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"value": "12649000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-428": { "value": "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 2026 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 or 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 2026 are detailed in Note 27 of the consolidated financial statements on page 172. 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 49 to 60, 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 51 to 53). 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 2026. While the Group reported net current liabilities of \u00a386,604,000 (2025: \u00a380,705,000) and net liabilities of \u00a354,221,000 (2025: \u00a333,217,000), these positions do not reflect underlying liquidity concerns. The net current liability position is primarily attributable to the timing of settlement of operating liabilities, which form part of the Group's normal working capital cycle. The net liability position is largely driven by the \u00a3993,000,000 merger reserve debit arising from the pre-IPO group reorganisation accounted for under common control merger accounting. The Group continues to generate positive operating cash flow and finished the year with liquidity headroom of \u00a381,200,000 (2025: \u00a395,816,000), 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 has a maturity date of 28 February 2029. 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 2026 the Group had drawn down \u00a3104,000,000 and \u20ac4,500,000 of the available revolving credit facility (2025: \u00a393,000,000 and \u20ac4,500,000). 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 4.0% and 4.5% on total notional of \u00a375,000,000 until 31 October 2027. Further details are set out at Note 21. 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 net 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 since 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 12-month period from the date of signing the consolidated financial statements.
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 2026 in relation to the most severe of the three 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:
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(5,874,000)/\u00a36,168,000 from the amount recognised as at 30 April 2026. 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 \u00a32,803,000 movement in the amount
recognised in revenue. The Group's FY26 actual non-redemption estimate falls in the middle of this range. The estimates are adjusted for
actual customer utilisation rates in the year in which the vouchers expire.
Carrying amount of Experiences goodwill
Goodwill is tested annually for impairment. The critical accounting estimate made in the calculation of the recoverable amount is:
\u2022 Pre-perpetuity compound annual revenue growth rate of 1.4% (31 October 2025: 0.1%, 30 April 2025: 2.7%)
Sensitivity analysis and further disclosure relating to this critical accounting estimate is set out in Note 12.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-2": { "value": "Moonpig Group plc ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-425": { "value": "Moonpig Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-3": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-5": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-426": { "value": "Herbal House, 10 Back Hill, London, EC1R 5EN, England, United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-476": { "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 or loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-512": { "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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-477": { "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 2026 are detailed in Note 27 of the consolidated financial statements on page 172.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-478": { "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 49 to 60, 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 51 to 53). 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-479": { "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 2026.
While the Group reported net current liabilities of \u00a386,604,000 (2025: \u00a380,705,000) and net liabilities of \u00a354,221,000
(2025: \u00a333,217,000), these positions do not reflect underlying liquidity concerns. The net current liability position is primarily attributable to
the timing of settlement of operating liabilities, which form part of the Group's normal working capital cycle. The net liability position is
largely driven by the \u00a3993,000,000 merger reserve debit arising from the pre-IPO group reorganisation accounted for under common
control merger accounting. The Group continues to generate positive operating cash flow and finished the year with liquidity headroom of
\u00a381,200,000 (2025: \u00a395,816,000), 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 has a maturity date of 28
February 2029. 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 2026 the Group had drawn down
\u00a3104,000,000 and \u20ac4,500,000 of the available revolving credit facility (2025: \u00a393,000,000 and \u20ac4,500,000).
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 4.0% and 4.5% on total notional of \u00a375,000,000 until 31 October 2027. Further details are set out
at Note 21.
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 net 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 since 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 12-month period from the date of signing the consolidated financial statements.
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 2026 in relation to the most severe of the three 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-480": { "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: 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(5,874,000)/\u00a36,168,000 from the amount recognised as at 30 April 2026. 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 \u00a32,803,000 movement in the amount recognised in revenue. The Group's FY26 actual non-redemption estimate falls in the middle of this range. The estimates are adjusted for actual customer utilisation rates in the year in which the vouchers expire. Carrying amount of Experiences goodwill Goodwill is tested annually for impairment. The critical accounting estimate made in the calculation of the recoverable amount is: \u2022 Pre-perpetuity compound annual revenue growth rate of 1.4% (31 October 2025: 0.1%, 30 April 2025: 2.7%) Sensitivity analysis and further disclosure relating to this critical accounting estimate is set out in Note 12.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-427": { "value": "2 Summary of significant accounting policies New standards, amendments and interpretations adopted from 1 May 2025 The following amendment is effective for the year beginning 1 May 2025: \u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates). This amendment is mandatorily effective for reporting periods beginning on or after 1 May 2025 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 a material effect on the financial statements unless otherwise indicated: 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). \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature-dependent Electricity The following amendments are effective for the year beginning 1 May 2027: \u2022 IFRS 18 Presentation and Disclosure in the Financial Statements. \u2022 IFRS 19 Subsidiaries without Public Accountability. The Group is currently assessing the effect of these new accounting standards and amendments. IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024, supersedes IAS 1 Presentation of Financial Statements and introduces major consequential amendments to other IFRS Accounting Standards, including IAS 8 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Although IFRS 18 is not expected to affect the recognition and measurement of items in the consolidated financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items. These changes include the introduction of new categories and defined sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of information and new disclosure requirements for management-defined performance measures. IFRS 19 is a voluntary reduced-disclosure standard intended for eligible subsidiaries that do not have public accountability. This standard is therefore not applicable for the Group. 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 material rights over a twelve-month subscription term. 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 other benefits, such as free postcards. Each of these material rights represents a separate performance obligation under IFRS 15. The transaction price, being the standalone selling price of the membership, is allocated to these performance obligations on a relative standalone selling price basis. In determining the standalone selling price of each material right, the Group considers the incremental value of the benefit to the customer and the expected level of utilisation over the membership period. Accordingly, the allocation reflects both the expected value of the benefits and expected redemption patterns. Revenue allocated to the complimentary initial card (first year only) is recognised at the point the card is transferred to the customer. Revenue allocated to subsequent purchase discounts and other benefits is recognised as the related goods or services are transferred and the material rights are exercised. Deferred revenue arises where consideration received relates to material rights that have not yet been exercised at the reporting date. For renewal memberships, where no complimentary initial card is provided, revenue is recognised over the 12-month membership period in line with the expected pattern of exercise of the material rights, which currently approximates a time-apportioned basis. 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 other experiences 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 is accounted for as a financial liability in accordance with IFRS 9. Estimates are trued up for actual customer redemption rates. See further information within critical accounting estimates on page 134. Where voucher redemption rates differ from expectations for a cohort of vouchers, the Group recognises the resulting adjustment to revenue and derecognises the related accrued merchant payable once its legal obligations to 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) Finance income and costs Finance income arises from interest income in bank deposits. Finance costs are incurred on bank borrowings and the unwinding of the discount on lease liabilities and the merchant accrual. Foreign exchange, charge or credit, on financing activities is recognised within net finance costs. Each of these components is recognised in the income statement in the period in which they are incurred. e) 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. f) 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. g) 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. h) 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 impairment 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.
i) 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 recognised as an expense in the income statement in the period in which it is incurred.
Development expenditure relating to the enhancement of the Group's technology platforms, customer-facing websites and applications,
personalisation capabilities, fulfilment systems and other internally generated software is recognised as an intangible asset only when the
recognition criteria of IAS 38 Intangible Assets are met.
Certain costs incurred in the development phase of internal projects, including technology, app and platform enhancements and internally
generated software and trademarks, are capitalised where management demonstrates the technical feasibility of completing the asset, its
intention and ability to complete and use the asset, the existence of probable future economic benefits, the availability of adequate
technical and financial resources to complete the development, and the ability to measure reliably the expenditure attributable to the
asset.
The assessment of whether expenditure has moved beyond the research phase and meets the criteria for capitalisation requires
management judgement. In particular, judgement is applied in determining when projects have reached a stage at which future
economic benefits are considered probable, whether activities are enhancing existing capabilities or creating new functionality, and
which costs are directly attributable to bringing the asset into use. Expenditure incurred during the research, planning and discovery
phases of projects, or relating to routine maintenance and operational activities, are expensed as incurred.
Costs capitalised include employee costs for colleagues directly engaged in software development and product engineering activities,
third-party development costs, software licence fees and other directly attributable expenditure incurred in developing the Group's
technology platforms and digital products. Costs that are not directly attributable to qualifying development activities are recognised as
an expense as incurred.
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
Trademarks
10 years
Technology and development costs
3 years
Customer relationships
1 to 12 years
Software
3 to 5 years
j) 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.
k) 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. l) Property, plant and equipment Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment. Items of property, plant and equipment are recognised as assets when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating as intended by management. 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 term
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 impact of this occurring is immaterial to the Group, the Group has flexibility in its production network and could shift production to other locations to mitigate any business interruptions. m) 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. The Group's leases comprise offices, warehouses, solar panels 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. n) 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. o) Cash and cash equivalents Cash comprises cash in hand, call deposits 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. p) Financial instruments The primary objective of the Group's cash management activities is to preserve capital and protect the value of its cash balances. 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 or 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. q) 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. r) 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. 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. Own shares held reserve The own shares held reserve represents the cost of the Company's own shares that are held by the Group. This comprises shares repurchased which are held pending cancellation, and shares held in treasury by the Group's Employee Benefit Trust (\"EBT\") to satisfy obligations under employee shares schemes. 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. 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. Shares held by the EBT are treated as treasury shares and presented as a deduction from equity. Accordingly, such shares are excluded from the weighted average number of shares used in calculating earnings per share. 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 from the impact of the translation of subsidiaries with a functional currency other than Sterling. 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 paid 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. Shares transferred to employees on the exercise of new schemes were satisfied in the current year by the issue of shares held by the Employee Benefit Trust (\"EBT\") versus the prior year, in which new shares were issued. In accordance with IAS 33, these shares are treated as treasury shares and are excluded from the weighted average number of shares in issue from the date of acquisition until they are transferred to employees. For diluted EPS, the weighted average number of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares.
v) 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": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-481": { "value": "
New standards, amendments and interpretations adopted from 1 May 2025
The following amendment is effective for the year beginning 1 May 2025:
\u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates).
This amendment is mandatorily effective for reporting periods beginning on or after 1 May 2025 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-430": { "value": "New standards, amendments and interpretations adopted from 1 May 2025 The following amendment is effective for the year beginning 1 May 2025: \u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates). This amendment is mandatorily effective for reporting periods beginning on or after 1 May 2025 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 a material effect on the financial statements unless otherwise indicated: 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). \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature-dependent Electricity The following amendments are effective for the year beginning 1 May 2027: \u2022 IFRS 18 Presentation and Disclosure in the Financial Statements. \u2022 IFRS 19 Subsidiaries without Public Accountability. The Group is currently assessing the effect of these new accounting standards and amendments. IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024, supersedes IAS 1 Presentation of Financial Statements and introduces major consequential amendments to other IFRS Accounting Standards, including IAS 8 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Although IFRS 18 is not expected to affect the recognition and measurement of items in the consolidated financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items. These changes include the introduction of new categories and defined sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of information and new disclosure requirements for management-defined performance measures. IFRS 19 is a voluntary reduced-disclosure standard intended for eligible subsidiaries that do not have public accountability. This standard is therefore not applicable for the Group. 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-483": { "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 a material effect on the financial statements unless otherwise indicated:
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).
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature-dependent Electricity
The following amendments are effective for the year beginning 1 May 2027:
\u2022 IFRS 18 Presentation and Disclosure in the Financial Statements.
\u2022 IFRS 19 Subsidiaries without Public Accountability.
The Group is currently assessing the effect of these new accounting standards and amendments.
IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024, supersedes IAS 1 Presentation of
Financial Statements and introduces major consequential amendments to other IFRS Accounting Standards, including IAS 8 Basis of
Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Although IFRS 18 is
not expected to affect the recognition and measurement of items in the consolidated financial statements, it is expected to have a
significant effect on the presentation and disclosure of certain items. These changes include the introduction of new categories and
defined sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of information and new disclosure
requirements for management-defined performance measures.
IFRS 19 is a voluntary reduced-disclosure standard intended for eligible subsidiaries that do not have public accountability. This standard
is therefore not applicable for the Group.
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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-482": { "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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-431": { "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 material rights
over a twelve-month subscription term. 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 other benefits, such as free postcards.
Each of these material rights represents a separate performance obligation under IFRS 15. The transaction price, being the standalone
selling price of the membership, is allocated to these performance obligations on a relative standalone selling price basis. In determining
the standalone selling price of each material right, the Group considers the incremental value of the benefit to the customer and the
expected level of utilisation over the membership period. Accordingly, the allocation reflects both the expected value of the benefits and
expected redemption patterns.
Revenue allocated to the complimentary initial card (first year only) is recognised at the point the card is transferred to the customer.
Revenue allocated to subsequent purchase discounts and other benefits is recognised as the related goods or services are transferred and
the material rights are exercised. Deferred revenue arises where consideration received relates to material rights that have not yet been
exercised at the reporting date.
For renewal memberships, where no complimentary initial card is provided, revenue is recognised over the 12-month membership period
in line with the expected pattern of exercise of the material rights, which currently approximates a time-apportioned basis.
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 other experiences 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 is accounted for as a financial liability in
accordance with IFRS 9. Estimates are trued up for actual customer redemption rates. See further information within critical accounting
estimates on page 134. Where voucher redemption rates differ from expectations for a cohort of vouchers, the Group recognises the
resulting adjustment to revenue and derecognises the related accrued merchant payable once its legal obligations to merchants expire.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-432": { "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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-435": { "value": "
d) Finance income and costs
Finance income arises from interest income in bank deposits. Finance costs are incurred on bank borrowings and the unwinding of the
discount on lease liabilities and the merchant accrual. Foreign exchange, charge or credit, on financing activities is recognised within net
finance costs. Each of these components is recognised in the income statement in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-513": { "value": "d) Finance income and costs Finance income arises from interest income in bank deposits. Finance costs are incurred on bank borrowings and the unwinding of the discount on lease liabilities and the merchant accrual. Foreign exchange, charge or credit, on financing activities is recognised within net finance costs. Each of these components is recognised in the income statement in the period in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-484": { "value": "d) Finance income and costs Finance income arises from interest income in bank deposits. Finance costs are incurred on bank borrowings and the unwinding of the discount on lease liabilities and the merchant accrual. Foreign exchange, charge or credit, on financing activities is recognised within net finance costs. Each of these components is recognised in the income statement in the period in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-436": { "value": "
e) 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-434": { "value": "
f) 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-485": { "value": "f) 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-433": { "value": "
g) 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-486": { "value": "g) 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. h) 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 impairment 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-437": { "value": "
h) 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 impairment 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-514": { "value": "h) 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 impairment 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. i) 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 recognised as an expense in the income statement in the period in which it is incurred. Development expenditure relating to the enhancement of the Group's technology platforms, customer-facing websites and applications, personalisation capabilities, fulfilment systems and other internally generated software is recognised as an intangible asset only when the recognition criteria of IAS 38 Intangible Assets are met. Certain costs incurred in the development phase of internal projects, including technology, app and platform enhancements and internally generated software and trademarks, are capitalised where management demonstrates the technical feasibility of completing the asset, its intention and ability to complete and use the asset, the existence of probable future economic benefits, the availability of adequate technical and financial resources to complete the development, and the ability to measure reliably the expenditure attributable to the asset. The assessment of whether expenditure has moved beyond the research phase and meets the criteria for capitalisation requires management judgement. In particular, judgement is applied in determining when projects have reached a stage at which future economic benefits are considered probable, whether activities are enhancing existing capabilities or creating new functionality, and which costs are directly attributable to bringing the asset into use. Expenditure incurred during the research, planning and discovery phases of projects, or relating to routine maintenance and operational activities, are expensed as incurred. Costs capitalised include employee costs for colleagues directly engaged in software development and product engineering activities, third-party development costs, software licence fees and other directly attributable expenditure incurred in developing the Group's technology platforms and digital products. Costs that are not directly attributable to qualifying development activities are recognised as an expense as incurred. 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
Trademarks
10 years
Technology and development costs
3 years
Customer relationships
1 to 12 years
Software
3 to 5 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-438": { "value": "i) 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 recognised as an expense in the income statement in the period in which it is incurred. Development expenditure relating to the enhancement of the Group's technology platforms, customer-facing websites and applications, personalisation capabilities, fulfilment systems and other internally generated software is recognised as an intangible asset only when the recognition criteria of IAS 38 Intangible Assets are met. Certain costs incurred in the development phase of internal projects, including technology, app and platform enhancements and internally generated software and trademarks, are capitalised where management demonstrates the technical feasibility of completing the asset, its intention and ability to complete and use the asset, the existence of probable future economic benefits, the availability of adequate technical and financial resources to complete the development, and the ability to measure reliably the expenditure attributable to the asset. The assessment of whether expenditure has moved beyond the research phase and meets the criteria for capitalisation requires management judgement. In particular, judgement is applied in determining when projects have reached a stage at which future economic benefits are considered probable, whether activities are enhancing existing capabilities or creating new functionality, and which costs are directly attributable to bringing the asset into use. Expenditure incurred during the research, planning and discovery phases of projects, or relating to routine maintenance and operational activities, are expensed as incurred. Costs capitalised include employee costs for colleagues directly engaged in software development and product engineering activities, third-party development costs, software licence fees and other directly attributable expenditure incurred in developing the Group's technology platforms and digital products. Costs that are not directly attributable to qualifying development activities are recognised as an expense as incurred. 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
Trademarks
10 years
Technology and development costs
3 years
Customer relationships
1 to 12 years
Software
3 to 5 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-487": { "value": "j) 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. k) 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-439": { "value": "j) 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-440": { "value": "
k) 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-441": { "value": "
l) Property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment. Items of property, plant and
equipment are recognised as assets when it is probable that future economic benefits associated with the item will flow to the Group and
the cost of the item can be measured reliably. The cost includes the purchase price and any costs directly attributable to bringing the asset
to the location and condition necessary for it to be capable of operating as intended by management. 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 term
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 impact of this occurring is immaterial to the Group, 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-488": { "value": "l) Property, plant and equipment Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment. Items of property, plant and equipment are recognised as assets when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating as intended by management. 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 term
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 impact of this occurring is immaterial to the Group, 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-442": { "value": "
m) 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. The Group's leases
comprise offices, warehouses, solar panels 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-444": { "value": "
n) 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-443": { "value": "
o) Cash and cash equivalents
Cash comprises cash in hand, call deposits 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-447": { "value": "p) Financial instruments The primary objective of the Group's cash management activities is to preserve capital and protect the value of its cash balances. 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 or 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-489": { "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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-491": { "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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-515": { "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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-516": { "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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-445": { "value": "
q) 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-446": { "value": "
r) 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-448": { "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.
Own shares held reserve
The own shares held reserve represents the cost of the Company's own shares that are held by the Group. This comprises shares
repurchased which are held pending cancellation, and shares held in treasury by the Group's Employee Benefit Trust (\"EBT\") to satisfy
obligations under employee shares schemes.
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.
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.
Shares held by the EBT are treated as treasury shares and presented as a deduction from equity. Accordingly, such shares are excluded
from the weighted average number of shares used in calculating earnings per share.
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 from the impact of the translation of
subsidiaries with a functional currency other than Sterling.
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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-490": { "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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-517": { "value": "Own shares held reserve The own shares held reserve represents the cost of the Company's own shares that are held by the Group. This comprises shares repurchased which are held pending cancellation, and shares held in treasury by the Group's Employee Benefit Trust (\"EBT\") to satisfy obligations under employee shares schemes. 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. 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. Shares held by the EBT are treated as treasury shares and presented as a deduction from equity. Accordingly, such shares are excluded from the weighted average number of shares used in calculating earnings per share. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-449": { "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 paid in the case of
interim dividends.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-450": { "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. Shares transferred to employees on the
exercise of new schemes were satisfied in the current year by the issue of shares held by the Employee Benefit Trust (\"EBT\") versus the prior
year, in which new shares were issued. In accordance with IAS 33, these shares are treated as treasury shares and are excluded from the
weighted average number of shares in issue from the date of acquisition until they are transferred to employees. 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-451": { "value": "v) 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-452": { "value": "
3 Segmental analysis
In accordance with IFRS 8 \u2013 Operating Segments, the Group's reportable segments are based on internal reports that are regularly
reviewed by the chief operating decision-maker (CODM) for the purpose of allocating resources and assessing performance. Operating
segments are components of the Group that engage in business activities from which they may earn revenue and incur expenses, and for
which discrete financial information is available.
The CODM comprises the Executive Directors (CEO and CFO) and other members of the Group Leadership Team. The CODM reviews
discrete financial information for each segment and assesses performance and resource allocation based on revenue, gross profit,
Adjusted EBITDA and Adjusted EBIT.
Based on internal reporting, the Group has three reportable segments: Moonpig, the online greeting cards and gifts business operating in
the UK, Ireland, Australia and the US; Greetz, the online greeting cards and gifts business in the Netherlands; and Experiences, the gift
experiences platform in the UK.
Adjusted EBITDA and Adjusted EBIT are alternative performance measures (APMs) and are not defined under IFRS. 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.
Finance income and expense are not allocated to reportable segments, as treasury activities are managed centrally and are not included
in the measures reviewed by the CODM.
The Group\u2019s revenue is primarily 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 during the year.
For the year ended 30 April 2026
Moonpig
Greetz
Experiences
Group
Note
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Revenue
4
284,493
51,046
37,434
372,973
Cost of sales
5
(125,448)
(27,197)
(2,338)
(154,983)
Gross profit
159,045
23,849
35,096
217,990
Adjusted EBITDA
86,705
8,959
8,929
104,593
Depreciation and amortisation
1
(12,931)
(1,244)
(3,251)
(17,426)
Adjusted EBIT
73,774
7,715
5,678
87,167
Adjusting Items
6
Amortisation of acquired intangibles
6
\u2013
(1,804)
(5,785)
(7,589)
Impairment of goodwill
6, 12
\u2013
\u2013
\u2013
\u2013
Operating profit / (loss)
73,774
5,911
(107)
79,578
Finance income
7
77
Finance costs
7
(10,716)
Profit before taxation
68,939
Taxation charge
9
(17,221)
Profit for the year
51,718
1 Excludes amortisation arising on Group consolidation of intangibles which is classified as an Adjusting Item \u2013 see Note 6
For the year ended 30 April 2025
Moonpig
Greetz
Experiences
Group
Note
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Revenue
4
262,000
48,854
39,214
350,068
Cost of sales
5
(112,768)
(26,317)
(2,412)
(141,497)
Gross profit
149,232
22,537
36,802
208,571
Adjusted EBITDA
81,869
6,456
8,464
96,789
Depreciation and amortisation
1
(15,060)
(1,606)
(2,283)
(18,949)
Adjusted EBIT
66,809
4,850
6,181
77,840
Adjusting Items
6
Amortisation of acquired intangibles
6
\u2013
(1,753)
(6,098)
(7,851)
Impairment of goodwill
6, 12
\u2013
\u2013
(56,700)
(56,700)
Operating profit / (loss)
66,809
3,097
(56,617)
13,289
Finance income
7
158
Finance costs
7
(10,489)
Profit before taxation
2,958
Taxation charge
9
(14,038)
Loss for the year
(11,080)
1 Excludes amortisation arising on Group consolidation of intangibles which is classified as an Adjusting Item \u2013 see Note 6
The following table shows the information regarding assets by segment that reconciles to the consolidated results of the Group.
As at 30 April 2026
Moonpig
Greetz
Experiences
Group
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Non-current assets
1,2
32,690
17,811
101,627
152,128
Capital expenditure
3
(4,324)
(226)
\u2013
(4,550)
Intangible expenditure
(9,655)
\u2013
(2,160)
(11,815)
As at 30 April 2025
Moonpig
Greetz
Experiences
Group
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Non-current assets
1,2
31,632
20,480
108,433
160,545
Capital expenditure
3
(1,816)
(537)
(13)
(2,366)
Intangible expenditure
(7,968)
(17)
(3,066)
(11,051)
1 Comprises intangible assets and property, plant and equipment (inclusive of ROU assets).
2 All material non-current assets are located in the UK, with the exception of Greetz where the assets are located in the Netherlands.
3 Includes ROU assets capitalised in each period and additions to dilapidation assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-453": { "value": "
4 Revenue
The following table shows revenue by segment and by 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.
For the year ended 30 April 2026
Moonpig
Greetz
Experiences
Group
\u00a3000
\u00a3000
\u00a3000
\u00a3000
UK
268,765
\u2013
37,434
306,199
Netherlands
\u2013
51,046
\u2013
51,046
Ireland
6,367
\u2013
\u2013
6,367
Australia
6,324
\u2013
\u2013
6,324
USA
3,037
\u2013
\u2013
3,037
Total external revenue
284,493
51,046
37,434
372,973
For the year ended 30 April 2025
Moonpig
Greetz
Experiences
Group
\u00a3000
\u00a3000
\u00a3000
\u00a3000
UK
250,178
\u2013
39,214
289,392
Netherlands
\u2013
48,854
\u2013
48,854
Ireland
4,781
\u2013
\u2013
4,781
Australia
4,872
\u2013
\u2013
4,872
USA
2,169
\u2013
\u2013
2,169
Total external revenue
262,000
48,854
39,214
350,068
The consolidated revenue for the Group was made up as follows:
2026
2025
\u00a3000
\u00a3000
Recognised at a point in time
364,120
343,949
Recognised over time
8,853
6,119
Total external revenue
372,973
350,068
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-492": { "value": "
Moonpig
Greetz
Experiences
Group
\u00a3000
\u00a3000
\u00a3000
\u00a3000
UK
250,178
\u2013
39,214
289,392
Netherlands
\u2013
48,854
\u2013
48,854
Ireland
4,781
\u2013
\u2013
4,781
Australia
4,872
\u2013
\u2013
4,872
USA
2,169
\u2013
\u2013
2,169
Total external revenue
262,000
48,854
39,214
350,068
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-454": { "value": "
5 Operating profit
Nature of expenses charged to operating profit from continuing operations:
2026
2025
3
\u00a3000
\u00a3000
Cost of sales
(154,983)
(141,497)
Selling and administrative expenses
(139,770)
(196,626)
Total expenses
(294,753)
(338,123)
2026
2025
3
Note
\u00a3000
\u00a3000
Cost of inventories
(53,943)
(50,236)
Total net employment costs (excluding share-based payment expenses)
8
(55,929)
(53,799)
Share-based payment expenses (including NI)
8, 22
(3,516)
(3,471)
Shipping and logistics
(88,157)
(80,616)
Marketing costs
(38,674)
(36,880)
Hosting, merchant and other variable platform fees
(14,387)
(14,357)
Depreciation of property, plant and equipment
13
(6,271)
(6,246)
Amortisation of intangible fixed assets
1
12
(11,155)
(12,703)
Other costs
2
(15,132)
(15,264)
Total expenses before Adjusting Items
(287,164)
(273,572)
Adjusting Items
6
(7,589)
(64,551)
Total expenses
(294,753)
(338,123)
1 Amortisation of intangible fixed assets excludes the charge for amortisation of acquired intangibles of \u00a37,589,000 (2025: \u00a37,851,000) which is classified as an Adjusting
Item as set out in Note 6.
2 Other costs contain the remaining expenses that are immaterial in nature or immaterial on a disaggregated basis. Other costs include IT maintenance, building costs,
ancillary staff costs and auditors' remuneration. Other costs also include a foreign exchange profit of \u00a31,000 (2025: loss of \u00a3135,000).
3 There have been no changes to the numbers that were disclosed in the previous year, but the prior year figures in the table above have been represented to include
additional information regarding nature of expenses charged to operating profit.
Other costs include the following fees for auditors' remuneration:
2026
2025
Auditors\u2019 remuneration:
\u00a3000
\u00a3000
\u2013 Fees to auditors for the audit of these consolidated financial statements
(864)
(860)
\u2013 Fees to auditors\u2019 firms and associates for local audits
(105)
(91)
Total audit fees expense
(969)
(951)
Fees to auditors\u2019 firms and associates for other services:
\u2013 Other non-audit services
(1)
(1)
\u2013 Assurance services
(126)
(122)
(1,096)
(1,074)
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-543": { "value": "5 Operating profit Nature of expenses charged to operating profit from continuing operations:
2026
2025
3
\u00a3000
\u00a3000
Cost of sales
(154,983)
(141,497)
Selling and administrative expenses
(139,770)
(196,626)
Total expenses
(294,753)
(338,123)
2026
2025
3
Note
\u00a3000
\u00a3000
Cost of inventories
(53,943)
(50,236)
Total net employment costs (excluding share-based payment expenses)
8
(55,929)
(53,799)
Share-based payment expenses (including NI)
8, 22
(3,516)
(3,471)
Shipping and logistics
(88,157)
(80,616)
Marketing costs
(38,674)
(36,880)
Hosting, merchant and other variable platform fees
(14,387)
(14,357)
Depreciation of property, plant and equipment
13
(6,271)
(6,246)
Amortisation of intangible fixed assets
1
12
(11,155)
(12,703)
Other costs
2
(15,132)
(15,264)
Total expenses before Adjusting Items
(287,164)
(273,572)
Adjusting Items
6
(7,589)
(64,551)
Total expenses
(294,753)
(338,123)
1 Amortisation of intangible fixed assets excludes the charge for amortisation of acquired intangibles of \u00a37,589,000 (2025: \u00a37,851,000) which is classified as an Adjusting Item as set out in Note 6. 2 Other costs contain the remaining expenses that are immaterial in nature or immaterial on a disaggregated basis. Other costs include IT maintenance, building costs, ancillary staff costs and auditors' remuneration. Other costs also include a foreign exchange profit of \u00a31,000 (2025: loss of \u00a3135,000). 3 There have been no changes to the numbers that were disclosed in the previous year, but the prior year figures in the table above have been represented to include additional information regarding nature of expenses charged to operating profit. Other costs include the following fees for auditors' remuneration:
2026
2025
Auditors\u2019 remuneration:
\u00a3000
\u00a3000
\u2013 Fees to auditors for the audit of these consolidated financial statements
(864)
(860)
\u2013 Fees to auditors\u2019 firms and associates for local audits
(105)
(91)
Total audit fees expense
(969)
(951)
Fees to auditors\u2019 firms and associates for other services:
\u2013 Other non-audit services
(1)
(1)
\u2013 Assurance services
(126)
(122)
(1,096)
(1,074)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-538": { "value": "5 Operating profit Nature of expenses charged to operating profit from continuing operations:
2026
2025
3
\u00a3000
\u00a3000
Cost of sales
(154,983)
(141,497)
Selling and administrative expenses
(139,770)
(196,626)
Total expenses
(294,753)
(338,123)
2026
2025
3
Note
\u00a3000
\u00a3000
Cost of inventories
(53,943)
(50,236)
Total net employment costs (excluding share-based payment expenses)
8
(55,929)
(53,799)
Share-based payment expenses (including NI)
8, 22
(3,516)
(3,471)
Shipping and logistics
(88,157)
(80,616)
Marketing costs
(38,674)
(36,880)
Hosting, merchant and other variable platform fees
(14,387)
(14,357)
Depreciation of property, plant and equipment
13
(6,271)
(6,246)
Amortisation of intangible fixed assets
1
12
(11,155)
(12,703)
Other costs
2
(15,132)
(15,264)
Total expenses before Adjusting Items
(287,164)
(273,572)
Adjusting Items
6
(7,589)
(64,551)
Total expenses
(294,753)
(338,123)
1 Amortisation of intangible fixed assets excludes the charge for amortisation of acquired intangibles of \u00a37,589,000 (2025: \u00a37,851,000) which is classified as an Adjusting Item as set out in Note 6. 2 Other costs contain the remaining expenses that are immaterial in nature or immaterial on a disaggregated basis. Other costs include IT maintenance, building costs, ancillary staff costs and auditors' remuneration. Other costs also include a foreign exchange profit of \u00a31,000 (2025: loss of \u00a3135,000). 3 There have been no changes to the numbers that were disclosed in the previous year, but the prior year figures in the table above have been represented to include additional information regarding nature of expenses charged to operating profit. Other costs include the following fees for auditors' remuneration:
2026
2025
Auditors\u2019 remuneration:
\u00a3000
\u00a3000
\u2013 Fees to auditors for the audit of these consolidated financial statements
(864)
(860)
\u2013 Fees to auditors\u2019 firms and associates for local audits
(105)
(91)
Total audit fees expense
(969)
(951)
Fees to auditors\u2019 firms and associates for other services:
\u2013 Other non-audit services
(1)
(1)
\u2013 Assurance services
(126)
(122)
(1,096)
(1,074)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-530": { "value": "5 Operating profit Nature of expenses charged to operating profit from continuing operations:
2026
2025
3
\u00a3000
\u00a3000
Cost of sales
(154,983)
(141,497)
Selling and administrative expenses
(139,770)
(196,626)
Total expenses
(294,753)
(338,123)
2026
2025
3
Note
\u00a3000
\u00a3000
Cost of inventories
(53,943)
(50,236)
Total net employment costs (excluding share-based payment expenses)
8
(55,929)
(53,799)
Share-based payment expenses (including NI)
8, 22
(3,516)
(3,471)
Shipping and logistics
(88,157)
(80,616)
Marketing costs
(38,674)
(36,880)
Hosting, merchant and other variable platform fees
(14,387)
(14,357)
Depreciation of property, plant and equipment
13
(6,271)
(6,246)
Amortisation of intangible fixed assets
1
12
(11,155)
(12,703)
Other costs
2
(15,132)
(15,264)
Total expenses before Adjusting Items
(287,164)
(273,572)
Adjusting Items
6
(7,589)
(64,551)
Total expenses
(294,753)
(338,123)
1 Amortisation of intangible fixed assets excludes the charge for amortisation of acquired intangibles of \u00a37,589,000 (2025: \u00a37,851,000) which is classified as an Adjusting Item as set out in Note 6. 2 Other costs contain the remaining expenses that are immaterial in nature or immaterial on a disaggregated basis. Other costs include IT maintenance, building costs, ancillary staff costs and auditors' remuneration. Other costs also include a foreign exchange profit of \u00a31,000 (2025: loss of \u00a3135,000). 3 There have been no changes to the numbers that were disclosed in the previous year, but the prior year figures in the table above have been represented to include additional information regarding nature of expenses charged to operating profit. Other costs include the following fees for auditors' remuneration:
2026
2025
Auditors\u2019 remuneration:
\u00a3000
\u00a3000
\u2013 Fees to auditors for the audit of these consolidated financial statements
(864)
(860)
\u2013 Fees to auditors\u2019 firms and associates for local audits
(105)
(91)
Total audit fees expense
(969)
(951)
Fees to auditors\u2019 firms and associates for other services:
\u2013 Other non-audit services
(1)
(1)
\u2013 Assurance services
(126)
(122)
(1,096)
(1,074)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-518": { "value": "5 Operating profit Nature of expenses charged to operating profit from continuing operations:
2026
2025
3
\u00a3000
\u00a3000
Cost of sales
(154,983)
(141,497)
Selling and administrative expenses
(139,770)
(196,626)
Total expenses
(294,753)
(338,123)
2026
2025
3
Note
\u00a3000
\u00a3000
Cost of inventories
(53,943)
(50,236)
Total net employment costs (excluding share-based payment expenses)
8
(55,929)
(53,799)
Share-based payment expenses (including NI)
8, 22
(3,516)
(3,471)
Shipping and logistics
(88,157)
(80,616)
Marketing costs
(38,674)
(36,880)
Hosting, merchant and other variable platform fees
(14,387)
(14,357)
Depreciation of property, plant and equipment
13
(6,271)
(6,246)
Amortisation of intangible fixed assets
1
12
(11,155)
(12,703)
Other costs
2
(15,132)
(15,264)
Total expenses before Adjusting Items
(287,164)
(273,572)
Adjusting Items
6
(7,589)
(64,551)
Total expenses
(294,753)
(338,123)
1 Amortisation of intangible fixed assets excludes the charge for amortisation of acquired intangibles of \u00a37,589,000 (2025: \u00a37,851,000) which is classified as an Adjusting Item as set out in Note 6. 2 Other costs contain the remaining expenses that are immaterial in nature or immaterial on a disaggregated basis. Other costs include IT maintenance, building costs, ancillary staff costs and auditors' remuneration. Other costs also include a foreign exchange profit of \u00a31,000 (2025: loss of \u00a3135,000). 3 There have been no changes to the numbers that were disclosed in the previous year, but the prior year figures in the table above have been represented to include additional information regarding nature of expenses charged to operating profit. Other costs include the following fees for auditors' remuneration:
2026
2025
Auditors\u2019 remuneration:
\u00a3000
\u00a3000
\u2013 Fees to auditors for the audit of these consolidated financial statements
(864)
(860)
\u2013 Fees to auditors\u2019 firms and associates for local audits
(105)
(91)
Total audit fees expense
(969)
(951)
Fees to auditors\u2019 firms and associates for other services:
\u2013 Other non-audit services
(1)
(1)
\u2013 Assurance services
(126)
(122)
(1,096)
(1,074)
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-493": { "value": "5 Operating profit Nature of expenses charged to operating profit from continuing operations:
2026
2025
3
\u00a3000
\u00a3000
Cost of sales
(154,983)
(141,497)
Selling and administrative expenses
(139,770)
(196,626)
Total expenses
(294,753)
(338,123)
2026
2025
3
Note
\u00a3000
\u00a3000
Cost of inventories
(53,943)
(50,236)
Total net employment costs (excluding share-based payment expenses)
8
(55,929)
(53,799)
Share-based payment expenses (including NI)
8, 22
(3,516)
(3,471)
Shipping and logistics
(88,157)
(80,616)
Marketing costs
(38,674)
(36,880)
Hosting, merchant and other variable platform fees
(14,387)
(14,357)
Depreciation of property, plant and equipment
13
(6,271)
(6,246)
Amortisation of intangible fixed assets
1
12
(11,155)
(12,703)
Other costs
2
(15,132)
(15,264)
Total expenses before Adjusting Items
(287,164)
(273,572)
Adjusting Items
6
(7,589)
(64,551)
Total expenses
(294,753)
(338,123)
1 Amortisation of intangible fixed assets excludes the charge for amortisation of acquired intangibles of \u00a37,589,000 (2025: \u00a37,851,000) which is classified as an Adjusting Item as set out in Note 6. 2 Other costs contain the remaining expenses that are immaterial in nature or immaterial on a disaggregated basis. Other costs include IT maintenance, building costs, ancillary staff costs and auditors' remuneration. Other costs also include a foreign exchange profit of \u00a31,000 (2025: loss of \u00a3135,000). 3 There have been no changes to the numbers that were disclosed in the previous year, but the prior year figures in the table above have been represented to include additional information regarding nature of expenses charged to operating profit. Other costs include the following fees for auditors' remuneration:
2026
2025
Auditors\u2019 remuneration:
\u00a3000
\u00a3000
\u2013 Fees to auditors for the audit of these consolidated financial statements
(864)
(860)
\u2013 Fees to auditors\u2019 firms and associates for local audits
(105)
(91)
Total audit fees expense
(969)
(951)
Fees to auditors\u2019 firms and associates for other services:
\u2013 Other non-audit services
(1)
(1)
\u2013 Assurance services
(126)
(122)
(1,096)
(1,074)
13 Property, plant and equipment
Right-of- Right-of-use
use assets plant assets land
Freehold Plant and Fixtures and Leasehold Computer and machinery and buildings
property machinery fittings improvements equipment (Note 20)
(Note 20)
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
As at 1 May 2025
3,966
8,233
4,168
11,008
2,431
1,787
21,998
53,591
Additions
27
2,891
78
521
518
131
384
4,550
Disposals
\u2013
(128)
(40)
\u2013
(537)
\u2013
\u2013
(705)
Transfer
\u2013
\u2013
\u2013
(816)
\u2013
\u2013
816
\u2013
Foreign exchange
\u2013
10
25
40
13
20
85
193
As at 30 April 2026
3,993
11,006
4,231
10,753
2,425
1,938
23,283
57,629
Accumulated depreciation
As at 1 May 2025
2,514
6,066
3,739
4,371
1,909
990
10,767
30,356
Depreciation charge
165
1,482
227
1,067
394
445
2,491
6,271
Disposals
\u2013
(128)
(40)
\u2013
(537)
\u2013
\u2013
(705)
Transfer
\u2013
\u2013
\u2013
(594)
\u2013
\u2013
594
\u2013
Foreign exchange
\u2013
7
25
10
12
13
23
90
As at 30 April 2026
2,679
7,427
3,951
4,854
1,778
1,448
13,875
36,012
Net book value as at 30 April
2026
1,314
3,579
280
5,899
647
490
9,408
21,617
Right-of-use Right-of-use
assets plant and assets land
Freehold Plant and Fixtures and Leasehold Computer machinery and buildings
property machinery fittings improvements equipment (Note 20)
(Note 20)
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
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 for 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-456": { "value": "
6 Adjusting Items
2026
2025
\u00a3000
\u00a3000
Impairment of goodwill (see Note 12)
\u2013
(56,700)
Total adjustments to Adjusted EBITDA
\u2013
(56,700)
Amortisation of acquired intangibles
(7,589)
(7,851)
Total adjustments to Adjusted EBIT
(7,589)
(64,551)
2026
2025
\u00a3000
\u00a3000
Tax impact of impairment of goodwill
\u2013
\u2013
Tax impact of amortisation of acquired intangibles
1,912
1,977
Tax impact of Adjusting Items
1,912
1,977
Amortisation of acquired intangibles (arising on business combinations) is excluded from Adjusted earnings because they are non-
operational and therefore distort the underlying performance of the business.
There was no cash paid in the year in relation to Adjusting Items (2025: \u00a36,004,000). The prior year cash payment relates to the settlement
of pre-IPO one-off compensation arrangements, including employer NI contributions, that vested in FY24. There was no charge to the
income statement during FY26 or FY25.
", "dimensions": { "concept": "moonpiggroupplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-455": { "value": "
7 Finance income and costs
2026
2025
\u00a3000
\u00a3000
Bank interest receivable
77
158
Interest payable on leases
(522)
(660)
Bank interest payable
(7,644)
(7,705)
Interest payable on corporation tax
(195)
\u2013
Amortisation of capitalised borrowing costs
(650)
(525)
Amortisation of interest rate cap premium
(170)
(297)
Interest on discounting of financial liability
(1,419)
(1,832)
Net foreign exchange (loss)/gain on financing activities
(116)
530
Net finance costs
(10,639)
(10,331)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-544": { "value": "7 Finance income and costs
2026
2025
\u00a3000
\u00a3000
Bank interest receivable
77
158
Interest payable on leases
(522)
(660)
Bank interest payable
(7,644)
(7,705)
Interest payable on corporation tax
(195)
\u2013
Amortisation of capitalised borrowing costs
(650)
(525)
Amortisation of interest rate cap premium
(170)
(297)
Interest on discounting of financial liability
(1,419)
(1,832)
Net foreign exchange (loss)/gain on financing activities
(116)
530
Net finance costs
(10,639)
(10,331)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-539": { "value": "7 Finance income and costs
2026
2025
\u00a3000
\u00a3000
Bank interest receivable
77
158
Interest payable on leases
(522)
(660)
Bank interest payable
(7,644)
(7,705)
Interest payable on corporation tax
(195)
\u2013
Amortisation of capitalised borrowing costs
(650)
(525)
Amortisation of interest rate cap premium
(170)
(297)
Interest on discounting of financial liability
(1,419)
(1,832)
Net foreign exchange (loss)/gain on financing activities
(116)
530
Net finance costs
(10,639)
(10,331)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-531": { "value": "7 Finance income and costs
2026
2025
\u00a3000
\u00a3000
Bank interest receivable
77
158
Interest payable on leases
(522)
(660)
Bank interest payable
(7,644)
(7,705)
Interest payable on corporation tax
(195)
\u2013
Amortisation of capitalised borrowing costs
(650)
(525)
Amortisation of interest rate cap premium
(170)
(297)
Interest on discounting of financial liability
(1,419)
(1,832)
Net foreign exchange (loss)/gain on financing activities
(116)
530
Net finance costs
(10,639)
(10,331)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-519": { "value": "7 Finance income and costs
2026
2025
\u00a3000
\u00a3000
Bank interest receivable
77
158
Interest payable on leases
(522)
(660)
Bank interest payable
(7,644)
(7,705)
Interest payable on corporation tax
(195)
\u2013
Amortisation of capitalised borrowing costs
(650)
(525)
Amortisation of interest rate cap premium
(170)
(297)
Interest on discounting of financial liability
(1,419)
(1,832)
Net foreign exchange (loss)/gain on financing activities
(116)
530
Net finance costs
(10,639)
(10,331)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-494": { "value": "7 Finance income and costs
2026
2025
\u00a3000
\u00a3000
Bank interest receivable
77
158
Interest payable on leases
(522)
(660)
Bank interest payable
(7,644)
(7,705)
Interest payable on corporation tax
(195)
\u2013
Amortisation of capitalised borrowing costs
(650)
(525)
Amortisation of interest rate cap premium
(170)
(297)
Interest on discounting of financial liability
(1,419)
(1,832)
Net foreign exchange (loss)/gain on financing activities
(116)
530
Net finance costs
(10,639)
(10,331)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-457": { "value": "
8 Employee benefit costs
The average monthly number of employees (including Directors) during the year was made up as follows:
2026
2025
Number
Number
Administration
533
544
Operations
143
126
Total employees
676
670
2026
2025
\u00a3000
\u00a3000
Wages and salaries
(57,021)
(54,745)
Social security costs
(7,166)
(6,469)
Other pension costs
(1,728)
(1,723)
Share-based payment expenses (including NI)
(3,516)
(3,471)
Total gross employment costs
(69,431)
(66,408)
Staff costs capitalised as intangible assets
9,986
9,138
Total net employment costs
(59,445)
(57,270)
2026
2025
\u00a3000
\u00a3000
Staff costs capitalised as intangible assets
9,986
9,138
Subcontractor costs capitalised as intangible assets
1,829
1,913
Total capitalisation of intangible assets (see Note 12)
11,815
11,051
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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-458": { "value": "
9 Taxation
(a) Tax on profit
The tax charge is made up as follows:
2026
2025
\u00a3000
\u00a3000
Profit before taxation
68,939
2,958
Current tax:
UK corporation tax on profit for the year
17,377
15,079
Foreign tax charge
2,053
1,415
Adjustment in respect of prior years
(350)
189
Total current tax
19,080
16,683
Deferred tax:
Origination and reversal of temporary differences
(2,121)
(1,883)
Adjustment in respect of prior years
262
(762)
Total deferred tax
(1,859)
(2,645)
Total tax charge in the income statement
17,221
14,038
(b) Reconciliation of the effective tax rate The tax assessed for the year is in line with the standard UK rate of corporation tax applicable at 25.0% (2025: 25.0%). The reconciling differences of the effective tax rate are explained below:
2026
2025
\u00a3000
\u00a3000
Profit before taxation
68,939
2,958
Profit on ordinary activities multiplied by the UK tax rate
17,235
739
Effects of:
Non-deductible impairment of goodwill
\u2013
14,176
Expenses not deductible for tax purposes
88
172
Non-taxable income
(406)
(420)
Effect of higher tax rates in overseas territories
36
9
Adjustment in respect of prior years
(88)
(573)
Share-based payments
356
(65)
Total tax charge for the year
17,221
14,038
Taxation for other jurisdictions is calculated at the rates prevailing in each jurisdiction. Expressed as a percentage of Adjusted profit before taxation, the Adjusted effective tax rate was 25.0% (FY25: 23.7%). The prior year effective tax rate was lower than the prevailing rates of corporation tax due to the positive impact of deferred tax movements relating to share-based payment arrangements, driven by changes in the Group's share price (refer to Note 6 and Alternative Performance Measures on page 182). (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 2025
(543)
(7,692)
3,714
(1,044)
1,244
34
(4,287)
Adjustments in respect of prior years
(258)
\u2013
(54)
\u2013
\u2013
50
(262)
Adjustments posted through other comprehensive
income (OCI)
\u2013
\u2013
\u2013
\u2013
\u2013
(108)
(108)
Adjustments posted through equity
\u2013
\u2013
(1,298)
\u2013
\u2013
\u2013
(1,298)
Current year credit/(charge) to income statement
(258)
1,912
441
147
(128)
7
2,121
Effects of movements in exchange rates
\u2013
(39)
\u2013
(1)
6
(2)
(36)
Balance as at 30 April 2026
(1,059)
(5,819)
2,803
(898)
1,122
(19)
(3,870)
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)
136
(113)
(556)
1,883
Effects of movements in exchange rates
\u2013
14
\u2013
3
(5)
1
13
Balance as at 30 April 2025
(543)
(7,692)
3,714
(1,044)
1,244
34
(4,287)
The main rate of corporation tax for the UK is 25.0% (2025: 25.0%). For the Netherlands companies, the first \u20ac200,000 of profits are taxed at 19.0% (2025: 19.0%) and thereafter at 25.8% (2025: 25.8%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-540": { "value": "9 Taxation (a) Tax on profit The tax charge is made up as follows:
2026
2025
\u00a3000
\u00a3000
Profit before taxation
68,939
2,958
Current tax:
UK corporation tax on profit for the year
17,377
15,079
Foreign tax charge
2,053
1,415
Adjustment in respect of prior years
(350)
189
Total current tax
19,080
16,683
Deferred tax:
Origination and reversal of temporary differences
(2,121)
(1,883)
Adjustment in respect of prior years
262
(762)
Total deferred tax
(1,859)
(2,645)
Total tax charge in the income statement
17,221
14,038
(b) Reconciliation of the effective tax rate The tax assessed for the year is in line with the standard UK rate of corporation tax applicable at 25.0% (2025: 25.0%). The reconciling differences of the effective tax rate are explained below:
2026
2025
\u00a3000
\u00a3000
Profit before taxation
68,939
2,958
Profit on ordinary activities multiplied by the UK tax rate
17,235
739
Effects of:
Non-deductible impairment of goodwill
\u2013
14,176
Expenses not deductible for tax purposes
88
172
Non-taxable income
(406)
(420)
Effect of higher tax rates in overseas territories
36
9
Adjustment in respect of prior years
(88)
(573)
Share-based payments
356
(65)
Total tax charge for the year
17,221
14,038
Taxation for other jurisdictions is calculated at the rates prevailing in each jurisdiction. Expressed as a percentage of Adjusted profit before taxation, the Adjusted effective tax rate was 25.0% (FY25: 23.7%). The prior year effective tax rate was lower than the prevailing rates of corporation tax due to the positive impact of deferred tax movements relating to share-based payment arrangements, driven by changes in the Group's share price (refer to Note 6 and Alternative Performance Measures on page 182). (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 2025
(543)
(7,692)
3,714
(1,044)
1,244
34
(4,287)
Adjustments in respect of prior years
(258)
\u2013
(54)
\u2013
\u2013
50
(262)
Adjustments posted through other comprehensive
income (OCI)
\u2013
\u2013
\u2013
\u2013
\u2013
(108)
(108)
Adjustments posted through equity
\u2013
\u2013
(1,298)
\u2013
\u2013
\u2013
(1,298)
Current year credit/(charge) to income statement
(258)
1,912
441
147
(128)
7
2,121
Effects of movements in exchange rates
\u2013
(39)
\u2013
(1)
6
(2)
(36)
Balance as at 30 April 2026
(1,059)
(5,819)
2,803
(898)
1,122
(19)
(3,870)
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)
136
(113)
(556)
1,883
Effects of movements in exchange rates
\u2013
14
\u2013
3
(5)
1
13
Balance as at 30 April 2025
(543)
(7,692)
3,714
(1,044)
1,244
34
(4,287)
The main rate of corporation tax for the UK is 25.0% (2025: 25.0%). For the Netherlands companies, the first \u20ac200,000 of profits are taxed at 19.0% (2025: 19.0%) and thereafter at 25.8% (2025: 25.8%). 15 Trade and other receivables
2026
2025
\u00a3000
\u00a3000
Current:
Trade receivables
1,924
1,647
Less: provisions
(280)
(179)
Trade receivables \u2013 net
1,644
1,468
Other receivables
1,355
1,227
Prepayments
3,480
3,163
Total current trade and other receivables
6,479
5,858
Trade receivables represent amounts due from customers for services provided in the ordinary course of business. They are typically due for settlement within 30 days and are therefore classified as current assets. The Group recognises a loss allowance for trade receivables in accordance with IFRS 9, measured using the expected credit loss model to reflect the estimated lifetime credit losses on outstanding balances. Other receivables comprise accrued income, representing the Group\u2019s right to consideration for services provided but not yet invoiced at the reporting date and rebates receivable from suppliers. Prepayments represent amounts paid or invoiced in advance for goods or services relating to future periods. The movements in provisions are as follows:
2026
2025
\u00a3000
\u00a3000
As at 1 May
(179)
(243)
Charge for the year
(105)
\u2013
Utilised
4
11
Released
\u2013
53
As at 30 April
(280)
(179)
Trade and other receivables are primarily 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 credit risk of its receivables to be low with Group revenue derived from electronic payment processes (including credit card, debit card, PayPal, iDEAL and Single Euro Payments Area), with most receipts reaching the bank accounts in one to two days. At 30 April 2026, the Group had net trade receivables of \u00a31,644,000 (2025: \u00a31,468,000). 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
2026
2025
\u00a3000
\u00a3000
Up to 30 days
1,619
1,407
Past due:
30 to 90 days
153
22
More than 90 days
152
218
Gross
1,924
1,647
Less: provisions
(280)
(179)
Net trade receivables
1,644
1,468
2026
2025
\u00a3000
\u00a3000
Non-current other receivables:
Other receivables
1,613
1,605
Total non-current trade and other receivables
1,613
1,605
Non-current other receivables relate to security deposits in connection with leased property.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-532": { "value": "9 Taxation (a) Tax on profit The tax charge is made up as follows:
2026
2025
\u00a3000
\u00a3000
Profit before taxation
68,939
2,958
Current tax:
UK corporation tax on profit for the year
17,377
15,079
Foreign tax charge
2,053
1,415
Adjustment in respect of prior years
(350)
189
Total current tax
19,080
16,683
Deferred tax:
Origination and reversal of temporary differences
(2,121)
(1,883)
Adjustment in respect of prior years
262
(762)
Total deferred tax
(1,859)
(2,645)
Total tax charge in the income statement
17,221
14,038
(b) Reconciliation of the effective tax rate The tax assessed for the year is in line with the standard UK rate of corporation tax applicable at 25.0% (2025: 25.0%). The reconciling differences of the effective tax rate are explained below:
2026
2025
\u00a3000
\u00a3000
Profit before taxation
68,939
2,958
Profit on ordinary activities multiplied by the UK tax rate
17,235
739
Effects of:
Non-deductible impairment of goodwill
\u2013
14,176
Expenses not deductible for tax purposes
88
172
Non-taxable income
(406)
(420)
Effect of higher tax rates in overseas territories
36
9
Adjustment in respect of prior years
(88)
(573)
Share-based payments
356
(65)
Total tax charge for the year
17,221
14,038
Taxation for other jurisdictions is calculated at the rates prevailing in each jurisdiction. Expressed as a percentage of Adjusted profit before taxation, the Adjusted effective tax rate was 25.0% (FY25: 23.7%). The prior year effective tax rate was lower than the prevailing rates of corporation tax due to the positive impact of deferred tax movements relating to share-based payment arrangements, driven by changes in the Group's share price (refer to Note 6 and Alternative Performance Measures on page 182). (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 2025
(543)
(7,692)
3,714
(1,044)
1,244
34
(4,287)
Adjustments in respect of prior years
(258)
\u2013
(54)
\u2013
\u2013
50
(262)
Adjustments posted through other comprehensive
income (OCI)
\u2013
\u2013
\u2013
\u2013
\u2013
(108)
(108)
Adjustments posted through equity
\u2013
\u2013
(1,298)
\u2013
\u2013
\u2013
(1,298)
Current year credit/(charge) to income statement
(258)
1,912
441
147
(128)
7
2,121
Effects of movements in exchange rates
\u2013
(39)
\u2013
(1)
6
(2)
(36)
Balance as at 30 April 2026
(1,059)
(5,819)
2,803
(898)
1,122
(19)
(3,870)
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)
136
(113)
(556)
1,883
Effects of movements in exchange rates
\u2013
14
\u2013
3
(5)
1
13
Balance as at 30 April 2025
(543)
(7,692)
3,714
(1,044)
1,244
34
(4,287)
The main rate of corporation tax for the UK is 25.0% (2025: 25.0%). For the Netherlands companies, the first \u20ac200,000 of profits are taxed at 19.0% (2025: 19.0%) and thereafter at 25.8% (2025: 25.8%). 17 Trade and other payables
2026
2025
\u00a3000
\u00a3000
Current
Trade payables
14,490
20,671
Other payables
782
1,116
Other taxation and social security
10,719
8,126
Accruals
30,882
23,686
Total current trade and other payables
56,873
53,599
Current trade payables, other taxation and social security and accruals represent liabilities for goods and services provided prior to the year end where payment is not yet due and therefore were not settled as at the reporting date. Current other payables primarily represents amounts due under the Group\u2019s share buyback programme in respect of shares purchased in the open market by the Group\u2019s broker that remain unsettled at the reporting date. Current trade and other payables are recognised initially at fair value and subsequently measured at amortised cost. 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.
2026
2025
\u00a3000
\u00a3000
Non-current
Other payables
638
638
Other taxation and social security
867
1,926
Total non-current trade and other payables
1,505
2,564
Non-current other payables represents a deposit payable to a third party under the sublease arrangement for the Herbal House head office. The balance is classified as non-current as settlement is not expected within twelve months of the reporting date. Non-current other taxation and social security comprises the employer NI obligations arising on share-based payment awards. The liability is measured at the reporting date based on the Company\u2019s share price and reflects amounts expected to be settled more than twelve months after the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-520": { "value": "9 Taxation (a) Tax on profit The tax charge is made up as follows:
2026
2025
\u00a3000
\u00a3000
Profit before taxation
68,939
2,958
Current tax:
UK corporation tax on profit for the year
17,377
15,079
Foreign tax charge
2,053
1,415
Adjustment in respect of prior years
(350)
189
Total current tax
19,080
16,683
Deferred tax:
Origination and reversal of temporary differences
(2,121)
(1,883)
Adjustment in respect of prior years
262
(762)
Total deferred tax
(1,859)
(2,645)
Total tax charge in the income statement
17,221
14,038
(b) Reconciliation of the effective tax rate
The tax assessed for the year is in line with the standard UK rate of corporation tax applicable at 25.0% (2025: 25.0%). The reconciling
differences of the effective tax rate are explained below:
2026
2025
\u00a3000
\u00a3000
Profit before taxation
68,939
2,958
Profit on ordinary activities multiplied by the UK tax rate
17,235
739
Effects of:
Non-deductible impairment of goodwill
\u2013
14,176
Expenses not deductible for tax purposes
88
172
Non-taxable income
(406)
(420)
Effect of higher tax rates in overseas territories
36
9
Adjustment in respect of prior years
(88)
(573)
Share-based payments
356
(65)
Total tax charge for the year
17,221
14,038
Taxation for other jurisdictions is calculated at the rates prevailing in each jurisdiction.
Expressed as a percentage of Adjusted profit before taxation, the Adjusted effective tax rate was 25.0% (FY25: 23.7%). The prior year
effective tax rate was lower than the prevailing rates of corporation tax due to the positive impact of deferred tax movements relating to
share-based payment arrangements, driven by changes in the Group's share price (refer to Note 6 and Alternative Performance Measures
on page 182).
(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 2025
(543)
(7,692)
3,714
(1,044)
1,244
34
(4,287)
Adjustments in respect of prior years
(258)
\u2013
(54)
\u2013
\u2013
50
(262)
Adjustments posted through other comprehensive
income (OCI)
\u2013
\u2013
\u2013
\u2013
\u2013
(108)
(108)
Adjustments posted through equity
\u2013
\u2013
(1,298)
\u2013
\u2013
\u2013
(1,298)
Current year credit/(charge) to income statement
(258)
1,912
441
147
(128)
7
2,121
Effects of movements in exchange rates
\u2013
(39)
\u2013
(1)
6
(2)
(36)
Balance as at 30 April 2026
(1,059)
(5,819)
2,803
(898)
1,122
(19)
(3,870)
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)
136
(113)
(556)
1,883
Effects of movements in exchange rates
\u2013
14
\u2013
3
(5)
1
13
Balance as at 30 April 2025
(543)
(7,692)
3,714
(1,044)
1,244
34
(4,287)
The main rate of corporation tax for the UK is 25.0% (2025: 25.0%). For the Netherlands companies, the first \u20ac200,000 of profits are taxed
at 19.0% (2025: 19.0%) and thereafter at 25.8% (2025: 25.8%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-495": { "value": "9 Taxation (a) Tax on profit The tax charge is made up as follows:
2026
2025
\u00a3000
\u00a3000
Profit before taxation
68,939
2,958
Current tax:
UK corporation tax on profit for the year
17,377
15,079
Foreign tax charge
2,053
1,415
Adjustment in respect of prior years
(350)
189
Total current tax
19,080
16,683
Deferred tax:
Origination and reversal of temporary differences
(2,121)
(1,883)
Adjustment in respect of prior years
262
(762)
Total deferred tax
(1,859)
(2,645)
Total tax charge in the income statement
17,221
14,038
(b) Reconciliation of the effective tax rate The tax assessed for the year is in line with the standard UK rate of corporation tax applicable at 25.0% (2025: 25.0%). The reconciling differences of the effective tax rate are explained below:
2026
2025
\u00a3000
\u00a3000
Profit before taxation
68,939
2,958
Profit on ordinary activities multiplied by the UK tax rate
17,235
739
Effects of:
Non-deductible impairment of goodwill
\u2013
14,176
Expenses not deductible for tax purposes
88
172
Non-taxable income
(406)
(420)
Effect of higher tax rates in overseas territories
36
9
Adjustment in respect of prior years
(88)
(573)
Share-based payments
356
(65)
Total tax charge for the year
17,221
14,038
Taxation for other jurisdictions is calculated at the rates prevailing in each jurisdiction. Expressed as a percentage of Adjusted profit before taxation, the Adjusted effective tax rate was 25.0% (FY25: 23.7%). The prior year effective tax rate was lower than the prevailing rates of corporation tax due to the positive impact of deferred tax movements relating to share-based payment arrangements, driven by changes in the Group's share price (refer to Note 6 and Alternative Performance Measures on page 182). (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 2025
(543)
(7,692)
3,714
(1,044)
1,244
34
(4,287)
Adjustments in respect of prior years
(258)
\u2013
(54)
\u2013
\u2013
50
(262)
Adjustments posted through other comprehensive
income (OCI)
\u2013
\u2013
\u2013
\u2013
\u2013
(108)
(108)
Adjustments posted through equity
\u2013
\u2013
(1,298)
\u2013
\u2013
\u2013
(1,298)
Current year credit/(charge) to income statement
(258)
1,912
441
147
(128)
7
2,121
Effects of movements in exchange rates
\u2013
(39)
\u2013
(1)
6
(2)
(36)
Balance as at 30 April 2026
(1,059)
(5,819)
2,803
(898)
1,122
(19)
(3,870)
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)
136
(113)
(556)
1,883
Effects of movements in exchange rates
\u2013
14
\u2013
3
(5)
1
13
Balance as at 30 April 2025
(543)
(7,692)
3,714
(1,044)
1,244
34
(4,287)
The main rate of corporation tax for the UK is 25.0% (2025: 25.0%). For the Netherlands companies, the first \u20ac200,000 of profits are taxed at 19.0% (2025: 19.0%) and thereafter at 25.8% (2025: 25.8%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-459": { "value": "
10 Dividends
2026
2026
2025
2025
Pence per share
\u00a3000
Pence per share
\u00a3000
Amounts recognised as distributions to equity holders
Dividends paid
Final dividend in relation to FY25 (FY24)
2.00
6,421
\u2013
\u2013
Interim dividend in relation to FY26 (FY25)
1.25
3,877
1.00
3,395
Total paid
10,298
3,395
In addition, the Directors are proposing a final dividend in respect of the year ended 30 April 2026 of 2.50 pence per share (2025: 2.00
pence per share) subject to shareholder approval at the Annual General Meeting. This would result in total dividends for the year ended
30 April 2026 of 3.75 pence per share (2025: 3.00 pence) equating to an estimated dividend distribution of approximately \u00a311.4m (based
on the number of shares as at 30 April 2026). The final dividend will be paid on 19 November 2026 to all shareholders registered at the
close of business on 23 October 2026. The proposed final dividend was not yet approved as at the year end and therefore, in accordance
with IAS 10 'Events after the Reporting Period', it has not been accrued as a liability at 30 April 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-8": { "value": "10298000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-9": { "value": "0.025", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-460": { "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.
2026
2025
Shares in issue
Number of shares
Number of shares
As at 1 May
333,845,736
343,310,015
Issue of shares during the period
\u2013
1,597,155
Shares cancelled during the period
(27,779,906)
(11,061,434)
As at 30 April
306,065,830
333,845,736
2026
2025
EBT share holdings
Number of shares
Number of shares
As at 1 May
\u2013
\u2013
Shares acquired by the EBT
2,708,481
\u2013
Shares transferred from the EBT to employees
(689,768)
\u2013
As at 30 April
2,018,713
\u2013
The EBT acquired 2,708,481 ordinary shares during the year (2025: nil), which are used to satisfy future employee awards. In accordance
with IAS 33, these shares are treated as treasury shares and are excluded from the weighted average number of shares in issue from the
date of acquisition until they are transferred to employees. Although shares held by the EBT are not treasury shares under UK company
law, they are treated as treasury shares for the purposes of IAS 33 and excluded from the weighted average number of ordinary shares in
issue until such time as they are transferred out of the trust. On transfer, these shares are included in the weighted average number of
shares in issue.
2026
2025
Number of shares
Number of shares
Weighted average number of shares in issue
320,636,314
342,548,159
Less: weighted average number of shares held by the EBT
(1,127,127)
\u2013
Weighted average number of shares for calculating basic earnings per share
319,509,187
342,548,159
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 22 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.
2026
2025
Number of shares
Number of shares
Weighted average number of shares for calculating basic earnings per share
319,509,187
342,548,159
Weighted average number of dilutive shares
11,244,382
13,593,171
Total number of shares for calculating diluted earnings per share
330,753,569
356,141,330
2026
2025
\u00a3000
\u00a3000
Basic earnings attributable to equity holders of the Company
51,718
(11,080)
Adjusting Items (see Note 6)
7,589
64,551
Tax on Adjusting Items
(1,912)
(1,977)
Adjusted earnings attributable to equity holders of the Company
57,395
51,494
2026
2025
Basic earnings per ordinary share (pence)
16.2
(3.2)
Diluted earnings per ordinary share (pence)
15.6
(3.2)
Basic earnings per ordinary share before Adjusting Items (pence)
18.0
15.0
Diluted earnings per ordinary share before Adjusting Items (pence)
17.4
14.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-461": { "value": "
12 Intangible assets
Technology
and
development Customer
Goodwill
Trademark
costs
2
relationships
Software
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
As at 1 May 2025
143,601
16,393
46,657
43,199
275
250,125
Additions
\u2013
\u2013
11,815
\u2013
\u2013
11,815
Disposals
\u2013
\u2013
(23,022)
\u2013
(276)
(23,298)
Foreign exchange
106
146
\u2013
188
1
441
As at 30 April 2026
143,707
16,539
35,450
43,387
\u2013
239,083
Accumulated amortisation and impairment
As at 1 May 2025
56,700
8,004
26,891
20,956
264
112,815
Amortisation charge
\u2013
1,654
11,205
5,875
10
18,744
Disposals
\u2013
\u2013
(23,022)
\u2013
(276)
(23,298)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign exchange
\u2013
28
\u2013
281
2
311
As at 30 April 2026
56,700
9,686
15,074
27,112
\u2013
108,572
Net book value as at 30 April 2026
87,007
6,853
20,376
16,275
\u2013
130,511
Moonpig
\u2013
\u2013
16,551
\u2013
\u2013
16,551
Greetz
1
6,439
2,046
\u2013
4,064
\u2013
12,549
Experiences
80,568
4,807
3,825
12,211
\u2013
101,411
Net book value as at 30 April 2026
87,007
6,853
20,376
16,275
\u2013
130,511
1 The movement in Greetz goodwill between periods is a result of foreign exchange revaluation.
2 Technology and development costs include assets under construction of \u00a34,962,000 (2025: \u00a35,125,000).
Technology
and
development Customer
Goodwill
Trademark
costs
1,2
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
Moonpig
\u2013
\u2013
15,075
\u2013
\u2013
15,075
Greetz
6,333
2,854
\u2013
5,098
11
14,296
Experiences
80,568
5,535
4,691
17,145
\u2013
107,939
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 was restated to reflect the transfer between customer relationships and technology and
development costs of fully-amortised Greetz technology costs and their subsequent disposal. The asset had a nil net book value as at 1 May 2023 and therefore there
was no impact to the income statement or balance sheet.
Goodwill, trademarks and customer relationship assets relate to the acquisitions of Greetz in 2018 and Experiences in 2022, and were
recognised on business combinations. Technology and development costs at Moonpig and Experiences 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. Software intangible assets include accounting and marketing software purchased by the Group and software
licence fees from third-party suppliers.
The remaining useful economic lives of these assets are as follows:
2026
2025
Trademarks
Greetz \u2013 arising on acquisition
2 years and 4 months
3 years and 4 months
Experiences \u2013 arising on acquisition
6 years and 3 months
7 years and 3 months
Technology and development costs
Moonpig and Experiences \u2013 internally generated
Range from 3 years and 0 months
Range from 3 years and 0 months
to 0 years and 1 month to 0 years and 1 month
Experiences \u2013 arising on acquisition
Fully amortised
0 years and 3 months
Customer relationships
Greetz \u2013 arising on acquisition
4 years and 4 months
5 years and 4 months
Experiences \u2013 arising on acquisition
Range from 3 years and 3 months
Range from 4 years and 3 months
to 0 years and 3 months
to 1 year and 3 months
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 its annual impairment test of the goodwill allocated to the Greetz and Experiences segments, as at 30 April 2026. The estimated future cash flows are based on the approved plan, including the FY27 budget, for the three years ending 30 April 2029. The estimated future cash flows are identical to those used for the viability statement, see page 42. They have been extended by a further two years before applying a perpetuity using an estimated long-term growth rate. 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. The long-term growth rates and pre-tax discount rates used to calculate the value in use are set out in the table below:
Greetz CGU
Experiences CGU
2026
2025
2026
2025
Discount rate
1
14.3%
13.7%
14.5%
13.5%
Long-term growth rate
2
2.0%
2.0%
2.0%
2.0%
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. 2 The long-term growth rate is used to extrapolate cash flows beyond the five-year plan period. There continues to be positive headroom for the goodwill allocated to the Greetz CGU as at 30 April 2026 and there is no reasonably possible change in key assumptions, including those relating to future sales performance, that would lead to an impairment. The impairment review undertaken as at 30 April 2026 for the Experiences CGU indicated that there was positive headroom when comparing the value in use calculation to the carrying value of the CGU (FY25: an impairment charge of \u00a356.7m was recognised). Headroom on the goodwill allocated to the Experiences CGU of \u00a318.4m represents an increase since both 30 April 2025 (\u00a31.6m) and 31 October 2025 (\u00a33.4m) reflecting cost reductions implemented in H1 FY26, a sustained improvement in trading from November 2025 onwards and further reductions in operating expenses and capital expenditure implemented during the final quarter of the year. The impairment assessment remains a major source of estimation uncertainty based on the sensitivity analysis and has a significant risk of resulting in a material adjustment to the carrying amount within the year ending 30 April 2027. In accordance with paragraph 125 of IAS 1, the FY26 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. The Group has identified the following key assumption as having the most significant impact on the Experiences value in use calculation:
Experiences CGU
2026
2025
Revenue compound annual growth rate (CAGR)
1
1.4%
2.7%
1 The compound annual growth rate represents the average yearly growth rate over the pre-perpetuity period. The revenue compound annual growth rate of 1.4% (historical rates of 0.1% as at 31 October 2025 and 2.7% as at 30 April 2025) is based on our assessment of current and expected market conditions, informed by external sources, adjusted to reflect historical under- performance versus market forecasts and the anticipated impact of the Group's strategy on future growth. The Group has performed sensitivity analysis to assess the impact of a change in the key assumption on the VIU. The Group modelled the impact of a decrease in forecast revenue growth. The revenue sensitivity reflects a reduction of 10% in the first year of the forecast period, commencing 1 November, 5% for the following 18 months, 2.5% for the following 12 months and then flat in the remaining pre-perpetuity growth period. This results in a 4.0%pts decrease in the forecast revenue CAGR. The sensitivity applied is consistent with the more severe downside scenario (plausible scenario 2) prepared in connection with the viability statement on page 42. The results of this sensitivity analysis is summarised below:
Experiences CGU
2026
2025
\u00a3m
\u00a3m
Original headroom
18.4
1.6
Impairment using a 4.0%pts decrease in the forecast revenue CAGR
1
(2025: 2.2%pts)
(21.1)
(11.8)
1 The compound annual growth rate represents the average yearly growth rate over the pre-perpetuity period. As at 31 October 2025, the Group adopted a more conservative revenue CAGR assumption for sensitivity analysis, reflecting H1 performance. Whilst the Group delivered a materially improved revenue performance in H2, the sensitivity assumptions have been left unchanged. Should this improvement be sustained, the sensitivity scenarios may be revised in future periods.
The Group assessed the change in the forecast revenue CAGR that would be required for the recoverable amount to equal the carrying
amount. A reduction of 0.8%pts in the forecast revenue CAGR, after considering the consequential impact on the cash flows used in the
VIU calculation, would eliminate the remaining headroom and result in the recoverable amount being equal to the carrying value of the
CGU.
In addition, the Group assessed the impact on the value in use calculation of a 1%pt increase in the discount rate. The discount rate was
not identified as having a significant impact on the value in use calculation; under this scenario headroom reduced from \u00a318.4m to \u00a313.3m
(2025: headroom reduced from \u00a31.6m to an impairment of \u00a32.5m).
In both the key assumption sensitivity, breakeven and discount rate scenarios, no mitigating actions have been modelled within the
forecasted cash flows.
Scenario analysis performed as part of the Group\u2019s disclosure against the Task Force on Climate-related Financial Disclosures (TCFD)
(pages 51 to 53) 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 2100), 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 FY29. This impact is not reflected in the base case cash flow forecasts used in the
impairment assessment. Instead, a sensitivity analysis was performed by applying the estimated carbon tax costs to the base case cash
flows from FY29 onwards. Under this sensitivity, headroom for the Experiences CGU and Greetz CGU remained at \u00a311.3m and \u00a373.4m
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.
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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-521": { "value": "12 Intangible assets
Technology
and
development Customer
Goodwill
Trademark
costs
2
relationships
Software
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
As at 1 May 2025
143,601
16,393
46,657
43,199
275
250,125
Additions
\u2013
\u2013
11,815
\u2013
\u2013
11,815
Disposals
\u2013
\u2013
(23,022)
\u2013
(276)
(23,298)
Foreign exchange
106
146
\u2013
188
1
441
As at 30 April 2026
143,707
16,539
35,450
43,387
\u2013
239,083
Accumulated amortisation and impairment
As at 1 May 2025
56,700
8,004
26,891
20,956
264
112,815
Amortisation charge
\u2013
1,654
11,205
5,875
10
18,744
Disposals
\u2013
\u2013
(23,022)
\u2013
(276)
(23,298)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign exchange
\u2013
28
\u2013
281
2
311
As at 30 April 2026
56,700
9,686
15,074
27,112
\u2013
108,572
Net book value as at 30 April 2026
87,007
6,853
20,376
16,275
\u2013
130,511
Moonpig
\u2013
\u2013
16,551
\u2013
\u2013
16,551
Greetz
1
6,439
2,046
\u2013
4,064
\u2013
12,549
Experiences
80,568
4,807
3,825
12,211
\u2013
101,411
Net book value as at 30 April 2026
87,007
6,853
20,376
16,275
\u2013
130,511
1 The movement in Greetz goodwill between periods is a result of foreign exchange revaluation. 2 Technology and development costs include assets under construction of \u00a34,962,000 (2025: \u00a35,125,000).
Technology
and
development Customer
Goodwill
Trademark
costs
1,2
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
Moonpig
\u2013
\u2013
15,075
\u2013
\u2013
15,075
Greetz
6,333
2,854
\u2013
5,098
11
14,296
Experiences
80,568
5,535
4,691
17,145
\u2013
107,939
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 was restated to reflect the transfer between customer relationships and technology and development costs of fully-amortised Greetz technology costs and their subsequent disposal. The asset had a nil net book value as at 1 May 2023 and therefore there was no impact to the income statement or balance sheet. Goodwill, trademarks and customer relationship assets relate to the acquisitions of Greetz in 2018 and Experiences in 2022, and were recognised on business combinations. Technology and development costs at Moonpig and Experiences 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. Software intangible assets include accounting and marketing software purchased by the Group and software licence fees from third-party suppliers. The remaining useful economic lives of these assets are as follows:
2026
2025
Trademarks
Greetz \u2013 arising on acquisition
2 years and 4 months
3 years and 4 months
Experiences \u2013 arising on acquisition
6 years and 3 months
7 years and 3 months
Technology and development costs
Moonpig and Experiences \u2013 internally generated
Range from 3 years and 0 months
Range from 3 years and 0 months
to 0 years and 1 month to 0 years and 1 month
Experiences \u2013 arising on acquisition
Fully amortised
0 years and 3 months
Customer relationships
Greetz \u2013 arising on acquisition
4 years and 4 months
5 years and 4 months
Experiences \u2013 arising on acquisition
Range from 3 years and 3 months
Range from 4 years and 3 months
to 0 years and 3 months
to 1 year and 3 months
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 its annual impairment test of the goodwill allocated to the Greetz and Experiences segments, as at 30 April 2026.
The estimated future cash flows are based on the approved plan, including the FY27 budget, for the three years ending 30 April 2029.
The estimated future cash flows are identical to those used for the viability statement, see page 42. They have been extended by a further
two years before applying a perpetuity using an estimated long-term growth rate. 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.
The long-term growth rates and pre-tax discount rates used to calculate the value in use are set out in the table below:
Greetz CGU
Experiences CGU
2026
2025
2026
2025
Discount rate
1
14.3%
13.7%
14.5%
13.5%
Long-term growth rate
2
2.0%
2.0%
2.0%
2.0%
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.
2 The long-term growth rate is used to extrapolate cash flows beyond the five-year plan period.
There continues to be positive headroom for the goodwill allocated to the Greetz CGU as at 30 April 2026 and there is no reasonably
possible change in key assumptions, including those relating to future sales performance, that would lead to an impairment.
The impairment review undertaken as at 30 April 2026 for the Experiences CGU indicated that there was positive headroom when
comparing the value in use calculation to the carrying value of the CGU (FY25: an impairment charge of \u00a356.7m was recognised).
Headroom on the goodwill allocated to the Experiences CGU of \u00a318.4m represents an increase since both 30 April 2025 (\u00a31.6m) and
31 October 2025 (\u00a33.4m) reflecting cost reductions implemented in H1 FY26, a sustained improvement in trading from November 2025
onwards and further reductions in operating expenses and capital expenditure implemented during the final quarter of the year.
The impairment assessment remains a major source of estimation uncertainty based on the sensitivity analysis and has a significant risk of
resulting in a material adjustment to the carrying amount within the year ending 30 April 2027. In accordance with paragraph 125 of IAS 1,
the FY26 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.
The Group has identified the following key assumption as having the most significant impact on the Experiences value in use calculation:
Experiences CGU
2026
2025
Revenue compound annual growth rate (CAGR)
1
1.4%
2.7%
1 The compound annual growth rate represents the average yearly growth rate over the pre-perpetuity period.
The revenue compound annual growth rate of 1.4% (historical rates of 0.1% as at 31 October 2025 and 2.7% as at 30 April 2025) is based
on our assessment of current and expected market conditions, informed by external sources, adjusted to reflect historical under-
performance versus market forecasts and the anticipated impact of the Group's strategy on future growth.
The Group has performed sensitivity analysis to assess the impact of a change in the key assumption on the VIU.
The Group modelled the impact of a decrease in forecast revenue growth. The revenue sensitivity reflects a reduction of 10% in the first
year of the forecast period, commencing 1 November, 5% for the following 18 months, 2.5% for the following 12 months and then flat in the
remaining pre-perpetuity growth period. This results in a 4.0%pts decrease in the forecast revenue CAGR.
The sensitivity applied is consistent with the more severe downside scenario (plausible scenario 2) prepared in connection with the viability
statement on page 42.
The results of this sensitivity analysis is summarised below:
Experiences CGU
2026
2025
\u00a3m
\u00a3m
Original headroom
18.4
1.6
Impairment using a 4.0%pts decrease in the forecast revenue CAGR
1
(2025: 2.2%pts)
(21.1)
(11.8)
1 The compound annual growth rate represents the average yearly growth rate over the pre-perpetuity period. As at 31 October 2025, the Group adopted a more
conservative revenue CAGR assumption for sensitivity analysis, reflecting H1 performance. Whilst the Group delivered a materially improved revenue performance in
H2, the sensitivity assumptions have been left unchanged. Should this improvement be sustained, the sensitivity scenarios may be revised in future periods.
The Group assessed the change in the forecast revenue CAGR that would be required for the recoverable amount to equal the carrying amount. A reduction of 0.8%pts in the forecast revenue CAGR, after considering the consequential impact on the cash flows used in the VIU calculation, would eliminate the remaining headroom and result in the recoverable amount being equal to the carrying value of the CGU. In addition, the Group assessed the impact on the value in use calculation of a 1%pt increase in the discount rate. The discount rate was not identified as having a significant impact on the value in use calculation; under this scenario headroom reduced from \u00a318.4m to \u00a313.3m (2025: headroom reduced from \u00a31.6m to an impairment of \u00a32.5m). In both the key assumption sensitivity, breakeven and discount rate scenarios, no mitigating actions have been modelled within the forecasted cash flows. Scenario analysis performed as part of the Group\u2019s disclosure against the Task Force on Climate-related Financial Disclosures (TCFD) (pages 51 to 53) identified two transition-related climate risks with potential revenue and cost implications. The analysis considered three scenarios: business as usual (>4oC by 2100); an unequal world (2.5 o C by 2100); and the Paris Agreement Aligned (1.5oC by 2100), 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 FY29. This impact is not reflected in the base case cash flow forecasts used in the impairment assessment. Instead, a sensitivity analysis was performed by applying the estimated carbon tax costs to the base case cash flows from FY29 onwards. Under this sensitivity, headroom for the Experiences CGU and Greetz CGU remained at \u00a311.3m and \u00a373.4m 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. 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-496": { "value": "12 Intangible assets
Technology
and
development Customer
Goodwill
Trademark
costs
2
relationships
Software
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
As at 1 May 2025
143,601
16,393
46,657
43,199
275
250,125
Additions
\u2013
\u2013
11,815
\u2013
\u2013
11,815
Disposals
\u2013
\u2013
(23,022)
\u2013
(276)
(23,298)
Foreign exchange
106
146
\u2013
188
1
441
As at 30 April 2026
143,707
16,539
35,450
43,387
\u2013
239,083
Accumulated amortisation and impairment
As at 1 May 2025
56,700
8,004
26,891
20,956
264
112,815
Amortisation charge
\u2013
1,654
11,205
5,875
10
18,744
Disposals
\u2013
\u2013
(23,022)
\u2013
(276)
(23,298)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign exchange
\u2013
28
\u2013
281
2
311
As at 30 April 2026
56,700
9,686
15,074
27,112
\u2013
108,572
Net book value as at 30 April 2026
87,007
6,853
20,376
16,275
\u2013
130,511
Moonpig
\u2013
\u2013
16,551
\u2013
\u2013
16,551
Greetz
1
6,439
2,046
\u2013
4,064
\u2013
12,549
Experiences
80,568
4,807
3,825
12,211
\u2013
101,411
Net book value as at 30 April 2026
87,007
6,853
20,376
16,275
\u2013
130,511
1 The movement in Greetz goodwill between periods is a result of foreign exchange revaluation. 2 Technology and development costs include assets under construction of \u00a34,962,000 (2025: \u00a35,125,000).
Technology
and
development Customer
Goodwill
Trademark
costs
1,2
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
Moonpig
\u2013
\u2013
15,075
\u2013
\u2013
15,075
Greetz
6,333
2,854
\u2013
5,098
11
14,296
Experiences
80,568
5,535
4,691
17,145
\u2013
107,939
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 was restated to reflect the transfer between customer relationships and technology and development costs of fully-amortised Greetz technology costs and their subsequent disposal. The asset had a nil net book value as at 1 May 2023 and therefore there was no impact to the income statement or balance sheet. Goodwill, trademarks and customer relationship assets relate to the acquisitions of Greetz in 2018 and Experiences in 2022, and were recognised on business combinations. Technology and development costs at Moonpig and Experiences 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. Software intangible assets include accounting and marketing software purchased by the Group and software licence fees from third-party suppliers. The remaining useful economic lives of these assets are as follows:
2026
2025
Trademarks
Greetz \u2013 arising on acquisition
2 years and 4 months
3 years and 4 months
Experiences \u2013 arising on acquisition
6 years and 3 months
7 years and 3 months
Technology and development costs
Moonpig and Experiences \u2013 internally generated
Range from 3 years and 0 months
Range from 3 years and 0 months
to 0 years and 1 month to 0 years and 1 month
Experiences \u2013 arising on acquisition
Fully amortised
0 years and 3 months
Customer relationships
Greetz \u2013 arising on acquisition
4 years and 4 months
5 years and 4 months
Experiences \u2013 arising on acquisition
Range from 3 years and 3 months
Range from 4 years and 3 months
to 0 years and 3 months
to 1 year and 3 months
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 its annual impairment test of the goodwill allocated to the Greetz and Experiences segments, as at 30 April 2026. The estimated future cash flows are based on the approved plan, including the FY27 budget, for the three years ending 30 April 2029. The estimated future cash flows are identical to those used for the viability statement, see page 42. They have been extended by a further two years before applying a perpetuity using an estimated long-term growth rate. 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. The long-term growth rates and pre-tax discount rates used to calculate the value in use are set out in the table below:
Greetz CGU
Experiences CGU
2026
2025
2026
2025
Discount rate
1
14.3%
13.7%
14.5%
13.5%
Long-term growth rate
2
2.0%
2.0%
2.0%
2.0%
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. 2 The long-term growth rate is used to extrapolate cash flows beyond the five-year plan period. There continues to be positive headroom for the goodwill allocated to the Greetz CGU as at 30 April 2026 and there is no reasonably possible change in key assumptions, including those relating to future sales performance, that would lead to an impairment. The impairment review undertaken as at 30 April 2026 for the Experiences CGU indicated that there was positive headroom when comparing the value in use calculation to the carrying value of the CGU (FY25: an impairment charge of \u00a356.7m was recognised). Headroom on the goodwill allocated to the Experiences CGU of \u00a318.4m represents an increase since both 30 April 2025 (\u00a31.6m) and 31 October 2025 (\u00a33.4m) reflecting cost reductions implemented in H1 FY26, a sustained improvement in trading from November 2025 onwards and further reductions in operating expenses and capital expenditure implemented during the final quarter of the year. The impairment assessment remains a major source of estimation uncertainty based on the sensitivity analysis and has a significant risk of resulting in a material adjustment to the carrying amount within the year ending 30 April 2027. In accordance with paragraph 125 of IAS 1, the FY26 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. The Group has identified the following key assumption as having the most significant impact on the Experiences value in use calculation:
Experiences CGU
2026
2025
Revenue compound annual growth rate (CAGR)
1
1.4%
2.7%
1 The compound annual growth rate represents the average yearly growth rate over the pre-perpetuity period. The revenue compound annual growth rate of 1.4% (historical rates of 0.1% as at 31 October 2025 and 2.7% as at 30 April 2025) is based on our assessment of current and expected market conditions, informed by external sources, adjusted to reflect historical under- performance versus market forecasts and the anticipated impact of the Group's strategy on future growth. The Group has performed sensitivity analysis to assess the impact of a change in the key assumption on the VIU. The Group modelled the impact of a decrease in forecast revenue growth. The revenue sensitivity reflects a reduction of 10% in the first year of the forecast period, commencing 1 November, 5% for the following 18 months, 2.5% for the following 12 months and then flat in the remaining pre-perpetuity growth period. This results in a 4.0%pts decrease in the forecast revenue CAGR. The sensitivity applied is consistent with the more severe downside scenario (plausible scenario 2) prepared in connection with the viability statement on page 42. The results of this sensitivity analysis is summarised below:
Experiences CGU
2026
2025
\u00a3m
\u00a3m
Original headroom
18.4
1.6
Impairment using a 4.0%pts decrease in the forecast revenue CAGR
1
(2025: 2.2%pts)
(21.1)
(11.8)
1 The compound annual growth rate represents the average yearly growth rate over the pre-perpetuity period. As at 31 October 2025, the Group adopted a more conservative revenue CAGR assumption for sensitivity analysis, reflecting H1 performance. Whilst the Group delivered a materially improved revenue performance in H2, the sensitivity assumptions have been left unchanged. Should this improvement be sustained, the sensitivity scenarios may be revised in future periods. The Group assessed the change in the forecast revenue CAGR that would be required for the recoverable amount to equal the carrying amount. A reduction of 0.8%pts in the forecast revenue CAGR, after considering the consequential impact on the cash flows used in the VIU calculation, would eliminate the remaining headroom and result in the recoverable amount being equal to the carrying value of the CGU. In addition, the Group assessed the impact on the value in use calculation of a 1%pt increase in the discount rate. The discount rate was not identified as having a significant impact on the value in use calculation; under this scenario headroom reduced from \u00a318.4m to \u00a313.3m (2025: headroom reduced from \u00a31.6m to an impairment of \u00a32.5m). In both the key assumption sensitivity, breakeven and discount rate scenarios, no mitigating actions have been modelled within the forecasted cash flows. Scenario analysis performed as part of the Group\u2019s disclosure against the Task Force on Climate-related Financial Disclosures (TCFD) (pages 51 to 53) identified two transition-related climate risks with potential revenue and cost implications. The analysis considered three scenarios: business as usual (>4oC by 2100); an unequal world (2.5 o C by 2100); and the Paris Agreement Aligned (1.5oC by 2100), 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 FY29. This impact is not reflected in the base case cash flow forecasts used in the impairment assessment. Instead, a sensitivity analysis was performed by applying the estimated carbon tax costs to the base case cash flows from FY29 onwards. Under this sensitivity, headroom for the Experiences CGU and Greetz CGU remained at \u00a311.3m and \u00a373.4m 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. 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-533": { "value": "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 its annual impairment test of the goodwill allocated to the Greetz and Experiences segments, as at 30 April 2026. The estimated future cash flows are based on the approved plan, including the FY27 budget, for the three years ending 30 April 2029. The estimated future cash flows are identical to those used for the viability statement, see page 42. They have been extended by a further two years before applying a perpetuity using an estimated long-term growth rate. 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. The long-term growth rates and pre-tax discount rates used to calculate the value in use are set out in the table below:
Greetz CGU
Experiences CGU
2026
2025
2026
2025
Discount rate
1
14.3%
13.7%
14.5%
13.5%
Long-term growth rate
2
2.0%
2.0%
2.0%
2.0%
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. 2 The long-term growth rate is used to extrapolate cash flows beyond the five-year plan period. There continues to be positive headroom for the goodwill allocated to the Greetz CGU as at 30 April 2026 and there is no reasonably possible change in key assumptions, including those relating to future sales performance, that would lead to an impairment. The impairment review undertaken as at 30 April 2026 for the Experiences CGU indicated that there was positive headroom when comparing the value in use calculation to the carrying value of the CGU (FY25: an impairment charge of \u00a356.7m was recognised). Headroom on the goodwill allocated to the Experiences CGU of \u00a318.4m represents an increase since both 30 April 2025 (\u00a31.6m) and 31 October 2025 (\u00a33.4m) reflecting cost reductions implemented in H1 FY26, a sustained improvement in trading from November 2025 onwards and further reductions in operating expenses and capital expenditure implemented during the final quarter of the year. The impairment assessment remains a major source of estimation uncertainty based on the sensitivity analysis and has a significant risk of resulting in a material adjustment to the carrying amount within the year ending 30 April 2027. In accordance with paragraph 125 of IAS 1, the FY26 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. The Group has identified the following key assumption as having the most significant impact on the Experiences value in use calculation:
Experiences CGU
2026
2025
Revenue compound annual growth rate (CAGR)
1
1.4%
2.7%
1 The compound annual growth rate represents the average yearly growth rate over the pre-perpetuity period. The revenue compound annual growth rate of 1.4% (historical rates of 0.1% as at 31 October 2025 and 2.7% as at 30 April 2025) is based on our assessment of current and expected market conditions, informed by external sources, adjusted to reflect historical under- performance versus market forecasts and the anticipated impact of the Group's strategy on future growth. The Group has performed sensitivity analysis to assess the impact of a change in the key assumption on the VIU. The Group modelled the impact of a decrease in forecast revenue growth. The revenue sensitivity reflects a reduction of 10% in the first year of the forecast period, commencing 1 November, 5% for the following 18 months, 2.5% for the following 12 months and then flat in the remaining pre-perpetuity growth period. This results in a 4.0%pts decrease in the forecast revenue CAGR. The sensitivity applied is consistent with the more severe downside scenario (plausible scenario 2) prepared in connection with the viability statement on page 42. The results of this sensitivity analysis is summarised below:
Experiences CGU
2026
2025
\u00a3m
\u00a3m
Original headroom
18.4
1.6
Impairment using a 4.0%pts decrease in the forecast revenue CAGR
1
(2025: 2.2%pts)
(21.1)
(11.8)
1 The compound annual growth rate represents the average yearly growth rate over the pre-perpetuity period. As at 31 October 2025, the Group adopted a more conservative revenue CAGR assumption for sensitivity analysis, reflecting H1 performance. Whilst the Group delivered a materially improved revenue performance in H2, the sensitivity assumptions have been left unchanged. Should this improvement be sustained, the sensitivity scenarios may be revised in future periods. The Group assessed the change in the forecast revenue CAGR that would be required for the recoverable amount to equal the carrying amount. A reduction of 0.8%pts in the forecast revenue CAGR, after considering the consequential impact on the cash flows used in the VIU calculation, would eliminate the remaining headroom and result in the recoverable amount being equal to the carrying value of the CGU. In addition, the Group assessed the impact on the value in use calculation of a 1%pt increase in the discount rate. The discount rate was not identified as having a significant impact on the value in use calculation; under this scenario headroom reduced from \u00a318.4m to \u00a313.3m (2025: headroom reduced from \u00a31.6m to an impairment of \u00a32.5m). In both the key assumption sensitivity, breakeven and discount rate scenarios, no mitigating actions have been modelled within the forecasted cash flows. Scenario analysis performed as part of the Group\u2019s disclosure against the Task Force on Climate-related Financial Disclosures (TCFD) (pages 51 to 53) identified two transition-related climate risks with potential revenue and cost implications. The analysis considered three scenarios: business as usual (>4oC by 2100); an unequal world (2.5 o C by 2100); and the Paris Agreement Aligned (1.5oC by 2100), 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 FY29. This impact is not reflected in the base case cash flow forecasts used in the impairment assessment. Instead, a sensitivity analysis was performed by applying the estimated carbon tax costs to the base case cash flows from FY29 onwards. Under this sensitivity, headroom for the Experiences CGU and Greetz CGU remained at \u00a311.3m and \u00a373.4m 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. 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-462": { "value": "
13 Property, plant and equipment
Right-of- Right-of-use
use assets plant assets land
Freehold Plant and Fixtures and Leasehold Computer and machinery and buildings
property machinery fittings improvements equipment (Note 20)
(Note 20)
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
As at 1 May 2025
3,966
8,233
4,168
11,008
2,431
1,787
21,998
53,591
Additions
27
2,891
78
521
518
131
384
4,550
Disposals
\u2013
(128)
(40)
\u2013
(537)
\u2013
\u2013
(705)
Transfer
\u2013
\u2013
\u2013
(816)
\u2013
\u2013
816
\u2013
Foreign exchange
\u2013
10
25
40
13
20
85
193
As at 30 April 2026
3,993
11,006
4,231
10,753
2,425
1,938
23,283
57,629
Accumulated depreciation
As at 1 May 2025
2,514
6,066
3,739
4,371
1,909
990
10,767
30,356
Depreciation charge
165
1,482
227
1,067
394
445
2,491
6,271
Disposals
\u2013
(128)
(40)
\u2013
(537)
\u2013
\u2013
(705)
Transfer
\u2013
\u2013
\u2013
(594)
\u2013
\u2013
594
\u2013
Foreign exchange
\u2013
7
25
10
12
13
23
90
As at 30 April 2026
2,679
7,427
3,951
4,854
1,778
1,448
13,875
36,012
Net book value as at 30 April
2026
1,314
3,579
280
5,899
647
490
9,408
21,617
Right-of-use Right-of-use
assets plant and assets land
Freehold Plant and Fixtures and Leasehold Computer machinery and buildings
property machinery fittings improvements equipment (Note 20)
(Note 20)
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
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 for 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-522": { "value": "13 Property, plant and equipment
Right-of- Right-of-use
use assets plant assets land
Freehold Plant and Fixtures and Leasehold Computer and machinery and buildings
property machinery fittings improvements equipment (Note 20)
(Note 20)
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
As at 1 May 2025
3,966
8,233
4,168
11,008
2,431
1,787
21,998
53,591
Additions
27
2,891
78
521
518
131
384
4,550
Disposals
\u2013
(128)
(40)
\u2013
(537)
\u2013
\u2013
(705)
Transfer
\u2013
\u2013
\u2013
(816)
\u2013
\u2013
816
\u2013
Foreign exchange
\u2013
10
25
40
13
20
85
193
As at 30 April 2026
3,993
11,006
4,231
10,753
2,425
1,938
23,283
57,629
Accumulated depreciation
As at 1 May 2025
2,514
6,066
3,739
4,371
1,909
990
10,767
30,356
Depreciation charge
165
1,482
227
1,067
394
445
2,491
6,271
Disposals
\u2013
(128)
(40)
\u2013
(537)
\u2013
\u2013
(705)
Transfer
\u2013
\u2013
\u2013
(594)
\u2013
\u2013
594
\u2013
Foreign exchange
\u2013
7
25
10
12
13
23
90
As at 30 April 2026
2,679
7,427
3,951
4,854
1,778
1,448
13,875
36,012
Net book value as at 30 April
2026
1,314
3,579
280
5,899
647
490
9,408
21,617
Right-of-use Right-of-use
assets plant and assets land
Freehold Plant and Fixtures and Leasehold Computer machinery and buildings
property machinery fittings improvements equipment (Note 20)
(Note 20)
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
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 for 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-463": { "value": "
14 Inventories
2026
2025
\u00a3000
\u00a3000
Raw materials and consumables
1,205
1,368
Finished goods
8,693
9,704
Total inventory
9,898
11,072
Less: Provision for write off of:
Raw materials and consumables
(157)
(204)
Finished goods
(2,225)
(2,388)
Net inventory
7,516
8,480
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-464": { "value": "
15 Trade and other receivables
2026
2025
\u00a3000
\u00a3000
Current:
Trade receivables
1,924
1,647
Less: provisions
(280)
(179)
Trade receivables \u2013 net
1,644
1,468
Other receivables
1,355
1,227
Prepayments
3,480
3,163
Total current trade and other receivables
6,479
5,858
Trade receivables represent amounts due from customers for services provided in the ordinary course of business. They are typically due
for settlement within 30 days and are therefore classified as current assets. The Group recognises a loss allowance for trade receivables in
accordance with IFRS 9, measured using the expected credit loss model to reflect the estimated lifetime credit losses on outstanding balances.
Other receivables comprise accrued income, representing the Group\u2019s right to consideration for services provided but not yet invoiced at
the reporting date and rebates receivable from suppliers.
Prepayments represent amounts paid or invoiced in advance for goods or services relating to future periods.
The movements in provisions are as follows:
2026
2025
\u00a3000
\u00a3000
As at 1 May
(179)
(243)
Charge for the year
(105)
\u2013
Utilised
4
11
Released
\u2013
53
As at 30 April
(280)
(179)
Trade and other receivables are primarily 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 credit risk of its receivables to be low with Group revenue derived from electronic payment processes (including
credit card, debit card, PayPal, iDEAL and Single Euro Payments Area), with most receipts reaching the bank accounts in one to two days.
At 30 April 2026, the Group had net trade receivables of \u00a31,644,000 (2025: \u00a31,468,000). 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
2026
2025
\u00a3000
\u00a3000
Up to 30 days
1,619
1,407
Past due:
30 to 90 days
153
22
More than 90 days
152
218
Gross
1,924
1,647
Less: provisions
(280)
(179)
Net trade receivables
1,644
1,468
2026
2025
\u00a3000
\u00a3000
Non-current other receivables:
Other receivables
1,613
1,605
Total non-current trade and other receivables
1,613
1,605
Non-current other receivables relate to security deposits in connection with leased property.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-534": { "value": "15 Trade and other receivables
2026
2025
\u00a3000
\u00a3000
Current:
Trade receivables
1,924
1,647
Less: provisions
(280)
(179)
Trade receivables \u2013 net
1,644
1,468
Other receivables
1,355
1,227
Prepayments
3,480
3,163
Total current trade and other receivables
6,479
5,858
Trade receivables represent amounts due from customers for services provided in the ordinary course of business. They are typically due for settlement within 30 days and are therefore classified as current assets. The Group recognises a loss allowance for trade receivables in accordance with IFRS 9, measured using the expected credit loss model to reflect the estimated lifetime credit losses on outstanding balances. Other receivables comprise accrued income, representing the Group\u2019s right to consideration for services provided but not yet invoiced at the reporting date and rebates receivable from suppliers. Prepayments represent amounts paid or invoiced in advance for goods or services relating to future periods. The movements in provisions are as follows:
2026
2025
\u00a3000
\u00a3000
As at 1 May
(179)
(243)
Charge for the year
(105)
\u2013
Utilised
4
11
Released
\u2013
53
As at 30 April
(280)
(179)
Trade and other receivables are primarily 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 credit risk of its receivables to be low with Group revenue derived from electronic payment processes (including credit card, debit card, PayPal, iDEAL and Single Euro Payments Area), with most receipts reaching the bank accounts in one to two days. At 30 April 2026, the Group had net trade receivables of \u00a31,644,000 (2025: \u00a31,468,000). 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
2026
2025
\u00a3000
\u00a3000
Up to 30 days
1,619
1,407
Past due:
30 to 90 days
153
22
More than 90 days
152
218
Gross
1,924
1,647
Less: provisions
(280)
(179)
Net trade receivables
1,644
1,468
2026
2025
\u00a3000
\u00a3000
Non-current other receivables:
Other receivables
1,613
1,605
Total non-current trade and other receivables
1,613
1,605
Non-current other receivables relate to security deposits in connection with leased property.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-497": { "value": "15 Trade and other receivables
2026
2025
\u00a3000
\u00a3000
Current:
Trade receivables
1,924
1,647
Less: provisions
(280)
(179)
Trade receivables \u2013 net
1,644
1,468
Other receivables
1,355
1,227
Prepayments
3,480
3,163
Total current trade and other receivables
6,479
5,858
Trade receivables represent amounts due from customers for services provided in the ordinary course of business. They are typically due for settlement within 30 days and are therefore classified as current assets. The Group recognises a loss allowance for trade receivables in accordance with IFRS 9, measured using the expected credit loss model to reflect the estimated lifetime credit losses on outstanding balances. Other receivables comprise accrued income, representing the Group\u2019s right to consideration for services provided but not yet invoiced at the reporting date and rebates receivable from suppliers. Prepayments represent amounts paid or invoiced in advance for goods or services relating to future periods. The movements in provisions are as follows:
2026
2025
\u00a3000
\u00a3000
As at 1 May
(179)
(243)
Charge for the year
(105)
\u2013
Utilised
4
11
Released
\u2013
53
As at 30 April
(280)
(179)
Trade and other receivables are primarily 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 credit risk of its receivables to be low with Group revenue derived from electronic payment processes (including credit card, debit card, PayPal, iDEAL and Single Euro Payments Area), with most receipts reaching the bank accounts in one to two days. At 30 April 2026, the Group had net trade receivables of \u00a31,644,000 (2025: \u00a31,468,000). 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
2026
2025
\u00a3000
\u00a3000
Up to 30 days
1,619
1,407
Past due:
30 to 90 days
153
22
More than 90 days
152
218
Gross
1,924
1,647
Less: provisions
(280)
(179)
Net trade receivables
1,644
1,468
2026
2025
\u00a3000
\u00a3000
Non-current other receivables:
Other receivables
1,613
1,605
Total non-current trade and other receivables
1,613
1,605
Non-current other receivables relate to security deposits in connection with leased property.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-465": { "value": "
16 Cash and cash equivalents
2026
2025
\u00a3000
\u00a3000
Cash and bank balances
6,331
9,777
Cash equivalents
2,756
2,872
Total cash and cash equivalents
9,087
12,649
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.
2026
2025
\u00a3000
\u00a3000
Pound Sterling
5,163
8,180
Euro
2,499
3,777
Australian Dollar
1,114
194
US Dollar
311
498
Total cash and cash equivalents
9,087
12,649
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-466": { "value": "
17 Trade and other payables
2026
2025
\u00a3000
\u00a3000
Current
Trade payables
14,490
20,671
Other payables
782
1,116
Other taxation and social security
10,719
8,126
Accruals
30,882
23,686
Total current trade and other payables
56,873
53,599
Current trade payables, other taxation and social security and accruals represent liabilities for goods and services provided prior to the
year end where payment is not yet due and therefore were not settled as at the reporting date.
Current other payables primarily represents amounts due under the Group\u2019s share buyback programme in respect of shares purchased in
the open market by the Group\u2019s broker that remain unsettled at the reporting date.
Current trade and other payables are recognised initially at fair value and subsequently measured at amortised cost. 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.
2026
2025
\u00a3000
\u00a3000
Non-current
Other payables
638
638
Other taxation and social security
867
1,926
Total non-current trade and other payables
1,505
2,564
Non-current other payables represents a deposit payable to a third party under the sublease arrangement for the Herbal House head
office. The balance is classified as non-current as settlement is not expected within twelve months of the reporting date.
Non-current other taxation and social security comprises the employer NI obligations arising on share-based payment awards. The liability
is measured at the reporting date based on the Company\u2019s share price and reflects amounts expected to be settled more than twelve
months after the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-541": { "value": "17 Trade and other payables
2026
2025
\u00a3000
\u00a3000
Current
Trade payables
14,490
20,671
Other payables
782
1,116
Other taxation and social security
10,719
8,126
Accruals
30,882
23,686
Total current trade and other payables
56,873
53,599
Current trade payables, other taxation and social security and accruals represent liabilities for goods and services provided prior to the year end where payment is not yet due and therefore were not settled as at the reporting date. Current other payables primarily represents amounts due under the Group\u2019s share buyback programme in respect of shares purchased in the open market by the Group\u2019s broker that remain unsettled at the reporting date. Current trade and other payables are recognised initially at fair value and subsequently measured at amortised cost. 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.
2026
2025
\u00a3000
\u00a3000
Non-current
Other payables
638
638
Other taxation and social security
867
1,926
Total non-current trade and other payables
1,505
2,564
Non-current other payables represents a deposit payable to a third party under the sublease arrangement for the Herbal House head office. The balance is classified as non-current as settlement is not expected within twelve months of the reporting date. Non-current other taxation and social security comprises the employer NI obligations arising on share-based payment awards. The liability is measured at the reporting date based on the Company\u2019s share price and reflects amounts expected to be settled more than twelve months after the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-523": { "value": "17 Trade and other payables
2026
2025
\u00a3000
\u00a3000
Current
Trade payables
14,490
20,671
Other payables
782
1,116
Other taxation and social security
10,719
8,126
Accruals
30,882
23,686
Total current trade and other payables
56,873
53,599
Current trade payables, other taxation and social security and accruals represent liabilities for goods and services provided prior to the year end where payment is not yet due and therefore were not settled as at the reporting date. Current other payables primarily represents amounts due under the Group\u2019s share buyback programme in respect of shares purchased in the open market by the Group\u2019s broker that remain unsettled at the reporting date. Current trade and other payables are recognised initially at fair value and subsequently measured at amortised cost. 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.
2026
2025
\u00a3000
\u00a3000
Non-current
Other payables
638
638
Other taxation and social security
867
1,926
Total non-current trade and other payables
1,505
2,564
Non-current other payables represents a deposit payable to a third party under the sublease arrangement for the Herbal House head office. The balance is classified as non-current as settlement is not expected within twelve months of the reporting date. Non-current other taxation and social security comprises the employer NI obligations arising on share-based payment awards. The liability is measured at the reporting date based on the Company\u2019s share price and reflects amounts expected to be settled more than twelve months after the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-498": { "value": "17 Trade and other payables
2026
2025
\u00a3000
\u00a3000
Current
Trade payables
14,490
20,671
Other payables
782
1,116
Other taxation and social security
10,719
8,126
Accruals
30,882
23,686
Total current trade and other payables
56,873
53,599
Current trade payables, other taxation and social security and accruals represent liabilities for goods and services provided prior to the year end where payment is not yet due and therefore were not settled as at the reporting date. Current other payables primarily represents amounts due under the Group\u2019s share buyback programme in respect of shares purchased in the open market by the Group\u2019s broker that remain unsettled at the reporting date. Current trade and other payables are recognised initially at fair value and subsequently measured at amortised cost. 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.
2026
2025
\u00a3000
\u00a3000
Non-current
Other payables
638
638
Other taxation and social security
867
1,926
Total non-current trade and other payables
1,505
2,564
Non-current other payables represents a deposit payable to a third party under the sublease arrangement for the Herbal House head office. The balance is classified as non-current as settlement is not expected within twelve months of the reporting date. Non-current other taxation and social security comprises the employer NI obligations arising on share-based payment awards. The liability is measured at the reporting date based on the Company\u2019s share price and reflects amounts expected to be settled more than twelve months after the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-467": { "value": "
18 Provisions for other liabilities and charges
Other Dilapidations
provisions
provisions
Total
\u00a3000
\u00a3000
\u00a3000
As at 1 May 2025
2,641
2,153
4,794
Charged in the year
2,110
384
2,494
Utilisation
(183)
\u2013
(183)
Release of provisions in the year
(816)
\u2013
(816)
Foreign exchange
6
10
16
As at 30 April 2026
3,758
2,547
6,305
Analysed as:
Current
3,695
\u2013
3,695
Non-current
63
2,547
2,610
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
Current provisions
Includes provisions arising in the ordinary course of business that are expected 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 November 2027.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-499": { "value": "18 Provisions for other liabilities and charges
Other Dilapidations
provisions
provisions
Total
\u00a3000
\u00a3000
\u00a3000
As at 1 May 2025
2,641
2,153
4,794
Charged in the year
2,110
384
2,494
Utilisation
(183)
\u2013
(183)
Release of provisions in the year
(816)
\u2013
(816)
Foreign exchange
6
10
16
As at 30 April 2026
3,758
2,547
6,305
Analysed as:
Current
3,695
\u2013
3,695
Non-current
63
2,547
2,610
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
Current provisions Includes provisions arising in the ordinary course of business that are expected 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 November 2027. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-468": { "value": "
19 Contract liabilities
In all material respects, current deferred revenue at 30 April 2025 and 30 April 2026 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-469": { "value": "
20 Leases
The Group has right-of-use assets which are held in property, plant and equipment.
2026
2025
\u00a3000
\u00a3000
Net book value of owned property, plant and equipment
11,719
11,207
Net book value of right-of-use assets
9,898
12,028
Total property, plant and equipment
21,617
23,235
The Group has subleased part of its leased premises, with the sublease classified as an operating lease. Lease income recognised as
other income in the profit or loss during the year was \u00a31,358,000. (2025: \u00a31,344,000). The sublease expires in November 2027.
Right-of-use assets
Right-of-use Right-of-use
assets plant assets land
and machinery
and buildings
Total
\u00a3000
\u00a3000
\u00a3000
Net book value at 1 May 2024
1,083
13,579
14,662
Additions
\u2013
111
111
Modifications
251
\u2013
251
Depreciation charge for the period
(534)
(2,439)
(2,973)
Foreign exchange
(3)
(20)
(23)
Net book value at 30 April 2025
797
11,231
12,028
Additions
131
384
515
Transfer
\u2013
222
222
Depreciation charge for the period
(445)
(2,491)
(2,936)
Foreign exchange
7
62
69
Net book value at 30 April 2026
490
9,408
9,898
Lease liabilities
Lease
liabilities
Total
\u00a3000
\u00a3000
As at 1 May 2024
16,329
16,329
Cash flow
(3,902)
(3,902)
Foreign exchange
48
48
Interest and other
1
1,023
1,023
As at 30 April 2025
13,498
13,498
Cash flow
(3,776)
(3,776)
Foreign exchange
71
71
Interest and other
1
653
653
As at 30 April 2026
10,446
10,446
1 Interest and other within lease liabilities comprises modifications and additions to lease liabilities as well as interest on leases as disclosed in Note 7.
2026
2025
\u00a3000
\u00a3000
Current
3,330
3,214
Non-current
7,116
10,284
Total lease liabilities
10,446
13,498
Lease liabilities maturity analysis
2026
2025
Maturity analysis - contractual undiscounted cash flows
\u00a3000
\u00a3000
Within one year
3,720
3,748
Within one and two years
2,190
3,684
Within two and three years
1,354
2,160
Within three and four years
1,340
1,324
Within four and five years
1,340
1,309
Beyond five years
1,505
2,764
Total contractual cash flows
11,449
14,989
Amounts recognised in the consolidated income statement:
2026
2025
\u00a3000
\u00a3000
Depreciation of right-of-use assets
(2,936)
(2,973)
Interest on lease liabilities
(522)
(660)
Expenses relating to short-term leases and low-value assets
(147)
(175)
Total expenses
(3,605)
(3,808)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-500": { "value": "20 Leases The Group has right-of-use assets which are held in property, plant and equipment.
2026
2025
\u00a3000
\u00a3000
Net book value of owned property, plant and equipment
11,719
11,207
Net book value of right-of-use assets
9,898
12,028
Total property, plant and equipment
21,617
23,235
The Group has subleased part of its leased premises, with the sublease classified as an operating lease. Lease income recognised as other income in the profit or loss during the year was \u00a31,358,000. (2025: \u00a31,344,000). The sublease expires in November 2027. Right-of-use assets
Right-of-use Right-of-use
assets plant assets land
and machinery
and buildings
Total
\u00a3000
\u00a3000
\u00a3000
Net book value at 1 May 2024
1,083
13,579
14,662
Additions
\u2013
111
111
Modifications
251
\u2013
251
Depreciation charge for the period
(534)
(2,439)
(2,973)
Foreign exchange
(3)
(20)
(23)
Net book value at 30 April 2025
797
11,231
12,028
Additions
131
384
515
Transfer
\u2013
222
222
Depreciation charge for the period
(445)
(2,491)
(2,936)
Foreign exchange
7
62
69
Net book value at 30 April 2026
490
9,408
9,898
Lease liabilities
Lease
liabilities
Total
\u00a3000
\u00a3000
As at 1 May 2024
16,329
16,329
Cash flow
(3,902)
(3,902)
Foreign exchange
48
48
Interest and other
1
1,023
1,023
As at 30 April 2025
13,498
13,498
Cash flow
(3,776)
(3,776)
Foreign exchange
71
71
Interest and other
1
653
653
As at 30 April 2026
10,446
10,446
1 Interest and other within lease liabilities comprises modifications and additions to lease liabilities as well as interest on leases as disclosed in Note 7.
2026
2025
\u00a3000
\u00a3000
Current
3,330
3,214
Non-current
7,116
10,284
Total lease liabilities
10,446
13,498
Lease liabilities maturity analysis
2026
2025
Maturity analysis - contractual undiscounted cash flows
\u00a3000
\u00a3000
Within one year
3,720
3,748
Within one and two years
2,190
3,684
Within two and three years
1,354
2,160
Within three and four years
1,340
1,324
Within four and five years
1,340
1,309
Beyond five years
1,505
2,764
Total contractual cash flows
11,449
14,989
Amounts recognised in the consolidated income statement:
2026
2025
\u00a3000
\u00a3000
Depreciation of right-of-use assets
(2,936)
(2,973)
Interest on lease liabilities
(522)
(660)
Expenses relating to short-term leases and low-value assets
(147)
(175)
Total expenses
(3,605)
(3,808)
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-470": { "value": "
21 Borrowings
2026
2025
\u00a3000
\u00a3000
Current
83
111
Non-current
106,660
94,985
Total borrowings
106,743
95,096
The Group's debt facilities consist of a \u00a3180,000,000 committed revolving credit facility (the \"RCF\"), with a maturity date of 28 February
2029. 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 2026 the Group had drawn down \u00a3104,000,000 and
\u20ac4,500,000 of the available revolving credit facility (2025: \u00a393,000,000 and \u20ac4,500,000). There was a foreign exchange loss on
borrowings during the year of \u00a365,000 (2025: \u00a390,000 gain).
Certain Group companies have given a guarantee in respect of the Group's \u00a3180,000,000 revolving credit facility. The guarantees expose
the guarantor entities to potential obligations in the event of default under the facility arrangements.
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 4.0% and 4.5% on total notional of \u00a375.0m until 31 October 2027.
Derivative type
Execution date
Notional amount
Start date
Maturity date
Underlying asset
Strike rate
Interest rate cap
2 June 2025
\u00a350.0m
01/05/2026
31/10/2026
SONIA
4.50%
Interest rate cap
6 November 2025
\u00a325.0m
30/11/2025
31/10/2026
SONIA
4.00%
\u00a375.0m
31/10/2026
31/10/2027
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 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 since 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:
2026
2025
\u00a3000
\u00a3000
Within one year
83
111
Within one and two years
\u2013
\u2013
Within two and three years
106,660
\u2013
Within three and four years
\u2013
94,985
Within four and five years
\u2013
\u2013
Beyond five years
\u2013
\u2013
Total borrowings
106,743
95,096
1 Total borrowings include \u00a383,000 (2025: \u00a3111,000) in respect of accrued unpaid interest and are shown net of capitalised borrowing costs of \u00a31,238,000
(2025: \u00a31,848,000).
The table below details changes in liabilities arising from financing activities, including both cash and non-cash changes.
Borrowings
Total
\u00a3000
\u00a3000
As at 1 May 2024
118,365
118,365
Cash flow
(32,251)
(32,251)
Foreign exchange
(90)
(90)
Interest and other
1
9,072
9,072
As at 30 April 2025
95,096
95,096
Cash flow
3,288
3,288
Foreign exchange
65
65
Interest and other
1
8,294
8,294
As at 30 April 2026
106,743
106,743
1 Interest and other within borrowings comprises amortisation of capitalised borrowing costs and the interest expense in the year, see Note 7.
24 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
2026
2025
\u00a3000
\u00a3000
Financial assets at amortised cost:
Current assets
Trade and other receivables
1
15
2,999
2,695
Cash
16
9,087
12,649
Non-current assets
Trade and other receivables
1
15
1,613
1,605
Financial assets at fair value:
Current assets
Financial derivatives
7
5
Non-current assets
Financial derivatives
403
\u2013
14,109
16,954
Financial liabilities at amortised cost:
Current liabilities
Trade and other payables
2
17
46,154
45,473
Experiences merchant accrual
37,212
40,374
Lease liabilities
20
3,330
3,214
Borrowings
21
83
111
Non-current liabilities
Trade and other payables
2
17
638
638
Lease liabilities
20
7,116
10,284
Borrowings
21
106,660
94,985
201,193
195,079
1 Excluding prepayments.
2 Excluding other taxation and social security (as not classified as financial liabilities).
The fair value of each class of financial assets and liabilities is the carrying amount, with the exception of borrowings, based on the
following assumptions:
Trade receivables and trade payables (including The fair value approximates to the carrying amount, primarily because of the short
other receivables and payables) maturity of these instruments.
Experiences merchant accrual
The fair value approximates to the carrying amount because the merchant accrual is
measured at the present value of estimated future voucher redemptions discounted at
the incremental borrowing rate at inception, which reflects market interest rates for
liabilities with similar terms and credit risk. As a result, there is no material difference
between the carrying amount and the fair value of the merchant accrual.
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 of money and the
risks specific to the instrument.
Lease liabilities
The fair value approximates to the carrying amount because the lease liabilities are
measured at the present value of future lease payments discounted at the incremental
borrowing rate at inception, which reflects market interest rates for liabilities with
similar terms and credit risk. As a result, there is no material difference between the
carrying amount and the fair value of the lease liabilities.
The fair values of bank loans and other loans approximate to the carrying value, as reported in the balance sheet, gross of amortised costs
of \u00a31,238,000 (2025: \u00a31,848,000). 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 Investors Service 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 has a maturity date of
28 February 2029. 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 table 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 At 30 April
Contractual cash flows 1 year 1 and 3 years 3 and 5 years
5 years
Total
2026
2026
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Borrowings
1
\u2013
107,898
\u2013
\u2013
107,898
106,660
Interest on borrowings
7,410
13,774
\u2013
\u2013
21,184
83
Lease capital repayments
3,330
3,171
2,478
1,467
10,446
10,446
Lease future interest payments
390
373
202
38
1,003
\u2013
Experiences merchant accrual
39,246
\u2013
\u2013
\u2013
39,246
37,212
Trade and other financial liabilities
2
46,154
638
\u2013
\u2013
46,792
46,792
Non-derivative financial liabilities
96,530
125,854
2,680
1,505
226,569
201,193
Interest rate caps
431
\u2013
\u2013
\u2013
431
410
Derivative financial assets
431
\u2013
\u2013
\u2013
431
410
Due within Due within Due between Due after At 30 April
Contractual cash flows 1 year 1 and 3 years 3 and 5 years
5 years
Total
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
Experiences 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 assets
5
\u2013
\u2013
\u2013
5
5
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 contractual undiscounted cash flows relating to financial liabilities to be disclosed in the table above. As disclosed in Note 21,
the Group's borrowings are drawn under a revolving credit facility. For the purposes of the contractual cash flow disclosure, the borrowings
are presented in the period in which repayment is contractually due under the terms of the facility. The contractual interest cash flows
associated with these borrowings are based on forecast utilisation of the facility and estimated future SONIA and EURIBOR rates over the
expected life of the borrowings. As a result, the interest amounts disclosed above represent management's estimate of future interest cash
flows and may differ from the actual amounts ultimately paid.
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 2026 and 30 April 2025, these
exposures were not material to the Group.
The Group applies strategies to manage 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 loss on borrowings during the year of \u00a365,000 (2025: \u00a390,000 gain).
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 2026 the Group
had drawn down \u00a3104,000,000 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 date
Notional amount
Start date
Maturity date
Underlying asset
Strike rate
Interest rate cap
2 June 2025
\u00a350.0m
01/05/2026
31/10/2026
SONIA
4.50%
Interest rate cap
6 November 2025
\u00a325.0m
30/11/2025
31/10/2026
SONIA
4.00%
\u00a375.0m
31/10/2026
31/10/2027
The Group has elected to adopt the hedge accounting requirements of IFRS 9 Financial Instruments. The Group enters into 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 effectiveness 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 hedged 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:
2026
2025
Derivative financial assets
\u00a3000
\u00a3000
Derivatives designated as hedging instruments
Interest rate cap \u2013 cash flow hedges
410
5
Total derivative financial assets
410
5
2026
2025
\u00a3000
\u00a3000
Current and non-current:
Current
7
5
Non-current
403
\u2013
Total derivative financial assets
410
5
Cash flow interest rate swap and cap
Hedge ineffectiveness arises where movements in the hedging instrument do not fully offset movements in the underlying hedged
exposure. No hedge ineffectiveness requiring recognition in finance expense arose during the year (2025: \u00a3nil).
Moonpig Group's primary floating rate interest exposure as at 30 April 2026 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 2026 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 Interest rate
2026 cap 4.5% cap 4.0%
Carrying amount of derivatives (\u00a3000)
7
403
Changes in fair value of the designated hedged item (\u00a3000)
\u2013
271
Notional amount (\u00a3000)
50,000
25,000
Hedge ratio
1:1
1:1
Maturity date
31/10/2026
31/10/2027
Interest rate Interest rate Interest rate
2025 cap 3.0% cap 5.0% cap 4.5%
Carrying amount of derivatives (\u00a3000)
\u2013
\u2013
5
Changes in fair value of the designated hedged item (\u00a3000)
6
(164)
(36)
Notional amount (\u00a3000)
70,000
42,500
25,000
Hedge ratio
1:1
1:1
1:1
Maturity date
30/11/2024
28/11/2025
30/04/2026
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 2024
1,002
Cash (inflow)
(801)
Non-cash movement
(196)
As at 30 April 2025
5
Cash outflow
145
Non-cash movement
260
As at 30 April 2026
410
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% 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
2026
2026
2025
2025
\u00a3000
\u00a3000
\u00a3000
\u00a3000
10% strengthening of Sterling against the Euro
(514)
(929)
(263)
(1,223)
10% weakening of Sterling against the Euro
565
1,022
289
1,345
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 21.
2026
2025
\u00a3000
\u00a3000
1.0% increase in SONIA market interest rates (2025: 1.0%)
(652)
(519)
1.0% decrease in SONIA market interest rates (2025: 1.0%)
654
638
1.0% increase in EURIBOR market interest rates (2025: 1.0%)
(45)
(68)
1.0% decrease in EURIBOR market interest rates (2025: 1.0%)
45
68
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-501": { "value": "21 Borrowings
2026
2025
\u00a3000
\u00a3000
Current
83
111
Non-current
106,660
94,985
Total borrowings
106,743
95,096
The Group's debt facilities consist of a \u00a3180,000,000 committed revolving credit facility (the \"RCF\"), with a maturity date of 28 February 2029. 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 2026 the Group had drawn down \u00a3104,000,000 and \u20ac4,500,000 of the available revolving credit facility (2025: \u00a393,000,000 and \u20ac4,500,000). There was a foreign exchange loss on borrowings during the year of \u00a365,000 (2025: \u00a390,000 gain). Certain Group companies have given a guarantee in respect of the Group's \u00a3180,000,000 revolving credit facility. The guarantees expose the guarantor entities to potential obligations in the event of default under the facility arrangements. 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 4.0% and 4.5% on total notional of \u00a375.0m until 31 October 2027.
Derivative type
Execution date
Notional amount
Start date
Maturity date
Underlying asset
Strike rate
Interest rate cap
2 June 2025
\u00a350.0m
01/05/2026
31/10/2026
SONIA
4.50%
Interest rate cap
6 November 2025
\u00a325.0m
30/11/2025
31/10/2026
SONIA
4.00%
\u00a375.0m
31/10/2026
31/10/2027
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 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 since 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:
2026
2025
\u00a3000
\u00a3000
Within one year
83
111
Within one and two years
\u2013
\u2013
Within two and three years
106,660
\u2013
Within three and four years
\u2013
94,985
Within four and five years
\u2013
\u2013
Beyond five years
\u2013
\u2013
Total borrowings
106,743
95,096
1 Total borrowings include \u00a383,000 (2025: \u00a3111,000) in respect of accrued unpaid interest and are shown net of capitalised borrowing costs of \u00a31,238,000 (2025: \u00a31,848,000). The table below details changes in liabilities arising from financing activities, including both cash and non-cash changes.
Borrowings
Total
\u00a3000
\u00a3000
As at 1 May 2024
118,365
118,365
Cash flow
(32,251)
(32,251)
Foreign exchange
(90)
(90)
Interest and other
1
9,072
9,072
As at 30 April 2025
95,096
95,096
Cash flow
3,288
3,288
Foreign exchange
65
65
Interest and other
1
8,294
8,294
As at 30 April 2026
106,743
106,743
1 Interest and other within borrowings comprises amortisation of capitalised borrowing costs and the interest expense in the year, see Note 7. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-471": { "value": "
22 Share-based payments
Share-based payment expenses recognised in the income statement:
2026
2025
\u00a3000
\u00a3000
LTIP
3,675
1,158
DSBP
151
386
SAYE
282
295
Share based payment charge (before employers NI)
4,108
1,839
Employers NI
1
(592)
1,632
Total share-based payment charge
3,516
3,471
1 The credit in NI this year reflects a true up to take into account the Group's latest expectation of the NI which will be due on shares as they vest using the share price at
the reporting date, 30 April 2026.
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. Volatility is calculated using the historical information of the Company's share price.
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 expense is adjusted accordingly, with any expenses recognised in the income statement. Activity
in relation to these awards during the period included new awards granted on 1 July 2025 under the existing scheme which will vest on
1 July 2028 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 7,717,504 (2025: 11,514,466), with an expected maximum vesting profile
(stated net of forfeitures since award) as follows:
FY27
FY28
FY29
Total
Share options granted on 4 July 2023
1,821,063
\u2013
\u2013
1,821,063
Share options granted on 19 September 2023
1,852,192
\u2013
\u2013
1,852,192
Share options granted on 2 July 2024
\u2013
2,239,537
\u2013
2,239,537
Share options granted on 1 July 2025
\u2013
\u2013
1,804,712
1,804,712
The below tables give the assumptions applied to the options granted in the period and the shares outstanding:
July 2025
Valuation model
Stochastic and Black-Scholes and Chaffe
Weighted average share price (pence)
227.50
Exercise price (pence)
0.00
Expected dividend yield
0%
Risk-free interest rate
3.81%/3.94%
Volatility
41.93/36.32%
Expected term (years)
3.00/2.00
Weighted average fair value (pence)
133.23/227.50
Attrition
0%
Weighted average remaining contractual life (years)
3.17
2026
2025
Number Number
LTIP awards of share options of share options
Outstanding as at 1 May
11,514,466
9,326,856
Granted
2,066,114
3,962,477
Exercised
(280,160)
(93,822)
Forfeited
(5,582,916)
(1,681,045)
Outstanding as at 30 April
7,717,504
11,514,466
Exercisable as at 30 April
\u2013
\u2013
The significant increase of share options that have been forfeited during this financial year is primarily attributable to 2,697,422
(2025: \u00a3nil) shares lapsing due to the departure of the former CEO. Additionally 1,414,452 shares lapsed as a result of performance
conditions that were not met in relation to the July 2022 and October 2022 awards.
The decrease in the number of shares granted this financial year in comparison to the previous year is due to no shares being granted to
the CEO (2025: 967,268) as well as the effect of the increase in the share price on awards granted.
The weighted average market value per ordinary share of LTIP options exercised during the year was \u00a32.13 (2025: \u00a31.83).
The weighted average remaining contractual life of LTIP awards outstanding at the year end was 1.98 years (2025: 2.42 years).
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. 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 outstanding number of share options at the end of the year is 316,989 (2025: 540,885), with an expected vesting profile (stated net of
forfeitures since award) as follows:
FY27
FY28
FY29
Total
Share options granted on 4 July 2023
25,310
\u2013
\u2013
25,310
Share options granted on 2 July 2024
\u2013
117,859
\u2013
117,859
Share options granted on 1 July 2025
\u2013
\u2013
173,820
173,820
July 2025
Valuation model
Black-Scholes
Weighted average share price (pence)
227.50
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)
227.50
Attrition
0%
Weighted average remaining contractual life (years)
2.17
2026
2025
Number Number
DSBP of share options of share options
Outstanding as at 1 May
540,885
386,842
Granted
189,968
240,414
Exercised
(255,593)
(86,371)
Forfeited
(158,271)
\u2013
Outstanding as at 30 April
316,989
540,885
Exercisable as at 30 April
\u2013
\u2013
The significant increase of share options that have been forfeited during this financial year is primarily attributable to 113,592 (2025: \u00a3nil)
shares lapsing due to the departure of the former CEO.
The weighted average market value per ordinary share of DSBP options exercised during the year was \u00a32.15 (2025: \u00a32.05).
The weighted average remaining contractual life of DSBP awards outstanding at the year end was 1.64 years (2025: 1.15 years).
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 FY23 awards were granted on 8 September 2022 and vested on 1 October 2025, 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 FY26 awards on 24 July 2025, which will potentially vest on 1 October 2028 on the same terms.
The outstanding number of share options at the end of the year is 942,023 (2025: 1,059,706), with an expected vesting profile (stated net
of forfeitures since award) as follows:
FY27
FY28
FY29
Total
Share options granted on 28 July 2023
574,564
\u2013
\u2013
574,564
Share options granted on 26 July 2024
\u2013
191,899
\u2013
191,899
Share options granted on 24 July 2025
\u2013
\u2013
175,560
175,560
The below tables give the assumptions applied to the options granted in the year and the shares outstanding:
July 2025
Valuation model
Black-Scholes
Weighted average share price (pence)
213.00
Exercise price (pence)
178.00
Expected dividend yield
1.41%
Risk-free interest rate
3.90%
Volatility
43.63%
Expected term (years)
3.00
Weighted average fair value (pence)
70.34
Attrition
15.0%
Weighted average remaining contractual life (years)
2.42
2026
2026
2025
2025
Number Weighted Number Weighted
of share average of share average
options exercise price options exercise price
SAYE
(\u00a3)
(\u00a3)
Outstanding as at 1 May
1,059,706
1.31
1,009,635
1.37
Granted
184,836
1.78
272,636
1.50
Exercised
(156,046)
1.57
(2,991)
1.17
Cancelled
(115,007)
1.34
(142,228)
1.46
Forfeited
(31,466)
1.36
(77,346)
2.01
Outstanding as at 30 April
942,023
1.35
1,059,706
1.31
Exercisable as at 30 April
\u2013
\u2013
\u2013
\u2013
The weighted average remaining contractual life of SAYE awards outstanding at the year end was 0.89 years (2025: 1.39 years).
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.
2026
2025
Number Number
Pre-IPO awards of shares of shares
Outstanding as at 1 May
\u2013
1,413,971
Exercised
\u2013
(1,413,971)
Outstanding as at 30 April
\u2013
\u2013
Exercisable as at 30 April
\u2013
\u2013
The weighted average market value per ordinary share of pre-IPO options exercised during the year was \u00a3nil (2025: \u00a31.77).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-472": { "value": "
23 Share capital and reserves
The Group considers its capital to comprise its ordinary share capital, share premium, merger reserve, retained earnings, own shares held
reserve, share-based payment reserve, foreign exchange translation reserve, hedging reserve and capital redemption reserve.
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 2026 is:
2026
2026
2025
2025
Number of shares
\u00a3000
Number of shares
\u00a3000
Allotted, called-up and fully paid ordinary shares of \u00a30.10 each
As at 1 May
333,845,736
33,384
343,310,015
34,331
Issue of shares during the period
\u2013
\u2013
1,597,155
159
Shares cancelled during the period
(27,779,906)
(2,778)
(11,061,434)
(1,106)
As at 30 April
306,065,830
30,606
333,845,736
33,384
The Group undertakes share repurchase programmes through resolutions passed by the Company's shareholders. At the September 2025
AGM, a resolution was passed to repurchase up to a maximum of 33,014,540 of its ordinary shares (September 2024 AGM: 34,362,148).
The Group executed two share buyback programmes during the year ended 30 April 2026, the first commenced on 2 May 2025 and the
second on 7 November 2025. All shares repurchased were transferred to the registrar for cancellation, either during the year or shortly
following the year-end. Upon cancellation the consideration was transferred from the own shares held reserve to retained earnings and
the nominal value of the shares transferred from share capital to the capital redemption reserve. Across the two programmes, activity was
as follows:
2026
2025
Share repurchases in year
Total ordinary shares repurchased (number of shares)
27,692,903
11,377,505
Proportion of opening issued share capital repurchased (%)
8.3%
3.3%
Consideration excluding fees and duties (\u00a3'000)
59,791
24,826
Consideration including fees and duties (\u00a3'000)
60,210
25,000
Average effective purchase price per share including fees and duties (pence)
217.42
219.73
Cash flow in year
Own shares repurchased for cancellation in FY25 (\u00a3'000)
736
24,264
Own shares repurchased for cancellation in FY26 (\u00a3'000)
59,724
\u2013
Total cash outflow (\u00a3'000)
60,460
24,264
Amount pending settlement at year end (\u00a3'000)
486
736
Cancellation of shares
Own shares repurchased for cancellation in FY25 (number of shares)
316,071
11,061,434
Own shares repurchased for cancellation in FY26 (number of shares)
27,463,835
\u2013
Total shares cancelled in the year (number of shares)
27,779,906
11,061,434
Transferred to the registrar for cancellation post year end (number of shares)
229,068
316,071
In the year ended 30 April 2026, nil ordinary shares (2025: 1,597,155) were issued for the settlement of share-based payments. From the
start of FY26 the Group has transitioned to settling obligations under employee share plans through market purchases of shares, subject to
the prevailing share price. As a result, the settlement of these awards did not give rise to an increase in the Company issued share capital.
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 (2025: \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.
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 and either subsequently cancelled or held in treasury by the Group's EBT. 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.
The EBT acquires and holds shares in the Company for the purpose of satisfying obligations arising under the Group\u2019s share-based
payment schemes. During the financial year, the Group transitioned to settling obligations under employee share schemes through market
purchases of shares. Awards exercised during the period were therefore satisfied using shares held by the EBT. The EBT is consolidated in
the Group\u2019s financial statements in accordance with IFRS 10 \u2018Consolidated Financial Statements\u2019, as the Group is considered to control the
trust. When awards vest or are exercised, the EBT transfers the relevant shares to employees. This settlement does not result in the issue of
new shares and therefore does not increase the Company\u2019s issued share capital. As at 30 April 2026 the EBT held 2,018,713 shares,
representing 0.66% of our called-up share capital.
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.
2026
2026
2025
2025
Number of shares
\u00a3000
Number of shares
\u00a3000
Own shares held as at 1 May
(316,071)
(738)
\u2013
\u2013
Shares transferred from the EBT to employees
689,768
1,523
\u2013
\u2013
Own shares purchased for treasury
(2,708,481)
(5,827)
\u2013
\u2013
Own shares purchased for cancellation
(27,692,903)
(60,210)
(11,377,505)
(25,000)
Own shares cancelled
27,779,906
60,460
11,061,434
24,262
Own shares held as at 30 April
(2,247,781)
(4,792)
(316,071)
(738)
Other reserves
Other reserves represent the share-based payment reserve, the foreign currency translation reserve, the hedging 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
translating subsidiaries with a functional currency other than Sterling.
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 redemption Total other
reserve reserve reserve reserve reserves
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
As at 1 May 2024
42,768
(898)
522
\u2013
42,392
Other comprehensive income/(expense):
Exchange differences on translation of foreign operations
\u2013
(668)
\u2013
\u2013
(668)
Cash flow hedges:
Fair value changes in the year
\u2013
\u2013
7
\u2013
7
Cost of hedging reserve
\u2013
\u2013
95
\u2013
95
Fair value movements on cash flow hedges transferred to profit or loss
\u2013
\u2013
(841)
\u2013
(841)
Deferred tax on other comprehensive income
\u2013
58
127
\u2013
185
Share-based payment expense (excluding NI)
1,839
\u2013
\u2013
\u2013
1,839
Deferred tax on share-based payment transactions
1,773
\u2013
\u2013
\u2013
1,773
Current tax on share-based payment transactions
32
\u2013
\u2013
\u2013
32
Shares transferred to employees to satisfy share option exercise
(6,429)
\u2013
\u2013
\u2013
(6,429)
Own shares cancelled
\u2013
\u2013
\u2013
1,106
1,106
As at 30 April 2025
39,983
(1,508)
(90)
1,106
39,491
As at 1 May 2025
39,983
(1,508)
(90)
1,106
39,491
Other comprehensive income/(expense):
Exchange differences on translation of foreign operations
\u2013
173
\u2013
\u2013
173
Cash flow hedges:
Fair value changes in the year
\u2013
\u2013
271
\u2013
271
Cost of hedging reserve
\u2013
\u2013
159
\u2013
159
Fair value movements on cash flow hedges transferred to profit or loss
\u2013
\u2013
\u2013
\u2013
\u2013
Deferred tax on other comprehensive income
\u2013
\u2013
(108)
\u2013
(108)
Share-based payment expense (excluding NI)
4,108
\u2013
\u2013
\u2013
4,108
Deferred tax on share-based payment transactions
(1,298)
\u2013
\u2013
\u2013
(1,298)
Current tax on share-based payment transactions
72
\u2013
\u2013
\u2013
72
Shares transferred to employees to satisfy share option exercise
(944)
\u2013
\u2013
\u2013
(944)
Own shares cancelled
\u2013
\u2013
\u2013
2,778
2,778
As at 30 April 2026
41,921
(1,335)
232
3,884
44,702
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-502": { "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 2026 is:
2026
2026
2025
2025
Number of shares
\u00a3000
Number of shares
\u00a3000
Allotted, called-up and fully paid ordinary shares of \u00a30.10 each
As at 1 May
333,845,736
33,384
343,310,015
34,331
Issue of shares during the period
\u2013
\u2013
1,597,155
159
Shares cancelled during the period
(27,779,906)
(2,778)
(11,061,434)
(1,106)
As at 30 April
306,065,830
30,606
333,845,736
33,384
The Group undertakes share repurchase programmes through resolutions passed by the Company's shareholders. At the September 2025 AGM, a resolution was passed to repurchase up to a maximum of 33,014,540 of its ordinary shares (September 2024 AGM: 34,362,148). The Group executed two share buyback programmes during the year ended 30 April 2026, the first commenced on 2 May 2025 and the second on 7 November 2025. All shares repurchased were transferred to the registrar for cancellation, either during the year or shortly following the year-end. Upon cancellation the consideration was transferred from the own shares held reserve to retained earnings and the nominal value of the shares transferred from share capital to the capital redemption reserve. Across the two programmes, activity was as follows:
2026
2025
Share repurchases in year
Total ordinary shares repurchased (number of shares)
27,692,903
11,377,505
Proportion of opening issued share capital repurchased (%)
8.3%
3.3%
Consideration excluding fees and duties (\u00a3'000)
59,791
24,826
Consideration including fees and duties (\u00a3'000)
60,210
25,000
Average effective purchase price per share including fees and duties (pence)
217.42
219.73
Cash flow in year
Own shares repurchased for cancellation in FY25 (\u00a3'000)
736
24,264
Own shares repurchased for cancellation in FY26 (\u00a3'000)
59,724
\u2013
Total cash outflow (\u00a3'000)
60,460
24,264
Amount pending settlement at year end (\u00a3'000)
486
736
Cancellation of shares
Own shares repurchased for cancellation in FY25 (number of shares)
316,071
11,061,434
Own shares repurchased for cancellation in FY26 (number of shares)
27,463,835
\u2013
Total shares cancelled in the year (number of shares)
27,779,906
11,061,434
Transferred to the registrar for cancellation post year end (number of shares)
229,068
316,071
In the year ended 30 April 2026, nil ordinary shares (2025: 1,597,155) were issued for the settlement of share-based payments. From the start of FY26 the Group has transitioned to settling obligations under employee share plans through market purchases of shares, subject to the prevailing share price. As a result, the settlement of these awards did not give rise to an increase in the Company issued share capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-503": { "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 (2025: \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. 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 and either subsequently cancelled or held in treasury by the Group's EBT. 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. The EBT acquires and holds shares in the Company for the purpose of satisfying obligations arising under the Group\u2019s share-based payment schemes. During the financial year, the Group transitioned to settling obligations under employee share schemes through market purchases of shares. Awards exercised during the period were therefore satisfied using shares held by the EBT. The EBT is consolidated in the Group\u2019s financial statements in accordance with IFRS 10 \u2018Consolidated Financial Statements\u2019, as the Group is considered to control the trust. When awards vest or are exercised, the EBT transfers the relevant shares to employees. This settlement does not result in the issue of new shares and therefore does not increase the Company\u2019s issued share capital. As at 30 April 2026 the EBT held 2,018,713 shares, representing 0.66% of our called-up share capital. 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.
2026
2026
2025
2025
Number of shares
\u00a3000
Number of shares
\u00a3000
Own shares held as at 1 May
(316,071)
(738)
\u2013
\u2013
Shares transferred from the EBT to employees
689,768
1,523
\u2013
\u2013
Own shares purchased for treasury
(2,708,481)
(5,827)
\u2013
\u2013
Own shares purchased for cancellation
(27,692,903)
(60,210)
(11,377,505)
(25,000)
Own shares cancelled
27,779,906
60,460
11,061,434
24,262
Own shares held as at 30 April
(2,247,781)
(4,792)
(316,071)
(738)
Other reserves Other reserves represent the share-based payment reserve, the foreign currency translation reserve, the hedging 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 translating subsidiaries with a functional currency other than Sterling. 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 redemption Total other
reserve reserve reserve reserve reserves
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
As at 1 May 2024
42,768
(898)
522
\u2013
42,392
Other comprehensive income/(expense):
Exchange differences on translation of foreign operations
\u2013
(668)
\u2013
\u2013
(668)
Cash flow hedges:
Fair value changes in the year
\u2013
\u2013
7
\u2013
7
Cost of hedging reserve
\u2013
\u2013
95
\u2013
95
Fair value movements on cash flow hedges transferred to profit or loss
\u2013
\u2013
(841)
\u2013
(841)
Deferred tax on other comprehensive income
\u2013
58
127
\u2013
185
Share-based payment expense (excluding NI)
1,839
\u2013
\u2013
\u2013
1,839
Deferred tax on share-based payment transactions
1,773
\u2013
\u2013
\u2013
1,773
Current tax on share-based payment transactions
32
\u2013
\u2013
\u2013
32
Shares transferred to employees to satisfy share option exercise
(6,429)
\u2013
\u2013
\u2013
(6,429)
Own shares cancelled
\u2013
\u2013
\u2013
1,106
1,106
As at 30 April 2025
39,983
(1,508)
(90)
1,106
39,491
As at 1 May 2025
39,983
(1,508)
(90)
1,106
39,491
Other comprehensive income/(expense):
Exchange differences on translation of foreign operations
\u2013
173
\u2013
\u2013
173
Cash flow hedges:
Fair value changes in the year
\u2013
\u2013
271
\u2013
271
Cost of hedging reserve
\u2013
\u2013
159
\u2013
159
Fair value movements on cash flow hedges transferred to profit or loss
\u2013
\u2013
\u2013
\u2013
\u2013
Deferred tax on other comprehensive income
\u2013
\u2013
(108)
\u2013
(108)
Share-based payment expense (excluding NI)
4,108
\u2013
\u2013
\u2013
4,108
Deferred tax on share-based payment transactions
(1,298)
\u2013
\u2013
\u2013
(1,298)
Current tax on share-based payment transactions
72
\u2013
\u2013
\u2013
72
Shares transferred to employees to satisfy share option exercise
(944)
\u2013
\u2013
\u2013
(944)
Own shares cancelled
\u2013
\u2013
\u2013
2,778
2,778
As at 30 April 2026
41,921
(1,335)
232
3,884
44,702
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-524": { "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 and either subsequently cancelled or held in treasury by the Group's EBT. 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. The EBT acquires and holds shares in the Company for the purpose of satisfying obligations arising under the Group\u2019s share-based payment schemes. During the financial year, the Group transitioned to settling obligations under employee share schemes through market purchases of shares. Awards exercised during the period were therefore satisfied using shares held by the EBT. The EBT is consolidated in the Group\u2019s financial statements in accordance with IFRS 10 \u2018Consolidated Financial Statements\u2019, as the Group is considered to control the trust. When awards vest or are exercised, the EBT transfers the relevant shares to employees. This settlement does not result in the issue of new shares and therefore does not increase the Company\u2019s issued share capital. As at 30 April 2026 the EBT held 2,018,713 shares, representing 0.66% of our called-up share capital. 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.
2026
2026
2025
2025
Number of shares
\u00a3000
Number of shares
\u00a3000
Own shares held as at 1 May
(316,071)
(738)
\u2013
\u2013
Shares transferred from the EBT to employees
689,768
1,523
\u2013
\u2013
Own shares purchased for treasury
(2,708,481)
(5,827)
\u2013
\u2013
Own shares purchased for cancellation
(27,692,903)
(60,210)
(11,377,505)
(25,000)
Own shares cancelled
27,779,906
60,460
11,061,434
24,262
Own shares held as at 30 April
(2,247,781)
(4,792)
(316,071)
(738)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-535": { "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
2026
2025
\u00a3000
\u00a3000
Financial assets at amortised cost:
Current assets
Trade and other receivables
1
15
2,999
2,695
Cash
16
9,087
12,649
Non-current assets
Trade and other receivables
1
15
1,613
1,605
Financial assets at fair value:
Current assets
Financial derivatives
7
5
Non-current assets
Financial derivatives
403
\u2013
14,109
16,954
Financial liabilities at amortised cost:
Current liabilities
Trade and other payables
2
17
46,154
45,473
Experiences merchant accrual
37,212
40,374
Lease liabilities
20
3,330
3,214
Borrowings
21
83
111
Non-current liabilities
Trade and other payables
2
17
638
638
Lease liabilities
20
7,116
10,284
Borrowings
21
106,660
94,985
201,193
195,079
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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-525": { "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
2026
2025
\u00a3000
\u00a3000
Financial assets at amortised cost:
Current assets
Trade and other receivables
1
15
2,999
2,695
Cash
16
9,087
12,649
Non-current assets
Trade and other receivables
1
15
1,613
1,605
Financial assets at fair value:
Current assets
Financial derivatives
7
5
Non-current assets
Financial derivatives
403
\u2013
14,109
16,954
Financial liabilities at amortised cost:
Current liabilities
Trade and other payables
2
17
46,154
45,473
Experiences merchant accrual
37,212
40,374
Lease liabilities
20
3,330
3,214
Borrowings
21
83
111
Non-current liabilities
Trade and other payables
2
17
638
638
Lease liabilities
20
7,116
10,284
Borrowings
21
106,660
94,985
201,193
195,079
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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-526": { "value": "The fair value of each class of financial assets and liabilities is the carrying amount, with the exception of borrowings, based on the following assumptions:
Trade receivables and trade payables (including The fair value approximates to the carrying amount, primarily because of the short
other receivables and payables) maturity of these instruments.
Experiences merchant accrual
The fair value approximates to the carrying amount because the merchant accrual is
measured at the present value of estimated future voucher redemptions discounted at
the incremental borrowing rate at inception, which reflects market interest rates for
liabilities with similar terms and credit risk. As a result, there is no material difference
between the carrying amount and the fair value of the merchant accrual.
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 of money and the
risks specific to the instrument.
Lease liabilities
The fair value approximates to the carrying amount because the lease liabilities are
measured at the present value of future lease payments discounted at the incremental
borrowing rate at inception, which reflects market interest rates for liabilities with
similar terms and credit risk. As a result, there is no material difference between the
carrying amount and the fair value of the lease liabilities.
The fair values of bank loans and other loans approximate to the carrying value, as reported in the balance sheet, gross of amortised costs of \u00a31,238,000 (2025: \u00a31,848,000). 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:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-504": { "value": "The fair value of each class of financial assets and liabilities is the carrying amount, with the exception of borrowings, based on the following assumptions:
Trade receivables and trade payables (including The fair value approximates to the carrying amount, primarily because of the short
other receivables and payables) maturity of these instruments.
Experiences merchant accrual
The fair value approximates to the carrying amount because the merchant accrual is
measured at the present value of estimated future voucher redemptions discounted at
the incremental borrowing rate at inception, which reflects market interest rates for
liabilities with similar terms and credit risk. As a result, there is no material difference
between the carrying amount and the fair value of the merchant accrual.
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 of money and the
risks specific to the instrument.
Lease liabilities
The fair value approximates to the carrying amount because the lease liabilities are
measured at the present value of future lease payments discounted at the incremental
borrowing rate at inception, which reflects market interest rates for liabilities with
similar terms and credit risk. As a result, there is no material difference between the
carrying amount and the fair value of the lease liabilities.
The fair values of bank loans and other loans approximate to the carrying value, as reported in the balance sheet, gross of amortised costs of \u00a31,238,000 (2025: \u00a31,848,000). 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-527": { "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 Investors Service 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 has a maturity date of 28 February 2029. 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 table 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 At 30 April
Contractual cash flows 1 year 1 and 3 years 3 and 5 years
5 years
Total
2026
2026
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Borrowings
1
\u2013
107,898
\u2013
\u2013
107,898
106,660
Interest on borrowings
7,410
13,774
\u2013
\u2013
21,184
83
Lease capital repayments
3,330
3,171
2,478
1,467
10,446
10,446
Lease future interest payments
390
373
202
38
1,003
\u2013
Experiences merchant accrual
39,246
\u2013
\u2013
\u2013
39,246
37,212
Trade and other financial liabilities
2
46,154
638
\u2013
\u2013
46,792
46,792
Non-derivative financial liabilities
96,530
125,854
2,680
1,505
226,569
201,193
Interest rate caps
431
\u2013
\u2013
\u2013
431
410
Derivative financial assets
431
\u2013
\u2013
\u2013
431
410
Due within Due within Due between Due after At 30 April
Contractual cash flows 1 year 1 and 3 years 3 and 5 years
5 years
Total
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
Experiences 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 assets
5
\u2013
\u2013
\u2013
5
5
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 contractual undiscounted cash flows relating to financial liabilities to be disclosed in the table above. As disclosed in Note 21, the Group's borrowings are drawn under a revolving credit facility. For the purposes of the contractual cash flow disclosure, the borrowings are presented in the period in which repayment is contractually due under the terms of the facility. The contractual interest cash flows associated with these borrowings are based on forecast utilisation of the facility and estimated future SONIA and EURIBOR rates over the expected life of the borrowings. As a result, the interest amounts disclosed above represent management's estimate of future interest cash flows and may differ from the actual amounts ultimately paid. 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 2026 and 30 April 2025, these exposures were not material to the Group. The Group applies strategies to manage 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 loss on borrowings during the year of \u00a365,000 (2025: \u00a390,000 gain). 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 2026 the Group had drawn down \u00a3104,000,000 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 date
Notional amount
Start date
Maturity date
Underlying asset
Strike rate
Interest rate cap
2 June 2025
\u00a350.0m
01/05/2026
31/10/2026
SONIA
4.50%
Interest rate cap
6 November 2025
\u00a325.0m
30/11/2025
31/10/2026
SONIA
4.00%
\u00a375.0m
31/10/2026
31/10/2027
The Group has elected to adopt the hedge accounting requirements of IFRS 9 Financial Instruments. The Group enters into 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 effectiveness 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 hedged 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:
2026
2025
Derivative financial assets
\u00a3000
\u00a3000
Derivatives designated as hedging instruments
Interest rate cap \u2013 cash flow hedges
410
5
Total derivative financial assets
410
5
2026
2025
\u00a3000
\u00a3000
Current and non-current:
Current
7
5
Non-current
403
\u2013
Total derivative financial assets
410
5
Cash flow interest rate swap and cap Hedge ineffectiveness arises where movements in the hedging instrument do not fully offset movements in the underlying hedged exposure. No hedge ineffectiveness requiring recognition in finance expense arose during the year (2025: \u00a3nil). Moonpig Group's primary floating rate interest exposure as at 30 April 2026 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 2026 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 Interest rate
2026 cap 4.5% cap 4.0%
Carrying amount of derivatives (\u00a3000)
7
403
Changes in fair value of the designated hedged item (\u00a3000)
\u2013
271
Notional amount (\u00a3000)
50,000
25,000
Hedge ratio
1:1
1:1
Maturity date
31/10/2026
31/10/2027
Interest rate Interest rate Interest rate
2025 cap 3.0% cap 5.0% cap 4.5%
Carrying amount of derivatives (\u00a3000)
\u2013
\u2013
5
Changes in fair value of the designated hedged item (\u00a3000)
6
(164)
(36)
Notional amount (\u00a3000)
70,000
42,500
25,000
Hedge ratio
1:1
1:1
1:1
Maturity date
30/11/2024
28/11/2025
30/04/2026
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 2024
1,002
Cash (inflow)
(801)
Non-cash movement
(196)
As at 30 April 2025
5
Cash outflow
145
Non-cash movement
260
As at 30 April 2026
410
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% 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
2026
2026
2025
2025
\u00a3000
\u00a3000
\u00a3000
\u00a3000
10% strengthening of Sterling against the Euro
(514)
(929)
(263)
(1,223)
10% weakening of Sterling against the Euro
565
1,022
289
1,345
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 21.
2026
2025
\u00a3000
\u00a3000
1.0% increase in SONIA market interest rates (2025: 1.0%)
(652)
(519)
1.0% decrease in SONIA market interest rates (2025: 1.0%)
654
638
1.0% increase in EURIBOR market interest rates (2025: 1.0%)
(45)
(68)
1.0% decrease in EURIBOR market interest rates (2025: 1.0%)
45
68
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-505": { "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 Investors Service 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-506": { "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 has a maturity date of 28 February 2029. 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 table 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 At 30 April
Contractual cash flows 1 year 1 and 3 years 3 and 5 years
5 years
Total
2026
2026
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Borrowings
1
\u2013
107,898
\u2013
\u2013
107,898
106,660
Interest on borrowings
7,410
13,774
\u2013
\u2013
21,184
83
Lease capital repayments
3,330
3,171
2,478
1,467
10,446
10,446
Lease future interest payments
390
373
202
38
1,003
\u2013
Experiences merchant accrual
39,246
\u2013
\u2013
\u2013
39,246
37,212
Trade and other financial liabilities
2
46,154
638
\u2013
\u2013
46,792
46,792
Non-derivative financial liabilities
96,530
125,854
2,680
1,505
226,569
201,193
Interest rate caps
431
\u2013
\u2013
\u2013
431
410
Derivative financial assets
431
\u2013
\u2013
\u2013
431
410
Due within Due within Due between Due after At 30 April
Contractual cash flows 1 year 1 and 3 years 3 and 5 years
5 years
Total
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
Experiences 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 assets
5
\u2013
\u2013
\u2013
5
5
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 contractual undiscounted cash flows relating to financial liabilities to be disclosed in the table above. As disclosed in Note 21, the Group's borrowings are drawn under a revolving credit facility. For the purposes of the contractual cash flow disclosure, the borrowings are presented in the period in which repayment is contractually due under the terms of the facility. The contractual interest cash flows associated with these borrowings are based on forecast utilisation of the facility and estimated future SONIA and EURIBOR rates over the expected life of the borrowings. As a result, the interest amounts disclosed above represent management's estimate of future interest cash flows and may differ from the actual amounts ultimately paid. 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": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-507": { "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 2026 and 30 April 2025, these exposures were not material to the Group. The Group applies strategies to manage 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 loss on borrowings during the year of \u00a365,000 (2025: \u00a390,000 gain). 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 2026 the Group had drawn down \u00a3104,000,000 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 date
Notional amount
Start date
Maturity date
Underlying asset
Strike rate
Interest rate cap
2 June 2025
\u00a350.0m
01/05/2026
31/10/2026
SONIA
4.50%
Interest rate cap
6 November 2025
\u00a325.0m
30/11/2025
31/10/2026
SONIA
4.00%
\u00a375.0m
31/10/2026
31/10/2027
The Group has elected to adopt the hedge accounting requirements of IFRS 9 Financial Instruments. The Group enters into 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 effectiveness 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 hedged 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:
2026
2025
Derivative financial assets
\u00a3000
\u00a3000
Derivatives designated as hedging instruments
Interest rate cap \u2013 cash flow hedges
410
5
Total derivative financial assets
410
5
2026
2025
\u00a3000
\u00a3000
Current and non-current:
Current
7
5
Non-current
403
\u2013
Total derivative financial assets
410
5
Cash flow interest rate swap and cap Hedge ineffectiveness arises where movements in the hedging instrument do not fully offset movements in the underlying hedged exposure. No hedge ineffectiveness requiring recognition in finance expense arose during the year (2025: \u00a3nil). Moonpig Group's primary floating rate interest exposure as at 30 April 2026 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 2026 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 Interest rate
2026 cap 4.5% cap 4.0%
Carrying amount of derivatives (\u00a3000)
7
403
Changes in fair value of the designated hedged item (\u00a3000)
\u2013
271
Notional amount (\u00a3000)
50,000
25,000
Hedge ratio
1:1
1:1
Maturity date
31/10/2026
31/10/2027
Interest rate Interest rate Interest rate
2025 cap 3.0% cap 5.0% cap 4.5%
Carrying amount of derivatives (\u00a3000)
\u2013
\u2013
5
Changes in fair value of the designated hedged item (\u00a3000)
6
(164)
(36)
Notional amount (\u00a3000)
70,000
42,500
25,000
Hedge ratio
1:1
1:1
1:1
Maturity date
30/11/2024
28/11/2025
30/04/2026
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 2024
1,002
Cash (inflow)
(801)
Non-cash movement
(196)
As at 30 April 2025
5
Cash outflow
145
Non-cash movement
260
As at 30 April 2026
410
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% 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
2026
2026
2025
2025
\u00a3000
\u00a3000
\u00a3000
\u00a3000
10% strengthening of Sterling against the Euro
(514)
(929)
(263)
(1,223)
10% weakening of Sterling against the Euro
565
1,022
289
1,345
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 21.
2026
2025
\u00a3000
\u00a3000
1.0% increase in SONIA market interest rates (2025: 1.0%)
(652)
(519)
1.0% decrease in SONIA market interest rates (2025: 1.0%)
654
638
1.0% increase in EURIBOR market interest rates (2025: 1.0%)
(45)
(68)
1.0% decrease in EURIBOR market interest rates (2025: 1.0%)
45
68
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-536": { "value": "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% 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
2026
2026
2025
2025
\u00a3000
\u00a3000
\u00a3000
\u00a3000
10% strengthening of Sterling against the Euro
(514)
(929)
(263)
(1,223)
10% weakening of Sterling against the Euro
565
1,022
289
1,345
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 21.
2026
2025
\u00a3000
\u00a3000
1.0% increase in SONIA market interest rates (2025: 1.0%)
(652)
(519)
1.0% decrease in SONIA market interest rates (2025: 1.0%)
654
638
1.0% increase in EURIBOR market interest rates (2025: 1.0%)
(45)
(68)
1.0% decrease in EURIBOR market interest rates (2025: 1.0%)
45
68
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-508": { "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.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-509": { "value": "
25 Commitments and contingencies
The Group entered a financial commitment with a supplier of cut flowers of \u00a3290,000 (2025: \u00a3213,000) and rental commitments of
\u00a3252,000 (2025: \u00a391,000) which are due within one year.
During the year the Group entered a financial commitment in respect of future stock purchases of \u00a31,372,000 (2025: \u00a31,912,000). These
purchases are spread across three years and will be settled by November 2027.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-473": { "value": "25 Commitments and contingencies The Group entered a financial commitment with a supplier of cut flowers of \u00a3290,000 (2025: \u00a3213,000) and rental commitments of \u00a3252,000 (2025: \u00a391,000) which are due within one year. During the year the Group entered a financial commitment in respect of future stock purchases of \u00a31,372,000 (2025: \u00a31,912,000). These purchases are spread across three years and will be settled by November 2027.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-510": { "value": "
26 Related party transactions
Transactions with related parties
There were no related party transactions requiring disclosure in the year ended 30 April 2026.
Compensation of key management personnel
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 Non-Executive Directors, the Executive Directors (CEO and CFO) and other
members of the Group Leadership Team.
Re-presented
2026
2025
1
\u00a3000
\u00a3000
Short-term employee benefits
4,392
5,010
Post-employment pension and medical benefits
130
134
Share-based payment schemes
2
1,709
1,689
Total compensation relating to key management personnel
6,231
6,833
1 2025 comparatives have been re-presented to include the Non-Executive Directors and Group Leadership Team following a change in our definition of the CODM,
see Note 3 for further details.
2 The current year share-based payment expense above includes a credit of \u00a31,359,000 (2025: \u00a3nil) in relation to shares forfeited upon resignations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-474": { "value": "26 Related party transactions Transactions with related parties There were no related party transactions requiring disclosure in the year ended 30 April 2026. Compensation of key management personnel 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 Non-Executive Directors, the Executive Directors (CEO and CFO) and other members of the Group Leadership Team.
Re-presented
2026
2025
1
\u00a3000
\u00a3000
Short-term employee benefits
4,392
5,010
Post-employment pension and medical benefits
130
134
Share-based payment schemes
2
1,709
1,689
Total compensation relating to key management personnel
6,231
6,833
1 2025 comparatives have been re-presented to include the Non-Executive Directors and Group Leadership Team following a change in our definition of the CODM, see Note 3 for further details. 2 The current year share-based payment expense above includes a credit of \u00a31,359,000 (2025: \u00a3nil) in relation to shares forfeited upon resignations. 27 Related undertakings A full list of subsidiary undertakings, as defined by the Companies Act 2006 and included within the scope of consolidation under IFRS 10 as at 30 April 2026, is disclosed below. Titan Midco Limited is held directly by the Company and all other subsidiary undertakings are held indirectly. The equity shares held comprise ordinary shares or common stock. The Group\u2019s effective ownership interest in each subsidiary undertaking is 100%.
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
The Moonpig Group plc Employee Benefit Trust
4
55699
Jersey
Employee benefit trust
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
Moonpig Australia Pty Limited
3
692814074
Australia
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. 3 Registered office address is KPMG, Tower 3, Level 38, 300 Barangaroo Avenue, Sydney, NSW, 2000, Australia 4 Registered office address is International House, 41 The Parade, St Helier, JE2 3QQ, Jersey 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 2006. This Company has given a statutory guarantee to Titan Midco Limited under Section 479C of the Companies Act 2006. The Moonpig Group plc Employee Benefit Trust is a Jersey-resident trust and its standalone financial statements are unaudited as there is no statutory audit requirement for Jersey trusts.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-528": { "value": "Compensation of key management personnel 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 Non-Executive Directors, the Executive Directors (CEO and CFO) and other members of the Group Leadership Team.
Re-presented
2026
2025
1
\u00a3000
\u00a3000
Short-term employee benefits
4,392
5,010
Post-employment pension and medical benefits
130
134
Share-based payment schemes
2
1,709
1,689
Total compensation relating to key management personnel
6,231
6,833
1 2025 comparatives have been re-presented to include the Non-Executive Directors and Group Leadership Team following a change in our definition of the CODM, see Note 3 for further details. 2 The current year share-based payment expense above includes a credit of \u00a31,359,000 (2025: \u00a3nil) in relation to shares forfeited upon resignations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-511": { "value": "
27 Related undertakings
A full list of subsidiary undertakings, as defined by the Companies Act 2006 and included within the scope of consolidation under IFRS 10
as at 30 April 2026, is disclosed below. Titan Midco Limited is held directly by the Company and all other subsidiary undertakings are
held indirectly.
The equity shares held comprise ordinary shares or common stock. The Group\u2019s effective ownership interest in each subsidiary undertaking
is 100%.
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
The Moonpig Group plc Employee Benefit Trust
4
55699
Jersey
Employee benefit trust
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
Moonpig Australia Pty Limited
3
692814074
Australia
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.
3 Registered office address is KPMG, Tower 3, Level 38, 300 Barangaroo Avenue, Sydney, NSW, 2000, Australia
4 Registered office address is International House, 41 The Parade, St Helier, JE2 3QQ, Jersey
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 2006. This Company has given a statutory guarantee to Titan Midco Limited under Section
479C of the Companies Act 2006.
The Moonpig Group plc Employee Benefit Trust is a Jersey-resident trust and its standalone financial statements are unaudited as there is
no statutory audit requirement for Jersey trusts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-542": { "value": "27 Related undertakings A full list of subsidiary undertakings, as defined by the Companies Act 2006 and included within the scope of consolidation under IFRS 10 as at 30 April 2026, is disclosed below. Titan Midco Limited is held directly by the Company and all other subsidiary undertakings are held indirectly. The equity shares held comprise ordinary shares or common stock. The Group\u2019s effective ownership interest in each subsidiary undertaking is 100%.
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
The Moonpig Group plc Employee Benefit Trust
4
55699
Jersey
Employee benefit trust
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
Moonpig Australia Pty Limited
3
692814074
Australia
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. 3 Registered office address is KPMG, Tower 3, Level 38, 300 Barangaroo Avenue, Sydney, NSW, 2000, Australia 4 Registered office address is International House, 41 The Parade, St Helier, JE2 3QQ, Jersey 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 2006. This Company has given a statutory guarantee to Titan Midco Limited under Section 479C of the Companies Act 2006. The Moonpig Group plc Employee Benefit Trust is a Jersey-resident trust and its standalone financial statements are unaudited as there is no statutory audit requirement for Jersey trusts.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-537": { "value": "27 Related undertakings A full list of subsidiary undertakings, as defined by the Companies Act 2006 and included within the scope of consolidation under IFRS 10 as at 30 April 2026, is disclosed below. Titan Midco Limited is held directly by the Company and all other subsidiary undertakings are held indirectly. The equity shares held comprise ordinary shares or common stock. The Group\u2019s effective ownership interest in each subsidiary undertaking is 100%.
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
The Moonpig Group plc Employee Benefit Trust
4
55699
Jersey
Employee benefit trust
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
Moonpig Australia Pty Limited
3
692814074
Australia
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. 3 Registered office address is KPMG, Tower 3, Level 38, 300 Barangaroo Avenue, Sydney, NSW, 2000, Australia 4 Registered office address is International House, 41 The Parade, St Helier, JE2 3QQ, Jersey 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 2006. This Company has given a statutory guarantee to Titan Midco Limited under Section 479C of the Companies Act 2006. The Moonpig Group plc Employee Benefit Trust is a Jersey-resident trust and its standalone financial statements are unaudited as there is no statutory audit requirement for Jersey trusts.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-529": { "value": "27 Related undertakings A full list of subsidiary undertakings, as defined by the Companies Act 2006 and included within the scope of consolidation under IFRS 10 as at 30 April 2026, is disclosed below. Titan Midco Limited is held directly by the Company and all other subsidiary undertakings are held indirectly. The equity shares held comprise ordinary shares or common stock. The Group\u2019s effective ownership interest in each subsidiary undertaking is 100%.
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
The Moonpig Group plc Employee Benefit Trust
4
55699
Jersey
Employee benefit trust
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
Moonpig Australia Pty Limited
3
692814074
Australia
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. 3 Registered office address is KPMG, Tower 3, Level 38, 300 Barangaroo Avenue, Sydney, NSW, 2000, Australia 4 Registered office address is International House, 41 The Parade, St Helier, JE2 3QQ, Jersey 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 2006. This Company has given a statutory guarantee to Titan Midco Limited under Section 479C of the Companies Act 2006. The Moonpig Group plc Employee Benefit Trust is a Jersey-resident trust and its standalone financial statements are unaudited as there is no statutory audit requirement for Jersey trusts.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "fact-475": { "value": "
28 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 2026:
\u2022 On 1 May 2026, the Group completed the transfer of all trade, assets and liabilities of Experience More Limited to Moonpig.com
Limited, both wholly owned subsidiaries within the Group. The transaction represents an internal reorganisation undertaken to simplify
the Group structure and align the Experiences business with the Group\u2019s operating model. Following completion of the transfer,
Experience More Limited ceased trading. The net assets transferred had a carrying value of \u00a34.7m at the date of transfer. The
transaction will have no impact on the consolidated net assets of the Group, nor on the presentation of results by operating segment for
FY27.
\u2022 On 7 May 2026, the Group announced a programme to repurchase up to \u00a332.5m of ordinary shares, to run until 31 October 2026 unless
amended by the Company. This represents the first of two buyback programmes planned for FY27, to be executed in H1 and H2
respectively, totalling \u00a365.0m. The Company\u2019s policy is that share repurchases will only be undertaken where they utilise excess capital,
create shareholder value and enhance earnings per share. Between 7 May 2026 and 23 June 2026, the Group repurchased a further
3,937,599 shares of 10 pence each, representing 1.3% of the Company's issued share capital as at 30 April 2026, for total consideration
of \u00a38,527,000 including transaction costs and stamp duty. The average price paid was 215.1p per ordinary share.
\u2022 On 7 May 2026, the Group's EBT purchased 1,996,871 of the Company's ordinary shares at a total cost of \u00a34.3m. These shares were
acquired to satisfy expected obligations arising in FY27 under the Group's employee share plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800VAYO5KCAXZHK83", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } } } }