue
\u2013
185,928,002
113.5
At 31 March 2025 ordinary shares of 61.05p each
5,628
471,976,711
288.1
Shares held as treasury shares may be sold or reissued for any of the Company\u2019s share schemes or cancelled. On 17 February 2025 the Company completed a rights issue to existing shareholders on the basis of 13 ordinary shares for every 20 fully paid ordinary shares held. As a result, 185,928,002 ordinary shares with an aggregate nominal value of \u00a3113.5 million were issued for cash consideration of \u00a3491.0 million. Transaction costs directly attributable to the rights issue of \u00a320.5 million were incurred and have been accounted for as a deduction from share premium. During the year ended 31 March 2024 the Group issued 24,657,535 new ordinary shares of 61.05 pence each in connection with the acquisition of SES Water Group (see note 43). The equity capital raise was used to reduce leverage in the enlarged group following the acquisition. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-577": { "value": "The number and weighted average exercise price of Sharesave options are:
2025
Weighted
2024
average Weighted
Number of exercise Number of average exercise
ordinary shares price per share ordinary shares price per share
(thousands) (p) (thousands) (p)
At 1 April
1,461
746
1,462
835
Granted
1,324
406
847
663
Additional options awarded as part of rights issue
493
492
\u2013
\u2013
Forfeited
(789)
543
(617)
828
Exercised
(4)
501
(72)
639
Expired
(321)
645
(159)
859
At 31 March
2,164
472
1,461
746
The weighted average price of the Company\u2019s shares at the date of exercise of Sharesave options during the year was 612 pence (2024: 689 pence). The options outstanding at 31 March 2025 had a weighted average exercise price of 472 pence (2024: 746 pence) and a weighted average remaining contractual life of 2.4 years (2024: 2.0 years). The number of exercisable Sharesave options at 31 March 2024 was 2,277 (2024: 1,000) and the weighted average exercise price of exercisable Sharesave options was 710 pence (2024: 799 pence). The number and price of shares in the LTIP are:
2025
Weighted
2024
Weighted
Number of average award Number of average award
ordinary shares price per share ordinary shares price per share
(thousands) (p) (thousands) (p)
At 1 April
1,122
863
880
990
Granted
603
646
553
714
Additional shares awarded as part of rights issue
470
\u2013
Vested
(133)
753
(125)
784
Lapsed
(84)
1,093
(186)
1,069
At 31 March
1,978
773
1,122
863
Awards under the plan to Executive Directors and senior management involve the release of ordinary shares in the Company to participants. There is no performance condition since vesting is conditional upon continuous service with the Group for a period of three years from the award. The number and weighted average price of shares in the Annual Incentive Bonus Plan are:
2025
Weighted
2024
Weighted
Number of average award Number of average award
ordinary shares price per share ordinary shares price per share
(thousands) (p) (thousands) (p)
At 1 April
217
863
141
1,065
Granted
22
665
124
700
Vested
(45)
(1,141)
(41)
1,079
Lapsed
(86)
(729)
(7)
972
At 31 March
108
803
217
863
The awards outstanding at 31 March 2025 had a weighted average award price of 803 pence (2024: 863 pence) and a weighted average remaining contractual life of 1.6 years (2024: 1.3 years). The Company\u2019s share price at the date of the awards ranged from 665 pence to 1,141 pence (2024: 700 pence to 1,141 pence). The aggregate fair value of awards granted during the year was \u00a30.1 million (2024: \u00a30.9 million), determined from market value. No option pricing methodology is applied since dividends paid on the shares are receivable by the participants in the scheme. Further details of the plans and options granted to Directors, included above, are shown in the Directors\u2019 remuneration report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-567": { "value": "ii) Long-term incentive plan (LTIP) Executive Directors and senior management receive an annual grant of conditional shares. Share awards vest subject to the achievement of specific performance conditions measured over a performance period of not less than three years. More details concerning LTIPs, including performance conditions, is shown in the Directors\u2019 remuneration report on pages 176 to 177. The number and price of shares in the LTIP are:
2025
Weighted
2024
Weighted
Number of average award Number of average award
ordinary shares price per share ordinary shares price per share
(thousands) (p) (thousands) (p)
At 1 April
1,122
863
880
990
Granted
603
646
553
714
Additional shares awarded as part of rights issue
470
\u2013
Vested
(133)
753
(125)
784
Lapsed
(84)
1,093
(186)
1,069
At 31 March
1,978
773
1,122
863
The number of shares above have been adjusted to reflect the impact of the rights issue which took place on 17 February 2025. The granted shares outstanding at 31 March 2025 have been updated at the time of the rights issue and the granted shares outstanding at 31 March 2024 remain at the pre rights issue value. The awards outstanding at 31 March 2025 had a weighted award price of 773 pence (2024: 863 pence) and a weighted average remaining contractual life of 3.3 years (2024: 3.1 years). The aggregate fair value of awards granted during the year was \u00a31.3 million (2024: \u00a31.8 million), determined from market value. No option pricing methodology is applied since the vesting of the shares depends on non-market performance vesting conditions. iii) Annual Incentive Bonus Plan \u2013 deferred shares Awards under the plan to Executive Directors and senior management involve the release of ordinary shares in the Company to participants. There is no performance condition since vesting is conditional upon continuous service with the Group for a period of three years from the award. The number and weighted average price of shares in the Annual Incentive Bonus Plan are:
2025
Weighted
2024
Weighted
Number of average award Number of average award
ordinary shares price per share ordinary shares price per share
(thousands) (p) (thousands) (p)
At 1 April
217
863
141
1,065
Granted
22
665
124
700
Vested
(45)
(1,141)
(41)
1,079
Lapsed
(86)
(729)
(7)
972
At 31 March
108
803
217
863
The awards outstanding at 31 March 2025 had a weighted average award price of 803 pence (2024: 863 pence) and a weighted average remaining contractual life of 1.6 years (2024: 1.3 years). The Company\u2019s share price at the date of the awards ranged from 665 pence to 1,141 pence (2024: 700 pence to 1,141 pence). The aggregate fair value of awards granted during the year was \u00a30.1 million (2024: \u00a30.9 million), determined from market value. No option pricing methodology is applied since dividends paid on the shares are receivable by the participants in the scheme. Further details of the plans and options granted to Directors, included above, are shown in the Directors\u2019 remuneration report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-538": { "value": "
36. Retained earnings and other reserves
Own Hedging Retained
shares reserve earnings Total
\u00a3m \u00a3m \u00a3m \u00a3m
Group
At 31 March 2023
(3.5)
38.9
535.2
570.6
Loss for the year
\u2013
\u2013
( 9 . 5 )
( 9 . 5 )
Other comprehensive loss for the year
\u2013
(12.3)
(5.5)
(17.8)
Dividends paid relating to 2023
\u2013
\u2013
(111.7)
(111.7)
Credit to equity in respect of share-based payments (net of tax)
\u2013
\u2013
1.1
1.1
Charge in respect of share options vesting
2.2
\u2013
(2.2)
\u2013
Own shares acquired by the Pennon Employee Share Trust in respect of share options granted
(1.4)
\u2013
\u2013
(1.4)
At 31 March 2024
(2.7)
26.6
407.4
431.3
Loss for the year
\u2013
\u2013
(57.9)
(57.9)
Other comprehensive (loss)/ income for the year
\u2013
(1.9)
2.6
0.7
Dividends paid relating to 2024
\u2013
\u2013
(126.9)
(126.9)
Credit to equity in respect of share-based payments (net of tax)
\u2013
\u2013
2.0
2.0
Historic reserves transfer
1.8
\u2013
(1.8)
\u2013
Charge in respect of share options vesting
1.4
\u2013
(1.4)
\u2013
Own shares acquired by the Pennon Employee Share Trust in respect of share options granted
(1.2)
\u2013
\u2013
(1.2)
At 31 March 2025
(0.7)
24.7
224.0
248.0
The own shares reserve represents the cost of ordinary shares in Pennon Group plc issued to or purchased in the market and held by the Pennon Group plc
Employee Benefit Trust to satisfy awards under the Group\u2019s Annual Incentive Bonus Plan.
The market value of the 127,801 ordinary shares (2024: 162,024 ordinary shares) held by the Trust at 31 March 2025 was \u00a3573,000 (2024: \u00a3825,000).
Own Retained Total
shares earnings \u00a3m
\u00a3m \u00a3m
Company
At 31 March 2023
\u2013
545.7
545.7
Profit for the year
\u2013
34.4
34.4
Other comprehensive loss for the year
\u2013
(1.0)
(1.0)
Dividends paid relating to 2023
\u2013
(111.7)
(111.7)
Credit to equity in respect of share-based payments (net of tax)
\u2013
1.1
1.1
Charge in respect of share options vesting
\u2013
(2.2)
(2.2)
At 31 March 2024
\u2013
466.3
466.3
Loss for the year
\u2013
(13.5)
(13.5)
Other comprehensive income for the year
\u2013
0 . 3
0 . 3
Dividends paid relating to 2024
\u2013
(126.9)
(126.9)
Charge to equity in respect of share-based payments (net of tax)
\u2013
1.5
1.5
Credit in respect of share options vesting
1.4
(1.4)
\u2013
Own shares acquired by the Pennon Employee Share Trust in respect of share options granted
(2.1)
\u2013
(2.1)
At 31 March 2025
(0.7)
326.3
325.6
In making decisions about the level of dividends to be proposed the Directors take steps to check that retained earnings include a sufficient amount of realised
profits and are therefore distributable within the requirements of the Companies Act 2006.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-489": { "value": "
37. Analysis of cash flows given in the statement of cash flows
Reconciliation of profit for the year to cash generated from operations:
Cash generated from operations
Group
2025 2024
\u00a3m \u00a3m
(Loss)/profit for the year
(56.8)
(8.5)
Adjustments for:
Share-based payments
2.0
1.2
Profit on disposal of property, plant and equipment
(1.2)
(0.7)
Depreciation charge
184.7
168.2
Amortisation of intangible assets
2.3
3.7
Intangible impairment charge
1.3
\u2013
Share of post-tax profit from associated companies
(0.8)
(0.7)
Finance income
(15.0)
(12.6)
Finance costs
199.4
162.8
Taxation credit
(15.9)
(0.6)
Changes in working capital:
Decrease/(increase) in inventories
0.4
(1.1)
Increase in trade and other receivables
(42.5)
(47.6)
Decrease in trade and other payables
(30.5)
(2.0)
Increase/(decrease) in provisions
6.2
(0.4)
Cash generated from operations
233.6
261.7
Reconciliation of total interest paid:
Group
2025 2024
\u00a3m \u00a3m
Interest paid in operating activities
143.1
116.2
Total interest paid
143.1
116.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-539": { "value": "38. Net borrowings
Group
Company
(restated,
note 2, 43)
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Borrowings \u2013 current
Bank and other current borrowings*
(224.5)
(188.8)
(51.5)
(8.0)
Lease obligations
(32.9)
(51.9)
\u2013
\u2013
Total current borrowings
(257.4)
(240.7)
(51.5)
(8.0)
Borrowings \u2013 non-current
Bank and other non-current borrowings*
(3,265.1)
(2,691.8)
(195.6)
(245.6)
Listed preference shares
(12.5)
(12.5)
\u2013
\u2013
Lease obligations
(1,019.3)
(1,071.2)
\u2013
\u2013
Total non-current borrowings
(4,296.9)
(3,775.5)
(195.6)
(245.6)
Total financing liabilities
(4,554.3)
(4,016.2)
(247.1)
(253.6)
Less:
Cash and cash equivalents
417.9
134.0
45.0
79.2
Restricted funds
58.2
37.4
\u2013
\u2013
Total net borrowings
(4,078.2)
(3,844.8)
(202.1)
(174.4)
The movements in net borrowings during the periods presented were as follows:
Group
SES Water Group Net borrowings
Net borrowings acquisition Transfer between at 31 March
at 1 April (restated, note non-current Other non-cash 2024
2023 43) Cash flows and current movements (restated)
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank and other current borrowings
(95.1)
(58.5)
52.9
(88.8)
0.7
(188.8)
Current lease obligations
(32.0)
(0.7)
73.9
(33.8)
(59.3)
(51.9)
Bank and other non-current borrowings
(1,994.9)
(301.7)
(458.7)
88.8
(25.3)
(2,691.8)
Listed preference shares
(12.5)
\u2013
\u2013
\u2013
\u2013
( 1 2 . 5 )
Non-current lease obligations
(1,032.7)
(0.5)
(64.8)
33.8
(7.0)
(1,071.2)
Total financing liabilities
(3,167.2)
(361.4)
(396.7)
\u2013
(90.9)
(4,016.2)
Less:
Cash and cash equivalents
132.2
\u2013
1.8
\u2013
\u2013
134.0
Restricted funds
33.2
\u2013
4.2
\u2013
\u2013
37.4
(3,001.8)
(361.4)
(390.7)
\u2013
(90.9)
(3,844.8)
The movement in net borrowings for the prior year has been corrected to show the gross cash flows and other non-cash movements relating to lease
obligations whereby interest accrues to and is paid from net borrowings, these amounts were previously shown net within other non-cash movements.
Transfers between non-current and current for these items has also been corrected.
* An unamortised hedging adjustment has been reclassified from fair value through profit and loss to borrowing in the current year (\u00a332.2m) and the prior year restated, see note 2
for further information. This is reflected in Bank and other current borrowings (2025: \u00a32.5m, 2024: \u00a32.5m) and Bank and other non-current borrowings (2025: \u00a329.7m, 2024: \u00a331.8m).
The 1 April 2023 values in the above table also reflect this adjustment to allow for comparison between periods. The total of the unamortised hedging adjustment as at 1 April 2023
was \u00a336.4m reflected in Bank and other current borrowings (\u00a32.4m) and Bank and other non-current borrowings (\u00a334.0m).
Net borrowings
at 31 March Transfer between Net borrowings
2024 non-current Other non-cash at 31 March
(restated) Cash flows and current movements 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank and other current borrowings
(188.8)
152.0
(190.7)
3.0
(224.5)
Current lease obligations
(51.9)
101.3
(20.4)
(61.9)
(32.9)
Bank and other non-current borrowings
(2,691.8)
(743.5)
190.7
(20.5)
(3,265.1)
Listed preference shares
(12.5)
\u2013
\u2013
\u2013
(12.5)
Non-current lease obligations
(1,071.2)
35.2
20.4
(3.7)
(1,019.3)
Total financing liabilities
(4,016.2)
(455.0)
\u2013
(83.1)
(4,554.3)
Less
Cash and cash equivalents
134.0
283.9
\u2013
\u2013
417.9
Restricted funds
37.4
20.8
\u2013
\u2013
58.2
(3,844.8)
(150.3)
\u2013
(83.1)
(4,078.2)
Other non-cash movements for the Group in the year ended 31 March 2024 included the increase in borrowings from interest which is rolled into the
amount repayable. Cash flows of \u00a36.0 million in the year ended 31 March 2024 include the cash acquired on acquisition of SES Water Group of \u00a327.5 million
(see note 43).
", "dimensions": { "concept": "pennongroupplc:DisclosureOfNetBorrowings", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-583": { "value": "39. Subsidiary and joint venture undertakings at 31 March 2025
Country of incorporation, registration
Principal subsidiary companies
Registered office address
and principal operations
Water
Bristol Water Plc
Bridgwater Road, Bristol, BS13 7AT
England
South West Water Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Finance Plc
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Customer Services Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Sutton and East Surrey Water Plc
66-74 London Road, Redhill, RH1 1LJ
England
Non-household retail
Pennon Water Services Limited*
(1)
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Sutton and East Surrey Water Services Limited
66-74 London Road, Redhill, RH1 1LJ
England
Other
Advanced Minerals Limited
(1)
66-74 London Road, Redhill, RH1 1LJ
England
Allmat (East Surrey) Limited
66-74 London Road, Redhill, RH1 1LJ
England
Dunfermline Solar Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
East Surrey Holdings Limited
66-74 London Road, Redhill, RH1 1LJ
England
EEB16 Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
EEB17 Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
EEB31 Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Peninsula Insurance Limited*
(2)
Level 5, Mill Court, La Charroterie, St Peter Port, GY1 1EJ
Guernsey
Pennon Power Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
SES Business Water Limited
66-74 London Road, Redhill, RH1 1LJ
England
SES Home Services Limited
66-74 London Road, Redhill, RH1 1LJ
England
Sutton and East Surrey Group Holdings Limited*
66-74 London Road, Redhill, RH1 1LJ
England
SESW Holding Company Limited
66-74 London Road, Redhill, RH1 1LJ
England
Surrey Downs Estates Limited
66-74 London Road, Redhill, RH1 1LJ
England
Surrey Downs Property Investment Limited
66-74 London Road, Redhill, RH1 1LJ
England
The Cheam Group Plc
66-74 London Road, Redhill, RH1 1LJ
England
Other trading companies
Registered office address
Country of incorporation
Bristol Water Holdings Limited
Bridgwater Road, Bristol, BS13 7AT
England
Bristol Water Holdings UK Limited*
Bridgwater Road, Bristol, BS13 7AT
England
Dormant companies
Registered office address
Country of incorporation
Avon Valley Water Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Bristol Water Core Holdings Limited
(3)
Bridgwater Road, Bristol, BS13 7AT
England
Peninsula Properties (Exeter) Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Peninsula Trustees Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Pennon Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Pennon Defined Contribution Pension Trustee Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Pennon Pension Trustees Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
SES Water Limited
66-74 London Road, Redhill, RH1 1LJ
England
Source for Business Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Services Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
SWW Pension Trustees Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
The Calcite Factory B.V
(1)
Moezelhavenweg 9, 1043 AM, Amsterdam
Netherlands
The Sutton District Water Plc
66-74 London Road, Redhill, RH1 1LJ
England
The subsidiary undertakings are wholly owned unless stated otherwise and all shares in issue are ordinary shares. All companies above are consolidated in the Group financial statements.
Joint Ventures and Associates
Registered office address
Country of incorporation
Stake (%)
Bristol Wessex Billing Services Limited
1 Clevedon Walk, Nailsea, Bristol, BS48 1WA
England
50
CREWW Executive Board Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
50
Searchlight Collections Limited
PO BOX 930 Galmington Office, Galmington Trading Estate,
England
50
Cornishwa
y
West, Taunton, Somerset, TA1 9LQ
Water 2 Business Limited
21e Somerset Square, Nailsea, Bristol, United Kingdom, BS48 1RQ
England
30
* Indicates the shares are held directly by Pennon Group plc, the Company. 1. 80% of share capital owned by Pennon Group plc. All shares in issue are ordinary shares. 2. Captive insurance company established with the specific objective of financing risks emanating from within the Group. 3. Dissolved 6 May 2025 Subsidiary audit exemption Pennon Group plc has issued guarantees over the liabilities of the following companies at 31 March 2025 under section 479C of Companies Act 2006 and these entities are exempt from the requirements of the Act relating to the audit of individual accounts by virtue of section 479A of the Act.
Company
Company number
Bristol Water Holdings Limited
02630760
Bristol Water Holdings UK Limited
04789566
Dunfermline Solar Limited
12683727
EEB16 Limited
10789260
EEB17 Limited
10790759
EEB31 Limited
11780715
East Surrey Holdings Limited
02660370
Pennon Power Limited
00736732
SESW Holding Company Limited
04151446
South West Water Customer Services Limited
07620338
Surrey Downs Estates Limited
02465343
Surrey Downs Property Investment Limited
02783440
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-568": { "value": "39. Subsidiary and joint venture undertakings at 31 March 2025
Country of incorporation, registration
Principal subsidiary companies
Registered office address
and principal operations
Water
Bristol Water Plc
Bridgwater Road, Bristol, BS13 7AT
England
South West Water Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Finance Plc
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Customer Services Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Sutton and East Surrey Water Plc
66-74 London Road, Redhill, RH1 1LJ
England
Non-household retail
Pennon Water Services Limited*
(1)
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Sutton and East Surrey Water Services Limited
66-74 London Road, Redhill, RH1 1LJ
England
Other
Advanced Minerals Limited
(1)
66-74 London Road, Redhill, RH1 1LJ
England
Allmat (East Surrey) Limited
66-74 London Road, Redhill, RH1 1LJ
England
Dunfermline Solar Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
East Surrey Holdings Limited
66-74 London Road, Redhill, RH1 1LJ
England
EEB16 Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
EEB17 Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
EEB31 Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Peninsula Insurance Limited*
(2)
Level 5, Mill Court, La Charroterie, St Peter Port, GY1 1EJ
Guernsey
Pennon Power Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
SES Business Water Limited
66-74 London Road, Redhill, RH1 1LJ
England
SES Home Services Limited
66-74 London Road, Redhill, RH1 1LJ
England
Sutton and East Surrey Group Holdings Limited*
66-74 London Road, Redhill, RH1 1LJ
England
SESW Holding Company Limited
66-74 London Road, Redhill, RH1 1LJ
England
Surrey Downs Estates Limited
66-74 London Road, Redhill, RH1 1LJ
England
Surrey Downs Property Investment Limited
66-74 London Road, Redhill, RH1 1LJ
England
The Cheam Group Plc
66-74 London Road, Redhill, RH1 1LJ
England
Other trading companies
Registered office address
Country of incorporation
Bristol Water Holdings Limited
Bridgwater Road, Bristol, BS13 7AT
England
Bristol Water Holdings UK Limited*
Bridgwater Road, Bristol, BS13 7AT
England
Dormant companies
Registered office address
Country of incorporation
Avon Valley Water Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Bristol Water Core Holdings Limited
(3)
Bridgwater Road, Bristol, BS13 7AT
England
Peninsula Properties (Exeter) Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Peninsula Trustees Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Pennon Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Pennon Defined Contribution Pension Trustee Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
Pennon Pension Trustees Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
SES Water Limited
66-74 London Road, Redhill, RH1 1LJ
England
Source for Business Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
South West Water Services Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
SWW Pension Trustees Limited*
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
The Calcite Factory B.V
(1)
Moezelhavenweg 9, 1043 AM, Amsterdam
Netherlands
The Sutton District Water Plc
66-74 London Road, Redhill, RH1 1LJ
England
The subsidiary undertakings are wholly owned unless stated otherwise and all shares in issue are ordinary shares. All companies above are consolidated in the Group financial statements.
Joint Ventures and Associates
Registered office address
Country of incorporation
Stake (%)
Bristol Wessex Billing Services Limited
1 Clevedon Walk, Nailsea, Bristol, BS48 1WA
England
50
CREWW Executive Board Limited
Peninsula House, Rydon Lane, Exeter, EX2 7HR
England
50
Searchlight Collections Limited
PO BOX 930 Galmington Office, Galmington Trading Estate,
England
50
Cornishwa
y
West, Taunton, Somerset, TA1 9LQ
Water 2 Business Limited
21e Somerset Square, Nailsea, Bristol, United Kingdom, BS48 1RQ
England
30
* Indicates the shares are held directly by Pennon Group plc, the Company. 1. 80% of share capital owned by Pennon Group plc. All shares in issue are ordinary shares. 2. Captive insurance company established with the specific objective of financing risks emanating from within the Group. 3. Dissolved 6 May 2025 Subsidiary audit exemption Pennon Group plc has issued guarantees over the liabilities of the following companies at 31 March 2025 under section 479C of Companies Act 2006 and these entities are exempt from the requirements of the Act relating to the audit of individual accounts by virtue of section 479A of the Act.
Company
Company number
Bristol Water Holdings Limited
02630760
Bristol Water Holdings UK Limited
04789566
Dunfermline Solar Limited
12683727
EEB16 Limited
10789260
EEB17 Limited
10790759
EEB31 Limited
11780715
East Surrey Holdings Limited
02660370
Pennon Power Limited
00736732
SESW Holding Company Limited
04151446
South West Water Customer Services Limited
07620338
Surrey Downs Estates Limited
02465343
Surrey Downs Property Investment Limited
02783440
42. Related party transactions Group companies entered into the following transactions with associates and joint ventures which were not members of the Group. Bristol Wessex Billing Services Limited is a joint venture investments of South West Water Limited and Water 2 Business Limited is an associate investment of the Company.
2025 2024
\u00a3m \u00a3m
Sales of goods and services
Water 2 Business Limited
29.5
19.8
Purchase of goods and services
Bristol Wessex Billing Services Limited
4.1
4.0
Year-end balances
2025 2024
\u00a3m \u00a3m
Receivables due from related parties
Water 2 Business Limited (including loan receivable of \u00a38.7 million (2024: \u00a38.7 million)
10.9
8.9
Bristol Wessex Billing Services Limited
0.2
\u2013
Payables due to related parties
Bristol Wessex Billing Services Limited
1.6
3.0
The receivables due from related parties are unsecured and will be settled in cash. No guarantees have been given or received. No provisions have been made, or are considered necessary, for doubtful debts in respect of these amounts due. The loans to Water 2 Business Limited are due to be repaid on 28 February 2028 and carry interest at SONIA plus 2.00%. Company The following transactions with associates and subsidiaries which were not wholly owned by the Company occurred in the year:
2025 2024
\u00a3m \u00a3m
Sales of goods and services
Water 2 Business Limited
0.1
\u2013
Year-end balances
2025 2024
\u00a3m \u00a3m
Receivables due from related parties
Water 2 Business Limited (including loan receivable of \u00a38.7 million (2024: \u00a38.7 million)
8.9
\u2013
On 31 January 2025 the \u00a38.7m (2024: \u00a38.7m) loan receivable with Water 2 Business Limited (\u201cW2B\u201d) an indirect associate was transferred from Bristol Water Holdings Limited (\u201cBWH\u201d) to the Company. The loans to Water 2 Business Limited are due to be repaid on 28 February 2028 and carry interest at SONIA plus 2.00%.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-490": { "value": "
40. Contingencies
Contingent liabilities
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Guarantees:
Performance bonds
20.0
13.8
15.0
13.8
20.0
13.8
15.0
13.8
Guarantees in respect of performance bonds relate to changes to the collateral requirements for the non-household retail business with other wholesalers.
The possibility of the bond being required is remote hence the fair value of the bond is not material.
Other contractual and litigation uncertainties
Ofwat and the Environment Agency (EA) announced an industry-wide investigation into sewage treatment works on 18th November 2021. On 27th June 2022,
as part of its ongoing investigation, Ofwat announced enforcement action against South West Water Limited and the company is now included alongside all
other waste water companies. The Group continues to work openly with Ofwat to comply with the notice as part of this ongoing investigation. The Group has
undertaken its own internal investigation and investment interventions have been undertaken at a small number of our sites. In addition, the Group has looked
for opportunities for additional future investment to include further storm storage and an extension of its sewer misuse programme which has been shared with
Ofwat. Ofwat have yet to formally respond on the investigation and the timing of a response is unknown, although has been potentially indicated for later in
2025. Until such time that an initial response is received, the potential outcome of these investigations continues to be unknown. Ofwat has a range of options
that it could apply from closing the investigation with no further action, agreeing to formal S.19 undertakings through to fining the Group up to 10% of its
revenue in relation to the regulated wastewater business. Given the wide range of possible outcomes therefore the potential outcome of this investigation
continues to be unknown, and it is not possible to estimate any obligations arising from the investigation with any certainty. On 23rd May 2023 Ofwat
announced an investigation into South West Water's 2021/22 operational performance data relating to leakage and per capita consumption. This operational
performance data was reported in South West Water's Annual Performance Report 2021/22. This report is subject to assurance processes which include
independent checks and balances carried out by an external technical auditor. The Group continues to work openly and constructively with Ofwat to comply
with the formal notice issued to South West Water as part of this investigation. The Group has undertaken its own internal investigation into the data and third
party experts have concluded the calculations are within a tolerance as reported, as a result there were no detrimental impacts to customers through Outcome
Delivery Incentives (ODIs). The Group recognises opportunities to enhance data quality to improve the estimation process and these have been shared with
Ofwat. Until such time that an initial response is received, the potential outcome of these investigations continues to be unknown. Ofwat has a range of options
that it could apply from closing the investigation with no further action, agreeing to formal S.19 undertakings through to fining the Group up to 10% of its
revenue in relation to the regulated drinking water business. Given the wide range of possible outcomes therefore the potential outcome of this investigation
continues to be unknown, and it is not possible to estimate any obligations arising from the investigation with any certainty.
On 2nd February 2024 summons were received by South West Water Limited from the EA in relation to alleged non permitted discharges at 7 locations with a
total of 30 charges. The EA have since withdrawn 6 of these charges relating to 1 site. At a hearing on 14th November 2024, South West Water pleaded guilty to
5 of the charges and the sentencing hearing for all 24 charges will take place in the third quarter of 2025 with judgment following at a later date.
On 15th May 2024, cryptosporidium was detected in South West Water\u2019s water network and, in response, boil water notices were issued for certain customers in
the Brixham area that were lifted in a phased manner completing on 8th July 2024. South West Water continues to assist the Drinking Water Inspectorate in
their ongoing investigation, the outcome of which is not known at this time.
The Group establishes provisions in connection with contracts and litigation where it has a present legal or constructive obligation as a result of past events and
where it is more likely than not an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Where it is uncertain
that these conditions are met, a contingent liability is disclosed unless the likelihood of the obligation arising is remote or the matter is not deemed material.
41. Capital commitments
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Contracted but not provided
167.9
211.5
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-540": { "value": "40. Contingencies Contingent liabilities
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Guarantees:
Performance bonds
20.0
13.8
15.0
13.8
20.0
13.8
15.0
13.8
Guarantees in respect of performance bonds relate to changes to the collateral requirements for the non-household retail business with other wholesalers. The possibility of the bond being required is remote hence the fair value of the bond is not material. Other contractual and litigation uncertainties Ofwat and the Environment Agency (EA) announced an industry-wide investigation into sewage treatment works on 18th November 2021. On 27th June 2022, as part of its ongoing investigation, Ofwat announced enforcement action against South West Water Limited and the company is now included alongside all other waste water companies. The Group continues to work openly with Ofwat to comply with the notice as part of this ongoing investigation. The Group has undertaken its own internal investigation and investment interventions have been undertaken at a small number of our sites. In addition, the Group has looked for opportunities for additional future investment to include further storm storage and an extension of its sewer misuse programme which has been shared with Ofwat. Ofwat have yet to formally respond on the investigation and the timing of a response is unknown, although has been potentially indicated for later in 2025. Until such time that an initial response is received, the potential outcome of these investigations continues to be unknown. Ofwat has a range of options that it could apply from closing the investigation with no further action, agreeing to formal S.19 undertakings through to fining the Group up to 10% of its revenue in relation to the regulated wastewater business. Given the wide range of possible outcomes therefore the potential outcome of this investigation continues to be unknown, and it is not possible to estimate any obligations arising from the investigation with any certainty. On 23rd May 2023 Ofwat announced an investigation into South West Water's 2021/22 operational performance data relating to leakage and per capita consumption. This operational performance data was reported in South West Water's Annual Performance Report 2021/22. This report is subject to assurance processes which include independent checks and balances carried out by an external technical auditor. The Group continues to work openly and constructively with Ofwat to comply with the formal notice issued to South West Water as part of this investigation. The Group has undertaken its own internal investigation into the data and third party experts have concluded the calculations are within a tolerance as reported, as a result there were no detrimental impacts to customers through Outcome Delivery Incentives (ODIs). The Group recognises opportunities to enhance data quality to improve the estimation process and these have been shared with Ofwat. Until such time that an initial response is received, the potential outcome of these investigations continues to be unknown. Ofwat has a range of options that it could apply from closing the investigation with no further action, agreeing to formal S.19 undertakings through to fining the Group up to 10% of its revenue in relation to the regulated drinking water business. Given the wide range of possible outcomes therefore the potential outcome of this investigation continues to be unknown, and it is not possible to estimate any obligations arising from the investigation with any certainty. On 2nd February 2024 summons were received by South West Water Limited from the EA in relation to alleged non permitted discharges at 7 locations with a total of 30 charges. The EA have since withdrawn 6 of these charges relating to 1 site. At a hearing on 14th November 2024, South West Water pleaded guilty to 5 of the charges and the sentencing hearing for all 24 charges will take place in the third quarter of 2025 with judgment following at a later date. On 15th May 2024, cryptosporidium was detected in South West Water\u2019s water network and, in response, boil water notices were issued for certain customers in the Brixham area that were lifted in a phased manner completing on 8th July 2024. South West Water continues to assist the Drinking Water Inspectorate in their ongoing investigation, the outcome of which is not known at this time. The Group establishes provisions in connection with contracts and litigation where it has a present legal or constructive obligation as a result of past events and where it is more likely than not an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Where it is uncertain that these conditions are met, a contingent liability is disclosed unless the likelihood of the obligation arising is remote or the matter is not deemed material. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-541": { "value": "41. Capital commitments
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Contracted but not provided
167.9
211.5
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-491": { "value": "
42. Related party transactions
Group companies entered into the following transactions with associates and joint ventures which were not members of the Group. Bristol Wessex Billing
Services Limited is a joint venture investments of South West Water Limited and Water 2 Business Limited is an associate investment of the Company.
2025 2024
\u00a3m \u00a3m
Sales of goods and services
Water 2 Business Limited
29.5
19.8
Purchase of goods and services
Bristol Wessex Billing Services Limited
4.1
4.0
Year-end balances
2025 2024
\u00a3m \u00a3m
Receivables due from related parties
Water 2 Business Limited (including loan receivable of \u00a38.7 million (2024: \u00a38.7 million)
10.9
8.9
Bristol Wessex Billing Services Limited
0.2
\u2013
Payables due to related parties
Bristol Wessex Billing Services Limited
1.6
3.0
The receivables due from related parties are unsecured and will be settled in cash. No guarantees have been given or received. No provisions have been made,
or are considered necessary, for doubtful debts in respect of these amounts due.
The loans to Water 2 Business Limited are due to be repaid on 28 February 2028 and carry interest at SONIA plus 2.00%.
Company
The following transactions with associates and subsidiaries which were not wholly owned by the Company occurred in the year:
2025 2024
\u00a3m \u00a3m
Sales of goods and services
Water 2 Business Limited
0.1
\u2013
Year-end balances
2025 2024
\u00a3m \u00a3m
Receivables due from related parties
Water 2 Business Limited (including loan receivable of \u00a38.7 million (2024: \u00a38.7 million)
8.9
\u2013
On 31 January 2025 the \u00a38.7m (2024: \u00a38.7m) loan receivable with Water 2 Business Limited (\u201cW2B\u201d) an indirect associate was transferred from Bristol Water
Holdings Limited (\u201cBWH\u201d) to the Company.
The loans to Water 2 Business Limited are due to be repaid on 28 February 2028 and carry interest at SONIA plus 2.00%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-542": { "value": "43. Acquisition of SES Water Group On 10 January 2024, the Pennon Group acquired 100% of the issued share capital of Sumisho Osaka Gas Water UK Limited, which has subsequently been renamed Sutton and East Surrey Group Holdings Limited (\u2018SESGHL\u2019). SESGHL is the holding company of the SES Water Group which comprises Sutton and East Surrey Water plc (\u2018SES Water\u2019), a regulated water only company, and certain other ancillary businesses. The purpose of the acquisition was to expand the Group\u2019s presence in water supply across Southern England. The acquisition of SESGHL was reviewed by the Competition and Markets Authority and given full clearance on 14 June 2024. For the year ended 31 March 2024, the SESGHL Group was consolidated into Pennon Group plc\u2019s consolidated financial statements from 10 January 2024 due to management\u2019s assessment of obtaining control of SESGHL as of that date in accordance with IFRS 10. The net assets recognised in the 31 March 2024 financial statements were based on a provisional assessment of their fair value. This valuation exercise has now been finalised. Final Fair values on acquisition are shown in the table below. Corresponding amounts for the financial year ended 31 March 2024 have also been restated in the balance sheet. The fair value of trade and other receivables acquired as part of the business combination amounted to \u00a363.1 million with a gross contractual amount of \u00a382.6 million. At the acquisition date the Group\u2019s best estimate of the contractual cash flows expected not to be collected amounted to \u00a319.5 million. The Goodwill that arose on acquisition is attributable to the recognition of deferred tax liabilities on fair value gains recognised as part of the acquisition. None of the goodwill recognised is expected to be deductible for tax purposes. Goodwill has been allocated to the water segment. The acquisition of the SES Water Group provides a strategic fit for Pennon Group plc as the Group expands its presence in water supply across Southern England. The details of the business combination are as follows:
10 January 2024 10 January 2024
Adjustments included Adjustments included
until 31 March 2024 Adjustments until 9 January 2025
\u00a3m \u00a3m \u00a3m
Fair value of consideration transferred
Amount settled in cash
90.2
\u2013
90.2
Total consideration transferred
90.2
\u2013
90.2
Fair value of assets and liabilities recognised on acquisition
Property, plant and equipment
441.6
12.7
454.3
Intangible assets
11.6
(7.4)
4.2
Inventories
2.1
\u2013
2.1
Trade and other receivables
61.4
1.7
63.1
Cash and cash equivalents
27.5
\u2013
27.5
Current tax receivable
0.4
\u2013
0.4
Borrowings
(360.1)
(1.3)
(361.4)
Trade and other payables
(65.3)
(5.3)
(70.6)
Retirement benefit obligations
3.3
\u2013
3.3
Deferred tax liabilities
(47.5)
(0.1)
(47.6)
Provisions
(0.4)
(0.7)
(1.1)
Identifiable net assets
74.6
(0.4)
74.2
Goodwill on acquisition
15.6
0.4
16.0
Outflow of cash to acquire subsidiary, net of cash acquired
Consideration for equity settled in cash
90.2
\u2013
90.2
Cash and cash equivalents acquired
(27.5)
\u2013
(27.5)
Net cash outflow on acquisition
62.7
\u2013
62.7
Acquisition related costs Total acquisition related costs of \u00a310.3 million, including \u00a39.6 million incurred in the prior year, are not included as part of the consideration transferred and were recognised as an expense in the consolidated income statement within other operating expenses .", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-437": { "value": "Peninsula House Rydon Lane Exeter Devon EX2 7HR", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800V1CCTS41GWH423", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } } } }