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1 General information
Moonpig Group plc (the \u201cCompany\u201d or \u201cParent Company\u201d) is a public limited company incorporated in the United Kingdom under the
Companies Act 2006, whose shares are traded on the London Stock Exchange. The consolidated financial statements of the Company as
at and for the year ended 30 April 2025 comprise the Company and its interests in subsidiaries (together referred to as the \u201cGroup\u201d). The
Company is domiciled in the United Kingdom and its registered address is Herbal House, 10 Back Hill, London, EC1R 5EN, England, United
Kingdom. The Company\u2019s LEI number is 213800VAYO5KCAXZHK83.
Basis of preparation
The consolidated financial statements of Moonpig Group plc have been prepared in accordance with UK adopted international accounting
standards in conformity with the requirements of the Companies Act 2006.
All figures presented are rounded to the nearest thousand (\u00a3000), unless otherwise stated.
The consolidated financial statements have been prepared on the going concern basis and under the historical cost convention modified by
revaluation of financial assets and financial liabilities held at fair value through profit and loss.
Basis of consolidation
Subsidiaries are entities over which the Group has control. Control exists when the Group has existing rights that give it the ability to direct
the relevant activities of an entity and has the ability to affect the returns the Group will receive as a result of its involvement with the entity.
In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The financial statements of
subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.
Intercompany transactions and balances between Group companies are eliminated on consolidation.
The financial statements of all subsidiary undertakings are prepared to the same reporting date as the Company. All subsidiary
undertakings have been consolidated.
The subsidiary undertakings of the Company as at 30 April 2025 are detailed at the end of the notes to the consolidated financial
statements on page 173.
Consideration of climate change
In preparing the financial statements, management has considered the potential impacts of climate change, in the context of the TCFD
disclosures included in the Strategic report on pages 29 to 42, in the following areas:
\u2022 Going concern and viability of the Group over the next three years.
\u2022 Cash flow forecasts used in the impairment assessments of non-current assets including goodwill and other intangible assets.
\u2022 Carrying amount and useful economic lives of property, plant and equipment.
As part of our disclosure against the TCFD framework, we have undertaken quantitative scenario analysis of the Group's two principal
transition-related climate risks (pages 33 to 35). The risk of carbon taxation has been incorporated into the sensitivity analysis supporting the
viability, going concern and impairment assessments. The risk of shifting consumer sentiment has not been modelled due to the significant
uncertainty surrounding behavioural and market response assumptions. These uncertainties make any attempt to quantify a specific
financial impact highly speculative and no such estimate can be meaningfully determined at this stage.
Going concern
The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the
Strategic report of the Annual Report and Accounts for the year ended 30 April 2025.
The Group has continued to generate positive operating cash flow and finished the year with liquidity headroom of \u00a395,816,000 (2024:
\u00a369,378,000) comprising gross cash and unutilised committed facilities.
The Group's debt facilities consist of a \u00a3180,000,000 committed revolving credit facility (the \"RCF\"), which now has a maturity date of 28
February 2029. This reflects the exercise during the year of a one-year extension option, which was subsequently approved by the lenders.
Amounts drawn under the RCF bear interest at a floating reference rate plus a margin. The reference rates are SONIA for loans in Sterling,
EURIBOR for loans in Euros and SOFR for loans in US Dollars. As at 30 April 2025 the Group had drawn down \u00a393,000,000 and \u20ac4,500,000
of the available revolving credit facility (2024: \u00a3113,000,000 and \u20ac8,500,000).
The Group hedges its interest rate exposure on a rolling basis. As at the current date, several layered SONIA interest rate cap instruments
are in place with strike rates of between 4.5% and 5.0% on total notional of \u00a350.0m until 31 October 2026. Further details are set out at
Note 20.
The RCF is subject to two covenants, each tested at six-monthly intervals. The leverage covenant, measuring the ratio of net debt to last
twelve months Adjusted EBITDA (excluding share-based payments, as specified in the facilities agreement), is a maximum of 3.0x for the
remaining term of the facility. The interest cover covenant, measuring the ratio of last twelve months Adjusted EBITDA (excluding share-
based payments, as specified in the facilities agreement) to the total of bank interest payable and interest payable on leases, is a minimum
of 3.5x for the term of the facility. The Group has complied with all covenants from entering the RCF until the date of these consolidated
financial statements and is forecast to comply with these during the going concern assessment period.
To support the Group\u2019s assessment of going concern, detailed trading and cash flow forecasts, including forecast liquidity and covenant
compliance, were prepared for the 24-month period to 30 April 2027.
The Directors have also reviewed the severe but plausible scenario described within the viability statement of the Annual Report and
Accounts for the year ended 30 April 2025 in relation to the most severe of the two scenarios modelled. In this scenario, the Group continues
to have sufficient resources to continue in operational existence. In the event that more severe impacts occur, controllable mitigating actions
are available to the Group should they be required.
The Directors also reviewed the results of reverse stress testing performed throughout the going concern and viability periods, to provide
an illustration of the extent to which existing customer purchase frequency and levels of new customer acquisition would need to deteriorate
in order that their cumulative effect should either trigger a breach in the Group\u2019s covenants under the RCF or else exhaust liquidity. The
probability of this scenario occurring was deemed to be remote given the resilient nature of the business model and strong cash conversion
of the Group.
After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational
existence for at least 12 months from the date of signing these consolidated financial statements. Accordingly, they continue to adopt the
going concern basis in preparing these consolidated financial statements, in accordance with those parts of the Companies Act 2006
applicable to companies reporting under IFRS.
Critical accounting judgements and estimates
In preparing these financial statements, management has made judgements and estimates that affect the application of the accounting
policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and
underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
The areas of judgement which have the greatest potential effect on the amounts recognised in the financial statements are:
Capitalisation of internally generated assets
Certain costs incurred in the developmental phase of an internal project, which include the development of technology, app and platform
enhancements and internally generated software and trademarks, are capitalised as intangible assets if a number of criteria are met. The
costs of internally developed assets include capitalised expenses of employees working full time on software development projects, third-
party firms and software licence fees. Management has made judgements and assumptions when assessing whether development meets
these criteria and on measuring the costs attributed to such projects. The amounts of and movements in, such assets are set out in Note 12.
Useful life of internally generated assets
The estimated useful lives which are used to calculate amortisation of internally generated assets (the Group\u2019s platforms and applications)
are based on the length of time these assets are expected to generate income and be of benefit to the Group. The uncertainty included in
this estimate is that if the useful lives are estimated to differ from the actual useful lives of the intangible assets, this could result in
accelerated amortisation in future years and/or impairments. The economic lives of internally generated intangible assets are estimated at
three years. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. If the
useful life of internally generated assets were estimated to be shorter or longer by one year, than the current useful life of three years, the
net book value would (decrease)/increase by \u00a3(6,320,000)/\u00a35,589,000 from the amount recognised as at 30 April 2025. The amounts of
and movements in, such assets are set out in Note 12.
Experiences merchant accrual
At Experiences, which acts as an agent at the point of sale, the merchant accrual has been identified as a significant estimate. When a
voucher is purchased, the expected value of future amounts that will become payable to merchant providers is recognised on the balance
sheet. The Group takes into account historical redemption rates when estimating future payments to merchant providers, with the span
between the upper and the lower ends of the range in historical trends for these rates equivalent to a \u00a33,119,000 movement in the amount
recognised in revenue. The estimates are trued up for actual customer utilisation rates in the year.
Carrying amount of Experiences goodwill
Goodwill is tested annually for impairment. The critical accounting estimates made in the calculation of the recoverable amount are:
\u2022 Pre-perpetuity compound annual revenue growth rate of 2.7% (2024: 6.6%).
\u2022 Discount rate of 13.5% (2024: 15.1%).
Sensitivity analysis and further disclosure relating to these critical accounting estimates is set out in Note 12.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-2": { "value": "Moonpig Group plc ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-424": { "value": "Moonpig Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-3": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-5": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-425": { "value": "Herbal House, 10 Back Hill, London, EC1R 5EN, England, United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-6": { "value": "Herbal House, 10 Back Hill, London, EC1R 5EN, England, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-473": { "value": "Basis of preparation The consolidated financial statements of Moonpig Group plc have been prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006. All figures presented are rounded to the nearest thousand (\u00a3000), unless otherwise stated. The consolidated financial statements have been prepared on the going concern basis and under the historical cost convention modified by revaluation of financial assets and financial liabilities held at fair value through profit and loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-509": { "value": "The consolidated financial statements of Moonpig Group plc have been prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-474": { "value": "Basis of consolidation Subsidiaries are entities over which the Group has control. Control exists when the Group has existing rights that give it the ability to direct the relevant activities of an entity and has the ability to affect the returns the Group will receive as a result of its involvement with the entity. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany transactions and balances between Group companies are eliminated on consolidation. The financial statements of all subsidiary undertakings are prepared to the same reporting date as the Company. All subsidiary undertakings have been consolidated. The subsidiary undertakings of the Company as at 30 April 2025 are detailed at the end of the notes to the consolidated financial statements on page 173. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-475": { "value": "Consideration of climate change In preparing the financial statements, management has considered the potential impacts of climate change, in the context of the TCFD disclosures included in the Strategic report on pages 29 to 42, in the following areas: \u2022 Going concern and viability of the Group over the next three years. \u2022 Cash flow forecasts used in the impairment assessments of non-current assets including goodwill and other intangible assets. \u2022 Carrying amount and useful economic lives of property, plant and equipment. As part of our disclosure against the TCFD framework, we have undertaken quantitative scenario analysis of the Group's two principal transition-related climate risks (pages 33 to 35). The risk of carbon taxation has been incorporated into the sensitivity analysis supporting the viability, going concern and impairment assessments. The risk of shifting consumer sentiment has not been modelled due to the significant uncertainty surrounding behavioural and market response assumptions. These uncertainties make any attempt to quantify a specific financial impact highly speculative and no such estimate can be meaningfully determined at this stage.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-476": { "value": "Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic report of the Annual Report and Accounts for the year ended 30 April 2025. The Group has continued to generate positive operating cash flow and finished the year with liquidity headroom of \u00a395,816,000 (2024: \u00a369,378,000) comprising gross cash and unutilised committed facilities. The Group's debt facilities consist of a \u00a3180,000,000 committed revolving credit facility (the \"RCF\"), which now has a maturity date of 28 February 2029. This reflects the exercise during the year of a one-year extension option, which was subsequently approved by the lenders. Amounts drawn under the RCF bear interest at a floating reference rate plus a margin. The reference rates are SONIA for loans in Sterling, EURIBOR for loans in Euros and SOFR for loans in US Dollars. As at 30 April 2025 the Group had drawn down \u00a393,000,000 and \u20ac4,500,000 of the available revolving credit facility (2024: \u00a3113,000,000 and \u20ac8,500,000). The Group hedges its interest rate exposure on a rolling basis. As at the current date, several layered SONIA interest rate cap instruments are in place with strike rates of between 4.5% and 5.0% on total notional of \u00a350.0m until 31 October 2026. Further details are set out at Note 20. The RCF is subject to two covenants, each tested at six-monthly intervals. The leverage covenant, measuring the ratio of net debt to last twelve months Adjusted EBITDA (excluding share-based payments, as specified in the facilities agreement), is a maximum of 3.0x for the remaining term of the facility. The interest cover covenant, measuring the ratio of last twelve months Adjusted EBITDA (excluding share- based payments, as specified in the facilities agreement) to the total of bank interest payable and interest payable on leases, is a minimum of 3.5x for the term of the facility. The Group has complied with all covenants from entering the RCF until the date of these consolidated financial statements and is forecast to comply with these during the going concern assessment period. To support the Group\u2019s assessment of going concern, detailed trading and cash flow forecasts, including forecast liquidity and covenant compliance, were prepared for the 24-month period to 30 April 2027. The Directors have also reviewed the severe but plausible scenario described within the viability statement of the Annual Report and Accounts for the year ended 30 April 2025 in relation to the most severe of the two scenarios modelled. In this scenario, the Group continues to have sufficient resources to continue in operational existence. In the event that more severe impacts occur, controllable mitigating actions are available to the Group should they be required. The Directors also reviewed the results of reverse stress testing performed throughout the going concern and viability periods, to provide an illustration of the extent to which existing customer purchase frequency and levels of new customer acquisition would need to deteriorate in order that their cumulative effect should either trigger a breach in the Group\u2019s covenants under the RCF or else exhaust liquidity. The probability of this scenario occurring was deemed to be remote given the resilient nature of the business model and strong cash conversion of the Group. After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months from the date of signing these consolidated financial statements. Accordingly, they continue to adopt the going concern basis in preparing these consolidated financial statements, in accordance with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-477": { "value": "Critical accounting judgements and estimates In preparing these financial statements, management has made judgements and estimates that affect the application of the accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. The areas of judgement which have the greatest potential effect on the amounts recognised in the financial statements are: Capitalisation of internally generated assets Certain costs incurred in the developmental phase of an internal project, which include the development of technology, app and platform enhancements and internally generated software and trademarks, are capitalised as intangible assets if a number of criteria are met. The costs of internally developed assets include capitalised expenses of employees working full time on software development projects, third- party firms and software licence fees. Management has made judgements and assumptions when assessing whether development meets these criteria and on measuring the costs attributed to such projects. The amounts of and movements in, such assets are set out in Note 12. Useful life of internally generated assets The estimated useful lives which are used to calculate amortisation of internally generated assets (the Group\u2019s platforms and applications) are based on the length of time these assets are expected to generate income and be of benefit to the Group. The uncertainty included in this estimate is that if the useful lives are estimated to differ from the actual useful lives of the intangible assets, this could result in accelerated amortisation in future years and/or impairments. The economic lives of internally generated intangible assets are estimated at three years. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. If the useful life of internally generated assets were estimated to be shorter or longer by one year, than the current useful life of three years, the net book value would (decrease)/increase by \u00a3(6,320,000)/\u00a35,589,000 from the amount recognised as at 30 April 2025. The amounts of and movements in, such assets are set out in Note 12. Experiences merchant accrual At Experiences, which acts as an agent at the point of sale, the merchant accrual has been identified as a significant estimate. When a voucher is purchased, the expected value of future amounts that will become payable to merchant providers is recognised on the balance sheet. The Group takes into account historical redemption rates when estimating future payments to merchant providers, with the span between the upper and the lower ends of the range in historical trends for these rates equivalent to a \u00a33,119,000 movement in the amount recognised in revenue. The estimates are trued up for actual customer utilisation rates in the year. Carrying amount of Experiences goodwill Goodwill is tested annually for impairment. The critical accounting estimates made in the calculation of the recoverable amount are: \u2022 Pre-perpetuity compound annual revenue growth rate of 2.7% (2024: 6.6%). \u2022 Discount rate of 13.5% (2024: 15.1%). Sensitivity analysis and further disclosure relating to these critical accounting estimates is set out in Note 12.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-426": { "value": "
2 Summary of significant accounting policies
New standards, amendments and interpretations adopted from 1 May 2024
The following amendments are effective for the year beginning 1 May 2024:
\u2022 IFRS 16 Leases (Amendment \u2013 Liability in a Sale and Leaseback).
\u2022 IAS 1 Presentation of Financial Statements (Amendment \u2013 Classification of Liabilities as Current or Non-current).
\u2022 IAS 1 Presentation of Financial Statements (Amendment \u2013 Non-current Liabilities with Covenants).
These amendments to various IFRS standards are mandatorily effective for reporting periods beginning on or after 1 May 2024 and had
no material impact on the year-end consolidated financial statements of the Group.
New standards, amendments and interpretations not yet adopted
The following adopted IFRSs have been issued but have not been applied by the Group in these consolidated financial statements.
Their adoption is not expected to have material effect on the financial statements unless otherwise indicated:
The following amendments are effective for the year beginning 1 May 2025:
\u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange rates)
The following amendments are effective for the year beginning 1 May 2026:
\u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7)
The following amendments are effective for the year beginning 1 May 2027:
\u2022 IFRS 18 Presentation and Disclosure in the Financial Statements.
The Group is currently assessing the effect of these new accounting standards and amendments.
The principal accounting policies are set out below. Policies have been applied consistently, other than where new policies have been
applied.
a) Foreign currency translation
The consolidated financial statements are presented in Sterling, which is the Group\u2019s presentational currency and are rounded to the
nearest thousand. The income and cash flow statements of Group undertakings that are expressed in other currencies are translated to
Sterling using exchange rates applicable on the dates of the underlying transactions. Average rates of exchange in each year are used
where the average rate approximates the relevant exchange rate on the date of the underlying transactions. Assets and liabilities of Group
undertakings are translated at the applicable rates of exchange at the end of each year.
The differences between retained profits translated at average and closing rates of exchange are taken to the foreign currency translation
reserve, as are differences arising on the retranslation to Sterling (using closing rates of exchange) of overseas net assets at the beginning of
the year and are presented as a separate component of equity. They are recognised in the income statement when the gain or loss on
disposal of a Group undertaking is recognised.
Foreign currency transactions are initially recognised in the functional currency of each entity in the Group using the exchange rate ruling at
the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of
foreign currency assets and liabilities at year-end rates of exchange are recognised in the income statement. Foreign exchange gains or
losses recognised in the income statement are included in operating profit or finance costs / income depending on the underlying
transactions that gave rise to these exchange differences.
b) Revenue
The Group recognises revenue when it has satisfied its performance obligations to external customers and control of the goods has been
transferred. The Group is principally engaged in the sale of greeting cards, physical gifts and gift experiences.
i) Sale of greeting cards and physical gifts
The Group generates revenue from the sale of greeting cards and physical gifts. Shipping and handling is not a separate performance
obligation and any shipping fees charged to the customer are included in the transaction price. The sale of goods and any shipping and
handling represents a single performance obligation which is satisfied upon delivery of the relevant goods and the transfer of control to that
customer. Revenue is measured at the transaction price received net of value added tax and discounts and is reduced for provisions of
customer returns and remakes based on the history of such matters. The cost of shipping is directly associated with generating revenue and
therefore presented within cost of sales.
ii) Subscription revenue
The Group operates subscription membership schemes whereby customers are charged an upfront annual fee in return for discounts on
subsequent greeting card purchases and other ancillary benefits over the following 12-month period. In addition, for new members, the
initial greeting card purchase is typically subject to a discount.
Revenue is measured at the transaction price, which is the standalone selling price of the subscription membership. The membership
contract gives rise to a performance obligation because it grants the customer an option to acquire additional goods and services and that
option provides material rights that the customer would not receive without entering that contract. Revenue is recognised as goods or
services are transferred in line with the exercise of those material rights.
The material rights provided to subscription members currently comprise:
\u2022 The discount on the initial greeting card purchase, in the first year of subscription membership only, to the extent that this exceeds the
price that a customer could access through generally available discounts.
\u2022 Expected usage of the discount on subsequent card purchases, to the extent that this exceeds the price that a customer could otherwise
access through generally available discounts.
\u2022 Expected usage of ancillary benefits, such as free postcards.
iii) Sale of gift experiences
The Group operates a platform for the distribution of gift experience vouchers that may be redeemed for a wide choice of experiences
provided by third-party merchant partners and either gifted or kept for a consumer\u2019s own use. Revenue is recognised when a consumer
purchases a gift experience, acting as an agent at the point of sale. At this point, the Group\u2019s obligations are substantially complete, subject
to a provision for refunds as stipulated in the terms of the sale, as the Group\u2019s merchant partners provide gift experience services, following
redemption either through the Group\u2019s websites or directly with the recipient\u2019s chosen merchant partner.
The amount of revenue recognised primarily comprises the expected value of fees and any other income receivable in accordance with the
Group\u2019s contracts with third-party merchant partners, rather than the gross value of vouchers purchased. This includes an estimate of the
revenue to be recognised in relation to vouchers which are not redeemed based on historical rates.
Each voucher is multi-purpose and can be exchanged for any experience at any point until redemption, on account of which merchants are
not paid a share of the gross value of a voucher until after redemption. The expected value of future amounts that will become payable to
merchants is included within Experiences merchant accrual on the balance sheet and estimates are trued up for actual customer
redemption rates. See further information within critical accounting estimates on page 137. Where non-redemption exceeds the expected
rate for a cohort of vouchers, the Group recognises revenue from the additional unredeemed vouchers and derecognises the accrued
merchant payable once its legal obligations to the merchants expire.
c) Supplier income
The Group enters into agreements with suppliers to share the costs and benefits of promotional activity and volume growth. The Group
receives income from its suppliers based on specific agreements in place. Supplier income received is recognised as a deduction to costs of
sales and directly affects the Group's reported margin. Marketing income earned from suppliers in return for media space is not included in
the Group's definition of supplier income. The types of supplier income recognised by the Group and the associated recognition policies
are:
i) Promotional contributions
Includes supplier contributions to promotional giveaways and other supplier funded promotional activity. Income is recognised as a
deduction to cost of sales over the relevant promotional period. Income is calculated and invoiced at the end of the promotion period
based on actual sales or according to fixed contribution arrangements. Contributions earned, but not invoiced, are accrued at the end of
the relevant period and recognised within trade and other receivables.
ii) Volume-based rebates
Includes annual growth incentives and seasonal contributions. Annual growth incentives are calculated and invoiced at the end of the
financial year, once earned, based on fixed percentage growth targets agreed for each supplier at the beginning of the year. They are
recognised as a reduction in cost of sales in the year to which they related. Other volume-based rebates are agreed with the supplier and
spread over the contract period to which they relate. Contributions earned, but not invoiced, are accrued at the end of the relevant periods.
The uncollected amounts accrued are recognised in trade and other payables net against amounts owed to that supplier as the Group has
the legal right and intention to offset these balances.
d) Taxation
Taxation is chargeable on the profits for the year, together with deferred taxation.
The current income tax charge is calculated on the basis of tax laws enacted or substantively enacted at the balance sheet date in the
countries where the Group\u2019s subsidiaries operate and generate taxable income.
Deferred taxation is provided in full using the liability method for temporary differences between the carrying amount of assets and liabilities
for financial reporting purposes and the amount used for taxation purposes. A deferred tax asset is recognised only to the extent that it is
probable that future taxable profits will be available against which the asset can be utilised.
Deferred tax is determined using the tax rates that have been enacted or substantively enacted by the balance sheet date and are
expected to apply when the related deferred tax asset is realised, or deferred tax liability is settled. Deferred tax relating to items recognised
outside of profit or loss is also recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction
either in other comprehensive income or directly in equity. Deferred tax assets and liabilities are offset if a legally enforceable right exists to
set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation
authority.
Tax is recognised in the income statement except to the extent that it relates to items recognised in other comprehensive income or directly
in equity, in which case it is recognised in the statement of other comprehensive income or the statement of changes in equity.
e) Business combinations
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the
consideration transferred which is measured at the acquisition date. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities
that meet the conditions for recognition under IFRS 3 Business Combinations are recognised at their fair values at the acquisition date.
Acquisition-related items such as legal or professional fees are recognised as expenses in the year in which the costs are incurred as
Adjusting Items.
f) Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value
of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill relates to the
Greetz and Experiences cash-generating units.
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill
is not subject to amortisation but is tested for impairment annually or whenever there is evidence that it may be required. Any impairment of
goodwill is recognised immediately in the income statement and is not subsequently reversed. Goodwill is denominated in the currency of
the acquired entity and revalued to the closing exchange rate at each reporting year date.
Goodwill in respect of subsidiaries is included in intangible assets. On disposal of a subsidiary, the attributable amount of goodwill is
included in the determination of the profit or loss on disposal.
g) Intangible assets other than goodwill
i) Separately acquired intangible assets
Intangible assets acquired separately are measured on initial recognition at fair value at the acquisition date, provided they are identifiable
and capable of reliable measurement.
Intangible assets with a finite useful life that are acquired separately are carried at cost less accumulated amortisation and impairment
losses. These intangible assets are amortised on a straight-line basis over their remaining useful lives, consistent with the pattern of
economic benefits expected to be received. The amortisation charge is included within selling and administrative expenses in the income
statement.
ii) Internally generated research and development costs
Research expenditure is charged to the income statement in the year in which it is incurred. Development expenditure is charged to the
income statement in the year it is incurred unless it meets the recognition criteria of IAS 38 Intangible Assets to be capitalised as an intangible
asset.
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and
impairment losses. Amortisation begins when development is complete and the asset is available for use; the charge is included within
selling and administrative expenses in the income statement. The estimated useful lives of separately acquired and internally generated
assets are as follows:
Straight-line amortisation period
Trademark
10 years
Technology and development costs
3 years
Customer relationships
1 to 12 years
Software
3 to 5 years
Other intangibles
2 to 4 years
h) Impairment of non-financial assets
Assets are reviewed for impairment whenever events indicate that the carrying amount of a cash-generating unit or the carrying amounts
of non-financial assets may not be recoverable. In addition, assets that have indefinite useful lives are tested annually for impairment.
An impairment loss is recognised to the extent that the carrying amount exceeds the higher of the asset\u2019s fair value less costs to sell and its
value in use.
A cash-generating unit is the smallest identifiable group of assets that generates cash flows which are largely independent of the cash flows
from other assets or groups of assets. At the acquisition date, any goodwill acquired is allocated to the relevant cash-generating unit or
group of cash-generating units expected to benefit from the acquisition for the purpose of impairment testing of goodwill.
i) Impairment of financial assets held at amortised cost
As permitted by IFRS 9 Financial Instruments, loss allowances on trade receivables arising from the recognition of revenue under IFRS 15
Revenue from Contracts with Customers are initially measured at an amount equal to lifetime expected losses. Allowances in respect of
loans and other receivables are initially recognised at an amount equal to 12-month expected credit losses. Allowances are measured at an
amount equal to the lifetime expected credit losses where the credit risk on the receivables increases significantly after initial recognition.
j) Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation is calculated on a straight-
line basis to write off the assets over their useful economic life. No depreciation is provided on freehold land. The estimated useful lives are
as follows:
Straight-line depreciation period
Freehold property
25 years
Plant and machinery
4 years
Fixtures and fittings
4 years
Leasehold improvements
10 years or the unexpired term of lease if lower
Computer equipment
3 years
Right-of-use assets (plant and machinery, land and buildings)
Lease length
Climate change is not considered to materially impact the estimated useful lives of assets. Although extreme weather events could
potentially damage manufacturing and distribution facilities, the probability of this occurring at the Group\u2019s most vulnerable location,
Guernsey, is only 0.2% annually over the expected lifespan of the assets. Furthermore, the Group has flexibility in its production network and
could shift production to other locations to mitigate any business interruptions.
k) Leased assets
Group as lessee
The Group records its lease obligations in accordance with the principles for the recognition, measurement, presentation and disclosures
of leases as set out in IFRS 16. The Group applies IFRS 16 Leases to contractual arrangements which are, or contain, leases of assets and
consequently recognises right-of-use assets and lease liabilities at the commencement of the leasing arrangement, with the asset included
in Note 13 and the liabilities included as part of borrowings in Note 20. The nature of the Group\u2019s leases are offices, warehouses and
printing machinery.
Lease liabilities are initially recognised at an amount equal to the present value of estimated contractual lease payments at the inception
of the lease, after taking into account any options to extend the term of the lease to the extent they are reasonably certain to be exercised.
Lease commitments are discounted to present value using the interest rate implicit in the lease if this can be readily determined, or the
applicable incremental rate of borrowing, as appropriate. Right-of-use assets are initially recognised at an amount equal to the lease
liability, adjusted for initial direct costs in relation to the assets, then depreciated over the shorter of the lease term and their estimated
useful lives.
The Group applies the recognition exemption for leases of low value and short-term leases of 12 months. These leases are not recognised
on the balance sheet but expensed to the income statement on a straight-line basis over the lease term.
Group as lessor
The Group has entered into a sublease agreement as a lessor with respect to part of one of its leasehold properties. This is accounted for
as an operating lease as the lease does not transfer substantially all the risks and rewards of ownership to the lessee.
When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is
classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in
negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis
over the lease term.
l) Inventories Inventories include raw materials and finished goods and are stated at the lower of cost and net realisable value. Cost is based on the weighted average cost incurred in acquiring inventories and bringing them to their existing location and condition, which will include raw materials, direct labour and overheads, where appropriate. m) Cash and cash equivalents Cash and cash equivalents comprise cash in hand, call deposits, cash held by payment service providers and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value, with a maturity of three months or less. Cash equivalents relate to cash in transit from various payment processing intermediaries that provide receipting services to the Group. For the purposes of the consolidated cash flow statement, cash and cash equivalents consist of cash and short-term deposits as defined above and are shown net of bank overdrafts, which are included as current borrowings in the liabilities section on the balance sheet. n) Financial instruments The primary objective with regard to the management of cash of the Group\u2019s business model for managing financial assets is to protect against the loss of principal. Additionally, the Group aims to maximise liquidity by concentrating cash centrally; to align the maturity profile of external investments with that of the forecast liquidity profile; to wherever practicable, match the interest rate profile of external investments to that of debt maturities or fixings; and to optimise the investment yield within the Group\u2019s investment parameters. Financial assets and liabilities are recognised when the Group becomes a party to the contractual provisions of the relevant instrument and derecognised when it ceases to be a party. Such assets and liabilities are classified as current if they are expected to be realised or settled within 12 months after the balance sheet date. If not, they are classified as non-current. In addition, current liabilities include amounts where the entity does not have an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Non-derivative financial assets are classified on initial recognition in accordance with the Group\u2019s business model as investments, loans and receivables, or cash and cash equivalents and accounted for as follows: \u2022 Loans and other receivables: These are non-derivative financial assets with fixed or determinable payments that are solely payments of principal and interest on the principal amount outstanding, that are primarily held in order to collect contractual cash flows. These balances include trade and other receivables and are measured at amortised cost, using the effective interest rate method and stated net of allowances for credit losses. \u2022 Cash and cash equivalents: Cash and cash equivalents include cash in hand and deposits held on call. Cash equivalents normally comprise instruments with maturities of three months or less at their date of acquisition. In the cash flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in the liabilities section on the balance sheet. Non-derivative financial liabilities, including borrowings and trade payables, are stated at amortised cost using the effective interest method. For borrowings, their carrying amount includes accrued interest payable. The effective interest method takes into account both the contractual cash flows and the time value of money. The carrying amount of the financial liability is adjusted over time to reflect the unwinding of the discount, whereby the discount represents the difference between the initial fair value and the amount paid or received. The discounting process involves applying a discount rate to the future cash flows associated with the financial liability. The effect of discounting is recognised as an interest expense in the profit and loss over the expected term of the financial liability. Derivative financial instruments are used to manage risks arising from changes in interest rates relating to the Group\u2019s external debt. The Group does not hold or issue derivative financial instruments for trading purposes. The Group uses the derivatives to hedge highly probable forecast transactions and therefore, the instruments are designated as cash flow hedges. Derivatives are initially recognised at fair value on the date a contract is entered into and are subsequently remeasured at their fair value at each reporting date. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in the cash flows of the hedged item and hedging instrument are expected to offset each other. The effective element of any gain or loss from remeasuring the derivative instrument is recognised in other comprehensive income (OCI) and accumulated in the hedging reserve (presented in \u201cother reserves\u201d in the statement of changes in equity). Any change in the fair value of time value of the derivative instrument is also recognised in OCI as part of cash flow hedges and accumulated in the cost of hedging reserve (presented in \u201cother Reserves\u201d in the statement of changes in equity). Any element of the remeasurement of the derivative instrument that does not meet the criteria for an effective hedge is recognised immediately in the Group income statement within finance costs.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain
or loss existing in OCI at that time remains in OCI and is recognised when the forecast transaction is ultimately recognised in the income
statement within finance costs. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported
in OCI is recycled to the income statement. The full fair value of a hedging derivative is classified as a non-current asset or liability if the
remaining maturity of the hedged item is more than 12 months or, as a current asset or liability, if the remaining maturity of the hedged item
is less than 12 months.
o) Segmental analysis
The Group is organised and managed based on its segments (Moonpig, Greetz and Experiences). These are the reportable and operating
segments for the Group as they form the focus of the Group\u2019s internal reporting systems and are the basis used by the chief operating
decision maker (CODM), identified as the CEO and CFO, for assessing performance and allocating resources. The prices agreed
between Group companies for intra-group services and fees are based on normal commercial practices which would apply between
independent businesses.
p) Provisions
Provisions are recognised when either a legal or constructive obligation as a result of a past event exists at the balance sheet date, it is
probable that an outflow of economic resources will be required to settle the obligation and a reasonable estimate can be made of the
amount of the obligation.
q) Pensions and other post-employment benefits
The Group contributes to defined contribution pensions schemes and payments to these are charged as an expense and accrued over time.
r) Adjusting Items
Adjusting Items are significant items of income or expense which individually or, if of a similar type, in aggregate, are relevant to an
understanding of the Group\u2019s underlying financial performance because of their size, nature or incidence. In identifying and quantifying
Adjusting Items, the Group consistently applies a policy that defines criteria that are required to be met for an item to be classified as an
Adjusting Item. These items are separately disclosed in the segmental analyses or in the notes to the financial statements as appropriate.
The Group believes that these items are useful to users of the consolidated financial statements in helping them to understand the
underlying business performance and are used to derive the Group\u2019s principal non-GAAP measures of Adjusted EBITDA, Adjusted EBIT,
Adjusted PBT and Adjusted EPS, which exclude the impact of Adjusting Items and which are reconciled from operating profit, profit before
taxation and earnings per share.
s) Equity
Called-up share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction
from the proceeds.
Share premium
The amount subscribed for the ordinary shares in excess of the nominal value of these new shares is recorded in share premium. Costs that
directly relate to the issue of ordinary shares are deducted from share premium net of corporation tax.
Merger reserve
The merger reserve of \u00a3993,026,000 arose as a result of the Group reorganisation undertaken prior to the Company's listing on the London
Stock Exchange. This reorganisation was accounted for using common control merger accounting. Under this method, the assets and
liabilities of the acquired entities were recognised at their existing carrying amounts rather than at fair value and no goodwill was
recognised. The difference between the consideration paid and the book value of net assets acquired was recorded directly in equity
within the merger reserve.
This accounting treatment was selected in preference to acquisition accounting in order to reflect the continuity of ownership and to present
the Group's financial results on a basis that preserved the historical track record of the underlying trading entities. Had acquisition
accounting been applied, the identifiable net assets would have been remeasured at fair value and a significant goodwill asset would
likely have been recognised, increasing net assets and potentially resulting in the Group reporting positive net assets. However, such
treatment would not have reflected the substance of a restructuring within a commonly controlled group.
The adoption of common control merger accounting has resulted in the recognition of a significant merger reserve on consolidation. The
merger reserve is a debit balance within equity arising from the application of merger accounting and is a significant contributor to the
Group's reported net liabilities position.
Other reserves
Share-based payment reserve
The share-based payment reserve is built up of charges in relation to equity-settled share-based payment arrangements which have been
recognised within the consolidated income statement. Upon the exercise of share options the cumulative amount recognised in the share-
based payment reserve is recycled to retained earnings, reflecting the transfer of value to the equity of the Company.
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related
to hedged transactions that have not yet occurred and the cumulative net change in the fair value of time value on the cash flow hedging
instruments.
Foreign currency translation reserve
The foreign currency translation reserve represents the accumulated exchange differences arising since the acquisition of Greetz from the
impact of the translation of subsidiaries with a functional currency other than Sterling.
Own shares held reserve
The own shares held reserve represents the equity account used to record the cost of the Company's own shares that have been
repurchased. These shares are not considered outstanding for the purposes of calculating earnings per share and do not carry voting rights
or the right to receive dividends while held by the Company. Shares purchased for cancellation are included in the own shares held reserve
until cancellation, at which point the consideration is transferred to retained earnings and the nominal value of the shares is transferred
from share capital to the capital redemption reserve.
Capital redemption reserve
The capital redemption reserve reflects the nominal amount of shares bought back and cancelled.
t) Dividends
Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s financial statements in the period in which the
dividend is approved by the Company\u2019s shareholders in the case of final dividends, or the date at which they are declared in the case of
interim dividends.
u) Earnings per share
The Group presents basic and diluted EPS for its ordinary shares. Basic EPS is calculated by dividing the profit attributable to ordinary
shareholders by the weighted average number of ordinary shares outstanding during the year. For diluted EPS, the weighted average
number of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares.
v) Share-based payments
The Group has equity-settled compensation plans.
Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the
equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of awards that will eventually vest.
For plans where the vesting conditions are based on a market condition, such as total shareholder return, the fair value at date of grant
reflects the probability that this condition will not be met and therefore is fixed thereafter irrespective of actual vesting.
Fair value is measured using the Black-Scholes and Monte Carlo option pricing model, except where vesting is subject to market conditions
when the Stochastic option pricing model is used. A Chaffe model is used to value the holding period. The expected term used in the
models has been adjusted based on management\u2019s best estimate, for the effects of non-transferability, exercise restrictions and
behavioural considerations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-428": { "value": "New standards, amendments and interpretations adopted from 1 May 2024 The following amendments are effective for the year beginning 1 May 2024: \u2022 IFRS 16 Leases (Amendment \u2013 Liability in a Sale and Leaseback). \u2022 IAS 1 Presentation of Financial Statements (Amendment \u2013 Classification of Liabilities as Current or Non-current). \u2022 IAS 1 Presentation of Financial Statements (Amendment \u2013 Non-current Liabilities with Covenants). These amendments to various IFRS standards are mandatorily effective for reporting periods beginning on or after 1 May 2024 and had no material impact on the year-end consolidated financial statements of the Group. New standards, amendments and interpretations not yet adopted The following adopted IFRSs have been issued but have not been applied by the Group in these consolidated financial statements. Their adoption is not expected to have material effect on the financial statements unless otherwise indicated: The following amendments are effective for the year beginning 1 May 2025: \u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange rates) The following amendments are effective for the year beginning 1 May 2026: \u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7) The following amendments are effective for the year beginning 1 May 2027: \u2022 IFRS 18 Presentation and Disclosure in the Financial Statements. The Group is currently assessing the effect of these new accounting standards and amendments. The principal accounting policies are set out below. Policies have been applied consistently, other than where new policies have been applied. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-479": { "value": "New standards, amendments and interpretations adopted from 1 May 2024 The following amendments are effective for the year beginning 1 May 2024: \u2022 IFRS 16 Leases (Amendment \u2013 Liability in a Sale and Leaseback). \u2022 IAS 1 Presentation of Financial Statements (Amendment \u2013 Classification of Liabilities as Current or Non-current). \u2022 IAS 1 Presentation of Financial Statements (Amendment \u2013 Non-current Liabilities with Covenants). These amendments to various IFRS standards are mandatorily effective for reporting periods beginning on or after 1 May 2024 and had no material impact on the year-end consolidated financial statements of the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-478": { "value": "New standards, amendments and interpretations not yet adopted The following adopted IFRSs have been issued but have not been applied by the Group in these consolidated financial statements. Their adoption is not expected to have material effect on the financial statements unless otherwise indicated: The following amendments are effective for the year beginning 1 May 2025: \u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange rates) The following amendments are effective for the year beginning 1 May 2026: \u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7) The following amendments are effective for the year beginning 1 May 2027: \u2022 IFRS 18 Presentation and Disclosure in the Financial Statements. The Group is currently assessing the effect of these new accounting standards and amendments. The principal accounting policies are set out below. Policies have been applied consistently, other than where new policies have been applied. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-429": { "value": "a) Foreign currency translation The consolidated financial statements are presented in Sterling, which is the Group\u2019s presentational currency and are rounded to the nearest thousand. The income and cash flow statements of Group undertakings that are expressed in other currencies are translated to Sterling using exchange rates applicable on the dates of the underlying transactions. Average rates of exchange in each year are used where the average rate approximates the relevant exchange rate on the date of the underlying transactions. Assets and liabilities of Group undertakings are translated at the applicable rates of exchange at the end of each year. The differences between retained profits translated at average and closing rates of exchange are taken to the foreign currency translation reserve, as are differences arising on the retranslation to Sterling (using closing rates of exchange) of overseas net assets at the beginning of the year and are presented as a separate component of equity. They are recognised in the income statement when the gain or loss on disposal of a Group undertaking is recognised. Foreign currency transactions are initially recognised in the functional currency of each entity in the Group using the exchange rate ruling at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of foreign currency assets and liabilities at year-end rates of exchange are recognised in the income statement. Foreign exchange gains or losses recognised in the income statement are included in operating profit or finance costs / income depending on the underlying transactions that gave rise to these exchange differences. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-480": { "value": "The consolidated financial statements are presented in Sterling, which is the Group\u2019s presentational currency and are rounded to the nearest thousand.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-430": { "value": "b) Revenue The Group recognises revenue when it has satisfied its performance obligations to external customers and control of the goods has been transferred. The Group is principally engaged in the sale of greeting cards, physical gifts and gift experiences. i) Sale of greeting cards and physical gifts The Group generates revenue from the sale of greeting cards and physical gifts. Shipping and handling is not a separate performance obligation and any shipping fees charged to the customer are included in the transaction price. The sale of goods and any shipping and handling represents a single performance obligation which is satisfied upon delivery of the relevant goods and the transfer of control to that customer. Revenue is measured at the transaction price received net of value added tax and discounts and is reduced for provisions of customer returns and remakes based on the history of such matters. The cost of shipping is directly associated with generating revenue and therefore presented within cost of sales. ii) Subscription revenue The Group operates subscription membership schemes whereby customers are charged an upfront annual fee in return for discounts on subsequent greeting card purchases and other ancillary benefits over the following 12-month period. In addition, for new members, the initial greeting card purchase is typically subject to a discount. Revenue is measured at the transaction price, which is the standalone selling price of the subscription membership. The membership contract gives rise to a performance obligation because it grants the customer an option to acquire additional goods and services and that option provides material rights that the customer would not receive without entering that contract. Revenue is recognised as goods or services are transferred in line with the exercise of those material rights. The material rights provided to subscription members currently comprise: \u2022 The discount on the initial greeting card purchase, in the first year of subscription membership only, to the extent that this exceeds the price that a customer could access through generally available discounts. \u2022 Expected usage of the discount on subsequent card purchases, to the extent that this exceeds the price that a customer could otherwise access through generally available discounts. \u2022 Expected usage of ancillary benefits, such as free postcards. iii) Sale of gift experiences The Group operates a platform for the distribution of gift experience vouchers that may be redeemed for a wide choice of experiences provided by third-party merchant partners and either gifted or kept for a consumer\u2019s own use. Revenue is recognised when a consumer purchases a gift experience, acting as an agent at the point of sale. At this point, the Group\u2019s obligations are substantially complete, subject to a provision for refunds as stipulated in the terms of the sale, as the Group\u2019s merchant partners provide gift experience services, following redemption either through the Group\u2019s websites or directly with the recipient\u2019s chosen merchant partner. The amount of revenue recognised primarily comprises the expected value of fees and any other income receivable in accordance with the Group\u2019s contracts with third-party merchant partners, rather than the gross value of vouchers purchased. This includes an estimate of the revenue to be recognised in relation to vouchers which are not redeemed based on historical rates. Each voucher is multi-purpose and can be exchanged for any experience at any point until redemption, on account of which merchants are not paid a share of the gross value of a voucher until after redemption. The expected value of future amounts that will become payable to merchants is included within Experiences merchant accrual on the balance sheet and estimates are trued up for actual customer redemption rates. See further information within critical accounting estimates on page 137. Where non-redemption exceeds the expected rate for a cohort of vouchers, the Group recognises revenue from the additional unredeemed vouchers and derecognises the accrued merchant payable once its legal obligations to the merchants expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-7": { "value": "The Group is principally engaged in the sale of greeting cards, physical gifts and gift experiences. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-431": { "value": "c) Supplier income The Group enters into agreements with suppliers to share the costs and benefits of promotional activity and volume growth. The Group receives income from its suppliers based on specific agreements in place. Supplier income received is recognised as a deduction to costs of sales and directly affects the Group's reported margin. Marketing income earned from suppliers in return for media space is not included in the Group's definition of supplier income. The types of supplier income recognised by the Group and the associated recognition policies are: i) Promotional contributions Includes supplier contributions to promotional giveaways and other supplier funded promotional activity. Income is recognised as a deduction to cost of sales over the relevant promotional period. Income is calculated and invoiced at the end of the promotion period based on actual sales or according to fixed contribution arrangements. Contributions earned, but not invoiced, are accrued at the end of the relevant period and recognised within trade and other receivables. ii) Volume-based rebates Includes annual growth incentives and seasonal contributions. Annual growth incentives are calculated and invoiced at the end of the financial year, once earned, based on fixed percentage growth targets agreed for each supplier at the beginning of the year. They are recognised as a reduction in cost of sales in the year to which they related. Other volume-based rebates are agreed with the supplier and spread over the contract period to which they relate. Contributions earned, but not invoiced, are accrued at the end of the relevant periods. The uncollected amounts accrued are recognised in trade and other payables net against amounts owed to that supplier as the Group has the legal right and intention to offset these balances. ", "dimensions": { "concept": "moonpiggroupplc:DescriptionOfAccountingPolicyForSupplierIncome", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-481": { "value": "d) Taxation Taxation is chargeable on the profits for the year, together with deferred taxation. The current income tax charge is calculated on the basis of tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group\u2019s subsidiaries operate and generate taxable income. Deferred taxation is provided in full using the liability method for temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amount used for taxation purposes. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax is determined using the tax rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised, or deferred tax liability is settled. Deferred tax relating to items recognised outside of profit or loss is also recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred tax assets and liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Tax is recognised in the income statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case it is recognised in the statement of other comprehensive income or the statement of changes in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-432": { "value": "d) Taxation Taxation is chargeable on the profits for the year, together with deferred taxation. The current income tax charge is calculated on the basis of tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group\u2019s subsidiaries operate and generate taxable income. Deferred taxation is provided in full using the liability method for temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amount used for taxation purposes. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax is determined using the tax rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised, or deferred tax liability is settled. Deferred tax relating to items recognised outside of profit or loss is also recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred tax assets and liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Tax is recognised in the income statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case it is recognised in the statement of other comprehensive income or the statement of changes in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-482": { "value": "e) Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred which is measured at the acquisition date. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are recognised at their fair values at the acquisition date. Acquisition-related items such as legal or professional fees are recognised as expenses in the year in which the costs are incurred as Adjusting Items. f) Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill relates to the Greetz and Experiences cash-generating units. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is evidence that it may be required. Any impairment of goodwill is recognised immediately in the income statement and is not subsequently reversed. Goodwill is denominated in the currency of the acquired entity and revalued to the closing exchange rate at each reporting year date. Goodwill in respect of subsidiaries is included in intangible assets. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-433": { "value": "e) Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred which is measured at the acquisition date. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are recognised at their fair values at the acquisition date. Acquisition-related items such as legal or professional fees are recognised as expenses in the year in which the costs are incurred as Adjusting Items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-434": { "value": "f) Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill relates to the Greetz and Experiences cash-generating units. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is evidence that it may be required. Any impairment of goodwill is recognised immediately in the income statement and is not subsequently reversed. Goodwill is denominated in the currency of the acquired entity and revalued to the closing exchange rate at each reporting year date. Goodwill in respect of subsidiaries is included in intangible assets. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-510": { "value": "f) Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill relates to the Greetz and Experiences cash-generating units. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is evidence that it may be required. Any impairment of goodwill is recognised immediately in the income statement and is not subsequently reversed. Goodwill is denominated in the currency of the acquired entity and revalued to the closing exchange rate at each reporting year date. Goodwill in respect of subsidiaries is included in intangible assets. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. g) Intangible assets other than goodwill i) Separately acquired intangible assets Intangible assets acquired separately are measured on initial recognition at fair value at the acquisition date, provided they are identifiable and capable of reliable measurement. Intangible assets with a finite useful life that are acquired separately are carried at cost less accumulated amortisation and impairment losses. These intangible assets are amortised on a straight-line basis over their remaining useful lives, consistent with the pattern of economic benefits expected to be received. The amortisation charge is included within selling and administrative expenses in the income statement. ii) Internally generated research and development costs Research expenditure is charged to the income statement in the year in which it is incurred. Development expenditure is charged to the income statement in the year it is incurred unless it meets the recognition criteria of IAS 38 Intangible Assets to be capitalised as an intangible asset. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and impairment losses. Amortisation begins when development is complete and the asset is available for use; the charge is included within selling and administrative expenses in the income statement. The estimated useful lives of separately acquired and internally generated assets are as follows:
Straight-line amortisation period
Trademark
10 years
Technology and development costs
3 years
Customer relationships
1 to 12 years
Software
3 to 5 years
Other intangibles
2 to 4 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-435": { "value": "g) Intangible assets other than goodwill i) Separately acquired intangible assets Intangible assets acquired separately are measured on initial recognition at fair value at the acquisition date, provided they are identifiable and capable of reliable measurement. Intangible assets with a finite useful life that are acquired separately are carried at cost less accumulated amortisation and impairment losses. These intangible assets are amortised on a straight-line basis over their remaining useful lives, consistent with the pattern of economic benefits expected to be received. The amortisation charge is included within selling and administrative expenses in the income statement. ii) Internally generated research and development costs Research expenditure is charged to the income statement in the year in which it is incurred. Development expenditure is charged to the income statement in the year it is incurred unless it meets the recognition criteria of IAS 38 Intangible Assets to be capitalised as an intangible asset. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and impairment losses. Amortisation begins when development is complete and the asset is available for use; the charge is included within selling and administrative expenses in the income statement. The estimated useful lives of separately acquired and internally generated assets are as follows:
Straight-line amortisation period
Trademark
10 years
Technology and development costs
3 years
Customer relationships
1 to 12 years
Software
3 to 5 years
Other intangibles
2 to 4 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-483": { "value": "h) Impairment of non-financial assets Assets are reviewed for impairment whenever events indicate that the carrying amount of a cash-generating unit or the carrying amounts of non-financial assets may not be recoverable. In addition, assets that have indefinite useful lives are tested annually for impairment. An impairment loss is recognised to the extent that the carrying amount exceeds the higher of the asset\u2019s fair value less costs to sell and its value in use. A cash-generating unit is the smallest identifiable group of assets that generates cash flows which are largely independent of the cash flows from other assets or groups of assets. At the acquisition date, any goodwill acquired is allocated to the relevant cash-generating unit or group of cash-generating units expected to benefit from the acquisition for the purpose of impairment testing of goodwill. i) Impairment of financial assets held at amortised cost As permitted by IFRS 9 Financial Instruments, loss allowances on trade receivables arising from the recognition of revenue under IFRS 15 Revenue from Contracts with Customers are initially measured at an amount equal to lifetime expected losses. Allowances in respect of loans and other receivables are initially recognised at an amount equal to 12-month expected credit losses. Allowances are measured at an amount equal to the lifetime expected credit losses where the credit risk on the receivables increases significantly after initial recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-436": { "value": "h) Impairment of non-financial assets Assets are reviewed for impairment whenever events indicate that the carrying amount of a cash-generating unit or the carrying amounts of non-financial assets may not be recoverable. In addition, assets that have indefinite useful lives are tested annually for impairment. An impairment loss is recognised to the extent that the carrying amount exceeds the higher of the asset\u2019s fair value less costs to sell and its value in use. A cash-generating unit is the smallest identifiable group of assets that generates cash flows which are largely independent of the cash flows from other assets or groups of assets. At the acquisition date, any goodwill acquired is allocated to the relevant cash-generating unit or group of cash-generating units expected to benefit from the acquisition for the purpose of impairment testing of goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-437": { "value": "i) Impairment of financial assets held at amortised cost As permitted by IFRS 9 Financial Instruments, loss allowances on trade receivables arising from the recognition of revenue under IFRS 15 Revenue from Contracts with Customers are initially measured at an amount equal to lifetime expected losses. Allowances in respect of loans and other receivables are initially recognised at an amount equal to 12-month expected credit losses. Allowances are measured at an amount equal to the lifetime expected credit losses where the credit risk on the receivables increases significantly after initial recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-484": { "value": "j) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation is calculated on a straight- line basis to write off the assets over their useful economic life. No depreciation is provided on freehold land. The estimated useful lives are as follows:
Straight-line depreciation period
Freehold property
25 years
Plant and machinery
4 years
Fixtures and fittings
4 years
Leasehold improvements
10 years or the unexpired term of lease if lower
Computer equipment
3 years
Right-of-use assets (plant and machinery, land and buildings)
Lease length
Climate change is not considered to materially impact the estimated useful lives of assets. Although extreme weather events could potentially damage manufacturing and distribution facilities, the probability of this occurring at the Group\u2019s most vulnerable location, Guernsey, is only 0.2% annually over the expected lifespan of the assets. Furthermore, the Group has flexibility in its production network and could shift production to other locations to mitigate any business interruptions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-438": { "value": "j) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation is calculated on a straight- line basis to write off the assets over their useful economic life. No depreciation is provided on freehold land. The estimated useful lives are as follows:
Straight-line depreciation period
Freehold property
25 years
Plant and machinery
4 years
Fixtures and fittings
4 years
Leasehold improvements
10 years or the unexpired term of lease if lower
Computer equipment
3 years
Right-of-use assets (plant and machinery, land and buildings)
Lease length
Climate change is not considered to materially impact the estimated useful lives of assets. Although extreme weather events could potentially damage manufacturing and distribution facilities, the probability of this occurring at the Group\u2019s most vulnerable location, Guernsey, is only 0.2% annually over the expected lifespan of the assets. Furthermore, the Group has flexibility in its production network and could shift production to other locations to mitigate any business interruptions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-439": { "value": "k) Leased assets Group as lessee The Group records its lease obligations in accordance with the principles for the recognition, measurement, presentation and disclosures of leases as set out in IFRS 16. The Group applies IFRS 16 Leases to contractual arrangements which are, or contain, leases of assets and consequently recognises right-of-use assets and lease liabilities at the commencement of the leasing arrangement, with the asset included in Note 13 and the liabilities included as part of borrowings in Note 20. The nature of the Group\u2019s leases are offices, warehouses and printing machinery. Lease liabilities are initially recognised at an amount equal to the present value of estimated contractual lease payments at the inception of the lease, after taking into account any options to extend the term of the lease to the extent they are reasonably certain to be exercised. Lease commitments are discounted to present value using the interest rate implicit in the lease if this can be readily determined, or the applicable incremental rate of borrowing, as appropriate. Right-of-use assets are initially recognised at an amount equal to the lease liability, adjusted for initial direct costs in relation to the assets, then depreciated over the shorter of the lease term and their estimated useful lives. The Group applies the recognition exemption for leases of low value and short-term leases of 12 months. These leases are not recognised on the balance sheet but expensed to the income statement on a straight-line basis over the lease term. Group as lessor The Group has entered into a sublease agreement as a lessor with respect to part of one of its leasehold properties. This is accounted for as an operating lease as the lease does not transfer substantially all the risks and rewards of ownership to the lessee. When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-440": { "value": "
l) Inventories
Inventories include raw materials and finished goods and are stated at the lower of cost and net realisable value. Cost is based on the
weighted average cost incurred in acquiring inventories and bringing them to their existing location and condition, which will include raw
materials, direct labour and overheads, where appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-441": { "value": "
m) Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, call deposits, cash held by payment service providers and other short-term highly liquid
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value, with a
maturity of three months or less. Cash equivalents relate to cash in transit from various payment processing intermediaries that provide
receipting services to the Group.
For the purposes of the consolidated cash flow statement, cash and cash equivalents consist of cash and short-term deposits as defined
above and are shown net of bank overdrafts, which are included as current borrowings in the liabilities section on the balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-442": { "value": "n) Financial instruments The primary objective with regard to the management of cash of the Group\u2019s business model for managing financial assets is to protect against the loss of principal. Additionally, the Group aims to maximise liquidity by concentrating cash centrally; to align the maturity profile of external investments with that of the forecast liquidity profile; to wherever practicable, match the interest rate profile of external investments to that of debt maturities or fixings; and to optimise the investment yield within the Group\u2019s investment parameters. Financial assets and liabilities are recognised when the Group becomes a party to the contractual provisions of the relevant instrument and derecognised when it ceases to be a party. Such assets and liabilities are classified as current if they are expected to be realised or settled within 12 months after the balance sheet date. If not, they are classified as non-current. In addition, current liabilities include amounts where the entity does not have an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Non-derivative financial assets are classified on initial recognition in accordance with the Group\u2019s business model as investments, loans and receivables, or cash and cash equivalents and accounted for as follows: \u2022 Loans and other receivables: These are non-derivative financial assets with fixed or determinable payments that are solely payments of principal and interest on the principal amount outstanding, that are primarily held in order to collect contractual cash flows. These balances include trade and other receivables and are measured at amortised cost, using the effective interest rate method and stated net of allowances for credit losses. \u2022 Cash and cash equivalents: Cash and cash equivalents include cash in hand and deposits held on call. Cash equivalents normally comprise instruments with maturities of three months or less at their date of acquisition. In the cash flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in the liabilities section on the balance sheet. Non-derivative financial liabilities, including borrowings and trade payables, are stated at amortised cost using the effective interest method. For borrowings, their carrying amount includes accrued interest payable. The effective interest method takes into account both the contractual cash flows and the time value of money. The carrying amount of the financial liability is adjusted over time to reflect the unwinding of the discount, whereby the discount represents the difference between the initial fair value and the amount paid or received. The discounting process involves applying a discount rate to the future cash flows associated with the financial liability. The effect of discounting is recognised as an interest expense in the profit and loss over the expected term of the financial liability. Derivative financial instruments are used to manage risks arising from changes in interest rates relating to the Group\u2019s external debt. The Group does not hold or issue derivative financial instruments for trading purposes. The Group uses the derivatives to hedge highly probable forecast transactions and therefore, the instruments are designated as cash flow hedges. Derivatives are initially recognised at fair value on the date a contract is entered into and are subsequently remeasured at their fair value at each reporting date. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in the cash flows of the hedged item and hedging instrument are expected to offset each other. The effective element of any gain or loss from remeasuring the derivative instrument is recognised in other comprehensive income (OCI) and accumulated in the hedging reserve (presented in \u201cother reserves\u201d in the statement of changes in equity). Any change in the fair value of time value of the derivative instrument is also recognised in OCI as part of cash flow hedges and accumulated in the cost of hedging reserve (presented in \u201cother Reserves\u201d in the statement of changes in equity). Any element of the remeasurement of the derivative instrument that does not meet the criteria for an effective hedge is recognised immediately in the Group income statement within finance costs. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in OCI at that time remains in OCI and is recognised when the forecast transaction is ultimately recognised in the income statement within finance costs. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in OCI is recycled to the income statement. The full fair value of a hedging derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is more than 12 months or, as a current asset or liability, if the remaining maturity of the hedged item is less than 12 months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-485": { "value": "Loans and other receivables: These are non-derivative financial assets with fixed or determinable payments that are solely payments of principal and interest on the principal amount outstanding, that are primarily held in order to collect contractual cash flows. These balances include trade and other receivables and are measured at amortised cost, using the effective interest rate method and stated net of allowances for credit losses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-511": { "value": "
Derivative financial instruments are used to manage risks arising from changes in interest rates relating to the Group\u2019s external debt. The
Group does not hold or issue derivative financial instruments for trading purposes. The Group uses the derivatives to hedge highly probable
forecast transactions and therefore, the instruments are designated as cash flow hedges.
Derivatives are initially recognised at fair value on the date a contract is entered into and are subsequently remeasured at their fair value at
each reporting date. At inception of designated hedging relationships, the Group documents the risk management objective and strategy
for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument,
including whether the changes in the cash flows of the hedged item and hedging instrument are expected to offset each other.
The effective element of any gain or loss from remeasuring the derivative instrument is recognised in other comprehensive income (OCI) and
accumulated in the hedging reserve (presented in \u201cother reserves\u201d in the statement of changes in equity). Any change in the fair value of
time value of the derivative instrument is also recognised in OCI as part of cash flow hedges and accumulated in the cost of hedging
reserve (presented in \u201cother Reserves\u201d in the statement of changes in equity). Any element of the remeasurement of the derivative instrument
that does not meet the criteria for an effective hedge is recognised immediately in the Group income statement within finance costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-486": { "value": "Derivative financial instruments are used to manage risks arising from changes in interest rates relating to the Group\u2019s external debt. The Group does not hold or issue derivative financial instruments for trading purposes. The Group uses the derivatives to hedge highly probable forecast transactions and therefore, the instruments are designated as cash flow hedges. Derivatives are initially recognised at fair value on the date a contract is entered into and are subsequently remeasured at their fair value at each reporting date. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in the cash flows of the hedged item and hedging instrument are expected to offset each other. The effective element of any gain or loss from remeasuring the derivative instrument is recognised in other comprehensive income (OCI) and accumulated in the hedging reserve (presented in \u201cother reserves\u201d in the statement of changes in equity). Any change in the fair value of time value of the derivative instrument is also recognised in OCI as part of cash flow hedges and accumulated in the cost of hedging reserve (presented in \u201cother Reserves\u201d in the statement of changes in equity). Any element of the remeasurement of the derivative instrument that does not meet the criteria for an effective hedge is recognised immediately in the Group income statement within finance costs. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in OCI at that time remains in OCI and is recognised when the forecast transaction is ultimately recognised in the income statement within finance costs. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in OCI is recycled to the income statement. The full fair value of a hedging derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is more than 12 months or, as a current asset or liability, if the remaining maturity of the hedged item is less than 12 months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-512": { "value": "When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in OCI at that time remains in OCI and is recognised when the forecast transaction is ultimately recognised in the income statement within finance costs. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in OCI is recycled to the income statement. The full fair value of a hedging derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is more than 12 months or, as a current asset or liability, if the remaining maturity of the hedged item is less than 12 months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-443": { "value": "o) Segmental analysis The Group is organised and managed based on its segments (Moonpig, Greetz and Experiences). These are the reportable and operating segments for the Group as they form the focus of the Group\u2019s internal reporting systems and are the basis used by the chief operating decision maker (CODM), identified as the CEO and CFO, for assessing performance and allocating resources. The prices agreed between Group companies for intra-group services and fees are based on normal commercial practices which would apply between independent businesses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-444": { "value": "p) Provisions Provisions are recognised when either a legal or constructive obligation as a result of a past event exists at the balance sheet date, it is probable that an outflow of economic resources will be required to settle the obligation and a reasonable estimate can be made of the amount of the obligation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-445": { "value": "q) Pensions and other post-employment benefits The Group contributes to defined contribution pensions schemes and payments to these are charged as an expense and accrued over time. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-446": { "value": "r) Adjusting Items Adjusting Items are significant items of income or expense which individually or, if of a similar type, in aggregate, are relevant to an understanding of the Group\u2019s underlying financial performance because of their size, nature or incidence. In identifying and quantifying Adjusting Items, the Group consistently applies a policy that defines criteria that are required to be met for an item to be classified as an Adjusting Item. These items are separately disclosed in the segmental analyses or in the notes to the financial statements as appropriate. The Group believes that these items are useful to users of the consolidated financial statements in helping them to understand the underlying business performance and are used to derive the Group\u2019s principal non-GAAP measures of Adjusted EBITDA, Adjusted EBIT, Adjusted PBT and Adjusted EPS, which exclude the impact of Adjusting Items and which are reconciled from operating profit, profit before taxation and earnings per share. ", "dimensions": { "concept": "moonpiggroupplc:DescriptionOfAccountingPolicyForAdjustingItems", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-447": { "value": "s) Equity Called-up share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. Share premium The amount subscribed for the ordinary shares in excess of the nominal value of these new shares is recorded in share premium. Costs that directly relate to the issue of ordinary shares are deducted from share premium net of corporation tax. Merger reserve The merger reserve of \u00a3993,026,000 arose as a result of the Group reorganisation undertaken prior to the Company's listing on the London Stock Exchange. This reorganisation was accounted for using common control merger accounting. Under this method, the assets and liabilities of the acquired entities were recognised at their existing carrying amounts rather than at fair value and no goodwill was recognised. The difference between the consideration paid and the book value of net assets acquired was recorded directly in equity within the merger reserve. This accounting treatment was selected in preference to acquisition accounting in order to reflect the continuity of ownership and to present the Group's financial results on a basis that preserved the historical track record of the underlying trading entities. Had acquisition accounting been applied, the identifiable net assets would have been remeasured at fair value and a significant goodwill asset would likely have been recognised, increasing net assets and potentially resulting in the Group reporting positive net assets. However, such treatment would not have reflected the substance of a restructuring within a commonly controlled group. The adoption of common control merger accounting has resulted in the recognition of a significant merger reserve on consolidation. The merger reserve is a debit balance within equity arising from the application of merger accounting and is a significant contributor to the Group's reported net liabilities position. Other reserves Share-based payment reserve The share-based payment reserve is built up of charges in relation to equity-settled share-based payment arrangements which have been recognised within the consolidated income statement. Upon the exercise of share options the cumulative amount recognised in the share- based payment reserve is recycled to retained earnings, reflecting the transfer of value to the equity of the Company. Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred and the cumulative net change in the fair value of time value on the cash flow hedging instruments. Foreign currency translation reserve The foreign currency translation reserve represents the accumulated exchange differences arising since the acquisition of Greetz from the impact of the translation of subsidiaries with a functional currency other than Sterling. Own shares held reserve The own shares held reserve represents the equity account used to record the cost of the Company's own shares that have been repurchased. These shares are not considered outstanding for the purposes of calculating earnings per share and do not carry voting rights or the right to receive dividends while held by the Company. Shares purchased for cancellation are included in the own shares held reserve until cancellation, at which point the consideration is transferred to retained earnings and the nominal value of the shares is transferred from share capital to the capital redemption reserve. Capital redemption reserve The capital redemption reserve reflects the nominal amount of shares bought back and cancelled.", "dimensions": { "concept": "moonpiggroupplc:DescriptionOfAccountingPolicyForEquity", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-487": { "value": "Called-up share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-448": { "value": "t) Dividends Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s financial statements in the period in which the dividend is approved by the Company\u2019s shareholders in the case of final dividends, or the date at which they are declared in the case of interim dividends", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-449": { "value": "u) Earnings per share The Group presents basic and diluted EPS for its ordinary shares. Basic EPS is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. For diluted EPS, the weighted average number of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-450": { "value": "v) Share-based payments The Group has equity-settled compensation plans. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of awards that will eventually vest. For plans where the vesting conditions are based on a market condition, such as total shareholder return, the fair value at date of grant reflects the probability that this condition will not be met and therefore is fixed thereafter irrespective of actual vesting. Fair value is measured using the Black-Scholes and Monte Carlo option pricing model, except where vesting is subject to market conditions when the Stochastic option pricing model is used. A Chaffe model is used to value the holding period. The expected term used in the models has been adjusted based on management\u2019s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-451": { "value": "
3 Segmental analysis
The CODM reviews external revenue, gross profit, Adjusted EBITDA and Adjusted EBIT to evaluate segment performance and allocate
resources to the overall business. Adjusted EBITDA and Adjusted EBIT are non-GAAP measures. Adjustments are made to the statutory IFRS
results to arrive at an underlying result which is in line with how the business is managed and measured on a day-to-day basis. Adjustments
are made for items that are individually important in order to understand the financial performance. If included, these items could distort
understanding of the performance for the year and the comparability between periods. Management applies judgement in determining
which items should be excluded from underlying performance. See Note 6 for details of these adjustments.
The Group is organised and managed based on its segments, namely Moonpig (UK, Ireland, Australia and the US), Greetz (Netherlands)
and Experiences (UK). These are the reportable and operating segments for the Group as they form the focus of the Group\u2019s internal
reporting systems and are the basis used by the CODM for assessing performance and allocating resources.
Most of the Group\u2019s revenue is derived from the sale of cards, gifts and related services to consumers, or from the distribution of gift
experiences acting as agent. No single customer accounted for 10% or more of the Group\u2019s revenue.
Finance income and expense are not allocated to the reportable segments, as this activity is managed centrally.
Revenue and trading profit are subject to seasonality and are weighted towards the second half of the year which includes the key peak
periods for the business.
Segmental analysis The following table shows revenue by segment that reconciles to the consolidated revenue for the Group.
2025
2024
\u00a3000
\u00a3000
Moonpig
262,000
241,326
Greetz
48,854
51,238
Experiences
39,214
48,577
Total external revenue
350,068
341,141
The following table shows revenue by key geography that reconciles to the consolidated revenue for the Group. The geographical split of revenue is based on the customer's country selection on the website or app at the time of order:
2025
2024
\u00a3000
\u00a3000
UK
289,392
281,217
Netherlands
48,854
51,238
Ireland
4,781
3,899
US
2,169
1,352
Australia
4,872
3,435
Total external revenue
350,068
341,141
The consolidated revenue for the Group was made up as follows:
2025
2024
\u00a3000
\u00a3000
Recognised at a point in time
343,949
338,078
Recognised over time
6,119
3,063
Total external revenue
350,068
341,141
The Group\u2019s measure of segment profit and Adjusted EBIT, excludes Adjusting Items; refer to the APMs section of the Annual Report and Accounts for the year ended 30 April 2025 for calculation.
2025
2024
\u00a3000
\u00a3000
Moonpig
149,232
133,275
Greetz
22,537
24,132
Experiences
36,802
45,126
Group gross profit
208,571
202,533
Moonpig
81,869
72,709
Greetz
6,456
7,815
Experiences
8,464
15,006
Group Adjusted EBITDA
96,789
95,530
Moonpig
15,060
14,498
Greetz
1
1,606
1,884
Experiences
1
2,283
1,062
Group depreciation and amortisation excluding amortisation on acquired intangibles
1
18,949
17,444
Moonpig
66,809
58,211
Greetz
1
4,850
5,931
Experiences
1
6,181
13,944
Group Adjusted EBIT
1
77,840
78,086
1 Excludes amortisation arising on Group consolidation of intangibles, which is classified as an Adjusting Item \u2013 see Note 6.
The following table shows Adjusted EBITDA and Adjusted EBIT that reconciles to the consolidated results of the Group.
2025
2024
Note
\u00a3000
\u00a3000
Adjusted EBITDA
96,789
95,530
Depreciation and amortisation
1
(18,949)
(17,444)
Adjusted EBIT
77,840
78,086
Adjusting items
6
(64,551)
(11,802)
Operating profit
13,289
66,284
Finance income
7
158
198
Finance costs
7
(10,489)
(20,082)
Profit before taxation
2,958
46,400
Taxation charge
9
(14,038)
(12,231)
(Loss)/profit for the year
(11,080)
34,169
1 Depreciation and amortisation excludes amortisation on acquired intangibles of \u00a37,851,000 (2024: \u00a38,285,000) included in Adjusting Items, see Note 6 for more
information.
The following table shows the information regarding assets by segment that reconciles to the consolidated Group.
2025
2024
\u00a3000
\u00a3000
Moonpig
Non-current assets
1
31,632
37,075
Capital expenditure
2
(1,816)
(786)
Intangible expenditure
(7,968)
(9,534)
Depreciation and amortisation
(15,060)
(14,498)
Greetz
Non-current assets
1
20,480
22,984
Capital expenditure
2
(537)
(156)
Intangible expenditure
(17)
\u2013
Depreciation and amortisation
(3,359)
(3,679)
Experiences
Non-current assets
1
108,433
170,433
Capital expenditure
2
(13)
(23)
Intangible expenditure
(3,066)
(3,248)
Depreciation and amortisation
(8,381)
(7,552)
Impairment of goodwill (see Note 12)
(56,700)
\u2013
Group
Non-current assets
1
160,545
230,492
Capital expenditure
2
(2,366)
(965)
Intangible expenditure
(11,051)
(12,782)
Depreciation and amortisation
(26,800)
(25,729)
Impairment of goodwill (see Note 12)
(56,700)
\u2013
1 Comprises intangible assets and property, plant and equipment (inclusive of ROU assets).
2 Includes ROU assets capitalised in each year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-488": { "value": "
The following table shows revenue by key geography that reconciles to the consolidated revenue for the Group. The geographical split of
revenue is based on the customer's country selection on the website or app at the time of order:
2025
2024
\u00a3000
\u00a3000
UK
289,392
281,217
Netherlands
48,854
51,238
Ireland
4,781
3,899
US
2,169
1,352
Australia
4,872
3,435
Total external revenue
350,068
341,141
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-452": { "value": "
4 Cost of sales
Re-presented
2025
2024
\u00a3000
\u00a3000
Wages and salaries
(7,233)
(7,972)
Inventories
(50,236)
(48,088)
Shipping and logistics
(80,616)
(79,084)
Depreciation on warehouses and machinery
(3,412)
(3,464)
Total cost of sales
(141,497)
(138,608)
1 In the prior year an amount of \u00a35,778,000 has been reclassified from wages and salaries to shipping and logistics. This amount relates to the labour cost portion of the
Group's third-party fulfilment costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-523": { "value": "4 Cost of sales
Re-presented
2025
2024
\u00a3000
\u00a3000
Wages and salaries
(7,233)
(7,972)
Inventories
(50,236)
(48,088)
Shipping and logistics
(80,616)
(79,084)
Depreciation on warehouses and machinery
(3,412)
(3,464)
Total cost of sales
(141,497)
(138,608)
1 In the prior year an amount of \u00a35,778,000 has been reclassified from wages and salaries to shipping and logistics. This amount relates to the labour cost portion of the Group's third-party fulfilment costs. 5 Operating profit Nature of expenses charged/(credited) to operating profit from continuing operations:
2025
2024
\u00a3000
\u00a3000
Depreciation on property, plant and equipment
(6,246)
(6,610)
Amortisation of intangible fixed assets
1
(20,554)
(19,119)
IPO-related bonuses
\u2013
(2,367)
Share-based payment charges (excluding National Insurance)
(1,839)
(4,179)
Foreign exchange loss
(135)
(272)
Total net employment costs (excluding share-based payment expense)
(53,799)
(50,576)
Cost of inventories
(50,236)
(48,088)
Other income
2
1,344
1,349
Auditors\u2019 remuneration:
\u2013 Fees to auditors for the audit of these consolidated financial statements
(860)
(875)
\u2013 Fees to auditors\u2019 firms and associates for local audits
(91)
(88)
Total audit fees expense
(951)
(963)
Fees to auditors\u2019 firms and associates for other services:
\u2013 Assurance services
(123)
(139)
(1,074)
(1,102)
1 Amortisation of intangible assets includes a charge of \u00a37,851,000 (2024: \u00a38,285,000) relating to the amortisation on acquired intangibles, which is classified as an Adjusting Item as set out in Note 6. 2 Other income relates to the sublease of space at the Group\u2019s head offices at Herbal House to an entity formerly under common control. During the year, PricewaterhouseCoopers LLP charged the Group as follows: \u2022 In respect of audit-related assurance services: \u00a3122,000 (2024: \u00a3138,000). \u2022 In respect of non-audit-related services: \u00a31,000 (2024: \u00a31,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-453": { "value": "
5 Operating profit
Nature of expenses charged/(credited) to operating profit from continuing operations:
2025
2024
\u00a3000
\u00a3000
Depreciation on property, plant and equipment
(6,246)
(6,610)
Amortisation of intangible fixed assets
1
(20,554)
(19,119)
IPO-related bonuses
\u2013
(2,367)
Share-based payment charges (excluding National Insurance)
(1,839)
(4,179)
Foreign exchange loss
(135)
(272)
Total net employment costs (excluding share-based payment expense)
(53,799)
(50,576)
Cost of inventories
(50,236)
(48,088)
Other income
2
1,344
1,349
Auditors\u2019 remuneration:
\u2013 Fees to auditors for the audit of these consolidated financial statements
(860)
(875)
\u2013 Fees to auditors\u2019 firms and associates for local audits
(91)
(88)
Total audit fees expense
(951)
(963)
Fees to auditors\u2019 firms and associates for other services:
\u2013 Assurance services
(123)
(139)
(1,074)
(1,102)
1 Amortisation of intangible assets includes a charge of \u00a37,851,000 (2024: \u00a38,285,000) relating to the amortisation on acquired intangibles, which is classified as an
Adjusting Item as set out in Note 6.
2 Other income relates to the sublease of space at the Group\u2019s head offices at Herbal House to an entity formerly under common control.
During the year, PricewaterhouseCoopers LLP charged the Group as follows:
\u2022 In respect of audit-related assurance services: \u00a3122,000 (2024: \u00a3138,000).
\u2022 In respect of non-audit-related services: \u00a31,000 (2024: \u00a31,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-534": { "value": "5 Operating profit Nature of expenses charged/(credited) to operating profit from continuing operations:
2025
2024
\u00a3000
\u00a3000
Depreciation on property, plant and equipment
(6,246)
(6,610)
Amortisation of intangible fixed assets
1
(20,554)
(19,119)
IPO-related bonuses
\u2013
(2,367)
Share-based payment charges (excluding National Insurance)
(1,839)
(4,179)
Foreign exchange loss
(135)
(272)
Total net employment costs (excluding share-based payment expense)
(53,799)
(50,576)
Cost of inventories
(50,236)
(48,088)
Other income
2
1,344
1,349
Auditors\u2019 remuneration:
\u2013 Fees to auditors for the audit of these consolidated financial statements
(860)
(875)
\u2013 Fees to auditors\u2019 firms and associates for local audits
(91)
(88)
Total audit fees expense
(951)
(963)
Fees to auditors\u2019 firms and associates for other services:
\u2013 Assurance services
(123)
(139)
(1,074)
(1,102)
1 Amortisation of intangible assets includes a charge of \u00a37,851,000 (2024: \u00a38,285,000) relating to the amortisation on acquired intangibles, which is classified as an Adjusting Item as set out in Note 6. 2 Other income relates to the sublease of space at the Group\u2019s head offices at Herbal House to an entity formerly under common control. During the year, PricewaterhouseCoopers LLP charged the Group as follows: \u2022 In respect of audit-related assurance services: \u00a3122,000 (2024: \u00a3138,000). \u2022 In respect of non-audit-related services: \u00a31,000 (2024: \u00a31,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-530": { "value": "5 Operating profit Nature of expenses charged/(credited) to operating profit from continuing operations:
2025
2024
\u00a3000
\u00a3000
Depreciation on property, plant and equipment
(6,246)
(6,610)
Amortisation of intangible fixed assets
1
(20,554)
(19,119)
IPO-related bonuses
\u2013
(2,367)
Share-based payment charges (excluding National Insurance)
(1,839)
(4,179)
Foreign exchange loss
(135)
(272)
Total net employment costs (excluding share-based payment expense)
(53,799)
(50,576)
Cost of inventories
(50,236)
(48,088)
Other income
2
1,344
1,349
Auditors\u2019 remuneration:
\u2013 Fees to auditors for the audit of these consolidated financial statements
(860)
(875)
\u2013 Fees to auditors\u2019 firms and associates for local audits
(91)
(88)
Total audit fees expense
(951)
(963)
Fees to auditors\u2019 firms and associates for other services:
\u2013 Assurance services
(123)
(139)
(1,074)
(1,102)
1 Amortisation of intangible assets includes a charge of \u00a37,851,000 (2024: \u00a38,285,000) relating to the amortisation on acquired intangibles, which is classified as an Adjusting Item as set out in Note 6. 2 Other income relates to the sublease of space at the Group\u2019s head offices at Herbal House to an entity formerly under common control. During the year, PricewaterhouseCoopers LLP charged the Group as follows: \u2022 In respect of audit-related assurance services: \u00a3122,000 (2024: \u00a3138,000). \u2022 In respect of non-audit-related services: \u00a31,000 (2024: \u00a31,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-513": { "value": "5 Operating profit Nature of expenses charged/(credited) to operating profit from continuing operations:
2025
2024
\u00a3000
\u00a3000
Depreciation on property, plant and equipment
(6,246)
(6,610)
Amortisation of intangible fixed assets
1
(20,554)
(19,119)
IPO-related bonuses
\u2013
(2,367)
Share-based payment charges (excluding National Insurance)
(1,839)
(4,179)
Foreign exchange loss
(135)
(272)
Total net employment costs (excluding share-based payment expense)
(53,799)
(50,576)
Cost of inventories
(50,236)
(48,088)
Other income
2
1,344
1,349
Auditors\u2019 remuneration:
\u2013 Fees to auditors for the audit of these consolidated financial statements
(860)
(875)
\u2013 Fees to auditors\u2019 firms and associates for local audits
(91)
(88)
Total audit fees expense
(951)
(963)
Fees to auditors\u2019 firms and associates for other services:
\u2013 Assurance services
(123)
(139)
(1,074)
(1,102)
1 Amortisation of intangible assets includes a charge of \u00a37,851,000 (2024: \u00a38,285,000) relating to the amortisation on acquired intangibles, which is classified as an Adjusting Item as set out in Note 6. 2 Other income relates to the sublease of space at the Group\u2019s head offices at Herbal House to an entity formerly under common control. During the year, PricewaterhouseCoopers LLP charged the Group as follows: \u2022 In respect of audit-related assurance services: \u00a3122,000 (2024: \u00a3138,000). \u2022 In respect of non-audit-related services: \u00a31,000 (2024: \u00a31,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-489": { "value": "5 Operating profit Nature of expenses charged/(credited) to operating profit from continuing operations:
2025
2024
\u00a3000
\u00a3000
Depreciation on property, plant and equipment
(6,246)
(6,610)
Amortisation of intangible fixed assets
1
(20,554)
(19,119)
IPO-related bonuses
\u2013
(2,367)
Share-based payment charges (excluding National Insurance)
(1,839)
(4,179)
Foreign exchange loss
(135)
(272)
Total net employment costs (excluding share-based payment expense)
(53,799)
(50,576)
Cost of inventories
(50,236)
(48,088)
Other income
2
1,344
1,349
Auditors\u2019 remuneration:
\u2013 Fees to auditors for the audit of these consolidated financial statements
(860)
(875)
\u2013 Fees to auditors\u2019 firms and associates for local audits
(91)
(88)
Total audit fees expense
(951)
(963)
Fees to auditors\u2019 firms and associates for other services:
\u2013 Assurance services
(123)
(139)
(1,074)
(1,102)
1 Amortisation of intangible assets includes a charge of \u00a37,851,000 (2024: \u00a38,285,000) relating to the amortisation on acquired intangibles, which is classified as an Adjusting Item as set out in Note 6. 2 Other income relates to the sublease of space at the Group\u2019s head offices at Herbal House to an entity formerly under common control. During the year, PricewaterhouseCoopers LLP charged the Group as follows: \u2022 In respect of audit-related assurance services: \u00a3122,000 (2024: \u00a3138,000). \u2022 In respect of non-audit-related services: \u00a31,000 (2024: \u00a31,000). 13 Property, plant and equipment
Right-of- Right-of-use
Freehold Plant and Fixtures and Leasehold Computer use assets plant assets land
property machinery fittings improvements equipment and machinery
and buildings
1
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
As at 1 May 2024
3,905
7,202
4,055
10,535
2,547
1,536
22,160
51,940
Additions
68
1,032
198
514
443
\u2013
111
2,366
Modifications
\u2013
\u2013
\u2013
\u2013
\u2013
251
\u2013
251
Disposals
(5)
\u2013
(80)
(37)
(555)
\u2013
(253)
(930)
Foreign exchange
(2)
(1)
(5)
(4)
(4)
\u2013
(20)
(36)
As at 30 April 2025
3,966
8,233
4,168
11,008
2,431
1,787
21,998
53,591
Accumulated depreciation and
impairment
As at 1 May 2024
2,362
4,966
3,348
3,295
2,035
453
8,581
25,040
Depreciation charge
157
1,098
474
1,112
432
534
2,439
6,246
Disposals
(5)
\u2013
(80)
(37)
(555)
\u2013
(253)
(930)
Foreign exchange
\u2013
2
(3)
1
(3)
3
\u2013
\u2013
As at 30 April 2025
2,514
6,066
3,739
4,371
1,909
990
10,767
30,356
Net book value as at 30 April
2025
1,452
2,167
429
6,637
522
797
11,231
23,235
1 The opening balances for cost and accumulated depreciation have been updated to reflect the disposal of a lease that was not reflected in the prior year. The April 2024 balance sheet and income statement were unaffected, as the asset had a net book value of \u00a3nil at the time of disposal.
Right-of-
use assets Right-of-use
Freehold Plant and Fixtures and Leasehold Computer plant and assets land
property machinery fittings improvements equipment machinery
and buildings
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
As at 1 May 2023
3,905
6,862
4,182
10,482
2,507
1,355
23,374
52,667
Additions
\u2013
468
89
205
203
575
\u2013
1,540
Remeasurements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
162
162
Disposals
\u2013
(115)
(170)
(89)
(136)
(366)
(220)
(1,096)
Foreign exchange
\u2013
(13)
(46)
(63)
(27)
(28)
(222)
(399)
As at 30 April 2024
3,905
7,202
4,055
10,535
2,547
1,536
23,094
52,874
Accumulated depreciation and
impairment
As at 1 May 2023
2,207
3,958
2,886
2,310
1,642
187
7,166
20,356
Depreciation charge
155
1,130
661
1,079
547
455
2,583
6,610
Disposals
\u2013
(115)
(170)
(89)
(136)
(181)
(220)
(911)
Foreign exchange
\u2013
(7)
(29)
(5)
(18)
(8)
(14)
(81)
As at 30 April 2024
2,362
4,966
3,348
3,295
2,035
453
9,515
25,974
Net book value as at 30 April
2024
1,543
2,236
707
7,240
512
1,083
13,579
26,900
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-454": { "value": "
6 Adjusting Items
2025
2024
\u00a3000
\u00a3000
Pre-IPO bonus awards
\u2013
(2,367)
Pre-IPO share-based payment charges
\u2013
(1,150)
Impairment of goodwill (see Note 12)
(56,700)
\u2013
Total adjustments to Adjusted EBITDA
(56,700)
(3,517)
Amortisation on acquired intangibles
(7,851)
(8,285)
Total adjustments to Adjusted EBIT
(64,551)
(11,802)
2025
2024
\u00a3000
\u00a3000
Tax impact of pre-IPO cash bonus-awards
\u2013
593
Tax impact of pre-IPO share-based payment charges
\u2013
(293)
Tax impact of impairment of goodwill
\u2013
\u2013
Tax impact on amortisation of acquired intangibles
1,977
2,085
Tax impact of Adjusting Items
1,977
2,385
Pre-IPO bonus awards
Pre-IPO bonus awards are one-off cash-settled bonuses and the cash component of the Pre-IPO schemes, awarded in relation to the IPO
process that completed during the year ended 30 April 2021. These awards fully vested on 30 April 2024.
Pre-IPO share-based payment charges
Pre-IPO share-based payment charges relate to the Legacy Schemes, Pre-IPO awards that were granted in relation to the IPO process that
completed during the year ended 30 April 2021. These awards fully vested on 30 April 2024.
Amortisation on acquired intangibles
Acquisition amortisation is a non-cash expense relating to intangible assets. These expenses are excluded from Adjusted earnings because
they are non-operational and thus distort the underlying performance of the business. The costs are adjusted for to present a clearer picture
of the Group\u2019s ongoing operational performance.
Cash paid in the year in relation to Adjusting Items totalled \u00a36,004,000 (2024: \u00a34,057,000).
", "dimensions": { "concept": "moonpiggroupplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-455": { "value": "
7 Finance income and costs
2025
2024
\u00a3000
\u00a3000
Bank interest receivable
158
198
Interest payable on leases
(660)
(901)
Bank interest payable
(7,705)
(12,258)
Amortisation of capitalised borrowing costs
(525)
(4,604)
Amortisation of interest rate cap premium
(297)
(353)
Interest on discounting of financial liability
(1,832)
(1,568)
Net foreign exchange gain/(loss) on financing activities
530
(398)
Net finance costs
(10,331)
(19,884)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-535": { "value": "7 Finance income and costs
2025
2024
\u00a3000
\u00a3000
Bank interest receivable
158
198
Interest payable on leases
(660)
(901)
Bank interest payable
(7,705)
(12,258)
Amortisation of capitalised borrowing costs
(525)
(4,604)
Amortisation of interest rate cap premium
(297)
(353)
Interest on discounting of financial liability
(1,832)
(1,568)
Net foreign exchange gain/(loss) on financing activities
530
(398)
Net finance costs
(10,331)
(19,884)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-531": { "value": "7 Finance income and costs
2025
2024
\u00a3000
\u00a3000
Bank interest receivable
158
198
Interest payable on leases
(660)
(901)
Bank interest payable
(7,705)
(12,258)
Amortisation of capitalised borrowing costs
(525)
(4,604)
Amortisation of interest rate cap premium
(297)
(353)
Interest on discounting of financial liability
(1,832)
(1,568)
Net foreign exchange gain/(loss) on financing activities
530
(398)
Net finance costs
(10,331)
(19,884)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-524": { "value": "7 Finance income and costs
2025
2024
\u00a3000
\u00a3000
Bank interest receivable
158
198
Interest payable on leases
(660)
(901)
Bank interest payable
(7,705)
(12,258)
Amortisation of capitalised borrowing costs
(525)
(4,604)
Amortisation of interest rate cap premium
(297)
(353)
Interest on discounting of financial liability
(1,832)
(1,568)
Net foreign exchange gain/(loss) on financing activities
530
(398)
Net finance costs
(10,331)
(19,884)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-514": { "value": "7 Finance income and costs
2025
2024
\u00a3000
\u00a3000
Bank interest receivable
158
198
Interest payable on leases
(660)
(901)
Bank interest payable
(7,705)
(12,258)
Amortisation of capitalised borrowing costs
(525)
(4,604)
Amortisation of interest rate cap premium
(297)
(353)
Interest on discounting of financial liability
(1,832)
(1,568)
Net foreign exchange gain/(loss) on financing activities
530
(398)
Net finance costs
(10,331)
(19,884)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-490": { "value": "7 Finance income and costs
2025
2024
\u00a3000
\u00a3000
Bank interest receivable
158
198
Interest payable on leases
(660)
(901)
Bank interest payable
(7,705)
(12,258)
Amortisation of capitalised borrowing costs
(525)
(4,604)
Amortisation of interest rate cap premium
(297)
(353)
Interest on discounting of financial liability
(1,832)
(1,568)
Net foreign exchange gain/(loss) on financing activities
530
(398)
Net finance costs
(10,331)
(19,884)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-456": { "value": "
8 Employee benefit costs
The average monthly number of employees (including Directors) during the year was made up as follows:
2025
2024
Number
Number
Administration
544
558
Production
126
150
Total employees
670
708
Re-presented
2025
2024
\u00a3000
\u00a3000
Wages and salaries
(54,745)
(51,435)
Social security costs
(6,469)
(6,752)
Other pension costs
(1,723)
(2,487)
Share-based payment expense
(1,839)
(4,179)
Total gross employment costs
(64,776)
(64,853)
Staff costs capitalised as intangible assets
9,138
10,098
Total net employment costs
(55,638)
(54,755)
2025
2024
\u00a3000
\u00a3000
Staff costs capitalised as intangible assets
9,138
10,098
Subcontractor costs capitalised as intangible assets
1,913
2,484
Total capitalisation of intangible assets (Note 12)
11,051
12,582
1 In the prior year an amount of \u00a32,484,000 relating to subcontractor costs was included in the staff costs capitalised as intangible assets. This comparative figure has
been re-presented to appropriately exclude these costs, whilst reconciling to total capitalisation of intangible assets.
The Group\u2019s employees are members of defined contribution pension schemes with obligations recognised as an operating cost in the
income statement as incurred.
The Group pays contributions into separate funds on behalf of the employee and has no further obligations to employees. The risks
associated with this type of plan are assumed by the member. Contributions paid by the Group in respect of the current year are included
within the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-457": { "value": "
9 Taxation
(a) Tax on profit
The tax charge is made up as follows:
2025
2024
\u00a3000
\u00a3000
Profit before taxation
2,958
46,400
Current tax:
UK corporation tax on profit for the year
15,079
13,057
Foreign tax charge
1,415
1,009
Adjustment in respect of prior years
189
(278)
Total current tax
16,683
13,788
Deferred tax:
Origination and reversal of temporary differences
(1,883)
(1,746)
Adjustment in respect of prior years
(762)
189
Total deferred tax
(2,645)
(1,557)
Total tax charge in the income statement
14,038
12,231
(b) The tax assessed for the year is higher than the standard UK rate of corporation tax applicable of 25.0% (2024: 25.0%). The differences are explained below:
2025
2024
\u00a3000
\u00a3000
Profit before taxation
2,958
46,400
Profit on ordinary activities multiplied by the UK tax rate
739
11,600
Effects of:
Non-deductible impairment of goodwill
14,176
\u2013
Expenses not deductible for tax purposes
172
336
Non-taxable income
(420)
(356)
Effect of higher tax rates in overseas territories
9
16
Adjustment in respect of prior years
(573)
(89)
Share-based payments
(65)
736
Other permanent differences
\u2013
(12)
Total tax charge for the year
14,038
12,231
Taxation for other jurisdictions is calculated at the rates prevailing in each jurisdiction. The increase in the expenses not deductible for tax purposes relates to the impact of the non-cash impairment charge to Experiences goodwill. The Adjusted effective tax rate is slightly below 25.0% of Adjusted profit before taxation, reflecting the positive impact of deferred taxation movements with respect to share-based payment arrangements, driven by increases in the Group's share price (refer to Note 6 and Alternative Performance Measures on page 181). (c) Deferred tax:
Other short-
Accelerated term
capital Intangible Share-based Right-of-use Lease temporary
allowances assets payments assets liabilities
differences
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Balance as at 1 May 2024
(1,866)
(9,500)
1,927
(1,183)
1,362
357
(8,903)
Adjustments in respect of prior years
666
(89)
138
\u2013
\u2013
47
762
Adjustments posted through other comprehensive
income (OCI)
\u2013
\u2013
\u2013
\u2013
\u2013
185
185
Adjustments posted through equity
\u2013
\u2013
1,773
\u2013
\u2013
\u2013
1,773
Current year credit/(charge) to income statement
657
1,883
(124)
135
(113)
(556)
1,882
Effects of movements in exchange rates
\u2013
14
\u2013
4
(5)
1
14
Balance as at 30 April 2025
(543)
(7,692)
3,714
(1,044)
1,244
34
(4,287)
Other short-
Accelerated term
capital Intangible Share-based Right-of-use Lease temporary
allowances assets payments assets liabilities
differences
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Balance as at 1 May 2023
(1,889)
(11,231)
1,192
(1,488)
1,629
809
(10,978)
Adjustments in respect of prior years
(54)
(245)
(256)
1
\u2013
452
(102)
Adjustments posted through other comprehensive
income (OCI)
\u2013
59
\u2013
\u2013
\u2013
(154)
(95)
Adjustments posted through equity
\u2013
\u2013
536
\u2013
\u2013
\u2013
536
Current year credit/(charge) to income statement
77
1,923
455
304
(267)
(746)
1,746
Effects of movements in exchange rates
\u2013
(6)
\u2013
\u2013
\u2013
(4)
(10)
Balance as at 30 April 2024
(1,866)
(9,500)
1,927
(1,183)
1,362
357
(8,903)
The main rate of corporation tax for the UK is 25.0% (2024: 25.0%). For the Netherlands companies, the first \u20ac200,000 of profits are taxed at 19.0% (2024: 19.0%) and thereafter at 25.8% (2024: 25.8%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-532": { "value": "9 Taxation (a) Tax on profit The tax charge is made up as follows:
2025
2024
\u00a3000
\u00a3000
Profit before taxation
2,958
46,400
Current tax:
UK corporation tax on profit for the year
15,079
13,057
Foreign tax charge
1,415
1,009
Adjustment in respect of prior years
189
(278)
Total current tax
16,683
13,788
Deferred tax:
Origination and reversal of temporary differences
(1,883)
(1,746)
Adjustment in respect of prior years
(762)
189
Total deferred tax
(2,645)
(1,557)
Total tax charge in the income statement
14,038
12,231
(b) The tax assessed for the year is higher than the standard UK rate of corporation tax applicable of 25.0% (2024: 25.0%). The differences are explained below:
2025
2024
\u00a3000
\u00a3000
Profit before taxation
2,958
46,400
Profit on ordinary activities multiplied by the UK tax rate
739
11,600
Effects of:
Non-deductible impairment of goodwill
14,176
\u2013
Expenses not deductible for tax purposes
172
336
Non-taxable income
(420)
(356)
Effect of higher tax rates in overseas territories
9
16
Adjustment in respect of prior years
(573)
(89)
Share-based payments
(65)
736
Other permanent differences
\u2013
(12)
Total tax charge for the year
14,038
12,231
Taxation for other jurisdictions is calculated at the rates prevailing in each jurisdiction. The increase in the expenses not deductible for tax purposes relates to the impact of the non-cash impairment charge to Experiences goodwill. The Adjusted effective tax rate is slightly below 25.0% of Adjusted profit before taxation, reflecting the positive impact of deferred taxation movements with respect to share-based payment arrangements, driven by increases in the Group's share price (refer to Note 6 and Alternative Performance Measures on page 181). (c) Deferred tax:
Other short-
Accelerated term
capital Intangible Share-based Right-of-use Lease temporary
allowances assets payments assets liabilities
differences
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Balance as at 1 May 2024
(1,866)
(9,500)
1,927
(1,183)
1,362
357
(8,903)
Adjustments in respect of prior years
666
(89)
138
\u2013
\u2013
47
762
Adjustments posted through other comprehensive
income (OCI)
\u2013
\u2013
\u2013
\u2013
\u2013
185
185
Adjustments posted through equity
\u2013
\u2013
1,773
\u2013
\u2013
\u2013
1,773
Current year credit/(charge) to income statement
657
1,883
(124)
135
(113)
(556)
1,882
Effects of movements in exchange rates
\u2013
14
\u2013
4
(5)
1
14
Balance as at 30 April 2025
(543)
(7,692)
3,714
(1,044)
1,244
34
(4,287)
Other short-
Accelerated term
capital Intangible Share-based Right-of-use Lease temporary
allowances assets payments assets liabilities
differences
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Balance as at 1 May 2023
(1,889)
(11,231)
1,192
(1,488)
1,629
809
(10,978)
Adjustments in respect of prior years
(54)
(245)
(256)
1
\u2013
452
(102)
Adjustments posted through other comprehensive
income (OCI)
\u2013
59
\u2013
\u2013
\u2013
(154)
(95)
Adjustments posted through equity
\u2013
\u2013
536
\u2013
\u2013
\u2013
536
Current year credit/(charge) to income statement
77
1,923
455
304
(267)
(746)
1,746
Effects of movements in exchange rates
\u2013
(6)
\u2013
\u2013
\u2013
(4)
(10)
Balance as at 30 April 2024
(1,866)
(9,500)
1,927
(1,183)
1,362
357
(8,903)
The main rate of corporation tax for the UK is 25.0% (2024: 25.0%). For the Netherlands companies, the first \u20ac200,000 of profits are taxed at 19.0% (2024: 19.0%) and thereafter at 25.8% (2024: 25.8%). 15 Trade and other receivables
2025
2024
\u00a3000
\u00a3000
Current:
Trade receivables
1,647
1,569
Less: provisions
(179)
(243)
Trade receivables \u2013 net
1,468
1,326
Other receivables
1,227
2,523
Prepayments
3,163
2,728
Total current trade and other receivables
5,858
6,577
The movements in provisions are as follows:
2025
2024
\u00a3000
\u00a3000
As at 1 May
(243)
(470)
Charge for the year
\u2013
(32)
Utilised
11
172
Released
53
74
Foreign exchange
\u2013
13
As at 30 April
(179)
(243)
Trade and other receivables are predominantly denominated in the functional currencies of subsidiary undertakings. There is no material difference between the above amounts for trade and other receivables (including loan receivables) and their fair value due to their contractual maturity of less than 12 months. As permitted by IFRS 9, the Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics such as ageing of the debt and the credit risk of the customers. A historical credit loss rate is then calculated and adjusted to reflect expectations about future credit losses. A customer balance is written off when it is considered that there is no reasonable expectation that the amount will be collected and legal enforcement activities have ceased. The Group\u2019s credit risk on trade and other receivables is primarily attributable to trade receivables. There are no significant concentrations of credit risk since the risk is spread over a large number of unrelated counterparties. The Group\u2019s businesses implement policies, procedures and controls to manage customer credit risk. Outstanding balances are regularly monitored and reviewed to identify any change in risk profile. The Group considers its credit risk to be low with Group revenue derived from electronic payment processes (including credit card, debit card, PayPal, iDEAL and Single Euro Payments Area) executed over the internet, with most receipts reaching the bank accounts in one to two days. At 30 April 2025, the Group had net trade receivables of \u00a31,468,000 (2024: \u00a31,326,000). Trade receivables are reviewed regularly for any risk of impairment and provisions are booked where necessary. The maximum exposure to credit risk is the trade receivable balance at the year-end. The Group has assessed its exposure below: Trade receivables ageing
2025
2024
\u00a3000
\u00a3000
Up to 30 days
1,407
1,258
30 to 90 days
22
110
More than 90 days
218
201
Gross
1,647
1,569
Less: provisions
(179)
(243)
Net trade receivables
1,468
1,326
2025
2024
\u00a3000
\u00a3000
Non-current other receivables:
Other receivables
1,605
1,611
Total non-current trade and other receivables
1,605
1,611
Non-current other receivables relate to security deposits in connection with leased property.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-525": { "value": "9 Taxation (a) Tax on profit The tax charge is made up as follows:
2025
2024
\u00a3000
\u00a3000
Profit before taxation
2,958
46,400
Current tax:
UK corporation tax on profit for the year
15,079
13,057
Foreign tax charge
1,415
1,009
Adjustment in respect of prior years
189
(278)
Total current tax
16,683
13,788
Deferred tax:
Origination and reversal of temporary differences
(1,883)
(1,746)
Adjustment in respect of prior years
(762)
189
Total deferred tax
(2,645)
(1,557)
Total tax charge in the income statement
14,038
12,231
(b) The tax assessed for the year is higher than the standard UK rate of corporation tax applicable of 25.0% (2024: 25.0%). The differences are explained below:
2025
2024
\u00a3000
\u00a3000
Profit before taxation
2,958
46,400
Profit on ordinary activities multiplied by the UK tax rate
739
11,600
Effects of:
Non-deductible impairment of goodwill
14,176
\u2013
Expenses not deductible for tax purposes
172
336
Non-taxable income
(420)
(356)
Effect of higher tax rates in overseas territories
9
16
Adjustment in respect of prior years
(573)
(89)
Share-based payments
(65)
736
Other permanent differences
\u2013
(12)
Total tax charge for the year
14,038
12,231
Taxation for other jurisdictions is calculated at the rates prevailing in each jurisdiction. The increase in the expenses not deductible for tax purposes relates to the impact of the non-cash impairment charge to Experiences goodwill. The Adjusted effective tax rate is slightly below 25.0% of Adjusted profit before taxation, reflecting the positive impact of deferred taxation movements with respect to share-based payment arrangements, driven by increases in the Group's share price (refer to Note 6 and Alternative Performance Measures on page 181). (c) Deferred tax:
Other short-
Accelerated term
capital Intangible Share-based Right-of-use Lease temporary
allowances assets payments assets liabilities
differences
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Balance as at 1 May 2024
(1,866)
(9,500)
1,927
(1,183)
1,362
357
(8,903)
Adjustments in respect of prior years
666
(89)
138
\u2013
\u2013
47
762
Adjustments posted through other comprehensive
income (OCI)
\u2013
\u2013
\u2013
\u2013
\u2013
185
185
Adjustments posted through equity
\u2013
\u2013
1,773
\u2013
\u2013
\u2013
1,773
Current year credit/(charge) to income statement
657
1,883
(124)
135
(113)
(556)
1,882
Effects of movements in exchange rates
\u2013
14
\u2013
4
(5)
1
14
Balance as at 30 April 2025
(543)
(7,692)
3,714
(1,044)
1,244
34
(4,287)
Other short-
Accelerated term
capital Intangible Share-based Right-of-use Lease temporary
allowances assets payments assets liabilities
differences
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Balance as at 1 May 2023
(1,889)
(11,231)
1,192
(1,488)
1,629
809
(10,978)
Adjustments in respect of prior years
(54)
(245)
(256)
1
\u2013
452
(102)
Adjustments posted through other comprehensive
income (OCI)
\u2013
59
\u2013
\u2013
\u2013
(154)
(95)
Adjustments posted through equity
\u2013
\u2013
536
\u2013
\u2013
\u2013
536
Current year credit/(charge) to income statement
77
1,923
455
304
(267)
(746)
1,746
Effects of movements in exchange rates
\u2013
(6)
\u2013
\u2013
\u2013
(4)
(10)
Balance as at 30 April 2024
(1,866)
(9,500)
1,927
(1,183)
1,362
357
(8,903)
The main rate of corporation tax for the UK is 25.0% (2024: 25.0%). For the Netherlands companies, the first \u20ac200,000 of profits are taxed at 19.0% (2024: 19.0%) and thereafter at 25.8% (2024: 25.8%). 17 Trade and other payables
2025
2024
\u00a3000
\u00a3000
Current
Trade payables
20,671
14,440
Other payables
1,116
5,515
Other taxation and social security
8,126
8,710
Accruals
23,686
22,800
Total current trade and other payables
53,599
51,465
Trade and other payables are predominantly denominated in the functional currencies of subsidiary undertakings. There are no material differences between the above amounts for trade and other payables and their fair value due to the short maturity of these instruments. Payables balances relating to the Experiences merchant accrual are separately disclosed on the face of the balance sheet.
2025
2024
\u00a3000
\u00a3000
Non-current
Other payables
638
638
Other taxation and social security
1,926
914
Total non-current trade and other payables
2,564
1,552
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-515": { "value": "9 Taxation (a) Tax on profit The tax charge is made up as follows:
2025
2024
\u00a3000
\u00a3000
Profit before taxation
2,958
46,400
Current tax:
UK corporation tax on profit for the year
15,079
13,057
Foreign tax charge
1,415
1,009
Adjustment in respect of prior years
189
(278)
Total current tax
16,683
13,788
Deferred tax:
Origination and reversal of temporary differences
(1,883)
(1,746)
Adjustment in respect of prior years
(762)
189
Total deferred tax
(2,645)
(1,557)
Total tax charge in the income statement
14,038
12,231
(b) The tax assessed for the year is higher than the standard UK rate of corporation tax applicable of 25.0% (2024: 25.0%). The differences
are explained below:
2025
2024
\u00a3000
\u00a3000
Profit before taxation
2,958
46,400
Profit on ordinary activities multiplied by the UK tax rate
739
11,600
Effects of:
Non-deductible impairment of goodwill
14,176
\u2013
Expenses not deductible for tax purposes
172
336
Non-taxable income
(420)
(356)
Effect of higher tax rates in overseas territories
9
16
Adjustment in respect of prior years
(573)
(89)
Share-based payments
(65)
736
Other permanent differences
\u2013
(12)
Total tax charge for the year
14,038
12,231
Taxation for other jurisdictions is calculated at the rates prevailing in each jurisdiction. The increase in the expenses not deductible for tax
purposes relates to the impact of the non-cash impairment charge to Experiences goodwill.
The Adjusted effective tax rate is slightly below 25.0% of Adjusted profit before taxation, reflecting the positive impact of deferred taxation
movements with respect to share-based payment arrangements, driven by increases in the Group's share price (refer to Note 6 and
Alternative Performance Measures on page 181).
(c) Deferred tax:
Other short-
Accelerated term
capital Intangible Share-based Right-of-use Lease temporary
allowances assets payments assets liabilities
differences
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Balance as at 1 May 2024
(1,866)
(9,500)
1,927
(1,183)
1,362
357
(8,903)
Adjustments in respect of prior years
666
(89)
138
\u2013
\u2013
47
762
Adjustments posted through other comprehensive
income (OCI)
\u2013
\u2013
\u2013
\u2013
\u2013
185
185
Adjustments posted through equity
\u2013
\u2013
1,773
\u2013
\u2013
\u2013
1,773
Current year credit/(charge) to income statement
657
1,883
(124)
135
(113)
(556)
1,882
Effects of movements in exchange rates
\u2013
14
\u2013
4
(5)
1
14
Balance as at 30 April 2025
(543)
(7,692)
3,714
(1,044)
1,244
34
(4,287)
Other short-
Accelerated term
capital Intangible Share-based Right-of-use Lease temporary
allowances assets payments assets liabilities
differences
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Balance as at 1 May 2023
(1,889)
(11,231)
1,192
(1,488)
1,629
809
(10,978)
Adjustments in respect of prior years
(54)
(245)
(256)
1
\u2013
452
(102)
Adjustments posted through other comprehensive
income (OCI)
\u2013
59
\u2013
\u2013
\u2013
(154)
(95)
Adjustments posted through equity
\u2013
\u2013
536
\u2013
\u2013
\u2013
536
Current year credit/(charge) to income statement
77
1,923
455
304
(267)
(746)
1,746
Effects of movements in exchange rates
\u2013
(6)
\u2013
\u2013
\u2013
(4)
(10)
Balance as at 30 April 2024
(1,866)
(9,500)
1,927
(1,183)
1,362
357
(8,903)
The main rate of corporation tax for the UK is 25.0% (2024: 25.0%). For the Netherlands companies, the first \u20ac200,000 of profits are taxed at
19.0% (2024: 19.0%) and thereafter at 25.8% (2024: 25.8%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-491": { "value": "9 Taxation (a) Tax on profit The tax charge is made up as follows:
2025
2024
\u00a3000
\u00a3000
Profit before taxation
2,958
46,400
Current tax:
UK corporation tax on profit for the year
15,079
13,057
Foreign tax charge
1,415
1,009
Adjustment in respect of prior years
189
(278)
Total current tax
16,683
13,788
Deferred tax:
Origination and reversal of temporary differences
(1,883)
(1,746)
Adjustment in respect of prior years
(762)
189
Total deferred tax
(2,645)
(1,557)
Total tax charge in the income statement
14,038
12,231
(b) The tax assessed for the year is higher than the standard UK rate of corporation tax applicable of 25.0% (2024: 25.0%). The differences are explained below:
2025
2024
\u00a3000
\u00a3000
Profit before taxation
2,958
46,400
Profit on ordinary activities multiplied by the UK tax rate
739
11,600
Effects of:
Non-deductible impairment of goodwill
14,176
\u2013
Expenses not deductible for tax purposes
172
336
Non-taxable income
(420)
(356)
Effect of higher tax rates in overseas territories
9
16
Adjustment in respect of prior years
(573)
(89)
Share-based payments
(65)
736
Other permanent differences
\u2013
(12)
Total tax charge for the year
14,038
12,231
Taxation for other jurisdictions is calculated at the rates prevailing in each jurisdiction. The increase in the expenses not deductible for tax purposes relates to the impact of the non-cash impairment charge to Experiences goodwill. The Adjusted effective tax rate is slightly below 25.0% of Adjusted profit before taxation, reflecting the positive impact of deferred taxation movements with respect to share-based payment arrangements, driven by increases in the Group's share price (refer to Note 6 and Alternative Performance Measures on page 181). (c) Deferred tax:
Other short-
Accelerated term
capital Intangible Share-based Right-of-use Lease temporary
allowances assets payments assets liabilities
differences
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Balance as at 1 May 2024
(1,866)
(9,500)
1,927
(1,183)
1,362
357
(8,903)
Adjustments in respect of prior years
666
(89)
138
\u2013
\u2013
47
762
Adjustments posted through other comprehensive
income (OCI)
\u2013
\u2013
\u2013
\u2013
\u2013
185
185
Adjustments posted through equity
\u2013
\u2013
1,773
\u2013
\u2013
\u2013
1,773
Current year credit/(charge) to income statement
657
1,883
(124)
135
(113)
(556)
1,882
Effects of movements in exchange rates
\u2013
14
\u2013
4
(5)
1
14
Balance as at 30 April 2025
(543)
(7,692)
3,714
(1,044)
1,244
34
(4,287)
Other short-
Accelerated term
capital Intangible Share-based Right-of-use Lease temporary
allowances assets payments assets liabilities
differences
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Balance as at 1 May 2023
(1,889)
(11,231)
1,192
(1,488)
1,629
809
(10,978)
Adjustments in respect of prior years
(54)
(245)
(256)
1
\u2013
452
(102)
Adjustments posted through other comprehensive
income (OCI)
\u2013
59
\u2013
\u2013
\u2013
(154)
(95)
Adjustments posted through equity
\u2013
\u2013
536
\u2013
\u2013
\u2013
536
Current year credit/(charge) to income statement
77
1,923
455
304
(267)
(746)
1,746
Effects of movements in exchange rates
\u2013
(6)
\u2013
\u2013
\u2013
(4)
(10)
Balance as at 30 April 2024
(1,866)
(9,500)
1,927
(1,183)
1,362
357
(8,903)
The main rate of corporation tax for the UK is 25.0% (2024: 25.0%). For the Netherlands companies, the first \u20ac200,000 of profits are taxed at 19.0% (2024: 19.0%) and thereafter at 25.8% (2024: 25.8%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-458": { "value": "
10 Dividends
2025
2024
\u00a3000
\u00a3000
Proposed
Final dividend 2025: 2 .0p (2024: \u00a3nil) per ordinary share of \u00a30.10 each
6,677
\u2013
6,677
\u2013
Amounts recognised as distributions to equity holders
Paid
Interim dividend 2025: 1.0p (2024: \u00a3nil) per ordinary share of \u00a30.10 each
3,395
\u2013
3,395
\u2013
The Directors recommend a final dividend for the year ended 30 April 2025 of 2.0 pence per share (2024: nil pence per share) subject to
shareholder approval at the Annual General Meeting, with an equivalent final dividend charge of \u00a36.7m based on the number of shares in
issue at the end of the financial year (2024: \u00a3nil). The final dividend will be paid on 20 November 2025 to all shareholders registered at the
close of business on 24 October 2025. In accordance with IAS 10 'Events after the Reporting Period', the proposed final dividend has not
been accrued as a liability at 30 April 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-8": { "value": "0.02", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-9": { "value": "6677000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-459": { "value": "
11 Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of
ordinary shares in issue during the period. For the purposes of this calculation, the weighted average number of ordinary shares in issue
during the period was 342,548,159 (2024: 343,093,868). The period-on-period movement reflects the issue of 1,597,155 (2024: 1,198,394)
shares during the period including the issue of 1,413,971 of shares to satisfy the Group\u2019s obligation to its employees in relation to the vested
second and final tranche of the pre-IPO award in July 2024, the issue of 93,822 shares in respect of vested long-term incentive plan awards,
the issue of 86,371 shares in respect of vested deferred share bonus plan awards and 2,991 in respect of the share save scheme (see Note
21). The issue of shares was offset by 11,061,434 (2024: nil) shares being cancelled during the period through the operation of the Group's
share repurchase scheme (see Note 22). The Group expects to move during FY26 to satisfying share awards through market purchases
rather than through dilution, subject to this remaining EPS-accretive at the prevailing share price.
2025 2024
Shares in issue Number of shares Number of shares
As at 1 May
343,310,015
342,111,621
Issue of shares during the period
1,597,155
1,198,394
Shares cancelled during the period
(11,061,434)
\u2013
As at 30 April
333,845,736
343,310,015
2025
2024
Number of shares
Number of shares
Weighted average number of shares for calculating basic earnings per share
342,548,159
343,093,868
Diluted earnings per share
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially
dilutive ordinary shares. The Group has potentially dilutive ordinary shares arising from share options granted to employees under the share
schemes as detailed in Note 21 of these consolidated financial statements.
Adjusted earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, adjusted to remove the impact of Adjusting Items and the tax
impact of these; divided by the weighted average number of ordinary shares outstanding during the year.
2025
2024
Number of shares
Number of shares
Weighted average number of shares for calculating basic earnings per share
342,548,159
343,093,868
Weighted average number of dilutive shares
13,593,171
11,693,937
Total number of shares for calculating diluted earnings per share
356,141,330
354,787,805
2025
2024
\u00a3000
\u00a3000
Basic earnings attributable to equity holders of the Company
(11,080)
34,169
Adjusting Items (see Note 6)
64,551
11,802
Tax on Adjusting Items
(1,977)
(2,385)
Adjusted earnings attributable to equity holders of the Company
51,494
43,586
2025
2024
Basic earnings per ordinary share (pence)
(3.2)
10.0
Diluted earnings per ordinary share (pence)
(3.2)
9.6
Basic earnings per ordinary share before Adjusting Items (pence)
15.0
12.7
Diluted earnings per ordinary share before Adjusting Items (pence)
14.5
12.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-460": { "value": "
12 Intangible assets
Technology
and
development Customer
Goodwill
Trademark
costs
1
relationships
2
Software
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
As at 1 May 2024
143,622
16,423
39,058
43,238
261
242,602
Additions
\u2013
\u2013
11,037
\u2013
14
11,051
Disposals
\u2013
\u2013
(3,438)
\u2013
\u2013
(3,438)
Foreign exchange
(21)
(30)
\u2013
(39)
\u2013
(90)
As at 30 April 2025
143,601
16,393
46,657
43,199
275
250,125
Accumulated amortisation and impairment
As at 1 May 2024
\u2013
6,375
17,360
15,115
160
39,010
Amortisation charge
\u2013
1,633
12,969
5,848
104
20,554
Disposals
\u2013
\u2013
(3,438)
\u2013
\u2013
(3,438)
Impairment
56,700
\u2013
\u2013
\u2013
\u2013
56,700
Foreign exchange
\u2013
(4)
\u2013
(7)
\u2013
(11)
As at 30 April 2025
56,700
8,004
26,891
20,956
264
112,815
Net book value as at 30 April 2025
86,901
8,389
19,766
22,243
11
137,310
1 Technology and development costs include assets under construction of \u00a35,125,000 (2024: \u00a34,735,000).
2 The opening balance of gross cost and accumulated depreciation has been restated to reflect the transfer between customer relationships and technology and
development costs of historic Greetz technology costs and their subsequent disposal. The asset had a nil net book value as at 1 May 2023 and therefore there is no
impact to the income statement or balance sheet in the current or prior periods.
Technology
and
development Customer
Goodwill
Trademark
costs
1
relationships
Software
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
As at 1 May 2023
143,811
16,683
30,255
48,071
691
239,511
Additions
\u2013
\u2013
12,582
\u2013
200
12,782
Disposals
\u2013
\u2013
(3,779)
\u2013
(627)
(4,406)
Foreign exchange
(189)
(260)
\u2013
(466)
(3)
(918)
As at 30 April 2024
143,622
16,423
39,058
47,605
261
246,969
Accumulated amortisation and impairment
As at 1 May 2023
\u2013
4,851
10,160
13,486
559
29,056
Amortisation charge
\u2013
1,653
10,979
6,252
235
19,119
Disposals
\u2013
\u2013
(3,779)
\u2013
(627)
(4,406)
Foreign exchange
\u2013
(129)
\u2013
(255)
(7)
(391)
As at 30 April 2024
\u2013
6,375
17,360
19,483
160
43,378
Net book value as at 30 April 2024
143,622
10,048
21,698
28,122
101
203,591
1 Technology and development costs include assets under construction of \u00a34,735,000 (2023: \u00a33,821,000).
(a) Goodwill
Goodwill of \u00a36,333,000 (2024: \u00a36,353,000) relates to the acquisition of Greetz in 2018, recognised within the Greetz CGU. The movement
between periods is a result of foreign exchange revaluation.
Goodwill of \u00a380,568,000 (2024: \u00a3137,269,000) relates to the acquisition of Experiences and is allocated to the Experiences CGU. The
movement between periods is a result of a non-cash impairment charge to the goodwill balance of \u00a356,700,000.
(b) Trademark
\u00a32,854,000 (2024: \u00a33,744,000) of the asset balance are trademarks relating to the acquisition of Greetz with finite lives. The remaining
useful economic life at 30 April 2025 on the trademark is 3 years 4 months (2024: 4 years 4 months).
\u00a35,535,000 (2024: \u00a36,304,000) of trademark assets relate to the brands valued on the acquisition of Experiences. The remaining useful
economic life at 30 April 2025 on these trademarks is 7 years and 3 months (2024: 8 years and 3 months).
(c) Technology and development costs
Technology and development costs of \u00a319,687,000 (2024: \u00a321,227,000) relate to internally developed assets. The costs of these assets
include capitalised expenses of employees working full-time on software development projects and third-party consulting firms. The
remaining useful economic life of these assets at 30 April 2025 ranges from 1 month to 3 years (2024: 1 month to 3 years).
Technology and development costs of \u00a379,000 (2024: \u00a3471,000) relate to the acquisition of Experiences and are allocated to the
Experiences CGU. The remaining useful economic life at 30 April 2025 is 3 months (2024: 1 year and 3 months).
(d) Customer relationships
\u00a35,098,000 (2024: \u00a36,041,000) of the asset balance relates to the valuation of existing customer relationships held by Greetz on acquisition.
The remaining useful economic life at 30 April 2025 on these customer relationships is 5 years 4 months (2024: 6 years 4 months).
\u00a317,145,000 (2024: \u00a322,081,000) of customer relationship assets relates to those valued on the acquisition of the Experiences segment. The
remaining useful economic life at 30 April 2025 on these customer relationships is a range of 4 years and 3 months and 1 year and 3 months
(2024: a range between 5 years 3 months and 2 years and 3 months).
(e) Software
Software intangible assets include accounting and marketing software purchased by the Group and software licence fees from third-party
suppliers.
(f) Annual impairment tests
Goodwill
Goodwill is allocated to two cash-generating units (CGUs), namely the Greetz and Experiences segments, based on the smallest
identifiable group of assets that generates cash inflows independently in relation to the specific goodwill. The recoverable amount of a
CGU or group of CGUs is determined as the higher of its fair value less costs of disposal and its value in use (VIU). In determining VIU,
estimated future cash flows are discounted to their present value.
The Group performed an annual test for impairment of Experiences CGU goodwill as at 30 April 2024, with the results, sensitivity analysis
and narrative disclosure presented on pages 149-150 of the Group's Annual Report and Accounts for the year ended 30 April 2024. Based
on the sensitivity analysis, the Directors identified the impairment assessment as a major source of estimation uncertainty that had a
significant risk of resulting in a material adjustment to the carrying amount within the year ending 30 April 2025. In accordance with
paragraph 125 of IAS 1, the FY24 year-end accounts therefore disclose the quantification of all key assumptions in the value in use estimates
and the impact of plausible changes in each key assumption. As part of this disclosure, the sensitivity of Experiences' goodwill to forecast
revenue growth was highlighted.
During H1 FY25, Experiences trading performance was identified as an indication that Experiences CGU goodwill may be impaired. The
Group therefore estimated the value in use of the Experiences CGU as at 31 October 2024. This exercise determined that the carrying
amount of Experiences goodwill exceeded its recoverable amount and an impairment charge of \u00a356,700,000 was recognised in the
consolidated income statement. The impairment charge has been classified as an Adjusting Item (see Note 6).
The Group performed its annual impairment test of the goodwill allocated to the Greetz and Experiences segments, as at 30 April 2025.
The estimated future cash flows are based on the approved plan, including the FY26 budget, for the three years ending 30 April 2028.
The estimated future cash flows are identical to those used for the viability statement. They have been extended by a further two years
before applying a perpetuity using an estimated long-term growth rate. The assumed 5 year pre-perpetuity projections period represents a
reduction of 12 months from 30 April 2024, aligning with the Group\u2019s policy of reducing the period to 5 years. When estimating value in use,
the Group does not include estimated future cash flows that are expected to arise from improving or enhancing the asset\u2019s performance.
As at 30 April 2025 there has been no amendment to the charge allocated to the Experiences CGU during the year. Based on the sensitivity
analysis performed, the Directors identified the impairment assessment as a major source of estimation uncertainty that had a significant risk
of resulting in a material adjustment to the carrying amount within the year ending 30 April 2026. In accordance with paragraph 125 of IAS
1, the FY25 year-end accounts therefore disclose the quantification of all key assumptions in the value in use estimates and the impact of
plausible changes in each key assumption.
As at 30 April 2025, no impairment charge has been recognised for goodwill allocated to the Greetz CGU. The headroom over carrying
amount is more than adequate and there is no reasonable possible change in key assumptions including those relating to future sales
performance that would lead to an impairment.
Scenario analysis performed as part of the Group\u2019s disclosure against the Task Force on Climate-related Financial Disclosures (TCFD)
(pages 34 to 35) identified two transition-related climate risks with potential revenue and cost implications. The analysis considered three
scenarios: business as usual (>4
o
C by 2100); an unequal world (2.5
o
C by 2100); and the Paris Agreement Aligned (1.5
o
C by 2050), with the
most material risks arising under the Paris Agreement Aligned scenario:
\u2022 For the risk of carbon taxation, we modelled the gross (unmitigated) financial impact under a Paris Agreement Aligned scenario,
assuming the introduction of carbon taxes from FY28. Sensitivity analysis indicates headroom / (impairment) of \u00a342.2m and (\u00a312.6m) for
Greetz and Experiences respectively.
\u2022 For the risk of shifting consumer sentiment, scenario analysis was conducted to evaluate the potential consequences of different climate
policy pathways. However, the significant uncertainty surrounding behavioural and market response assumptions means that any
attempt to quantify a specific financial impact would be highly speculative, hence no such estimate can be meaningfully determined at
this stage.
The Group has identified the following key assumptions as having the most significant impact on the value in use calculation:
Greetz CGU
Experiences CGU
2025
2024
2025
2024
Pre-tax discount rate (%)
1
13.7%
13.5%
13.5%
15.1%
Revenue compound annual growth rate (CAGR)
2
4.8%
8.8%
2.7%
6.6%
1 The discount rate is a pre-tax rate that reflects the current market assessment of the time value of money and the risks specific to the cash generating units. The pre-tax
discount rates used to calculate value in use are derived from the Group\u2019s post-tax weighted average cost of capital. The decline in the discount rate from the previous
year is due to reducing the equity premium and betas used in the calculation.
2 The compound annual growth rate represents the average yearly growth rate over the pre-perpetuity period.
3 In the prior year, the pre-perpetuity period of six years was a key assumption as it exceeded the five-year maximum typically presumed under IAS 36, which requires
justification for longer forecast horizons. In FY25 the pre-perpetuity period is five years and therefore no longer constitutes a key assumption.
The Group has performed sensitivity analysis to assess the impact of a change in each key assumption in the VIU. The relevant scenario, in
relation to a revenue decrease, is consistent with the more severe downside scenario (plausible scenario 2) prepared in connection with the
viability statement within the Annual Report and Accounts for the year ended 30 April 2025.
For the goodwill allocated to both the Experiences and Greetz CGU, the Group modelled the impact of a 1%pt increase in the discount rate
and a 2.2%pts decrease in the compound annual growth rate was also modelled for Greetz and Experiences respectively. The decrease in
forecasted revenue sensitivity pushed the growth rates out by one year with a reduction of 10% in Greetz and 10% in Experiences in the first
year. The Group also modelled a scenario in which both of these changes arise concurrently.
The results of this sensitivity analysis are summarised below:
Greetz CGU
Experiences CGU
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Original headroom
45.6
80.8
1.6
23.3
Headroom / (impairment) using a discount rate increased by 1%pt
39.1
70.4
(2.5)
11.1
Headroom / (impairment) using a 2.2%pts decrease in the forecast revenue CAGR
1
38.6
54.1
(11.8)
(36.7)
(April 2024: 5.4%pts decrease in forecast CAGR)
Headroom using a pre-perpetuity period reduced by one year
2
N/a
76.3
N/a
8.2
Headroom / (impairment) combining both sensitivity scenarios detailed above
32.8
45.0
(15.2)
(54.6)
1 The compound annual growth rate represents the average yearly growth rate over the pre-perpetuity period.
2 In the prior year, the pre-perpetuity period of six years was a key assumption as it exceeded the five-year maximum typically presumed under IAS 36, which requires
justification for longer forecast horizons. In FY25 the pre-perpetuity period is five years and therefore no longer constitutes a key assumption.
Other finite-life intangible assets
At each reporting year date, the Group reviews the carrying amounts of other finite-life intangible assets to determine whether there is any
indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated
in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual
asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-516": { "value": "12 Intangible assets
Technology
and
development Customer
Goodwill
Trademark
costs
1
relationships
2
Software
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
As at 1 May 2024
143,622
16,423
39,058
43,238
261
242,602
Additions
\u2013
\u2013
11,037
\u2013
14
11,051
Disposals
\u2013
\u2013
(3,438)
\u2013
\u2013
(3,438)
Foreign exchange
(21)
(30)
\u2013
(39)
\u2013
(90)
As at 30 April 2025
143,601
16,393
46,657
43,199
275
250,125
Accumulated amortisation and impairment
As at 1 May 2024
\u2013
6,375
17,360
15,115
160
39,010
Amortisation charge
\u2013
1,633
12,969
5,848
104
20,554
Disposals
\u2013
\u2013
(3,438)
\u2013
\u2013
(3,438)
Impairment
56,700
\u2013
\u2013
\u2013
\u2013
56,700
Foreign exchange
\u2013
(4)
\u2013
(7)
\u2013
(11)
As at 30 April 2025
56,700
8,004
26,891
20,956
264
112,815
Net book value as at 30 April 2025
86,901
8,389
19,766
22,243
11
137,310
1 Technology and development costs include assets under construction of \u00a35,125,000 (2024: \u00a34,735,000). 2 The opening balance of gross cost and accumulated depreciation has been restated to reflect the transfer between customer relationships and technology and development costs of historic Greetz technology costs and their subsequent disposal. The asset had a nil net book value as at 1 May 2023 and therefore there is no impact to the income statement or balance sheet in the current or prior periods.
Technology
and
development Customer
Goodwill
Trademark
costs
1
relationships
Software
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
As at 1 May 2023
143,811
16,683
30,255
48,071
691
239,511
Additions
\u2013
\u2013
12,582
\u2013
200
12,782
Disposals
\u2013
\u2013
(3,779)
\u2013
(627)
(4,406)
Foreign exchange
(189)
(260)
\u2013
(466)
(3)
(918)
As at 30 April 2024
143,622
16,423
39,058
47,605
261
246,969
Accumulated amortisation and impairment
As at 1 May 2023
\u2013
4,851
10,160
13,486
559
29,056
Amortisation charge
\u2013
1,653
10,979
6,252
235
19,119
Disposals
\u2013
\u2013
(3,779)
\u2013
(627)
(4,406)
Foreign exchange
\u2013
(129)
\u2013
(255)
(7)
(391)
As at 30 April 2024
\u2013
6,375
17,360
19,483
160
43,378
Net book value as at 30 April 2024
143,622
10,048
21,698
28,122
101
203,591
1 Technology and development costs include assets under construction of \u00a34,735,000 (2023: \u00a33,821,000). (a) Goodwill Goodwill of \u00a36,333,000 (2024: \u00a36,353,000) relates to the acquisition of Greetz in 2018, recognised within the Greetz CGU. The movement between periods is a result of foreign exchange revaluation. Goodwill of \u00a380,568,000 (2024: \u00a3137,269,000) relates to the acquisition of Experiences and is allocated to the Experiences CGU. The movement between periods is a result of a non-cash impairment charge to the goodwill balance of \u00a356,700,000. (b) Trademark \u00a32,854,000 (2024: \u00a33,744,000) of the asset balance are trademarks relating to the acquisition of Greetz with finite lives. The remaining useful economic life at 30 April 2025 on the trademark is 3 years 4 months (2024: 4 years 4 months). \u00a35,535,000 (2024: \u00a36,304,000) of trademark assets relate to the brands valued on the acquisition of Experiences. The remaining useful economic life at 30 April 2025 on these trademarks is 7 years and 3 months (2024: 8 years and 3 months). (c) Technology and development costs Technology and development costs of \u00a319,687,000 (2024: \u00a321,227,000) relate to internally developed assets. The costs of these assets include capitalised expenses of employees working full-time on software development projects and third-party consulting firms. The remaining useful economic life of these assets at 30 April 2025 ranges from 1 month to 3 years (2024: 1 month to 3 years). Technology and development costs of \u00a379,000 (2024: \u00a3471,000) relate to the acquisition of Experiences and are allocated to the Experiences CGU. The remaining useful economic life at 30 April 2025 is 3 months (2024: 1 year and 3 months). (d) Customer relationships \u00a35,098,000 (2024: \u00a36,041,000) of the asset balance relates to the valuation of existing customer relationships held by Greetz on acquisition. The remaining useful economic life at 30 April 2025 on these customer relationships is 5 years 4 months (2024: 6 years 4 months). \u00a317,145,000 (2024: \u00a322,081,000) of customer relationship assets relates to those valued on the acquisition of the Experiences segment. The remaining useful economic life at 30 April 2025 on these customer relationships is a range of 4 years and 3 months and 1 year and 3 months (2024: a range between 5 years 3 months and 2 years and 3 months). (e) Software Software intangible assets include accounting and marketing software purchased by the Group and software licence fees from third-party suppliers. (f) Annual impairment tests Goodwill Goodwill is allocated to two cash-generating units (CGUs), namely the Greetz and Experiences segments, based on the smallest identifiable group of assets that generates cash inflows independently in relation to the specific goodwill. The recoverable amount of a CGU or group of CGUs is determined as the higher of its fair value less costs of disposal and its value in use (VIU). In determining VIU, estimated future cash flows are discounted to their present value. The Group performed an annual test for impairment of Experiences CGU goodwill as at 30 April 2024, with the results, sensitivity analysis and narrative disclosure presented on pages 149-150 of the Group's Annual Report and Accounts for the year ended 30 April 2024. Based on the sensitivity analysis, the Directors identified the impairment assessment as a major source of estimation uncertainty that had a significant risk of resulting in a material adjustment to the carrying amount within the year ending 30 April 2025. In accordance with paragraph 125 of IAS 1, the FY24 year-end accounts therefore disclose the quantification of all key assumptions in the value in use estimates and the impact of plausible changes in each key assumption. As part of this disclosure, the sensitivity of Experiences' goodwill to forecast revenue growth was highlighted. During H1 FY25, Experiences trading performance was identified as an indication that Experiences CGU goodwill may be impaired. The Group therefore estimated the value in use of the Experiences CGU as at 31 October 2024. This exercise determined that the carrying amount of Experiences goodwill exceeded its recoverable amount and an impairment charge of \u00a356,700,000 was recognised in the consolidated income statement. The impairment charge has been classified as an Adjusting Item (see Note 6). The Group performed its annual impairment test of the goodwill allocated to the Greetz and Experiences segments, as at 30 April 2025. The estimated future cash flows are based on the approved plan, including the FY26 budget, for the three years ending 30 April 2028. The estimated future cash flows are identical to those used for the viability statement. They have been extended by a further two years before applying a perpetuity using an estimated long-term growth rate. The assumed 5 year pre-perpetuity projections period represents a reduction of 12 months from 30 April 2024, aligning with the Group\u2019s policy of reducing the period to 5 years. When estimating value in use, the Group does not include estimated future cash flows that are expected to arise from improving or enhancing the asset\u2019s performance. As at 30 April 2025 there has been no amendment to the charge allocated to the Experiences CGU during the year. Based on the sensitivity analysis performed, the Directors identified the impairment assessment as a major source of estimation uncertainty that had a significant risk of resulting in a material adjustment to the carrying amount within the year ending 30 April 2026. In accordance with paragraph 125 of IAS 1, the FY25 year-end accounts therefore disclose the quantification of all key assumptions in the value in use estimates and the impact of plausible changes in each key assumption. As at 30 April 2025, no impairment charge has been recognised for goodwill allocated to the Greetz CGU. The headroom over carrying amount is more than adequate and there is no reasonable possible change in key assumptions including those relating to future sales performance that would lead to an impairment. Scenario analysis performed as part of the Group\u2019s disclosure against the Task Force on Climate-related Financial Disclosures (TCFD) (pages 34 to 35) identified two transition-related climate risks with potential revenue and cost implications. The analysis considered three scenarios: business as usual (>4o C by 2100); an unequal world (2.5o C by 2100); and the Paris Agreement Aligned (1.5 oC by 2050), with the most material risks arising under the Paris Agreement Aligned scenario: \u2022 For the risk of carbon taxation, we modelled the gross (unmitigated) financial impact under a Paris Agreement Aligned scenario, assuming the introduction of carbon taxes from FY28. Sensitivity analysis indicates headroom / (impairment) of \u00a342.2m and (\u00a312.6m) for Greetz and Experiences respectively. \u2022 For the risk of shifting consumer sentiment, scenario analysis was conducted to evaluate the potential consequences of different climate policy pathways. However, the significant uncertainty surrounding behavioural and market response assumptions means that any attempt to quantify a specific financial impact would be highly speculative, hence no such estimate can be meaningfully determined at this stage. The Group has identified the following key assumptions as having the most significant impact on the value in use calculation:
Greetz CGU
Experiences CGU
2025
2024
2025
2024
Pre-tax discount rate (%)
1
13.7%
13.5%
13.5%
15.1%
Revenue compound annual growth rate (CAGR)
2
4.8%
8.8%
2.7%
6.6%
1 The discount rate is a pre-tax rate that reflects the current market assessment of the time value of money and the risks specific to the cash generating units. The pre-tax discount rates used to calculate value in use are derived from the Group\u2019s post-tax weighted average cost of capital. The decline in the discount rate from the previous year is due to reducing the equity premium and betas used in the calculation. 2 The compound annual growth rate represents the average yearly growth rate over the pre-perpetuity period. 3 In the prior year, the pre-perpetuity period of six years was a key assumption as it exceeded the five-year maximum typically presumed under IAS 36, which requires justification for longer forecast horizons. In FY25 the pre-perpetuity period is five years and therefore no longer constitutes a key assumption. The Group has performed sensitivity analysis to assess the impact of a change in each key assumption in the VIU. The relevant scenario, in relation to a revenue decrease, is consistent with the more severe downside scenario (plausible scenario 2) prepared in connection with the viability statement within the Annual Report and Accounts for the year ended 30 April 2025. For the goodwill allocated to both the Experiences and Greetz CGU, the Group modelled the impact of a 1%pt increase in the discount rate and a 2.2%pts decrease in the compound annual growth rate was also modelled for Greetz and Experiences respectively. The decrease in forecasted revenue sensitivity pushed the growth rates out by one year with a reduction of 10% in Greetz and 10% in Experiences in the first year. The Group also modelled a scenario in which both of these changes arise concurrently. The results of this sensitivity analysis are summarised below:
Greetz CGU
Experiences CGU
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Original headroom
45.6
80.8
1.6
23.3
Headroom / (impairment) using a discount rate increased by 1%pt
39.1
70.4
(2.5)
11.1
Headroom / (impairment) using a 2.2%pts decrease in the forecast revenue CAGR
1
38.6
54.1
(11.8)
(36.7)
(April 2024: 5.4%pts decrease in forecast CAGR)
Headroom using a pre-perpetuity period reduced by one year
2
N/a
76.3
N/a
8.2
Headroom / (impairment) combining both sensitivity scenarios detailed above
32.8
45.0
(15.2)
(54.6)
1 The compound annual growth rate represents the average yearly growth rate over the pre-perpetuity period. 2 In the prior year, the pre-perpetuity period of six years was a key assumption as it exceeded the five-year maximum typically presumed under IAS 36, which requires justification for longer forecast horizons. In FY25 the pre-perpetuity period is five years and therefore no longer constitutes a key assumption. Other finite-life intangible assets At each reporting year date, the Group reviews the carrying amounts of other finite-life intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-492": { "value": "12 Intangible assets
Technology
and
development Customer
Goodwill
Trademark
costs
1
relationships
2
Software
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
As at 1 May 2024
143,622
16,423
39,058
43,238
261
242,602
Additions
\u2013
\u2013
11,037
\u2013
14
11,051
Disposals
\u2013
\u2013
(3,438)
\u2013
\u2013
(3,438)
Foreign exchange
(21)
(30)
\u2013
(39)
\u2013
(90)
As at 30 April 2025
143,601
16,393
46,657
43,199
275
250,125
Accumulated amortisation and impairment
As at 1 May 2024
\u2013
6,375
17,360
15,115
160
39,010
Amortisation charge
\u2013
1,633
12,969
5,848
104
20,554
Disposals
\u2013
\u2013
(3,438)
\u2013
\u2013
(3,438)
Impairment
56,700
\u2013
\u2013
\u2013
\u2013
56,700
Foreign exchange
\u2013
(4)
\u2013
(7)
\u2013
(11)
As at 30 April 2025
56,700
8,004
26,891
20,956
264
112,815
Net book value as at 30 April 2025
86,901
8,389
19,766
22,243
11
137,310
1 Technology and development costs include assets under construction of \u00a35,125,000 (2024: \u00a34,735,000). 2 The opening balance of gross cost and accumulated depreciation has been restated to reflect the transfer between customer relationships and technology and development costs of historic Greetz technology costs and their subsequent disposal. The asset had a nil net book value as at 1 May 2023 and therefore there is no impact to the income statement or balance sheet in the current or prior periods.
Technology
and
development Customer
Goodwill
Trademark
costs
1
relationships
Software
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
As at 1 May 2023
143,811
16,683
30,255
48,071
691
239,511
Additions
\u2013
\u2013
12,582
\u2013
200
12,782
Disposals
\u2013
\u2013
(3,779)
\u2013
(627)
(4,406)
Foreign exchange
(189)
(260)
\u2013
(466)
(3)
(918)
As at 30 April 2024
143,622
16,423
39,058
47,605
261
246,969
Accumulated amortisation and impairment
As at 1 May 2023
\u2013
4,851
10,160
13,486
559
29,056
Amortisation charge
\u2013
1,653
10,979
6,252
235
19,119
Disposals
\u2013
\u2013
(3,779)
\u2013
(627)
(4,406)
Foreign exchange
\u2013
(129)
\u2013
(255)
(7)
(391)
As at 30 April 2024
\u2013
6,375
17,360
19,483
160
43,378
Net book value as at 30 April 2024
143,622
10,048
21,698
28,122
101
203,591
1 Technology and development costs include assets under construction of \u00a34,735,000 (2023: \u00a33,821,000). (a) Goodwill Goodwill of \u00a36,333,000 (2024: \u00a36,353,000) relates to the acquisition of Greetz in 2018, recognised within the Greetz CGU. The movement between periods is a result of foreign exchange revaluation. Goodwill of \u00a380,568,000 (2024: \u00a3137,269,000) relates to the acquisition of Experiences and is allocated to the Experiences CGU. The movement between periods is a result of a non-cash impairment charge to the goodwill balance of \u00a356,700,000. (b) Trademark \u00a32,854,000 (2024: \u00a33,744,000) of the asset balance are trademarks relating to the acquisition of Greetz with finite lives. The remaining useful economic life at 30 April 2025 on the trademark is 3 years 4 months (2024: 4 years 4 months). \u00a35,535,000 (2024: \u00a36,304,000) of trademark assets relate to the brands valued on the acquisition of Experiences. The remaining useful economic life at 30 April 2025 on these trademarks is 7 years and 3 months (2024: 8 years and 3 months). (c) Technology and development costs Technology and development costs of \u00a319,687,000 (2024: \u00a321,227,000) relate to internally developed assets. The costs of these assets include capitalised expenses of employees working full-time on software development projects and third-party consulting firms. The remaining useful economic life of these assets at 30 April 2025 ranges from 1 month to 3 years (2024: 1 month to 3 years). Technology and development costs of \u00a379,000 (2024: \u00a3471,000) relate to the acquisition of Experiences and are allocated to the Experiences CGU. The remaining useful economic life at 30 April 2025 is 3 months (2024: 1 year and 3 months). (d) Customer relationships \u00a35,098,000 (2024: \u00a36,041,000) of the asset balance relates to the valuation of existing customer relationships held by Greetz on acquisition. The remaining useful economic life at 30 April 2025 on these customer relationships is 5 years 4 months (2024: 6 years 4 months). \u00a317,145,000 (2024: \u00a322,081,000) of customer relationship assets relates to those valued on the acquisition of the Experiences segment. The remaining useful economic life at 30 April 2025 on these customer relationships is a range of 4 years and 3 months and 1 year and 3 months (2024: a range between 5 years 3 months and 2 years and 3 months). (e) Software Software intangible assets include accounting and marketing software purchased by the Group and software licence fees from third-party suppliers. (f) Annual impairment tests Goodwill Goodwill is allocated to two cash-generating units (CGUs), namely the Greetz and Experiences segments, based on the smallest identifiable group of assets that generates cash inflows independently in relation to the specific goodwill. The recoverable amount of a CGU or group of CGUs is determined as the higher of its fair value less costs of disposal and its value in use (VIU). In determining VIU, estimated future cash flows are discounted to their present value. The Group performed an annual test for impairment of Experiences CGU goodwill as at 30 April 2024, with the results, sensitivity analysis and narrative disclosure presented on pages 149-150 of the Group's Annual Report and Accounts for the year ended 30 April 2024. Based on the sensitivity analysis, the Directors identified the impairment assessment as a major source of estimation uncertainty that had a significant risk of resulting in a material adjustment to the carrying amount within the year ending 30 April 2025. In accordance with paragraph 125 of IAS 1, the FY24 year-end accounts therefore disclose the quantification of all key assumptions in the value in use estimates and the impact of plausible changes in each key assumption. As part of this disclosure, the sensitivity of Experiences' goodwill to forecast revenue growth was highlighted. During H1 FY25, Experiences trading performance was identified as an indication that Experiences CGU goodwill may be impaired. The Group therefore estimated the value in use of the Experiences CGU as at 31 October 2024. This exercise determined that the carrying amount of Experiences goodwill exceeded its recoverable amount and an impairment charge of \u00a356,700,000 was recognised in the consolidated income statement. The impairment charge has been classified as an Adjusting Item (see Note 6). The Group performed its annual impairment test of the goodwill allocated to the Greetz and Experiences segments, as at 30 April 2025. The estimated future cash flows are based on the approved plan, including the FY26 budget, for the three years ending 30 April 2028. The estimated future cash flows are identical to those used for the viability statement. They have been extended by a further two years before applying a perpetuity using an estimated long-term growth rate. The assumed 5 year pre-perpetuity projections period represents a reduction of 12 months from 30 April 2024, aligning with the Group\u2019s policy of reducing the period to 5 years. When estimating value in use, the Group does not include estimated future cash flows that are expected to arise from improving or enhancing the asset\u2019s performance. As at 30 April 2025 there has been no amendment to the charge allocated to the Experiences CGU during the year. Based on the sensitivity analysis performed, the Directors identified the impairment assessment as a major source of estimation uncertainty that had a significant risk of resulting in a material adjustment to the carrying amount within the year ending 30 April 2026. In accordance with paragraph 125 of IAS 1, the FY25 year-end accounts therefore disclose the quantification of all key assumptions in the value in use estimates and the impact of plausible changes in each key assumption. As at 30 April 2025, no impairment charge has been recognised for goodwill allocated to the Greetz CGU. The headroom over carrying amount is more than adequate and there is no reasonable possible change in key assumptions including those relating to future sales performance that would lead to an impairment. Scenario analysis performed as part of the Group\u2019s disclosure against the Task Force on Climate-related Financial Disclosures (TCFD) (pages 34 to 35) identified two transition-related climate risks with potential revenue and cost implications. The analysis considered three scenarios: business as usual (>4o C by 2100); an unequal world (2.5o C by 2100); and the Paris Agreement Aligned (1.5 oC by 2050), with the most material risks arising under the Paris Agreement Aligned scenario: \u2022 For the risk of carbon taxation, we modelled the gross (unmitigated) financial impact under a Paris Agreement Aligned scenario, assuming the introduction of carbon taxes from FY28. Sensitivity analysis indicates headroom / (impairment) of \u00a342.2m and (\u00a312.6m) for Greetz and Experiences respectively. \u2022 For the risk of shifting consumer sentiment, scenario analysis was conducted to evaluate the potential consequences of different climate policy pathways. However, the significant uncertainty surrounding behavioural and market response assumptions means that any attempt to quantify a specific financial impact would be highly speculative, hence no such estimate can be meaningfully determined at this stage. The Group has identified the following key assumptions as having the most significant impact on the value in use calculation:
Greetz CGU
Experiences CGU
2025
2024
2025
2024
Pre-tax discount rate (%)
1
13.7%
13.5%
13.5%
15.1%
Revenue compound annual growth rate (CAGR)
2
4.8%
8.8%
2.7%
6.6%
1 The discount rate is a pre-tax rate that reflects the current market assessment of the time value of money and the risks specific to the cash generating units. The pre-tax discount rates used to calculate value in use are derived from the Group\u2019s post-tax weighted average cost of capital. The decline in the discount rate from the previous year is due to reducing the equity premium and betas used in the calculation. 2 The compound annual growth rate represents the average yearly growth rate over the pre-perpetuity period. 3 In the prior year, the pre-perpetuity period of six years was a key assumption as it exceeded the five-year maximum typically presumed under IAS 36, which requires justification for longer forecast horizons. In FY25 the pre-perpetuity period is five years and therefore no longer constitutes a key assumption. The Group has performed sensitivity analysis to assess the impact of a change in each key assumption in the VIU. The relevant scenario, in relation to a revenue decrease, is consistent with the more severe downside scenario (plausible scenario 2) prepared in connection with the viability statement within the Annual Report and Accounts for the year ended 30 April 2025. For the goodwill allocated to both the Experiences and Greetz CGU, the Group modelled the impact of a 1%pt increase in the discount rate and a 2.2%pts decrease in the compound annual growth rate was also modelled for Greetz and Experiences respectively. The decrease in forecasted revenue sensitivity pushed the growth rates out by one year with a reduction of 10% in Greetz and 10% in Experiences in the first year. The Group also modelled a scenario in which both of these changes arise concurrently. The results of this sensitivity analysis are summarised below:
Greetz CGU
Experiences CGU
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Original headroom
45.6
80.8
1.6
23.3
Headroom / (impairment) using a discount rate increased by 1%pt
39.1
70.4
(2.5)
11.1
Headroom / (impairment) using a 2.2%pts decrease in the forecast revenue CAGR
1
38.6
54.1
(11.8)
(36.7)
(April 2024: 5.4%pts decrease in forecast CAGR)
Headroom using a pre-perpetuity period reduced by one year
2
N/a
76.3
N/a
8.2
Headroom / (impairment) combining both sensitivity scenarios detailed above
32.8
45.0
(15.2)
(54.6)
1 The compound annual growth rate represents the average yearly growth rate over the pre-perpetuity period. 2 In the prior year, the pre-perpetuity period of six years was a key assumption as it exceeded the five-year maximum typically presumed under IAS 36, which requires justification for longer forecast horizons. In FY25 the pre-perpetuity period is five years and therefore no longer constitutes a key assumption. Other finite-life intangible assets At each reporting year date, the Group reviews the carrying amounts of other finite-life intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-526": { "value": "(f) Annual impairment tests Goodwill Goodwill is allocated to two cash-generating units (CGUs), namely the Greetz and Experiences segments, based on the smallest identifiable group of assets that generates cash inflows independently in relation to the specific goodwill. The recoverable amount of a CGU or group of CGUs is determined as the higher of its fair value less costs of disposal and its value in use (VIU). In determining VIU, estimated future cash flows are discounted to their present value. The Group performed an annual test for impairment of Experiences CGU goodwill as at 30 April 2024, with the results, sensitivity analysis and narrative disclosure presented on pages 149-150 of the Group's Annual Report and Accounts for the year ended 30 April 2024. Based on the sensitivity analysis, the Directors identified the impairment assessment as a major source of estimation uncertainty that had a significant risk of resulting in a material adjustment to the carrying amount within the year ending 30 April 2025. In accordance with paragraph 125 of IAS 1, the FY24 year-end accounts therefore disclose the quantification of all key assumptions in the value in use estimates and the impact of plausible changes in each key assumption. As part of this disclosure, the sensitivity of Experiences' goodwill to forecast revenue growth was highlighted. During H1 FY25, Experiences trading performance was identified as an indication that Experiences CGU goodwill may be impaired. The Group therefore estimated the value in use of the Experiences CGU as at 31 October 2024. This exercise determined that the carrying amount of Experiences goodwill exceeded its recoverable amount and an impairment charge of \u00a356,700,000 was recognised in the consolidated income statement. The impairment charge has been classified as an Adjusting Item (see Note 6). The Group performed its annual impairment test of the goodwill allocated to the Greetz and Experiences segments, as at 30 April 2025. The estimated future cash flows are based on the approved plan, including the FY26 budget, for the three years ending 30 April 2028. The estimated future cash flows are identical to those used for the viability statement. They have been extended by a further two years before applying a perpetuity using an estimated long-term growth rate. The assumed 5 year pre-perpetuity projections period represents a reduction of 12 months from 30 April 2024, aligning with the Group\u2019s policy of reducing the period to 5 years. When estimating value in use, the Group does not include estimated future cash flows that are expected to arise from improving or enhancing the asset\u2019s performance. As at 30 April 2025 there has been no amendment to the charge allocated to the Experiences CGU during the year. Based on the sensitivity analysis performed, the Directors identified the impairment assessment as a major source of estimation uncertainty that had a significant risk of resulting in a material adjustment to the carrying amount within the year ending 30 April 2026. In accordance with paragraph 125 of IAS 1, the FY25 year-end accounts therefore disclose the quantification of all key assumptions in the value in use estimates and the impact of plausible changes in each key assumption. As at 30 April 2025, no impairment charge has been recognised for goodwill allocated to the Greetz CGU. The headroom over carrying amount is more than adequate and there is no reasonable possible change in key assumptions including those relating to future sales performance that would lead to an impairment. Scenario analysis performed as part of the Group\u2019s disclosure against the Task Force on Climate-related Financial Disclosures (TCFD) (pages 34 to 35) identified two transition-related climate risks with potential revenue and cost implications. The analysis considered three scenarios: business as usual (>4o C by 2100); an unequal world (2.5o C by 2100); and the Paris Agreement Aligned (1.5 oC by 2050), with the most material risks arising under the Paris Agreement Aligned scenario: \u2022 For the risk of carbon taxation, we modelled the gross (unmitigated) financial impact under a Paris Agreement Aligned scenario, assuming the introduction of carbon taxes from FY28. Sensitivity analysis indicates headroom / (impairment) of \u00a342.2m and (\u00a312.6m) for Greetz and Experiences respectively. \u2022 For the risk of shifting consumer sentiment, scenario analysis was conducted to evaluate the potential consequences of different climate policy pathways. However, the significant uncertainty surrounding behavioural and market response assumptions means that any attempt to quantify a specific financial impact would be highly speculative, hence no such estimate can be meaningfully determined at this stage. The Group has identified the following key assumptions as having the most significant impact on the value in use calculation:
Greetz CGU
Experiences CGU
2025
2024
2025
2024
Pre-tax discount rate (%)
1
13.7%
13.5%
13.5%
15.1%
Revenue compound annual growth rate (CAGR)
2
4.8%
8.8%
2.7%
6.6%
1 The discount rate is a pre-tax rate that reflects the current market assessment of the time value of money and the risks specific to the cash generating units. The pre-tax discount rates used to calculate value in use are derived from the Group\u2019s post-tax weighted average cost of capital. The decline in the discount rate from the previous year is due to reducing the equity premium and betas used in the calculation. 2 The compound annual growth rate represents the average yearly growth rate over the pre-perpetuity period. 3 In the prior year, the pre-perpetuity period of six years was a key assumption as it exceeded the five-year maximum typically presumed under IAS 36, which requires justification for longer forecast horizons. In FY25 the pre-perpetuity period is five years and therefore no longer constitutes a key assumption. The Group has performed sensitivity analysis to assess the impact of a change in each key assumption in the VIU. The relevant scenario, in relation to a revenue decrease, is consistent with the more severe downside scenario (plausible scenario 2) prepared in connection with the viability statement within the Annual Report and Accounts for the year ended 30 April 2025. For the goodwill allocated to both the Experiences and Greetz CGU, the Group modelled the impact of a 1%pt increase in the discount rate and a 2.2%pts decrease in the compound annual growth rate was also modelled for Greetz and Experiences respectively. The decrease in forecasted revenue sensitivity pushed the growth rates out by one year with a reduction of 10% in Greetz and 10% in Experiences in the first year. The Group also modelled a scenario in which both of these changes arise concurrently. The results of this sensitivity analysis are summarised below:
Greetz CGU
Experiences CGU
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Original headroom
45.6
80.8
1.6
23.3
Headroom / (impairment) using a discount rate increased by 1%pt
39.1
70.4
(2.5)
11.1
Headroom / (impairment) using a 2.2%pts decrease in the forecast revenue CAGR
1
38.6
54.1
(11.8)
(36.7)
(April 2024: 5.4%pts decrease in forecast CAGR)
Headroom using a pre-perpetuity period reduced by one year
2
N/a
76.3
N/a
8.2
Headroom / (impairment) combining both sensitivity scenarios detailed above
32.8
45.0
(15.2)
(54.6)
1 The compound annual growth rate represents the average yearly growth rate over the pre-perpetuity period. 2 In the prior year, the pre-perpetuity period of six years was a key assumption as it exceeded the five-year maximum typically presumed under IAS 36, which requires justification for longer forecast horizons. In FY25 the pre-perpetuity period is five years and therefore no longer constitutes a key assumption. Other finite-life intangible assets At each reporting year date, the Group reviews the carrying amounts of other finite-life intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-461": { "value": "
13 Property, plant and equipment
Right-of- Right-of-use
Freehold Plant and Fixtures and Leasehold Computer use assets plant assets land
property machinery fittings improvements equipment and machinery
and buildings
1
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
As at 1 May 2024
3,905
7,202
4,055
10,535
2,547
1,536
22,160
51,940
Additions
68
1,032
198
514
443
\u2013
111
2,366
Modifications
\u2013
\u2013
\u2013
\u2013
\u2013
251
\u2013
251
Disposals
(5)
\u2013
(80)
(37)
(555)
\u2013
(253)
(930)
Foreign exchange
(2)
(1)
(5)
(4)
(4)
\u2013
(20)
(36)
As at 30 April 2025
3,966
8,233
4,168
11,008
2,431
1,787
21,998
53,591
Accumulated depreciation and
impairment
As at 1 May 2024
2,362
4,966
3,348
3,295
2,035
453
8,581
25,040
Depreciation charge
157
1,098
474
1,112
432
534
2,439
6,246
Disposals
(5)
\u2013
(80)
(37)
(555)
\u2013
(253)
(930)
Foreign exchange
\u2013
2
(3)
1
(3)
3
\u2013
\u2013
As at 30 April 2025
2,514
6,066
3,739
4,371
1,909
990
10,767
30,356
Net book value as at 30 April
2025
1,452
2,167
429
6,637
522
797
11,231
23,235
1 The opening balances for cost and accumulated depreciation have been updated to reflect the disposal of a lease that was not reflected in the prior year. The April
2024 balance sheet and income statement were unaffected, as the asset had a net book value of \u00a3nil at the time of disposal.
Right-of-
use assets Right-of-use
Freehold Plant and Fixtures and Leasehold Computer plant and assets land
property machinery fittings improvements equipment machinery
and buildings
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
As at 1 May 2023
3,905
6,862
4,182
10,482
2,507
1,355
23,374
52,667
Additions
\u2013
468
89
205
203
575
\u2013
1,540
Remeasurements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
162
162
Disposals
\u2013
(115)
(170)
(89)
(136)
(366)
(220)
(1,096)
Foreign exchange
\u2013
(13)
(46)
(63)
(27)
(28)
(222)
(399)
As at 30 April 2024
3,905
7,202
4,055
10,535
2,547
1,536
23,094
52,874
Accumulated depreciation and
impairment
As at 1 May 2023
2,207
3,958
2,886
2,310
1,642
187
7,166
20,356
Depreciation charge
155
1,130
661
1,079
547
455
2,583
6,610
Disposals
\u2013
(115)
(170)
(89)
(136)
(181)
(220)
(911)
Foreign exchange
\u2013
(7)
(29)
(5)
(18)
(8)
(14)
(81)
As at 30 April 2024
2,362
4,966
3,348
3,295
2,035
453
9,515
25,974
Net book value as at 30 April
2024
1,543
2,236
707
7,240
512
1,083
13,579
26,900
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-462": { "value": "
14 Inventories
2025
2024
\u00a3000
\u00a3000
Raw materials and consumables
1,368
1,411
Finished goods
9,704
8,374
Total inventory
11,072
9,785
Less: Provision for write off of:
Raw materials and consumables
(204)
(380)
Finished goods
(2,388)
(2,311)
Net inventory
8,480
7,094
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-463": { "value": "
15 Trade and other receivables
2025
2024
\u00a3000
\u00a3000
Current:
Trade receivables
1,647
1,569
Less: provisions
(179)
(243)
Trade receivables \u2013 net
1,468
1,326
Other receivables
1,227
2,523
Prepayments
3,163
2,728
Total current trade and other receivables
5,858
6,577
The movements in provisions are as follows:
2025
2024
\u00a3000
\u00a3000
As at 1 May
(243)
(470)
Charge for the year
\u2013
(32)
Utilised
11
172
Released
53
74
Foreign exchange
\u2013
13
As at 30 April
(179)
(243)
Trade and other receivables are predominantly denominated in the functional currencies of subsidiary undertakings. There is no material
difference between the above amounts for trade and other receivables (including loan receivables) and their fair value due to their
contractual maturity of less than 12 months.
As permitted by IFRS 9, the Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss
allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit
risk characteristics such as ageing of the debt and the credit risk of the customers. A historical credit loss rate is then calculated and
adjusted to reflect expectations about future credit losses. A customer balance is written off when it is considered that there is no reasonable
expectation that the amount will be collected and legal enforcement activities have ceased.
The Group\u2019s credit risk on trade and other receivables is primarily attributable to trade receivables. There are no significant concentrations
of credit risk since the risk is spread over a large number of unrelated counterparties.
The Group\u2019s businesses implement policies, procedures and controls to manage customer credit risk. Outstanding balances are regularly
monitored and reviewed to identify any change in risk profile.
The Group considers its credit risk to be low with Group revenue derived from electronic payment processes (including credit card, debit
card, PayPal, iDEAL and Single Euro Payments Area) executed over the internet, with most receipts reaching the bank accounts in one to
two days.
At 30 April 2025, the Group had net trade receivables of \u00a31,468,000 (2024: \u00a31,326,000). Trade receivables are reviewed regularly for any
risk of impairment and provisions are booked where necessary.
The maximum exposure to credit risk is the trade receivable balance at the year-end. The Group has assessed its exposure below:
Trade receivables ageing
2025
2024
\u00a3000
\u00a3000
Up to 30 days
1,407
1,258
30 to 90 days
22
110
More than 90 days
218
201
Gross
1,647
1,569
Less: provisions
(179)
(243)
Net trade receivables
1,468
1,326
2025
2024
\u00a3000
\u00a3000
Non-current other receivables:
Other receivables
1,605
1,611
Total non-current trade and other receivables
1,605
1,611
Non-current other receivables relate to security deposits in connection with leased property.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-527": { "value": "15 Trade and other receivables
2025
2024
\u00a3000
\u00a3000
Current:
Trade receivables
1,647
1,569
Less: provisions
(179)
(243)
Trade receivables \u2013 net
1,468
1,326
Other receivables
1,227
2,523
Prepayments
3,163
2,728
Total current trade and other receivables
5,858
6,577
The movements in provisions are as follows:
2025
2024
\u00a3000
\u00a3000
As at 1 May
(243)
(470)
Charge for the year
\u2013
(32)
Utilised
11
172
Released
53
74
Foreign exchange
\u2013
13
As at 30 April
(179)
(243)
Trade and other receivables are predominantly denominated in the functional currencies of subsidiary undertakings. There is no material difference between the above amounts for trade and other receivables (including loan receivables) and their fair value due to their contractual maturity of less than 12 months. As permitted by IFRS 9, the Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics such as ageing of the debt and the credit risk of the customers. A historical credit loss rate is then calculated and adjusted to reflect expectations about future credit losses. A customer balance is written off when it is considered that there is no reasonable expectation that the amount will be collected and legal enforcement activities have ceased. The Group\u2019s credit risk on trade and other receivables is primarily attributable to trade receivables. There are no significant concentrations of credit risk since the risk is spread over a large number of unrelated counterparties. The Group\u2019s businesses implement policies, procedures and controls to manage customer credit risk. Outstanding balances are regularly monitored and reviewed to identify any change in risk profile. The Group considers its credit risk to be low with Group revenue derived from electronic payment processes (including credit card, debit card, PayPal, iDEAL and Single Euro Payments Area) executed over the internet, with most receipts reaching the bank accounts in one to two days. At 30 April 2025, the Group had net trade receivables of \u00a31,468,000 (2024: \u00a31,326,000). Trade receivables are reviewed regularly for any risk of impairment and provisions are booked where necessary. The maximum exposure to credit risk is the trade receivable balance at the year-end. The Group has assessed its exposure below: Trade receivables ageing
2025
2024
\u00a3000
\u00a3000
Up to 30 days
1,407
1,258
30 to 90 days
22
110
More than 90 days
218
201
Gross
1,647
1,569
Less: provisions
(179)
(243)
Net trade receivables
1,468
1,326
2025
2024
\u00a3000
\u00a3000
Non-current other receivables:
Other receivables
1,605
1,611
Total non-current trade and other receivables
1,605
1,611
Non-current other receivables relate to security deposits in connection with leased property.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-493": { "value": "15 Trade and other receivables
2025
2024
\u00a3000
\u00a3000
Current:
Trade receivables
1,647
1,569
Less: provisions
(179)
(243)
Trade receivables \u2013 net
1,468
1,326
Other receivables
1,227
2,523
Prepayments
3,163
2,728
Total current trade and other receivables
5,858
6,577
The movements in provisions are as follows:
2025
2024
\u00a3000
\u00a3000
As at 1 May
(243)
(470)
Charge for the year
\u2013
(32)
Utilised
11
172
Released
53
74
Foreign exchange
\u2013
13
As at 30 April
(179)
(243)
Trade and other receivables are predominantly denominated in the functional currencies of subsidiary undertakings. There is no material difference between the above amounts for trade and other receivables (including loan receivables) and their fair value due to their contractual maturity of less than 12 months. As permitted by IFRS 9, the Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics such as ageing of the debt and the credit risk of the customers. A historical credit loss rate is then calculated and adjusted to reflect expectations about future credit losses. A customer balance is written off when it is considered that there is no reasonable expectation that the amount will be collected and legal enforcement activities have ceased. The Group\u2019s credit risk on trade and other receivables is primarily attributable to trade receivables. There are no significant concentrations of credit risk since the risk is spread over a large number of unrelated counterparties. The Group\u2019s businesses implement policies, procedures and controls to manage customer credit risk. Outstanding balances are regularly monitored and reviewed to identify any change in risk profile. The Group considers its credit risk to be low with Group revenue derived from electronic payment processes (including credit card, debit card, PayPal, iDEAL and Single Euro Payments Area) executed over the internet, with most receipts reaching the bank accounts in one to two days. At 30 April 2025, the Group had net trade receivables of \u00a31,468,000 (2024: \u00a31,326,000). Trade receivables are reviewed regularly for any risk of impairment and provisions are booked where necessary. The maximum exposure to credit risk is the trade receivable balance at the year-end. The Group has assessed its exposure below: Trade receivables ageing
2025
2024
\u00a3000
\u00a3000
Up to 30 days
1,407
1,258
30 to 90 days
22
110
More than 90 days
218
201
Gross
1,647
1,569
Less: provisions
(179)
(243)
Net trade receivables
1,468
1,326
2025
2024
\u00a3000
\u00a3000
Non-current other receivables:
Other receivables
1,605
1,611
Total non-current trade and other receivables
1,605
1,611
Non-current other receivables relate to security deposits in connection with leased property.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-464": { "value": "
16 Cash and cash equivalents
2025
2024
\u00a3000
\u00a3000
Cash and bank balances
9,777
6,422
Cash equivalents
2,872
3,222
Total cash and cash equivalents
12,649
9,644
The carrying amount of cash and cash equivalents approximates their fair value. Cash equivalents relate to cash in transit from various
payment processing intermediaries that provide receipting services to the Group.
Cash and cash equivalents are denominated in Pound Sterling or other currencies as shown below.
2025
2024
\u00a3000
\u00a3000
Pound Sterling
8,180
6,303
Euro
3,777
2,981
Australian Dollar
194
190
US Dollar
498
170
Total cash and cash equivalents
12,649
9,644
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-465": { "value": "
17 Trade and other payables
2025
2024
\u00a3000
\u00a3000
Current
Trade payables
20,671
14,440
Other payables
1,116
5,515
Other taxation and social security
8,126
8,710
Accruals
23,686
22,800
Total current trade and other payables
53,599
51,465
Trade and other payables are predominantly denominated in the functional currencies of subsidiary undertakings. There are no material
differences between the above amounts for trade and other payables and their fair value due to the short maturity of these instruments.
Payables balances relating to the Experiences merchant accrual are separately disclosed on the face of the balance sheet.
2025
2024
\u00a3000
\u00a3000
Non-current
Other payables
638
638
Other taxation and social security
1,926
914
Total non-current trade and other payables
2,564
1,552
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-533": { "value": "17 Trade and other payables
2025
2024
\u00a3000
\u00a3000
Current
Trade payables
20,671
14,440
Other payables
1,116
5,515
Other taxation and social security
8,126
8,710
Accruals
23,686
22,800
Total current trade and other payables
53,599
51,465
Trade and other payables are predominantly denominated in the functional currencies of subsidiary undertakings. There are no material differences between the above amounts for trade and other payables and their fair value due to the short maturity of these instruments. Payables balances relating to the Experiences merchant accrual are separately disclosed on the face of the balance sheet.
2025
2024
\u00a3000
\u00a3000
Non-current
Other payables
638
638
Other taxation and social security
1,926
914
Total non-current trade and other payables
2,564
1,552
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-517": { "value": "17 Trade and other payables
2025
2024
\u00a3000
\u00a3000
Current
Trade payables
20,671
14,440
Other payables
1,116
5,515
Other taxation and social security
8,126
8,710
Accruals
23,686
22,800
Total current trade and other payables
53,599
51,465
Trade and other payables are predominantly denominated in the functional currencies of subsidiary undertakings. There are no material differences between the above amounts for trade and other payables and their fair value due to the short maturity of these instruments. Payables balances relating to the Experiences merchant accrual are separately disclosed on the face of the balance sheet.
2025
2024
\u00a3000
\u00a3000
Non-current
Other payables
638
638
Other taxation and social security
1,926
914
Total non-current trade and other payables
2,564
1,552
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-494": { "value": "17 Trade and other payables
2025
2024
\u00a3000
\u00a3000
Current
Trade payables
20,671
14,440
Other payables
1,116
5,515
Other taxation and social security
8,126
8,710
Accruals
23,686
22,800
Total current trade and other payables
53,599
51,465
Trade and other payables are predominantly denominated in the functional currencies of subsidiary undertakings. There are no material differences between the above amounts for trade and other payables and their fair value due to the short maturity of these instruments. Payables balances relating to the Experiences merchant accrual are separately disclosed on the face of the balance sheet.
2025
2024
\u00a3000
\u00a3000
Non-current
Other payables
638
638
Other taxation and social security
1,926
914
Total non-current trade and other payables
2,564
1,552
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-466": { "value": "
18 Provisions for other liabilities and charges
Other Dilapidations
provisions
provisions
Total
\u00a3000
\u00a3000
\u00a3000
As at 1 May 2024
2,255
2,334
4,589
Charged in the year
1,469
\u2013
1,469
Utilisation
(390)
(22)
(412)
Release of provisions in the year
(692)
(156)
(848)
Foreign exchange
(1)
(3)
(4)
As at 30 April 2025
2,641
2,153
4,794
Analysed as:
Current
2,252
\u2013
2,252
Non-current
389
2,153
2,542
Other Dilapidations
provisions
provisions
Total
\u00a3000
\u00a3000
\u00a3000
As at 1 May 2023
1,461
2,569
4,030
Charged in the year
891
\u2013
891
Utilisation
(74)
(215)
(289)
Release of provisions in the year
(15)
\u2013
(15)
Foreign exchange
(8)
(20)
(28)
As at 30 April 2024
2,255
2,334
4,589
Analysed as:
Current
1,894
179
2,073
Non-current
361
2,155
2,516
Current provisions
Includes other provisions primarily relating to royalty provisions, a refund provision and the current portion of the employee sabbatical
provision. The above provisions are due to be settled within the year.
Non-current provisions
Includes dilapidations provisions for the Herbal House head office, the Almere facility in the Netherlands and the Tamworth facility in the
UK. These are classified as non-current due to their expected settlement dates, with the earliest lease expiry among the three locations
occurring in 2027. The balance also includes the non-current portion of the employee sabbatical provision.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-495": { "value": "18 Provisions for other liabilities and charges
Other Dilapidations
provisions
provisions
Total
\u00a3000
\u00a3000
\u00a3000
As at 1 May 2024
2,255
2,334
4,589
Charged in the year
1,469
\u2013
1,469
Utilisation
(390)
(22)
(412)
Release of provisions in the year
(692)
(156)
(848)
Foreign exchange
(1)
(3)
(4)
As at 30 April 2025
2,641
2,153
4,794
Analysed as:
Current
2,252
\u2013
2,252
Non-current
389
2,153
2,542
Other Dilapidations
provisions
provisions
Total
\u00a3000
\u00a3000
\u00a3000
As at 1 May 2023
1,461
2,569
4,030
Charged in the year
891
\u2013
891
Utilisation
(74)
(215)
(289)
Release of provisions in the year
(15)
\u2013
(15)
Foreign exchange
(8)
(20)
(28)
As at 30 April 2024
2,255
2,334
4,589
Analysed as:
Current
1,894
179
2,073
Non-current
361
2,155
2,516
Current provisions Includes other provisions primarily relating to royalty provisions, a refund provision and the current portion of the employee sabbatical provision. The above provisions are due to be settled within the year. Non-current provisions Includes dilapidations provisions for the Herbal House head office, the Almere facility in the Netherlands and the Tamworth facility in the UK. These are classified as non-current due to their expected settlement dates, with the earliest lease expiry among the three locations occurring in 2027. The balance also includes the non-current portion of the employee sabbatical provision.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-496": { "value": "
19 Contract liabilities
In all material respects, current deferred revenue at 30 April 2024 and 30 April 2025 was recognised as revenue during the respective
subsequent year. Other than business-as-usual movements there were no significant changes in contract liability balances during the year.
Deferred revenue includes the value of advanced orders for future dispatch, the value of goods in transit that are dispatched but not yet
delivered and subscription income that has been received and is to be recognised as future revenue in line with the exercise of material
rights by subscription members.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-497": { "value": "
20 Borrowings
2025
2024
\u00a3000
\u00a3000
Current
Lease liabilities
3,214
3,257
Borrowings
111
73
Non-current
Lease liabilities
10,284
13,072
Borrowings
94,985
118,292
Total borrowings and lease liabilities
108,594
134,694
The Group's debt facilities consist of a \u00a3180,000,000 committed revolving credit facility (the \"RCF\"), which now has a maturity date of
28 February 2029. This reflects the exercise during the year of a one-year extension option, which was subsequently approved by the
lenders. Amounts drawn under the RCF bear interest at a floating reference rate plus a margin. The reference rates are SONIA for loans in
Sterling, EURIBOR for loans in Euros and SOFR for loans in US Dollars. As at 30 April 2025 the Group had drawn down \u00a393,000,000 and
\u20ac4,500,000 of the available revolving credit facility (2024: \u00a3113,000,000 and \u20ac8,500,000). There was a foreign exchange impact on
borrowings during the year of \u00a390,000 (2024: \u00a3nil).
The amounts drawn under the RCF bear interest at a floating reference rate plus a margin. The reference rates are SONIA for loans in
Sterling, EURIBOR for loans in Euros and SOFR for loans in US Dollars. The Group hedges its interest rate exposure on a rolling basis. As at
the date of this report, layered SONIA interest rate cap instruments are in place with strike rates of between 4.5% and 5.0% on total
notional of \u00a350.0m until 31 October 2026:
Derivative type
Execution dates
Notional amount
Start date
Maturity date
Underlying asset
Strike rate
Interest rate cap
1 August 2022
\u00a350.0m
1/8/2022
30/11/2024
SONIA
3.00%
Interest rate cap
3 April 2024
\u00a350.0m
29/11/2024
31/5/2025
SONIA
5.00%
\u00a335.0m
1/6/2025
28/11/2025
Interest rate cap
30 January 2025
\u00a315.0m
31/5/2025
28/11/2025
SONIA
4.50%
\u00a335.0m
29/11/2025
30/4/2026
Interest rate cap
2 June 2025
\u00a315.0m
29/11/2025
30/4/2026
SONIA
4.50%
\u00a350.0m
1/5/2026
30/10/2026
The RCF is subject to two covenants, each tested at six-monthly intervals. The leverage covenant, measuring the ratio of net debt to last
twelve months Adjusted EBITDA (excluding share-based payments, as specified in the facilities agreement), is a maximum of 3.5x at April
2025 and 3.0x for the remaining term of the facility. The interest cover covenant, measuring the ratio of last twelve months Adjusted EBITDA
(excluding share-based payments, as specified in the facilities agreement) to the total of bank interest payable and interest payable on
leases, is a minimum of 3.5x for the term of the facility. The Group has complied with all covenants from entering the RCF until the date of
these consolidated financial statements and is forecast to comply with these during the going concern assessment period.
Borrowings are repayable as follows:
2025
2024
\u00a3000
\u00a3000
Within one year
111
73
Within one and two years
\u2013
\u2013
Within two and three years
\u2013
\u2013
Within three and four years
94,985
118,292
Within four and five years
\u2013
\u2013
Beyond five years
\u2013
\u2013
Total borrowings
1
95,096
118,365
1 Total borrowings include \u00a3111,169 (2024: \u00a373,000) in respect of accrued unpaid interest and are shown net of capitalised borrowing costs of \u00a31,848,000 (2024:
\u00a31,973,000).
The table below details changes in liabilities arising from financing activities, including both cash and non-cash changes.
Lease
Borrowings
liabilities
Total
\u00a3000
\u00a3000
\u00a3000
As at 1 May 2023
170,520
19,525
190,045
Cash flow
(71,271)
(4,424)
(75,695)
Foreign exchange
\u2013
(129)
(129)
Interest and other
1
19,116
1,357
20,473
As at 30 April 2024
118,365
16,329
134,694
Cash flow
(32,251)
(3,902)
(36,153)
Foreign exchange
(90)
48
(42)
Interest and other
1
9,072
1,023
10,095
As at 30 April 2025
95,096
13,498
108,594
1 Interest and other within borrowings comprises amortisation of capitalised borrowing costs and the interest expense in the year. Interest and other within lease liabilities
comprises modifications to lease liabilities as well as interest on leases as disclosed in Note 7.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-467": { "value": "20 Borrowings
2025
2024
\u00a3000
\u00a3000
Current
Lease liabilities
3,214
3,257
Borrowings
111
73
Non-current
Lease liabilities
10,284
13,072
Borrowings
94,985
118,292
Total borrowings and lease liabilities
108,594
134,694
The Group's debt facilities consist of a \u00a3180,000,000 committed revolving credit facility (the \"RCF\"), which now has a maturity date of 28 February 2029. This reflects the exercise during the year of a one-year extension option, which was subsequently approved by the lenders. Amounts drawn under the RCF bear interest at a floating reference rate plus a margin. The reference rates are SONIA for loans in Sterling, EURIBOR for loans in Euros and SOFR for loans in US Dollars. As at 30 April 2025 the Group had drawn down \u00a393,000,000 and \u20ac4,500,000 of the available revolving credit facility (2024: \u00a3113,000,000 and \u20ac8,500,000). There was a foreign exchange impact on borrowings during the year of \u00a390,000 (2024: \u00a3nil). The amounts drawn under the RCF bear interest at a floating reference rate plus a margin. The reference rates are SONIA for loans in Sterling, EURIBOR for loans in Euros and SOFR for loans in US Dollars. The Group hedges its interest rate exposure on a rolling basis. As at the date of this report, layered SONIA interest rate cap instruments are in place with strike rates of between 4.5% and 5.0% on total notional of \u00a350.0m until 31 October 2026:
Derivative type
Execution dates
Notional amount
Start date
Maturity date
Underlying asset
Strike rate
Interest rate cap
1 August 2022
\u00a350.0m
1/8/2022
30/11/2024
SONIA
3.00%
Interest rate cap
3 April 2024
\u00a350.0m
29/11/2024
31/5/2025
SONIA
5.00%
\u00a335.0m
1/6/2025
28/11/2025
Interest rate cap
30 January 2025
\u00a315.0m
31/5/2025
28/11/2025
SONIA
4.50%
\u00a335.0m
29/11/2025
30/4/2026
Interest rate cap
2 June 2025
\u00a315.0m
29/11/2025
30/4/2026
SONIA
4.50%
\u00a350.0m
1/5/2026
30/10/2026
The RCF is subject to two covenants, each tested at six-monthly intervals. The leverage covenant, measuring the ratio of net debt to last twelve months Adjusted EBITDA (excluding share-based payments, as specified in the facilities agreement), is a maximum of 3.5x at April 2025 and 3.0x for the remaining term of the facility. The interest cover covenant, measuring the ratio of last twelve months Adjusted EBITDA (excluding share-based payments, as specified in the facilities agreement) to the total of bank interest payable and interest payable on leases, is a minimum of 3.5x for the term of the facility. The Group has complied with all covenants from entering the RCF until the date of these consolidated financial statements and is forecast to comply with these during the going concern assessment period. Borrowings are repayable as follows:
2025
2024
\u00a3000
\u00a3000
Within one year
111
73
Within one and two years
\u2013
\u2013
Within two and three years
\u2013
\u2013
Within three and four years
94,985
118,292
Within four and five years
\u2013
\u2013
Beyond five years
\u2013
\u2013
Total borrowings
1
95,096
118,365
1 Total borrowings include \u00a3111,169 (2024: \u00a373,000) in respect of accrued unpaid interest and are shown net of capitalised borrowing costs of \u00a31,848,000 (2024: \u00a31,973,000). The table below details changes in liabilities arising from financing activities, including both cash and non-cash changes.
Lease
Borrowings
liabilities
Total
\u00a3000
\u00a3000
\u00a3000
As at 1 May 2023
170,520
19,525
190,045
Cash flow
(71,271)
(4,424)
(75,695)
Foreign exchange
\u2013
(129)
(129)
Interest and other
1
19,116
1,357
20,473
As at 30 April 2024
118,365
16,329
134,694
Cash flow
(32,251)
(3,902)
(36,153)
Foreign exchange
(90)
48
(42)
Interest and other
1
9,072
1,023
10,095
As at 30 April 2025
95,096
13,498
108,594
1 Interest and other within borrowings comprises amortisation of capitalised borrowing costs and the interest expense in the year. Interest and other within lease liabilities comprises modifications to lease liabilities as well as interest on leases as disclosed in Note 7.
23 Financial instruments and related disclosures
Accounting classifications and fair values
The amounts in the consolidated balance sheet and related notes that are accounted for as financial instruments and their classification
under IFRS 9, are as follows:
Note
2025
2024
\u00a3000
\u00a3000
Financial assets at amortised cost:
Current assets
Trade and other receivables
1
15
2,695
3,849
Cash
16
12,649
9,644
Non-current assets
Trade and other receivables
15
1,605
1,611
Financial assets at fair value:
Current assets
Financial derivatives
5
838
Non-current assets
Financial derivatives
\u2013
164
16,954
16,106
Financial liabilities at amortised cost:
Current liabilities
Trade and other payables
2
17
45,473
42,755
Merchant accrual
40,374
45,274
Lease liabilities
20
3,214
3,257
Borrowings
20
111
73
Non-current liabilities
Trade and other payables
2
17
638
638
Lease liabilities
20
10,284
13,072
Borrowings
20
94,985
118,292
195,079
223,361
1 Excluding prepayments.
2 Excluding other taxation and social security (as not classified as financial liabilities).
The fair values of each class of financial assets and liabilities is the carrying amount, with the exception of borrowings, based on the
following assumptions:
Trade receivables, trade payables and borrowings
The fair value approximates to the carrying amount, predominantly, because of the
short maturity of these instruments.
Forward currency contracts
The fair value is determined using the mark to market rates at the reporting date and
the outright contract rate.
Interest rate caps
The fair value is determined by discounting the estimated future cash flows at a market
rate that reflects the current market assessment of the time value if money and the risks
specific to the instrument.
The fair values of bank loans and other loans approximates to the carrying value, as reported in the balance sheet, gross of amortised costs
of \u00a31,848,000 (2024: \u00a31,973,000). This is because most borrowings are at floating interest rates, with payments reset to market rates at
intervals of less than one year.
Fair value hierarchy
Financial instruments carried at fair value are required to be measured by reference to the following levels:
\u2022 Level 1: quoted prices in active markets for identical assets or liabilities.
\u2022 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices).
\u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
All financial instruments carried at fair value have been measured by reference to Level 2.
Financial risk management
The Group has exposure to the following risks arising from financial instruments:
\u2022 Credit risk.
\u2022 Liquidity risk.
\u2022 Market risk.
i) Risk management framework
In line with the Group's Risk Appetite statement, it aims to manage financial risk prudently by balancing cost efficiency with acceptable risk.
It does not use financial instruments for speculation and retains discretion to hedge exposures within the limits of its Treasury Policy.
ii) Credit risk
Credit risk is the risk of financial loss if a counterparty fails to discharge its contractual obligations under a customer contract or
financial instrument.
\u2022 The Group\u2019s credit risk from its operations primarily arises from trade and other receivables. This risk is assessed as low, as the balances
are short maturity, arise principally as a result of high volume, low value transactions and have no significant concentration as there is no
counterparty balance that represents a significant credit risk concentration.
\u2022 The Group\u2019s credit risk on cash and cash equivalents is considered to be low. Financial assets are held with bank, financial institution or
government counterparties that have a long-term credit rating of A3 or higher from Moody\u2019s Investor Services and/or a long-term credit
rating of A- or higher from Standard & Poor\u2019s. The Group\u2019s treasury policy is to monitor cash (when applicable deposit balances) daily
and to manage counterparty risk whilst also ensuring efficient management of the Group\u2019s RCF.
Further information on the credit risk management procedures applied to trade receivables is given in Note 15 and to cash and cash
equivalents in Note 16. The carrying amounts of trade receivables and cash and cash equivalents shown in those notes represent the
Group\u2019s maximum exposure to credit risk.
iii) Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with its financial liabilities that are
settled by delivering cash. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Group\u2019s reputation.
Cash flow forecasting is performed centrally with rolling forecasts of the Group\u2019s liquidity requirements regularly monitored to ensure it has
sufficient cash to meet operational needs. The Group\u2019s revenue model results in a strong level of cash conversion allowing it to service
working capital requirements.
The Group\u2019s sources of borrowing for liquidity purposes comprise a committed RCF of \u00a3180,000,000, which now has a maturity date of
28 February 2029. This reflects the exercise during the year of a one-year extension option, which was subsequently approved by the
lenders. Lease liabilities are also reported in borrowings.
Liquidity risk management requires that the Group continues to operate within the financial covenants set out in its facilities. The RCF is
subject to two covenants, each tested at six-monthly intervals. The leverage covenant, measuring the ratio of net debt to last twelve months
Adjusted EBITDA (excluding share-based payments, as specified in the facilities agreement), is a maximum of 3.0x for the remaining term of
the facility. The interest cover covenant, measuring the ratio of last twelve months Adjusted EBITDA (excluding share-based payments, as
specified in the facilities agreement) to the total of bank interest payable and interest payable on leases, is a minimum of 3.5x for the term of
the facility. Covenant forecasting is performed centrally, with regular monitoring to ensure that the Group continues to expect to meet its
financial covenants.
The following tables sets out the anticipated contractual cash flows including interest payable for the Group\u2019s financial liabilities and
derivative instruments on an undiscounted basis. Where interest payments are calculated at a floating rate, rates of each cash flow until
maturity of the instruments are calculated based on the forward yield curve prevailing at the respective year-ends. All derivative contracts
are presented on a net basis:
Due within Due within Due between Due after As at
Contractual cash flows 1 year 1 and 3 years 3 and 5 years
5 years
Total
30 April 2025
2025
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Borrowings
1
\u2013
\u2013
96,833
\u2013
96,833
94,985
Interest on borrowings
5,909
11,135
4,544
\u2013
21,588
111
Lease capital repayments
3,214
5,280
2,353
2,651
13,498
13,498
Lease future interest payments
516
567
280
113
1,476
\u2013
Merchant accrual
42,918
\u2013
\u2013
\u2013
42,918
40,374
Trade and other financial liabilities
2
45,473
638
\u2013
\u2013
46,111
46,111
Non-derivative financial liabilities
98,030
17,620
104,010
2,764
222,424
195,079
Interest rate caps
5
\u2013
\u2013
\u2013
5
5
Derivative financial liabilities
5
\u2013
\u2013
\u2013
5
5
Due within Due within Due between Due after As at
Contractual cash flows 1 year 1 and 3 years 3 and 5 years
5 years
Total
30 April 2024
2024
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Borrowings
1
\u2013
\u2013
120,266
\u2013
120,266
118,292
Interest on borrowings
8,025
15,364
6,031
\u2013
29,420
73
Lease capital repayments
3,257
6,251
3,085
3,736
16,329
16,329
Lease future interest payments
655
843
371
229
2,098
\u2013
Merchant accrual
48,133
\u2013
\u2013
\u2013
48,133
45,274
Trade and other financial liabilities
2
42,755
638
\u2013
\u2013
43,393
43,393
Non-derivative financial liabilities
102,825
23,096
129,753
3,965
259,639
223,361
Interest rate caps
935
92
\u2013
\u2013
1,027
1,002
Derivative financial liabilities
935
92
\u2013
\u2013
1,027
1,002
1 For the purpose of these tables, borrowings are defined as gross borrowings excluding lease liabilities and fair value of derivative instruments.
2 Consists of trade and other payables that meet the definition of financial liabilities under IAS 32 (excluding merchant accrual, which is split out separately above).
IFRS 7 requires the contractual future interest cost of a financial liability to be included within the above table. As disclosed in Note 20 of
these consolidated financial statements, borrowings are currently drawn under a revolving credit facility and repayments can be made at
any time without penalty. As such there is no contractual future interest cost. However, included in the above table is the expected future
interest payments based on the Group's drawings and existing hedging as at the balance sheet date and forecasted SONIA and EURIBOR
rates.
The merchant accrual contractual cash flows amount due within one year represents the undiscounted gross value. The contractual cash
flows being due within one year is different from the forecast cash flow profile used to discount the liability under IFRS 9. Amounts are due
when the customer redeems the voucher which is outside of the control of the Group, hence its classification as a current liability and its
contractual cash flows being within one year. However, historical redemption periods show that actual redemptions differ from the
contractual period and therefore on a forecast basis the cash flows span more than one year, as a result the liability is discounted.
It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts.
iv) Market risk
Currency risk
Currency risk involves the potential for financial loss arising from changes in foreign exchange rates:
\u2022 Translation risk is exposure to changes in values of items in the financial statements caused by translating items into Sterling. This is the
Group\u2019s principal currency exposure in view of its overseas operations.
\u2022 Transaction risk arises from changes in exchange rates from the time a foreign currency transaction is entered into until it is settled.
This is relevant to the Group\u2019s operating activities outside the UK, which are generally conducted in local currency. Transaction risk is
not considered significant, as the Group primarily transacts in Sterling and Euros and generates cash flows in each currency which are
sufficient to cover operating costs.
\u2022 Other currency exposures comprise currency gains and losses recognised in the income statement, relating to other monetary assets and
liabilities that are not denominated in the functional currency of the entity involved. At 30 April 2025 and 30 April 2024, these exposures
were not material to the Group.
The Group applies strategies to management currency risk which may include the use of forward contracts to purchase Euros, US Dollars
and Australian Dollars in exchange for Sterling and/or draw-down of the RCF in Euros, US Dollars or Australian Dollars to provide a natural
hedge. There was a foreign exchange gain on borrowings during the year of \u00a390,000.
Interest rate risk
Interest rate risk involves the potential for financial loss arising from changes in market interest rates. The Group is exposed to interest rate
risk arising from borrowings under the revolving credit facility, which incurs interest at a floating reference rate plus a margin. The reference
rates are SONIA for loans in Sterling, EURIBOR for loans in Euros and SOFR for loans in US Dollars. As at 30 April 2025 the Group had
drawn down \u00a393,000,000 and \u20ac4,500,000 of the available revolving credit facility.
To mitigate this risk, the Group has implemented hedging strategies. As at the date of this report, the Group has the following interest rate
hedging instruments in place:
Derivative type
Execution dates
Notional amount
Start date
Maturity date
Underlying asset
Strike rate
Interest rate cap
1 August 2022
\u00a350.0m
1/8/2022
30/11/2024
SONIA
3.00%
Interest rate cap
3 April 2024
\u00a350.0m
29/11/2024
5/31/2025
SONIA
5.00%
\u00a335.0m
1/6/2025
28/11/2025
Interest rate cap
30 January 2025
\u00a315.0m
31/5/2025
28/11/2025
SONIA
4.50%
\u00a335.0m
29/11/2025
30/4/2026
Interest rate cap
2 June 2025
\u00a315.0m
29/11/2025
30/4/2026
SONIA
4.50%
\u00a350.0m
1/5/2026
30/10/2026
The Group has elected to adopt the hedge accounting requirements of IFRS 9 Financial Instruments. The Group enters hedge relationships
where the critical terms of the hedging instrument and the hedged item match, therefore, for the prospective assessment of effectiveness a
qualitative assessment is performed. Hedge effectiveness is determined at the origination of the hedging relationship. Quantitative effective
tests are performed at each year-end to determine the continuing effectiveness of the relationship.
The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the interest
rate, amount and timing of their respective cash flows. The Group assesses whether the derivative designated in each hedging relationship
is expected to be, and has been, effective in offsetting changes in cash flows of the hedging item using the hypothetical derivative method.
In these hedge relationships, the main sources of ineffectiveness are:
\u2022 The effect of the counterparty and Group\u2019s own interest rate risk on the fair value of the caps, which is not reflected in the change in the
fair value of the hedged cash flows attributable to the change in interest rates; and
\u2022 Changes in the timing of the hedged item.
The derivative financial assets are all net settled; therefore, the maximum exposure to interest rate risk at the reporting date is the fair value
of the derivative assets which are included in the consolidated balance sheet:
2025
2024
Derivative financial assets
\u00a3000
\u00a3000
Derivatives designated as hedging instruments
Interest rate cap \u2013 cash flow hedges
5
1,002
Total derivatives financial assets
5
1,002
2025
2024
\u00a3000
\u00a3000
Current and non-current:
Current
5
838
Non-current
\u2013
164
Total derivatives financial assets
5
1,002
Cash flow interest rate swap and cap
No ineffective portion arising from cash flow hedges was recognised in finance expense during the year (2024: \u00a3nil).
Moonpig Group's primary floating rate interest exposure as at 30 April 2025 related to the SONIA reference rate. Gains and losses
recognised in the cash flow hedging reserve in equity on interest rate cap contracts as at 30 April 2025 will be released to the consolidated
statement of comprehensive income as the related interest expense is recognised.
The effects of the cash flow interest rate swap and cap hedging relationships are as follows at 30 April:
Interest rate swap
Interest rate cap 3.0%
Interest rate cap 5.0%
Interest rate cap 4.5%
1
2025
2024
2025
2024
2025
2024
2025
2024
Carrying amount of
derivatives (\u00a3000)
\u2013
\u2013
\u2013
838
\u2013
164
5
\u2013
Changes in fair value of
the designated hedged
item (\u00a3000)
\u2013
84
6
630
(164)
1
(36)
\u2013
Notional amount (\u00a3000)
\u2013
\u2013
70,000
70,000
42,500
42,500
25,000
\u2013
Hedge ratio
\u2013
\u2013
1:1
1:1
1:1
1:1
1:1
\u2013
Maturity date
\u2013
\u2013
30/11/2024
30/11/2024
28/11/2025
28/11/2025
30/04/2026
\u2013
1 The Group put in place an interest rate cap during the year of 4.50% on \u00a315.0m notional from 31 May 2025 until 28 November 2025, increasing thereafter to \u00a335.0m
notional until expiry on 30 April 2026.
Interest rate movements on deposits, lease liabilities, trade payables, trade receivables and other financial instruments do not present a
material exposure to the Group\u2019s balance sheet.
The table below details changes in derivative assets arising from financing activities, including both cash and non-cash changes:
Derivative assets
\u00a3000
As at 1 May 2023
2,468
Cash (inflow)
(2,072)
Non-cash movement
606
As at 30 April 2024
1,002
Cash (inflow)
(801)
Non-cash movement
(196)
As at 30 April 2025
5
Market risk sensitivity analysis
Financial instruments affected by market risks include borrowings and deposits.
The following analysis, required by IFRS 7 Financial Instruments: Disclosures, is intended to illustrate the sensitivity to changes in market
variables, being Sterling/Euro interest rates and Sterling/Euro exchange rates.
The sensitivity analysis assumes reasonable movements in foreign exchange and interest rates before the effect of tax. The Group considers
a reasonable interest rate movement in SONIA or EURIBOR to be 1% (2024: 3%) based on current interest rate projections. Similarly,
sensitivity to movements in Sterling/Euro exchange rates of 10% are shown, reflecting changes of reasonable proportion in the context of
movement in that currency pair over the last five years.
The following table shows the illustrative effect on profit before tax resulting from a 10% change in Sterling/Euro exchange rates:
Income Equity Income Equity
(losses)/gains (losses)/gains (losses)/gains (losses)/gains
2025
2025
2024
2024
\u00a3000
\u00a3000
\u00a3000
\u00a3000
10% strengthening of Sterling against the Euro
(263)
(1,223)
(340)
(1,312)
10% weakening of Sterling against the Euro
289
1,345
416
1,604
The following table shows the illustrative effect on the consolidated income statement from a 1.0% change in market interest rates on the
Group\u2019s interest expense. Refer to borrowings in Note 20.
2025
2024
\u00a3000
\u00a3000
1.0% increase in SONIA market interest rates (2024: 3.0%)
(519)
(2,913)
1.0% decrease in SONIA market interest rates (2024: 3.0%)
638
3,592
1.0% increase in EURIBOR market interest rates (2024: N/a)
(68)
N/a
1.0% decrease in EURIBOR market interest rates (2024: N/a)
68
N/a
Capital risk management
Capital risk is the risk that the Group will not be able to sustain its operations in the long term due to an inability to secure sufficient capital
or maintain an adequate return on capital investment. This encompasses financing risk (the risk that the Group cannot raise necessary funds
to continue its operations or finance expansion activities) and cost of capital risk (associated with fluctuations in the cost of capital, which
may influence investment decisions and affect long-term strategic planning).
The Group\u2019s capital management objectives are focused on maintaining investor confidence and supporting the sustainable development
of the business. The Group will always prioritise growth investment in the business and our consistent strong operating cash generation and
the progress means there is financial flexibility to return incremental excess capital to shareholders by way of dividends and share
repurchases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-468": { "value": "
21 Share-based payments
Pre-IPO awards
The original awards were granted on 27 January 2021 and comprised two equal tranches, with the vesting of both subject to the
achievement of revenue and Adjusted EBITDA performance conditions for the year ended 30 April 2023 and for participants to remain
employed by the Company over the vesting period. The Group exceeded maximum performance for both measures. Accordingly, the first
tranche vested on 30 April 2023 and was paid in July 2023; the second tranche vested on 30 April 2024 and was paid in May 2024. Given
the constituents of the scheme, no attrition assumption was applied. The scheme rules provided that when a participant left employment,
any outstanding award may have been reallocated to another employee (excluding the Executive Directors). All previous awards vested on
30 April 2024 and all shares outstanding at the beginning of the period were exercised in FY25. There were no further shares granted
during the period and this incentive scheme has now ended.
2025
2024
Number Number
Pre-IPO awards of shares of shares
Outstanding as at 1 May
1,413,971
2,616,716
Granted
\u2013
\u2013
Exercised
(1,413,971)
(1,165,744)
Forfeited
\u2013
(37,001)
Outstanding as at 30 April
\u2013
1,413,971
Exercisable as at 30 April
\u2013
1,413,971
The weighted average market value per ordinary share of Pre-IPO options exercised during the year was \u00a31.77 (2024: \u00a31.48).
Long-Term Incentive Plan (LTIP)
The first grant of these awards was made on 1 February 2021 and vested on 2 July 2024. Half of the share awards granted are subject to a
relative Total Shareholder Return (TSR) performance condition measured against the constituents of the FTSE 250 Index (excluding
Investment Trusts). The other half of the share awards granted are subject to an Adjusted basic pre-tax EPS performance condition
(calculated as Adjusted profit before taxation, divided by the undiluted weighted average number of ordinary shares outstanding during
the year). Participants are also required to remain employed by the Group over the vesting period, with a further holding period applying
until the fifth anniversary of grant for the Executive Directors. An attrition rate adjustment has been applied to reflect the expected number of
participants who will forfeit their awards before vesting. This estimate is based on historical attrition rates and is reviewed at each reporting
date. The share-based payment charge is adjusted accordingly, with any changes recognised in the income statement. Activity in relation
to these awards during the period included new awards granted on 2 July 2024 under the existing scheme which will vest on 2 July 2027
subject to the performance conditions being met.
Consistent with the existing scheme, participants are required to remain employed by the Group over the vesting period. Vesting may arise
sooner where a former employee is a \u201cgood leaver\u201d and the Remuneration Committee exercises discretion to permit vesting after cessation
of employment.
The outstanding number of share options at the end of the year is 11,514,466 (2024: 9,326,856), with an expected maximum vesting profile
(stated net of forfeitures since award) as follows:
FY26
FY27
FY28
Total
Share options granted on 5 July 2022
1,435,771
\u2013
\u2013
1,435,771
Share options granted on 25 October 2022
258,842
\u2013
\u2013
258,842
Share options granted on 4 July 2023
\u2013
2,944,060
\u2013
2,944,060
Share options granted on 19 September 2023
\u2013
3,191,310
\u2013
3,191,310
Share options granted on 2 July 2024
\u2013
\u2013
3,684,483
3,684,483
The below tables give the assumptions applied to the options granted in the period and the shares outstanding:
July 2024
Valuation model
Stochastic and Black-Scholes and Chaffe
Weighted average share price (pence)
182.00
Exercise price (pence)
0.00
Expected dividend yield
0%
Risk-free interest rate
4.45%/4.23%
Volatility
46.16/44.87%
Expected term (years)
3.00/2.00
Weighted average fair value (pence)
119.26/182.00
Attrition
0%
Weighted average remaining contractual life (years)
2.97
2025
2024
Number Number
LTIP awards of share options of share options
Outstanding as at 1 May
9,326,856
3,064,998
Granted
3,962,477
6,991,966
Exercised
(93,822)
\u2013
Forfeited
(1,681,045)
(730,108)
Outstanding as at 30 April
11,514,466
9,326,856
Exercisable as at 30 April
\u2013
\u2013
The weighted average market value per ordinary share of LTIP options exercised during the year was \u00a31.83 (2024: N/a).
Deferred Share Bonus Plan (DSBP)
The Group has bonus arrangements in place for Executive Directors and certain key management personnel within the Group whereby a
proportion of the annual bonus is subject to deferral over a period of three years with vesting subject to continued service only. Vesting may
arise sooner where a former employee is a \u201cgood leaver\u201d and the Remuneration Committee exercises discretion to permit vesting at
cessation of employment. Given the constituents of the scheme, no attrition assumption was applied.
The outstanding number of share options at the end of the year is 540,885 (2024: 386,842), with an expected vesting profile (stated net of
forfeitures since award) as follows:
FY26
FY27
FY28
Total
Share options granted on 5 July 2022
255,593
\u2013
\u2013
255,593
Share options granted on 4 July 2023
\u2013
44,878
\u2013
44,878
Share options granted on 2 July 2024
\u2013
\u2013
240,414
240,414
July 2024
Valuation model
Black-Scholes
Weighted average share price (pence)
182.00
Exercise price (pence)
0.00
Expected dividend yield
0%
Risk-free interest rate
N/a
Volatility
N/a
Expected term (years)
3.00
Weighted average fair value (pence)
182.00
Attrition
0%
Weighted average remaining contractual life (years)
3.42
2025
2024
Number Number
DSBP of share options of share options
Outstanding as at 1 May
386,842
392,289
Granted
240,414
47,164
Exercised
(86,371)
(32,650)
Forfeited
\u2013
(19,961)
Outstanding as at 30 April
540,885
386,842
Exercisable as at 30 April
\u2013
\u2013
The weighted average market value per ordinary share of DSBP options exercised during the year was \u00a32.05 (2024: \u00a31.59).
Save As You Earn (SAYE)
The Group operates a SAYE scheme for all eligible employees, under which participants are granted an option to purchase ordinary shares
in the Company at an option price set at a 20% discount to the average market price over the three days prior to the invitation date. Options
vest after a three-year period, provided the participant enters into a savings contract with fixed monthly contributions for the same duration.
The FY22 awards were granted on 3 September 2021 and vested on 1 October 2024, with a six-month exercise period following vesting.
These awards are subject only to a continued employment condition over the vesting period. During the year, the Group granted FY25
awards on 26 July 2024, which will potentially vest on 1 October 2027 on the same terms.
The outstanding number of share options at the end of the year is 1,059,706 (2024: 1,009,635), with an expected vesting profile (stated net of
forfeitures since award) as follows:
FY26
FY27
FY28
Total
Share options granted on 8 September 2022
146,995
\u2013
\u2013
146,995
Share options granted on 28 July 2023
\u2013
670,001
\u2013
670,001
Share options granted on 26 July 2024
\u2013
\u2013
242,710
242,710
The below tables give the assumptions applied to the options granted in the year and the shares outstanding:
July 2024
Valuation model
Black-Scholes
Weighted average share price (pence)
215.50
Exercise price (pence)
150.00
Expected dividend yield
0%
Risk-free interest rate
4.21%
Volatility
43.99%
Expected term (years)
3.43
Weighted average fair value (pence)
90.87
Attrition
15%
Weighted average remaining contractual life (years)
2.17
2025
2025
2024
2024
Number Weighted Number Weighted
of share average of share average
options exercise price options exercise price
SAYE
(\u00a3)
(\u00a3)
Outstanding as at 1 May
1,009,635
1.37
783,819
1.78
Granted
272,636
1.50
842,552
1.17
Exercised
(2,991)
1.17
\u2013
\u2013
Cancelled
(142,228)
1.46
(616,736)
1.62
Forfeited
(77,346)
2.01
\u2013
\u2013
Outstanding as at 30 April
1,059,706
1.31
1,009,635
1.37
Exercisable as at 30 April
\u2013
\u2013
1,111
1.62
Volatility assumptions
The fair values of the DSBP awards are equal to the share price on the date of award as there is no price to be paid and employees are
entitled to dividend equivalents. For awards with a market condition, volatility is calculated over the period commensurate with the
remainder of the performance period immediately prior to the date of grant. For all other conditions, volatility is calculated over the period
commensurate with the expected term. As the Company had only recently listed, a proxy volatility equal to the median volatility of the FTSE
250 (excluding Investment Trusts) over the respective periods has been used. Consideration has also been made to the trend of volatility to
return to its mean, by disregarding extraordinary periods of volatility.
Share-based payment expense
Share-based payments expenses recognised in the income statement:
2025
2024
\u00a3000
\u00a3000
Pre-IPO awards
\u2013
1,152
LTIP
2,734
2,340
SAYE
294
455
DSBP
443
305
Share-based payments expense
1
3,471
4,252
1 The \u00a33,471,000 (2024: \u00a34,252,000) stated above is presented inclusive of employer\u2019s National insurance contributions of \u00a31,632,000 (2024: \u00a392,000). This is made up of
contributions of \u00a3276,000 (2024: \u00a3790,000) and an additional charge of \u00a31,356,000 (2024: a release of \u00a3698,000) in relation to a true up of NI at year-end based on
market share price data.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-469": { "value": "
22 Share capital and reserves
The Group considers its capital to comprise its ordinary share capital, share premium, merger reserve, retained earnings and other reserves.
Quantitative detail is shown in the consolidated statement of changes in equity. The Directors\u2019 objective when managing capital is to
safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for the shareholder and benefits for other
stakeholders.
Called-up share capital
Ordinary share capital represents the number of shares in issue at their nominal value. Ordinary shares in the Company are issued, allotted
and fully paid up.
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at
meetings of the Company. The shareholding as at 30 April 2025 is:
2025
2025
2024
2024
Number of shares
\u00a3000
Number of shares
\u00a3000
Allotted, called-up and fully paid ordinary shares of \u00a30.10 each
As at 1 May 2024
343,310,015
34,331
342,111,621
34,211
Issue of shares during the period
1,597,155
159
1,198,394
120
Shares cancelled during the period
(11,061,434)
(1,106)
\u2013
\u2013
As at 30 April 2025
333,845,736
33,384
343,310,015
34,331
In the year ended 30 April 2025, the Company commenced a share repurchase programme. By resolutions passed at the 2024 AGM, the
Company\u2019s shareholders generally authorised the Company to repurchase up to maximum of 34,362,148 of its ordinary shares. The share
repurchase programme was announced on 16 October 2024 and commenced on 5 November 2024. In the year ended 30 April 2025, a
total of 11,377,505 (2024: nil) ordinary shares of \u00a30.10 were purchased and 11,061,434 of these shares purchased were subsequently
cancelled. The 316,017 of shares not cancelled as at 30 April 2025 were transferred to the registrar for cancellation post year-end. The
average price paid was 218.2p with a total consideration paid (including fees of \u00a3174,000) of \u00a325,000,000 (2024: \u00a3nil). On cancellation the
consideration was transferred from the own shares held reserve (within other reserves) to retained earnings and the nominal value of the
shares transferred from share capital to the capital redemption reserve.
In the year ended 30 April 2025, 1,597,155 ordinary shares (2024: 1,198,394) were issued for the settlement of share-based payments. The
Group expects to move during FY26 to satisfying share awards through market purchases rather than through dilution, subject to this
remaining EPS-accretive at the prevailing share price.
Share premium
Share premium represents the amount over the par value which was received by the Company upon the sale of the ordinary shares. Upon
the date of listing the par value of the shares was \u00a30.10 whereas the initial offering price was \u00a33.50. Share premium is stated net of direct
costs of \u00a3736,000 (2024: \u00a3736,000) relating to the issue of the shares.
Merger reserve
The merger reserve of \u00a3993,026,000 arose as a result of the Group reorganisation undertaken prior to the Company's listing on the London
Stock Exchange. This reorganisation was accounted for using common control merger accounting. Under this method, the assets and
liabilities of the acquired entities were recognised at their existing carrying amounts rather than at fair value and no goodwill was
recognised. The difference between the consideration paid and the book value of net assets acquired was recorded directly in equity within
the merger reserve.
This accounting treatment was selected in preference to acquisition accounting in order to reflect the continuity of ownership and to present
the Group's financial results on a basis that preserved the historical track record of the underlying trading entities. Had acquisition
accounting been applied, the identifiable net assets would have been remeasured at fair value and a significant goodwill asset would likely
have been recognised, increasing net assets and potentially resulting in the Group reporting positive net assets. However, such treatment
would not have reflected the substance of a restructuring within a commonly controlled group.
The adoption of common control merger accounting has resulted in the recognition of a significant merger reserve on consolidation. The
merger reserve is a debit balance within equity arising from the application of merger accounting and is a significant contributor to the
Group's reported net liabilities position.
Other reserves
Other reserves represent the share-based payment reserve, the foreign currency translation reserve, the hedging reserve, own shares held
reserve and the capital redemption reserve.
Share-based payment reserve
The share-based payment reserve is built up of charges in relation to equity-settled share-based payment arrangements which have been
recognised within the consolidated income statement. Upon the exercise of share options the cumulative amount recognised in the share-
based payment reserve is recycled to retained earnings, reflecting the transfer of value to the equity of the Company.
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related
to hedged transactions that have not yet occurred and the cumulative net change in the fair value of time value on the cash flow
hedging instruments.
Foreign currency translation reserve
The foreign currency translation reserve represents the accumulated exchange differences arising since the acquisition of Greetz from the
impact of the translation of subsidiaries with a functional currency other than Sterling.
Own shares held reserve
The own shares held reserve represents the equity account used to record the cost of the Company's own shares that have been
repurchased. These shares are not considered outstanding for the purposes of calculating earnings per share and do not carry voting rights
or the right to receive dividends while held by the Company. Shares purchased for cancellation are included in the own shares held reserve
until cancellation, at which point the consideration is transferred to retained earnings and the nominal value of the shares is transferred
from share capital to the capital redemption reserve.
Capital redemption reserve
The capital redemption reserve reflects the nominal amount of shares bought back and cancelled.
Foreign
Share-based currency Capital
payment translation Hedging Own shares redemption Total other
reserve reserve reserve held reserve reserve reserves
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
As at 1 May 2023
42,211
(928)
1,881
\u2013
\u2013
43,164
Other comprehensive income:
Exchange differences on translation of foreign operations
\u2013
30
\u2013
\u2013
\u2013
30
Cash flow hedges:
Fair value changes in the year
\u2013
\u2013
715
\u2013
\u2013
715
Cost of hedging reserve
\u2013
\u2013
243
\u2013
\u2013
243
Fair value movements on cash flow hedges transferred to profit
and loss
\u2013
\u2013
(2,222)
\u2013
\u2013
(2,222)
Deferred tax on other comprehensive income
\u2013
\u2013
(95)
\u2013
\u2013
(95)
Share-based payment charge (excluding National Insurance)
4,179
\u2013
\u2013
\u2013
\u2013
4,179
Deferred tax on share-based payment transactions
536
\u2013
\u2013
\u2013
\u2013
536
Share options exercised
(4,158)
\u2013
\u2013
\u2013
\u2013
(4,158)
As at 30 April 2024
42,768
(898)
522
\u2013
\u2013
42,392
As at 1 May 2024
42,768
(898)
522
\u2013
\u2013
42,392
Other comprehensive income/(expense):
Exchange differences on translation of foreign operations
\u2013
(668)
\u2013
\u2013
\u2013
(668)
Cash flow hedges:
Fair value changes in the year
\u2013
\u2013
7
\u2013
\u2013
7
Cost of hedging reserve
\u2013
\u2013
95
\u2013
\u2013
95
Fair value movements on cash flow hedges transferred to profit
and loss
\u2013
\u2013
(841)
\u2013
\u2013
(841)
Deferred tax on other comprehensive income
\u2013
58
127
\u2013
\u2013
185
Share-based payment charge (excluding National Insurance)
1,839
\u2013
\u2013
\u2013
\u2013
1,839
Deferred tax on share-based payment transactions
1,773
\u2013
\u2013
\u2013
\u2013
1,773
Current tax on share-based payment transactions
32
\u2013
\u2013
\u2013
\u2013
32
Share options exercised
(6,429)
\u2013
\u2013
\u2013
\u2013
(6,429)
Own shares purchased for cancellation
\u2013
\u2013
\u2013
(25,000)
\u2013
(25,000)
Own shares cancelled
\u2013
\u2013
\u2013
24,262
1,106
25,368
As at 30 April 2025
39,983
(1,508)
(90)
(738)
1,106
38,753
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-498": { "value": "Called-up share capital Ordinary share capital represents the number of shares in issue at their nominal value. Ordinary shares in the Company are issued, allotted and fully paid up. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. The shareholding as at 30 April 2025 is:
2025
2025
2024
2024
Number of shares
\u00a3000
Number of shares
\u00a3000
Allotted, called-up and fully paid ordinary shares of \u00a30.10 each
As at 1 May 2024
343,310,015
34,331
342,111,621
34,211
Issue of shares during the period
1,597,155
159
1,198,394
120
Shares cancelled during the period
(11,061,434)
(1,106)
\u2013
\u2013
As at 30 April 2025
333,845,736
33,384
343,310,015
34,331
In the year ended 30 April 2025, the Company commenced a share repurchase programme. By resolutions passed at the 2024 AGM, the Company\u2019s shareholders generally authorised the Company to repurchase up to maximum of 34,362,148 of its ordinary shares. The share repurchase programme was announced on 16 October 2024 and commenced on 5 November 2024. In the year ended 30 April 2025, a total of 11,377,505 (2024: nil) ordinary shares of \u00a30.10 were purchased and 11,061,434 of these shares purchased were subsequently cancelled. The 316,017 of shares not cancelled as at 30 April 2025 were transferred to the registrar for cancellation post year-end. The average price paid was 218.2p with a total consideration paid (including fees of \u00a3174,000) of \u00a325,000,000 (2024: \u00a3nil). On cancellation the consideration was transferred from the own shares held reserve (within other reserves) to retained earnings and the nominal value of the shares transferred from share capital to the capital redemption reserve. In the year ended 30 April 2025, 1,597,155 ordinary shares (2024: 1,198,394) were issued for the settlement of share-based payments. The Group expects to move during FY26 to satisfying share awards through market purchases rather than through dilution, subject to this remaining EPS-accretive at the prevailing share price.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-499": { "value": "Share premium Share premium represents the amount over the par value which was received by the Company upon the sale of the ordinary shares. Upon the date of listing the par value of the shares was \u00a30.10 whereas the initial offering price was \u00a33.50. Share premium is stated net of direct costs of \u00a3736,000 (2024: \u00a3736,000) relating to the issue of the shares. Merger reserve The merger reserve of \u00a3993,026,000 arose as a result of the Group reorganisation undertaken prior to the Company's listing on the London Stock Exchange. This reorganisation was accounted for using common control merger accounting. Under this method, the assets and liabilities of the acquired entities were recognised at their existing carrying amounts rather than at fair value and no goodwill was recognised. The difference between the consideration paid and the book value of net assets acquired was recorded directly in equity within the merger reserve. This accounting treatment was selected in preference to acquisition accounting in order to reflect the continuity of ownership and to present the Group's financial results on a basis that preserved the historical track record of the underlying trading entities. Had acquisition accounting been applied, the identifiable net assets would have been remeasured at fair value and a significant goodwill asset would likely have been recognised, increasing net assets and potentially resulting in the Group reporting positive net assets. However, such treatment would not have reflected the substance of a restructuring within a commonly controlled group. The adoption of common control merger accounting has resulted in the recognition of a significant merger reserve on consolidation. The merger reserve is a debit balance within equity arising from the application of merger accounting and is a significant contributor to the Group's reported net liabilities position. Other reserves Other reserves represent the share-based payment reserve, the foreign currency translation reserve, the hedging reserve, own shares held reserve and the capital redemption reserve. Share-based payment reserve The share-based payment reserve is built up of charges in relation to equity-settled share-based payment arrangements which have been recognised within the consolidated income statement. Upon the exercise of share options the cumulative amount recognised in the share- based payment reserve is recycled to retained earnings, reflecting the transfer of value to the equity of the Company. Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred and the cumulative net change in the fair value of time value on the cash flow hedging instruments. Foreign currency translation reserve The foreign currency translation reserve represents the accumulated exchange differences arising since the acquisition of Greetz from the impact of the translation of subsidiaries with a functional currency other than Sterling. Own shares held reserve The own shares held reserve represents the equity account used to record the cost of the Company's own shares that have been repurchased. These shares are not considered outstanding for the purposes of calculating earnings per share and do not carry voting rights or the right to receive dividends while held by the Company. Shares purchased for cancellation are included in the own shares held reserve until cancellation, at which point the consideration is transferred to retained earnings and the nominal value of the shares is transferred from share capital to the capital redemption reserve. Capital redemption reserve The capital redemption reserve reflects the nominal amount of shares bought back and cancelled.
Foreign
Share-based currency Capital
payment translation Hedging Own shares redemption Total other
reserve reserve reserve held reserve reserve reserves
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
As at 1 May 2023
42,211
(928)
1,881
\u2013
\u2013
43,164
Other comprehensive income:
Exchange differences on translation of foreign operations
\u2013
30
\u2013
\u2013
\u2013
30
Cash flow hedges:
Fair value changes in the year
\u2013
\u2013
715
\u2013
\u2013
715
Cost of hedging reserve
\u2013
\u2013
243
\u2013
\u2013
243
Fair value movements on cash flow hedges transferred to profit
and loss
\u2013
\u2013
(2,222)
\u2013
\u2013
(2,222)
Deferred tax on other comprehensive income
\u2013
\u2013
(95)
\u2013
\u2013
(95)
Share-based payment charge (excluding National Insurance)
4,179
\u2013
\u2013
\u2013
\u2013
4,179
Deferred tax on share-based payment transactions
536
\u2013
\u2013
\u2013
\u2013
536
Share options exercised
(4,158)
\u2013
\u2013
\u2013
\u2013
(4,158)
As at 30 April 2024
42,768
(898)
522
\u2013
\u2013
42,392
As at 1 May 2024
42,768
(898)
522
\u2013
\u2013
42,392
Other comprehensive income/(expense):
Exchange differences on translation of foreign operations
\u2013
(668)
\u2013
\u2013
\u2013
(668)
Cash flow hedges:
Fair value changes in the year
\u2013
\u2013
7
\u2013
\u2013
7
Cost of hedging reserve
\u2013
\u2013
95
\u2013
\u2013
95
Fair value movements on cash flow hedges transferred to profit
and loss
\u2013
\u2013
(841)
\u2013
\u2013
(841)
Deferred tax on other comprehensive income
\u2013
58
127
\u2013
\u2013
185
Share-based payment charge (excluding National Insurance)
1,839
\u2013
\u2013
\u2013
\u2013
1,839
Deferred tax on share-based payment transactions
1,773
\u2013
\u2013
\u2013
\u2013
1,773
Current tax on share-based payment transactions
32
\u2013
\u2013
\u2013
\u2013
32
Share options exercised
(6,429)
\u2013
\u2013
\u2013
\u2013
(6,429)
Own shares purchased for cancellation
\u2013
\u2013
\u2013
(25,000)
\u2013
(25,000)
Own shares cancelled
\u2013
\u2013
\u2013
24,262
1,106
25,368
As at 30 April 2025
39,983
(1,508)
(90)
(738)
1,106
38,753
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-518": { "value": "Own shares held reserve The own shares held reserve represents the equity account used to record the cost of the Company's own shares that have been repurchased. These shares are not considered outstanding for the purposes of calculating earnings per share and do not carry voting rights or the right to receive dividends while held by the Company. Shares purchased for cancellation are included in the own shares held reserve until cancellation, at which point the consideration is transferred to retained earnings and the nominal value of the shares is transferred from share capital to the capital redemption reserve. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-528": { "value": "Accounting classifications and fair values The amounts in the consolidated balance sheet and related notes that are accounted for as financial instruments and their classification under IFRS 9, are as follows:
Note
2025
2024
\u00a3000
\u00a3000
Financial assets at amortised cost:
Current assets
Trade and other receivables
1
15
2,695
3,849
Cash
16
12,649
9,644
Non-current assets
Trade and other receivables
15
1,605
1,611
Financial assets at fair value:
Current assets
Financial derivatives
5
838
Non-current assets
Financial derivatives
\u2013
164
16,954
16,106
Financial liabilities at amortised cost:
Current liabilities
Trade and other payables
2
17
45,473
42,755
Merchant accrual
40,374
45,274
Lease liabilities
20
3,214
3,257
Borrowings
20
111
73
Non-current liabilities
Trade and other payables
2
17
638
638
Lease liabilities
20
10,284
13,072
Borrowings
20
94,985
118,292
195,079
223,361
1 Excluding prepayments. 2 Excluding other taxation and social security (as not classified as financial liabilities). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-519": { "value": "Accounting classifications and fair values The amounts in the consolidated balance sheet and related notes that are accounted for as financial instruments and their classification under IFRS 9, are as follows:
Note
2025
2024
\u00a3000
\u00a3000
Financial assets at amortised cost:
Current assets
Trade and other receivables
1
15
2,695
3,849
Cash
16
12,649
9,644
Non-current assets
Trade and other receivables
15
1,605
1,611
Financial assets at fair value:
Current assets
Financial derivatives
5
838
Non-current assets
Financial derivatives
\u2013
164
16,954
16,106
Financial liabilities at amortised cost:
Current liabilities
Trade and other payables
2
17
45,473
42,755
Merchant accrual
40,374
45,274
Lease liabilities
20
3,214
3,257
Borrowings
20
111
73
Non-current liabilities
Trade and other payables
2
17
638
638
Lease liabilities
20
10,284
13,072
Borrowings
20
94,985
118,292
195,079
223,361
1 Excluding prepayments. 2 Excluding other taxation and social security (as not classified as financial liabilities). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-500": { "value": "The fair values of each class of financial assets and liabilities is the carrying amount, with the exception of borrowings, based on the following assumptions:
Trade receivables, trade payables and borrowings
The fair value approximates to the carrying amount, predominantly, because of the
short maturity of these instruments.
Forward currency contracts
The fair value is determined using the mark to market rates at the reporting date and
the outright contract rate.
Interest rate caps
The fair value is determined by discounting the estimated future cash flows at a market
rate that reflects the current market assessment of the time value if money and the risks
specific to the instrument.
The fair values of bank loans and other loans approximates to the carrying value, as reported in the balance sheet, gross of amortised costs of \u00a31,848,000 (2024: \u00a31,973,000). This is because most borrowings are at floating interest rates, with payments reset to market rates at intervals of less than one year. Fair value hierarchy Financial instruments carried at fair value are required to be measured by reference to the following levels: \u2022 Level 1: quoted prices in active markets for identical assets or liabilities. \u2022 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). All financial instruments carried at fair value have been measured by reference to Level 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-520": { "value": "Financial risk management The Group has exposure to the following risks arising from financial instruments: \u2022 Credit risk. \u2022 Liquidity risk. \u2022 Market risk. i) Risk management framework In line with the Group's Risk Appetite statement, it aims to manage financial risk prudently by balancing cost efficiency with acceptable risk. It does not use financial instruments for speculation and retains discretion to hedge exposures within the limits of its Treasury Policy. ii) Credit risk Credit risk is the risk of financial loss if a counterparty fails to discharge its contractual obligations under a customer contract or financial instrument. \u2022 The Group\u2019s credit risk from its operations primarily arises from trade and other receivables. This risk is assessed as low, as the balances are short maturity, arise principally as a result of high volume, low value transactions and have no significant concentration as there is no counterparty balance that represents a significant credit risk concentration. \u2022 The Group\u2019s credit risk on cash and cash equivalents is considered to be low. Financial assets are held with bank, financial institution or government counterparties that have a long-term credit rating of A3 or higher from Moody\u2019s Investor Services and/or a long-term credit rating of A- or higher from Standard & Poor\u2019s. The Group\u2019s treasury policy is to monitor cash (when applicable deposit balances) daily and to manage counterparty risk whilst also ensuring efficient management of the Group\u2019s RCF. Further information on the credit risk management procedures applied to trade receivables is given in Note 15 and to cash and cash equivalents in Note 16. The carrying amounts of trade receivables and cash and cash equivalents shown in those notes represent the Group\u2019s maximum exposure to credit risk. iii) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with its financial liabilities that are settled by delivering cash. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Cash flow forecasting is performed centrally with rolling forecasts of the Group\u2019s liquidity requirements regularly monitored to ensure it has sufficient cash to meet operational needs. The Group\u2019s revenue model results in a strong level of cash conversion allowing it to service working capital requirements. The Group\u2019s sources of borrowing for liquidity purposes comprise a committed RCF of \u00a3180,000,000, which now has a maturity date of 28 February 2029. This reflects the exercise during the year of a one-year extension option, which was subsequently approved by the lenders. Lease liabilities are also reported in borrowings. Liquidity risk management requires that the Group continues to operate within the financial covenants set out in its facilities. The RCF is subject to two covenants, each tested at six-monthly intervals. The leverage covenant, measuring the ratio of net debt to last twelve months Adjusted EBITDA (excluding share-based payments, as specified in the facilities agreement), is a maximum of 3.0x for the remaining term of the facility. The interest cover covenant, measuring the ratio of last twelve months Adjusted EBITDA (excluding share-based payments, as specified in the facilities agreement) to the total of bank interest payable and interest payable on leases, is a minimum of 3.5x for the term of the facility. Covenant forecasting is performed centrally, with regular monitoring to ensure that the Group continues to expect to meet its financial covenants. The following tables sets out the anticipated contractual cash flows including interest payable for the Group\u2019s financial liabilities and derivative instruments on an undiscounted basis. Where interest payments are calculated at a floating rate, rates of each cash flow until maturity of the instruments are calculated based on the forward yield curve prevailing at the respective year-ends. All derivative contracts are presented on a net basis:
Due within Due within Due between Due after As at
Contractual cash flows 1 year 1 and 3 years 3 and 5 years
5 years
Total
30 April 2025
2025
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Borrowings
1
\u2013
\u2013
96,833
\u2013
96,833
94,985
Interest on borrowings
5,909
11,135
4,544
\u2013
21,588
111
Lease capital repayments
3,214
5,280
2,353
2,651
13,498
13,498
Lease future interest payments
516
567
280
113
1,476
\u2013
Merchant accrual
42,918
\u2013
\u2013
\u2013
42,918
40,374
Trade and other financial liabilities
2
45,473
638
\u2013
\u2013
46,111
46,111
Non-derivative financial liabilities
98,030
17,620
104,010
2,764
222,424
195,079
Interest rate caps
5
\u2013
\u2013
\u2013
5
5
Derivative financial liabilities
5
\u2013
\u2013
\u2013
5
5
Due within Due within Due between Due after As at
Contractual cash flows 1 year 1 and 3 years 3 and 5 years
5 years
Total
30 April 2024
2024
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Borrowings
1
\u2013
\u2013
120,266
\u2013
120,266
118,292
Interest on borrowings
8,025
15,364
6,031
\u2013
29,420
73
Lease capital repayments
3,257
6,251
3,085
3,736
16,329
16,329
Lease future interest payments
655
843
371
229
2,098
\u2013
Merchant accrual
48,133
\u2013
\u2013
\u2013
48,133
45,274
Trade and other financial liabilities
2
42,755
638
\u2013
\u2013
43,393
43,393
Non-derivative financial liabilities
102,825
23,096
129,753
3,965
259,639
223,361
Interest rate caps
935
92
\u2013
\u2013
1,027
1,002
Derivative financial liabilities
935
92
\u2013
\u2013
1,027
1,002
1 For the purpose of these tables, borrowings are defined as gross borrowings excluding lease liabilities and fair value of derivative instruments. 2 Consists of trade and other payables that meet the definition of financial liabilities under IAS 32 (excluding merchant accrual, which is split out separately above). IFRS 7 requires the contractual future interest cost of a financial liability to be included within the above table. As disclosed in Note 20 of these consolidated financial statements, borrowings are currently drawn under a revolving credit facility and repayments can be made at any time without penalty. As such there is no contractual future interest cost. However, included in the above table is the expected future interest payments based on the Group's drawings and existing hedging as at the balance sheet date and forecasted SONIA and EURIBOR rates. The merchant accrual contractual cash flows amount due within one year represents the undiscounted gross value. The contractual cash flows being due within one year is different from the forecast cash flow profile used to discount the liability under IFRS 9. Amounts are due when the customer redeems the voucher which is outside of the control of the Group, hence its classification as a current liability and its contractual cash flows being within one year. However, historical redemption periods show that actual redemptions differ from the contractual period and therefore on a forecast basis the cash flows span more than one year, as a result the liability is discounted. It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts. iv) Market risk Currency risk Currency risk involves the potential for financial loss arising from changes in foreign exchange rates: \u2022 Translation risk is exposure to changes in values of items in the financial statements caused by translating items into Sterling. This is the Group\u2019s principal currency exposure in view of its overseas operations. \u2022 Transaction risk arises from changes in exchange rates from the time a foreign currency transaction is entered into until it is settled. This is relevant to the Group\u2019s operating activities outside the UK, which are generally conducted in local currency. Transaction risk is not considered significant, as the Group primarily transacts in Sterling and Euros and generates cash flows in each currency which are sufficient to cover operating costs. \u2022 Other currency exposures comprise currency gains and losses recognised in the income statement, relating to other monetary assets and liabilities that are not denominated in the functional currency of the entity involved. At 30 April 2025 and 30 April 2024, these exposures were not material to the Group. The Group applies strategies to management currency risk which may include the use of forward contracts to purchase Euros, US Dollars and Australian Dollars in exchange for Sterling and/or draw-down of the RCF in Euros, US Dollars or Australian Dollars to provide a natural hedge. There was a foreign exchange gain on borrowings during the year of \u00a390,000. Interest rate risk Interest rate risk involves the potential for financial loss arising from changes in market interest rates. The Group is exposed to interest rate risk arising from borrowings under the revolving credit facility, which incurs interest at a floating reference rate plus a margin. The reference rates are SONIA for loans in Sterling, EURIBOR for loans in Euros and SOFR for loans in US Dollars. As at 30 April 2025 the Group had drawn down \u00a393,000,000 and \u20ac4,500,000 of the available revolving credit facility. To mitigate this risk, the Group has implemented hedging strategies. As at the date of this report, the Group has the following interest rate hedging instruments in place:
Derivative type
Execution dates
Notional amount
Start date
Maturity date
Underlying asset
Strike rate
Interest rate cap
1 August 2022
\u00a350.0m
1/8/2022
30/11/2024
SONIA
3.00%
Interest rate cap
3 April 2024
\u00a350.0m
29/11/2024
5/31/2025
SONIA
5.00%
\u00a335.0m
1/6/2025
28/11/2025
Interest rate cap
30 January 2025
\u00a315.0m
31/5/2025
28/11/2025
SONIA
4.50%
\u00a335.0m
29/11/2025
30/4/2026
Interest rate cap
2 June 2025
\u00a315.0m
29/11/2025
30/4/2026
SONIA
4.50%
\u00a350.0m
1/5/2026
30/10/2026
The Group has elected to adopt the hedge accounting requirements of IFRS 9 Financial Instruments. The Group enters hedge relationships where the critical terms of the hedging instrument and the hedged item match, therefore, for the prospective assessment of effectiveness a qualitative assessment is performed. Hedge effectiveness is determined at the origination of the hedging relationship. Quantitative effective tests are performed at each year-end to determine the continuing effectiveness of the relationship. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the interest rate, amount and timing of their respective cash flows. The Group assesses whether the derivative designated in each hedging relationship is expected to be, and has been, effective in offsetting changes in cash flows of the hedging item using the hypothetical derivative method. In these hedge relationships, the main sources of ineffectiveness are: \u2022 The effect of the counterparty and Group\u2019s own interest rate risk on the fair value of the caps, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in interest rates; and \u2022 Changes in the timing of the hedged item. The derivative financial assets are all net settled; therefore, the maximum exposure to interest rate risk at the reporting date is the fair value of the derivative assets which are included in the consolidated balance sheet:
2025
2024
Derivative financial assets
\u00a3000
\u00a3000
Derivatives designated as hedging instruments
Interest rate cap \u2013 cash flow hedges
5
1,002
Total derivatives financial assets
5
1,002
2025
2024
\u00a3000
\u00a3000
Current and non-current:
Current
5
838
Non-current
\u2013
164
Total derivatives financial assets
5
1,002
Cash flow interest rate swap and cap No ineffective portion arising from cash flow hedges was recognised in finance expense during the year (2024: \u00a3nil). Moonpig Group's primary floating rate interest exposure as at 30 April 2025 related to the SONIA reference rate. Gains and losses recognised in the cash flow hedging reserve in equity on interest rate cap contracts as at 30 April 2025 will be released to the consolidated statement of comprehensive income as the related interest expense is recognised. The effects of the cash flow interest rate swap and cap hedging relationships are as follows at 30 April:
Interest rate swap
Interest rate cap 3.0%
Interest rate cap 5.0%
Interest rate cap 4.5%
1
2025
2024
2025
2024
2025
2024
2025
2024
Carrying amount of
derivatives (\u00a3000)
\u2013
\u2013
\u2013
838
\u2013
164
5
\u2013
Changes in fair value of
the designated hedged
item (\u00a3000)
\u2013
84
6
630
(164)
1
(36)
\u2013
Notional amount (\u00a3000)
\u2013
\u2013
70,000
70,000
42,500
42,500
25,000
\u2013
Hedge ratio
\u2013
\u2013
1:1
1:1
1:1
1:1
1:1
\u2013
Maturity date
\u2013
\u2013
30/11/2024
30/11/2024
28/11/2025
28/11/2025
30/04/2026
\u2013
1 The Group put in place an interest rate cap during the year of 4.50% on \u00a315.0m notional from 31 May 2025 until 28 November 2025, increasing thereafter to \u00a335.0m notional until expiry on 30 April 2026. Interest rate movements on deposits, lease liabilities, trade payables, trade receivables and other financial instruments do not present a material exposure to the Group\u2019s balance sheet. The table below details changes in derivative assets arising from financing activities, including both cash and non-cash changes:
Derivative assets
\u00a3000
As at 1 May 2023
2,468
Cash (inflow)
(2,072)
Non-cash movement
606
As at 30 April 2024
1,002
Cash (inflow)
(801)
Non-cash movement
(196)
As at 30 April 2025
5
Market risk sensitivity analysis Financial instruments affected by market risks include borrowings and deposits. The following analysis, required by IFRS 7 Financial Instruments: Disclosures, is intended to illustrate the sensitivity to changes in market variables, being Sterling/Euro interest rates and Sterling/Euro exchange rates. The sensitivity analysis assumes reasonable movements in foreign exchange and interest rates before the effect of tax. The Group considers a reasonable interest rate movement in SONIA or EURIBOR to be 1% (2024: 3%) based on current interest rate projections. Similarly, sensitivity to movements in Sterling/Euro exchange rates of 10% are shown, reflecting changes of reasonable proportion in the context of movement in that currency pair over the last five years. The following table shows the illustrative effect on profit before tax resulting from a 10% change in Sterling/Euro exchange rates:
Income Equity Income Equity
(losses)/gains (losses)/gains (losses)/gains (losses)/gains
2025
2025
2024
2024
\u00a3000
\u00a3000
\u00a3000
\u00a3000
10% strengthening of Sterling against the Euro
(263)
(1,223)
(340)
(1,312)
10% weakening of Sterling against the Euro
289
1,345
416
1,604
The following table shows the illustrative effect on the consolidated income statement from a 1.0% change in market interest rates on the Group\u2019s interest expense. Refer to borrowings in Note 20.
2025
2024
\u00a3000
\u00a3000
1.0% increase in SONIA market interest rates (2024: 3.0%)
(519)
(2,913)
1.0% decrease in SONIA market interest rates (2024: 3.0%)
638
3,592
1.0% increase in EURIBOR market interest rates (2024: N/a)
(68)
N/a
1.0% decrease in EURIBOR market interest rates (2024: N/a)
68
N/a
Capital risk management Capital risk is the risk that the Group will not be able to sustain its operations in the long term due to an inability to secure sufficient capital or maintain an adequate return on capital investment. This encompasses financing risk (the risk that the Group cannot raise necessary funds to continue its operations or finance expansion activities) and cost of capital risk (associated with fluctuations in the cost of capital, which may influence investment decisions and affect long-term strategic planning). The Group\u2019s capital management objectives are focused on maintaining investor confidence and supporting the sustainable development of the business. The Group will always prioritise growth investment in the business and our consistent strong operating cash generation and the progress means there is financial flexibility to return incremental excess capital to shareholders by way of dividends and share repurchases.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-501": { "value": "ii) Credit risk Credit risk is the risk of financial loss if a counterparty fails to discharge its contractual obligations under a customer contract or financial instrument. \u2022 The Group\u2019s credit risk from its operations primarily arises from trade and other receivables. This risk is assessed as low, as the balances are short maturity, arise principally as a result of high volume, low value transactions and have no significant concentration as there is no counterparty balance that represents a significant credit risk concentration. \u2022 The Group\u2019s credit risk on cash and cash equivalents is considered to be low. Financial assets are held with bank, financial institution or government counterparties that have a long-term credit rating of A3 or higher from Moody\u2019s Investor Services and/or a long-term credit rating of A- or higher from Standard & Poor\u2019s. The Group\u2019s treasury policy is to monitor cash (when applicable deposit balances) daily and to manage counterparty risk whilst also ensuring efficient management of the Group\u2019s RCF. Further information on the credit risk management procedures applied to trade receivables is given in Note 15 and to cash and cash equivalents in Note 16. The carrying amounts of trade receivables and cash and cash equivalents shown in those notes represent the Group\u2019s maximum exposure to credit risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-502": { "value": "iii) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with its financial liabilities that are settled by delivering cash. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Cash flow forecasting is performed centrally with rolling forecasts of the Group\u2019s liquidity requirements regularly monitored to ensure it has sufficient cash to meet operational needs. The Group\u2019s revenue model results in a strong level of cash conversion allowing it to service working capital requirements. The Group\u2019s sources of borrowing for liquidity purposes comprise a committed RCF of \u00a3180,000,000, which now has a maturity date of 28 February 2029. This reflects the exercise during the year of a one-year extension option, which was subsequently approved by the lenders. Lease liabilities are also reported in borrowings. Liquidity risk management requires that the Group continues to operate within the financial covenants set out in its facilities. The RCF is subject to two covenants, each tested at six-monthly intervals. The leverage covenant, measuring the ratio of net debt to last twelve months Adjusted EBITDA (excluding share-based payments, as specified in the facilities agreement), is a maximum of 3.0x for the remaining term of the facility. The interest cover covenant, measuring the ratio of last twelve months Adjusted EBITDA (excluding share-based payments, as specified in the facilities agreement) to the total of bank interest payable and interest payable on leases, is a minimum of 3.5x for the term of the facility. Covenant forecasting is performed centrally, with regular monitoring to ensure that the Group continues to expect to meet its financial covenants. The following tables sets out the anticipated contractual cash flows including interest payable for the Group\u2019s financial liabilities and derivative instruments on an undiscounted basis. Where interest payments are calculated at a floating rate, rates of each cash flow until maturity of the instruments are calculated based on the forward yield curve prevailing at the respective year-ends. All derivative contracts are presented on a net basis:
Due within Due within Due between Due after As at
Contractual cash flows 1 year 1 and 3 years 3 and 5 years
5 years
Total
30 April 2025
2025
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Borrowings
1
\u2013
\u2013
96,833
\u2013
96,833
94,985
Interest on borrowings
5,909
11,135
4,544
\u2013
21,588
111
Lease capital repayments
3,214
5,280
2,353
2,651
13,498
13,498
Lease future interest payments
516
567
280
113
1,476
\u2013
Merchant accrual
42,918
\u2013
\u2013
\u2013
42,918
40,374
Trade and other financial liabilities
2
45,473
638
\u2013
\u2013
46,111
46,111
Non-derivative financial liabilities
98,030
17,620
104,010
2,764
222,424
195,079
Interest rate caps
5
\u2013
\u2013
\u2013
5
5
Derivative financial liabilities
5
\u2013
\u2013
\u2013
5
5
Due within Due within Due between Due after As at
Contractual cash flows 1 year 1 and 3 years 3 and 5 years
5 years
Total
30 April 2024
2024
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Borrowings
1
\u2013
\u2013
120,266
\u2013
120,266
118,292
Interest on borrowings
8,025
15,364
6,031
\u2013
29,420
73
Lease capital repayments
3,257
6,251
3,085
3,736
16,329
16,329
Lease future interest payments
655
843
371
229
2,098
\u2013
Merchant accrual
48,133
\u2013
\u2013
\u2013
48,133
45,274
Trade and other financial liabilities
2
42,755
638
\u2013
\u2013
43,393
43,393
Non-derivative financial liabilities
102,825
23,096
129,753
3,965
259,639
223,361
Interest rate caps
935
92
\u2013
\u2013
1,027
1,002
Derivative financial liabilities
935
92
\u2013
\u2013
1,027
1,002
1 For the purpose of these tables, borrowings are defined as gross borrowings excluding lease liabilities and fair value of derivative instruments. 2 Consists of trade and other payables that meet the definition of financial liabilities under IAS 32 (excluding merchant accrual, which is split out separately above). IFRS 7 requires the contractual future interest cost of a financial liability to be included within the above table. As disclosed in Note 20 of these consolidated financial statements, borrowings are currently drawn under a revolving credit facility and repayments can be made at any time without penalty. As such there is no contractual future interest cost. However, included in the above table is the expected future interest payments based on the Group's drawings and existing hedging as at the balance sheet date and forecasted SONIA and EURIBOR rates. The merchant accrual contractual cash flows amount due within one year represents the undiscounted gross value. The contractual cash flows being due within one year is different from the forecast cash flow profile used to discount the liability under IFRS 9. Amounts are due when the customer redeems the voucher which is outside of the control of the Group, hence its classification as a current liability and its contractual cash flows being within one year. However, historical redemption periods show that actual redemptions differ from the contractual period and therefore on a forecast basis the cash flows span more than one year, as a result the liability is discounted. It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-503": { "value": "iv) Market risk Currency risk Currency risk involves the potential for financial loss arising from changes in foreign exchange rates: \u2022 Translation risk is exposure to changes in values of items in the financial statements caused by translating items into Sterling. This is the Group\u2019s principal currency exposure in view of its overseas operations. \u2022 Transaction risk arises from changes in exchange rates from the time a foreign currency transaction is entered into until it is settled. This is relevant to the Group\u2019s operating activities outside the UK, which are generally conducted in local currency. Transaction risk is not considered significant, as the Group primarily transacts in Sterling and Euros and generates cash flows in each currency which are sufficient to cover operating costs. \u2022 Other currency exposures comprise currency gains and losses recognised in the income statement, relating to other monetary assets and liabilities that are not denominated in the functional currency of the entity involved. At 30 April 2025 and 30 April 2024, these exposures were not material to the Group. The Group applies strategies to management currency risk which may include the use of forward contracts to purchase Euros, US Dollars and Australian Dollars in exchange for Sterling and/or draw-down of the RCF in Euros, US Dollars or Australian Dollars to provide a natural hedge. There was a foreign exchange gain on borrowings during the year of \u00a390,000. Interest rate risk Interest rate risk involves the potential for financial loss arising from changes in market interest rates. The Group is exposed to interest rate risk arising from borrowings under the revolving credit facility, which incurs interest at a floating reference rate plus a margin. The reference rates are SONIA for loans in Sterling, EURIBOR for loans in Euros and SOFR for loans in US Dollars. As at 30 April 2025 the Group had drawn down \u00a393,000,000 and \u20ac4,500,000 of the available revolving credit facility. To mitigate this risk, the Group has implemented hedging strategies. As at the date of this report, the Group has the following interest rate hedging instruments in place:
Derivative type
Execution dates
Notional amount
Start date
Maturity date
Underlying asset
Strike rate
Interest rate cap
1 August 2022
\u00a350.0m
1/8/2022
30/11/2024
SONIA
3.00%
Interest rate cap
3 April 2024
\u00a350.0m
29/11/2024
5/31/2025
SONIA
5.00%
\u00a335.0m
1/6/2025
28/11/2025
Interest rate cap
30 January 2025
\u00a315.0m
31/5/2025
28/11/2025
SONIA
4.50%
\u00a335.0m
29/11/2025
30/4/2026
Interest rate cap
2 June 2025
\u00a315.0m
29/11/2025
30/4/2026
SONIA
4.50%
\u00a350.0m
1/5/2026
30/10/2026
The Group has elected to adopt the hedge accounting requirements of IFRS 9 Financial Instruments. The Group enters hedge relationships where the critical terms of the hedging instrument and the hedged item match, therefore, for the prospective assessment of effectiveness a qualitative assessment is performed. Hedge effectiveness is determined at the origination of the hedging relationship. Quantitative effective tests are performed at each year-end to determine the continuing effectiveness of the relationship. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the interest rate, amount and timing of their respective cash flows. The Group assesses whether the derivative designated in each hedging relationship is expected to be, and has been, effective in offsetting changes in cash flows of the hedging item using the hypothetical derivative method. In these hedge relationships, the main sources of ineffectiveness are: \u2022 The effect of the counterparty and Group\u2019s own interest rate risk on the fair value of the caps, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in interest rates; and \u2022 Changes in the timing of the hedged item. The derivative financial assets are all net settled; therefore, the maximum exposure to interest rate risk at the reporting date is the fair value of the derivative assets which are included in the consolidated balance sheet:
2025
2024
Derivative financial assets
\u00a3000
\u00a3000
Derivatives designated as hedging instruments
Interest rate cap \u2013 cash flow hedges
5
1,002
Total derivatives financial assets
5
1,002
2025
2024
\u00a3000
\u00a3000
Current and non-current:
Current
5
838
Non-current
\u2013
164
Total derivatives financial assets
5
1,002
Cash flow interest rate swap and cap No ineffective portion arising from cash flow hedges was recognised in finance expense during the year (2024: \u00a3nil). Moonpig Group's primary floating rate interest exposure as at 30 April 2025 related to the SONIA reference rate. Gains and losses recognised in the cash flow hedging reserve in equity on interest rate cap contracts as at 30 April 2025 will be released to the consolidated statement of comprehensive income as the related interest expense is recognised. The effects of the cash flow interest rate swap and cap hedging relationships are as follows at 30 April:
Interest rate swap
Interest rate cap 3.0%
Interest rate cap 5.0%
Interest rate cap 4.5%
1
2025
2024
2025
2024
2025
2024
2025
2024
Carrying amount of
derivatives (\u00a3000)
\u2013
\u2013
\u2013
838
\u2013
164
5
\u2013
Changes in fair value of
the designated hedged
item (\u00a3000)
\u2013
84
6
630
(164)
1
(36)
\u2013
Notional amount (\u00a3000)
\u2013
\u2013
70,000
70,000
42,500
42,500
25,000
\u2013
Hedge ratio
\u2013
\u2013
1:1
1:1
1:1
1:1
1:1
\u2013
Maturity date
\u2013
\u2013
30/11/2024
30/11/2024
28/11/2025
28/11/2025
30/04/2026
\u2013
1 The Group put in place an interest rate cap during the year of 4.50% on \u00a315.0m notional from 31 May 2025 until 28 November 2025, increasing thereafter to \u00a335.0m notional until expiry on 30 April 2026. Interest rate movements on deposits, lease liabilities, trade payables, trade receivables and other financial instruments do not present a material exposure to the Group\u2019s balance sheet. The table below details changes in derivative assets arising from financing activities, including both cash and non-cash changes:
Derivative assets
\u00a3000
As at 1 May 2023
2,468
Cash (inflow)
(2,072)
Non-cash movement
606
As at 30 April 2024
1,002
Cash (inflow)
(801)
Non-cash movement
(196)
As at 30 April 2025
5
Market risk sensitivity analysis Financial instruments affected by market risks include borrowings and deposits. The following analysis, required by IFRS 7 Financial Instruments: Disclosures, is intended to illustrate the sensitivity to changes in market variables, being Sterling/Euro interest rates and Sterling/Euro exchange rates. The sensitivity analysis assumes reasonable movements in foreign exchange and interest rates before the effect of tax. The Group considers a reasonable interest rate movement in SONIA or EURIBOR to be 1% (2024: 3%) based on current interest rate projections. Similarly, sensitivity to movements in Sterling/Euro exchange rates of 10% are shown, reflecting changes of reasonable proportion in the context of movement in that currency pair over the last five years. The following table shows the illustrative effect on profit before tax resulting from a 10% change in Sterling/Euro exchange rates:
Income Equity Income Equity
(losses)/gains (losses)/gains (losses)/gains (losses)/gains
2025
2025
2024
2024
\u00a3000
\u00a3000
\u00a3000
\u00a3000
10% strengthening of Sterling against the Euro
(263)
(1,223)
(340)
(1,312)
10% weakening of Sterling against the Euro
289
1,345
416
1,604
The following table shows the illustrative effect on the consolidated income statement from a 1.0% change in market interest rates on the Group\u2019s interest expense. Refer to borrowings in Note 20.
2025
2024
\u00a3000
\u00a3000
1.0% increase in SONIA market interest rates (2024: 3.0%)
(519)
(2,913)
1.0% decrease in SONIA market interest rates (2024: 3.0%)
638
3,592
1.0% increase in EURIBOR market interest rates (2024: N/a)
(68)
N/a
1.0% decrease in EURIBOR market interest rates (2024: N/a)
68
N/a
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-504": { "value": "Capital risk management Capital risk is the risk that the Group will not be able to sustain its operations in the long term due to an inability to secure sufficient capital or maintain an adequate return on capital investment. This encompasses financing risk (the risk that the Group cannot raise necessary funds to continue its operations or finance expansion activities) and cost of capital risk (associated with fluctuations in the cost of capital, which may influence investment decisions and affect long-term strategic planning). The Group\u2019s capital management objectives are focused on maintaining investor confidence and supporting the sustainable development of the business. The Group will always prioritise growth investment in the business and our consistent strong operating cash generation and the progress means there is financial flexibility to return incremental excess capital to shareholders by way of dividends and share repurchases.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-470": { "value": "24 Commitments and contingencies a) Commitments The Group entered a financial commitment in respect of supplier of cut flowers of \u00a3213,000 (2024: \u00a3212,000) and rental commitments of \u00a391,000 (2024: \u00a317,000) which are due within one year. During the period the Group entered a financial commitment in respect of future stock purchases of \u00a31,912,000 (2024: \u00a3nil). These purchases are spread across the next three years and will be settled by November 2027. b) Contingencies Group companies have given a guarantee in respect of the Group's \u00a3180,000,000 revolving credit facility. As at 30 April 2025 the Group had drawn down \u00a393,000,000 and \u20ac4,500,000 of the available revolving credit facility (2024: \u00a3113,000,000 and \u20ac8,500,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-506": { "value": "
a) Commitments
The Group entered a financial commitment in respect of supplier of cut flowers of \u00a3213,000 (2024: \u00a3212,000) and rental commitments of
\u00a391,000 (2024: \u00a317,000) which are due within one year.
During the period the Group entered a financial commitment in respect of future stock purchases of \u00a31,912,000 (2024: \u00a3nil). These purchases
are spread across the next three years and will be settled by November 2027.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-505": { "value": "
b) Contingencies
Group companies have given a guarantee in respect of the Group's \u00a3180,000,000 revolving credit facility. As at 30 April 2025 the Group
had drawn down \u00a393,000,000 and \u20ac4,500,000 of the available revolving credit facility (2024: \u00a3113,000,000 and \u20ac8,500,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-471": { "value": "
25 Related party transactions
Transactions with related parties
There were no related party transactions requiring disclosure in the year ended 30 April 2025. The Group receives other income in respect
of the sublease of part of its head office to an entity that was considered a related party due to common control until the Company's former
private equity owner ceased to be a Significant Shareholder in the Company on 25 April 2024.
2025
2024
\u00a3000
\u00a3000
Other income from related parties formerly under common control
\u2013
1,349
Compensation of key management personnel of Moonpig Group plc The amounts disclosed in the table are the amounts recognised as an expense during the reporting year related to key management personnel. Key management personnel are defined as the Directors as they are the members of the Group with the authority and responsibility for planning, directing and controlling the activities of the Group. Further detail in respect of the Directors remuneration can be found within the Directors\u2019 Remuneration report on pages 101 to 119.
Re-presented
2025
2024
\u00a3000
\u00a3000
Short-term employee benefits
2,734
2,513
Post-employment pension and medical benefits
56
53
Share-based payment schemes
1
1,084
1,918
Total compensation relating to key management personnel
3,874
4,484
1 The share-based payment amount disclosed above is the expense in the year rather than the amount based on the performance assessment period as disclosed in the Directors remuneration report on pages 101 to 119. 2 The prior year share-based payment scheme amount has been re-presented to correctly reflect the amount recognised as an expense during the year rather than the amount based on the performance assessment period as disclosed in the Directors remuneration report. 26 Related undertakings A full list of subsidiary undertakings as defined by Companies Act 2006 and which fall within the scope of consolidation under IFRS 10 as at 30 April 2025 is disclosed below. Titan Midco Limited is held directly by the Company and all other subsidiary undertakings are held indirectly. The equity shares held are in the form of ordinary shares or common stock. The effective percentage of equity shares held in subsidiary undertakings is 100% in all cases.
Subsidiary undertakings
Number
Country of incorporation
Principal activity
Cards Holdco Limited
1
12170467
England and Wales
Trading company, management services
Moonpig.com Limited
1
03852652
England and Wales
Trading company
Experience More Limited
1
03883868
England and Wales
Trading company
Titan Midco Limited
1
13014525
England and Wales
Holding company
Horizon Bidco B.V.
2
72238402
Netherlands
Holding company
Greetz B.V.
2
34312893
Netherlands
Trading company
Full Colour B.V.
2
34350020
Netherlands
Trading company
1 Registered office address is Herbal House, 10 Back Hill, London, EC1R 5EN, United Kingdom. 2 Registered office address is Koningsbeltweg 42, 1329 AK, Almere, Netherlands. All subsidiaries have a financial year-end of 30 April, aligned with the Parent Company. Titan Midco Limited is exempt from the Companies Act 2006 requirements relating to the audit of their individual financial statements by virtue of Section 479A of the Companies Act as this Company has guaranteed its subsidiary companies under Section 479C of the Companies Act. In accordance with article 408 of the Dutch Civil Code, Horizon Bidco B.V. issued a declaration of joint and several liability in respect of its consolidated participants. The declaration covered and resulted in the standalone Horizon Bidco B.V. entity being exempt from an audit. Additionally, Full Colour B.V. is exempt from an audit under the Dutch Civil Code by virtue of its size.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-507": { "value": "25 Related party transactions Transactions with related parties There were no related party transactions requiring disclosure in the year ended 30 April 2025. The Group receives other income in respect of the sublease of part of its head office to an entity that was considered a related party due to common control until the Company's former private equity owner ceased to be a Significant Shareholder in the Company on 25 April 2024.
2025
2024
\u00a3000
\u00a3000
Other income from related parties formerly under common control
\u2013
1,349
Compensation of key management personnel of Moonpig Group plc
The amounts disclosed in the table are the amounts recognised as an expense during the reporting year related to key management
personnel. Key management personnel are defined as the Directors as they are the members of the Group with the authority and
responsibility for planning, directing and controlling the activities of the Group.
Further detail in respect of the Directors remuneration can be found within the Directors\u2019 Remuneration report on pages 101 to 119.
Re-presented
2025
2024
\u00a3000
\u00a3000
Short-term employee benefits
2,734
2,513
Post-employment pension and medical benefits
56
53
Share-based payment schemes
1
1,084
1,918
Total compensation relating to key management personnel
3,874
4,484
1 The share-based payment amount disclosed above is the expense in the year rather than the amount based on the performance assessment period as disclosed in the
Directors remuneration report on pages 101 to 119.
2 The prior year share-based payment scheme amount has been re-presented to correctly reflect the amount recognised as an expense during the year rather than the
amount based on the performance assessment period as disclosed in the Directors remuneration report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-521": { "value": "Compensation of key management personnel of Moonpig Group plc The amounts disclosed in the table are the amounts recognised as an expense during the reporting year related to key management personnel. Key management personnel are defined as the Directors as they are the members of the Group with the authority and responsibility for planning, directing and controlling the activities of the Group. Further detail in respect of the Directors remuneration can be found within the Directors\u2019 Remuneration report on pages 101 to 119.
Re-presented
2025
2024
\u00a3000
\u00a3000
Short-term employee benefits
2,734
2,513
Post-employment pension and medical benefits
56
53
Share-based payment schemes
1
1,084
1,918
Total compensation relating to key management personnel
3,874
4,484
1 The share-based payment amount disclosed above is the expense in the year rather than the amount based on the performance assessment period as disclosed in the Directors remuneration report on pages 101 to 119. 2 The prior year share-based payment scheme amount has been re-presented to correctly reflect the amount recognised as an expense during the year rather than the amount based on the performance assessment period as disclosed in the Directors remuneration report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-508": { "value": "
26 Related undertakings
A full list of subsidiary undertakings as defined by Companies Act 2006 and which fall within the scope of consolidation under IFRS 10
as at 30 April 2025 is disclosed below. Titan Midco Limited is held directly by the Company and all other subsidiary undertakings are
held indirectly.
The equity shares held are in the form of ordinary shares or common stock. The effective percentage of equity shares held in subsidiary
undertakings is 100% in all cases.
Subsidiary undertakings
Number
Country of incorporation
Principal activity
Cards Holdco Limited
1
12170467
England and Wales
Trading company, management services
Moonpig.com Limited
1
03852652
England and Wales
Trading company
Experience More Limited
1
03883868
England and Wales
Trading company
Titan Midco Limited
1
13014525
England and Wales
Holding company
Horizon Bidco B.V.
2
72238402
Netherlands
Holding company
Greetz B.V.
2
34312893
Netherlands
Trading company
Full Colour B.V.
2
34350020
Netherlands
Trading company
1 Registered office address is Herbal House, 10 Back Hill, London, EC1R 5EN, United Kingdom.
2 Registered office address is Koningsbeltweg 42, 1329 AK, Almere, Netherlands.
All subsidiaries have a financial year-end of 30 April, aligned with the Parent Company.
Titan Midco Limited is exempt from the Companies Act 2006 requirements relating to the audit of their individual financial statements by
virtue of Section 479A of the Companies Act as this Company has guaranteed its subsidiary companies under Section 479C of the
Companies Act.
In accordance with article 408 of the Dutch Civil Code, Horizon Bidco B.V. issued a declaration of joint and several liability in respect of its
consolidated participants. The declaration covered and resulted in the standalone Horizon Bidco B.V. entity being exempt from an audit.
Additionally, Full Colour B.V. is exempt from an audit under the Dutch Civil Code by virtue of its size.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-529": { "value": "26 Related undertakings A full list of subsidiary undertakings as defined by Companies Act 2006 and which fall within the scope of consolidation under IFRS 10 as at 30 April 2025 is disclosed below. Titan Midco Limited is held directly by the Company and all other subsidiary undertakings are held indirectly. The equity shares held are in the form of ordinary shares or common stock. The effective percentage of equity shares held in subsidiary undertakings is 100% in all cases.
Subsidiary undertakings
Number
Country of incorporation
Principal activity
Cards Holdco Limited
1
12170467
England and Wales
Trading company, management services
Moonpig.com Limited
1
03852652
England and Wales
Trading company
Experience More Limited
1
03883868
England and Wales
Trading company
Titan Midco Limited
1
13014525
England and Wales
Holding company
Horizon Bidco B.V.
2
72238402
Netherlands
Holding company
Greetz B.V.
2
34312893
Netherlands
Trading company
Full Colour B.V.
2
34350020
Netherlands
Trading company
1 Registered office address is Herbal House, 10 Back Hill, London, EC1R 5EN, United Kingdom. 2 Registered office address is Koningsbeltweg 42, 1329 AK, Almere, Netherlands. All subsidiaries have a financial year-end of 30 April, aligned with the Parent Company. Titan Midco Limited is exempt from the Companies Act 2006 requirements relating to the audit of their individual financial statements by virtue of Section 479A of the Companies Act as this Company has guaranteed its subsidiary companies under Section 479C of the Companies Act. In accordance with article 408 of the Dutch Civil Code, Horizon Bidco B.V. issued a declaration of joint and several liability in respect of its consolidated participants. The declaration covered and resulted in the standalone Horizon Bidco B.V. entity being exempt from an audit. Additionally, Full Colour B.V. is exempt from an audit under the Dutch Civil Code by virtue of its size.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-522": { "value": "26 Related undertakings A full list of subsidiary undertakings as defined by Companies Act 2006 and which fall within the scope of consolidation under IFRS 10 as at 30 April 2025 is disclosed below. Titan Midco Limited is held directly by the Company and all other subsidiary undertakings are held indirectly. The equity shares held are in the form of ordinary shares or common stock. The effective percentage of equity shares held in subsidiary undertakings is 100% in all cases.
Subsidiary undertakings
Number
Country of incorporation
Principal activity
Cards Holdco Limited
1
12170467
England and Wales
Trading company, management services
Moonpig.com Limited
1
03852652
England and Wales
Trading company
Experience More Limited
1
03883868
England and Wales
Trading company
Titan Midco Limited
1
13014525
England and Wales
Holding company
Horizon Bidco B.V.
2
72238402
Netherlands
Holding company
Greetz B.V.
2
34312893
Netherlands
Trading company
Full Colour B.V.
2
34350020
Netherlands
Trading company
1 Registered office address is Herbal House, 10 Back Hill, London, EC1R 5EN, United Kingdom. 2 Registered office address is Koningsbeltweg 42, 1329 AK, Almere, Netherlands. All subsidiaries have a financial year-end of 30 April, aligned with the Parent Company. Titan Midco Limited is exempt from the Companies Act 2006 requirements relating to the audit of their individual financial statements by virtue of Section 479A of the Companies Act as this Company has guaranteed its subsidiary companies under Section 479C of the Companies Act. In accordance with article 408 of the Dutch Civil Code, Horizon Bidco B.V. issued a declaration of joint and several liability in respect of its consolidated participants. The declaration covered and resulted in the standalone Horizon Bidco B.V. entity being exempt from an audit. Additionally, Full Colour B.V. is exempt from an audit under the Dutch Civil Code by virtue of its size.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } }, "fact-472": { "value": "
27 Events after the balance sheet date
The following matters, which have arisen since the balance sheet date, represent non-adjusting events under IAS 10 and are therefore
disclosed due to their materiality. They have not been reflected in the financial statements for the year ended 30 April 2025:
\u2022 On 2 May 2025, the Group announced a programme to repurchase up to \u00a330.0m of its ordinary shares during the period to 31 October
2025, or such time as the Company provides further notice. This programme is the first of two planned for FY26, to be executed in H1 and
H2 respectively and follows the Group\u2019s earlier announcement on 23 April 2025 of its intention to repurchase up to \u00a360.0m of its own
shares during the new financial year. The Company\u2019s policy is that share repurchases will only be conducted when they utilise excess
capital and are earnings enhancing. Since 1 May 2025 to 24 June 2025, a further 3,293,060 shares of 10 pence each (representing 1.0%
of the Company's issued share capital as at 24 June 2025) have been repurchased for aggregate consideration of \u00a38,196,045 including
fees and duty (aggregate value net of fees of \u00a38,139,018) and the average price paid was 247.2p per ordinary share.
With the exception of the above, no other adjusting or non-adjusting events have occurred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2024-05-01T00:00:00/2025-05-01T00:00:00" } } } }