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1 Material accounting policies
a) Material accounting policies
Trifast plc (the \u2018Company\u2019) is a public company, limited by shares, incorporated in the
United Kingdom. The registered office details are on page 153.
The consolidated financial statements consolidate those of the Company and its
subsidiaries (together referred to as the \u2018Group\u2019). The Company financial statements
present information about the Company as a separate entity and not about its Group.
Statement of compliance
Both the Company financial statements and the consolidated financial statements have
been prepared and approved by the Directors in accordance with UK\u2011adopted International
Accounting Standards and in conformity with the requirements of the Companies Act 2006
applicable to companies reporting under those standards.
On publishing the Company financial statements here, together with the consolidated
financial statements, the Company is taking advantage of the exemption in S408 of the
Companies Act 2006 not to present its individual income statement and related notes that
form a part of these approved financial statements.
The material accounting policies set out below have, unless otherwise stated, been
applied consistently to all periods presented in these consolidated and Company financial
statements.
The following standards, amendments to standards and interpretations have been issued
by the IASB but not yet effective:
\u2022 Amendment to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial
Instruments (effective 1 January 2026)
\u2022 IFRS 10 Consolidated Financial Statements \u2013 Determination of \u2018de facto agent\u2019 (effective
1 January 2026)
\u2022 Annual improvements to IFRS Accounting Standards \u2013 Volume 11 (effective 1 January 2026)
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements (effective 1 January 2027)
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective 1 January 2027)
\u2022 IAS 21 The Effects of Changes in Foreign Exchange Rates (effective 1 January 2027)
\u2022 IFRS 20 Regulatory Assets and Regulatory Liabilities (effective 1 January 2029)
The Group has not decided to adopt these early and is currently assessing the impact
of these accounting standards, amendments to the standards and interpretations.
b) Basis of preparation
The financial statements are prepared in Sterling (which is also the functional currency of
the Parent Company), rounded to the nearest thousand. They are prepared on the historical
cost basis with the exception of certain items which are measured at fair value as disclosed
in the accounting policies below.
The preparation of the financial statements requires management to make judgements,
estimates and assumptions that affect the application of policies and reported amounts of
assets and liabilities, income and expenses. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised if the
revision affects only that period or in the period of the revision and future periods if the
revision affects current and future periods.
Judgements made by management in the application of UK\u2011adopted International
Accounting Standards that have a significant effect on the financial statements, and
estimates with a significant risk of material adjustment in the next financial year, if any,
are discussed in note 29.
Going concern
A review of the business activity and future prospects of the Group is covered in the
accompanying strategic report. The financial position of the Group, its cash flows, liquidity
position and borrowing facilities are specifically described in the financial review on pages
15 to 19. Detailed information regarding the Group\u2019s current facility levels, liquidity, credit,
interest and foreign exchange risk is provided in note 26.
Current trading and forecasts show that the Group will continue to generate positive EBITDA
and generate cash. The banking facilities and covenants (leverage and interest cover) that
are in place provide appropriate headroom against forecasts based on the current outlook.
There are some headwinds in the global economic environment including the impact of the
tariffs and the elevated interest rate environment; however, should there be adverse factors
beyond expectation, the Directors are confident, given the low levels of leverage within the
business and the expectation that this will reduce further, that these would be mitigated.
As such, the Directors do not consider there to be material uncertainties relating to
events or conditions that may be relevant to the next 12 months from signing of the
annual financial statements, which cast doubt on the going concern status. This is also
the case after performing sensitivity analysis, reverse stress testing scenarios to break
point for the covenants and understanding what this would equate to either increasing
net debt or reducing EBITDA, the key inputs of which have been disclosed on pages 44
and 45. Thus, based on the stress testing performed (excluding the impact of potential
mitigating actions), a breach of the Group\u2019s covenants is considered unlikely. The Group
has substantial headroom against its banking covenants and is not considered sensitive
to reasonably foreseeable changes in trading performance or financing costs. Based on
this analysis, the Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable future and therefore
continue to adopt the going concern basis of accounting in preparing the annual financial
statements.
Climate change
Management has assessed the potential impact of CBAM on future cash flows. Based on
historical experience with similar regulatory changes, including the successful pass\u2011through
of US tariff increases, the Group expects to recover CBAM\u2011related costs through pricing
adjustments. Accordingly, CBAM does not represent a net incremental cash outflow
and has not been separately reflected in forecast cash flows, which already incorporate
market\u2011based pricing assumptions. In respect of decarbonisation capital expenditure, only
committed and necessary expenditure is included within the Group\u2019s forecasts. Planned
decarbonisation initiatives are discretionary in nature, with timing and scope subject to
ongoing review, and are therefore not considered unavoidable costs required to maintain
current asset performance under IAS 36. Consequently, such expenditure has not been
included in base case cash flow projections used for impairment testing. Sensitivity analysis
has been performed considering scenarios where cost recovery is partially constrained and
where additional capital expenditure is required. These scenarios do not result in a material
impact on impairment conclusions or going concern assessments.
c) Basis of consolidation
i) Subsidiaries
Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed,
or has rights, to variable returns from its involvement with the investee and has the ability
to affect those returns through its power over the investee. The financial statements of
subsidiaries are included in the consolidated financial statements of the Group from the
date that control commences until the date that control ceases.
Non\u2011controlling interests (NCI) are measured at their proportionate share of the investee\u2019s
identifiable net assets at the date of acquisition.
ii) Transactions eliminated on consolidation
Intra\u2011Group balances, and any unrealised gains and losses or income and expenses arising
from intra\u2011Group transactions, are eliminated in preparing the consolidated financial
statements.
d) Foreign currency
i) Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies at
the end of the reporting date are translated to functional currencies at the foreign exchange
rate ruling at that date. Foreign exchange differences arising on translation are recognised
in the consolidated income statement. Non\u2011monetary assets and liabilities that are
measured in terms of historical cost in a foreign currency are translated using the exchange
rate at the date of the transaction.
ii) Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value
adjustments arising on consolidation, are translated to Sterling at foreign exchange rates
ruling at the end of the reporting date. The revenues and expenses of foreign operations
are translated to Sterling at average rates of exchange for the period, where this rate
approximates to the foreign exchange rates ruling at the dates of the transactions.
Foreign exchange differences arising on retranslation are recognised in a separate
component of equity, the translation reserve, through other comprehensive income.
They are released into the income statement as part of the gain or loss on disposal.
e) Hedge of net investment in foreign operations
The portion of the gain or loss on an instrument used to hedge a net investment in a foreign
operation that is determined to be an effective hedge is recognised in OCI and presented
in the translation reserve within equity. The ineffective portion is recognised immediately
in the income statement. The effective portion is recycled and recognised in the income
statement upon disposal of the operation.
f) Property, plant and equipment
i) Owned assets
Property, plant and equipment are stated at cost or deemed cost less accumulated
depreciation (see below) and impairment losses (see accounting policy (j)).
ii) Depreciation
Depreciation is charged to the income statement on a straight\u2011line basis over the
estimated useful lives of each part of an item of property, plant and equipment. Land is not
depreciated. The depreciation rates are as follows:
Freehold and long leasehold buildings \u2014\u2002 2% per annum on a straight\u2011line basis or the
period of the lease
Short leasehold properties \u2014\u2002period of the lease
Leasehold improvements \u2014\u2002period of the lease
Motor vehicles \u2014\u200220\u201325% per annum on a straight\u2011line basis
Plant and machinery \u2014\u200210\u201320% per annum on a straight\u2011line basis
Fixtures, fittings and office equipment \u2014\u2002 10\u201325% per annum on a straight\u2011line basis
When parts of an item of property, plant and equipment have different useful lives, those
components are accounted for as separate items of property, plant and equipment. Where
relevant, residual values are reassessed annually.
iii) Right\u2011of\u2011use leases The Group\u2019s leases primarily comprise right\u2011of\u2011use assets regarding land and buildings, motor vehicles and equipment which it uses for its daily operations. Short\u2011term leases (<12 months) and leases for which the underlying asset is of a low value (<\u00a34,000) are excluded. The Group recognises a right\u2011of\u2011use asset and a lease liability at the lease commencement date. The right\u2011of\u2011use asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses. The right\u2011of\u2011use asset is subsequently depreciated using the straight\u2011line method from the lease commencement date to the end of the lease term. In addition, the right\u2011of\u2011use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments (excluding non\u2011lease components) that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate. The lease liabilities are subsequently increased by the interest cost on the lease liability and decreased by lease payments made. The liability will be remeasured if there is a change in the future lease payments or if there are changes in the estimated length of the lease. The lease period is established as the non\u2011cancellable period together with the opportunity to extend the lease if the lessee is reasonably certain to utilise that option, and periods covered by an opportunity to terminate the lease if the lessee is reasonably certain not to utilise that option. When the Group renegotiates the contractual terms of a lease with the lessor, the accounting depends on the nature of the modification: If the renegotiation results in one or more additional assets being leased for an amount commensurate with the standalone price for the additional rights\u2011of\u2011use obtained, the modification is accounted for as a separate lease in accordance with the above policy. In all other cases where the renegotiation increases the scope of the lease (whether that is an extension to the lease term, or one or more additional assets being leased), the lease liability is remeasured using the discount rate applicable on the modification date, with the right\u2011of\u2011use asset being adjusted by the same amount. If the renegotiation results in a decrease in the scope of the lease, both the carrying amount of the lease liability and right\u2011of\u2011use asset are reduced by the same proportion to reflect the partial or full termination of the lease, with any difference recognised in profit or loss. The lease liability is then further adjusted to ensure its carrying amount reflects the amount of the renegotiated payments over the renegotiated term, with the modified lease payments discounted at the rate applicable on the modification date. The right\u2011of\u2011use asset is adjusted by the same amount. The Group sometimes negotiates break clauses in its property leases. On a case\u2011by\u2011case basis, the Group will consider whether the absence of a break clause would expose the Group to excessive risk. Typically, factors considered in deciding to negotiate a break clause include: \u2022 The length of the lease term \u2022 The economic stability of the environment in which the property is located \u2022 Whether the location represents a new area of operations for the Group iv) Subsequent costs The Group recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred, if it is probable that the future economic benefits embodied within the item will flow to the Group and the cost of the item can be measured reliably. All other costs are recognised in the income statement as an expense as incurred. g) Intangible assets i) On business combinations All business combinations are accounted for by applying the acquisition method. In respect of business combinations that have occurred since 1 April 2004, goodwill represents the difference between the fair value of the consideration transferred and the fair value of the net identifiable assets acquired. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. For non\u2011equity amounts, any subsequent changes to the fair value are recognised in the profit and loss. Positive goodwill arising on acquisitions is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units and is not amortised but is tested annually for impairment (see accounting policy (j)). ii) Other intangible assets The expenditure capitalised as software is directly attributable to the design, configuration and build of systems controlled by the Group and includes the cost of materials and external consultants, together with an appropriate allocation of directly attributable overheads. In assessing whether configuration and customisation costs incurred in cloud computing or Software\u2011as\u2011a\u2011Service (SaaS) arrangements are eligible for capitalisation, the Group assesses whether it controls a separately identifiable software asset. Costs are capitalised only where the Group controls the underlying asset and it is probable that future economic benefits attributable to the asset will flow to the Group. Where the Group does not control the underlying software application, such costs are recognised in the income statement as the related services are received. Other development expenditure is recognised in the income statement as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and accumulated impairment losses. Intangible assets other than goodwill that are acquired by the Group are stated at cost less accumulated amortisation and impairment losses (see accounting policy (j)). Expenditure on internally generated goodwill and brands is recognised in the income statement as an expense as incurred.
iii) Subsequent expenditure
Subsequent expenditure on capitalised intangible assets is capitalised only when it
increases the future economic benefits embodied in the specific asset to which it relates.
All other expenditure is expensed as incurred.
iv) Amortisation
Amortisation is charged to the consolidated income statement in administrative expenses
on a straight\u2011line basis over the estimated useful lives of intangible assets, unless such
lives are indefinite. Goodwill and intangible assets with an indefinite useful life are tested
systematically for impairment at each annual end of reporting date. The amortisation rates
of other intangible assets per annum are as follows:
Customer relationships \u2014\u20026.7% to 12.5%
Technology \u2014\u20026.7% to 10%
Marketing \u2013 related \u2014\u20028.3% to 20%
Other \u2014\u200220% to 33%
h) Non\u2011derivative financial instruments
i) Investments in subsidiaries and associates
Investments in subsidiaries and associates are held in the Company statement of financial
position at historic cost net of any impairment (see accounting policy (j)).
ii) Trade and other receivables
Trade and other receivables are recognised initially at the transaction price when they
originated and subsequently at amortised cost less impairment losses (see accounting
policy (j)). Interest income, foreign exchange gains and losses and impairment are
recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.
iii) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with an original
maturity of three months or less. Bank overdrafts that are repayable on demand and form
an integral part of the Group\u2019s cash management are included as a component of cash and
cash equivalents only for the purpose of the statements of cash flows.
iv) Interest\u2011bearing borrowings
Interest\u2011bearing borrowings are recognised initially at fair value net of any transaction
costs. Subsequent to initial recognition, interest\u2011bearing borrowings are stated at amortised
cost using the effective interest method. Interest expense and foreign exchange gains and
losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised
in profit or loss.
v) Trade and other payables
Trade and other payables are recognised initially at fair value. Subsequently, they are
measured at amortised cost using the effective interest method. Interest expense and
foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on
derecognition is also recognised in profit or loss.
i) Inventories
Inventories are stated at the lower of cost and net realisable value with provision being
made for obsolete and slow\u2011moving items. This policy is applied consistently across the
Group; however, the estimation techniques used by the subsidiaries vary depending on the
underlying data available. In determining the cost of raw materials, consumables and goods
purchased for resale, a first\u2011in first\u2011out purchase price is used and includes expenditure
incurred in acquiring the inventories and bringing them to their existing location and
condition. For a small number of locations, weighted average purchase price is used where
this is suitable for the business, the nature of the inventory and is calculated on a consistent
basis year on year. For work in progress and finished goods manufactured by the Group,
cost is taken as production cost, which includes an appropriate proportion of attributable
overheads based on normal operating capacity. See note 29 for the Group\u2019s inventory
provisioning policy.
j) Impairment
The carrying amounts of the Group\u2019s assets, other than inventories (see accounting policy
(i)) and deferred tax assets (see accounting policy (p)), are reviewed at each end of
reporting date to determine whether there is any indication of impairment.
Financial assets measured at amortised cost and contract assets (as defined in IFRS 15) are
considered to be credit impaired if evidence indicates that one or more events has had a
negative effect on the estimated future cash flows of that asset.
When determining whether evidence indicates there is a negative effect on estimated
future cash flows, the Company considers reasonable and supportable information that
is relevant and available without undue cost or effort. This includes both quantitative and
qualitative information and analysis, based on the Company\u2019s historical experience and
informed credit assessment and including forward\u2011looking information.
Loss allowances for expected credit losses (ECLs) are recognised when they are expected
to arise as the present value of all cash shortfalls (i.e. the difference between the cash flows
due to the entity in accordance with the contract and the cash flows that the Company
expects to receive). ECLs are discounted at the effective interest rate of the financial asset
where appropriate. The Company measures loss allowances at an amount equal to lifetime
ECL, except for other debt securities and bank balances for which credit risk (i.e. the risk
of default occurring over the expected life of the financial instrument) has not increased
significantly since initial recognition, which are measured as 12\u2011month ECL.
The Group uses a simplified approach and practical expedients such as ageing buckets
and uses historical loss rates adjusted for current and forward\u2011looking information.
Lifetime ECLs are the ECLs that result from all possible default events over the expected
life of a financial instrument. 12\u2011month ECLs are the portion of ECLs that result from default
events that are possible within the 12 months after the reporting date (or a shorter period if
the expected life of the instrument is less than 12 months).
The gross carrying amount of a financial asset is written off (either partially or in full) to the
extent that there is no realistic prospect of recovery.
For goodwill and other intangible assets that have an indefinite useful life, the recoverable
amount is estimated at each annual end of reporting date.
An impairment loss is recognised whenever the carrying amount of an asset or its cash
generating unit exceeds its recoverable amount. Impairment losses are recognised in the
consolidated income statement unless the asset is recorded at a revalued amount, in which
case it is treated as a revaluation decrease.
Impairment losses recognised in respect of cash generating units are allocated first to
reduce the carrying amount of any goodwill allocated to cash generating units and then
to reduce the carrying amount of the other assets in the unit on a pro\u2011rata basis. A cash
generating unit is the smallest identifiable group of assets that generates cash inflows that
are largely independent of the cash inflows from other assets or groups of assets.
i) Calculation of recoverable amount
The recoverable amount is the greater of net selling price and value in use. In assessing
value in use, the estimated future cash flows are discounted to their present value using a
pre\u2011tax discount rate that reflects current market assessments of the time value of money
and the risks specific to the asset. For an asset that does not generate largely independent
cash inflows, the recoverable amount is determined for the cash generating unit to which
the asset belongs.
ii) Reversals of impairment
An impairment loss in respect of goodwill is not reversed. An impairment loss on any other
asset is assessed at each reporting date and is reversed only to the extent that the asset\u2019s
carrying amount does not exceed the carrying amount that would have been determined,
net of depreciation or amortisation, if no impairment loss had been recognised.
k) Dividends
Dividends to the Company\u2019s shareholders are recognised as a liability and deducted from
shareholders\u2019 equity in the period in which the shareholders\u2019 right to receive payment is
established.
l) Employee benefits
i) Defined contribution plans
The Group operates defined contribution pension schemes, which include stakeholder
pension plans. The assets of these schemes are held separately from those of the Group
in independently administered funds. The amount charged against profits represents the
contributions payable to the schemes in respect of the accounting period. The Group pays
fixed contributions and will have no legal or constructive obligation to pay further amounts.
ii) Share\u2011based payment transactions
The grant date fair value of equity settled share\u2011based payment arrangements granted to
employees is generally recognised as an expense, with a corresponding increase in equity,
over the vesting period of the awards.
The amount recognised as an expense is adjusted to reflect the number of awards for
which the related service and non\u2011market performance conditions are expected to be
met, such that the amount ultimately recognised is based on the number of awards that
meet the related service and non\u2011market performance conditions at the vesting date.
For share\u2011based payment awards with non\u2011vesting conditions and market performance
conditions, the grant date fair value of the share\u2011based payment is measured to reflect such
conditions and there is no true\u2011up for differences between expected and actual outcomes.
The fair value of the amount payable to employees in respect of cash settled awards
is recognised as an expense with a corresponding increase in liabilities over the period
during which the employees become unconditionally entitled to payment. The liability is
remeasured at each reporting date and at settlement date based on the fair value of the
award. Any changes in the liability are recognised in profit or loss.
Where the Company grants awards over its own shares to the employees of its subsidiaries,
it recognises, in its individual financial statements, an amount owed by subsidiary
undertakings if the cost will be recharged. If the cost is not recharged, it is recognised as
an increase in the cost of investment in its subsidiaries. In both cases, the corresponding
balance is recognised in equity or liabilities depending on the method of settlement. The
amount recognised is equivalent to the share\u2011based payment charge recognised in its
consolidated financial statements.
iii) Termination benefits
Termination benefits are recognised as an expense when the Group is demonstrably
committed, without realistic possibility of withdrawal, to a formal plan to terminate
employment before the normal retirement date.
m) Provisions
A provision is recognised in the statement of financial position when the Group has a
present legal or constructive obligation as a result of a past event, and it is probable that
an outflow of economic benefits will be required to settle the obligation. If the effect is
material, provisions are determined by discounting the expected future cash flows at a
pre\u2011tax rate that reflects current market assessments of the time value of money and,
when appropriate, the risks specific to the liability.
n) Revenue
Revenue from the sale of goods rendered is recognised net of VAT in the consolidated
income statement when the performance obligation is satisfied and the customer obtains
control which is based on customer agreements. In accordance with normal practice,
there is a single performance obligation, which is on dispatch of goods or at the point of
customer acceptance where appropriate, in accordance with the incoterms agreed with the
customers. The transaction price is determined by the invoice amount with adjustments
made for variable consideration (i.e. rebates) where applicable.
Payment terms across the Group vary depending on the geographic location of each
operating company. Payment is typically due between 30 and 90 days after the invoice
is issued.
Variable consideration relating to volume rebates has been constrained in estimating
revenue in order that it is highly probable that there will not be a future reversal in the
amount of revenue recognised when the amount of volume rebates has been determined.
o) Expenses
i) Repayment of right\u2011of\u2011use liabilities
Minimum lease payments are apportioned between the finance charge and the reduction
of the outstanding liability. The finance charge is allocated to each period during the lease
term so as to produce a constant periodic rate of interest on the remaining balance of
the liability.
ii) Net financing costs
Net financing costs comprise interest payable on borrowings and right\u2011of\u2011use liabilities
calculated using the effective interest rate method and interest receivable on funds
invested.
Interest income is recognised in the consolidated income statement as it accrues, using the
effective interest method. Net finance costs also include the amortisation of arrangement
fees and related costs.
p) Taxation
Tax on the profit or loss for the period presented comprises current and deferred tax.
Tax is recognised in the consolidated income statement except to the extent that it relates
to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates
enacted or substantively enacted at the end of the reporting date, and any adjustment to
tax payable in respect of previous years.
Deferred tax is provided using the balance sheet liability method, providing for temporary
differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. The following temporary differences
are not provided for: the initial recognition of goodwill not deductible for tax purposes, the
initial recognition of assets or liabilities that affect neither accounting nor taxable profit
(applicable for all transactions other than business combinations), and differences relating
to investments in subsidiaries to the extent that they will probably not reverse in the
foreseeable future. The amount of deferred tax provided is based on the expected manner
of realisation or settlement of the carrying amount of assets and liabilities, using tax rates
enacted or substantively enacted at the end of the reporting date.
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 assets are
reduced to the extent that it is no longer probable that the related tax benefit will be
realised.
Deferred tax assets and liabilities are offset when the Group has a legally enforceable right
to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to
taxes levied by the same tax authority on either:
\u2022 The same taxable Group company
\u2022 Different Group entities which intend either to settle current tax assets and liabilities on
a net basis, or to realise the assets and settle the liabilities simultaneously, in each future
period in which significant amounts of deferred tax assets or liabilities are expected to
be settled or recovered
Additional income taxes that arise from the distribution of dividends are recognised at the
same time as the liability to pay the related dividend. Information as to the calculation of
income tax on the profit or loss for the period presented is included in note 9.
q) Operating segment reporting
A segment is a distinguishable component of the Group that engages in business activities
from which it may earn revenues and incur expenditure (including revenues and expenses
relating to transactions with other components of the same entity), whose operating results
are regularly reviewed by the Group\u2019s Chief Operating Decision Maker (the Executive
Leadership Team) in order to make decisions about allocating resources and to assess
its performance, and for which discrete financial information is available.
The Group operates in a number of geographical economic environments. The Company
only operates in one business segment, being the manufacture and logistical supply of
industrial fasteners and Category \u2018C\u2019 components.
r) Earnings per share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise share options and deferred equity awards granted to employees. s) Underlying measure of profits and losses The Group believes that underlying operating profit and underlying profit before tax provide additional guidance to statutory measures to help understand the underlying performance of the business during the financial period. The term \u2018underlying\u2019 is not defined under Adopted IFRS. It is a measure that is used by management to assess the underlying performance of the business internally and is not intended to be a substitute measure for adopted IFRS GAAP measures. The Group defines these underlying measures as follows: \u2022 Underlying profit before tax is profit before taxation and separately disclosed items (see note 2) \u2022 Underlying profit after tax is profit after taxation but before separately disclosed items (see note 2) and is used in the calculation of underlying earnings per share \u2022 Underlying operating and segment results (see note 3) are operating and segment profit before separately disclosed items It should be noted that the definitions of underlying items being used in these financial statements are those used by the Group and may not be comparable with the term \u2018underlying\u2019 as defined by other companies within the same sector or elsewhere. Separately disclosed items are included within the income statement caption to which they relate. t) Separately disclosed items (see note 2) The Board exercises judgement in determining the classification of certain items as \u2018separately disclosed items\u2019 using quantitative and qualitative factors. In determining whether an item should be presented as a separately disclosed item, the Group considers items which are significant either because of their size or their nature, and which may be non\u2011recurring. For an item to be considered as a separately disclosed item, it must initially meet at least one of the following criteria: \u2022 Its size is significant in the context of the element of the results or balance it relates to \u2022 The nature of the item is outside the normal or core business activities \u2022 It may span accounting periods but is not expected to recur routinely in future periods If an item meets at least one of the criteria, the Board then exercises judgement as to whether the item should be classified as a separately disclosed item. In exercising this judgement, the Board also takes into account consistency with any disclosures in prior periods.
Separate presentation of \u2018separately disclosed items\u2019 is intended to enhance full
understanding of the financial performance of the Group in the particular year under review
and the extent to which results are influenced by material unusual and/or non\u2011recurring
items. The Directors review segmental results under an underlying basis before these
\u2018separately disclosed items\u2019 to analyse the performance of operating segments.
u) Own shares acquired by Employee Benefit Trust
The Employee Benefit Trust (EBT) provides for the issue of shares to Group employees
under share\u2011based payment arrangements. The Company is the sole funder of the EBT,
and all shares and assets held by the EBT are held under a trust arrangement for the
benefit of Group employees and the Company, and the Company therefore accounts
for the EBT as an extension to the Company in the financial statements.
Repurchased shares (classified as own shares acquired) are recognised at the amount
of consideration paid, which includes directly attributable costs, as a deduction from
equity. They are presented separately in equity as own shares held. When the shares are
subsequently sold or used to settle future equity award commitments, the amount received
is recognised as an increase in equity.
v) Other operating income
Other operating income comprises rental income, manufacturing investment tax credits
and research and development (R&D) income arising in the normal course of business.
Rental income is recognised on a straight\u2011line basis over the lease term. Manufacturing
investment tax credits and R&D income are recognised where there is reasonable assurance
that the income will be received and all related conditions will be complied with, and are
recognised on a systematic basis over the periods in which the related costs are recognised.
w) Prior year restatement for implementation costs of cloud computing
SaaS arrangements
During the year, the Group identified an error in the accounting treatment applied to
certain costs incurred in implementing cloud computing Software\u2011as\u2011a\u2011Service (SaaS)
arrangements following consideration of the April 2021 International Financial Reporting
Interpretations Committee (IFRIC) agenda decision relating to configuration and
customisation costs in a cloud computing arrangement. The costs previously capitalised
primarily related to the implementation of the Group\u2019s cloud\u2011based Enterprise Resource
Planning (ERP) system (Microsoft Dynamics 365) under \u2018Project Atlas\u2019.
Under IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, the Group
has corrected the prior period error retrospectively. Configuration and customisation costs
incurred in SaaS arrangements are expensed where they do not give rise to an identifiable
intangible asset controlled by the Group. See note 36 for the impact of the restatement.
The restatement represents a non\u2011cash adjustment. The Group consolidated prior year
comparatives have been restated to derecognise previously capitalised SaaS\u2011related costs
amounting to \u00a35.4m in the year ended 31 March 2024. The impact of the restatement
reduced Group and Company retained earnings at 1 April 2024 by \u00a35.4m and reduced
Group and Company assets on the prior year statement of financial position by \u00a35.4m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-395": { "value": "Trifast plc (the \u2018Company\u2019) is a public company, limited by shares, incorporated in the United Kingdom. The registered office details are on page 153. The consolidated financial statements consolidate those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019). The Company financial statements present information about the Company as a separate entity and not about its Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-396": { "value": "Statement of compliance Both the Company financial statements and the consolidated financial statements have been prepared and approved by the Directors in accordance with UK\u2011adopted International Accounting Standards and in conformity with the requirements of the Companies Act 2006 applicable to companies reporting under those standards. On publishing the Company financial statements here, together with the consolidated financial statements, the Company is taking advantage of the exemption in S408 of the Companies Act 2006 not to present its individual income statement and related notes that form a part of these approved financial statements. The material accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these consolidated and Company financial statements. The following standards, amendments to standards and interpretations have been issued by the IASB but not yet effective: \u2022 Amendment to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments (effective 1 January 2026) \u2022 IFRS 10 Consolidated Financial Statements \u2013 Determination of \u2018de facto agent\u2019 (effective 1 January 2026) \u2022 Annual improvements to IFRS Accounting Standards \u2013 Volume 11 (effective 1 January 2026) \u2022 IFRS 18 Presentation and Disclosure in Financial Statements (effective 1 January 2027) \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective 1 January 2027) \u2022 IAS 21 The Effects of Changes in Foreign Exchange Rates (effective 1 January 2027) \u2022 IFRS 20 Regulatory Assets and Regulatory Liabilities (effective 1 January 2029) The Group has not decided to adopt these early and is currently assessing the impact of these accounting standards, amendments to the standards and interpretations. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-397": { "value": "b) Basis of preparation The financial statements are prepared in Sterling (which is also the functional currency of the Parent Company), rounded to the nearest thousand. They are prepared on the historical cost basis with the exception of certain items which are measured at fair value as disclosed in the accounting policies below. The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects current and future periods. Judgements made by management in the application of UK\u2011adopted International Accounting Standards that have a significant effect on the financial statements, and estimates with a significant risk of material adjustment in the next financial year, if any, are discussed in note 29. Going concern A review of the business activity and future prospects of the Group is covered in the accompanying strategic report. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are specifically described in the financial review on pages 15 to 19. Detailed information regarding the Group\u2019s current facility levels, liquidity, credit, interest and foreign exchange risk is provided in note 26. Current trading and forecasts show that the Group will continue to generate positive EBITDA and generate cash. The banking facilities and covenants (leverage and interest cover) that are in place provide appropriate headroom against forecasts based on the current outlook. There are some headwinds in the global economic environment including the impact of the tariffs and the elevated interest rate environment; however, should there be adverse factors beyond expectation, the Directors are confident, given the low levels of leverage within the business and the expectation that this will reduce further, that these would be mitigated. As such, the Directors do not consider there to be material uncertainties relating to events or conditions that may be relevant to the next 12 months from signing of the annual financial statements, which cast doubt on the going concern status. This is also the case after performing sensitivity analysis, reverse stress testing scenarios to break point for the covenants and understanding what this would equate to either increasing net debt or reducing EBITDA, the key inputs of which have been disclosed on pages 44 and 45. Thus, based on the stress testing performed (excluding the impact of potential mitigating actions), a breach of the Group\u2019s covenants is considered unlikely. The Group has substantial headroom against its banking covenants and is not considered sensitive to reasonably foreseeable changes in trading performance or financing costs. Based on this analysis, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements. Climate change Management has assessed the potential impact of CBAM on future cash flows. Based on historical experience with similar regulatory changes, including the successful pass\u2011through of US tariff increases, the Group expects to recover CBAM\u2011related costs through pricing adjustments. Accordingly, CBAM does not represent a net incremental cash outflow and has not been separately reflected in forecast cash flows, which already incorporate market\u2011based pricing assumptions. In respect of decarbonisation capital expenditure, only committed and necessary expenditure is included within the Group\u2019s forecasts. Planned decarbonisation initiatives are discretionary in nature, with timing and scope subject to ongoing review, and are therefore not considered unavoidable costs required to maintain current asset performance under IAS 36. Consequently, such expenditure has not been included in base case cash flow projections used for impairment testing. Sensitivity analysis has been performed considering scenarios where cost recovery is partially constrained and where additional capital expenditure is required. These scenarios do not result in a material impact on impairment conclusions or going concern assessments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-443": { "value": "The financial statements are prepared in Sterling (which is also the functional currency of the Parent Company), rounded to the nearest thousand.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-444": { "value": "Going concern A review of the business activity and future prospects of the Group is covered in the accompanying strategic report. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are specifically described in the financial review on pages 15 to 19. Detailed information regarding the Group\u2019s current facility levels, liquidity, credit, interest and foreign exchange risk is provided in note 26. Current trading and forecasts show that the Group will continue to generate positive EBITDA and generate cash. The banking facilities and covenants (leverage and interest cover) that are in place provide appropriate headroom against forecasts based on the current outlook. There are some headwinds in the global economic environment including the impact of the tariffs and the elevated interest rate environment; however, should there be adverse factors beyond expectation, the Directors are confident, given the low levels of leverage within the business and the expectation that this will reduce further, that these would be mitigated. As such, the Directors do not consider there to be material uncertainties relating to events or conditions that may be relevant to the next 12 months from signing of the annual financial statements, which cast doubt on the going concern status. This is also the case after performing sensitivity analysis, reverse stress testing scenarios to break point for the covenants and understanding what this would equate to either increasing net debt or reducing EBITDA, the key inputs of which have been disclosed on pages 44 and 45. Thus, based on the stress testing performed (excluding the impact of potential mitigating actions), a breach of the Group\u2019s covenants is considered unlikely. The Group has substantial headroom against its banking covenants and is not considered sensitive to reasonably foreseeable changes in trading performance or financing costs. Based on this analysis, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-398": { "value": "c) Basis of consolidation i) Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the consolidated financial statements of the Group from the date that control commences until the date that control ceases. Non\u2011controlling interests (NCI) are measured at their proportionate share of the investee\u2019s identifiable net assets at the date of acquisition. ii) Transactions eliminated on consolidation Intra\u2011Group balances, and any unrealised gains and losses or income and expenses arising from intra\u2011Group transactions, are eliminated in preparing the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-446": { "value": "i) Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the consolidated financial statements of the Group from the date that control commences until the date that control ceases. Non\u2011controlling interests (NCI) are measured at their proportionate share of the investee\u2019s identifiable net assets at the date of acquisition. i) Investments in subsidiaries and associates Investments in subsidiaries and associates are held in the Company statement of financial position at historic cost net of any impairment (see accounting policy (j)). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-399": { "value": "d) Foreign currency i) Foreign currency transactions Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the end of the reporting date are translated to functional currencies at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the consolidated income statement. Non\u2011monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. ii) Financial statements of foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to Sterling at foreign exchange rates ruling at the end of the reporting date. The revenues and expenses of foreign operations are translated to Sterling at average rates of exchange for the period, where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Foreign exchange differences arising on retranslation are recognised in a separate component of equity, the translation reserve, through other comprehensive income. They are released into the income statement as part of the gain or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-400": { "value": "e) Hedge of net investment in foreign operations The portion of the gain or loss on an instrument used to hedge a net investment in a foreign operation that is determined to be an effective hedge is recognised in OCI and presented in the translation reserve within equity. The ineffective portion is recognised immediately in the income statement. The effective portion is recycled and recognised in the income statement upon disposal of the operation. ", "dimensions": { "concept": "trifastplc:DescriptionOfAccountingPolicyForHedgeOfNetInvestmentInForeignOperations", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-401": { "value": "f) Property, plant and equipment i) Owned assets Property, plant and equipment are stated at cost or deemed cost less accumulated depreciation (see below) and impairment losses (see accounting policy (j)). ii) Depreciation Depreciation is charged to the income statement on a straight\u2011line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. The depreciation rates are as follows: Freehold and long leasehold buildings \u2014\u2002 2% per annum on a straight\u2011line basis or the period of the lease Short leasehold properties \u2014\u2002period of the lease Leasehold improvements \u2014\u2002period of the lease Motor vehicles \u2014\u200220\u201325% per annum on a straight\u2011line basis Plant and machinery \u2014\u200210\u201320% per annum on a straight\u2011line basis Fixtures, fittings and office equipment \u2014\u2002 10\u201325% per annum on a straight\u2011line basis When parts of an item of property, plant and equipment have different useful lives, those components are accounted for as separate items of property, plant and equipment. Where relevant, residual values are reassessed annually.
iii) Right\u2011of\u2011use leases
The Group\u2019s leases primarily comprise right\u2011of\u2011use assets regarding land and buildings,
motor vehicles and equipment which it uses for its daily operations. Short\u2011term leases (<12
months) and leases for which the underlying asset is of a low value (<\u00a34,000) are excluded.
The Group recognises a right\u2011of\u2011use asset and a lease liability at the lease commencement
date. The right\u2011of\u2011use asset is initially measured at cost, and subsequently at cost less any
accumulated depreciation and impairment losses. The right\u2011of\u2011use asset is subsequently
depreciated using the straight\u2011line method from the lease commencement date to the end
of the lease term. In addition, the right\u2011of\u2011use asset is periodically reduced by impairment
losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments (excluding
non\u2011lease components) that are not paid at the commencement date, discounted using the
interest rate implicit in the lease or, if that rate cannot be readily determined, the lessee\u2019s
incremental borrowing rate. Generally, the Group uses its incremental borrowing rate.
The lease liabilities are subsequently increased by the interest cost on the lease liability and
decreased by lease payments made. The liability will be remeasured if there is a change in
the future lease payments or if there are changes in the estimated length of the lease.
The lease period is established as the non\u2011cancellable period together with the opportunity
to extend the lease if the lessee is reasonably certain to utilise that option, and periods
covered by an opportunity to terminate the lease if the lessee is reasonably certain not to
utilise that option.
When the Group renegotiates the contractual terms of a lease with the lessor, the
accounting depends on the nature of the modification:
If the renegotiation results in one or more additional assets being leased for an amount
commensurate with the standalone price for the additional rights\u2011of\u2011use obtained, the
modification is accounted for as a separate lease in accordance with the above policy.
In all other cases where the renegotiation increases the scope of the lease (whether that
is an extension to the lease term, or one or more additional assets being leased), the lease
liability is remeasured using the discount rate applicable on the modification date, with the
right\u2011of\u2011use asset being adjusted by the same amount.
If the renegotiation results in a decrease in the scope of the lease, both the carrying
amount of the lease liability and right\u2011of\u2011use asset are reduced by the same proportion to
reflect the partial or full termination of the lease, with any difference recognised in profit
or loss. The lease liability is then further adjusted to ensure its carrying amount reflects the
amount of the renegotiated payments over the renegotiated term, with the modified lease
payments discounted at the rate applicable on the modification date. The right\u2011of\u2011use asset
is adjusted by the same amount.
The Group sometimes negotiates break clauses in its property leases. On a case\u2011by\u2011case
basis, the Group will consider whether the absence of a break clause would expose the
Group to excessive risk.
Typically, factors considered in deciding to negotiate a break clause include:
\u2022 The length of the lease term
\u2022 The economic stability of the environment in which the property is located
\u2022 Whether the location represents a new area of operations for the Group
iv) Subsequent costs
The Group recognises in the carrying amount of an item of property, plant and equipment
the cost of replacing part of such an item when that cost is incurred, if it is probable that
the future economic benefits embodied within the item will flow to the Group and the
cost of the item can be measured reliably. All other costs are recognised in the income
statement as an expense as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-445": { "value": "ii) Depreciation Depreciation is charged to the income statement on a straight\u2011line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. The depreciation rates are as follows: Freehold and long leasehold buildings \u2014\u2002 2% per annum on a straight\u2011line basis or the period of the lease Short leasehold properties \u2014\u2002period of the lease Leasehold improvements \u2014\u2002period of the lease Motor vehicles \u2014\u200220\u201325% per annum on a straight\u2011line basis Plant and machinery \u2014\u200210\u201320% per annum on a straight\u2011line basis Fixtures, fittings and office equipment \u2014\u2002 10\u201325% per annum on a straight\u2011line basis When parts of an item of property, plant and equipment have different useful lives, those components are accounted for as separate items of property, plant and equipment. Where relevant, residual values are reassessed annually. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-448": { "value": "iii) Right\u2011of\u2011use leases The Group\u2019s leases primarily comprise right\u2011of\u2011use assets regarding land and buildings, motor vehicles and equipment which it uses for its daily operations. Short\u2011term leases (<12 months) and leases for which the underlying asset is of a low value (<\u00a34,000) are excluded. The Group recognises a right\u2011of\u2011use asset and a lease liability at the lease commencement date. The right\u2011of\u2011use asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses. The right\u2011of\u2011use asset is subsequently depreciated using the straight\u2011line method from the lease commencement date to the end of the lease term. In addition, the right\u2011of\u2011use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments (excluding non\u2011lease components) that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate. The lease liabilities are subsequently increased by the interest cost on the lease liability and decreased by lease payments made. The liability will be remeasured if there is a change in the future lease payments or if there are changes in the estimated length of the lease. The lease period is established as the non\u2011cancellable period together with the opportunity to extend the lease if the lessee is reasonably certain to utilise that option, and periods covered by an opportunity to terminate the lease if the lessee is reasonably certain not to utilise that option. When the Group renegotiates the contractual terms of a lease with the lessor, the accounting depends on the nature of the modification: If the renegotiation results in one or more additional assets being leased for an amount commensurate with the standalone price for the additional rights\u2011of\u2011use obtained, the modification is accounted for as a separate lease in accordance with the above policy. In all other cases where the renegotiation increases the scope of the lease (whether that is an extension to the lease term, or one or more additional assets being leased), the lease liability is remeasured using the discount rate applicable on the modification date, with the right\u2011of\u2011use asset being adjusted by the same amount. If the renegotiation results in a decrease in the scope of the lease, both the carrying amount of the lease liability and right\u2011of\u2011use asset are reduced by the same proportion to reflect the partial or full termination of the lease, with any difference recognised in profit or loss. The lease liability is then further adjusted to ensure its carrying amount reflects the amount of the renegotiated payments over the renegotiated term, with the modified lease payments discounted at the rate applicable on the modification date. The right\u2011of\u2011use asset is adjusted by the same amount. The Group sometimes negotiates break clauses in its property leases. On a case\u2011by\u2011case basis, the Group will consider whether the absence of a break clause would expose the Group to excessive risk. Typically, factors considered in deciding to negotiate a break clause include: \u2022 The length of the lease term \u2022 The economic stability of the environment in which the property is located \u2022 Whether the location represents a new area of operations for the Group i) Repayment of right\u2011of\u2011use liabilities Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-402": { "value": "
g) Intangible assets
i) On business combinations
All business combinations are accounted for by applying the acquisition method. In respect
of business combinations that have occurred since 1 April 2004, goodwill represents the
difference between the fair value of the consideration transferred and the fair value of
the net identifiable assets acquired. Identifiable intangibles are those which can be sold
separately or which arise from legal rights regardless of whether those rights are separable.
Costs related to the acquisition, other than those associated with the issue of debt or equity
securities, are expensed as incurred. Any contingent consideration payable is recognised at
fair value at the acquisition date. For non\u2011equity amounts, any subsequent changes to the
fair value are recognised in the profit and loss.
Positive goodwill arising on acquisitions is stated at cost less any accumulated impairment
losses. Goodwill is allocated to cash generating units and is not amortised but is tested
annually for impairment (see accounting policy (j)).
ii) Other intangible assets
The expenditure capitalised as software is directly attributable to the design, configuration
and build of systems controlled by the Group and includes the cost of materials and external
consultants, together with an appropriate allocation of directly attributable overheads. In
assessing whether configuration and customisation costs incurred in cloud computing or
Software\u2011as\u2011a\u2011Service (SaaS) arrangements are eligible for capitalisation, the Group assesses
whether it controls a separately identifiable software asset. Costs are capitalised only where the
Group controls the underlying asset and it is probable that future economic benefits attributable
to the asset will flow to the Group. Where the Group does not control the underlying software
application, such costs are recognised in the income statement as the related services are received.
Other development expenditure is recognised in the income statement as an expense as incurred.
Capitalised development expenditure is stated at cost less accumulated amortisation and
accumulated impairment losses.
Intangible assets other than goodwill that are acquired by the Group are stated at cost less
accumulated amortisation and impairment losses (see accounting policy (j)).
Expenditure on internally generated goodwill and brands is recognised in the income
statement as an expense as incurred.
iii) Subsequent expenditure Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is expensed as incurred. iv) Amortisation Amortisation is charged to the consolidated income statement in administrative expenses on a straight\u2011line basis over the estimated useful lives of intangible assets, unless such lives are indefinite. Goodwill and intangible assets with an indefinite useful life are tested systematically for impairment at each annual end of reporting date. The amortisation rates of other intangible assets per annum are as follows: Customer relationships \u2014\u20026.7% to 12.5% Technology \u2014\u20026.7% to 10% Marketing \u2013 related \u2014\u20028.3% to 20% Other \u2014\u200220% to 33% ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-498": { "value": "g) Intangible assets i) On business combinations All business combinations are accounted for by applying the acquisition method. In respect of business combinations that have occurred since 1 April 2004, goodwill represents the difference between the fair value of the consideration transferred and the fair value of the net identifiable assets acquired. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. For non\u2011equity amounts, any subsequent changes to the fair value are recognised in the profit and loss. Positive goodwill arising on acquisitions is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units and is not amortised but is tested annually for impairment (see accounting policy (j)). ii) Other intangible assets The expenditure capitalised as software is directly attributable to the design, configuration and build of systems controlled by the Group and includes the cost of materials and external consultants, together with an appropriate allocation of directly attributable overheads. In assessing whether configuration and customisation costs incurred in cloud computing or Software\u2011as\u2011a\u2011Service (SaaS) arrangements are eligible for capitalisation, the Group assesses whether it controls a separately identifiable software asset. Costs are capitalised only where the Group controls the underlying asset and it is probable that future economic benefits attributable to the asset will flow to the Group. Where the Group does not control the underlying software application, such costs are recognised in the income statement as the related services are received. Other development expenditure is recognised in the income statement as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and accumulated impairment losses. Intangible assets other than goodwill that are acquired by the Group are stated at cost less accumulated amortisation and impairment losses (see accounting policy (j)). Expenditure on internally generated goodwill and brands is recognised in the income statement as an expense as incurred. iii) Subsequent expenditure Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is expensed as incurred. iv) Amortisation Amortisation is charged to the consolidated income statement in administrative expenses on a straight\u2011line basis over the estimated useful lives of intangible assets, unless such lives are indefinite. Goodwill and intangible assets with an indefinite useful life are tested systematically for impairment at each annual end of reporting date. The amortisation rates of other intangible assets per annum are as follows: Customer relationships \u2014\u20026.7% to 12.5% Technology \u2014\u20026.7% to 10% Marketing \u2013 related \u2014\u20028.3% to 20% Other \u2014\u200220% to 33% ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-481": { "value": "g) Intangible assets i) On business combinations All business combinations are accounted for by applying the acquisition method. In respect of business combinations that have occurred since 1 April 2004, goodwill represents the difference between the fair value of the consideration transferred and the fair value of the net identifiable assets acquired. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. For non\u2011equity amounts, any subsequent changes to the fair value are recognised in the profit and loss. Positive goodwill arising on acquisitions is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units and is not amortised but is tested annually for impairment (see accounting policy (j)). ii) Other intangible assets The expenditure capitalised as software is directly attributable to the design, configuration and build of systems controlled by the Group and includes the cost of materials and external consultants, together with an appropriate allocation of directly attributable overheads. In assessing whether configuration and customisation costs incurred in cloud computing or Software\u2011as\u2011a\u2011Service (SaaS) arrangements are eligible for capitalisation, the Group assesses whether it controls a separately identifiable software asset. Costs are capitalised only where the Group controls the underlying asset and it is probable that future economic benefits attributable to the asset will flow to the Group. Where the Group does not control the underlying software application, such costs are recognised in the income statement as the related services are received. Other development expenditure is recognised in the income statement as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and accumulated impairment losses. Intangible assets other than goodwill that are acquired by the Group are stated at cost less accumulated amortisation and impairment losses (see accounting policy (j)). Expenditure on internally generated goodwill and brands is recognised in the income statement as an expense as incurred. iii) Subsequent expenditure Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is expensed as incurred. iv) Amortisation Amortisation is charged to the consolidated income statement in administrative expenses on a straight\u2011line basis over the estimated useful lives of intangible assets, unless such lives are indefinite. Goodwill and intangible assets with an indefinite useful life are tested systematically for impairment at each annual end of reporting date. The amortisation rates of other intangible assets per annum are as follows: Customer relationships \u2014\u20026.7% to 12.5% Technology \u2014\u20026.7% to 10% Marketing \u2013 related \u2014\u20028.3% to 20% Other \u2014\u200220% to 33% ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-447": { "value": "g) Intangible assets i) On business combinations All business combinations are accounted for by applying the acquisition method. In respect of business combinations that have occurred since 1 April 2004, goodwill represents the difference between the fair value of the consideration transferred and the fair value of the net identifiable assets acquired. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. For non\u2011equity amounts, any subsequent changes to the fair value are recognised in the profit and loss. Positive goodwill arising on acquisitions is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units and is not amortised but is tested annually for impairment (see accounting policy (j)). ii) Other intangible assets The expenditure capitalised as software is directly attributable to the design, configuration and build of systems controlled by the Group and includes the cost of materials and external consultants, together with an appropriate allocation of directly attributable overheads. In assessing whether configuration and customisation costs incurred in cloud computing or Software\u2011as\u2011a\u2011Service (SaaS) arrangements are eligible for capitalisation, the Group assesses whether it controls a separately identifiable software asset. Costs are capitalised only where the Group controls the underlying asset and it is probable that future economic benefits attributable to the asset will flow to the Group. Where the Group does not control the underlying software application, such costs are recognised in the income statement as the related services are received. Other development expenditure is recognised in the income statement as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and accumulated impairment losses. Intangible assets other than goodwill that are acquired by the Group are stated at cost less accumulated amortisation and impairment losses (see accounting policy (j)). Expenditure on internally generated goodwill and brands is recognised in the income statement as an expense as incurred. iii) Subsequent expenditure Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is expensed as incurred. iv) Amortisation Amortisation is charged to the consolidated income statement in administrative expenses on a straight\u2011line basis over the estimated useful lives of intangible assets, unless such lives are indefinite. Goodwill and intangible assets with an indefinite useful life are tested systematically for impairment at each annual end of reporting date. The amortisation rates of other intangible assets per annum are as follows: Customer relationships \u2014\u20026.7% to 12.5% Technology \u2014\u20026.7% to 10% Marketing \u2013 related \u2014\u20028.3% to 20% Other \u2014\u200220% to 33% ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-502": { "value": "i) On business combinations All business combinations are accounted for by applying the acquisition method. In respect of business combinations that have occurred since 1 April 2004, goodwill represents the difference between the fair value of the consideration transferred and the fair value of the net identifiable assets acquired. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. For non\u2011equity amounts, any subsequent changes to the fair value are recognised in the profit and loss. Positive goodwill arising on acquisitions is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units and is not amortised but is tested annually for impairment (see accounting policy (j)). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-403": { "value": "h) Non\u2011derivative financial instruments i) Investments in subsidiaries and associates Investments in subsidiaries and associates are held in the Company statement of financial position at historic cost net of any impairment (see accounting policy (j)). ii) Trade and other receivables Trade and other receivables are recognised initially at the transaction price when they originated and subsequently at amortised cost less impairment losses (see accounting policy (j)). Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. iii) Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents only for the purpose of the statements of cash flows. iv) Interest\u2011bearing borrowings Interest\u2011bearing borrowings are recognised initially at fair value net of any transaction costs. Subsequent to initial recognition, interest\u2011bearing borrowings are stated at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. v) Trade and other payables Trade and other payables are recognised initially at fair value. Subsequently, they are measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-449": { "value": "ii) Trade and other receivables Trade and other receivables are recognised initially at the transaction price when they originated and subsequently at amortised cost less impairment losses (see accounting policy (j)). Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-450": { "value": "iii) Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents only for the purpose of the statements of cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-482": { "value": "iv) Interest\u2011bearing borrowings Interest\u2011bearing borrowings are recognised initially at fair value net of any transaction costs. Subsequent to initial recognition, interest\u2011bearing borrowings are stated at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-451": { "value": "iv) Interest\u2011bearing borrowings Interest\u2011bearing borrowings are recognised initially at fair value net of any transaction costs. Subsequent to initial recognition, interest\u2011bearing borrowings are stated at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-452": { "value": "v) Trade and other payables Trade and other payables are recognised initially at fair value. Subsequently, they are measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-404": { "value": "i) Inventories Inventories are stated at the lower of cost and net realisable value with provision being made for obsolete and slow\u2011moving items. This policy is applied consistently across the Group; however, the estimation techniques used by the subsidiaries vary depending on the underlying data available. In determining the cost of raw materials, consumables and goods purchased for resale, a first\u2011in first\u2011out purchase price is used and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. For a small number of locations, weighted average purchase price is used where this is suitable for the business, the nature of the inventory and is calculated on a consistent basis year on year. For work in progress and finished goods manufactured by the Group, cost is taken as production cost, which includes an appropriate proportion of attributable overheads based on normal operating capacity. See note 29 for the Group\u2019s inventory provisioning policy. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-405": { "value": "j) Impairment The carrying amounts of the Group\u2019s assets, other than inventories (see accounting policy (i)) and deferred tax assets (see accounting policy (p)), are reviewed at each end of reporting date to determine whether there is any indication of impairment. Financial assets measured at amortised cost and contract assets (as defined in IFRS 15) are considered to be credit impaired if evidence indicates that one or more events has had a negative effect on the estimated future cash flows of that asset. When determining whether evidence indicates there is a negative effect on estimated future cash flows, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company\u2019s historical experience and informed credit assessment and including forward\u2011looking information. Loss allowances for expected credit losses (ECLs) are recognised when they are expected to arise as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive). ECLs are discounted at the effective interest rate of the financial asset where appropriate. The Company measures loss allowances at an amount equal to lifetime ECL, except for other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition, which are measured as 12\u2011month ECL. The Group uses a simplified approach and practical expedients such as ageing buckets and uses historical loss rates adjusted for current and forward\u2011looking information. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12\u2011month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. For goodwill and other intangible assets that have an indefinite useful life, the recoverable amount is estimated at each annual end of reporting date. An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. Impairment losses are recognised in the consolidated income statement unless the asset is recorded at a revalued amount, in which case it is treated as a revaluation decrease. Impairment losses recognised in respect of cash generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash generating units and then to reduce the carrying amount of the other assets in the unit on a pro\u2011rata basis. A cash generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. i) Calculation of recoverable amount The recoverable amount is the greater of net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre\u2011tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash generating unit to which the asset belongs. ii) Reversals of impairment An impairment loss in respect of goodwill is not reversed. An impairment loss on any other asset is assessed at each reporting date and is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-406": { "value": "k) Dividends Dividends to the Company\u2019s shareholders are recognised as a liability and deducted from shareholders\u2019 equity in the period in which the shareholders\u2019 right to receive payment is established. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-407": { "value": "l) Employee benefits i) Defined contribution plans The Group operates defined contribution pension schemes, which include stakeholder pension plans. The assets of these schemes are held separately from those of the Group in independently administered funds. The amount charged against profits represents the contributions payable to the schemes in respect of the accounting period. The Group pays fixed contributions and will have no legal or constructive obligation to pay further amounts. ii) Share\u2011based payment transactions The grant date fair value of equity settled share\u2011based payment arrangements granted to employees is generally recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non\u2011market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non\u2011market performance conditions at the vesting date. For share\u2011based payment awards with non\u2011vesting conditions and market performance conditions, the grant date fair value of the share\u2011based payment is measured to reflect such conditions and there is no true\u2011up for differences between expected and actual outcomes. The fair value of the amount payable to employees in respect of cash settled awards is recognised as an expense with a corresponding increase in liabilities over the period during which the employees become unconditionally entitled to payment. The liability is remeasured at each reporting date and at settlement date based on the fair value of the award. Any changes in the liability are recognised in profit or loss. Where the Company grants awards over its own shares to the employees of its subsidiaries, it recognises, in its individual financial statements, an amount owed by subsidiary undertakings if the cost will be recharged. If the cost is not recharged, it is recognised as an increase in the cost of investment in its subsidiaries. In both cases, the corresponding balance is recognised in equity or liabilities depending on the method of settlement. The amount recognised is equivalent to the share\u2011based payment charge recognised in its consolidated financial statements. iii) Termination benefits Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal plan to terminate employment before the normal retirement date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-453": { "value": "ii) Share\u2011based payment transactions The grant date fair value of equity settled share\u2011based payment arrangements granted to employees is generally recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non\u2011market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non\u2011market performance conditions at the vesting date. For share\u2011based payment awards with non\u2011vesting conditions and market performance conditions, the grant date fair value of the share\u2011based payment is measured to reflect such conditions and there is no true\u2011up for differences between expected and actual outcomes. The fair value of the amount payable to employees in respect of cash settled awards is recognised as an expense with a corresponding increase in liabilities over the period during which the employees become unconditionally entitled to payment. The liability is remeasured at each reporting date and at settlement date based on the fair value of the award. Any changes in the liability are recognised in profit or loss. Where the Company grants awards over its own shares to the employees of its subsidiaries, it recognises, in its individual financial statements, an amount owed by subsidiary undertakings if the cost will be recharged. If the cost is not recharged, it is recognised as an increase in the cost of investment in its subsidiaries. In both cases, the corresponding balance is recognised in equity or liabilities depending on the method of settlement. The amount recognised is equivalent to the share\u2011based payment charge recognised in its consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-454": { "value": "iii) Termination benefits Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal plan to terminate employment before the normal retirement date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-408": { "value": "m) Provisions A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre\u2011tax rate that reflects current market assessments of the time value of money and, when appropriate, the risks specific to the liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-409": { "value": "n) Revenue Revenue from the sale of goods rendered is recognised net of VAT in the consolidated income statement when the performance obligation is satisfied and the customer obtains control which is based on customer agreements. In accordance with normal practice, there is a single performance obligation, which is on dispatch of goods or at the point of customer acceptance where appropriate, in accordance with the incoterms agreed with the customers. The transaction price is determined by the invoice amount with adjustments made for variable consideration (i.e. rebates) where applicable. Payment terms across the Group vary depending on the geographic location of each operating company. Payment is typically due between 30 and 90 days after the invoice is issued. Variable consideration relating to volume rebates has been constrained in estimating revenue in order that it is highly probable that there will not be a future reversal in the amount of revenue recognised when the amount of volume rebates has been determined. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-410": { "value": "o) Expenses i) Repayment of right\u2011of\u2011use liabilities Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. ii) Net financing costs Net financing costs comprise interest payable on borrowings and right\u2011of\u2011use liabilities calculated using the effective interest rate method and interest receivable on funds invested. Interest income is recognised in the consolidated income statement as it accrues, using the effective interest method. Net finance costs also include the amortisation of arrangement fees and related costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-499": { "value": "ii) Net financing costs Net financing costs comprise interest payable on borrowings and right\u2011of\u2011use liabilities calculated using the effective interest rate method and interest receivable on funds invested. Interest income is recognised in the consolidated income statement as it accrues, using the effective interest method. Net finance costs also include the amortisation of arrangement fees and related costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-483": { "value": "ii) Net financing costs Net financing costs comprise interest payable on borrowings and right\u2011of\u2011use liabilities calculated using the effective interest rate method and interest receivable on funds invested. Interest income is recognised in the consolidated income statement as it accrues, using the effective interest method. Net finance costs also include the amortisation of arrangement fees and related costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-455": { "value": "ii) Net financing costs Net financing costs comprise interest payable on borrowings and right\u2011of\u2011use liabilities calculated using the effective interest rate method and interest receivable on funds invested. Interest income is recognised in the consolidated income statement as it accrues, using the effective interest method. Net finance costs also include the amortisation of arrangement fees and related costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-456": { "value": "p) Taxation Tax on the profit or loss for the period presented comprises current and deferred tax. Tax is recognised in the consolidated income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (applicable for all transactions other than business combinations), and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the end of the reporting date. 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 assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either: \u2022 The same taxable Group company \u2022 Different Group entities which intend either to settle current tax assets and liabilities on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered Additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the related dividend. Information as to the calculation of income tax on the profit or loss for the period presented is included in note 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-411": { "value": "p) Taxation Tax on the profit or loss for the period presented comprises current and deferred tax. Tax is recognised in the consolidated income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (applicable for all transactions other than business combinations), and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the end of the reporting date. 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 assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either: \u2022 The same taxable Group company \u2022 Different Group entities which intend either to settle current tax assets and liabilities on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered Additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the related dividend. Information as to the calculation of income tax on the profit or loss for the period presented is included in note 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-412": { "value": "q) Operating segment reporting A segment is a distinguishable component of the Group that engages in business activities from which it may earn revenues and incur expenditure (including revenues and expenses relating to transactions with other components of the same entity), whose operating results are regularly reviewed by the Group\u2019s Chief Operating Decision Maker (the Executive Leadership Team) in order to make decisions about allocating resources and to assess its performance, and for which discrete financial information is available. The Group operates in a number of geographical economic environments. The Company only operates in one business segment, being the manufacture and logistical supply of industrial fasteners and Category \u2018C\u2019 components. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-413": { "value": "r) Earnings per share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise share options and deferred equity awards granted to employees", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-414": { "value": "
s) Underlying measure of profits and losses
The Group believes that underlying operating profit and underlying profit before tax
provide additional guidance to statutory measures to help understand the underlying
performance of the business during the financial period. The term \u2018underlying\u2019 is not
defined under Adopted IFRS. It is a measure that is used by management to assess the
underlying performance of the business internally and is not intended to be a substitute
measure for adopted IFRS GAAP measures.
The Group defines these underlying measures as follows:
\u2022 Underlying profit before tax is profit before taxation and separately disclosed items
(see note 2)
\u2022 Underlying profit after tax is profit after taxation but before separately disclosed items
(see note 2) and is used in the calculation of underlying earnings per share
\u2022 Underlying operating and segment results (see note 3) are operating and segment profit
before separately disclosed items
It should be noted that the definitions of underlying items being used in these financial
statements are those used by the Group and may not be comparable with the term
\u2018underlying\u2019 as defined by other companies within the same sector or elsewhere.
Separately disclosed items are included within the income statement caption to which
they relate.
", "dimensions": { "concept": "trifastplc:DescriptionOfAccountingPolicyForUnderlyingMeasureOfProfitsAndLosses", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-416": { "value": "
t) Separately disclosed items (see note 2)
The Board exercises judgement in determining the classification of certain items as
\u2018separately disclosed items\u2019 using quantitative and qualitative factors. In determining
whether an item should be presented as a separately disclosed item, the Group considers
items which are significant either because of their size or their nature, and which may be
non\u2011recurring. For an item to be considered as a separately disclosed item, it must initially
meet at least one of the following criteria:
\u2022 Its size is significant in the context of the element of the results or balance it relates to
\u2022 The nature of the item is outside the normal or core business activities
\u2022 It may span accounting periods but is not expected to recur routinely in future periods
If an item meets at least one of the criteria, the Board then exercises judgement as
to whether the item should be classified as a separately disclosed item. In exercising
this judgement, the Board also takes into account consistency with any disclosures in
prior periods.
Separate presentation of \u2018separately disclosed items\u2019 is intended to enhance full understanding of the financial performance of the Group in the particular year under review and the extent to which results are influenced by material unusual and/or non\u2011recurring items. The Directors review segmental results under an underlying basis before these \u2018separately disclosed items\u2019 to analyse the performance of operating segments. ", "dimensions": { "concept": "trifastplc:DescriptionOfAccountingPolicyForSeparatelyDisclosedItems", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-415": { "value": "u) Own shares acquired by Employee Benefit Trust The Employee Benefit Trust (EBT) provides for the issue of shares to Group employees under share\u2011based payment arrangements. The Company is the sole funder of the EBT, and all shares and assets held by the EBT are held under a trust arrangement for the benefit of Group employees and the Company, and the Company therefore accounts for the EBT as an extension to the Company in the financial statements. Repurchased shares (classified as own shares acquired) are recognised at the amount of consideration paid, which includes directly attributable costs, as a deduction from equity. They are presented separately in equity as own shares held. When the shares are subsequently sold or used to settle future equity award commitments, the amount received is recognised as an increase in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-418": { "value": "v) Other operating income Other operating income comprises rental income, manufacturing investment tax credits and research and development (R&D) income arising in the normal course of business. Rental income is recognised on a straight\u2011line basis over the lease term. Manufacturing investment tax credits and R&D income are recognised where there is reasonable assurance that the income will be received and all related conditions will be complied with, and are recognised on a systematic basis over the periods in which the related costs are recognised. ", "dimensions": { "concept": "trifastplc:DescriptionOfAccountingPolicyForOtherOperatingIncome", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-417": { "value": "w) Prior year restatement for implementation costs of cloud computing SaaS arrangements During the year, the Group identified an error in the accounting treatment applied to certain costs incurred in implementing cloud computing Software\u2011as\u2011a\u2011Service (SaaS) arrangements following consideration of the April 2021 International Financial Reporting Interpretations Committee (IFRIC) agenda decision relating to configuration and customisation costs in a cloud computing arrangement. The costs previously capitalised primarily related to the implementation of the Group\u2019s cloud\u2011based Enterprise Resource Planning (ERP) system (Microsoft Dynamics 365) under \u2018Project Atlas\u2019. Under IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, the Group has corrected the prior period error retrospectively. Configuration and customisation costs incurred in SaaS arrangements are expensed where they do not give rise to an identifiable intangible asset controlled by the Group. See note 36 for the impact of the restatement. The restatement represents a non\u2011cash adjustment. The Group consolidated prior year comparatives have been restated to derecognise previously capitalised SaaS\u2011related costs amounting to \u00a35.4m in the year ended 31 March 2024. The impact of the restatement reduced Group and Company retained earnings at 1 April 2024 by \u00a35.4m and reduced Group and Company assets on the prior year statement of financial position by \u00a35.4m.
36 Prior year restatements for implementation costs of cloud computing SaaS arrangements
The below tables show the impact of restating the prior year consolidated and Company financial statements to correct an error, in accordance with IAS 8, relating to the derecognition
of previously capitalised SaaS\u2011related costs and associated amortisation which did not meet the criteria for recognition as an asset, following the April 2021 IFRIC agenda decision
on configuration and customisation costs incurred in implementing cloud computing SaaS arrangements, as disclosed in note 1. The restatement has no impact on the FY24 income
statement or cash flow statement.
Selected extracts from the consolidated statement of financial position
for the prior year ended 31 March 2025
Previously
reported Restated
31 March 31 March
2025 Restatement 2025
\u00a3000 \u00a3000 \u00a3000
Intangible assets
33,397
(5,359)
28,038
Total non\u2011current assets
78,545
(5,359)
73,186
Total assets
229,003
(5,359)
223,644
Net assets
121,080
(5,359)
115,721
Retained earnings
68,095
(5,359)
62,736
Selected extracts from the Company statement of financial position
for the prior year ended 31 March 2025
Previously
reported Restated
31 March 31 March
2025 Restatement 2025
\u00a3000 \u00a3000 \u00a3000
Intangible assets
5,359
(5,359)
\u2014
Total non\u2011current assets
104,418
(5,359)
99,059
Total assets
107,085
(5,359)
101,726
Net assets
57,728
(5,359)
52,369
Retained earnings
13,890
(5,359)
8,531
Restated statement of financial position as at 31 March 2024
Group
Company
2024 2024
\u00a3000 \u00a3000
(restated) (restated)
Non\u2011current assets
Property, plant and equipment
19,070
5
Right\u2011of\u2011use assets
16,450
55
Intangible assets
30,916
738
Equity investments
159
42,186
Non\u2011current trade and other receivables
\u2014
61,208
Deferred tax assets
4,256
63
Total non\u2011current assets
70,851
104,255
Group
Company
2024 2024
\u00a3000 \u00a3000
(restated) (restated)
Current assets
Inventories
73,403
\u2014
Trade and other receivables
59.039
3,623
Assets classified as held for sale
623
\u2014
Cash and cash equivalents
20,884
910
Total current assets
153,949
4,533
Total assets
224,800
108,788
Current liabilities
Trade and other payables
36,218
1,660
Right\u2011of\u2011use liabilities
3,392
11
Other interest\u2011bearing loans and borrowings
\u2014
6,447
Provisions
2,432
607
Liabilities classified as held for sale
348
\u2014
Tax payable
2,167
\u2014
Total current liabilities
44,557
8,725
Non\u2011current liabilities
Other interest\u2011bearing loans and borrowings
41,848
41,848
Right\u2011of\u2011use liabilities
15,031
99
Other payables
892
\u2014
Provisions
1,548
\u2014
Deferred tax liabilities
2,105
\u2014
Total non\u2011current liabilities
61,424
41,947
Total liabilities
105,981
50,672
Net assets
118,819
58,116
Equity
Share capital
6,806
6,806
Share premium
22,537
22,537
Merger reserve
16,328
16,328
Own shares held
(2,194)
(2,194)
Translation reserves
10,496
\u2014
Retained earnings
64,846
14,639
Total equity
118,819
58,116
", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureAmountAndCorrectionOfAccountingErrorsInPriorPeriodsEstimate", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-419": { "value": "
2 Underlying profit before tax and separately disclosed items
2026 2025
Note \u00a3000 \u00a3000
Underlying profit before tax
12,320
10,377
Separately disclosed items within
administrative expenses
Acquired intangible amortisation
13
(1,550)
(1,731)
Restructuring and transformation costs
(2,427)
(2,575)
Project Ignite
(5,976)
\u2014
Impairment of non\u2011current assets
13
(899)
\u2014
Impairment of customer receivable
on administration
\u2014
(1,006)
Malaysia manufacturing write\u2011off
(1,390)
\u2014
Recovery of prior year fraud loss
190
\u2014
Facilitation payment fraud
(211)
(384)
Profit on disposal of a subsidiary
\u2014
247
Profit before tax
57
4,928
2026 2025
Note \u00a3000 \u00a3000
Underlying EBITDA
31
23,064
22,018
Separately disclosed items within
administrative expenses
Restructuring and transformation costs
(2,427)
(2,575)
Project Ignite
(5,976)
\u2014
Impairment of non\u2011current assets
13
(899)
\u2014
Impairment of customer receivable
on administration
\u2014
(1,006)
Malaysia manufacturing write\u2011off
(1,390)
\u2014
Recovery of prior year fraud loss
190
\u2014
Facilitation payment fraud
(211)
(384)
Profit on disposal of a subsidiary
\u2014
247
EBITDA
12,351
18,300
Acquired intangible amortisation
13
(1,550)
(1,731)
Depreciation, right\u2011of\u2011use assets and
non\u2011acquired amortisation
(6,563)
(7,142)
Operating profit
4,238
9,427
Recurring items
Intangible amortisation relating to acquisitions has been separately disclosed so as to
present the trading performance of the respective entities with a charge on a comparable
basis to other entities in the Group.
Event\u2011driven items
Restructuring and transformation costs
Restructuring and transformation costs of \u00a32.4m (FY25: \u00a32.6m) comprise costs incurred in
connection with transformation initiatives approved by management following the launch of
the Group\u2019s strategy at the end of FY24. These initiatives are focused on margin management,
focused growth, operational efficiency and organisational effectiveness. The costs primarily
include transformation\u2011related implementation costs, redundancy expenses and other costs
directly attributable to the execution of these initiatives. While transformation activity forms
part of the ongoing management of the business, the scale and concentration of these costs
in the period are not considered representative of the Group\u2019s ongoing operating cost base.
Project Ignite
During the year, the Group incurred costs of \u00a36.0m in relation to the implementation of
its cloud\u2011based Enterprise Resource Planning (ERP) system (Microsoft Dynamics 365).
In accordance with the IFRIC agenda decision on configuration and customisation costs
in cloud computing SaaS arrangements and the requirements of IAS 38 Intangible Assets,
these costs have been expensed as incurred as the Group does not control the underlying
software and the expenditure does not give rise to a separately identifiable intangible asset.
Accordingly, costs relating to the design, configuration, customisation and implementation
have been recognised in the income statement. Given the scale and strategic nature of the
ERP transformation programme, these costs have been presented as separately disclosed
items. Project Ignite is expected to conclude in FY27 at an estimated further cost of \u00a33.2m.
Malaysia manufacturing write\u2011off
During the year, the Group recognised exceptional inventory and tooling write\u2011offs
in Malaysia following the Board\u2011approved decision under Project Tiger to exit
manufacturing operations. An exceptional inventory provision of \u00a30.5m was recorded for
programme\u2011specific materials rendered unrecoverable following end\u2011of\u2011production notices
and the removal of future consumption routes. In addition, existing tooling balances of
\u00a30.9m were written off due to the short remaining manufacturing horizon.
Impairment of non\u2011current assets
Impairment of non\u2011current assets in FY26 of \u00a30.9m comprised \u00a30.5m relating to TR
Fastenings Inc. (Houston), including \u00a30.4m in respect of right\u2011of\u2011use assets and \u00a30.1m of
property, plant and equipment, and \u00a30.4m relating to goodwill associated with Precision
Technology Solutions (PTS). The impairments reflect a reassessment of the recoverable
amount of the respective cash\u2011generating units based on updated assumptions regarding
future performance and market conditions. The charges are non\u2011cash in nature and arise
from valuation adjustments. Accordingly, management has excluded these impairments
from underlying performance measures used internally to assess period\u2011on\u2011period
operating performance. Further details are provided in note 13.
Impairment of customers receivable on administration
On 27 June 2024, one of the Group\u2019s customers entered into administration. As a result,
an impairment charge of \u00a31.0m was recognised in respect of the outstanding receivable
balance at the date of administration. This impairment relates to a specific counterparty
credit event and does not reflect a broader deterioration in the Group\u2019s underlying credit
risk profile. The charge has therefore been presented as a separately disclosed item.
Recovery of prior year fraud loss
During the year, the Group recognised an insurance recovery of \u00a30.2m relating to a prior
year facilitation payment fraud incident involving an impersonation scam, for which a
\u00a30.4m provision was recognised in FY25. The income has been presented separately and
not netted against the current year loss, as it relates to a different reporting period and
does not meet the IFRS criteria for offsetting. No further recoveries are expected.
Facilitation payment fraud
During the year, the Group identified an incident of external fraud in an overseas jurisdiction
involving an impersonation scam, resulting in an unauthorised payment of \u00a30.2m. The
Group maintains insurance coverage for such events; however, as the loss fell below the
applicable policy excess, no recovery has been recognised. This matter was previously
disclosed as a subsequent event in the Group\u2019s prior year Annual Report. In addition,
separately disclosed items in FY25 included a provision of \u00a30.4m in respect of a similar
facilitation payment fraud incident, for which an insurance recovery has been recognised
in the current year as disclosed above.
Profit on disposal of a subsidiary
The profit on disposal of a subsidiary of \u00a30.2m relates to the sale of TR Norge AS to Otto
Olsen on 3 April 2024. The subsidiary was disposed of for consideration of \u00a30.7m, net of
direct disposal costs. This resulted in a profit of \u00a30.2m after taking into account the net assets
disposed of \u00a30.4m and the recycling of a cumulative translation reserve loss of \u00a30.1m.
Management uses underlying performance measures to assist users of the financial
statements in understanding the Group\u2019s period\u2011on\u2011period trading performance. These
measures exclude items that are significant in size or volatility, or which primarily relate
to valuation, structural changes or discrete events rather than the underlying operational
performance of the Group during the period. The Group\u2019s statutory results prepared in
accordance with IFRS remain the primary measure of financial performance. Reconciliations
between underlying and statutory measures are provided in note 31. Underlying measures
are not defined by IFRS and therefore may not be directly comparable with similar
measures presented by other companies. The exclusion of separately disclosed items may
result in underlying measures being either higher or lower than the corresponding statutory
measures for the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-457": { "value": "2 Underlying profit before tax and separately disclosed items
2026 2025
Note \u00a3000 \u00a3000
Underlying profit before tax
12,320
10,377
Separately disclosed items within
administrative expenses
Acquired intangible amortisation
13
(1,550)
(1,731)
Restructuring and transformation costs
(2,427)
(2,575)
Project Ignite
(5,976)
\u2014
Impairment of non\u2011current assets
13
(899)
\u2014
Impairment of customer receivable
on administration
\u2014
(1,006)
Malaysia manufacturing write\u2011off
(1,390)
\u2014
Recovery of prior year fraud loss
190
\u2014
Facilitation payment fraud
(211)
(384)
Profit on disposal of a subsidiary
\u2014
247
Profit before tax
57
4,928
2026 2025
Note \u00a3000 \u00a3000
Underlying EBITDA
31
23,064
22,018
Separately disclosed items within
administrative expenses
Restructuring and transformation costs
(2,427)
(2,575)
Project Ignite
(5,976)
\u2014
Impairment of non\u2011current assets
13
(899)
\u2014
Impairment of customer receivable
on administration
\u2014
(1,006)
Malaysia manufacturing write\u2011off
(1,390)
\u2014
Recovery of prior year fraud loss
190
\u2014
Facilitation payment fraud
(211)
(384)
Profit on disposal of a subsidiary
\u2014
247
EBITDA
12,351
18,300
Acquired intangible amortisation
13
(1,550)
(1,731)
Depreciation, right\u2011of\u2011use assets and
non\u2011acquired amortisation
(6,563)
(7,142)
Operating profit
4,238
9,427
Recurring items Intangible amortisation relating to acquisitions has been separately disclosed so as to present the trading performance of the respective entities with a charge on a comparable basis to other entities in the Group. Event\u2011driven items Restructuring and transformation costs Restructuring and transformation costs of \u00a32.4m (FY25: \u00a32.6m) comprise costs incurred in connection with transformation initiatives approved by management following the launch of the Group\u2019s strategy at the end of FY24. These initiatives are focused on margin management, focused growth, operational efficiency and organisational effectiveness. The costs primarily include transformation\u2011related implementation costs, redundancy expenses and other costs directly attributable to the execution of these initiatives. While transformation activity forms part of the ongoing management of the business, the scale and concentration of these costs in the period are not considered representative of the Group\u2019s ongoing operating cost base. Project Ignite During the year, the Group incurred costs of \u00a36.0m in relation to the implementation of its cloud\u2011based Enterprise Resource Planning (ERP) system (Microsoft Dynamics 365). In accordance with the IFRIC agenda decision on configuration and customisation costs in cloud computing SaaS arrangements and the requirements of IAS 38 Intangible Assets, these costs have been expensed as incurred as the Group does not control the underlying software and the expenditure does not give rise to a separately identifiable intangible asset. Accordingly, costs relating to the design, configuration, customisation and implementation have been recognised in the income statement. Given the scale and strategic nature of the ERP transformation programme, these costs have been presented as separately disclosed items. Project Ignite is expected to conclude in FY27 at an estimated further cost of \u00a33.2m. Malaysia manufacturing write\u2011off During the year, the Group recognised exceptional inventory and tooling write\u2011offs in Malaysia following the Board\u2011approved decision under Project Tiger to exit manufacturing operations. An exceptional inventory provision of \u00a30.5m was recorded for programme\u2011specific materials rendered unrecoverable following end\u2011of\u2011production notices and the removal of future consumption routes. In addition, existing tooling balances of \u00a30.9m were written off due to the short remaining manufacturing horizon. Impairment of non\u2011current assets Impairment of non\u2011current assets in FY26 of \u00a30.9m comprised \u00a30.5m relating to TR Fastenings Inc. (Houston), including \u00a30.4m in respect of right\u2011of\u2011use assets and \u00a30.1m of property, plant and equipment, and \u00a30.4m relating to goodwill associated with Precision Technology Solutions (PTS). The impairments reflect a reassessment of the recoverable amount of the respective cash\u2011generating units based on updated assumptions regarding future performance and market conditions. The charges are non\u2011cash in nature and arise from valuation adjustments. Accordingly, management has excluded these impairments from underlying performance measures used internally to assess period\u2011on\u2011period operating performance. Further details are provided in note 13. Impairment of customers receivable on administration On 27 June 2024, one of the Group\u2019s customers entered into administration. As a result, an impairment charge of \u00a31.0m was recognised in respect of the outstanding receivable balance at the date of administration. This impairment relates to a specific counterparty credit event and does not reflect a broader deterioration in the Group\u2019s underlying credit risk profile. The charge has therefore been presented as a separately disclosed item. Recovery of prior year fraud loss During the year, the Group recognised an insurance recovery of \u00a30.2m relating to a prior year facilitation payment fraud incident involving an impersonation scam, for which a \u00a30.4m provision was recognised in FY25. The income has been presented separately and not netted against the current year loss, as it relates to a different reporting period and does not meet the IFRS criteria for offsetting. No further recoveries are expected. Facilitation payment fraud During the year, the Group identified an incident of external fraud in an overseas jurisdiction involving an impersonation scam, resulting in an unauthorised payment of \u00a30.2m. The Group maintains insurance coverage for such events; however, as the loss fell below the applicable policy excess, no recovery has been recognised. This matter was previously disclosed as a subsequent event in the Group\u2019s prior year Annual Report. In addition, separately disclosed items in FY25 included a provision of \u00a30.4m in respect of a similar facilitation payment fraud incident, for which an insurance recovery has been recognised in the current year as disclosed above. Profit on disposal of a subsidiary The profit on disposal of a subsidiary of \u00a30.2m relates to the sale of TR Norge AS to Otto Olsen on 3 April 2024. The subsidiary was disposed of for consideration of \u00a30.7m, net of direct disposal costs. This resulted in a profit of \u00a30.2m after taking into account the net assets disposed of \u00a30.4m and the recycling of a cumulative translation reserve loss of \u00a30.1m. Management uses underlying performance measures to assist users of the financial statements in understanding the Group\u2019s period\u2011on\u2011period trading performance. These measures exclude items that are significant in size or volatility, or which primarily relate to valuation, structural changes or discrete events rather than the underlying operational performance of the Group during the period. The Group\u2019s statutory results prepared in accordance with IFRS remain the primary measure of financial performance. Reconciliations between underlying and statutory measures are provided in note 31. Underlying measures are not defined by IFRS and therefore may not be directly comparable with similar measures presented by other companies. The exclusion of separately disclosed items may result in underlying measures being either higher or lower than the corresponding statutory measures for the period.", "dimensions": { "concept": "trifastplc:DisclosureOfUnderlyingProfitBeforeTaxAndSeparatelyDisclosedItems", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-420": { "value": "
3 Operating segmental analysis
Segment information, as discussed in note 1(q), is presented in the consolidated financial
statements in respect of the Group\u2019s geographical segments. This reflects the Group\u2019s
management and internal reporting structure, and the operating basis on which individual
operations are reviewed by the Chief Operating Decision Maker (the Executive Leadership
Team). Performance is measured based on each segment\u2019s underlying operating result
as included in the internal management reports that are reviewed by the Chief Operating
Decision Maker. This is used to measure performance as management believes that such
information is the most relevant in evaluating the results of certain segments relative to
other entities that operate within the industry.
Inter\u2011segment pricing is determined on an arm\u2019s length basis. Segment results, assets
and liabilities include items directly attributable to a segment as well as those that can
be allocated on a reasonable basis.
Goodwill and intangible assets acquired on business combinations are included in the
region to which they relate.
Geographical operating segments
The Group is comprised of the following main geographical operating segments:
\u2022 UK & Ireland
\u2022 Europe: includes Sweden, Hungary, Holland, Italy, Germany and Spain
\u2022 North America
\u2022 Asia: includes Malaysia, China, Singapore, Taiwan, Thailand and India
In presenting information on the basis of geographical operating segments, segment
revenue and segment assets are based on the geographical location of our entities across
the world and are consolidated into the four distinct geographical regions, which the
Executive Leadership Team (the \u2018ELT\u2019) uses to monitor and assess the Group. Interest
is reported on a net basis rather than gross as this is how it is presented to the Chief
Operating Decision Maker. All material non\u2011current assets are located in the country
the relevant Group entity is incorporated in.
North Common
UK & Ireland Europe America Asia amounts Total
March 2026 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Revenue
Revenue from external customers
61,580
74,196
32,685
39,913
\u2014
208,374
Inter\u2011segment revenue (eliminated on consolidation)
2,678
1,594
866
6,359
\u2014
11,497
Total revenue
64,258
75,790
33,551
46,272
\u2014
219,871
Underlying operating result
4,475
8,593
3,130
5,043
(4,740)
16,501
Net financing costs
(463)
(699)
(671)
400
(2,748)
(4,181)
Underlying segment result
4,012
7,894
2,459
5,443
(7,488)
12,320
Separately disclosed items (see note 2)
(899)
(3,035)
(2,461)
(4,591)
(1,277)
(12,263)
Profit/(loss) before tax
3,113
4,859
(2)
852
(8,765)
57
Specific disclosure items
Depreciation and amortisation
2,529
3,174
805
1,497
108
8,113
Assets and liabilities
Non\u2011current asset additions
983
1,450
223
2,969
814
6,439
Non\u2011current assets
1
24,810
13,827
3,120
21,824
898
64,479
Segment assets
67,492
67, 877
25,545
56,695
5,641
223,250
Segment liabilities
(21,476)
(19,054)
(3,312)
(10,004)
(53,782)
(107,628)
1. Non\u2011current assets exclude financial instruments and deferred tax
North Common
UK & Ireland Europe America Asia amounts Total
March 2025 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Revenue
Revenue from external customers
69,126
77,171
32,978
44,191
\u2014
223,466
Inter\u2011segment revenue (eliminated on consolidation)
3,036
1,659
131
7,356
\u2014
12,182
Total revenue
72,162
78,830
33,109
51,547
\u2014
235,648
Underlying operating result
2,927
6,926
3,008
8,846
(6,831)
14,876
Net financing costs
(65)
(916)
(873)
462
(3,107)
(4,499)
Underlying segment result
2,862
6,010
2,135
9,308
(9,938)
10,377
Separately disclosed items (see note 2)
(1,201)
(2,060)
(381)
(432)
(1,375)
(5,449)
Profit/(loss) before tax
1,661
3,950
1,754
8,876
(11,313)
4,928
Specific disclosure items
Depreciation and amortisation
(2,357)
(3,287)
(840)
(1,552)
(837)
(8,873)
Assets and liabilities
Non\u2011current asset additions
6,046
4,695
198
863
\u2014
11,802
Non\u2011current assets
1
26,768
16,317
4,297
19,733
5,510
72,626
Segment assets
71,186
69,946
24,322
56,468
7,081
229,003
Segment liabilities
(22,454)
(20,041)
(4,282)
(10,497)
(50,586)
(107,860)
1. Non\u2011current assets exclude financial instruments and deferred tax
There were no material differences in North America between the external revenue based on location of the entities and the location of the customers. Of the UK & Ireland external
revenue, \u00a38.6m (FY25: \u00a36.2m) was sold into the European market. Of the Asian external revenue, \u00a33.8m (FY25: \u00a34.4m) was sold into the North American market and \u00a33.5m (FY25: \u00a33.2m)
was sold into the European market.
Within UK & Ireland, TR Fastenings Ltd has revenue of \u00a344.6m (FY25: \u00a353.1m) and non\u2011current assets of \u00a33.1m (FY25: \u00a32.9m).
Within Europe, TR Italy has revenue of \u00a323.6m (FY25: \u00a327.0m) and non\u2011current assets of \u00a37.7m (FY25: \u00a38.0m).
Within Asia, TR Formac Singapore has revenue of \u00a317.0m (FY25: \u00a319.9m) and non\u2011current assets of \u00a34.4m (FY25: \u00a34.2m).
Revenue is derived solely from the manufacture and logistical supply of industrial fasteners and Category \u2018C\u2019 components.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-458": { "value": "Geographical operating segments The Group is comprised of the following main geographical operating segments: \u2022 UK & Ireland \u2022 Europe: includes Sweden, Hungary, Holland, Italy, Germany and Spain \u2022 North America \u2022 Asia: includes Malaysia, China, Singapore, Taiwan, Thailand and India In presenting information on the basis of geographical operating segments, segment revenue and segment assets are based on the geographical location of our entities across the world and are consolidated into the four distinct geographical regions, which the Executive Leadership Team (the \u2018ELT\u2019) uses to monitor and assess the Group. Interest is reported on a net basis rather than gross as this is how it is presented to the Chief Operating Decision Maker. All material non\u2011current assets are located in the country the relevant Group entity is incorporated in.
North Common
UK & Ireland Europe America Asia amounts Total
March 2026 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Revenue
Revenue from external customers
61,580
74,196
32,685
39,913
\u2014
208,374
Inter\u2011segment revenue (eliminated on consolidation)
2,678
1,594
866
6,359
\u2014
11,497
Total revenue
64,258
75,790
33,551
46,272
\u2014
219,871
Underlying operating result
4,475
8,593
3,130
5,043
(4,740)
16,501
Net financing costs
(463)
(699)
(671)
400
(2,748)
(4,181)
Underlying segment result
4,012
7,894
2,459
5,443
(7,488)
12,320
Separately disclosed items (see note 2)
(899)
(3,035)
(2,461)
(4,591)
(1,277)
(12,263)
Profit/(loss) before tax
3,113
4,859
(2)
852
(8,765)
57
Specific disclosure items
Depreciation and amortisation
2,529
3,174
805
1,497
108
8,113
Assets and liabilities
Non\u2011current asset additions
983
1,450
223
2,969
814
6,439
Non\u2011current assets
1
24,810
13,827
3,120
21,824
898
64,479
Segment assets
67,492
67, 877
25,545
56,695
5,641
223,250
Segment liabilities
(21,476)
(19,054)
(3,312)
(10,004)
(53,782)
(107,628)
1. Non\u2011current assets exclude financial instruments and deferred tax
North Common
UK & Ireland Europe America Asia amounts Total
March 2025 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Revenue
Revenue from external customers
69,126
77,171
32,978
44,191
\u2014
223,466
Inter\u2011segment revenue (eliminated on consolidation)
3,036
1,659
131
7,356
\u2014
12,182
Total revenue
72,162
78,830
33,109
51,547
\u2014
235,648
Underlying operating result
2,927
6,926
3,008
8,846
(6,831)
14,876
Net financing costs
(65)
(916)
(873)
462
(3,107)
(4,499)
Underlying segment result
2,862
6,010
2,135
9,308
(9,938)
10,377
Separately disclosed items (see note 2)
(1,201)
(2,060)
(381)
(432)
(1,375)
(5,449)
Profit/(loss) before tax
1,661
3,950
1,754
8,876
(11,313)
4,928
Specific disclosure items
Depreciation and amortisation
(2,357)
(3,287)
(840)
(1,552)
(837)
(8,873)
Assets and liabilities
Non\u2011current asset additions
6,046
4,695
198
863
\u2014
11,802
Non\u2011current assets
1
26,768
16,317
4,297
19,733
5,510
72,626
Segment assets
71,186
69,946
24,322
56,468
7,081
229,003
Segment liabilities
(22,454)
(20,041)
(4,282)
(10,497)
(50,586)
(107,860)
1. Non\u2011current assets exclude financial instruments and deferred tax There were no material differences in North America between the external revenue based on location of the entities and the location of the customers. Of the UK & Ireland external revenue, \u00a38.6m (FY25: \u00a36.2m) was sold into the European market. Of the Asian external revenue, \u00a33.8m (FY25: \u00a34.4m) was sold into the North American market and \u00a33.5m (FY25: \u00a33.2m) was sold into the European market. Within UK & Ireland, TR Fastenings Ltd has revenue of \u00a344.6m (FY25: \u00a353.1m) and non\u2011current assets of \u00a33.1m (FY25: \u00a32.9m). Within Europe, TR Italy has revenue of \u00a323.6m (FY25: \u00a327.0m) and non\u2011current assets of \u00a37.7m (FY25: \u00a38.0m). Within Asia, TR Formac Singapore has revenue of \u00a317.0m (FY25: \u00a319.9m) and non\u2011current assets of \u00a34.4m (FY25: \u00a34.2m). Revenue is derived solely from the manufacture and logistical supply of industrial fasteners and Category \u2018C\u2019 components.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-421": { "value": "
4 Other operating income
2026 2025
\u00a3000 \u00a3000
Rental income received from freehold properties
102
20
Other income
690
746
792
766
Other income primarily includes tax credits for manufacturing investments in Industry 4.0
at TR Italy of \u00a30.3m (FY25: \u00a30.4m).
Included within other income is <\u00a30.1m (FY25: <\u00a30.1m) of R&D tax credits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-459": { "value": "4 Other operating income
2026 2025
\u00a3000 \u00a3000
Rental income received from freehold properties
102
20
Other income
690
746
792
766
Other income primarily includes tax credits for manufacturing investments in Industry 4.0 at TR Italy of \u00a30.3m (FY25: \u00a30.4m). Included within other income is <\u00a30.1m (FY25: <\u00a30.1m) of R&D tax credits.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-422": { "value": "
5 Expenses and auditor\u2019s remuneration
Included in profit for the year are the following:
2026 2025
Note \u00a3000 \u00a3000
Depreciation and non\u2011acquired
amortisation
10, 13
2,903
3,655
Right\u2011of\u2011use assets depreciation
12
3,660
3,487
Amortisation of acquired intangibles
13
1,550
1,731
Short\u2011term/low\u2011value lease expense
12
325
309
Net foreign exchange loss/(gain)
673
(198)
Profit on disposal of fixed assets
(50)
(26)
The employee benefit expense recognised in the year is disclosed in note 22.
Auditor\u2019s remuneration:
2026 2025
\u00a3000 \u00a3000
Audit of these financial statements
433
439
Audit of financial statements of subsidiaries pursuant
to legislation
570
531
Total
1,003
970
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-460": { "value": "5 Expenses and auditor\u2019s remuneration Included in profit for the year are the following:
2026 2025
Note \u00a3000 \u00a3000
Depreciation and non\u2011acquired
amortisation
10, 13
2,903
3,655
Right\u2011of\u2011use assets depreciation
12
3,660
3,487
Amortisation of acquired intangibles
13
1,550
1,731
Short\u2011term/low\u2011value lease expense
12
325
309
Net foreign exchange loss/(gain)
673
(198)
Profit on disposal of fixed assets
(50)
(26)
The employee benefit expense recognised in the year is disclosed in note 22. Auditor\u2019s remuneration:
2026 2025
\u00a3000 \u00a3000
Audit of these financial statements
433
439
Audit of financial statements of subsidiaries pursuant
to legislation
570
531
Total
1,003
970
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-423": { "value": "
6 Staff numbers and costs
The average number of people employed by the Group (including Directors) during the
year, analysed by category, was as follows:
Group
Company
Number of employees
Number of employees
2026
2025
2026
2025
Office and management
93
107
\u2014
\u2014
Manufacturing
269
310
\u2014
\u2014
Sales
155
178
\u2014
\u2014
Operations
503
581
\u2014
\u2014
1,02 0
1,176
\u2014
\u2014
The aggregate payroll costs of these people were as follows:
Group
Company
\u00a3000
\u00a3000
2026
2025
2026
2025
Wages and salaries
(including accrued bonus)
37,737
41,844
\u2014
\u2014
Share\u2011based payments
1,244
426
1,244
428
Social security costs
4,979
4,544
\u2014
\u2014
Contributions to defined
contribution plans (see
note 22)
1,831
2,176
\u2014
\u2014
45,791
48,990
1,244
428
22 Employee benefits
Pension plans
Defined contribution plans
The Group operates a number of defined contribution pension plans, which include stakeholder pension plans whose assets are held separately from those of the Group, in independently
administered funds.
The total expense relating to these plans in the current year was \u00a31.8m (FY25: \u00a32.2m) and represents contributions payable by the Group to the funds.
At the end of the financial year, there were outstanding pension contributions of <\u00a30.1m (FY25: <\u00a30.1m), which are included in other payables and accrued expenses.
Share\u2011based payments
SAYE share options
The Group share options (including SAYE plans) provide for an exercise price equal to the average quoted market price of the Group shares on the date of grant. In the case of SAYE,
this price is discounted in line with HMRC limits. The vesting period is generally three or five years. The options expire if they remain unexercised after the exercise period has lapsed.
Furthermore, options are forfeited if the employee leaves the Group before the options vest, unless for retirement, redundancy or health reasons. The options are equity settled.
The number and weighted average exercise prices of share options are as follows:
2026
2025
Weighted Weighted
average average
exercise exercise
Options
price
Options
price
Outstanding at beginning of year
1,843,789
0.69
2,174,100
0.76
Granted during the year
239,508
0.64
1,024,585
0.64
Forfeited/lapsed during the year
(209,138)
0.68
(1,349,595)
0.76
Exercised during the year
\u2014
\u2014
\u2014
\u2014
Vested early during the year
1
(68,687)
0.73
(5,301)
0.74
Outstanding at the end of the year
1,805,472
0.69
1,843,789
0.69
Exercisable at the end of the year
70,873
0.86
1,710
1.05
1. Shares that vested early in the year were also exercised
The options outstanding at 31 March 2026 had a weighted average remaining contractual life of 1.9 years (FY25: 2.9 years) and exercise prices ranging from \u00a30.64 to \u00a31.05 (FY25: \u00a30.64 to
\u00a31.05). Shares vested early relates to the FY22, FY23 and FY24 SAYE of employees who were classed as good leavers. The weighted average share price at the date of exercise for share
options that vested early in 2026 was \u00a30.80 (FY25: \u00a30.83).
The number of forfeited shares in the period includes 196,974 (FY25: 988,329) cancellations.
The fair value of services received in return for share options granted is measured by reference to the fair value of share options granted. The estimate of the fair value of the services
received is measured based on the Black\u2011Scholes model.
The contractual life of the option is used as an input into this model.
Board deferred equity bonus shares
The Board deferred equity bonus shares have been discussed in more detail in the remuneration report (pages 66 to 80). The number of deferred equity bonus shares are as follows:
2026
2025
Outstanding at beginning of year
\u2014
\u2014
Granted during the year
330,025
\u2014
Forfeited/lapsed during the year
\u2014
\u2014
Exercised during the year
\u2014
\u2014
Vested early during the year
\u2014
\u2014
Outstanding at the end of the year
330,025
\u2014
Exercisable at the end of the year
\u2014
\u2014
These nil\u2011cost options are subject to a three\u2011year service period and the fair value has been calculated using the discounted dividend model (DDM). This is based on expected dividends
over the three\u2011year term. They are equity settled shares.
The weighted average share price at the date of exercise for share options exercised in FY26 was \u00a3nil (FY25: \u00a3nil).
There were no outstanding options as at 31 March 2026.
Senior Manager (SM), Operational Executive Board (OEB) and Executive Leadership Team (ELT) LTIP shares
The number of SM LTIP shares is as follows:
2026
2025
Outstanding at beginning of year
4,482,001
6,938,250
Granted during the year
\u2014
\u2014
Forfeited during the year
(2,282,310)
(2, 227, 9 01)
Vested early during the year
\u2014
\u2014
Exercised during the year
\u2014
(228,348)
Outstanding at end of year
2,199,691
4,482,001
Exercisable at end of year
\u2014
\u2014
The awards granted in FY23 are subject to a non\u2011market performance condition of underlying EPS growth for a three\u2011year period starting on 1 April 2022. The awards granted in FY24
are subject to a non\u2011market\u2011based performance condition of underlying operating margin (UOM) (weighted 25%) and a market\u2011based performance condition based on relative TSR
(weighted 75%) for a three\u2011year period starting on 1 April 2023 (see below for details of the performance conditions). The method of settlement for these shares is a mixture of equity and
cash settled. The fair value for the UOM element has been calculated using the DDM, whilst the fair value for the TSR element has been calculated using the Monte Carlo simulation model.
This was at grant date for the equity settled awards.
The FY23 non\u2011market performance condition requires underlying EPS to grow by 9% per annum for a 25% payout, 29% per annum for a 100% payout, with straight\u2011line vesting in between
these points. As set out in the remuneration report on page 76, this performance condition was not met and therefore the awards will lapse.
The FY24 non\u2011market performance condition requires UOM in FY26 to be 8.2% for 25% vesting, 9.1% for 50% vesting, 10% for 75% vesting and 11% or above for maximum vesting, with
straight\u2011line vesting in between these points. The FY24 market\u2011based performance condition requires Trifast\u2019s TSR to be equal to the FTSE All\u2011Share Index\u2019s TSR for 25% vesting and 8%
p.a. or above outperformance of the FTSE All\u2011Share Index\u2019s TSR for 100% vesting, with straight\u2011line vesting in between these points.
The options outstanding at 31 March 2026 had a weighted average remaining contractual life of 5.7 years (FY25: 6.0 years).
Board LTIP shares
The Board LTIP shares are part of the Remuneration Policy approved at the 2023 AGM and have been discussed in more detail in the remuneration report (pages 66 to 80). The maximum
number of Board LTIP shares are as follows:
2026
2025
Outstanding at beginning of year
856,978
981,758
Granted during the year
\u2014
\u2014
Forfeited/lapsed during the year
(42,425)
(124,780)
Exercised during the year
\u2014
\u2014
Vested early during the year
\u2014
\u2014
Outstanding at end of year
814,553
856,978
Exercisable at end of year
\u2014
\u2014
42,425 shares are for D Hayes\u2011Powell relating to his former appointment as a Board Director. He left the Company on 21 February 2024.
Nil\u2011cost options awarded in FY23 are subject to performance (EPS growth and TSR performance) and service conditions over a three\u2011year period which resulted in nil vesting. Nil\u2011cost
options awarded during FY24 are subject to a non\u2011market\u2011based performance condition based on underlying operating margin (UOM) (weighted 25%) and a market\u2011based performance
condition based on relative TSR (weighted 75%) for a three\u2011year period starting on 1 April 2023. The fair values for the EPS element and the UOM element have been calculated using
the DDM, whilst the fair value for the TSR element has been calculated using the Monte Carlo simulation. They are equity settled shares. In line with IFRS 2, the amount recognised as an
expense has been adjusted to reflect the number of awards for which the service and non\u2011market performance conditions are expected to be met.
The options outstanding at 31 March 2026 had a weighted average remaining contractual life of 5.7 years (FY25: 6.7 years).
Board and ELT FY25 LTIP shares
The Board and ELT LTIP shares are a one\u2011off grant of a fixed number of market priced options where the exercise price is set equal to Trifast\u2019s share price shortly before the date of grant.
The Policy period is three years. The Monte Carlo simulation was used to calculate the fair value on the basis that the share price hurdles are market\u2011based performance conditions. Full
details of the awards granted are set out on pages 76 and 77 of this report.
The maximum number of Board and ELT LTIP shares are as follows:
2026
2025
Outstanding at beginning of year
9,430,800
10,208,598
Granted during the year
2,074,128
\u2014
Forfeited/lapsed during the year
(2,333,394)
(777,798)
Exercised during the year
\u2014
\u2014
Vested early during the year
\u2014
\u2014
Outstanding at end of year
9,171,534
9,430,800
Exercisable at end of year
\u2014
\u2014
The options will vest when share price hurdles have been met during a five\u2011year period beginning on the date of grant and become exercisable on completion of a service period and
subject to a performance underpin. The options outstanding at 31 March 2026 had a weighted average remaining contractual life of 8.5 years.
SAYE share options
Number Share price Expected
outstanding on on date Exercise Expected Vesting Expected Risk\u2011free annual Fair
Type of Valuation 31 March of grant price volatility period life rate dividend value
Date of grant instrument model 2026 (\u00a3) (\u00a3) % (years) (years) % % (\u00a3)
15/09/2020
SAYE 5 Year
Black\u2011Scholes
70,873
0.98
0.86
33.1
5.13
5.13
(0.06)
1.22
0.29
10/08/2021
SAYE 5 Year
Black\u2011Scholes
19,951
1.44
1.05
35.0
5.23
5.23
0.34
1.11
0.55
15/09/2022
SAYE 3 Year
Black\u2011Scholes
117,573
0.84
0.77
43.3
3.13
3.13
3.06
2.50
0.26
15/09/2022
SAYE 5 Year
Black\u2011Scholes
66,231
0.84
0.77
38.1
5.13
5.13
3.04
2.50
0.28
15/09/2023
SAYE 3 Year
Black\u2011Scholes
611,312
0.81
0.69
47.8
3.13
3.13
4.47
2.79
0.29
15/09/2023
SAYE 5 Year
Black\u2011Scholes
99,832
0.81
0.69
44.2
5.13
5.13
4.27
2.79
0.32
04/10/2024
SAYE 3 Year
Black\u2011Scholes
430,974
0.79
0.64
48.9
3.07
3.07
3.88
2.29
0.31
04/10/2024
SAYE 5 Year
Black\u2011Scholes
214,586
0.79
0.64
48.9
5.08
5.08
3.87
2.29
0.35
12/09/2025
SAYE 3 Year
Black\u2011Scholes
174,140
0.82
0.64
49.3
3.14
3.14
3.84
2.20
0.34
Total SAYE share options
1,805,472
Share options
Number Share price Expected
outstanding on on date Exercise Expected Vesting Expected Risk\u2011free annual Fair
Type of Valuation 31 March of grant price volatility period life rate dividend value
Date of grant instrument model 2026 (\u00a3) (\u00a3) % (years) (years) % % (\u00a3)
28/11/2023
Board LTIP \u2013 relative TSR
Monte Carlo
610,915
0.76
n/a
48.3
3.00
3.00
4.20
2.77
0.44
28/11/2023
Board LTIP \u2013 UOM
DDM
203,638
0.76
n/a
n/a
3.00
3.00
4.20
2.77
0.70
28/11/2023
ELT LTIP \u2013 TSR equity
Monte Carlo
407, 276
0.76
n/a
48.3
3.00
3.00
4.20
2.77
0.44
28/11/2023
ELT LTIP \u2013 UOM \u2013 equity
DDM
135,759
0.76
n/a
n/a
3.00
3.00
4.20
2.77
0.70
28/11/2023
SM LTIP \u2013 TSR \u2013 equity
Monte Carlo
1,084,001
0.76
n/a
48.3
3.00
3.00
4.20
2.77
0.44
28/11/2023
SM LTIP \u2013 UOM \u2013 equity
DDM
361,334
0.76
n/a
n/a
3.00
3.00
n/a
2.77
0.70
28/11/2023
SM LTIP \u2013 TSR \u2013 cash
1
Monte Carlo
158,492
0.67
1
n/a
48.0
3.00
1.66
3.96
2.71
0.34
28/11/2023
SM LTIP \u2013 UOM \u2013 cash
1
DDM
52,829
0.67
1
n/a
n/a
3.00
1.66
n/a
2.71
0.64
10/09/2024
Board/ELT LTIP 3yr \u2013 equity
Monte Carlo
2,106,536
0.80
0.81
48.00
3.00
3.00
3.56
2.25
0.30
10/09/2024
Board/ELT LTIP 4yr \u2013 equity
Monte Carlo
2,106,536
0.80
0.81
48.00
4.00
4.00
3.56
2.25
0.30
10/09/2024
Board/ELT LTIP 5yr \u2013 equity
Monte Carlo
2,106,536
0.80
0.81
48.00
5.00
5.00
3.56
2.25
0.30
23/09/2024
Board/ELT LTIP 3yr \u2013 equity
Monte Carlo
259,266
0.79
0.79
48.00
2.96
2.96
3.64
2.27
0.30
23/09/2024
Board/ELT LTIP 4yr \u2013 equity
Monte Carlo
259,266
0.79
0.79
48.00
3.96
3.96
3.64
2.27
0.30
23/09/2024
Board/ELT LTIP 5yr \u2013 equity
Monte Carlo
259,266
0.79
0.79
48.00
4.96
4.96
3.64
2.27
0.30
19/11/2024
Board/ELT LTIP 3yr \u2013 equity
Monte Carlo
259,266
0.80
0.79
48.50
2.81
2.81
4.17
2.26
0.30
1. The share price used to determine the fair value at FY26 was 67.2p (FY25: 66.5p)
Number Share price Expected
outstanding on on date Exercise Expected Vesting Expected Risk\u2011free annual Fair
Type of Valuation 31 March of grant price volatility period life rate dividend value
Date of grant instrument model 2026 (\u00a3) (\u00a3) % (years) (years) % % (\u00a3)
19/11/2024
Board/ELT LTIP 4yr \u2013 equity
Monte Carlo
259,266
0.80
0.79
48.50
3.81
3.81
4.17
2.26
0.30
19/11/2024
Board/ELT LTIP 5yr \u2013 equity
Monte Carlo
259,266
0.80
0.79
48.50
4.81
4.81
4.17
2.26
0.30
17/11/2025
Board/ELT LTIP 3yr \u2013 equity
Monte Carlo
259,266
0.73
0.76
48.50
1.81
1.81
3.81
2.47
0.24
17/11/2025
Board/ELT LTIP 4yr \u2013 equity
Monte Carlo
259,266
0.73
0.76
48.50
2.81
2.81
3.81
2.47
0.24
17/11/2025
Board/ELT LTIP 5yr \u2013 equity
Monte Carlo
259,266
0.73
0.76
48.50
3.81
3.81
3.81
2.47
0.24
08/12/2025
Board/ELT LTIP 3yr \u2013 equity
Monte Carlo
172,844
0.72
0.72
48.50
1.76
1.76
3.85
2.49
0.23
08/12/2025
Board/ELT LTIP 4yr \u2013 equity
Monte Carlo
172,844
0.72
0.72
48.50
2.76
2.76
3.85
2.49
0.23
08/12/2025
Board/ELT LTIP 5yr \u2013 equity
Monte Carlo
172,844
0.72
0.72
48.50
3.76
3.76
3.85
2.49
0.23
18/08/2025
FY25 Board deferred equity
DDM
330,025
0.67
n/a
n/a
3.00
3.00
n/a
2.68
0.62
Total share options (inc. SAYE)
14,321,275
Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over a period commensurate with the expected life or the remaining TSR performance
period of the award as at the date of grant. The expected life used in the model has been adjusted, based on management\u2019s best estimate, for the effects of non\u2011transferability, exercise
restrictions and behavioural considerations.
The exercise price used is in line with the appropriate award documentation. In the case of SAYE awards, this price is discounted in line with HMRC limits. For Board, Operational Executive
Board, Executive Leadership Team and Senior Manager LTIP awards granted in the form of nil\u2011cost options, the exercise price is nil.
The exercise price for the Board/ELT LTIP granted in FY26 is set equal to Trifast\u2019s share price shortly before the date of grant.
SAYE share options
The risk\u2011free rate has been set as the continuously compounded yield as at the grant date on zero coupon government bonds of a term commensurate with the expected life assumption.
The dividend yield has been set equal to the historic dividend yield as at the date of grant.
The Group recognised total charge of \u00a31.2m (FY25: charge of \u00a30.4m) in relation to share\u2011based payment transactions in the year. Of this, a charge of \u00a3<0.1m (FY25: \u00a30.2m) relates to cash
settled awards to which a liability is recognised on the statement of financial position in trade and other payables. The remaining amount relates to equity settled awards.
As at 31 March 2026, outstanding options to subscribe for ordinary shares of 5p were
as follows:
Number of Contractual life
Grant date/employees entitled instruments of options
15/09/20 SAYE
70,873
Apr 2026
10/08/21 SAYE
19,951
Apr
2
025, Apr 2027
15/09/22 SAYE
183,804
Apr
2
026, Apr 2028
15/09/23 SAYE
711,144
Apr
2027
, Apr 2029
04/10/24 SAYE
645,560
Apr
2028
, Apr 2030
12/09/25 SAYE
174,140
Apr 2029
Total outstanding options
1,805,472
Senior Manager, OEB and ELT LTIP shares
2,199,691
Nov 2031
Board LTIP shares
814,553
Nov 2031
Board/ELT LTIP shares
9,171,534
Sep 2034
Board deferred equity
330,025
Sep 2034
Total
14,321,275
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-424": { "value": "
7 Directors\u2019 emoluments
2026 2025
\u00a3000 \u00a3000
Directors\u2019 emoluments
1,086
945
Compensation for loss of office
\u2014
\u2014
Company contributions to money purchase pension plans
15
12
Pension cash payments
15
20
1,116
977
The emoluments of individual Directors are shown in the remuneration report on pages 66
to 80.
The aggregate emoluments of the highest paid Director excluding pensions was \u00a30.43m
(FY25: \u00a30.44m), which included no vested LTIP or deferred equity award (FY25: \u00a3nil),
Company pension contributions of \u00a3nil (FY25: \u00a3nil) made to a money purchase scheme on
his behalf and pension cash payments of \u00a320,000 (FY25: \u00a320,000). During the year, no
SAYE share options were exercised by the highest paid Director (FY25: nil) and no deferred
equity shares were exercised by the highest paid Director (FY25: nil).
The annual IFRS 2 charges relating to Board share option schemes was \u00a30.7m
(FY25: \u00a30.3m). The highest paid Director\u2019s element of this charge was \u00a30.4m
(FY25: \u00a30.2m).
Number of Directors
2026
2025
Retirement benefits are accruing to the following number
of Directors under money purchase schemes
1
1
The number of Directors who exercised share options was
\u2014
\u2014
See pages 66 to 80 of the remuneration report for more details.
Directors\u2019 rights to subscribe for shares in the Company are also set out in the
remuneration report.
", "dimensions": { "concept": "trifastplc:DisclosureOfDirectorsEmoluments", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-425": { "value": "
8 Financial income and expense
2026 2025
\u00a3000 \u00a3000
Financial income
Interest income on financial assets
160
275
Financial expenses
Interest payable on bank loans, IFRS 16 right\u2011of\u2011use
liabilities
4,341
4,774
FY26 includes \u00a31.2m of interest on the right\u2011of\u2011use liabilities in compliance with IFRS 16, see
note 12 (FY25: \u00a31.0m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-505": { "value": "8 Financial income and expense
2026 2025
\u00a3000 \u00a3000
Financial income
Interest income on financial assets
160
275
Financial expenses
Interest payable on bank loans, IFRS 16 right\u2011of\u2011use
liabilities
4,341
4,774
FY26 includes \u00a31.2m of interest on the right\u2011of\u2011use liabilities in compliance with IFRS 16, see note 12 (FY25: \u00a31.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-503": { "value": "8 Financial income and expense
2026 2025
\u00a3000 \u00a3000
Financial income
Interest income on financial assets
160
275
Financial expenses
Interest payable on bank loans, IFRS 16 right\u2011of\u2011use
liabilities
4,341
4,774
FY26 includes \u00a31.2m of interest on the right\u2011of\u2011use liabilities in compliance with IFRS 16, see note 12 (FY25: \u00a31.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-500": { "value": "8 Financial income and expense
2026 2025
\u00a3000 \u00a3000
Financial income
Interest income on financial assets
160
275
Financial expenses
Interest payable on bank loans, IFRS 16 right\u2011of\u2011use
liabilities
4,341
4,774
FY26 includes \u00a31.2m of interest on the right\u2011of\u2011use liabilities in compliance with IFRS 16, see note 12 (FY25: \u00a31.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-484": { "value": "8 Financial income and expense
2026 2025
\u00a3000 \u00a3000
Financial income
Interest income on financial assets
160
275
Financial expenses
Interest payable on bank loans, IFRS 16 right\u2011of\u2011use
liabilities
4,341
4,774
FY26 includes \u00a31.2m of interest on the right\u2011of\u2011use liabilities in compliance with IFRS 16, see note 12 (FY25: \u00a31.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-461": { "value": "8 Financial income and expense
2026 2025
\u00a3000 \u00a3000
Financial income
Interest income on financial assets
160
275
Financial expenses
Interest payable on bank loans, IFRS 16 right\u2011of\u2011use
liabilities
4,341
4,774
FY26 includes \u00a31.2m of interest on the right\u2011of\u2011use liabilities in compliance with IFRS 16, see note 12 (FY25: \u00a31.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-426": { "value": "
9 Taxation
2026 2025
Recognised in the income statement \u00a3000 \u00a3000
Current UK tax expense:
Current year
518
65
Adjustments for prior years
\u2014
2
518
67
Current foreign tax expense:
Current year
2,192
3,259
Adjustments for prior years
36
(91)
2,228
3,168
Total current tax
2,746
3,235
Deferred tax expense (note 16):
Origination and reversal of temporary differences
(1,687)
1,248
Adjustments for prior years
(20)
(595)
Deferred tax income
(1,707)
653
Tax in income statement
1,039
3,888
2026 2025
\u00a3000 \u00a3000
Deferred tax recognised directly in equity
(213)
31
Total tax recognised in equity
(213)
31
2026 ETR 2025 ETR
Reconciliation of effective tax rate (ETR) and tax expense \u00a3000 % \u00a3000 %
(Loss)/profit for the period
(982)
1,040
Tax from continuing operations
1,039
3,888
Profit before tax
57
4,928
Tax using the UK corporation tax rate of 25% (FY25: 25%)
14
25
1,232
25
Tax suffered on dividends
698
1,225
203
4
Non\u2011deductible expenses
423
742
1,917
38
Non\u2011taxable receipts
(92)
(161)
(391)
(7)
IFRS 2 share option charge
302
530
(16)
\u2014
Deferred tax assets not recognised
(134)
(235)
2,247
45
Different tax rates on overseas earnings
(208)
(365)
(619)
(12)
Adjustments in respect of prior years
36
63
(685)
(13)
Total tax in income statement
1,039
1,824
3,888
80
16 Deferred tax assets and liabilities \u2013 Group
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
2026 2025 2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Property, plant and equipment
\u2014
\u2014
1,342
1,343
1,342
1,343
IFRS 16 Leases
(2,007)
(1,930)
1,797
1,761
(210)
(169)
Intangible assets
(170)
(188)
812
1,115
642
927
Provision on inventories
(874)
(842)
\u2014
\u2014
(874)
(842)
Provisions/accruals
(2,994)
(2,423)
1,272
1,133
(1,722)
(1,290)
IFRS 2 Share\u2011based Payments
(19)
(67)
1
\u2014
(18)
(67)
Tax losses
(2,547)
(1,369)
\u2014
\u2014
(2,547)
(1,369)
Tax (assets)/liabilities
(8,611)
(6,819)
5,224
5,352
(3,387)
(1,467)
Tax set\u2011off
1,321
900
(1,321)
(900)
\u2014
\u2014
Net tax (assets)/liabilities
(7,290)
(5,919)
3,903
4,452
(3,387)
(1,467)
A deferred tax asset of \u00a311.1m (FY25: \u00a37.7m), arising on carried forward losses for UK companies, has not been recognised due to uncertainty that the asset will be utilised in the
foreseeable future.
A potential \u00a32.6m (FY25: \u00a32.4m) deferred tax liability relating to the temporary differences amounting to \u00a338.4m (FY25: \u00a333.8m) associated with undistributed profits in subsidiaries
has not been recognised. This is on the grounds that management is able to control the timing of these reversals and it is not considered probable that these amounts will reverse in the
foreseeable future.
Movement in deferred tax during the year
1 April Recognised Recognised 31 March
2025 in income
in equity
1
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Property, plant and equipment
1,343
(69)
68
1,342
IFRS 16 Leases
(169)
(51)
10
(210)
Intangible assets
927
(160)
(125)
642
Provision on inventories
(842)
(50)
18
(874)
Provisions/accruals
(1,290)
(304)
(128)
(1,722)
IFRS 2 Share\u2011based Payments
(67)
6
43
(18)
Tax losses
(1,369)
(1,079)
(99)
(2,547)
(1,467)
(1,707)
(213)
(3,387)
2026
1. Amounts recognised in equity include the deferred tax on IFRS 2 Share\u2011based Payments of \u00a343,000 (FY25: \u00a3(17,000)) and the equity element of foreign exchange differences taken to reserves
Movement in deferred tax during the prior year
1 April Recognised Recognised 31 March
2024 in income
in equity
1
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Property, plant and equipment
1,794
(452)
1
1,343
IFRS 16 Leases
(188)
19
\u2014
(169)
Intangible assets
1,135
(199)
(9)
927
Provision on inventories
(865)
17
6
(842)
Provisions/accruals
(1,381)
76
15
(1,290)
IFRS 2 Share\u2011based Payments
(197)
147
(17)
(67)
Tax losses
(2,446)
1,042
35
(1,369)
Reclassified to assets held for sale
(3)
3
\u2014
\u2014
(2,151)
653
31
(1,467)
2025
1. Amounts recognised in equity include the deferred tax on IFRS 2 Share\u2011based Payments of \u00a3(17,000) (FY24: \u00a321,000) and the equity element of foreign exchange differences taken to reserves
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-427": { "value": "
10 Property, plant and equipment \u2013 Group
Land and Leasehold Plant and Fixtures and Motor
buildings improvements equipment fittings vehicles Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Cost
Balance at 1 April 2024
13,572
4,478
38,435
8,918
1,050
66,453
Additions
76
518
1,246
1,030
\u2014
2,870
Assets classified as held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
(14)
(4,526)
(932)
(13)
(5,485)
Transfers/reallocations
\u2014
\u2014
(4)
(24)
\u2014
(28)
Effect of movements in foreign exchange
(162)
(34)
(517)
(79)
(24)
(816)
Balance at 31 March 2025
13,486
4,948
34,634
8,913
1,013
62,994
Balance at 1 April 2025
13,486
4,948
34,634
8,913
1,013
62,994
Additions
34
407
1,173
1,146
28
2,788
Disposals
\u2014
(152)
(991)
(1,454)
(109)
(2,706)
Transfers/reallocations
\u2014
75
30
(154)
(24)
(73)
Effect of movements in foreign exchange
624
47
1,423
143
26
2,263
Balance at 31 March 2026
14,144
5,325
36,269
8,594
934
65,266
Depreciation and impairment
Balance at 1 April 2024
5,167
1,611
32,276
7,511
818
47,383
Depreciation charge for the year
214
358
1,793
455
69
2,889
Assets classified as held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
(14)
(4,525)
(694)
(13)
(5,246)
Transfers/reallocations
\u2014
\u2014
(4)
(24)
\u2014
(28)
Impairment loss
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Effect of movements in foreign exchange
(96)
(23)
(398)
(61)
(19)
(597)
Balance at 31 March 2025
5,285
1,932
29,142
7,1 87
855
44,401
Land and Leasehold Plant and Fixtures and Motor
buildings improvements equipment fittings vehicles Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Balance at 1 April 2025
5,285
1,932
29,142
7,187
855
44,401
Depreciation charge for the year
211
435
1,639
515
87
2,887
Disposals
\u2014
(152)
(987)
(1,437)
(92)
(2,668)
Transfers/reallocations
\u2014
26
22
(48)
\u2014
\u2014
Impairment loss
1
\u2014
21
61
49
5
136
Effect of movements in foreign exchange
229
34
1,204
119
22
1,608
Balance at 31 March 2026
5,725
2,296
31,081
6,385
877
46,364
Net book value
At 31 March 2024
8,405
2,867
6,159
1,407
232
19,070
At 31 March 2025
8,201
3,016
5,492
1,726
158
18,593
At 31 March 2026
8,419
3,029
5,188
2,209
57
18,902
1. An impairment charge was recognised in respect of TR Fastenings Inc. (Houston); see note 13 for further details
Included in the net book value of land and buildings is \u00a37.4m (FY25: \u00a38.2m) of freehold land and buildings. Within this figure, there is \u00a31.5m (FY25: \u00a31.6m) of buildings that are on long
leasehold land.
The Group had commitments for future capital expenditure not provided for in the accounts of \u00a3nil (FY25: \u00a30.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-428": { "value": "
12 IFRS 16 \u2013 Group
All leases are accounted for by recognising a right\u2011of\u2011use asset and a lease liability
except for:
\u2022 Leases of low\u2011value assets
\u2022 Leases with a duration of 12 months or less
Lease liabilities are measured at the present value of the contractual payments due to
the lessor over the lease term, with the discount rate determined by reference to the rate
inherent in the lease unless (as is typically the case) this is not readily determinable, in
which case the lessee\u2019s incremental borrowing rate on commencement of the lease is used.
Variable lease payments are only included in the measurement of the lease liability if they
depend on an index or rate. In such cases, the initial measurement of the lease liability
assumes the variable element will remain unchanged throughout the lease term. Other
variable lease payments are expensed in the period to which they relate.
On initial recognition, the carrying value of the lease liability also includes:
\u2022 Amounts expected to be payable under any residual value guarantee
\u2022 The exercise price of any purchase option granted in favour of the Group if it is
reasonably certain to access that option
\u2022 Any penalties payable for terminating the lease, if the term of the lease has been
estimated on the basis of termination option being exercised
Right\u2011of\u2011use assets are initially measured at the amount of the lease liability, reduced
for any lease incentives received, and increased for:
\u2022 Lease payments made at or before commencement of the lease
\u2022 Initial direct costs incurred
\u2022 The amount of any provision recognised where the Group is contractually required
to dismantle, remove or restore the leased asset
Subsequent to initial measurement, lease liabilities increase as a result of interest charged
at a constant rate on the balance outstanding and are reduced for lease payments made.
Right\u2011of\u2011use assets are depreciated on a straight\u2011line basis over the remaining term of
the lease.
When the Group revises its estimate of the term of any lease (because, for example,
it re\u2011assesses the probability of a lessee extension or termination option being exercised),
it adjusts the carrying amount of the lease liability to reflect the payments to make over the
revised term, which are discounted using a revised discount rate. The carrying value of lease
liabilities is similarly revised when the variable element of future lease payments dependent
on a rate or index is revised, which are discounted at the same discount rate that applied
on lease commencement. In both cases, an equivalent adjustment is made to the carrying
value of the right\u2011of\u2011use asset, with the revised carrying amount being amortised over the
remaining (revised) lease term.
At 31 March 2026, the carrying amounts of lease liabilities are not reduced by the amount of
payments that would be avoided from exercising break clauses because it was considered
reasonably certain that the Group would not exercise any right to break these leases.
Right\u2011of\u2011use assets (Group)
Land and Motor
buildings vehicles Equipment Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000
At 1 April 2024
15,227
1,153
70
16,450
Lease extensions
488
\u2014
\u2014
488
New leases
4,684
172
18
4,874
Rent review
2,322
262
1,005
3,589
Depreciation
(2,850)
(545)
(92)
(3,487)
Disposals
(1,501)
\u2014
\u2014
(1,501)
Impairment
34
\u2014
\u2014
34
Foreign exchange
movements
(150)
(8)
(6)
(164)
At 1 April 2025
18,254
1,034
995
20,283
Lease extensions
300
\u2014
\u2014
300
New leases
98
423
476
997
Rent review
400
3
(3)
400
Depreciation
(2,915)
(574)
(171)
(3,660)
Disposals
\u2014
\u2014
\u2014
\u2014
Impairment
1
(393)
\u2014
\u2014
(393)
Foreign exchange
movements
164
24
44
232
At 31 March 2026
15,908
910
1,341
18,159
1. An impairment charge was recognised in respect of TR Fastenings Inc. (Houston); see note 13 for
further details
Right\u2011of\u2011use assets and liabilities disposal of \u00a31.5m and \u00a31.7m respectively in FY25 relates
to PTS early exit of lease during the year.
Right\u2011of\u2011use liabilities (Group)
Land and Motor
buildings vehicles Equipment Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000
At 1 April 2024
17,058
1,295
70
18,423
Lease extensions
488
\u2014
\u2014
488
New leases
4,231
172
18
4,421
Rent review
2,322
262
1,005
3,589
Lease payments
(3,915)
(703)
(115)
(4,733)
Interest
912
70
34
1,016
Disposals
(1,701)
\u2014
\u2014
(1,701)
Foreign exchange
movements
(182)
(4)
1
(185)
At 1 April 2025
19,213
1,092
1,013
21,318
Lease extensions
300
\u2014
\u2014
300
New leases
98
423
476
997
Rent review
400
3
(3)
400
Lease payments
(3,549)
(708)
(209)
(4,466)
Interest
1,012
75
74
1,161
Disposals
(101)
\u2014
\u2014
(101)
Foreign exchange
movements
271
27
42
340
At 31 March 2026
17,644
912
1,393
19,949
2026 2025
\u00a3000 \u00a3000
Short\u2011term lease expense
304
265
Low\u2011value lease expense
21
44
Aggregate undiscounted future commitments
for short\u2011term and low\u2011value leases
2
13
Under Between 1 Between 2 Over
1 year and 2 years and 5 years 5 years Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
At 31 March 2026
Right\u2011of\u2011use liabilities
2,934
2,822
5,422
8,771
19,949
Under Between 1 Between 2 Over
1 year and 2 years and 5 years 5 years Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
At 31 March 2025
Right\u2011of\u2011use liabilities
2,805
2,293
7,257
8,963
21,318
Nature of leasing activities (in the capacity as lessee)
The Group leases several properties in the jurisdictions from which it operates. In some
jurisdictions, it is customary for lease contracts to provide for payments to increase each
year by inflation and in others to be reset periodically to market rental rates. For some of
the Group\u2019s property leases the periodic rent is fixed over the lease term.
The Group also leases certain items of plant and equipment and vehicles, which comprise
only fixed payments over the lease terms.
The percentages in the table below reflect the current proportions of total lease payments
that are either fixed or variable. The sensitivity reflects the impact on the carrying amount
of lease liabilities and right\u2011of\u2011use total assets if there was an uplift of 1% on payments that
are variable at the end of the reporting date.
Lease Fixed Variable
contracts payments payments Sensitivity
(number) % % \u00a3000
Property leases with
periodic uplifts to market
rentals or inflation
5
\u2014
3
5
Property leases with
fixed payments
95
86
\u2014
\u2014
Leases of equipment
and vehicles
147
11
\u2014
\u2014
At 31 March 2026
247
97
3
5
Lease Fixed Variable
contracts payments payments Sensitivity
(number) % % \u00a3000
Property leases with
periodic uplifts to market
rentals or inflation
6
\u2014
3
7
Property leases with
fixed payments
33
88
\u2014
\u2014
Leases of equipment
and vehicles
119
9
\u2014
\u2014
At 31 March 2025
158
97
3
7
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-462": { "value": "Right\u2011of\u2011use assets (Group)
Land and Motor
buildings vehicles Equipment Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000
At 1 April 2024
15,227
1,153
70
16,450
Lease extensions
488
\u2014
\u2014
488
New leases
4,684
172
18
4,874
Rent review
2,322
262
1,005
3,589
Depreciation
(2,850)
(545)
(92)
(3,487)
Disposals
(1,501)
\u2014
\u2014
(1,501)
Impairment
34
\u2014
\u2014
34
Foreign exchange
movements
(150)
(8)
(6)
(164)
At 1 April 2025
18,254
1,034
995
20,283
Lease extensions
300
\u2014
\u2014
300
New leases
98
423
476
997
Rent review
400
3
(3)
400
Depreciation
(2,915)
(574)
(171)
(3,660)
Disposals
\u2014
\u2014
\u2014
\u2014
Impairment
1
(393)
\u2014
\u2014
(393)
Foreign exchange
movements
164
24
44
232
At 31 March 2026
15,908
910
1,341
18,159
1. An impairment charge was recognised in respect of TR Fastenings Inc. (Houston); see note 13 for further details Right\u2011of\u2011use assets and liabilities disposal of \u00a31.5m and \u00a31.7m respectively in FY25 relates to PTS early exit of lease during the year. Right\u2011of\u2011use liabilities (Group)
Land and Motor
buildings vehicles Equipment Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000
At 1 April 2024
17,058
1,295
70
18,423
Lease extensions
488
\u2014
\u2014
488
New leases
4,231
172
18
4,421
Rent review
2,322
262
1,005
3,589
Lease payments
(3,915)
(703)
(115)
(4,733)
Interest
912
70
34
1,016
Disposals
(1,701)
\u2014
\u2014
(1,701)
Foreign exchange
movements
(182)
(4)
1
(185)
At 1 April 2025
19,213
1,092
1,013
21,318
Lease extensions
300
\u2014
\u2014
300
New leases
98
423
476
997
Rent review
400
3
(3)
400
Lease payments
(3,549)
(708)
(209)
(4,466)
Interest
1,012
75
74
1,161
Disposals
(101)
\u2014
\u2014
(101)
Foreign exchange
movements
271
27
42
340
At 31 March 2026
17,644
912
1,393
19,949
2026 2025
\u00a3000 \u00a3000
Short\u2011term lease expense
304
265
Low\u2011value lease expense
21
44
Aggregate undiscounted future commitments
for short\u2011term and low\u2011value leases
2
13
Under Between 1 Between 2 Over
1 year and 2 years and 5 years 5 years Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
At 31 March 2026
Right\u2011of\u2011use liabilities
2,934
2,822
5,422
8,771
19,949
Under Between 1 Between 2 Over
1 year and 2 years and 5 years 5 years Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
At 31 March 2025
Right\u2011of\u2011use liabilities
2,805
2,293
7,257
8,963
21,318
Nature of leasing activities (in the capacity as lessee) The Group leases several properties in the jurisdictions from which it operates. In some jurisdictions, it is customary for lease contracts to provide for payments to increase each year by inflation and in others to be reset periodically to market rental rates. For some of the Group\u2019s property leases the periodic rent is fixed over the lease term. The Group also leases certain items of plant and equipment and vehicles, which comprise only fixed payments over the lease terms. The percentages in the table below reflect the current proportions of total lease payments that are either fixed or variable. The sensitivity reflects the impact on the carrying amount of lease liabilities and right\u2011of\u2011use total assets if there was an uplift of 1% on payments that are variable at the end of the reporting date.
Lease Fixed Variable
contracts payments payments Sensitivity
(number) % % \u00a3000
Property leases with
periodic uplifts to market
rentals or inflation
5
\u2014
3
5
Property leases with
fixed payments
95
86
\u2014
\u2014
Leases of equipment
and vehicles
147
11
\u2014
\u2014
At 31 March 2026
247
97
3
5
Lease Fixed Variable
contracts payments payments Sensitivity
(number) % % \u00a3000
Property leases with
periodic uplifts to market
rentals or inflation
6
\u2014
3
7
Property leases with
fixed payments
33
88
\u2014
\u2014
Leases of equipment
and vehicles
119
9
\u2014
\u2014
At 31 March 2025
158
97
3
7
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-429": { "value": "
13 Intangible assets \u2013 Group
Assets under
course of
construction Software Total
\u00a3000 \u00a3000 Goodwill Other \u00a3000
(restated)
1
(restated)
1
\u00a3000 \u00a3000
(restated)
1
Cost
Balance at 1 April 2024
\u2014
1,262
47,454
23,327
72,043
Additions
\u2014
\u2014
\u2014
74
74
Transfers
\u2014
\u2014
\u2014
(12)
(12)
Effect of movements in foreign exchange
\u2014
\u2014
(609)
(399)
(1,008)
Balance at 31 March 2025
\u2014
1,262
46,845
22,990
71,097
Balance at 1 April 2025
\u2014
1,262
46,845
22,990
71,097
Additions
382
207
\u2014
106
695
Transfers
2
\u2014
41
\u2014
\u2014
41
Effect of movements in foreign exchange
\u2014
\u2014
893
515
1,408
Balance at 31 March 2026
382
1,510
47,738
23,611
73,241
Amortisation and impairment
Balance at 1 April 2024
\u2014
541
24,999
15,604
41,144
Amortisation for the year
\u2014
721
\u2014
1,776
2,497
Disposals
\u2014
\u2014
\u2014
12
12
Effect of movements in foreign exchange
\u2014
\u2014
(299)
(293)
(592)
Balance at 31 March 2025
\u2014
1,262
24,700
17,09 9
43,061
Balance at 1 April 2025
\u2014
1,262
24,700
17,099
43,061
Amortisation for the year
\u2014
\u2014
\u2014
1,566
1,566
Impairment
3
\u2014
\u2014
370
\u2014
370
Effect of movements in foreign exchange
\u2014
\u2014
586
499
1,085
Balance at 31 March 2026
\u2014
1,262
25,656
19,164
46,082
Net book value
At 31 March 2024
\u2014
721
22,455
7,723
30,899
At 31 March 2025
\u2014
\u2014
22,145
5,891
28,036
At 31 March 2026
382
248
22,082
4,447
27,159
1. The prior year comparatives have been restated to reflect the correction of an error relating to the accounting for IT implementation costs in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and
Errors. Refer to note 1 and note 36
2. Includes transfers from property, plant and equipment following reclassification
3. Goodwill impairment of \u00a30.4m was recognised against Precision Technology Supplies Ltd (PTS)
The amortisation charge is recognised in administrative expenses in the income statement.
The \u00a31.6m relates to amortisation on acquired intangibles. Other intangible assets are made
up of:
\u2022 Customer relationships, technology know\u2011how and technology patents acquired as part
of the acquisition of TR Italy SPA. The average remaining amortisation period on these
assets is 3.2 years and NBV is \u00a30.8m
\u2022 Customer relationships and marketing\u2011related intangibles acquired as part of the
acquisition of Precision Technology Supplies Ltd. The average remaining amortisation
period on these assets is 6.5 years and NBV is \u00a32.1m
\u2022 Customer relationships, marketing\u2011related and contract\u2011based intangibles acquired as
part of the acquisition of TR Falcon Fastenings Inc. The average remaining amortisation
period on these assets is 7.2 years and NBV is \u00a31.3m
\u2022 The remaining balance of \u00a30.3m, split between TR Hungary Kft <\u00a30.1m, Precision
Technology Supplies Ltd <\u00a30.1m and TR Germany GmbH <\u00a30.1m is not material to
the Group
The following cash generating units have carrying amounts of goodwill:
2026 2025
\u00a3000 \u00a3000
Special Fasteners Engineering Co. Ltd (SFE Taiwan)
11,135
10,890
TR Fastenings AB (Sweden)
1,063
1,063
Lancaster Fastener Company Ltd
1,245
1,245
TR Fastenings Ltd (TR UK)
4,083
4,083
TR Germany GmbH (Germany)
1,531
1,463
TR Falcon Fastenings Inc (Charlotte)
1,247
1,253
Precision Technology Supplies Ltd (PTS)
1,673
2,043
Other
105
105
22,082
22,145
The changes in goodwill for SFE Taiwan, Germany and Charlotte relate to foreign exchange
gains or losses, as these investments are held in Singaporean Dollars, Euros and US Dollars
respectively.
Annual impairment testing
The Group tests goodwill annually for impairment. The recoverable amount of cash
generating units is determined from value in use calculations.
Value in use was determined by discounting the future cash flows generated from the
continuing use of the unit. In this method, the free cash flows after funding internal needs of
the subject company are forecast for a finite period of five years based on actual operating
results, budgets and economic market research. Cash flow projections of five years use
the Board\u2011approved annual budget for the first year and subsequent years based on
management\u2019s best estimates based on past performance, budgets and its expectation
of market developments. Beyond the finite period, a terminal (residual) value is estimated
using an assumed stable cash flow figure.
The values assigned to the key assumptions represent management\u2019s assessment of
future trends in the fastenings market and are based on both external and internal sources
of historical data. Further information on sources of data used can be found in each
description of the key assumptions below.
The recoverable amounts of TR UK, Precision Technology Supplies Ltd (PTS) and Special
Fasteners Engineering Co. Ltd (SFE) have been calculated with reference to the key
assumptions shown below:
TR UK
PTS
SFE
2026
2025
2026
2025
2026
2025
Long\u2011term revenue growth rate
2.0%
2.3%
2.0%
2.3%
4.0%
2.3%
Discount rate \u2013 post\u2011tax
11.3%
10.9%
11.3%
10.9%
10.4%
10.6%
Discount rate \u2013 pre\u2011tax
15.1%
14.6%
15.1%
14.6%
13.0%
13.3%
Terminal EBIT margin
7.5%
6.1%
13.8%
16.8%
12.0%
17.0%
Key assumptions are not disclosed for the remaining CGUs as reasonable possible changes
in the assumptions would not result in impairment. The Group evaluates annually all
CGUs for any indicators of impairment or impairment reversal. The Group considers the
relationship between its market capitalisation and the net assets value, among other
factors, when reviewing the indicators of impairment. As at 31 March 2026, the market
capitalisation of the Group was lower than the net assets of the Group of \u00a3115.6m, indicating
a potential impairment. Management has performed value in use calculations for all CGUs
with goodwill balances and for those CGUs where indicators of impairment are identified
and no impairment was noted.
Long\u2011term revenue growth rate
Growth beyond the explicit forecast period reflects a gradual convergence from recent
segment performance to long\u2011term macroeconomic assumptions. Long\u2011term growth rates
are externally anchored and applied consistently across segments. No minimum growth
rates have been applied for segments exhibiting recent declines.
Post\u2011tax risk adjusted discount rate
The discount rate applied to the cash flows of each of the Group\u2019s operations is based on
the weighted average cost of capital (WACC) (using post\u2011tax numbers). The cost of equity
is determined using the relevant ten\u2011year government bond risk\u2011free rate, adjusted for an
equity market risk premium and a risk adjustment (beta) to reflect the systemic risk of the
specific Group operating company relative to the market as a whole.
Betas are derived from averages of comparable listed fastener distribution and
manufacturing companies and, where appropriate, territory\u2011specific data. The equity
market risk premium applied reflects independent academic studies, historical market data
and market assumptions commonly used by investment banks in acquisition valuations.
Pre\u2011tax discount rates have been derived from the post\u2011tax rates by dividing by one minus
the applicable tax rate. Management considers this to be an appropriate approximation
of the pre\u2011tax discount rate as there are no significant timing differences between tax
cash flows and tax charges. The table in \u2018Annual impairment testing\u2019, on the previous
page, discloses discount rates on both a post\u2011tax and pre\u2011tax basis, taking into account
region\u2011specific risk premiums and applicable tax rates.
The Board considers that the discount rates applied appropriately reflect market conditions
at the reporting date and the risks inherent in the Group\u2019s operations, and the methodology
and assumptions adopted, are in accordance with IAS 36.
Terminal EBIT margin
The margins used in the value in use calculations are based on historic performance,
adjusted for known or reasonably expected changes to existing operations reflected in
approved management plans. Adjustments reflect expected operational efficiencies,
including cost reductions and volume\u2011related effects, arising from restructuring and
operational initiatives that are either implemented or contractually committed.
Sensitivity analysis
The impairment assessment requires management to make estimates and assumptions
regarding future cash flows, profitability, growth rates and discount rates. Changes in these
assumptions could result in changes to the recoverable amounts of cash\u2011generating units
and therefore the level of impairment recognised. Management has performed sensitivity
analyses using reasonably possible changes in key assumptions and concluded that, while
adverse movements would reduce recoverable amounts and could increase impairment
charges, the assumptions applied represent management\u2019s best estimate of future trading
performance and market conditions at the reporting date.
The impairment assessment for the Precision Technology Supplies Ltd (PTS)
cash\u2011generating unit is most sensitive to the forecast EBIT margin assumption.
A reasonably possible reduction of 0.5% in forecast EBIT margins, with no corresponding
change to other key assumptions, would increase the impairment charge recognised by
approximately \u00a30.7m. This sensitivity has been determined in isolation and does not reflect
management\u2019s expectation of future trading performance.
Impairment in FY26
In FY26, the Group identified indicators of impairment in relation to the TR Fastenings Inc.
(Houston) cash generating unit (CGU). In April 2025, the US administration announced
the introduction of additional import tariffs on a range of industrial goods, including steel,
aluminium and certain engineered components. At the same time, the US automotive
industry was adversely affected by these tariffs and by the introduction of legislative
measures, including \u2018Trump\u2019s Big Beautiful Bill\u2019, which removed incentives for the
production of electric vehicles. Together, these developments resulted in higher input costs,
reduced demand across key end markets and increased pricing uncertainty for customers.
Following these changes, the Houston business experienced reduced order volumes,
margin compression and delays in customer purchasing decisions, which adversely
impacted financial performance during FY26.
As a result of these factors, the Group performed value in use calculations for the
TR Fastenings Inc. (Houston) CGU. The recoverable amount was determined based
on discounted cash flow projections derived from the Group\u2019s latest Board\u2011approved
forecasts.
The key assumptions used in the value in use calculations were:
\u2022 A post\u2011tax discount rate of 10.60%
\u2022 A terminal EBIT margin of 2%
\u2022 A long\u2011term revenue growth rate of 2%
These assumptions reflect management\u2019s assessment of current market conditions in the
US, the anticipated medium\u2011term impact of tariff\u2011related cost pressures, and the long\u2011term
outlook for the industrial fastener market.
Based on the impairment analysis performed, an impairment loss of \u00a30.5m was recognised
in the consolidated income statement within administrative expenses in FY26 and classified
as a \u2018separately disclosed item\u2019. The impairment loss has been allocated to the following
assets within the CGU:
\u2022 Right\u2011of\u2011use assets: \u00a30.4m
\u2022 Property, plant and equipment: \u00a30.1m
During FY26, the Group recognised an impairment of \u00a30.4m relating to goodwill
associated with Precision Technology Supplies Ltd (PTS). The impairment reflects
weaker\u2011than\u2011expected trading performance and a reassessment of the recoverable amount,
including the impact of higher discount rates applied at the reporting date. These higher
rates were driven by increased market volatility following heightened geopolitical tensions,
including the escalation of conflict involving Iran, which contributed to an increase in equity
market risk premiums and updated market\u2011based assumptions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-485": { "value": "13 Intangible assets \u2013 Group
Assets under
course of
construction Software Total
\u00a3000 \u00a3000 Goodwill Other \u00a3000
(restated)
1
(restated)
1
\u00a3000 \u00a3000
(restated)
1
Cost
Balance at 1 April 2024
\u2014
1,262
47,454
23,327
72,043
Additions
\u2014
\u2014
\u2014
74
74
Transfers
\u2014
\u2014
\u2014
(12)
(12)
Effect of movements in foreign exchange
\u2014
\u2014
(609)
(399)
(1,008)
Balance at 31 March 2025
\u2014
1,262
46,845
22,990
71,097
Balance at 1 April 2025
\u2014
1,262
46,845
22,990
71,097
Additions
382
207
\u2014
106
695
Transfers
2
\u2014
41
\u2014
\u2014
41
Effect of movements in foreign exchange
\u2014
\u2014
893
515
1,408
Balance at 31 March 2026
382
1,510
47,738
23,611
73,241
Amortisation and impairment
Balance at 1 April 2024
\u2014
541
24,999
15,604
41,144
Amortisation for the year
\u2014
721
\u2014
1,776
2,497
Disposals
\u2014
\u2014
\u2014
12
12
Effect of movements in foreign exchange
\u2014
\u2014
(299)
(293)
(592)
Balance at 31 March 2025
\u2014
1,262
24,700
17,09 9
43,061
Balance at 1 April 2025
\u2014
1,262
24,700
17,099
43,061
Amortisation for the year
\u2014
\u2014
\u2014
1,566
1,566
Impairment
3
\u2014
\u2014
370
\u2014
370
Effect of movements in foreign exchange
\u2014
\u2014
586
499
1,085
Balance at 31 March 2026
\u2014
1,262
25,656
19,164
46,082
Net book value
At 31 March 2024
\u2014
721
22,455
7,723
30,899
At 31 March 2025
\u2014
\u2014
22,145
5,891
28,036
At 31 March 2026
382
248
22,082
4,447
27,159
1. The prior year comparatives have been restated to reflect the correction of an error relating to the accounting for IT implementation costs in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Refer to note 1 and note 36 2. Includes transfers from property, plant and equipment following reclassification 3. Goodwill impairment of \u00a30.4m was recognised against Precision Technology Supplies Ltd (PTS) The amortisation charge is recognised in administrative expenses in the income statement. The \u00a31.6m relates to amortisation on acquired intangibles. Other intangible assets are made up of: \u2022 Customer relationships, technology know\u2011how and technology patents acquired as part of the acquisition of TR Italy SPA. The average remaining amortisation period on these assets is 3.2 years and NBV is \u00a30.8m \u2022 Customer relationships and marketing\u2011related intangibles acquired as part of the acquisition of Precision Technology Supplies Ltd. The average remaining amortisation period on these assets is 6.5 years and NBV is \u00a32.1m \u2022 Customer relationships, marketing\u2011related and contract\u2011based intangibles acquired as part of the acquisition of TR Falcon Fastenings Inc. The average remaining amortisation period on these assets is 7.2 years and NBV is \u00a31.3m \u2022 The remaining balance of \u00a30.3m, split between TR Hungary Kft <\u00a30.1m, Precision Technology Supplies Ltd <\u00a30.1m and TR Germany GmbH <\u00a30.1m is not material to the Group The following cash generating units have carrying amounts of goodwill:
2026 2025
\u00a3000 \u00a3000
Special Fasteners Engineering Co. Ltd (SFE Taiwan)
11,135
10,890
TR Fastenings AB (Sweden)
1,063
1,063
Lancaster Fastener Company Ltd
1,245
1,245
TR Fastenings Ltd (TR UK)
4,083
4,083
TR Germany GmbH (Germany)
1,531
1,463
TR Falcon Fastenings Inc (Charlotte)
1,247
1,253
Precision Technology Supplies Ltd (PTS)
1,673
2,043
Other
105
105
22,082
22,145
The changes in goodwill for SFE Taiwan, Germany and Charlotte relate to foreign exchange gains or losses, as these investments are held in Singaporean Dollars, Euros and US Dollars respectively. Annual impairment testing The Group tests goodwill annually for impairment. The recoverable amount of cash generating units is determined from value in use calculations. Value in use was determined by discounting the future cash flows generated from the continuing use of the unit. In this method, the free cash flows after funding internal needs of the subject company are forecast for a finite period of five years based on actual operating results, budgets and economic market research. Cash flow projections of five years use the Board\u2011approved annual budget for the first year and subsequent years based on management\u2019s best estimates based on past performance, budgets and its expectation of market developments. Beyond the finite period, a terminal (residual) value is estimated using an assumed stable cash flow figure. The values assigned to the key assumptions represent management\u2019s assessment of future trends in the fastenings market and are based on both external and internal sources of historical data. Further information on sources of data used can be found in each description of the key assumptions below. The recoverable amounts of TR UK, Precision Technology Supplies Ltd (PTS) and Special Fasteners Engineering Co. Ltd (SFE) have been calculated with reference to the key assumptions shown below:
TR UK
PTS
SFE
2026
2025
2026
2025
2026
2025
Long\u2011term revenue growth rate
2.0%
2.3%
2.0%
2.3%
4.0%
2.3%
Discount rate \u2013 post\u2011tax
11.3%
10.9%
11.3%
10.9%
10.4%
10.6%
Discount rate \u2013 pre\u2011tax
15.1%
14.6%
15.1%
14.6%
13.0%
13.3%
Terminal EBIT margin
7.5%
6.1%
13.8%
16.8%
12.0%
17.0%
Key assumptions are not disclosed for the remaining CGUs as reasonable possible changes in the assumptions would not result in impairment. The Group evaluates annually all CGUs for any indicators of impairment or impairment reversal. The Group considers the relationship between its market capitalisation and the net assets value, among other factors, when reviewing the indicators of impairment. As at 31 March 2026, the market capitalisation of the Group was lower than the net assets of the Group of \u00a3115.6m, indicating a potential impairment. Management has performed value in use calculations for all CGUs with goodwill balances and for those CGUs where indicators of impairment are identified and no impairment was noted. Long\u2011term revenue growth rate Growth beyond the explicit forecast period reflects a gradual convergence from recent segment performance to long\u2011term macroeconomic assumptions. Long\u2011term growth rates are externally anchored and applied consistently across segments. No minimum growth rates have been applied for segments exhibiting recent declines. Post\u2011tax risk adjusted discount rate The discount rate applied to the cash flows of each of the Group\u2019s operations is based on the weighted average cost of capital (WACC) (using post\u2011tax numbers). The cost of equity is determined using the relevant ten\u2011year government bond risk\u2011free rate, adjusted for an equity market risk premium and a risk adjustment (beta) to reflect the systemic risk of the specific Group operating company relative to the market as a whole. Betas are derived from averages of comparable listed fastener distribution and manufacturing companies and, where appropriate, territory\u2011specific data. The equity market risk premium applied reflects independent academic studies, historical market data and market assumptions commonly used by investment banks in acquisition valuations. Pre\u2011tax discount rates have been derived from the post\u2011tax rates by dividing by one minus the applicable tax rate. Management considers this to be an appropriate approximation of the pre\u2011tax discount rate as there are no significant timing differences between tax cash flows and tax charges. The table in \u2018Annual impairment testing\u2019, on the previous page, discloses discount rates on both a post\u2011tax and pre\u2011tax basis, taking into account region\u2011specific risk premiums and applicable tax rates. The Board considers that the discount rates applied appropriately reflect market conditions at the reporting date and the risks inherent in the Group\u2019s operations, and the methodology and assumptions adopted, are in accordance with IAS 36. Terminal EBIT margin The margins used in the value in use calculations are based on historic performance, adjusted for known or reasonably expected changes to existing operations reflected in approved management plans. Adjustments reflect expected operational efficiencies, including cost reductions and volume\u2011related effects, arising from restructuring and operational initiatives that are either implemented or contractually committed. Sensitivity analysis The impairment assessment requires management to make estimates and assumptions regarding future cash flows, profitability, growth rates and discount rates. Changes in these assumptions could result in changes to the recoverable amounts of cash\u2011generating units and therefore the level of impairment recognised. Management has performed sensitivity analyses using reasonably possible changes in key assumptions and concluded that, while adverse movements would reduce recoverable amounts and could increase impairment charges, the assumptions applied represent management\u2019s best estimate of future trading performance and market conditions at the reporting date. The impairment assessment for the Precision Technology Supplies Ltd (PTS) cash\u2011generating unit is most sensitive to the forecast EBIT margin assumption. A reasonably possible reduction of 0.5% in forecast EBIT margins, with no corresponding change to other key assumptions, would increase the impairment charge recognised by approximately \u00a30.7m. This sensitivity has been determined in isolation and does not reflect management\u2019s expectation of future trading performance. Impairment in FY26 In FY26, the Group identified indicators of impairment in relation to the TR Fastenings Inc. (Houston) cash generating unit (CGU). In April 2025, the US administration announced the introduction of additional import tariffs on a range of industrial goods, including steel, aluminium and certain engineered components. At the same time, the US automotive industry was adversely affected by these tariffs and by the introduction of legislative measures, including \u2018Trump\u2019s Big Beautiful Bill\u2019, which removed incentives for the production of electric vehicles. Together, these developments resulted in higher input costs, reduced demand across key end markets and increased pricing uncertainty for customers. Following these changes, the Houston business experienced reduced order volumes, margin compression and delays in customer purchasing decisions, which adversely impacted financial performance during FY26. As a result of these factors, the Group performed value in use calculations for the TR Fastenings Inc. (Houston) CGU. The recoverable amount was determined based on discounted cash flow projections derived from the Group\u2019s latest Board\u2011approved forecasts. The key assumptions used in the value in use calculations were: \u2022 A post\u2011tax discount rate of 10.60% \u2022 A terminal EBIT margin of 2% \u2022 A long\u2011term revenue growth rate of 2% These assumptions reflect management\u2019s assessment of current market conditions in the US, the anticipated medium\u2011term impact of tariff\u2011related cost pressures, and the long\u2011term outlook for the industrial fastener market. Based on the impairment analysis performed, an impairment loss of \u00a30.5m was recognised in the consolidated income statement within administrative expenses in FY26 and classified as a \u2018separately disclosed item\u2019. The impairment loss has been allocated to the following assets within the CGU: \u2022 Right\u2011of\u2011use assets: \u00a30.4m \u2022 Property, plant and equipment: \u00a30.1m During FY26, the Group recognised an impairment of \u00a30.4m relating to goodwill associated with Precision Technology Supplies Ltd (PTS). The impairment reflects weaker\u2011than\u2011expected trading performance and a reassessment of the recoverable amount, including the impact of higher discount rates applied at the reporting date. These higher rates were driven by increased market volatility following heightened geopolitical tensions, including the escalation of conflict involving Iran, which contributed to an increase in equity market risk premiums and updated market\u2011based assumptions.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-463": { "value": "13 Intangible assets \u2013 Group
Assets under
course of
construction Software Total
\u00a3000 \u00a3000 Goodwill Other \u00a3000
(restated)
1
(restated)
1
\u00a3000 \u00a3000
(restated)
1
Cost
Balance at 1 April 2024
\u2014
1,262
47,454
23,327
72,043
Additions
\u2014
\u2014
\u2014
74
74
Transfers
\u2014
\u2014
\u2014
(12)
(12)
Effect of movements in foreign exchange
\u2014
\u2014
(609)
(399)
(1,008)
Balance at 31 March 2025
\u2014
1,262
46,845
22,990
71,097
Balance at 1 April 2025
\u2014
1,262
46,845
22,990
71,097
Additions
382
207
\u2014
106
695
Transfers
2
\u2014
41
\u2014
\u2014
41
Effect of movements in foreign exchange
\u2014
\u2014
893
515
1,408
Balance at 31 March 2026
382
1,510
47,738
23,611
73,241
Amortisation and impairment
Balance at 1 April 2024
\u2014
541
24,999
15,604
41,144
Amortisation for the year
\u2014
721
\u2014
1,776
2,497
Disposals
\u2014
\u2014
\u2014
12
12
Effect of movements in foreign exchange
\u2014
\u2014
(299)
(293)
(592)
Balance at 31 March 2025
\u2014
1,262
24,700
17,09 9
43,061
Balance at 1 April 2025
\u2014
1,262
24,700
17,099
43,061
Amortisation for the year
\u2014
\u2014
\u2014
1,566
1,566
Impairment
3
\u2014
\u2014
370
\u2014
370
Effect of movements in foreign exchange
\u2014
\u2014
586
499
1,085
Balance at 31 March 2026
\u2014
1,262
25,656
19,164
46,082
Net book value
At 31 March 2024
\u2014
721
22,455
7,723
30,899
At 31 March 2025
\u2014
\u2014
22,145
5,891
28,036
At 31 March 2026
382
248
22,082
4,447
27,159
1. The prior year comparatives have been restated to reflect the correction of an error relating to the accounting for IT implementation costs in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Refer to note 1 and note 36 2. Includes transfers from property, plant and equipment following reclassification 3. Goodwill impairment of \u00a30.4m was recognised against Precision Technology Supplies Ltd (PTS) The amortisation charge is recognised in administrative expenses in the income statement. The \u00a31.6m relates to amortisation on acquired intangibles. Other intangible assets are made up of: \u2022 Customer relationships, technology know\u2011how and technology patents acquired as part of the acquisition of TR Italy SPA. The average remaining amortisation period on these assets is 3.2 years and NBV is \u00a30.8m \u2022 Customer relationships and marketing\u2011related intangibles acquired as part of the acquisition of Precision Technology Supplies Ltd. The average remaining amortisation period on these assets is 6.5 years and NBV is \u00a32.1m \u2022 Customer relationships, marketing\u2011related and contract\u2011based intangibles acquired as part of the acquisition of TR Falcon Fastenings Inc. The average remaining amortisation period on these assets is 7.2 years and NBV is \u00a31.3m \u2022 The remaining balance of \u00a30.3m, split between TR Hungary Kft <\u00a30.1m, Precision Technology Supplies Ltd <\u00a30.1m and TR Germany GmbH <\u00a30.1m is not material to the Group The following cash generating units have carrying amounts of goodwill:
2026 2025
\u00a3000 \u00a3000
Special Fasteners Engineering Co. Ltd (SFE Taiwan)
11,135
10,890
TR Fastenings AB (Sweden)
1,063
1,063
Lancaster Fastener Company Ltd
1,245
1,245
TR Fastenings Ltd (TR UK)
4,083
4,083
TR Germany GmbH (Germany)
1,531
1,463
TR Falcon Fastenings Inc (Charlotte)
1,247
1,253
Precision Technology Supplies Ltd (PTS)
1,673
2,043
Other
105
105
22,082
22,145
The changes in goodwill for SFE Taiwan, Germany and Charlotte relate to foreign exchange gains or losses, as these investments are held in Singaporean Dollars, Euros and US Dollars respectively. Annual impairment testing The Group tests goodwill annually for impairment. The recoverable amount of cash generating units is determined from value in use calculations. Value in use was determined by discounting the future cash flows generated from the continuing use of the unit. In this method, the free cash flows after funding internal needs of the subject company are forecast for a finite period of five years based on actual operating results, budgets and economic market research. Cash flow projections of five years use the Board\u2011approved annual budget for the first year and subsequent years based on management\u2019s best estimates based on past performance, budgets and its expectation of market developments. Beyond the finite period, a terminal (residual) value is estimated using an assumed stable cash flow figure. The values assigned to the key assumptions represent management\u2019s assessment of future trends in the fastenings market and are based on both external and internal sources of historical data. Further information on sources of data used can be found in each description of the key assumptions below. The recoverable amounts of TR UK, Precision Technology Supplies Ltd (PTS) and Special Fasteners Engineering Co. Ltd (SFE) have been calculated with reference to the key assumptions shown below:
TR UK
PTS
SFE
2026
2025
2026
2025
2026
2025
Long\u2011term revenue growth rate
2.0%
2.3%
2.0%
2.3%
4.0%
2.3%
Discount rate \u2013 post\u2011tax
11.3%
10.9%
11.3%
10.9%
10.4%
10.6%
Discount rate \u2013 pre\u2011tax
15.1%
14.6%
15.1%
14.6%
13.0%
13.3%
Terminal EBIT margin
7.5%
6.1%
13.8%
16.8%
12.0%
17.0%
Key assumptions are not disclosed for the remaining CGUs as reasonable possible changes in the assumptions would not result in impairment. The Group evaluates annually all CGUs for any indicators of impairment or impairment reversal. The Group considers the relationship between its market capitalisation and the net assets value, among other factors, when reviewing the indicators of impairment. As at 31 March 2026, the market capitalisation of the Group was lower than the net assets of the Group of \u00a3115.6m, indicating a potential impairment. Management has performed value in use calculations for all CGUs with goodwill balances and for those CGUs where indicators of impairment are identified and no impairment was noted. Long\u2011term revenue growth rate Growth beyond the explicit forecast period reflects a gradual convergence from recent segment performance to long\u2011term macroeconomic assumptions. Long\u2011term growth rates are externally anchored and applied consistently across segments. No minimum growth rates have been applied for segments exhibiting recent declines. Post\u2011tax risk adjusted discount rate The discount rate applied to the cash flows of each of the Group\u2019s operations is based on the weighted average cost of capital (WACC) (using post\u2011tax numbers). The cost of equity is determined using the relevant ten\u2011year government bond risk\u2011free rate, adjusted for an equity market risk premium and a risk adjustment (beta) to reflect the systemic risk of the specific Group operating company relative to the market as a whole. Betas are derived from averages of comparable listed fastener distribution and manufacturing companies and, where appropriate, territory\u2011specific data. The equity market risk premium applied reflects independent academic studies, historical market data and market assumptions commonly used by investment banks in acquisition valuations. Pre\u2011tax discount rates have been derived from the post\u2011tax rates by dividing by one minus the applicable tax rate. Management considers this to be an appropriate approximation of the pre\u2011tax discount rate as there are no significant timing differences between tax cash flows and tax charges. The table in \u2018Annual impairment testing\u2019, on the previous page, discloses discount rates on both a post\u2011tax and pre\u2011tax basis, taking into account region\u2011specific risk premiums and applicable tax rates. The Board considers that the discount rates applied appropriately reflect market conditions at the reporting date and the risks inherent in the Group\u2019s operations, and the methodology and assumptions adopted, are in accordance with IAS 36. Terminal EBIT margin The margins used in the value in use calculations are based on historic performance, adjusted for known or reasonably expected changes to existing operations reflected in approved management plans. Adjustments reflect expected operational efficiencies, including cost reductions and volume\u2011related effects, arising from restructuring and operational initiatives that are either implemented or contractually committed. Sensitivity analysis The impairment assessment requires management to make estimates and assumptions regarding future cash flows, profitability, growth rates and discount rates. Changes in these assumptions could result in changes to the recoverable amounts of cash\u2011generating units and therefore the level of impairment recognised. Management has performed sensitivity analyses using reasonably possible changes in key assumptions and concluded that, while adverse movements would reduce recoverable amounts and could increase impairment charges, the assumptions applied represent management\u2019s best estimate of future trading performance and market conditions at the reporting date. The impairment assessment for the Precision Technology Supplies Ltd (PTS) cash\u2011generating unit is most sensitive to the forecast EBIT margin assumption. A reasonably possible reduction of 0.5% in forecast EBIT margins, with no corresponding change to other key assumptions, would increase the impairment charge recognised by approximately \u00a30.7m. This sensitivity has been determined in isolation and does not reflect management\u2019s expectation of future trading performance. Impairment in FY26 In FY26, the Group identified indicators of impairment in relation to the TR Fastenings Inc. (Houston) cash generating unit (CGU). In April 2025, the US administration announced the introduction of additional import tariffs on a range of industrial goods, including steel, aluminium and certain engineered components. At the same time, the US automotive industry was adversely affected by these tariffs and by the introduction of legislative measures, including \u2018Trump\u2019s Big Beautiful Bill\u2019, which removed incentives for the production of electric vehicles. Together, these developments resulted in higher input costs, reduced demand across key end markets and increased pricing uncertainty for customers. Following these changes, the Houston business experienced reduced order volumes, margin compression and delays in customer purchasing decisions, which adversely impacted financial performance during FY26. As a result of these factors, the Group performed value in use calculations for the TR Fastenings Inc. (Houston) CGU. The recoverable amount was determined based on discounted cash flow projections derived from the Group\u2019s latest Board\u2011approved forecasts. The key assumptions used in the value in use calculations were: \u2022 A post\u2011tax discount rate of 10.60% \u2022 A terminal EBIT margin of 2% \u2022 A long\u2011term revenue growth rate of 2% These assumptions reflect management\u2019s assessment of current market conditions in the US, the anticipated medium\u2011term impact of tariff\u2011related cost pressures, and the long\u2011term outlook for the industrial fastener market. Based on the impairment analysis performed, an impairment loss of \u00a30.5m was recognised in the consolidated income statement within administrative expenses in FY26 and classified as a \u2018separately disclosed item\u2019. The impairment loss has been allocated to the following assets within the CGU: \u2022 Right\u2011of\u2011use assets: \u00a30.4m \u2022 Property, plant and equipment: \u00a30.1m During FY26, the Group recognised an impairment of \u00a30.4m relating to goodwill associated with Precision Technology Supplies Ltd (PTS). The impairment reflects weaker\u2011than\u2011expected trading performance and a reassessment of the recoverable amount, including the impact of higher discount rates applied at the reporting date. These higher rates were driven by increased market volatility following heightened geopolitical tensions, including the escalation of conflict involving Iran, which contributed to an increase in equity market risk premiums and updated market\u2011based assumptions.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-506": { "value": "16 Deferred tax assets and liabilities \u2013 Group Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
2026 2025 2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Property, plant and equipment
\u2014
\u2014
1,342
1,343
1,342
1,343
IFRS 16 Leases
(2,007)
(1,930)
1,797
1,761
(210)
(169)
Intangible assets
(170)
(188)
812
1,115
642
927
Provision on inventories
(874)
(842)
\u2014
\u2014
(874)
(842)
Provisions/accruals
(2,994)
(2,423)
1,272
1,133
(1,722)
(1,290)
IFRS 2 Share\u2011based Payments
(19)
(67)
1
\u2014
(18)
(67)
Tax losses
(2,547)
(1,369)
\u2014
\u2014
(2,547)
(1,369)
Tax (assets)/liabilities
(8,611)
(6,819)
5,224
5,352
(3,387)
(1,467)
Tax set\u2011off
1,321
900
(1,321)
(900)
\u2014
\u2014
Net tax (assets)/liabilities
(7,290)
(5,919)
3,903
4,452
(3,387)
(1,467)
A deferred tax asset of \u00a311.1m (FY25: \u00a37.7m), arising on carried forward losses for UK companies, has not been recognised due to uncertainty that the asset will be utilised in the foreseeable future. A potential \u00a32.6m (FY25: \u00a32.4m) deferred tax liability relating to the temporary differences amounting to \u00a338.4m (FY25: \u00a333.8m) associated with undistributed profits in subsidiaries has not been recognised. This is on the grounds that management is able to control the timing of these reversals and it is not considered probable that these amounts will reverse in the foreseeable future. Movement in deferred tax during the year
1 April Recognised Recognised 31 March
2025 in income
in equity
1
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Property, plant and equipment
1,343
(69)
68
1,342
IFRS 16 Leases
(169)
(51)
10
(210)
Intangible assets
927
(160)
(125)
642
Provision on inventories
(842)
(50)
18
(874)
Provisions/accruals
(1,290)
(304)
(128)
(1,722)
IFRS 2 Share\u2011based Payments
(67)
6
43
(18)
Tax losses
(1,369)
(1,079)
(99)
(2,547)
(1,467)
(1,707)
(213)
(3,387)
2026 1. Amounts recognised in equity include the deferred tax on IFRS 2 Share\u2011based Payments of \u00a343,000 (FY25: \u00a3(17,000)) and the equity element of foreign exchange differences taken to reserves Movement in deferred tax during the prior year
1 April Recognised Recognised 31 March
2024 in income
in equity
1
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Property, plant and equipment
1,794
(452)
1
1,343
IFRS 16 Leases
(188)
19
\u2014
(169)
Intangible assets
1,135
(199)
(9)
927
Provision on inventories
(865)
17
6
(842)
Provisions/accruals
(1,381)
76
15
(1,290)
IFRS 2 Share\u2011based Payments
(197)
147
(17)
(67)
Tax losses
(2,446)
1,042
35
(1,369)
Reclassified to assets held for sale
(3)
3
\u2014
\u2014
(2,151)
653
31
(1,467)
2025 1. Amounts recognised in equity include the deferred tax on IFRS 2 Share\u2011based Payments of \u00a3(17,000) (FY24: \u00a321,000) and the equity element of foreign exchange differences taken to reserves 21 Trade and other payables Current
Group
Company
2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Trade payables
14,606
17,026
\u2014
\u2014
Amounts payable to subsidiary undertakings
\u2014
\u2014
742
725
Other payables and accrued expenses
15,831
15,517
1,852
2,221
Other taxes and social security
736
2,046
148
135
31,173
34,589
2,742
3,081
Other Group payables and accrued expenses also include stock accruals and accruals for expenses as at 31 March 2026. Company and Group other payables and accrued expenses include an interim dividend of 0.60p per qualifying ordinary share (FY25: 0.60p), which was paid in April 2026. As the interim dividend was approved by the Board prior to 31 March 2026, it is included as a liability in other payables in the financial statements. Non\u2011current
Group
Company
2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Other payables
578
543
\u2014
\u2014
Other payables pertains to deferred income related to certain industry incentive schemes.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-504": { "value": "16 Deferred tax assets and liabilities \u2013 Group Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
2026 2025 2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Property, plant and equipment
\u2014
\u2014
1,342
1,343
1,342
1,343
IFRS 16 Leases
(2,007)
(1,930)
1,797
1,761
(210)
(169)
Intangible assets
(170)
(188)
812
1,115
642
927
Provision on inventories
(874)
(842)
\u2014
\u2014
(874)
(842)
Provisions/accruals
(2,994)
(2,423)
1,272
1,133
(1,722)
(1,290)
IFRS 2 Share\u2011based Payments
(19)
(67)
1
\u2014
(18)
(67)
Tax losses
(2,547)
(1,369)
\u2014
\u2014
(2,547)
(1,369)
Tax (assets)/liabilities
(8,611)
(6,819)
5,224
5,352
(3,387)
(1,467)
Tax set\u2011off
1,321
900
(1,321)
(900)
\u2014
\u2014
Net tax (assets)/liabilities
(7,290)
(5,919)
3,903
4,452
(3,387)
(1,467)
A deferred tax asset of \u00a311.1m (FY25: \u00a37.7m), arising on carried forward losses for UK companies, has not been recognised due to uncertainty that the asset will be utilised in the foreseeable future. A potential \u00a32.6m (FY25: \u00a32.4m) deferred tax liability relating to the temporary differences amounting to \u00a338.4m (FY25: \u00a333.8m) associated with undistributed profits in subsidiaries has not been recognised. This is on the grounds that management is able to control the timing of these reversals and it is not considered probable that these amounts will reverse in the foreseeable future. Movement in deferred tax during the year
1 April Recognised Recognised 31 March
2025 in income
in equity
1
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Property, plant and equipment
1,343
(69)
68
1,342
IFRS 16 Leases
(169)
(51)
10
(210)
Intangible assets
927
(160)
(125)
642
Provision on inventories
(842)
(50)
18
(874)
Provisions/accruals
(1,290)
(304)
(128)
(1,722)
IFRS 2 Share\u2011based Payments
(67)
6
43
(18)
Tax losses
(1,369)
(1,079)
(99)
(2,547)
(1,467)
(1,707)
(213)
(3,387)
2026 1. Amounts recognised in equity include the deferred tax on IFRS 2 Share\u2011based Payments of \u00a343,000 (FY25: \u00a3(17,000)) and the equity element of foreign exchange differences taken to reserves Movement in deferred tax during the prior year
1 April Recognised Recognised 31 March
2024 in income
in equity
1
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Property, plant and equipment
1,794
(452)
1
1,343
IFRS 16 Leases
(188)
19
\u2014
(169)
Intangible assets
1,135
(199)
(9)
927
Provision on inventories
(865)
17
6
(842)
Provisions/accruals
(1,381)
76
15
(1,290)
IFRS 2 Share\u2011based Payments
(197)
147
(17)
(67)
Tax losses
(2,446)
1,042
35
(1,369)
Reclassified to assets held for sale
(3)
3
\u2014
\u2014
(2,151)
653
31
(1,467)
2025 1. Amounts recognised in equity include the deferred tax on IFRS 2 Share\u2011based Payments of \u00a3(17,000) (FY24: \u00a321,000) and the equity element of foreign exchange differences taken to reserves 19 Trade and other receivables Current
Group
Company
2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Gross trade receivables
50,905
51,312
\u2014
\u2014
Expected credit loss
provision
(537)
(736)
\u2014
\u2014
Non\u2011trade receivables
and prepayments
4,546
4,712
209
347
Amounts owed by
subsidiary undertakings
\u2014
\u2014
2,032
1,730
54,914
55,288
2,241
2,077
All contracts with customers do not contain a significant financing component. Expected credit losses are measured using a provision matrix approach. Trade receivables are grouped based on shared credit risk characteristics, including entity, customer type and ageing profile, and historical credit loss rates are calculated over an appropriate period. These rates are adjusted to reflect current conditions and forward\u2011looking information, including macroeconomic factors, as well as specific assessments of overdue balances and customer\u2011level credit risk. See note 26 for further details. Expected credit losses for the Company were assessed at the reporting date, with no significant increase in credit risk identified. The Company\u2019s financial assets primarily comprise amounts owed by subsidiary undertakings. These intercompany balances are assessed for impairment under IFRS 9, with consideration given to the financial position and cash flow generation of the subsidiaries. No expected credit loss provision has been recognised (FY25: \u00a3nil). Non\u2011trade receivables and prepayments primarily consist of prepaid expenses, amount due from tax authorities in relation to certain industry inventive schemes and advances to suppliers. Management has assessed the credit risk associated with these receivables and concluded that there is no significant expected credit loss as of the reporting date. The conclusion is based on the consideration that historical data indicates that there have been no defaults or significant delays in payments from these counterparties. In addition, no adverse changes in economic conditions or business operations of the counterparties are anticipated that would impact their ability to settle the receivables. Non\u2011current
Group
Company
2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Amounts owed by
subsidiary undertakings
\u2014
\u2014
63,578
56,837
The increase in amounts owed by subsidiary undertakings is primarily to fund the global roll\u2011out of a new ERP system (\u2018Project Ignite\u2019). Related drawdowns were made centrally, with recovery of the cash expected from the regions into which the ERP system has been deployed. In addition, due to the impact of tariffs in the US, the Group drew down additional short\u2011term borrowings to support liquidity requirements. During the year, a loan between Special Fasteners Engineering Co Ltd and TR Fastenings (Inc). was novated to the Company as part of the Group\u2019s strategy to better manage foreign exchange risk. The carrying value of the loan at the date of novation was \u00a35.4m. Interest rates are charged on an arm\u2019s length basis and are linked to movements in SONIA, EURIBOR and SOFR, together with a leverage margin applied to the Group\u2019s external borrowings. During the period, interest rates ranged from 4.26% to 7.97%. The loans are structured as revolving credit facilities and may be repaid by the borrower at any time during the term of the facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-486": { "value": "16 Deferred tax assets and liabilities \u2013 Group Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
2026 2025 2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Property, plant and equipment
\u2014
\u2014
1,342
1,343
1,342
1,343
IFRS 16 Leases
(2,007)
(1,930)
1,797
1,761
(210)
(169)
Intangible assets
(170)
(188)
812
1,115
642
927
Provision on inventories
(874)
(842)
\u2014
\u2014
(874)
(842)
Provisions/accruals
(2,994)
(2,423)
1,272
1,133
(1,722)
(1,290)
IFRS 2 Share\u2011based Payments
(19)
(67)
1
\u2014
(18)
(67)
Tax losses
(2,547)
(1,369)
\u2014
\u2014
(2,547)
(1,369)
Tax (assets)/liabilities
(8,611)
(6,819)
5,224
5,352
(3,387)
(1,467)
Tax set\u2011off
1,321
900
(1,321)
(900)
\u2014
\u2014
Net tax (assets)/liabilities
(7,290)
(5,919)
3,903
4,452
(3,387)
(1,467)
A deferred tax asset of \u00a311.1m (FY25: \u00a37.7m), arising on carried forward losses for UK companies, has not been recognised due to uncertainty that the asset will be utilised in the foreseeable future. A potential \u00a32.6m (FY25: \u00a32.4m) deferred tax liability relating to the temporary differences amounting to \u00a338.4m (FY25: \u00a333.8m) associated with undistributed profits in subsidiaries has not been recognised. This is on the grounds that management is able to control the timing of these reversals and it is not considered probable that these amounts will reverse in the foreseeable future. Movement in deferred tax during the year
1 April Recognised Recognised 31 March
2025 in income
in equity
1
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Property, plant and equipment
1,343
(69)
68
1,342
IFRS 16 Leases
(169)
(51)
10
(210)
Intangible assets
927
(160)
(125)
642
Provision on inventories
(842)
(50)
18
(874)
Provisions/accruals
(1,290)
(304)
(128)
(1,722)
IFRS 2 Share\u2011based Payments
(67)
6
43
(18)
Tax losses
(1,369)
(1,079)
(99)
(2,547)
(1,467)
(1,707)
(213)
(3,387)
2026 1. Amounts recognised in equity include the deferred tax on IFRS 2 Share\u2011based Payments of \u00a343,000 (FY25: \u00a3(17,000)) and the equity element of foreign exchange differences taken to reserves Movement in deferred tax during the prior year
1 April Recognised Recognised 31 March
2024 in income
in equity
1
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Property, plant and equipment
1,794
(452)
1
1,343
IFRS 16 Leases
(188)
19
\u2014
(169)
Intangible assets
1,135
(199)
(9)
927
Provision on inventories
(865)
17
6
(842)
Provisions/accruals
(1,381)
76
15
(1,290)
IFRS 2 Share\u2011based Payments
(197)
147
(17)
(67)
Tax losses
(2,446)
1,042
35
(1,369)
Reclassified to assets held for sale
(3)
3
\u2014
\u2014
(2,151)
653
31
(1,467)
2025 1. Amounts recognised in equity include the deferred tax on IFRS 2 Share\u2011based Payments of \u00a3(17,000) (FY24: \u00a321,000) and the equity element of foreign exchange differences taken to reserves ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-464": { "value": "16 Deferred tax assets and liabilities \u2013 Group Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
2026 2025 2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Property, plant and equipment
\u2014
\u2014
1,342
1,343
1,342
1,343
IFRS 16 Leases
(2,007)
(1,930)
1,797
1,761
(210)
(169)
Intangible assets
(170)
(188)
812
1,115
642
927
Provision on inventories
(874)
(842)
\u2014
\u2014
(874)
(842)
Provisions/accruals
(2,994)
(2,423)
1,272
1,133
(1,722)
(1,290)
IFRS 2 Share\u2011based Payments
(19)
(67)
1
\u2014
(18)
(67)
Tax losses
(2,547)
(1,369)
\u2014
\u2014
(2,547)
(1,369)
Tax (assets)/liabilities
(8,611)
(6,819)
5,224
5,352
(3,387)
(1,467)
Tax set\u2011off
1,321
900
(1,321)
(900)
\u2014
\u2014
Net tax (assets)/liabilities
(7,290)
(5,919)
3,903
4,452
(3,387)
(1,467)
A deferred tax asset of \u00a311.1m (FY25: \u00a37.7m), arising on carried forward losses for UK companies, has not been recognised due to uncertainty that the asset will be utilised in the foreseeable future. A potential \u00a32.6m (FY25: \u00a32.4m) deferred tax liability relating to the temporary differences amounting to \u00a338.4m (FY25: \u00a333.8m) associated with undistributed profits in subsidiaries has not been recognised. This is on the grounds that management is able to control the timing of these reversals and it is not considered probable that these amounts will reverse in the foreseeable future. Movement in deferred tax during the year
1 April Recognised Recognised 31 March
2025 in income
in equity
1
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Property, plant and equipment
1,343
(69)
68
1,342
IFRS 16 Leases
(169)
(51)
10
(210)
Intangible assets
927
(160)
(125)
642
Provision on inventories
(842)
(50)
18
(874)
Provisions/accruals
(1,290)
(304)
(128)
(1,722)
IFRS 2 Share\u2011based Payments
(67)
6
43
(18)
Tax losses
(1,369)
(1,079)
(99)
(2,547)
(1,467)
(1,707)
(213)
(3,387)
2026 1. Amounts recognised in equity include the deferred tax on IFRS 2 Share\u2011based Payments of \u00a343,000 (FY25: \u00a3(17,000)) and the equity element of foreign exchange differences taken to reserves Movement in deferred tax during the prior year
1 April Recognised Recognised 31 March
2024 in income
in equity
1
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Property, plant and equipment
1,794
(452)
1
1,343
IFRS 16 Leases
(188)
19
\u2014
(169)
Intangible assets
1,135
(199)
(9)
927
Provision on inventories
(865)
17
6
(842)
Provisions/accruals
(1,381)
76
15
(1,290)
IFRS 2 Share\u2011based Payments
(197)
147
(17)
(67)
Tax losses
(2,446)
1,042
35
(1,369)
Reclassified to assets held for sale
(3)
3
\u2014
\u2014
(2,151)
653
31
(1,467)
2025 1. Amounts recognised in equity include the deferred tax on IFRS 2 Share\u2011based Payments of \u00a3(17,000) (FY24: \u00a321,000) and the equity element of foreign exchange differences taken to reserves ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-430": { "value": "
18 Inventories \u2013 Group
2026 2025
\u00a3000 \u00a3000
Raw materials and consumables
1,937
3,095
Work in progress
2,670
2,743
Finished goods and goods for resale
59,535
65,074
64,142
70,912
In FY26, inventories of \u00a3100.8m (FY25: \u00a3107.7m) were recognised as an expense during
the year and included in cost of sales. In the year, the Group recognised a net write\u2011back of
\u00a30.2m in respect of inventory provisions (FY25: \u00a30.9m net write\u2011down), consistent with the
Group\u2019s stock provisioning policy. The write\u2011back was recognised as a reduction in cost of
sales during FY26.
Inventories in the UK amounting to \u00a322.3m (FY25: \u00a323.0m) are pledged as security for
the Group borrowings.
Within the \u00a364.1m (FY25: \u00a370.9m) carrying amount of inventories above, \u00a32.0m
(FY25: \u00a31.6m) is carried at net realisable value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-431": { "value": "
19 Trade and other receivables
Current
Group
Company
2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Gross trade receivables
50,905
51,312
\u2014
\u2014
Expected credit loss
provision
(537)
(736)
\u2014
\u2014
Non\u2011trade receivables
and prepayments
4,546
4,712
209
347
Amounts owed by
subsidiary undertakings
\u2014
\u2014
2,032
1,730
54,914
55,288
2,241
2,077
All contracts with customers do not contain a significant financing component. Expected
credit losses are measured using a provision matrix approach. Trade receivables are
grouped based on shared credit risk characteristics, including entity, customer type and
ageing profile, and historical credit loss rates are calculated over an appropriate period.
These rates are adjusted to reflect current conditions and forward\u2011looking information,
including macroeconomic factors, as well as specific assessments of overdue balances
and customer\u2011level credit risk. See note 26 for further details.
Expected credit losses for the Company were assessed at the reporting date, with no
significant increase in credit risk identified. The Company\u2019s financial assets primarily
comprise amounts owed by subsidiary undertakings. These intercompany balances are
assessed for impairment under IFRS 9, with consideration given to the financial position
and cash flow generation of the subsidiaries. No expected credit loss provision has been
recognised (FY25: \u00a3nil).
Non\u2011trade receivables and prepayments primarily consist of prepaid expenses, amount
due from tax authorities in relation to certain industry inventive schemes and advances to
suppliers. Management has assessed the credit risk associated with these receivables and
concluded that there is no significant expected credit loss as of the reporting date. The
conclusion is based on the consideration that historical data indicates that there have been
no defaults or significant delays in payments from these counterparties. In addition, no
adverse changes in economic conditions or business operations of the counterparties are
anticipated that would impact their ability to settle the receivables.
Non\u2011current
Group
Company
2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Amounts owed by
subsidiary undertakings
\u2014
\u2014
63,578
56,837
The increase in amounts owed by subsidiary undertakings is primarily to fund the global
roll\u2011out of a new ERP system (\u2018Project Ignite\u2019). Related drawdowns were made centrally,
with recovery of the cash expected from the regions into which the ERP system has
been deployed. In addition, due to the impact of tariffs in the US, the Group drew down
additional short\u2011term borrowings to support liquidity requirements. During the year, a loan
between Special Fasteners Engineering Co Ltd and TR Fastenings (Inc). was novated to
the Company as part of the Group\u2019s strategy to better manage foreign exchange risk. The
carrying value of the loan at the date of novation was \u00a35.4m. Interest rates are charged on
an arm\u2019s length basis and are linked to movements in SONIA, EURIBOR and SOFR, together
with a leverage margin applied to the Group\u2019s external borrowings. During the period,
interest rates ranged from 4.26% to 7.97%. The loans are structured as revolving credit
facilities and may be repaid by the borrower at any time during the term of the facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-487": { "value": "Current
Group
Company
2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Gross trade receivables
50,905
51,312
\u2014
\u2014
Expected credit loss
provision
(537)
(736)
\u2014
\u2014
Non\u2011trade receivables
and prepayments
4,546
4,712
209
347
Amounts owed by
subsidiary undertakings
\u2014
\u2014
2,032
1,730
54,914
55,288
2,241
2,077
All contracts with customers do not contain a significant financing component. Expected credit losses are measured using a provision matrix approach. Trade receivables are grouped based on shared credit risk characteristics, including entity, customer type and ageing profile, and historical credit loss rates are calculated over an appropriate period. These rates are adjusted to reflect current conditions and forward\u2011looking information, including macroeconomic factors, as well as specific assessments of overdue balances and customer\u2011level credit risk. See note 26 for further details. Expected credit losses for the Company were assessed at the reporting date, with no significant increase in credit risk identified. The Company\u2019s financial assets primarily comprise amounts owed by subsidiary undertakings. These intercompany balances are assessed for impairment under IFRS 9, with consideration given to the financial position and cash flow generation of the subsidiaries. No expected credit loss provision has been recognised (FY25: \u00a3nil). Non\u2011trade receivables and prepayments primarily consist of prepaid expenses, amount due from tax authorities in relation to certain industry inventive schemes and advances to suppliers. Management has assessed the credit risk associated with these receivables and concluded that there is no significant expected credit loss as of the reporting date. The conclusion is based on the consideration that historical data indicates that there have been no defaults or significant delays in payments from these counterparties. In addition, no adverse changes in economic conditions or business operations of the counterparties are anticipated that would impact their ability to settle the receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-465": { "value": "Current
Group
Company
2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Gross trade receivables
50,905
51,312
\u2014
\u2014
Expected credit loss
provision
(537)
(736)
\u2014
\u2014
Non\u2011trade receivables
and prepayments
4,546
4,712
209
347
Amounts owed by
subsidiary undertakings
\u2014
\u2014
2,032
1,730
54,914
55,288
2,241
2,077
All contracts with customers do not contain a significant financing component. Expected credit losses are measured using a provision matrix approach. Trade receivables are grouped based on shared credit risk characteristics, including entity, customer type and ageing profile, and historical credit loss rates are calculated over an appropriate period. These rates are adjusted to reflect current conditions and forward\u2011looking information, including macroeconomic factors, as well as specific assessments of overdue balances and customer\u2011level credit risk. See note 26 for further details. Expected credit losses for the Company were assessed at the reporting date, with no significant increase in credit risk identified. The Company\u2019s financial assets primarily comprise amounts owed by subsidiary undertakings. These intercompany balances are assessed for impairment under IFRS 9, with consideration given to the financial position and cash flow generation of the subsidiaries. No expected credit loss provision has been recognised (FY25: \u00a3nil). Non\u2011trade receivables and prepayments primarily consist of prepaid expenses, amount due from tax authorities in relation to certain industry inventive schemes and advances to suppliers. Management has assessed the credit risk associated with these receivables and concluded that there is no significant expected credit loss as of the reporting date. The conclusion is based on the consideration that historical data indicates that there have been no defaults or significant delays in payments from these counterparties. In addition, no adverse changes in economic conditions or business operations of the counterparties are anticipated that would impact their ability to settle the receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-488": { "value": "Non\u2011current
Group
Company
2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Amounts owed by
subsidiary undertakings
\u2014
\u2014
63,578
56,837
The increase in amounts owed by subsidiary undertakings is primarily to fund the global roll\u2011out of a new ERP system (\u2018Project Ignite\u2019). Related drawdowns were made centrally, with recovery of the cash expected from the regions into which the ERP system has been deployed. In addition, due to the impact of tariffs in the US, the Group drew down additional short\u2011term borrowings to support liquidity requirements. During the year, a loan between Special Fasteners Engineering Co Ltd and TR Fastenings (Inc). was novated to the Company as part of the Group\u2019s strategy to better manage foreign exchange risk. The carrying value of the loan at the date of novation was \u00a35.4m. Interest rates are charged on an arm\u2019s length basis and are linked to movements in SONIA, EURIBOR and SOFR, together with a leverage margin applied to the Group\u2019s external borrowings. During the period, interest rates ranged from 4.26% to 7.97%. The loans are structured as revolving credit facilities and may be repaid by the borrower at any time during the term of the facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-432": { "value": "
20 Other interest\u2011bearing loans and borrowings
This note provides information about the Group and Company\u2019s existing interest\u2011bearing loans and borrowings as at 31 March 2026.
For more information about the security provided by the Group and Company over loans or the Group and Company\u2019s exposure to interest rate, foreign currency and liquidity risk,
and covenants, see note 26.
Current
Non\u2011current
2026 2025 2026 2025
Initial loan value
Rate
Maturity
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Group (excluding Company)
Right\u2011of\u2011use liabilities
Various
2026\u20132050
2,933
2,703
17,015
18,512
Company
Revolving Credit Facility
1
SONIA/SOFR/EURIBOR
2027
\u2014
\u2014
28,596
22,752
+ 2.10% to 3.60%
2
Export Development Guarantee Facility
1
SONIA/SOFR/EURIBOR
2028
\u2014
\u2014
20,625
20,074
+ 2.10% to 2.32%
Prepaid arrangement fees
3
\u2014
\u2014
(846)
(1,199)
Loans from subsidiaries
SONIA/SOFR/EURIBOR
2025
11,749
4,547
\u2014
\u2014
+ 1.61% to 3.60%
Right\u2011of\u2011use liabilities
Various
2026
1
102
\u2014
1
Total Group (excluding loans from subsidiaries)
2,934
2,805
65,390
60,140
Total Company (including loans from subsidiaries)
11,750
4,649
48,375
41,628
1. Also, see note 26b(i) for further details about the facilities
2. Subject to leverage ratchet mechanism from <1.0x to >2.5x, current interest margin of 2.10% (based on leverage of <1)
3. Prepaid arrangement fees comprise the unamortised balance at 31 March 2026 of fees that are directly attributable to obtaining financing arrangements. These include upfront fees incurred on the execution banking facilities
with a combined commitment of \u00a3120m entered in a prior year, together with covenant amendment fees and Revolving Credit Facility extension fees. Such fees are capitalised and amortised over the term of the related loan
facilities as an adjustment to the effective interest rate. See note 26 for further details
26 Financial instruments
(a) Fair values of financial instruments
There is no material difference between the fair values and the carrying values shown in the
statement of financial position.
(b) Financial instruments risks
Exposure to credit, liquidity, interest rate and currency risks arise in the normal course
of the Group\u2019s business, and the Group continues to monitor and reduce any exposure
accordingly. Information has been disclosed relating to the individual Company only where
a material risk exists.
(i) Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations. The maximum exposure with respect to
credit risk is represented by the carrying amount on the statement of financial position.
Cash and cash equivalents includes cash equivalents amounting to \u00a30.6m (FY25: \u00a31.0m).
These are term deposits which are presented as cash equivalents if they have maturity of
three months or less and subject to insignificant risk of changes in value.
Cash and cash equivalents are with approved counterparty banks and other financial
institutions which have a rating for their long\u2011term unsecured and non\u2011credit\u2011enhanced
debt obligations of A\u2013 or higher by Standard & Poor\u2019s Rating Services or Fitch Ratings
Ltd, or A3 or higher by Moody\u2019s Investors Service Limited, or a comparable rating from an
internationally recognised credit rating agency. Exceptions to this eligibility are approved
by the CFO. Counterparty banks are assessed prior to opening bank accounts and on an
ongoing basis to ensure exposure to credit risk is at an acceptable level.
Management considers credit risks arise principally from the Group\u2019s receivables from
customers. A credit policy is in place and the exposure to credit risk is monitored on an
ongoing basis.
Credit evaluations are performed on all customers requiring credit over a predetermined
amount. All overdue debts are monitored regularly and customers are put on credit
hold if payments are not received on time as appropriate. The carrying amount of trade
receivables represents the maximum credit exposure for the Group. These procedures were
further enhanced as a result of macro\u2011level uncertainties. The maximum exposure to credit
risk at the end of the reporting date was \u00a350.4m (FY25: \u00a350.6m), being the total carrying
amount of trade receivables net of an allowance. Management does not consider there
to be any significant unimpaired credit risk in the year\u2011end statement of financial position
(FY25: \u00a3nil), and to date, has not seen a significant increase in risk as a result of macro\u2011level
uncertainties.
There have been no significant changes to estimation techniques or significant assumptions
made during the reporting period.
At the end of the reporting date, there were no significant geographic or sector\u2011specific
concentrations of credit risk, although we continue to monitor the light and heavy vehicle
sectors closely due to the ongoing challenges in these specific end markets.
Trade receivables are assessed for impairment at the reporting date in accordance with
IFRS 9 Financial Instruments using the simplified approach, whereby an allowance is
recognised at an amount equal to lifetime expected credit losses. For the purposes of
assessing expected credit losses, external trade receivables are grouped based on similar
credit risk characteristics, primarily by revenue stream, comprising automotive, distribution,
smart infrastructure, medical equipment, other revenue streams, and tariff\u2011related
receivables.
Management performs a collective assessment of credit risk for customers within each
revenue stream, taking into account current ageing profiles, historical credit loss experience
and reasonable and supportable forward\u2011looking information, including relevant
macroeconomic and sector\u2011specific factors. Expected credit loss rates are applied to each
group based on these inputs. Significant customers are monitored on an individual basis,
and where there is objective evidence of a significant increase in credit risk or where default
is considered probable, a specific impairment is recognised. The expected credit loss
assumptions and segmentation are reviewed regularly and updated where necessary to
ensure they continue to reflect the Group\u2019s exposure to credit risk in accordance with IFRS 9.
The ageing analysis of gross trade receivables balances as at 31 March 2026 is as follows:
2026 2025
\u00a3000 \u00a3000
0\u201190 days
48,742
49,368
90\u2011120 days
315
1,153
120\u2011360 days
1,444
741
360 days+
404
101
Total
50,905
51,363
The combined specific and expected credit loss impairment of trade receivables was \u00a30.5m
(FY25: \u00a30.7m). The analysis of combined impairment based on the underlying receivables is
as follows:
2026
2025
0\u201190 days
0.8%
0.9%
90\u2011120 days
12.2%
10.0%
120\u2011360 days
4.6%
17.1%
360 days+
22.2%
48.6%
Total
1.1%
1.4%
Impairment losses
The movement in the allowance for impairment in respect of trade receivables and contract
assets during the year was as follows:
2026 2025
\u00a3000 \u00a3000
Balance at 1 April
(736)
(1,108)
Impairment reversal movement
199
372
Balance at 31 March
(537)
(736)
The allowance account for trade receivables is used to record impairment losses where a
credit risk has been identified, unless the Group is satisfied that no recovery of the amount
owing is possible; at that point, the amounts considered irrecoverable are written off
against the trade receivables directly.
(ii) Liquidity and interest risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as
they fall due.
The Group holds debt and hence its main interest and liquidity risks are associated with the
maturity of its facilities against cash inflows from around the Group. The Group\u2019s objective
is to maintain a balance of continuity of funding and flexibility through the use of banking
facilities as applicable.
The Group maintains two debt facilities with a banking group comprised of HSBC, Citi,
NatWest and KBC allowing a combined facility limit of \u00a3120m, in the form of:
1. Revolving Credit Facility (\u00a370m)
The facility had an initial term of three years with two possible one\u2011year extensions
(i.e. potential term of five years). The facility can be utilised in either USD, EUR or GBP
and there are no pre\u2011determined currency limits. Interest is charged at the aggregate
rate of SONIA/SOFR/EURIBOR plus margin within a range of 2.10\u20133.60% depending
on the leverage. The Group successfully executed a one\u2011year extension to this facility
in February 2026, extending the maturity to June 2028; both available extensions have
now been executed.
2. UK Export Finance (UKEF) Export Development Guarantee (EDG) Facility
(\u00a350m Sterling equivalent)
The facility has a term of five years to 2028 with a three\u2011year availability period and is
split between a USD facility ($31m), a EUR facility (\u20ac17m) and a GBP facility (\u00a310m) with
UK Export Finance providing an 80% guarantee. Interest is charged at SONIA/SOFR/
six\u2011month EURIBOR with a margin of 2.32% on the USD loan and 2.10% on both the EUR
and GBP loans.
Covenant headroom \u2013 at 31 March 2026
The Group facilities are subject to the following quarterly covenant testing:
Interest cover: Underlying EBITDA
1
to net interest
1
to exceed a ratio of four. However,
on 2 May 2024, the Group agreed to amend the interest cover covenant in the RCF and
UKEF EDG term loan facilities agreements. This applied from the 30 June 2024 quarterly
covenant calculation as follows:
1. Each relevant period from 30 June 2024, ending on 30 September 2025: 3.25x
2. Each relevant period from 31 December 2025, ending on 30 September 2026: 3.50x
3. Each relevant period from 31 December 2026, thereafter: 4.00x
Adjusted leverage: Total net debt
1
to underlying EBITDA
1
not to exceed a ratio of three.
The actual interest cover was 7.04x (FY25: 5.14x) and adjusted leverage was 0.75x
(FY25: 0.97x) as at 31 March 2026.
1. As defined in the facility agreement
Liquidity tables
The following are the contractual maturities of the existing financial liabilities, excluding trade and other payables, as the contractual cash flows are equal to carrying amount and cash
flows within one year:
2026
Carrying Contractual Less than 1 to 2 2 to 5 Over
amount
cash flows
1
1 year years years 5 years
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Non\u2011derivative financial liabilities
Group and Company
Revolving Credit Facility (see note 20)
27,8 89
28,596
\u2014
\u2014
28,596
\u2014
Export Development Guarantee Facility (see note 20)
20,486
20,625
\u2014
2,063
18,563
\u2014
Right\u2011of\u2011use liabilities (see note 12)
19,949
33,884
5,535
5,108
10,305
12,936
Total Group and Company
68,324
83,105
5,535
7,171
57,464
12,936
1. In addition to the above, there are interest charges of \u00a33.2m in FY26 relating to the Revolving Credit and Export Development Guarantee Facilities. Future interest charges are based on a leverage ratchet mechanism;
see note 20
2025
Carrying Contractual Less than 1 to 2 2 to 5 Over
amount
cash flows
1
1 year years years 5 years
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Non\u2011derivative financial liabilities
Group and Company
Revolving Credit Facility (see note 20)
21,992
22,752
\u2014
\u2014
22,752
\u2014
Export Development Guarantee Facility (see note 20)
19,635
20,074
\u2014
\u2014
20,074
\u2014
Right\u2011of\u2011use liabilities (see note 12)
21,318
39,186
5,138
5,011
11,533
17,504
Total Group and Company
62,945
82,012
5,138
5,011
54,359
17,50 4
1. In addition to the above, there are interest charges of \u00a33.7m in FY25 relating to the Revolving Credit Facility. Future interest charges are based on a leverage ratchet mechanism; see note 20
Liquidity headroom
Trading forecasts show that the facilities in place at 31 March 2026 provided sufficient liquidity headroom. The Group continues to maintain positive relationships with a number of banks
and the Directors believe that appropriate facilities will continue to be made available to the Group as and when they are required.
Facilities that were available at 31 March 2026 (excluding bank overdrafts and lease liabilities):
2026
2025
Available Utilised Unutilised Available Utilised Unutilised
facilities facilities facilities facilities facilities facilities
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Group and Company
Revolving Credit Facility
70,000
28,596
41,404
70,000
22,752
47, 248
Export Development Guarantee Facility
50,000
20,625
29,375
50,000
20,074
29,926
Total Group and Company
120,000
49,221
70,779
120,000
42,826
77,174
In addition, there is an accordion facility of \u00a340.0m as part of the RCF agreement, which provides potential additional finance under current agreed terms subject to credit approval.
Interest risk
The Group monitors closely all loans outstanding which currently incur interest at floating rates. If appropriate, the Group may make use of derivative financial instruments, including
interest rate swaps and caps. The Group will continue to review this position going forward.
In respect of income\u2011earning financial assets and interest\u2011bearing financial liabilities, the following table indicates the split between fixed and variable interest rates at the end of the
reporting date.
Further details of the rates applicable on interest\u2011bearing loans and borrowings are given in note 20.
All assets and liabilities in place at year end bear interest at a floating rate and therefore may change within one year.
Interest rate table
Group
Company
2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Variable rate instruments
Financial assets
32,425
24,258
1,792
590
Financial liabilities
1
(48,375)
(41,627)
(48,375)
(41,627)
Adjusted net debt
(15,950)
( 17,369)
(46,583)
(41,037)
1. Net of prepaid arrangement fee of \u00a30.9m (FY25: \u00a31.2m)
Sensitivity analysis
A change of one percentage point in interest rates (using the net amount in the table above) at the end of the reporting date would change equity and profit and loss by \u00a30.2m
(FY25: \u00a30.2m). This calculation has been applied to risk exposures existing at the end of the reporting date.
This analysis assumes that all other variables, in particular foreign currency rates, remain consistent and considers the effect of financial instruments with variable interest rates.
The analysis is performed on the same basis for the comparative period.
(iii) Foreign currency risk
The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than local functional currency. The Group faces additional currency risks
arising from monetary financial instruments held in non\u2011functional local currencies.
Operational foreign exchange exposure
Where possible, the Group tries to invoice in the local currency of the respective entity. If this is not possible, then to mitigate any exposure, the Group tries to buy from suppliers and sell
to customers in the same currency to create a natural hedge.
The Group aims to hold the majority of its cash and cash equivalent balances in the local currency of the respective entity to minimise revaluation volatility risk.
Monetary assets/liabilities
The Group continues to monitor exchange rates and buy or sell currencies in order to minimise open exposure to foreign exchange risk. The Group does not speculate on exchange rates.
No foreign exchange derivative financial instruments are held at the end of the reporting date.
The Euro\u2011denominated RCF and EDG utilised facilities (\u2018combined facilities\u2019) of \u20ac42.1m (\u00a336.8m) is net investment hedged against the net asset value of TR Italy, TR Germany, TR Spain
and TR Holland. The USD\u2011denominated combined facilities of $1.7m (\u00a31.3m) is net investment hedged against the net asset value of Falcon and TR Fastenings (Inc). Therefore, all foreign
exchange movements that are being hedged are taken to the translation reserve. The remaining Euro and US Dollar\u2011denominated combined facilities of \u20ac7.7m and $5.8m respectively
(\u00a36.8m and \u00a34.4m respectively) is naturally hedged by equivalent intercompany debtor assets in the Company.
There is an economic relationship between the hedged item and the hedging instrument as the net investment creates a translation risk that will match the foreign exchange risk on
the USD and EUR borrowings. The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component. The hedge
ineffectiveness will arise when the amount of the investment in the foreign subsidiary becomes lower than the amount of the fixed rate borrowing. The balances outstanding as at
31 March 2026 for these combined facilities is included within other interest\u2011bearing loans and borrowings in the statement of financial position.
The impact of the hedged item on the statement of financial position is, as follows:
Change in fair value Change in fair value
used for measuring used for measuring
ineffectiveness for ineffectiveness for Foreign currency
the hedged item the hedged instrument translation reserve
Net investment in foreign subsidiaries \u00a3000 \u00a3000 \u00a3000
EUR borrowings
(1,389)
1,389
3,350
USD borrowings
40
(40)
1,154
The hedging gain recognised in Other Comprehensive Income (OCI) before tax is equal to the change in fair value used for measuring effectiveness. There is no ineffectiveness in the
statement of profit or loss.
The Group\u2019s exposure to foreign currency risk is as follows (based on the carrying amount for cash and cash equivalents held in non\u2011functional currencies):
Singapore Japanese
Sterling Euro US Dollar Dollar Yen Total
31 March 2026 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Cash and cash equivalents exposure
1,692
3,889
4,268
\u2014
86
9,935
Singapore Japanese
Sterling Euro US Dollar Dollar Yen Total
31 March 2025 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Cash and cash equivalents exposure
673
3,720
4,931
9
172
9,505
Group
A 1% change in significant foreign currency balances against local functional currency at 31 March 2026 would have changed equity and profit and loss by the amount shown below.
This calculation assumes that the change occurred at the end of the reporting date and had been applied to risk exposures existing at that date.
This analysis assumes that all other variables, in particular other exchange rates and interest rates, remain constant. The analysis is performed on the same basis for the
comparative period.
Equity and profit or loss
2026 2025
Foreign currency
Local currency
\u00a3000 \u00a3000
Euro
Sterling
(11)
(9)
US Dollar
Singapore Dollar
(18)
(21)
US Dollar
Taiwanese Dollar
(18)
(21)
Euro
Taiwanese Dollar
(16)
(17)
(c) Capital management and allocation
It is the Board\u2019s desire to maximise long\u2011term returns. As such, the generation and
disciplined deployment of free cash is a core aspect of Trifast\u2019s strategy. The following
framework and priorities have been established and these are refreshed as part of our
annual budgeting process.
Capital allocation priorities
The Board\u2019s key capital allocation priorities are as follows:
\u2022 Continue to maintain adequate working capital as required to support organic growth
in the short term
\u2022 Strategic and targeted investments to drive sustainable long\u2011term organic growth
\u2022 Realise acquisitions in line with our acquisition strategy
\u2022 A progressive dividend policy, maintaining a medium\u2011term target dividend cover range
at the top end of between 3.0x to 4.0x
Special dividends and share buybacks, having been considered, do not currently form part
of our capital allocation framework.
Cash conversion
The Group has been, and continues to expect to be, consistently cash generative. In the
longer term, the Board continues to target normalised cash conversion of 70% to 80%,
as we invest in the statement of financial position to support our ongoing organic growth.
2023
2024
2025
2026
Net debt to
underlying EBITDA
2.2x
1.3x
0.97x
0.64x
Calculated in line with the banking agreement.
Maximum adjusted leverage covenant for FY26 was 3.0x. See note 26 (b) (ii) for details.
The Board has determined that in the current macroeconomic and shareholder
environment, it is appropriate to adopt a prudent but flexible capital structure and will
seek to operate in certain circumstances, e.g. non\u2011organic investment, with leverage of
up to 2.0x adjusted net debt (before IFRS 16): underlying EBITDA.
The Group has various borrowings and available facilities (see section (b) (ii) Liquidity
and interest risk) that contain certain external capital requirements (\u2018covenants\u2019) that
are considered normal for these types of arrangements. As discussed above, we remain
comfortably within all such covenants.
The capital structure of the Group is provided below:
2025
2026 \u00a3000
\u00a3000
(restated)
1
Borrowings (note 20)
68,324
62,945
Equity
115,622
115,721
Capital employed
183,946
178,666
1. The prior year comparatives have been restated to reflect the correction of an error relating to the
accounting for IT implementation costs in accordance with IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors. Refer to note 1 and note 36
33 Changes in financial liabilities including both cash flows and non\u2011cash changes
2026 2025
\u00a3000 \u00a3000
Group
Finance liabilities at 1 April
62,945
60,271
Cash flow changes
1,430
(3,776)
Foreign exchange on financial liabilities
2,000
(863)
Arrangement fees unwinding
353
215
Right\u2011of\u2011use liabilities additions
1,697
8,799
Right\u2011of\u2011use liabilities derecognition on termination
(101)
(1,701)
Finance liabilities at 31 March
68,324
62,945
The financial liabilities have an interest expense which was fully paid at the year end.
See statement of cash flows on pages 95 and 96.
2026 2025
\u00a3000 \u00a3000
Company
Finance liabilities at 1 April
46,277
48,405
Cash flow changes
5,000
(1,284)
Loan novation
1
5,622
\u2014
Foreign exchange on financial liabilities
2,974
(1,059)
Arrangement fees unwinding
353
215
Right\u2011of\u2011use liabilities disposals
(101)
\u2014
Finance liabilities at 31 March
60,125
46,277
1. During the period, a loan between TR Fastenings Inc. (Houston) and Special Fasteners Engineering Co. Ltd
(SFE) was novated to Trifast plc to more effectively manage foreign exchange risk
The financial liabilities have an interest expense which was fully paid at the year end.
See statement of cash flows on pages 95 and 96.
Liabilities arising from financing activities include other interest\u2011bearing loans and
borrowings and right\u2011of\u2011use liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-466": { "value": "20 Other interest\u2011bearing loans and borrowings This note provides information about the Group and Company\u2019s existing interest\u2011bearing loans and borrowings as at 31 March 2026. For more information about the security provided by the Group and Company over loans or the Group and Company\u2019s exposure to interest rate, foreign currency and liquidity risk, and covenants, see note 26.
Current
Non\u2011current
2026 2025 2026 2025
Initial loan value
Rate
Maturity
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Group (excluding Company)
Right\u2011of\u2011use liabilities
Various
2026\u20132050
2,933
2,703
17,015
18,512
Company
Revolving Credit Facility
1
SONIA/SOFR/EURIBOR
2027
\u2014
\u2014
28,596
22,752
+ 2.10% to 3.60%
2
Export Development Guarantee Facility
1
SONIA/SOFR/EURIBOR
2028
\u2014
\u2014
20,625
20,074
+ 2.10% to 2.32%
Prepaid arrangement fees
3
\u2014
\u2014
(846)
(1,199)
Loans from subsidiaries
SONIA/SOFR/EURIBOR
2025
11,749
4,547
\u2014
\u2014
+ 1.61% to 3.60%
Right\u2011of\u2011use liabilities
Various
2026
1
102
\u2014
1
Total Group (excluding loans from subsidiaries)
2,934
2,805
65,390
60,140
Total Company (including loans from subsidiaries)
11,750
4,649
48,375
41,628
1. Also, see note 26b(i) for further details about the facilities 2. Subject to leverage ratchet mechanism from <1.0x to >2.5x, current interest margin of 2.10% (based on leverage of <1) 3. Prepaid arrangement fees comprise the unamortised balance at 31 March 2026 of fees that are directly attributable to obtaining financing arrangements. These include upfront fees incurred on the execution banking facilities with a combined commitment of \u00a3120m entered in a prior year, together with covenant amendment fees and Revolving Credit Facility extension fees. Such fees are capitalised and amortised over the term of the related loan facilities as an adjustment to the effective interest rate. See note 26 for further details ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-433": { "value": "
21 Trade and other payables
Current
Group
Company
2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Trade payables
14,606
17,026
\u2014
\u2014
Amounts payable to subsidiary undertakings
\u2014
\u2014
742
725
Other payables and accrued expenses
15,831
15,517
1,852
2,221
Other taxes and social security
736
2,046
148
135
31,173
34,589
2,742
3,081
Other Group payables and accrued expenses also include stock accruals and accruals for expenses as at 31 March 2026. Company and Group other payables and accrued expenses
include an interim dividend of 0.60p per qualifying ordinary share (FY25: 0.60p), which was paid in April 2026. As the interim dividend was approved by the Board prior to 31 March 2026,
it is included as a liability in other payables in the financial statements.
Non\u2011current
Group
Company
2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Other payables
578
543
\u2014
\u2014
Other payables pertains to deferred income related to certain industry incentive schemes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-467": { "value": "21 Trade and other payables Current
Group
Company
2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Trade payables
14,606
17,026
\u2014
\u2014
Amounts payable to subsidiary undertakings
\u2014
\u2014
742
725
Other payables and accrued expenses
15,831
15,517
1,852
2,221
Other taxes and social security
736
2,046
148
135
31,173
34,589
2,742
3,081
Other Group payables and accrued expenses also include stock accruals and accruals for expenses as at 31 March 2026. Company and Group other payables and accrued expenses include an interim dividend of 0.60p per qualifying ordinary share (FY25: 0.60p), which was paid in April 2026. As the interim dividend was approved by the Board prior to 31 March 2026, it is included as a liability in other payables in the financial statements. Non\u2011current
Group
Company
2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Other payables
578
543
\u2014
\u2014
Other payables pertains to deferred income related to certain industry incentive schemes.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-489": { "value": "Current
Group
Company
2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Trade payables
14,606
17,026
\u2014
\u2014
Amounts payable to subsidiary undertakings
\u2014
\u2014
742
725
Other payables and accrued expenses
15,831
15,517
1,852
2,221
Other taxes and social security
736
2,046
148
135
31,173
34,589
2,742
3,081
Other Group payables and accrued expenses also include stock accruals and accruals for expenses as at 31 March 2026. Company and Group other payables and accrued expenses include an interim dividend of 0.60p per qualifying ordinary share (FY25: 0.60p), which was paid in April 2026. As the interim dividend was approved by the Board prior to 31 March 2026, it is included as a liability in other payables in the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-490": { "value": "Non\u2011current
Group
Company
2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Other payables
578
543
\u2014
\u2014
Other payables pertains to deferred income related to certain industry incentive schemes.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-468": { "value": "Defined contribution plans The Group operates a number of defined contribution pension plans, which include stakeholder pension plans whose assets are held separately from those of the Group, in independently administered funds. The total expense relating to these plans in the current year was \u00a31.8m (FY25: \u00a32.2m) and represents contributions payable by the Group to the funds. At the end of the financial year, there were outstanding pension contributions of <\u00a30.1m (FY25: <\u00a30.1m), which are included in other payables and accrued expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-469": { "value": "Share\u2011based payments SAYE share options The Group share options (including SAYE plans) provide for an exercise price equal to the average quoted market price of the Group shares on the date of grant. In the case of SAYE, this price is discounted in line with HMRC limits. The vesting period is generally three or five years. The options expire if they remain unexercised after the exercise period has lapsed. Furthermore, options are forfeited if the employee leaves the Group before the options vest, unless for retirement, redundancy or health reasons. The options are equity settled. The number and weighted average exercise prices of share options are as follows:
2026
2025
Weighted Weighted
average average
exercise exercise
Options
price
Options
price
Outstanding at beginning of year
1,843,789
0.69
2,174,100
0.76
Granted during the year
239,508
0.64
1,024,585
0.64
Forfeited/lapsed during the year
(209,138)
0.68
(1,349,595)
0.76
Exercised during the year
\u2014
\u2014
\u2014
\u2014
Vested early during the year
1
(68,687)
0.73
(5,301)
0.74
Outstanding at the end of the year
1,805,472
0.69
1,843,789
0.69
Exercisable at the end of the year
70,873
0.86
1,710
1.05
1. Shares that vested early in the year were also exercised The options outstanding at 31 March 2026 had a weighted average remaining contractual life of 1.9 years (FY25: 2.9 years) and exercise prices ranging from \u00a30.64 to \u00a31.05 (FY25: \u00a30.64 to \u00a31.05). Shares vested early relates to the FY22, FY23 and FY24 SAYE of employees who were classed as good leavers. The weighted average share price at the date of exercise for share options that vested early in 2026 was \u00a30.80 (FY25: \u00a30.83). The number of forfeited shares in the period includes 196,974 (FY25: 988,329) cancellations. The fair value of services received in return for share options granted is measured by reference to the fair value of share options granted. The estimate of the fair value of the services received is measured based on the Black\u2011Scholes model. The contractual life of the option is used as an input into this model. Board deferred equity bonus shares The Board deferred equity bonus shares have been discussed in more detail in the remuneration report (pages 66 to 80). The number of deferred equity bonus shares are as follows:
2026
2025
Outstanding at beginning of year
\u2014
\u2014
Granted during the year
330,025
\u2014
Forfeited/lapsed during the year
\u2014
\u2014
Exercised during the year
\u2014
\u2014
Vested early during the year
\u2014
\u2014
Outstanding at the end of the year
330,025
\u2014
Exercisable at the end of the year
\u2014
\u2014
These nil\u2011cost options are subject to a three\u2011year service period and the fair value has been calculated using the discounted dividend model (DDM). This is based on expected dividends over the three\u2011year term. They are equity settled shares. The weighted average share price at the date of exercise for share options exercised in FY26 was \u00a3nil (FY25: \u00a3nil). There were no outstanding options as at 31 March 2026. Senior Manager (SM), Operational Executive Board (OEB) and Executive Leadership Team (ELT) LTIP shares The number of SM LTIP shares is as follows:
2026
2025
Outstanding at beginning of year
4,482,001
6,938,250
Granted during the year
\u2014
\u2014
Forfeited during the year
(2,282,310)
(2, 227, 9 01)
Vested early during the year
\u2014
\u2014
Exercised during the year
\u2014
(228,348)
Outstanding at end of year
2,199,691
4,482,001
Exercisable at end of year
\u2014
\u2014
The awards granted in FY23 are subject to a non\u2011market performance condition of underlying EPS growth for a three\u2011year period starting on 1 April 2022. The awards granted in FY24 are subject to a non\u2011market\u2011based performance condition of underlying operating margin (UOM) (weighted 25%) and a market\u2011based performance condition based on relative TSR (weighted 75%) for a three\u2011year period starting on 1 April 2023 (see below for details of the performance conditions). The method of settlement for these shares is a mixture of equity and cash settled. The fair value for the UOM element has been calculated using the DDM, whilst the fair value for the TSR element has been calculated using the Monte Carlo simulation model. This was at grant date for the equity settled awards. The FY23 non\u2011market performance condition requires underlying EPS to grow by 9% per annum for a 25% payout, 29% per annum for a 100% payout, with straight\u2011line vesting in between these points. As set out in the remuneration report on page 76, this performance condition was not met and therefore the awards will lapse. The FY24 non\u2011market performance condition requires UOM in FY26 to be 8.2% for 25% vesting, 9.1% for 50% vesting, 10% for 75% vesting and 11% or above for maximum vesting, with straight\u2011line vesting in between these points. The FY24 market\u2011based performance condition requires Trifast\u2019s TSR to be equal to the FTSE All\u2011Share Index\u2019s TSR for 25% vesting and 8% p.a. or above outperformance of the FTSE All\u2011Share Index\u2019s TSR for 100% vesting, with straight\u2011line vesting in between these points. The options outstanding at 31 March 2026 had a weighted average remaining contractual life of 5.7 years (FY25: 6.0 years). Board LTIP shares The Board LTIP shares are part of the Remuneration Policy approved at the 2023 AGM and have been discussed in more detail in the remuneration report (pages 66 to 80). The maximum number of Board LTIP shares are as follows:
2026
2025
Outstanding at beginning of year
856,978
981,758
Granted during the year
\u2014
\u2014
Forfeited/lapsed during the year
(42,425)
(124,780)
Exercised during the year
\u2014
\u2014
Vested early during the year
\u2014
\u2014
Outstanding at end of year
814,553
856,978
Exercisable at end of year
\u2014
\u2014
42,425 shares are for D Hayes\u2011Powell relating to his former appointment as a Board Director. He left the Company on 21 February 2024. Nil\u2011cost options awarded in FY23 are subject to performance (EPS growth and TSR performance) and service conditions over a three\u2011year period which resulted in nil vesting. Nil\u2011cost options awarded during FY24 are subject to a non\u2011market\u2011based performance condition based on underlying operating margin (UOM) (weighted 25%) and a market\u2011based performance condition based on relative TSR (weighted 75%) for a three\u2011year period starting on 1 April 2023. The fair values for the EPS element and the UOM element have been calculated using the DDM, whilst the fair value for the TSR element has been calculated using the Monte Carlo simulation. They are equity settled shares. In line with IFRS 2, the amount recognised as an expense has been adjusted to reflect the number of awards for which the service and non\u2011market performance conditions are expected to be met. The options outstanding at 31 March 2026 had a weighted average remaining contractual life of 5.7 years (FY25: 6.7 years). Board and ELT FY25 LTIP shares The Board and ELT LTIP shares are a one\u2011off grant of a fixed number of market priced options where the exercise price is set equal to Trifast\u2019s share price shortly before the date of grant. The Policy period is three years. The Monte Carlo simulation was used to calculate the fair value on the basis that the share price hurdles are market\u2011based performance conditions. Full details of the awards granted are set out on pages 76 and 77 of this report. The maximum number of Board and ELT LTIP shares are as follows:
2026
2025
Outstanding at beginning of year
9,430,800
10,208,598
Granted during the year
2,074,128
\u2014
Forfeited/lapsed during the year
(2,333,394)
(777,798)
Exercised during the year
\u2014
\u2014
Vested early during the year
\u2014
\u2014
Outstanding at end of year
9,171,534
9,430,800
Exercisable at end of year
\u2014
\u2014
The options will vest when share price hurdles have been met during a five\u2011year period beginning on the date of grant and become exercisable on completion of a service period and subject to a performance underpin. The options outstanding at 31 March 2026 had a weighted average remaining contractual life of 8.5 years. SAYE share options
Number Share price Expected
outstanding on on date Exercise Expected Vesting Expected Risk\u2011free annual Fair
Type of Valuation 31 March of grant price volatility period life rate dividend value
Date of grant instrument model 2026 (\u00a3) (\u00a3) % (years) (years) % % (\u00a3)
15/09/2020
SAYE 5 Year
Black\u2011Scholes
70,873
0.98
0.86
33.1
5.13
5.13
(0.06)
1.22
0.29
10/08/2021
SAYE 5 Year
Black\u2011Scholes
19,951
1.44
1.05
35.0
5.23
5.23
0.34
1.11
0.55
15/09/2022
SAYE 3 Year
Black\u2011Scholes
117,573
0.84
0.77
43.3
3.13
3.13
3.06
2.50
0.26
15/09/2022
SAYE 5 Year
Black\u2011Scholes
66,231
0.84
0.77
38.1
5.13
5.13
3.04
2.50
0.28
15/09/2023
SAYE 3 Year
Black\u2011Scholes
611,312
0.81
0.69
47.8
3.13
3.13
4.47
2.79
0.29
15/09/2023
SAYE 5 Year
Black\u2011Scholes
99,832
0.81
0.69
44.2
5.13
5.13
4.27
2.79
0.32
04/10/2024
SAYE 3 Year
Black\u2011Scholes
430,974
0.79
0.64
48.9
3.07
3.07
3.88
2.29
0.31
04/10/2024
SAYE 5 Year
Black\u2011Scholes
214,586
0.79
0.64
48.9
5.08
5.08
3.87
2.29
0.35
12/09/2025
SAYE 3 Year
Black\u2011Scholes
174,140
0.82
0.64
49.3
3.14
3.14
3.84
2.20
0.34
Total SAYE share options
1,805,472
Share options
Number Share price Expected
outstanding on on date Exercise Expected Vesting Expected Risk\u2011free annual Fair
Type of Valuation 31 March of grant price volatility period life rate dividend value
Date of grant instrument model 2026 (\u00a3) (\u00a3) % (years) (years) % % (\u00a3)
28/11/2023
Board LTIP \u2013 relative TSR
Monte Carlo
610,915
0.76
n/a
48.3
3.00
3.00
4.20
2.77
0.44
28/11/2023
Board LTIP \u2013 UOM
DDM
203,638
0.76
n/a
n/a
3.00
3.00
4.20
2.77
0.70
28/11/2023
ELT LTIP \u2013 TSR equity
Monte Carlo
407, 276
0.76
n/a
48.3
3.00
3.00
4.20
2.77
0.44
28/11/2023
ELT LTIP \u2013 UOM \u2013 equity
DDM
135,759
0.76
n/a
n/a
3.00
3.00
4.20
2.77
0.70
28/11/2023
SM LTIP \u2013 TSR \u2013 equity
Monte Carlo
1,084,001
0.76
n/a
48.3
3.00
3.00
4.20
2.77
0.44
28/11/2023
SM LTIP \u2013 UOM \u2013 equity
DDM
361,334
0.76
n/a
n/a
3.00
3.00
n/a
2.77
0.70
28/11/2023
SM LTIP \u2013 TSR \u2013 cash
1
Monte Carlo
158,492
0.67
1
n/a
48.0
3.00
1.66
3.96
2.71
0.34
28/11/2023
SM LTIP \u2013 UOM \u2013 cash
1
DDM
52,829
0.67
1
n/a
n/a
3.00
1.66
n/a
2.71
0.64
10/09/2024
Board/ELT LTIP 3yr \u2013 equity
Monte Carlo
2,106,536
0.80
0.81
48.00
3.00
3.00
3.56
2.25
0.30
10/09/2024
Board/ELT LTIP 4yr \u2013 equity
Monte Carlo
2,106,536
0.80
0.81
48.00
4.00
4.00
3.56
2.25
0.30
10/09/2024
Board/ELT LTIP 5yr \u2013 equity
Monte Carlo
2,106,536
0.80
0.81
48.00
5.00
5.00
3.56
2.25
0.30
23/09/2024
Board/ELT LTIP 3yr \u2013 equity
Monte Carlo
259,266
0.79
0.79
48.00
2.96
2.96
3.64
2.27
0.30
23/09/2024
Board/ELT LTIP 4yr \u2013 equity
Monte Carlo
259,266
0.79
0.79
48.00
3.96
3.96
3.64
2.27
0.30
23/09/2024
Board/ELT LTIP 5yr \u2013 equity
Monte Carlo
259,266
0.79
0.79
48.00
4.96
4.96
3.64
2.27
0.30
19/11/2024
Board/ELT LTIP 3yr \u2013 equity
Monte Carlo
259,266
0.80
0.79
48.50
2.81
2.81
4.17
2.26
0.30
1. The share price used to determine the fair value at FY26 was 67.2p (FY25: 66.5p)
Number Share price Expected
outstanding on on date Exercise Expected Vesting Expected Risk\u2011free annual Fair
Type of Valuation 31 March of grant price volatility period life rate dividend value
Date of grant instrument model 2026 (\u00a3) (\u00a3) % (years) (years) % % (\u00a3)
19/11/2024
Board/ELT LTIP 4yr \u2013 equity
Monte Carlo
259,266
0.80
0.79
48.50
3.81
3.81
4.17
2.26
0.30
19/11/2024
Board/ELT LTIP 5yr \u2013 equity
Monte Carlo
259,266
0.80
0.79
48.50
4.81
4.81
4.17
2.26
0.30
17/11/2025
Board/ELT LTIP 3yr \u2013 equity
Monte Carlo
259,266
0.73
0.76
48.50
1.81
1.81
3.81
2.47
0.24
17/11/2025
Board/ELT LTIP 4yr \u2013 equity
Monte Carlo
259,266
0.73
0.76
48.50
2.81
2.81
3.81
2.47
0.24
17/11/2025
Board/ELT LTIP 5yr \u2013 equity
Monte Carlo
259,266
0.73
0.76
48.50
3.81
3.81
3.81
2.47
0.24
08/12/2025
Board/ELT LTIP 3yr \u2013 equity
Monte Carlo
172,844
0.72
0.72
48.50
1.76
1.76
3.85
2.49
0.23
08/12/2025
Board/ELT LTIP 4yr \u2013 equity
Monte Carlo
172,844
0.72
0.72
48.50
2.76
2.76
3.85
2.49
0.23
08/12/2025
Board/ELT LTIP 5yr \u2013 equity
Monte Carlo
172,844
0.72
0.72
48.50
3.76
3.76
3.85
2.49
0.23
18/08/2025
FY25 Board deferred equity
DDM
330,025
0.67
n/a
n/a
3.00
3.00
n/a
2.68
0.62
Total share options (inc. SAYE)
14,321,275
Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over a period commensurate with the expected life or the remaining TSR performance period of the award as at the date of grant. The expected life used in the model has been adjusted, based on management\u2019s best estimate, for the effects of non\u2011transferability, exercise restrictions and behavioural considerations. The exercise price used is in line with the appropriate award documentation. In the case of SAYE awards, this price is discounted in line with HMRC limits. For Board, Operational Executive Board, Executive Leadership Team and Senior Manager LTIP awards granted in the form of nil\u2011cost options, the exercise price is nil. The exercise price for the Board/ELT LTIP granted in FY26 is set equal to Trifast\u2019s share price shortly before the date of grant. SAYE share options The risk\u2011free rate has been set as the continuously compounded yield as at the grant date on zero coupon government bonds of a term commensurate with the expected life assumption. The dividend yield has been set equal to the historic dividend yield as at the date of grant. The Group recognised total charge of \u00a31.2m (FY25: charge of \u00a30.4m) in relation to share\u2011based payment transactions in the year. Of this, a charge of \u00a3<0.1m (FY25: \u00a30.2m) relates to cash settled awards to which a liability is recognised on the statement of financial position in trade and other payables. The remaining amount relates to equity settled awards. As at 31 March 2026, outstanding options to subscribe for ordinary shares of 5p were as follows:
Number of Contractual life
Grant date/employees entitled instruments of options
15/09/20 SAYE
70,873
Apr 2026
10/08/21 SAYE
19,951
Apr
2
025, Apr 2027
15/09/22 SAYE
183,804
Apr
2
026, Apr 2028
15/09/23 SAYE
711,144
Apr
2027
, Apr 2029
04/10/24 SAYE
645,560
Apr
2028
, Apr 2030
12/09/25 SAYE
174,140
Apr 2029
Total outstanding options
1,805,472
Senior Manager, OEB and ELT LTIP shares
2,199,691
Nov 2031
Board LTIP shares
814,553
Nov 2031
Board/ELT LTIP shares
9,171,534
Sep 2034
Board deferred equity
330,025
Sep 2034
Total
14,321,275
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-435": { "value": "
23 Provisions
Restructuring Dilapidations Total
Group \u00a3000 \u00a3000 \u00a3000
Balance at 31 March 2025
875
2,075
2,950
Utilised during the year
1
(875)
(451)
(1,326)
Released during the year
\u2014
(24)
(24)
Balance at 31 March 2026
\u2014
1,600
1,600
1. The restructuring provision was utilised during the year in respect of transformation initiatives approved by
management following the launch of the Group\u2019s strategy at the end of FY24. These initiatives focused on
margin management, targeted growth, operational efficiency and organisational effectiveness. Dilapidations
provisions were utilised during the year as the Group exited leased sites in Manchester and Scotland, with
costs incurred in restoring these properties to the condition required under the lease agreements. The
remaining provision at 31 March 2026 relates to other leased properties where obligations are expected to
crystallise on exit
Restructuring
The restructuring provision related to a formal restructuring plan approved and
communicated to affected parties prior to 31 March 2025. As at 31 March 2026, the
restructuring plan has been completed and the provision has been fully utilised, with
no further obligations remaining.
Dilapidations
Dilapidations provisions relate to the Group\u2019s obligation to restore leased properties to their
required condition at the end of the lease terms. External advisers are engaged to assess
and estimate the expected costs of dilapidation works based on lease conditions, property
condition and market rates. The expenditure is expected to be incurred on exit from the
relevant properties.
Measurement and uncertainties
Provisions represent management\u2019s best estimate of the expenditure required to settle the
present obligations at the reporting date. Estimates are inherently uncertain and actual
costs may differ from those estimated, principally due to variations in the timing of lease
exits, the scope of remedial works required, and prevailing construction and labour costs
at the time the work is performed.
2026 2025
Group \u00a3000 \u00a3000
Non\u2011current (greater than one year)
1
1,600
1,622
Current (less than one year)
\u2014
1,328
Balance at 31 March
1,600
2,950
1. Provisions greater than one year relate to dilapidations for leases with end dates between 2027 and 2034
In respect of the Company, there are \u00a3nil provisions (FY25: \u00a3nil) related to restructuring.
During the year, \u00a3nil (FY25: \u00a30.6m) was utilised and \u00a3nil (FY25: \u00a3nil) was provided.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-434": { "value": "
24 Capital and reserves
Capital and reserves \u2013 Group and Company
See statements of changes in equity on pages 92 to 93.
Share capital
Number of ordinary shares
Group
2026
2025
In issue at 1 April
136,119,976
136,114,675
Shares issued
68,687
5,301
In issue at 31 March \u2013 fully paid
136,188,663
136,119,976
The total number of shares issued during the year was 68,687 for a consideration of <\u00a30.1m
(FY25: 5,301 shares for <\u00a30.1m). In FY26 and FY25, all shares were issued for cash.
2026 2025
Group \u00a3000 \u00a3000
Allotted, called up and fully paid
Ordinary shares of 5p each
6,810
6,806
The holders of ordinary shares (excluding own shares held) are entitled to receive dividends as
declared from time to time and are entitled to one vote per share at meetings of the Company.
Reserves Share premium represents the amount subscribed for share capital in excess of nominal value. The merger reserve has arisen under Section 612 of the Companies Act 2006 and is a non\u2011distributable reserve. In June 2020, the Company successfully completed placings of shares which increased the merger reserve by \u00a314.8m. During the year, nil shares (FY25: 228,348) were transferred out of the own shares held reserve (FY25: weighted average cost of \u00a31.58, total cost \u00a30.4m) to fulfil all of the exercise of awards in the year, excluding SAYE. The number of ordinary shares held at 31 March 2026 was 1,145,315 (FY25: 1,145,315). These shares are in the own shares held reserve and are to help meet future employee share plan obligations. The translation reserve comprises all foreign exchange differences arising from the translation of foreign operations, as well as from the translation of liabilities that hedge the Group\u2019s net investment in foreign subsidiaries. Dividends During the year, the following dividends were recognised and paid by the Group:
2026 2025
\u00a3000 \u00a3000
Final paid 2025 \u2013 1 . 20p (FY24: 1. 20p)
per qualifying ordinary share
1,620
1,618
Interim paid 2025 \u2013 0.60p (FY24: 0.60p)
per qualifying ordinary share
810
808
Total
2,430
2,426
After the end of the reporting date, and subject to shareholder approval at the Annual General Meeting which is to be held on 8 September 2026, a final dividend of 1 . 30p per qualifying ordinary share (FY25: 1.20p) was proposed by the Directors. An interim dividend of 0.60p per qualifying ordinary share (FY25: 0.60p) was paid in April 2026. The dividend had been approved by the Board prior to 31 March 2026 and no further approvals were required. Management therefore concluded that the dividend represented an obligation of the Group at the reporting date and recognised a liability within other payables. The dividend was subsequently paid in accordance with the Board approval.
2026 2025
\u00a3000 \u00a3000
Final proposed 2026 \u2013 1.30p (FY25: 1.20p)
per qualifying ordinary share
1
1,756
1,620
Interim paid 2026 \u2013 0.60p (FY25: 0.60p)
per qualifying ordinary share
810
809
Total
2,566
2,429
1. Amount calculated using the number of ordinary shares in issue less the number of shares in the own shares held reserve at the end of each period", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-470": { "value": "Share capital
Number of ordinary shares
Group
2026
2025
In issue at 1 April
136,119,976
136,114,675
Shares issued
68,687
5,301
In issue at 31 March \u2013 fully paid
136,188,663
136,119,976
The total number of shares issued during the year was 68,687 for a consideration of <\u00a30.1m (FY25: 5,301 shares for <\u00a30.1m). In FY26 and FY25, all shares were issued for cash.
2026 2025
Group \u00a3000 \u00a3000
Allotted, called up and fully paid
Ordinary shares of 5p each
6,810
6,806
The holders of ordinary shares (excluding own shares held) are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-471": { "value": "
Reserves
Share premium represents the amount subscribed for share capital in excess of
nominal value.
The merger reserve has arisen under Section 612 of the Companies Act 2006 and is a
non\u2011distributable reserve. In June 2020, the Company successfully completed placings
of shares which increased the merger reserve by \u00a314.8m.
During the year, nil shares (FY25: 228,348) were transferred out of the own shares held
reserve (FY25: weighted average cost of \u00a31.58, total cost \u00a30.4m) to fulfil all of the exercise
of awards in the year, excluding SAYE. The number of ordinary shares held at 31 March 2026
was 1,145,315 (FY25: 1,145,315). These shares are in the own shares held reserve and are to
help meet future employee share plan obligations.
The translation reserve comprises all foreign exchange differences arising from the
translation of foreign operations, as well as from the translation of liabilities that hedge
the Group\u2019s net investment in foreign subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-472": { "value": "
Dividends
During the year, the following dividends were recognised and paid by the Group:
2026 2025
\u00a3000 \u00a3000
Final paid 2025 \u2013 1 . 20p (FY24: 1. 20p)
per qualifying ordinary share
1,620
1,618
Interim paid 2025 \u2013 0.60p (FY24: 0.60p)
per qualifying ordinary share
810
808
Total
2,430
2,426
After the end of the reporting date, and subject to shareholder approval at the Annual
General Meeting which is to be held on 8 September 2026, a final dividend of 1 . 30p per
qualifying ordinary share (FY25: 1.20p) was proposed by the Directors. An interim dividend
of 0.60p per qualifying ordinary share (FY25: 0.60p) was paid in April 2026. The dividend
had been approved by the Board prior to 31 March 2026 and no further approvals were
required. Management therefore concluded that the dividend represented an obligation
of the Group at the reporting date and recognised a liability within other payables. The
dividend was subsequently paid in accordance with the Board approval.
2026 2025
\u00a3000 \u00a3000
Final proposed 2026 \u2013 1.30p (FY25: 1.20p)
per qualifying ordinary share
1
1,756
1,620
Interim paid 2026 \u2013 0.60p (FY25: 0.60p)
per qualifying ordinary share
810
809
Total
2,566
2,429
1. Amount calculated using the number of ordinary shares in issue less the number of shares in the own shares
held reserve at the end of each period
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-4": { "value": "0.012", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-5": { "value": "0.012", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-3": { "value": "0.013", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-436": { "value": "
25 Earnings per share
Basic (loss)/profit per share
The calculation of basic loss per share at 31 March 2026 was based on the loss attributable
to ordinary shareholders of \u00a31.0m (FY25: profit of \u00a31.0m) and a weighted average number
of ordinary shares outstanding during the year ended 31 March 2026 (net of own shares
held) of 134,988,895 (FY25: 134,858,708), calculated as follows:
Weighted average number of ordinary shares
2026
2025
Issued ordinary shares at 1 April
136,119,976
136,114,675
Net effect of shares issued and own shares held
(1,131,081)
(1,255,967)
Weighted average number of ordinary shares at 31 March
134,988,895
134,858,708
Diluted earnings per share
The calculation of diluted earnings per share at 31 March 2026 was based on the loss
attributable to ordinary shareholders of \u00a31.0m (FY25: profit of \u00a31.0m) and a weighted
average number of ordinary shares outstanding during the year ended 31 March 2026
(net of own shares held) of 134,988,895 (FY25: 134,858,708), calculated as follows:
Weighted average number of ordinary shares (diluted)
2026
2025
Weighted average number of ordinary shares at 31 March
134,988,895
134,858,708
Effect of share options on issue
\u2014
\u2014
Weighted average number of ordinary shares (diluted)
at 31 March
134,988,895
134,858,708
The average market value of the Company\u2019s shares for the purposes of calculating the
dilutive effect of share options was based on quoted market prices for the period that the
options and deferred equity awards were outstanding.
Underlying earnings per share
2026
EPS
2025
EPS
Earnings Earnings
EPS (total)
\u00a3000
Basic
Diluted
\u00a3000
Basic
Diluted
(Loss)/profit after tax for the financial year
(982)
(0.73)p
(0.73)p
1,040
0.77p
0.77p
Separately disclosed items:
Acquired intangible amortisation
1,550
1.15p
1.15p
1,731
1.28p
1.28p
Restructuring and transformation costs
2,427
1.80p
1.80p
2,575
1.91p
1.91p
Impairment of non\u2011current assets
899
0.67p
0.67p
\u2014
\u2014
\u2014
Impairment of customer receivable on administration
\u2014
\u2014
\u2014
1,006
0.75p
0.75p
Malaysia manufacturing write\u2011off
1,390
1.03p
1.03p
\u2014
\u2014
\u2014
Project Ignite
5,976
4.43p
4.43p
\u2014
\u2014
\u2014
Profit on disposal of a subsidiary
\u2014
\u2014
\u2014
(247)
(0.18)p
(0.18)p
Recovery of prior year fraud loss
(190)
(0.14)p
(0.14)p
\u2014
\u2014
\u2014
Facilitation payment fraud
211
0.16p
0.16p
384
0.28p
0.28p
Tax charge on adjusted items above
(2,559)
(1.91)p
(1.91)p
(678)
(0.50)p
(0.50)p
Underlying profit after tax
8,722
6.46p
6.46p
5,811
4.31p
4.31p
The \u2018underlying diluted\u2019 earnings per share is detailed in the above tables. In the Directors\u2019 opinion, this reflects the underlying trading performance of the Group and assists in the
comparison with the results of earlier years (see note 2).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-491": { "value": "(a) Fair values of financial instruments There is no material difference between the fair values and the carrying values shown in the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-473": { "value": "(a) Fair values of financial instruments There is no material difference between the fair values and the carrying values shown in the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-474": { "value": "(b) Financial instruments risks Exposure to credit, liquidity, interest rate and currency risks arise in the normal course of the Group\u2019s business, and the Group continues to monitor and reduce any exposure accordingly. Information has been disclosed relating to the individual Company only where a material risk exists. (i) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The maximum exposure with respect to credit risk is represented by the carrying amount on the statement of financial position. Cash and cash equivalents includes cash equivalents amounting to \u00a30.6m (FY25: \u00a31.0m). These are term deposits which are presented as cash equivalents if they have maturity of three months or less and subject to insignificant risk of changes in value. Cash and cash equivalents are with approved counterparty banks and other financial institutions which have a rating for their long\u2011term unsecured and non\u2011credit\u2011enhanced debt obligations of A\u2013 or higher by Standard & Poor\u2019s Rating Services or Fitch Ratings Ltd, or A3 or higher by Moody\u2019s Investors Service Limited, or a comparable rating from an internationally recognised credit rating agency. Exceptions to this eligibility are approved by the CFO. Counterparty banks are assessed prior to opening bank accounts and on an ongoing basis to ensure exposure to credit risk is at an acceptable level. Management considers credit risks arise principally from the Group\u2019s receivables from customers. A credit policy is in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a predetermined amount. All overdue debts are monitored regularly and customers are put on credit hold if payments are not received on time as appropriate. The carrying amount of trade receivables represents the maximum credit exposure for the Group. These procedures were further enhanced as a result of macro\u2011level uncertainties. The maximum exposure to credit risk at the end of the reporting date was \u00a350.4m (FY25: \u00a350.6m), being the total carrying amount of trade receivables net of an allowance. Management does not consider there to be any significant unimpaired credit risk in the year\u2011end statement of financial position (FY25: \u00a3nil), and to date, has not seen a significant increase in risk as a result of macro\u2011level uncertainties. There have been no significant changes to estimation techniques or significant assumptions made during the reporting period. At the end of the reporting date, there were no significant geographic or sector\u2011specific concentrations of credit risk, although we continue to monitor the light and heavy vehicle sectors closely due to the ongoing challenges in these specific end markets. Trade receivables are assessed for impairment at the reporting date in accordance with IFRS 9 Financial Instruments using the simplified approach, whereby an allowance is recognised at an amount equal to lifetime expected credit losses. For the purposes of assessing expected credit losses, external trade receivables are grouped based on similar credit risk characteristics, primarily by revenue stream, comprising automotive, distribution, smart infrastructure, medical equipment, other revenue streams, and tariff\u2011related receivables. Management performs a collective assessment of credit risk for customers within each revenue stream, taking into account current ageing profiles, historical credit loss experience and reasonable and supportable forward\u2011looking information, including relevant macroeconomic and sector\u2011specific factors. Expected credit loss rates are applied to each group based on these inputs. Significant customers are monitored on an individual basis, and where there is objective evidence of a significant increase in credit risk or where default is considered probable, a specific impairment is recognised. The expected credit loss assumptions and segmentation are reviewed regularly and updated where necessary to ensure they continue to reflect the Group\u2019s exposure to credit risk in accordance with IFRS 9. The ageing analysis of gross trade receivables balances as at 31 March 2026 is as follows:
2026 2025
\u00a3000 \u00a3000
0\u201190 days
48,742
49,368
90\u2011120 days
315
1,153
120\u2011360 days
1,444
741
360 days+
404
101
Total
50,905
51,363
The combined specific and expected credit loss impairment of trade receivables was \u00a30.5m (FY25: \u00a30.7m). The analysis of combined impairment based on the underlying receivables is as follows:
2026
2025
0\u201190 days
0.8%
0.9%
90\u2011120 days
12.2%
10.0%
120\u2011360 days
4.6%
17.1%
360 days+
22.2%
48.6%
Total
1.1%
1.4%
Impairment losses The movement in the allowance for impairment in respect of trade receivables and contract assets during the year was as follows:
2026 2025
\u00a3000 \u00a3000
Balance at 1 April
(736)
(1,108)
Impairment reversal movement
199
372
Balance at 31 March
(537)
(736)
The allowance account for trade receivables is used to record impairment losses where a credit risk has been identified, unless the Group is satisfied that no recovery of the amount owing is possible; at that point, the amounts considered irrecoverable are written off against the trade receivables directly. (ii) Liquidity and interest risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group holds debt and hence its main interest and liquidity risks are associated with the maturity of its facilities against cash inflows from around the Group. The Group\u2019s objective is to maintain a balance of continuity of funding and flexibility through the use of banking facilities as applicable. The Group maintains two debt facilities with a banking group comprised of HSBC, Citi, NatWest and KBC allowing a combined facility limit of \u00a3120m, in the form of: 1. Revolving Credit Facility (\u00a370m) The facility had an initial term of three years with two possible one\u2011year extensions (i.e. potential term of five years). The facility can be utilised in either USD, EUR or GBP and there are no pre\u2011determined currency limits. Interest is charged at the aggregate rate of SONIA/SOFR/EURIBOR plus margin within a range of 2.10\u20133.60% depending on the leverage. The Group successfully executed a one\u2011year extension to this facility in February 2026, extending the maturity to June 2028; both available extensions have now been executed. 2. UK Export Finance (UKEF) Export Development Guarantee (EDG) Facility (\u00a350m Sterling equivalent) The facility has a term of five years to 2028 with a three\u2011year availability period and is split between a USD facility ($31m), a EUR facility (\u20ac17m) and a GBP facility (\u00a310m) with UK Export Finance providing an 80% guarantee. Interest is charged at SONIA/SOFR/ six\u2011month EURIBOR with a margin of 2.32% on the USD loan and 2.10% on both the EUR and GBP loans. Covenant headroom \u2013 at 31 March 2026 The Group facilities are subject to the following quarterly covenant testing: Interest cover: Underlying EBITDA 1 to net interest1 to exceed a ratio of four. However, on 2 May 2024, the Group agreed to amend the interest cover covenant in the RCF and UKEF EDG term loan facilities agreements. This applied from the 30 June 2024 quarterly covenant calculation as follows: 1. Each relevant period from 30 June 2024, ending on 30 September 2025: 3.25x 2. Each relevant period from 31 December 2025, ending on 30 September 2026: 3.50x 3. Each relevant period from 31 December 2026, thereafter: 4.00x Adjusted leverage: Total net debt1 to underlying EBITDA 1 not to exceed a ratio of three. The actual interest cover was 7.04x (FY25: 5.14x) and adjusted leverage was 0.75x (FY25: 0.97x) as at 31 March 2026. 1. As defined in the facility agreement Liquidity tables The following are the contractual maturities of the existing financial liabilities, excluding trade and other payables, as the contractual cash flows are equal to carrying amount and cash flows within one year:
2026
Carrying Contractual Less than 1 to 2 2 to 5 Over
amount
cash flows
1
1 year years years 5 years
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Non\u2011derivative financial liabilities
Group and Company
Revolving Credit Facility (see note 20)
27,8 89
28,596
\u2014
\u2014
28,596
\u2014
Export Development Guarantee Facility (see note 20)
20,486
20,625
\u2014
2,063
18,563
\u2014
Right\u2011of\u2011use liabilities (see note 12)
19,949
33,884
5,535
5,108
10,305
12,936
Total Group and Company
68,324
83,105
5,535
7,171
57,464
12,936
1. In addition to the above, there are interest charges of \u00a33.2m in FY26 relating to the Revolving Credit and Export Development Guarantee Facilities. Future interest charges are based on a leverage ratchet mechanism; see note 20
2025
Carrying Contractual Less than 1 to 2 2 to 5 Over
amount
cash flows
1
1 year years years 5 years
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Non\u2011derivative financial liabilities
Group and Company
Revolving Credit Facility (see note 20)
21,992
22,752
\u2014
\u2014
22,752
\u2014
Export Development Guarantee Facility (see note 20)
19,635
20,074
\u2014
\u2014
20,074
\u2014
Right\u2011of\u2011use liabilities (see note 12)
21,318
39,186
5,138
5,011
11,533
17,504
Total Group and Company
62,945
82,012
5,138
5,011
54,359
17,50 4
1. In addition to the above, there are interest charges of \u00a33.7m in FY25 relating to the Revolving Credit Facility. Future interest charges are based on a leverage ratchet mechanism; see note 20 Liquidity headroom Trading forecasts show that the facilities in place at 31 March 2026 provided sufficient liquidity headroom. The Group continues to maintain positive relationships with a number of banks and the Directors believe that appropriate facilities will continue to be made available to the Group as and when they are required. Facilities that were available at 31 March 2026 (excluding bank overdrafts and lease liabilities):
2026
2025
Available Utilised Unutilised Available Utilised Unutilised
facilities facilities facilities facilities facilities facilities
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Group and Company
Revolving Credit Facility
70,000
28,596
41,404
70,000
22,752
47, 248
Export Development Guarantee Facility
50,000
20,625
29,375
50,000
20,074
29,926
Total Group and Company
120,000
49,221
70,779
120,000
42,826
77,174
In addition, there is an accordion facility of \u00a340.0m as part of the RCF agreement, which provides potential additional finance under current agreed terms subject to credit approval. Interest risk The Group monitors closely all loans outstanding which currently incur interest at floating rates. If appropriate, the Group may make use of derivative financial instruments, including interest rate swaps and caps. The Group will continue to review this position going forward. In respect of income\u2011earning financial assets and interest\u2011bearing financial liabilities, the following table indicates the split between fixed and variable interest rates at the end of the reporting date. Further details of the rates applicable on interest\u2011bearing loans and borrowings are given in note 20. All assets and liabilities in place at year end bear interest at a floating rate and therefore may change within one year. Interest rate table
Group
Company
2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Variable rate instruments
Financial assets
32,425
24,258
1,792
590
Financial liabilities
1
(48,375)
(41,627)
(48,375)
(41,627)
Adjusted net debt
(15,950)
( 17,369)
(46,583)
(41,037)
1. Net of prepaid arrangement fee of \u00a30.9m (FY25: \u00a31.2m) Sensitivity analysis A change of one percentage point in interest rates (using the net amount in the table above) at the end of the reporting date would change equity and profit and loss by \u00a30.2m (FY25: \u00a30.2m). This calculation has been applied to risk exposures existing at the end of the reporting date. This analysis assumes that all other variables, in particular foreign currency rates, remain consistent and considers the effect of financial instruments with variable interest rates. The analysis is performed on the same basis for the comparative period. (iii) Foreign currency risk The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than local functional currency. The Group faces additional currency risks arising from monetary financial instruments held in non\u2011functional local currencies. Operational foreign exchange exposure Where possible, the Group tries to invoice in the local currency of the respective entity. If this is not possible, then to mitigate any exposure, the Group tries to buy from suppliers and sell to customers in the same currency to create a natural hedge. The Group aims to hold the majority of its cash and cash equivalent balances in the local currency of the respective entity to minimise revaluation volatility risk. Monetary assets/liabilities The Group continues to monitor exchange rates and buy or sell currencies in order to minimise open exposure to foreign exchange risk. The Group does not speculate on exchange rates. No foreign exchange derivative financial instruments are held at the end of the reporting date. The Euro\u2011denominated RCF and EDG utilised facilities (\u2018combined facilities\u2019) of \u20ac42.1m (\u00a336.8m) is net investment hedged against the net asset value of TR Italy, TR Germany, TR Spain and TR Holland. The USD\u2011denominated combined facilities of $1.7m (\u00a31.3m) is net investment hedged against the net asset value of Falcon and TR Fastenings (Inc). Therefore, all foreign exchange movements that are being hedged are taken to the translation reserve. The remaining Euro and US Dollar\u2011denominated combined facilities of \u20ac7.7m and $5.8m respectively (\u00a36.8m and \u00a34.4m respectively) is naturally hedged by equivalent intercompany debtor assets in the Company. There is an economic relationship between the hedged item and the hedging instrument as the net investment creates a translation risk that will match the foreign exchange risk on the USD and EUR borrowings. The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component. The hedge ineffectiveness will arise when the amount of the investment in the foreign subsidiary becomes lower than the amount of the fixed rate borrowing. The balances outstanding as at 31 March 2026 for these combined facilities is included within other interest\u2011bearing loans and borrowings in the statement of financial position. The impact of the hedged item on the statement of financial position is, as follows:
Change in fair value Change in fair value
used for measuring used for measuring
ineffectiveness for ineffectiveness for Foreign currency
the hedged item the hedged instrument translation reserve
Net investment in foreign subsidiaries \u00a3000 \u00a3000 \u00a3000
EUR borrowings
(1,389)
1,389
3,350
USD borrowings
40
(40)
1,154
The hedging gain recognised in Other Comprehensive Income (OCI) before tax is equal to the change in fair value used for measuring effectiveness. There is no ineffectiveness in the statement of profit or loss. The Group\u2019s exposure to foreign currency risk is as follows (based on the carrying amount for cash and cash equivalents held in non\u2011functional currencies):
Singapore Japanese
Sterling Euro US Dollar Dollar Yen Total
31 March 2026 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Cash and cash equivalents exposure
1,692
3,889
4,268
\u2014
86
9,935
Singapore Japanese
Sterling Euro US Dollar Dollar Yen Total
31 March 2025 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Cash and cash equivalents exposure
673
3,720
4,931
9
172
9,505
Group A 1% change in significant foreign currency balances against local functional currency at 31 March 2026 would have changed equity and profit and loss by the amount shown below. This calculation assumes that the change occurred at the end of the reporting date and had been applied to risk exposures existing at that date. This analysis assumes that all other variables, in particular other exchange rates and interest rates, remain constant. The analysis is performed on the same basis for the comparative period.
Equity and profit or loss
2026 2025
Foreign currency
Local currency
\u00a3000 \u00a3000
Euro
Sterling
(11)
(9)
US Dollar
Singapore Dollar
(18)
(21)
US Dollar
Taiwanese Dollar
(18)
(21)
Euro
Taiwanese Dollar
(16)
(17)
(c) Capital management and allocation It is the Board\u2019s desire to maximise long\u2011term returns. As such, the generation and disciplined deployment of free cash is a core aspect of Trifast\u2019s strategy. The following framework and priorities have been established and these are refreshed as part of our annual budgeting process. Capital allocation priorities The Board\u2019s key capital allocation priorities are as follows: \u2022 Continue to maintain adequate working capital as required to support organic growth in the short term \u2022 Strategic and targeted investments to drive sustainable long\u2011term organic growth \u2022 Realise acquisitions in line with our acquisition strategy \u2022 A progressive dividend policy, maintaining a medium\u2011term target dividend cover range at the top end of between 3.0x to 4.0x Special dividends and share buybacks, having been considered, do not currently form part of our capital allocation framework. Cash conversion The Group has been, and continues to expect to be, consistently cash generative. In the longer term, the Board continues to target normalised cash conversion of 70% to 80%, as we invest in the statement of financial position to support our ongoing organic growth.
2023
2024
2025
2026
Net debt to
underlying EBITDA
2.2x
1.3x
0.97x
0.64x
Calculated in line with the banking agreement. Maximum adjusted leverage covenant for FY26 was 3.0x. See note 26 (b) (ii) for details. The Board has determined that in the current macroeconomic and shareholder environment, it is appropriate to adopt a prudent but flexible capital structure and will seek to operate in certain circumstances, e.g. non\u2011organic investment, with leverage of up to 2.0x adjusted net debt (before IFRS 16): underlying EBITDA. The Group has various borrowings and available facilities (see section (b) (ii) Liquidity and interest risk) that contain certain external capital requirements (\u2018covenants\u2019) that are considered normal for these types of arrangements. As discussed above, we remain comfortably within all such covenants. The capital structure of the Group is provided below:
2025
2026 \u00a3000
\u00a3000
(restated)
1
Borrowings (note 20)
68,324
62,945
Equity
115,622
115,721
Capital employed
183,946
178,666
1. The prior year comparatives have been restated to reflect the correction of an error relating to the accounting for IT implementation costs in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Refer to note 1 and note 36 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-492": { "value": "(i) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The maximum exposure with respect to credit risk is represented by the carrying amount on the statement of financial position. Cash and cash equivalents includes cash equivalents amounting to \u00a30.6m (FY25: \u00a31.0m). These are term deposits which are presented as cash equivalents if they have maturity of three months or less and subject to insignificant risk of changes in value. Cash and cash equivalents are with approved counterparty banks and other financial institutions which have a rating for their long\u2011term unsecured and non\u2011credit\u2011enhanced debt obligations of A\u2013 or higher by Standard & Poor\u2019s Rating Services or Fitch Ratings Ltd, or A3 or higher by Moody\u2019s Investors Service Limited, or a comparable rating from an internationally recognised credit rating agency. Exceptions to this eligibility are approved by the CFO. Counterparty banks are assessed prior to opening bank accounts and on an ongoing basis to ensure exposure to credit risk is at an acceptable level. Management considers credit risks arise principally from the Group\u2019s receivables from customers. A credit policy is in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a predetermined amount. All overdue debts are monitored regularly and customers are put on credit hold if payments are not received on time as appropriate. The carrying amount of trade receivables represents the maximum credit exposure for the Group. These procedures were further enhanced as a result of macro\u2011level uncertainties. The maximum exposure to credit risk at the end of the reporting date was \u00a350.4m (FY25: \u00a350.6m), being the total carrying amount of trade receivables net of an allowance. Management does not consider there to be any significant unimpaired credit risk in the year\u2011end statement of financial position (FY25: \u00a3nil), and to date, has not seen a significant increase in risk as a result of macro\u2011level uncertainties. There have been no significant changes to estimation techniques or significant assumptions made during the reporting period. At the end of the reporting date, there were no significant geographic or sector\u2011specific concentrations of credit risk, although we continue to monitor the light and heavy vehicle sectors closely due to the ongoing challenges in these specific end markets. Trade receivables are assessed for impairment at the reporting date in accordance with IFRS 9 Financial Instruments using the simplified approach, whereby an allowance is recognised at an amount equal to lifetime expected credit losses. For the purposes of assessing expected credit losses, external trade receivables are grouped based on similar credit risk characteristics, primarily by revenue stream, comprising automotive, distribution, smart infrastructure, medical equipment, other revenue streams, and tariff\u2011related receivables. Management performs a collective assessment of credit risk for customers within each revenue stream, taking into account current ageing profiles, historical credit loss experience and reasonable and supportable forward\u2011looking information, including relevant macroeconomic and sector\u2011specific factors. Expected credit loss rates are applied to each group based on these inputs. Significant customers are monitored on an individual basis, and where there is objective evidence of a significant increase in credit risk or where default is considered probable, a specific impairment is recognised. The expected credit loss assumptions and segmentation are reviewed regularly and updated where necessary to ensure they continue to reflect the Group\u2019s exposure to credit risk in accordance with IFRS 9. The ageing analysis of gross trade receivables balances as at 31 March 2026 is as follows:
2026 2025
\u00a3000 \u00a3000
0\u201190 days
48,742
49,368
90\u2011120 days
315
1,153
120\u2011360 days
1,444
741
360 days+
404
101
Total
50,905
51,363
The combined specific and expected credit loss impairment of trade receivables was \u00a30.5m (FY25: \u00a30.7m). The analysis of combined impairment based on the underlying receivables is as follows:
2026
2025
0\u201190 days
0.8%
0.9%
90\u2011120 days
12.2%
10.0%
120\u2011360 days
4.6%
17.1%
360 days+
22.2%
48.6%
Total
1.1%
1.4%
Impairment losses The movement in the allowance for impairment in respect of trade receivables and contract assets during the year was as follows:
2026 2025
\u00a3000 \u00a3000
Balance at 1 April
(736)
(1,108)
Impairment reversal movement
199
372
Balance at 31 March
(537)
(736)
The allowance account for trade receivables is used to record impairment losses where a credit risk has been identified, unless the Group is satisfied that no recovery of the amount owing is possible; at that point, the amounts considered irrecoverable are written off against the trade receivables directly. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-493": { "value": "(ii) Liquidity and interest risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group holds debt and hence its main interest and liquidity risks are associated with the maturity of its facilities against cash inflows from around the Group. The Group\u2019s objective is to maintain a balance of continuity of funding and flexibility through the use of banking facilities as applicable. The Group maintains two debt facilities with a banking group comprised of HSBC, Citi, NatWest and KBC allowing a combined facility limit of \u00a3120m, in the form of: 1. Revolving Credit Facility (\u00a370m) The facility had an initial term of three years with two possible one\u2011year extensions (i.e. potential term of five years). The facility can be utilised in either USD, EUR or GBP and there are no pre\u2011determined currency limits. Interest is charged at the aggregate rate of SONIA/SOFR/EURIBOR plus margin within a range of 2.10\u20133.60% depending on the leverage. The Group successfully executed a one\u2011year extension to this facility in February 2026, extending the maturity to June 2028; both available extensions have now been executed. 2. UK Export Finance (UKEF) Export Development Guarantee (EDG) Facility (\u00a350m Sterling equivalent) The facility has a term of five years to 2028 with a three\u2011year availability period and is split between a USD facility ($31m), a EUR facility (\u20ac17m) and a GBP facility (\u00a310m) with UK Export Finance providing an 80% guarantee. Interest is charged at SONIA/SOFR/ six\u2011month EURIBOR with a margin of 2.32% on the USD loan and 2.10% on both the EUR and GBP loans. Covenant headroom \u2013 at 31 March 2026 The Group facilities are subject to the following quarterly covenant testing: Interest cover: Underlying EBITDA 1 to net interest1 to exceed a ratio of four. However, on 2 May 2024, the Group agreed to amend the interest cover covenant in the RCF and UKEF EDG term loan facilities agreements. This applied from the 30 June 2024 quarterly covenant calculation as follows: 1. Each relevant period from 30 June 2024, ending on 30 September 2025: 3.25x 2. Each relevant period from 31 December 2025, ending on 30 September 2026: 3.50x 3. Each relevant period from 31 December 2026, thereafter: 4.00x Adjusted leverage: Total net debt1 to underlying EBITDA 1 not to exceed a ratio of three. The actual interest cover was 7.04x (FY25: 5.14x) and adjusted leverage was 0.75x (FY25: 0.97x) as at 31 March 2026. 1. As defined in the facility agreement Liquidity tables The following are the contractual maturities of the existing financial liabilities, excluding trade and other payables, as the contractual cash flows are equal to carrying amount and cash flows within one year:
2026
Carrying Contractual Less than 1 to 2 2 to 5 Over
amount
cash flows
1
1 year years years 5 years
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Non\u2011derivative financial liabilities
Group and Company
Revolving Credit Facility (see note 20)
27,8 89
28,596
\u2014
\u2014
28,596
\u2014
Export Development Guarantee Facility (see note 20)
20,486
20,625
\u2014
2,063
18,563
\u2014
Right\u2011of\u2011use liabilities (see note 12)
19,949
33,884
5,535
5,108
10,305
12,936
Total Group and Company
68,324
83,105
5,535
7,171
57,464
12,936
1. In addition to the above, there are interest charges of \u00a33.2m in FY26 relating to the Revolving Credit and Export Development Guarantee Facilities. Future interest charges are based on a leverage ratchet mechanism; see note 20
2025
Carrying Contractual Less than 1 to 2 2 to 5 Over
amount
cash flows
1
1 year years years 5 years
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Non\u2011derivative financial liabilities
Group and Company
Revolving Credit Facility (see note 20)
21,992
22,752
\u2014
\u2014
22,752
\u2014
Export Development Guarantee Facility (see note 20)
19,635
20,074
\u2014
\u2014
20,074
\u2014
Right\u2011of\u2011use liabilities (see note 12)
21,318
39,186
5,138
5,011
11,533
17,504
Total Group and Company
62,945
82,012
5,138
5,011
54,359
17,50 4
1. In addition to the above, there are interest charges of \u00a33.7m in FY25 relating to the Revolving Credit Facility. Future interest charges are based on a leverage ratchet mechanism; see note 20 Liquidity headroom Trading forecasts show that the facilities in place at 31 March 2026 provided sufficient liquidity headroom. The Group continues to maintain positive relationships with a number of banks and the Directors believe that appropriate facilities will continue to be made available to the Group as and when they are required. Facilities that were available at 31 March 2026 (excluding bank overdrafts and lease liabilities):
2026
2025
Available Utilised Unutilised Available Utilised Unutilised
facilities facilities facilities facilities facilities facilities
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Group and Company
Revolving Credit Facility
70,000
28,596
41,404
70,000
22,752
47, 248
Export Development Guarantee Facility
50,000
20,625
29,375
50,000
20,074
29,926
Total Group and Company
120,000
49,221
70,779
120,000
42,826
77,174
In addition, there is an accordion facility of \u00a340.0m as part of the RCF agreement, which provides potential additional finance under current agreed terms subject to credit approval. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-494": { "value": "Interest risk The Group monitors closely all loans outstanding which currently incur interest at floating rates. If appropriate, the Group may make use of derivative financial instruments, including interest rate swaps and caps. The Group will continue to review this position going forward. In respect of income\u2011earning financial assets and interest\u2011bearing financial liabilities, the following table indicates the split between fixed and variable interest rates at the end of the reporting date. Further details of the rates applicable on interest\u2011bearing loans and borrowings are given in note 20. All assets and liabilities in place at year end bear interest at a floating rate and therefore may change within one year. Interest rate table
Group
Company
2026 2025 2026 2025
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Variable rate instruments
Financial assets
32,425
24,258
1,792
590
Financial liabilities
1
(48,375)
(41,627)
(48,375)
(41,627)
Adjusted net debt
(15,950)
( 17,369)
(46,583)
(41,037)
1. Net of prepaid arrangement fee of \u00a30.9m (FY25: \u00a31.2m) Sensitivity analysis A change of one percentage point in interest rates (using the net amount in the table above) at the end of the reporting date would change equity and profit and loss by \u00a30.2m (FY25: \u00a30.2m). This calculation has been applied to risk exposures existing at the end of the reporting date. This analysis assumes that all other variables, in particular foreign currency rates, remain consistent and considers the effect of financial instruments with variable interest rates. The analysis is performed on the same basis for the comparative period. (iii) Foreign currency risk The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than local functional currency. The Group faces additional currency risks arising from monetary financial instruments held in non\u2011functional local currencies. Operational foreign exchange exposure Where possible, the Group tries to invoice in the local currency of the respective entity. If this is not possible, then to mitigate any exposure, the Group tries to buy from suppliers and sell to customers in the same currency to create a natural hedge. The Group aims to hold the majority of its cash and cash equivalent balances in the local currency of the respective entity to minimise revaluation volatility risk. Monetary assets/liabilities The Group continues to monitor exchange rates and buy or sell currencies in order to minimise open exposure to foreign exchange risk. The Group does not speculate on exchange rates. No foreign exchange derivative financial instruments are held at the end of the reporting date. The Euro\u2011denominated RCF and EDG utilised facilities (\u2018combined facilities\u2019) of \u20ac42.1m (\u00a336.8m) is net investment hedged against the net asset value of TR Italy, TR Germany, TR Spain and TR Holland. The USD\u2011denominated combined facilities of $1.7m (\u00a31.3m) is net investment hedged against the net asset value of Falcon and TR Fastenings (Inc). Therefore, all foreign exchange movements that are being hedged are taken to the translation reserve. The remaining Euro and US Dollar\u2011denominated combined facilities of \u20ac7.7m and $5.8m respectively (\u00a36.8m and \u00a34.4m respectively) is naturally hedged by equivalent intercompany debtor assets in the Company. There is an economic relationship between the hedged item and the hedging instrument as the net investment creates a translation risk that will match the foreign exchange risk on the USD and EUR borrowings. The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component. The hedge ineffectiveness will arise when the amount of the investment in the foreign subsidiary becomes lower than the amount of the fixed rate borrowing. The balances outstanding as at 31 March 2026 for these combined facilities is included within other interest\u2011bearing loans and borrowings in the statement of financial position. Group A 1% change in significant foreign currency balances against local functional currency at 31 March 2026 would have changed equity and profit and loss by the amount shown below. This calculation assumes that the change occurred at the end of the reporting date and had been applied to risk exposures existing at that date. This analysis assumes that all other variables, in particular other exchange rates and interest rates, remain constant. The analysis is performed on the same basis for the comparative period.
Equity and profit or loss
2026 2025
Foreign currency
Local currency
\u00a3000 \u00a3000
Euro
Sterling
(11)
(9)
US Dollar
Singapore Dollar
(18)
(21)
US Dollar
Taiwanese Dollar
(18)
(21)
Euro
Taiwanese Dollar
(16)
(17)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-501": { "value": "Sensitivity analysis A change of one percentage point in interest rates (using the net amount in the table above) at the end of the reporting date would change equity and profit and loss by \u00a30.2m (FY25: \u00a30.2m). This calculation has been applied to risk exposures existing at the end of the reporting date. This analysis assumes that all other variables, in particular foreign currency rates, remain consistent and considers the effect of financial instruments with variable interest rates. The analysis is performed on the same basis for the comparative period. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-495": { "value": "(c) Capital management and allocation It is the Board\u2019s desire to maximise long\u2011term returns. As such, the generation and disciplined deployment of free cash is a core aspect of Trifast\u2019s strategy. The following framework and priorities have been established and these are refreshed as part of our annual budgeting process. Capital allocation priorities The Board\u2019s key capital allocation priorities are as follows: \u2022 Continue to maintain adequate working capital as required to support organic growth in the short term \u2022 Strategic and targeted investments to drive sustainable long\u2011term organic growth \u2022 Realise acquisitions in line with our acquisition strategy \u2022 A progressive dividend policy, maintaining a medium\u2011term target dividend cover range at the top end of between 3.0x to 4.0x Special dividends and share buybacks, having been considered, do not currently form part of our capital allocation framework. Cash conversion The Group has been, and continues to expect to be, consistently cash generative. In the longer term, the Board continues to target normalised cash conversion of 70% to 80%, as we invest in the statement of financial position to support our ongoing organic growth.
2023
2024
2025
2026
Net debt to
underlying EBITDA
2.2x
1.3x
0.97x
0.64x
Calculated in line with the banking agreement. Maximum adjusted leverage covenant for FY26 was 3.0x. See note 26 (b) (ii) for details. The Board has determined that in the current macroeconomic and shareholder environment, it is appropriate to adopt a prudent but flexible capital structure and will seek to operate in certain circumstances, e.g. non\u2011organic investment, with leverage of up to 2.0x adjusted net debt (before IFRS 16): underlying EBITDA. The Group has various borrowings and available facilities (see section (b) (ii) Liquidity and interest risk) that contain certain external capital requirements (\u2018covenants\u2019) that are considered normal for these types of arrangements. As discussed above, we remain comfortably within all such covenants. The capital structure of the Group is provided below:
2025
2026 \u00a3000
\u00a3000
(restated)
1
Borrowings (note 20)
68,324
62,945
Equity
115,622
115,721
Capital employed
183,946
178,666
1. The prior year comparatives have been restated to reflect the correction of an error relating to the accounting for IT implementation costs in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Refer to note 1 and note 36 ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-437": { "value": "
28 Related parties
Group and Company
Compensation of key management personnel of the Group
The below table shows compensation for key management personnel, which comprises the Board and the ELT.
Full details of compensation of the Board are given in the Directors\u2019 remuneration report on pages 66 to 80.
2026 2025
\u00a3000 \u00a3000
Short\u2011term employee benefits
2,464
2,330
Compensation for loss of office
\u2014
30
Company contributions to money purchase plans
101
105
Share\u2011based payments
\u2014
\u2014
2,565
2,465
Transactions with Directors and Directors\u2019 close family relatives
There were no related party transactions with Directors, or Directors\u2019 close family members, in the year (FY25: \u00a3nil).
Details of principal subsidiary undertakings, country of registration and principal activities are included in note 30.
Company\u2011related party transactions with subsidiaries \u2013 income/expenditure FY26
Income Loan Expenditure Loan
Rent management interest Total management interest Total
income fees receivable income fees payable expense
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Subsidiaries
90
\u2014
1,061
1,151
1,960
713
2,673
Company\u2011related party transactions with subsidiaries \u2013 income/expenditure FY25
Income Loan Expenditure Loan
Rent management interest Total management interest Total
income fees receivable income fees payable expense
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Subsidiaries
180
163
1,060
1,403
2,850
520
3,370
Related party transactions
Company\u2011related party balances
2026
2025
Balances Balances Balances Balances
receivables payables receivables payables
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Subsidiaries
65,610
12,491
58,567
5,272
All related party transactions are on an arm\u2019s length basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-475": { "value": "Compensation of key management personnel of the Group The below table shows compensation for key management personnel, which comprises the Board and the ELT. Full details of compensation of the Board are given in the Directors\u2019 remuneration report on pages 66 to 80.
2026 2025
\u00a3000 \u00a3000
Short\u2011term employee benefits
2,464
2,330
Compensation for loss of office
\u2014
30
Company contributions to money purchase plans
101
105
Share\u2011based payments
\u2014
\u2014
2,565
2,465
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-476": { "value": "Transactions with Directors and Directors\u2019 close family relatives There were no related party transactions with Directors, or Directors\u2019 close family members, in the year (FY25: \u00a3nil). Details of principal subsidiary undertakings, country of registration and principal activities are included in note 30. Company\u2011related party transactions with subsidiaries \u2013 income/expenditure FY26
Income Loan Expenditure Loan
Rent management interest Total management interest Total
income fees receivable income fees payable expense
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Subsidiaries
90
\u2014
1,061
1,151
1,960
713
2,673
Company\u2011related party transactions with subsidiaries \u2013 income/expenditure FY25
Income Loan Expenditure Loan
Rent management interest Total management interest Total
income fees receivable income fees payable expense
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Subsidiaries
180
163
1,060
1,403
2,850
520
3,370
Related party transactions Company\u2011related party balances
2026
2025
Balances Balances Balances Balances
receivables payables receivables payables
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Subsidiaries
65,610
12,491
58,567
5,272
All related party transactions are on an arm\u2019s length basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-438": { "value": "
29 Accounting estimates and judgements
The preparation of financial statements in conformity with adopted IFRS requires
management to make judgements, estimates and assumptions that affect the application
of policies and reported annual amounts of assets and liabilities, income and expenses.
Actual results may differ from these estimates. The estimates and underlying assumptions
are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects only that period, or in the
period of the revision and future periods if the revision affects both current and future
periods.
Sources of estimation uncertainty
The sources of estimation uncertainty that management have identified, which may result
in a material adjustment to the carrying amount of assets and liabilities in the next financial
year, are inventory valuation and recoverability of goodwill.
Inventories are stated at the lower of cost and net realisable value with a provision being
made for obsolete and slow\u2011moving items. Initially, management makes a judgement
on whether an item of inventory should be classified as standard or customer specific.
Inventory which are custom made for specific customers are classified as customer
specific and remaining inventory are classed as standard stock. This classification then
largely determines when a provision is recognised. Predominantly across the Group for
customer\u2011specific inventory, 50% provision is made for inventories more than 12 months old
and provided at 100% for inventories more than 18 months old. Management then estimates
the net realisable value of the stock for each individual classification. There has been no
change in the past assumptions. In most circumstances, a provision is made earlier for
customer\u2011specific stock (compared to standard) because it generally carries a greater risk
of becoming obsolete or slow moving given the fastenings are designed specifically for an
individual customer. The amount of write\u2011downs recognised as an expense in the period
relating to this estimate is detailed in note 18.
The carrying amount of inventory at year end was \u00a364.1m, of which \u00a334.8m related to
customer\u2011specific stock (FY25: carrying value \u00a370.9m, customer\u2011specific stock \u00a342.3m).
The key sensitivity to the carrying amount of customer\u2011specific inventory relates to the
future demand levels for specific products stocked for individual customers. In the event
that an individual customer\u2019s demand for products specific to them unexpectedly reduced,
the Company might be required to increase the inventory provision. Although one customer
taking such action is unlikely to result in a material adjustment, multiple customers taking
such action over a short timescale could result in a material adjustment. The range of
possible outcomes includes a write\u2011back of the customer\u2011specific inventory provision,
to a write\u2011off at the year end of \u00a33.4m (FY25: \u00a35.6m).
The carrying amount of goodwill at the year end was \u00a321.9m (FY25: \u00a322.1m). Value in use
calculations have been performed and no impairment noted. Sensitivity analysis has been
performed. See note 13 for further details.
Key judgements
The following are the critical judgements, apart from those involving estimates (which
we have dealt with separately above), that the Directors have made in applying the
Group accounting policies and that have had the most significant effect on the amounts
recognised in the financial statements. No judgements have been made that have a
significant effect on the amounts recognised in the financial statements.
Separately disclosed items:
\u2022 Determination of items to be disclosed as separately disclosed items. See note 2 for
further details
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-439": { "value": "
30 Trifast plc subsidiaries
Percentage of
ordinary shares held
Country of Issued and
incorporation fully paid Principal
or registration share capital
activity
Company
Group
Office address
Europe
Trifast Overseas Holdings Ltd
United Kingdom
\u00a3112
Holding Company
100%
100%
National Distribution Centre,
Reedswood Park Road, Walsall WS2 8DQ, UK
Trifast Holdings B.V.
Netherlands
\u20ac18,427
Holding Company
\u2014
100%
KVK
332
68
836,
Vestigingsnr. 000018832806,
Kelvinstratt 5, 7575 AS Oldenzaal, Netherlands
TR Fastenings Ltd
United Kingdom
\u00a310,200
Manufacture and
\u2014
100%
National Distribution Centre,
distribution of fastenings Reedswood Park Road, Walsall WS2 8DQ, UK
TR Southern Fasteners Limited
Republic of
\u20ac254
Distribution of fastenings
\u2014
100%
Mallow Business & Technology Park,
Ireland Mallow, Co. Cork, P51 HV12, Republic of Ireland
TR Holland B.V.
Netherlands
\u20ac45,378
Distribution of fastenings
\u2014
100%
Kelvinstraat 5, 7575 AS, Oldenzaal, Netherlands
Lancaster Fastener Company Ltd
United Kingdom
\u00a340,000
Distribution of fastenings
\u2014
100%
Stevant Way Northgate, White Lund Industrial
Estate, Morecambe LA3 3PU, England
TR Fastenings AB
Sweden
SEK 1,500,000
Distribution of fastenings
\u2014
100%
Box
413
3, Smedjegatan 6, 7tr,
SE\u2011131 04 Nacka, Sweden
TR Hungary Kft
Hungary
HUF
68,257,300
Distribution of fastenings
\u2014
100%
Szigetszentmikl\u00f3s, Di\u00f3sgy\u0151ri utca 2, 2310 Hungary
TR Italy SPA
Italy
\u20ac 1 87,200
Manufacture and
\u2014
100%
Via Giuseppe Costantini, 19,
distribution of fastenings
06022
Fossato Di Vico (PG), Italy
VIC Sp. Z o.o.
Poland
PLN 50,000
Distribution of fastenings
\u2014
100%
Wroclaw, ul Wiosenna 14/2, Poland
TR Germany GmbH
Germany
\u20ac25,000
Distribution of fastenings
\u2014
100%
Lerchenweg 99, 33415 Verl, Germany
Precision Technology Supplies Ltd
United Kingdom
\u00a310,000
Distribution of fastenings
\u2014
100%
Precision Technology Supplies, The Birches
Industrial Estate, East Grinstead, West Sussex
RH19 1XZ, England
TR Fastenings Espa\u00f1a \u2013 Ingenier\u00eda
Spain
\u20ac3,085
Distribution of fastenings
\u2014
100%
Calle de la Ciencia 43, Viladecans Barcelona,
Industrial, S.L.
CP
0
8
840, Spain
Percentage of
ordinary shares held
Country of Issued and
incorporation fully paid Principal
or registration share capital
activity
Company
Group
Office address
Asia
TR Asia Investment Holdings Pte Ltd
Singapore
S$4
Holding Company
\u2014
100%
57 Senoko Road, Singapore 758121
TR Formac Pte Ltd
Singapore
S$315,000
Manufacture and
\u2014
100%
57 Senoko Road, Singapore 758121
distribution of fastenings
TR Formac (Shanghai) Pte Ltd
China
US$200,000
Distribution of fastenings
\u2014
100%
Room D, 1F, Building 2, No 390 Ai Du Road,
China (Shanghai) Pilot Free Trade Zone, Shanghai
Special Fasteners Engineering Co. Ltd
Taiwan
TW$100,000,000
Manufacture and
\u2014
100%
9F.\u20113 No. 366, Bo Ai 2nd Rd.
distribution of fastenings Kaohsiung 81358, Taiwan, R.O.C.
TR Formac Fastenings Private Ltd
India
INR
18,850,000
Distribution of fastenings
\u2014
100%
Door No:6, 05th Cross Street,
Mangala Nagar, Porur, Chennai\u2011600 116, India
Power Steel & Electro\u2011Plating Works
Malaysia
MYR 4,586,523
Manufacture and
\u2014
100%
Suite
16
09, Tingkat 16, Plaza Pengkalan,
SDN Bhd distribution of fastenings Batu 3 Jalan Sultan Azlan Shah 51200
Kuala Lumpur, Malaysia
TR Formac Co. Ltd
Thailand
THB
60,000,000
Distribution of fastenings
\u2014
100%
28, 3rd Floor Motorway Road,
Prawet, Bangkok 10,250, Thailand
Trifast KSA Ltd
Saudi Arabia
SAR
100,000
Distribution of fastenings
\u2014
100%
7
160, King Khaled Branch Road,
Al Asemah Dist., Saudi Arabia
(Shanghai) Precision Machinery
China
RMB 5,000,000
Manufacture and
\u2014
100%
Area A, 1st Floor, Building 6,
Manufacturing Co Ltd
1
distribution of fastenings No. 38 Dong Sheng Road, Pudong, Shanghai
Americas
TR Fastenings (Inc).
USA
US$20,000
Distribution of fastenings
\u2014
100%
10811
Vine Crest Drive, Suite 190,
Houston, Texas 77086, USA
TR Falcon Fastening Solutions
USA
US$1,000
Distribution of fastenings
\u2014
100%
10715
John Proce Road,
Charlotte, North Carolina, 28273, USA
Trifast Holdings (US) Inc.
USA
US$1
Holding Company
\u2014
100%
251
Little Falls Drive,
Wilmington, Delaware, 19808, USA
Dormant
TR Europe Ltd
United Kingdom
\u00a32,500
Dormant
100%
100%
National Distribution Centre,
Reedswood Park Road, Walsall WS2 8DQ, UK
TR Fastenings Poland Sp. Z o.o
Poland
PLN 50,000
Distribution of fastenings
100%
100%
Al Jerozolimskie 56c, 00\u2011803 Warszawa, Poland
All of the above subsidiaries have been included in the Group\u2019s financial statements.
35 Equity\u2011accounted investments
The Group holds an interest in TR Chia Yi Precision Fastenings Manufacturing (Dongguan) Co. Ltd (\u2018TR Chia\u2019), an individually immaterial associate accounted for using the equity method.
On 25 September 2023, the Group entered into an agreement to form this associate, with a 40% equity interest. Under the terms of the agreement, the Group was committed to invest
US$0.4m in share capital, to be paid in three instalments. As at 31 March 2026, US$0.4m has been invested with no further payments to be made. As at the reporting date, the Group\u2019s
carrying value of the investment in TR Chia was \u00a30.3m (2025: \u00a30.4m).
The Group\u2019s share of the associate\u2019s profit for the year was \u00a3<0.1m (FY25: \u00a30.2m), after eliminating unrealised profit on inventory purchased from TR Chia and still held by the Group at the
year end. TR Chia had no other items of comprehensive income during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-496": { "value": "30 Trifast plc subsidiaries
Percentage of
ordinary shares held
Country of Issued and
incorporation fully paid Principal
or registration share capital
activity
Company
Group
Office address
Europe
Trifast Overseas Holdings Ltd
United Kingdom
\u00a3112
Holding Company
100%
100%
National Distribution Centre,
Reedswood Park Road, Walsall WS2 8DQ, UK
Trifast Holdings B.V.
Netherlands
\u20ac18,427
Holding Company
\u2014
100%
KVK
332
68
836,
Vestigingsnr. 000018832806,
Kelvinstratt 5, 7575 AS Oldenzaal, Netherlands
TR Fastenings Ltd
United Kingdom
\u00a310,200
Manufacture and
\u2014
100%
National Distribution Centre,
distribution of fastenings Reedswood Park Road, Walsall WS2 8DQ, UK
TR Southern Fasteners Limited
Republic of
\u20ac254
Distribution of fastenings
\u2014
100%
Mallow Business & Technology Park,
Ireland Mallow, Co. Cork, P51 HV12, Republic of Ireland
TR Holland B.V.
Netherlands
\u20ac45,378
Distribution of fastenings
\u2014
100%
Kelvinstraat 5, 7575 AS, Oldenzaal, Netherlands
Lancaster Fastener Company Ltd
United Kingdom
\u00a340,000
Distribution of fastenings
\u2014
100%
Stevant Way Northgate, White Lund Industrial
Estate, Morecambe LA3 3PU, England
TR Fastenings AB
Sweden
SEK 1,500,000
Distribution of fastenings
\u2014
100%
Box
413
3, Smedjegatan 6, 7tr,
SE\u2011131 04 Nacka, Sweden
TR Hungary Kft
Hungary
HUF
68,257,300
Distribution of fastenings
\u2014
100%
Szigetszentmikl\u00f3s, Di\u00f3sgy\u0151ri utca 2, 2310 Hungary
TR Italy SPA
Italy
\u20ac 1 87,200
Manufacture and
\u2014
100%
Via Giuseppe Costantini, 19,
distribution of fastenings
06022
Fossato Di Vico (PG), Italy
VIC Sp. Z o.o.
Poland
PLN 50,000
Distribution of fastenings
\u2014
100%
Wroclaw, ul Wiosenna 14/2, Poland
TR Germany GmbH
Germany
\u20ac25,000
Distribution of fastenings
\u2014
100%
Lerchenweg 99, 33415 Verl, Germany
Precision Technology Supplies Ltd
United Kingdom
\u00a310,000
Distribution of fastenings
\u2014
100%
Precision Technology Supplies, The Birches
Industrial Estate, East Grinstead, West Sussex
RH19 1XZ, England
TR Fastenings Espa\u00f1a \u2013 Ingenier\u00eda
Spain
\u20ac3,085
Distribution of fastenings
\u2014
100%
Calle de la Ciencia 43, Viladecans Barcelona,
Industrial, S.L.
CP
0
8
840, Spain
Percentage of
ordinary shares held
Country of Issued and
incorporation fully paid Principal
or registration share capital
activity
Company
Group
Office address
Asia
TR Asia Investment Holdings Pte Ltd
Singapore
S$4
Holding Company
\u2014
100%
57 Senoko Road, Singapore 758121
TR Formac Pte Ltd
Singapore
S$315,000
Manufacture and
\u2014
100%
57 Senoko Road, Singapore 758121
distribution of fastenings
TR Formac (Shanghai) Pte Ltd
China
US$200,000
Distribution of fastenings
\u2014
100%
Room D, 1F, Building 2, No 390 Ai Du Road,
China (Shanghai) Pilot Free Trade Zone, Shanghai
Special Fasteners Engineering Co. Ltd
Taiwan
TW$100,000,000
Manufacture and
\u2014
100%
9F.\u20113 No. 366, Bo Ai 2nd Rd.
distribution of fastenings Kaohsiung 81358, Taiwan, R.O.C.
TR Formac Fastenings Private Ltd
India
INR
18,850,000
Distribution of fastenings
\u2014
100%
Door No:6, 05th Cross Street,
Mangala Nagar, Porur, Chennai\u2011600 116, India
Power Steel & Electro\u2011Plating Works
Malaysia
MYR 4,586,523
Manufacture and
\u2014
100%
Suite
16
09, Tingkat 16, Plaza Pengkalan,
SDN Bhd distribution of fastenings Batu 3 Jalan Sultan Azlan Shah 51200
Kuala Lumpur, Malaysia
TR Formac Co. Ltd
Thailand
THB
60,000,000
Distribution of fastenings
\u2014
100%
28, 3rd Floor Motorway Road,
Prawet, Bangkok 10,250, Thailand
Trifast KSA Ltd
Saudi Arabia
SAR
100,000
Distribution of fastenings
\u2014
100%
7
160, King Khaled Branch Road,
Al Asemah Dist., Saudi Arabia
(Shanghai) Precision Machinery
China
RMB 5,000,000
Manufacture and
\u2014
100%
Area A, 1st Floor, Building 6,
Manufacturing Co Ltd
1
distribution of fastenings No. 38 Dong Sheng Road, Pudong, Shanghai
Americas
TR Fastenings (Inc).
USA
US$20,000
Distribution of fastenings
\u2014
100%
10811
Vine Crest Drive, Suite 190,
Houston, Texas 77086, USA
TR Falcon Fastening Solutions
USA
US$1,000
Distribution of fastenings
\u2014
100%
10715
John Proce Road,
Charlotte, North Carolina, 28273, USA
Trifast Holdings (US) Inc.
USA
US$1
Holding Company
\u2014
100%
251
Little Falls Drive,
Wilmington, Delaware, 19808, USA
Dormant
TR Europe Ltd
United Kingdom
\u00a32,500
Dormant
100%
100%
National Distribution Centre,
Reedswood Park Road, Walsall WS2 8DQ, UK
TR Fastenings Poland Sp. Z o.o
Poland
PLN 50,000
Distribution of fastenings
100%
100%
Al Jerozolimskie 56c, 00\u2011803 Warszawa, Poland
All of the above subsidiaries have been included in the Group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-477": { "value": "30 Trifast plc subsidiaries
Percentage of
ordinary shares held
Country of Issued and
incorporation fully paid Principal
or registration share capital
activity
Company
Group
Office address
Europe
Trifast Overseas Holdings Ltd
United Kingdom
\u00a3112
Holding Company
100%
100%
National Distribution Centre,
Reedswood Park Road, Walsall WS2 8DQ, UK
Trifast Holdings B.V.
Netherlands
\u20ac18,427
Holding Company
\u2014
100%
KVK
332
68
836,
Vestigingsnr. 000018832806,
Kelvinstratt 5, 7575 AS Oldenzaal, Netherlands
TR Fastenings Ltd
United Kingdom
\u00a310,200
Manufacture and
\u2014
100%
National Distribution Centre,
distribution of fastenings Reedswood Park Road, Walsall WS2 8DQ, UK
TR Southern Fasteners Limited
Republic of
\u20ac254
Distribution of fastenings
\u2014
100%
Mallow Business & Technology Park,
Ireland Mallow, Co. Cork, P51 HV12, Republic of Ireland
TR Holland B.V.
Netherlands
\u20ac45,378
Distribution of fastenings
\u2014
100%
Kelvinstraat 5, 7575 AS, Oldenzaal, Netherlands
Lancaster Fastener Company Ltd
United Kingdom
\u00a340,000
Distribution of fastenings
\u2014
100%
Stevant Way Northgate, White Lund Industrial
Estate, Morecambe LA3 3PU, England
TR Fastenings AB
Sweden
SEK 1,500,000
Distribution of fastenings
\u2014
100%
Box
413
3, Smedjegatan 6, 7tr,
SE\u2011131 04 Nacka, Sweden
TR Hungary Kft
Hungary
HUF
68,257,300
Distribution of fastenings
\u2014
100%
Szigetszentmikl\u00f3s, Di\u00f3sgy\u0151ri utca 2, 2310 Hungary
TR Italy SPA
Italy
\u20ac 1 87,200
Manufacture and
\u2014
100%
Via Giuseppe Costantini, 19,
distribution of fastenings
06022
Fossato Di Vico (PG), Italy
VIC Sp. Z o.o.
Poland
PLN 50,000
Distribution of fastenings
\u2014
100%
Wroclaw, ul Wiosenna 14/2, Poland
TR Germany GmbH
Germany
\u20ac25,000
Distribution of fastenings
\u2014
100%
Lerchenweg 99, 33415 Verl, Germany
Precision Technology Supplies Ltd
United Kingdom
\u00a310,000
Distribution of fastenings
\u2014
100%
Precision Technology Supplies, The Birches
Industrial Estate, East Grinstead, West Sussex
RH19 1XZ, England
TR Fastenings Espa\u00f1a \u2013 Ingenier\u00eda
Spain
\u20ac3,085
Distribution of fastenings
\u2014
100%
Calle de la Ciencia 43, Viladecans Barcelona,
Industrial, S.L.
CP
0
8
840, Spain
Percentage of
ordinary shares held
Country of Issued and
incorporation fully paid Principal
or registration share capital
activity
Company
Group
Office address
Asia
TR Asia Investment Holdings Pte Ltd
Singapore
S$4
Holding Company
\u2014
100%
57 Senoko Road, Singapore 758121
TR Formac Pte Ltd
Singapore
S$315,000
Manufacture and
\u2014
100%
57 Senoko Road, Singapore 758121
distribution of fastenings
TR Formac (Shanghai) Pte Ltd
China
US$200,000
Distribution of fastenings
\u2014
100%
Room D, 1F, Building 2, No 390 Ai Du Road,
China (Shanghai) Pilot Free Trade Zone, Shanghai
Special Fasteners Engineering Co. Ltd
Taiwan
TW$100,000,000
Manufacture and
\u2014
100%
9F.\u20113 No. 366, Bo Ai 2nd Rd.
distribution of fastenings Kaohsiung 81358, Taiwan, R.O.C.
TR Formac Fastenings Private Ltd
India
INR
18,850,000
Distribution of fastenings
\u2014
100%
Door No:6, 05th Cross Street,
Mangala Nagar, Porur, Chennai\u2011600 116, India
Power Steel & Electro\u2011Plating Works
Malaysia
MYR 4,586,523
Manufacture and
\u2014
100%
Suite
16
09, Tingkat 16, Plaza Pengkalan,
SDN Bhd distribution of fastenings Batu 3 Jalan Sultan Azlan Shah 51200
Kuala Lumpur, Malaysia
TR Formac Co. Ltd
Thailand
THB
60,000,000
Distribution of fastenings
\u2014
100%
28, 3rd Floor Motorway Road,
Prawet, Bangkok 10,250, Thailand
Trifast KSA Ltd
Saudi Arabia
SAR
100,000
Distribution of fastenings
\u2014
100%
7
160, King Khaled Branch Road,
Al Asemah Dist., Saudi Arabia
(Shanghai) Precision Machinery
China
RMB 5,000,000
Manufacture and
\u2014
100%
Area A, 1st Floor, Building 6,
Manufacturing Co Ltd
1
distribution of fastenings No. 38 Dong Sheng Road, Pudong, Shanghai
Americas
TR Fastenings (Inc).
USA
US$20,000
Distribution of fastenings
\u2014
100%
10811
Vine Crest Drive, Suite 190,
Houston, Texas 77086, USA
TR Falcon Fastening Solutions
USA
US$1,000
Distribution of fastenings
\u2014
100%
10715
John Proce Road,
Charlotte, North Carolina, 28273, USA
Trifast Holdings (US) Inc.
USA
US$1
Holding Company
\u2014
100%
251
Little Falls Drive,
Wilmington, Delaware, 19808, USA
Dormant
TR Europe Ltd
United Kingdom
\u00a32,500
Dormant
100%
100%
National Distribution Centre,
Reedswood Park Road, Walsall WS2 8DQ, UK
TR Fastenings Poland Sp. Z o.o
Poland
PLN 50,000
Distribution of fastenings
100%
100%
Al Jerozolimskie 56c, 00\u2011803 Warszawa, Poland
All of the above subsidiaries have been included in the Group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-440": { "value": "
31 Alternative Performance Measures
The Annual Report includes both GAAP measures and Alternative Performance Measures (APMs), the latter of which are considered by management to allow the readers of the accounts
to understand the underlying trading performance of the Group. A number of these APMs are used by management to measure the KPIs of the business (see page 10 for key performance
indicators) and are therefore aligned to the Group\u2019s strategic aims. They are also used at Board level to monitor financial performance throughout the year.
The APMs used in the Annual Report (including the basis of calculation, assumptions, use and relevance) are detailed in note 2 (underlying profit before tax, EBITDA and underlying
EBITDA) and below.
Constant exchange rate (CER) figures
These are used predominantly in the financial review and give the readers a better understanding of the performance of the Group, regions and entities from a trading perspective.
They have been calculated by translating the FY26 income statement results (of subsidiaries whose presentational currency is not Sterling) using FY25 average annual exchange rates
to provide a comparison which removes the foreign currency translational impact. The impacts of translational gains and losses made on non\u2011functional currency net assets held around
the Group have not been removed.
Underlying operating margin/EBIT margin
Underlying operating margin is used in the financial review to give the reader an understanding of the performance of the Group and regions. It is calculated by dividing underlying
operating profit (see return on capital employed section for reconciliation to operating profit) by revenue in the year. The underlying EBIT margin achieved was 7.9% (FY25: 6.7%).
Underlying effective tax rate
This is used in the underlying diluted EPS calculation. It removes the tax impact of separately disclosed items in the year to arrive at a tax rate based on the underlying profit before tax.
2026
2025
Profit Tax Profit Tax
impact impact ETR impact impact ETR
\u00a3000 \u00a3000 % \u00a3000 \u00a3000 %
Profit before tax
57
(1,039)
(1,823)%
4,928
(3,888)
(78.9)%
Separately disclosed items
12,263
(2,559)
(20.9)%
5,449
(678)
(12.4)%
Underlying profit before tax
12,320
(3,598)
29.2%
10,377
(4,566)
(44.0)%
Underlying diluted EPS
A key measure for the Group to understand the underlying earnings per share. The calculation has been disclosed in note 25.
Underlying profit before tax
A key measure for the Group, as it is one of the measures used to set the Directors\u2019 variable remuneration, as disclosed in the Directors\u2019 remuneration report. The calculation has been
disclosed in note 2. The underlying profit before tax percentage achieved was 5.9% (FY25: 4.6%).
Underlying cash conversion as a percentage of underlying EBITDA
This is another key metric used by investors to understand how effective the Group was at
converting profit into cash. The adjustments made to arrive at underlying cash conversion
from cash generated from operations are detailed below. To reconcile operating profit to
underlying EBITDA, see note 2.
2026 2025
\u00a3000 \u00a3000
Underlying cash conversion
23,160
22,059
Restructuring and transformation costs
(2,907)
(2,859)
Recovery of prior year fraud loss
190
\u2014
Fraud incident loss
(211)
(384)
Profit on disposal of a subsidiary
\u2014
247
Cash generated from operations after working capital
and before taxation
20,232
19,063
Adjusted net debt to adjusted underlying EBITDA (adjusted leverage) ratio
This removes the impact of IFRS 16 Leases from both net debt and underlying EBITDA and
IFRS 2 Share\u2011based Payments from underlying EBITDA to better reflect the banking facility
covenant calculations. Underlying EBITDA is reconciled to operating profit in note 2.
2026 2025
\u00a3000 \u00a3000
Net debt
(35,899)
(38,687)
Right\u2011of\u2011use lease liabilities
19,949
21,318
Adjusted net debt
(15,950)
( 17,369)
2026 2025
\u00a3000 \u00a3000
Underlying EBITDA
23,064
22,018
IFRS 2 Share\u2011based Payment charge
and other related costs
(1,244)
(426)
Operating lease payments
(3,660)
(4,404)
Adjusted underlying EBITDA
18,160
17,188
Adjusted interest cover
This is adjusted EBITDA to adjusted net interest to better reflect the banking facility
covenant calculations, removing the impact of IFRS 16 Leases. Underlying EBITDA has IFRS
16 Leases and IFRS 2 Share\u2011based Payments removed above and is reconciled to operating
profit in note 2.
2026 2025
\u00a3000 \u00a3000
Net interest
(4,181)
(4,498)
Right\u2011of\u2011use liability interest
1,161
1,016
Adjusted net interest
(3,020)
(3,482)
Underlying return on capital employed (ROCE)
ROCE is a key metric used by investors to understand how efficient the Group is with its
capital employed. The calculation is detailed in the glossary on page 151. The numerator is
underlying EBIT which has been reconciled to operating profit below. Note 2 explains why
the separately disclosed items have been removed to aid understanding of the underlying
performance of the Group. The underlying ROCE achieved was 8.5% (FY25: 8.1%).
2026 2025
\u00a3000 \u00a3000
Underlying EBIT/underlying operating profit
16,501
14,876
Separately disclosed items within administrative expenses
1
(12,263)
(5,449)
Operating profit
4,238
9,427
1. See note 2 for further details
Working capital as a percentage of revenue
This is calculated as current assets excluding cash and assets held for sale, less current
liabilities excluding liabilities held for sale, restructuring provisions and tax payable as a
percentage of Group revenue. It is a KPI for the Group as it remains a key focus to ensure
efficient allocation of capital on the statement of financial position to improve quality of
earnings and reduce the additional investment needed to support organic growth. The
ratio increased to 42.2% in 2026 from 41.0% in 2025, representing a modest deterioration
in working capital efficiency year\u2011on\u2011year.
", "dimensions": { "concept": "trifastplc:DisclosureOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-441": { "value": "
32 Reconciliation of net cash flow to movement in net debt
2026 2025
\u00a3000 \u00a3000
Net change in cash and cash equivalents
8,685
3,809
Repayment of external loan
2,180
\u2014
Proceeds from external loan
(6,915)
\u2014
Net decrease/(increase) in right\u2011of\u2011use liabilities
1,369
(2,694)
Net proceeds from borrowings
(3,365)
(2,694)
Increase in net debt before exchange rate differences
5,509
1,115
Movement in prepaid arrangement fees
(353)
(214)
Exchange rate differences
(2,558)
(200)
Increase in net debt
2,788
701
Opening net debt
(38,687)
(39,388)
Closing net debt
(35,899)
(38,687)
Net debt is reconciled to the statement of financial position as follows:
2026 2025
\u00a3000 \u00a3000
Cash and cash equivalents
32,425
24,258
Other interest\u2011bearing loans and borrowings
(48,375)
(41,627)
Right\u2011of\u2011use liabilities
(19,949)
(21,318)
Closing net debt
(35,899)
(38,687)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-478": { "value": "32 Reconciliation of net cash flow to movement in net debt
2026 2025
\u00a3000 \u00a3000
Net change in cash and cash equivalents
8,685
3,809
Repayment of external loan
2,180
\u2014
Proceeds from external loan
(6,915)
\u2014
Net decrease/(increase) in right\u2011of\u2011use liabilities
1,369
(2,694)
Net proceeds from borrowings
(3,365)
(2,694)
Increase in net debt before exchange rate differences
5,509
1,115
Movement in prepaid arrangement fees
(353)
(214)
Exchange rate differences
(2,558)
(200)
Increase in net debt
2,788
701
Opening net debt
(38,687)
(39,388)
Closing net debt
(35,899)
(38,687)
Net debt is reconciled to the statement of financial position as follows:
2026 2025
\u00a3000 \u00a3000
Cash and cash equivalents
32,425
24,258
Other interest\u2011bearing loans and borrowings
(48,375)
(41,627)
Right\u2011of\u2011use liabilities
(19,949)
(21,318)
Closing net debt
(35,899)
(38,687)
33 Changes in financial liabilities including both cash flows and non\u2011cash changes
2026 2025
\u00a3000 \u00a3000
Group
Finance liabilities at 1 April
62,945
60,271
Cash flow changes
1,430
(3,776)
Foreign exchange on financial liabilities
2,000
(863)
Arrangement fees unwinding
353
215
Right\u2011of\u2011use liabilities additions
1,697
8,799
Right\u2011of\u2011use liabilities derecognition on termination
(101)
(1,701)
Finance liabilities at 31 March
68,324
62,945
The financial liabilities have an interest expense which was fully paid at the year end. See statement of cash flows on pages 95 and 96.
2026 2025
\u00a3000 \u00a3000
Company
Finance liabilities at 1 April
46,277
48,405
Cash flow changes
5,000
(1,284)
Loan novation
1
5,622
\u2014
Foreign exchange on financial liabilities
2,974
(1,059)
Arrangement fees unwinding
353
215
Right\u2011of\u2011use liabilities disposals
(101)
\u2014
Finance liabilities at 31 March
60,125
46,277
1. During the period, a loan between TR Fastenings Inc. (Houston) and Special Fasteners Engineering Co. Ltd (SFE) was novated to Trifast plc to more effectively manage foreign exchange risk The financial liabilities have an interest expense which was fully paid at the year end. See statement of cash flows on pages 95 and 96. Liabilities arising from financing activities include other interest\u2011bearing loans and borrowings and right\u2011of\u2011use liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-497": { "value": "33 Changes in financial liabilities including both cash flows and non\u2011cash changes
2026 2025
\u00a3000 \u00a3000
Group
Finance liabilities at 1 April
62,945
60,271
Cash flow changes
1,430
(3,776)
Foreign exchange on financial liabilities
2,000
(863)
Arrangement fees unwinding
353
215
Right\u2011of\u2011use liabilities additions
1,697
8,799
Right\u2011of\u2011use liabilities derecognition on termination
(101)
(1,701)
Finance liabilities at 31 March
68,324
62,945
The financial liabilities have an interest expense which was fully paid at the year end. See statement of cash flows on pages 95 and 96.
2026 2025
\u00a3000 \u00a3000
Company
Finance liabilities at 1 April
46,277
48,405
Cash flow changes
5,000
(1,284)
Loan novation
1
5,622
\u2014
Foreign exchange on financial liabilities
2,974
(1,059)
Arrangement fees unwinding
353
215
Right\u2011of\u2011use liabilities disposals
(101)
\u2014
Finance liabilities at 31 March
60,125
46,277
1. During the period, a loan between TR Fastenings Inc. (Houston) and Special Fasteners Engineering Co. Ltd (SFE) was novated to Trifast plc to more effectively manage foreign exchange risk The financial liabilities have an interest expense which was fully paid at the year end. See statement of cash flows on pages 95 and 96. Liabilities arising from financing activities include other interest\u2011bearing loans and borrowings and right\u2011of\u2011use liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-442": { "value": "
34 Revenue from Contracts with Customers
In line with IFRS 15 Revenue from Contracts with Customers, we have included the disaggregation of external revenue by sector, breaking this down by our geographical
operating segments.
March 2026
UK & Ireland
Europe
North America
Asia
Total
Automotive
7%
18%
7%
6%
38%
Distributors
8%
2%
1%
4%
15%
Medical equipment
1%
\u2014
\u2014
\u2014
1%
Smart infrastructure
6%
4%
6%
1%
17%
Other
8%
12%
2%
7%
29%
Revenue from external customers (AER)
30%
36%
16%
18%
100%
March 2025
UK & Ireland
Europe
North America
Asia
Total
Automotive
9%
16%
7%
6%
38%
Distributors
7%
2%
1%
4%
14%
Medical equipment
1%
\u2014
\u2014
\u2014
1%
Smart infrastructure
6%
3%
5%
2%
16%
Other
8%
13%
2%
8%
31%
Revenue from external customers (AER)
31%
34%
15%
20%
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-479": { "value": "34 Revenue from Contracts with Customers In line with IFRS 15 Revenue from Contracts with Customers, we have included the disaggregation of external revenue by sector, breaking this down by our geographical operating segments.
March 2026
UK & Ireland
Europe
North America
Asia
Total
Automotive
7%
18%
7%
6%
38%
Distributors
8%
2%
1%
4%
15%
Medical equipment
1%
\u2014
\u2014
\u2014
1%
Smart infrastructure
6%
4%
6%
1%
17%
Other
8%
12%
2%
7%
29%
Revenue from external customers (AER)
30%
36%
16%
18%
100%
March 2025
UK & Ireland
Europe
North America
Asia
Total
Automotive
9%
16%
7%
6%
38%
Distributors
7%
2%
1%
4%
14%
Medical equipment
1%
\u2014
\u2014
\u2014
1%
Smart infrastructure
6%
3%
5%
2%
16%
Other
8%
13%
2%
8%
31%
Revenue from external customers (AER)
31%
34%
15%
20%
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-480": { "value": "35 Equity\u2011accounted investments The Group holds an interest in TR Chia Yi Precision Fastenings Manufacturing (Dongguan) Co. Ltd (\u2018TR Chia\u2019), an individually immaterial associate accounted for using the equity method. On 25 September 2023, the Group entered into an agreement to form this associate, with a 40% equity interest. Under the terms of the agreement, the Group was committed to invest US$0.4m in share capital, to be paid in three instalments. As at 31 March 2026, US$0.4m has been invested with no further payments to be made. As at the reporting date, the Group\u2019s carrying value of the investment in TR Chia was \u00a30.3m (2025: \u00a30.4m). The Group\u2019s share of the associate\u2019s profit for the year was \u00a3<0.1m (FY25: \u00a30.2m), after eliminating unrealised profit on inventory purchased from TR Chia and still held by the Group at the year end. TR Chia had no other items of comprehensive income during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-393": { "value": "Trifast plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-6": { "value": "Trifast plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-391": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-7": { "value": "England ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-8": { "value": "National Distribution Centre Reedswood Park Road Walsall WS2 8DQ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800WFIVE6RWK3CR22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }